|
Consolidated Statement of Cash Flows
Bank of America Corporation and Subsidiaries
|
| Year Ended December 31
|
|
| (Dollars in millions) |
|
2005
| | 2004 (Restated)
|
| 2003 (Restated)
|
|
| Operating activities |
|
| Net income |
|
$ |
16,465 |
|
|
$ |
13,947 |
| $ |
10,762 |
|
| Reconciliation of net income to net cash provided by (used in) operating activities: |
|
| Provision for credit losses |
|
|
4,014 |
|
| 2,769 |
| 2,839 |
|
| Gains on sales of debt securities |
|
|
(1,084) |
| (1,724) |
| (941) |
|
| Depreciation and premises improvements amortization |
|
|
959 |
|
| 972 |
| 890 |
|
| Amortization of intangibles |
|
|
809 |
|
| 664 |
| 217 |
|
| Deferred income tax expense (benefit) |
|
|
1,695 |
|
| (519) |
| (295) |
|
| Net increase in trading and derivative instruments |
|
|
(18,911) |
| (13,944) |
| (13,639) |
|
| Net (increase) decrease in other assets |
|
|
(104) |
| (11,928) |
| 10,647 |
|
| Net increase (decrease) in accrued expenses and other liabilities |
|
|
(8,205) |
| 4,594 |
| 12,067 |
|
| Other operating activities, net |
|
|
(7,861) |
| 1,647 |
| 439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) operating activities |
|
|
(12,223) |
| (3,522) |
| 22,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investing activities |
|
| Net increase in time deposits placed and other short-term investments |
|
|
(439) |
| (1,147) |
| (1,238) |
|
| Net increase in federal funds sold and securities purchased under agreements to resell |
|
|
(58,425) |
| (3,880) |
| (31,614) |
|
| Proceeds from sales of available-for-sale securities |
|
|
134,490 |
|
| 117,672 |
| 171,711 |
|
| Proceeds from maturities of available-for-sale securities |
|
|
39,519 |
|
| 26,973 |
| 26,953 |
|
| Purchases of available-for-sale securities |
|
|
(204,476) |
| (243,573) |
| (195,852) |
|
| Proceeds from maturities of held-to-maturity securities |
|
|
283 |
|
| 153 |
| 779 |
|
| Proceeds from sales of loans and leases |
|
|
14,458 |
|
| 4,416 |
| 32,672 |
|
| Other changes in loans and leases, net |
|
|
(71,078) |
| (32,350) |
| (74,037) |
|
| Additions to mortgage servicing rights, net |
|
|
(736) |
| (1,075) |
| (1,690) |
|
| Net purchases of premises and equipment |
|
|
(1,228) |
| (863) |
| (209) |
|
| Proceeds from sales of foreclosed properties |
|
|
132 |
|
| 198 |
| 247 |
|
| Investment in China Construction Bank |
|
|
(3,000) |
| — |
| — |
|
| Investment in Grupo Financiero Santander Serfin |
|
|
— |
|
| — |
| (1,600) |
|
| Net cash (paid for) acquired in business acquisitions |
|
|
(49) |
| 4,936 |
| (141) |
|
| Other investing activities, net |
|
|
104 |
|
| 986 |
| 898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash used in investing activities |
|
|
(150,445) |
| (127,554) |
| (73,121) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financing activities |
|
| Net increase in deposits |
|
|
16,100 |
|
| 64,423 |
| 27,655 |
|
| Net increase in federal funds purchased and securities sold under agreements to repurchase |
|
|
120,914 |
|
| 35,752 |
| 12,967 |
|
| Net increase in commercial paper and other short-term borrowings |
|
|
37,671 |
|
| 37,437 |
| 13,917 |
|
| Proceeds from issuance of long-term debt |
|
|
21,958 |
|
| 21,289 |
| 16,963 |
|
| Retirement of long-term debt |
|
|
(15,107) |
| (16,904) |
| (9,282) |
|
| Proceeds from issuance of common stock |
|
|
2,846 |
|
| 3,712 |
| 3,970 |
|
| Common stock repurchased |
|
|
(5,765) |
| (6,286) |
| (9,766) |
|
| Cash dividends paid |
|
|
(7,683) |
| (6,468) |
| (4,281) |
|
| Other financing activities, net |
|
|
(117) |
| (91) |
| (72) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net cash provided by financing activities |
|
|
170,817 |
|
| 132,864 |
| 52,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Effect of exchange rate changes on cash and cash equivalents |
|
|
(86) |
| 64 |
| 175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase in cash and cash equivalents |
|
|
8,063 |
|
| 1,852 |
| 2,111 |
|
| Cash and cash equivalents at January 1 |
|
|
28,936 |
|
| 27,084 |
| 24,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at December 31 |
|
$ |
36,999 |
|
|
$ |
28,936 |
| $ |
27,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supplemental cash flow disclosures |
|
| Cash paid for interest |
|
$ |
26,239 |
|
|
$ |
13,765 |
| $ |
10,214 |
|
| Cash paid for income taxes |
|
|
7,049 |
|
| 6,088 |
| 3,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets and liabilities of a certain multi-seller asset-backed commercial paper conduit that was consolidated amounted to $4,350 million in 2003.
Net transfers of Loans and Leases to loans held-for-sale (included in Other Assets) from the loan portfolio for Asset and Liability Management purposes amounted to $73 million in 2005.
Net transfers of Loans and Leases from loans held-for-sale to the loan portfolio for Asset and Liability Management purposes amounted to $1,106 million and $9,683 million in 2004 and 2003.
In 2004, the fair values of noncash assets acquired and liabilities assumed in the merger with FleetBoston were $224,492 million and $182,862 million.
In 2004, approximately 1.2 billion shares of common stock, valued at approximately $45,622 million, were issued in connection with the merger with FleetBoston.
See accompanying Notes to Consolidated Financial Statements.
|
