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Printable version of the 2005 Summary Annual Report and Form 10-K
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2005 Summary Annual Report: Form 10-K: Note 23 - Consolidated Statement of Cash Flows

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Note 23

Restatement of Quarterly Financial Statements (unaudited)


Consolidated Statement of Cash Flows



Three Months Ended March 31
2005
 2004
(Dollars in millions) As Previously
Reported
 Restated
 As Previously
Reported
 Restated
Operating activities
Net income
 $ 4,695 $ 4,393 $ 2,681 $ 2,648
Reconciliation of net income to net cash provided by (used in) operating activities:
Provision for credit losses
 580 580 624 624
Gains on sales of debt securities
 (659) (659) (495) (495)
Depreciation and premises improvements amortization
 240 240 209 209
Amortization of intangibles
 208 208 54 54
Deferred income tax benefit
 (85) (267) (66) (86)
Net increase in trading and derivative instruments
 (13,041) (12,697) (8,528) (7,475)
Net (increase) decrease in other assets
 4,283 4,283 (5,063) (5,063)
Net decrease in accrued expenses and other liabilities
 (4,489) (4,489) (8,252) (8,252)
Other operating activities, net
 (3,707) (3,669) 3,275 2,275
Net cash used in operating activities
 (11,975) (12,077) (15,561) (15,561)
Investing activities
Net (increase) decrease in time deposits placed and other short-term investments
 1,138 1,138 (510) (510)
Net (increase) decrease in federal funds sold and securities purchased
under agreements to resell
 (48,036) (48,036) 3,435 3,435
Proceeds from sales of available-for-sale securities
 38,451 38,451 11,090 11,090
Proceeds from maturities of available-for-sale securities
 10,181 10,181 1,848 1,848
Purchases of available-for-sale securities
 (74,552) (74,552) (84,567) (84,567)
Proceeds from maturities of held-to-maturity securities
 55 55 5 5
Proceeds from sales of loans and leases
 1,113 1,113 876 876
Other changes in loans and leases, net
 (9,560) (9,574) (6,133) (6,133)
Additions to mortgage servicing rights, net
 (168) (168) (249) (249)
Net purchases of premises and equipment
 (254) (254) (249) (249)
Proceeds from sales of foreclosed properties
 26 26 49 49
Net cash paid for business acquisitions
 (116) — (15) (15)
Other investing activities, net
 (72) (72) 800 800
Net cash used in investing activities
 (81,794) (81,692) (73,620) (73,620)
Financing activities
Net increase in deposits
 11,417 11,417 21,479 21,479
Net increase in federal funds purchased and securities sold
under agreements to repurchase
 67,911 67,911 37,388 37,388
Net increase in commercial paper and other short-term borrowings
 14,842 14,842 21,634 21,634
Proceeds from issuance of long-term debt
 4,768 4,768 7,558 7,558
Retirement of long-term debt
 (2,702) (2,702) (2,507) (2,507)
Proceeds from issuance of common stock
 1,180 1,180 1,000 1,000
Common stock repurchased
 (1,990) (1,990) (973) (973)
Cash dividends paid
 (1,835) (1,835) (1,159) (1,159)
Other financing activities, net
 (37) (37) (23) (23)
Net cash provided by financing activities
 93,554 93,554 84,397 84,397
Effect of exchange rate changes on cash and cash equivalents
 (23) (23) (4) (4)
Net decrease in cash and cash equivalents
 (238) (238) (4,788) (4,788)
Cash and cash equivalents at January 1
 28,936 28,936 27,084 27,084
Cash and cash equivalents at March 31
 $ 28,698 $ 28,698 $ 22,296 $ 22,296

Consolidated Statement of Cash Flows



Six Months Ended June 30
2005
 2004
(Dollars in millions) As Previously
Reported
 Restated
 As Previously
Reported
 Restated
Operating activities
Net income
 $ 8,991 $ 9,050 $ 6,530 $ 5,989
Reconciliation of net income to net cash provided by (used in) operating activities:
Provision for credit losses
 1,455 1,455 1,413 1,413
Gains on sales of debt securities
 (984) (984) (1,290) (1,290)
Depreciation and premises improvements amortization
 478 478 477 477
Amortization of intangibles
 412 412 255 255
Deferred income tax expense (benefit)
 391 425 (11) (335)
Net increase in trading and derivative instruments
 (7,014) (6,897) (9,799) (10,444)
Net increase in other assets
 (299) (299) (281) (281)
Net decrease in accrued expenses and other liabilities
 (5,869) (5,869) (7,800) (7,800)
Other operating activities, net
 (4,858) (5,150) (669) 842
Net cash used in operating activities
 (7,297) (7,379) (11,175) (11,174)
Investing activities
Net decrease in time deposits placed and other short-term investments
 2,679 2,679 796 796
Net (increase) decrease in federal funds sold and securities purchased
under agreements to resell
 (57,927) (57,927) 6,043 6,043
Proceeds from sales of available-for-sale securities
 140,666 132,006 37,729 37,729
Proceeds from maturities of available-for-sale securities
 14,794 21,808 12,215 12,215
Purchases of available-for-sale securities
 (192,401) (190,755) (123,771) (123,771)
Proceeds from maturities of held-to-maturity securities
 156 156 5 5
Proceeds from sales of loans and leases
 12,221 12,221 2,002 2,002
Other changes in loans and leases, net
 (21,540) (21,574) (3,497) (3,498)
Additions to mortgage servicing rights, net
 (407) (407) (662) (662)
Net purchases of premises and equipment
 (563) (563) (585) (585)
Proceeds from sales of foreclosed properties
 58 58 97 97
Net cash (paid for) acquired in business acquisitions
 (116) — 5,608 5,608
Other investing activities, net
 306 306 (138) (138)
Net cash used in investing activities
 (102,074) (101,992) (64,158) (64,159)
Financing activities
Net increase in deposits
 16,847 16,847 21,266 21,266
Net increase in federal funds purchased and securities sold
under agreements to repurchase
 87,969 87,969 35,275 35,275
Net increase in commercial paper and other short-term borrowings
 15,165 15,165 22,000 22,000
Proceeds from issuance of long-term debt
 7,806 7,806 12,648 12,648
Retirement of long-term debt
 (7,714) (7,714) (7,385) (7,385)
Proceeds from issuance of common stock
 1,927 1,927 2,052 2,052
Common stock repurchased
 (3,819) (3,819) (2,988) (2,988)
Cash dividends paid
 (3,649) (3,649) (2,802) (2,802)
Other financing activities, net
 (58) (58) (9) (9)
Net cash provided by financing activities
 114,474 114,474 80,057 80,057
Effect of exchange rate changes on cash and cash equivalents
 (104) (104) (19) (19)
Net increase in cash and cash equivalents
 4,999 4,999 4,705 4,705
Cash and cash equivalents at January 1
 28,936 28,936 27,084 27,084
Cash and cash equivalents at June 30
 $ 33,935 $ 33,935 $ 31,789 $ 31,789


Consolidated Statement of Cash Flows



Nine Months Ended September 30
2005
 2004
(Dollars in millions) As Previously
Reported
 Restated
 As Previously
Reported
 Restated
Operating activities
Net income
 $ 13,118 $ 12,891 $ 10,294 $ 10,092
Reconciliation of net income to net cash provided by (used in) operating activities:
Provision for credit losses
 2,614 2,614 2,063 2,063
Gains on sales of debt securities
 (1,013) (1,013) (2,022) (1,623)
Depreciation and premises improvements amortization
 716 716 723 723
Amortization of intangibles
 613 613 455 455
Deferred income tax expense (benefit)
 262 126 (402) (524)
Net increase in trading and derivative instruments
 (10,305) (10,503) (21,396) (22,153)
Net increase in other assets
 (3,330) (3,130) (590) (590)
Net decrease in accrued expenses and other liabilities
 (6,015) (6,015) (7,919) (7,919)
Other operating activities, net
 (6,994) (6,718) (1,043) 20
Net cash used in operating activities
 (10,334) (10,419) (19,837) (19,456)
Investing activities
Net decrease in time deposits placed and other short-term investments
 1,125 1,125 193 193
Net increase in federal funds sold and securities purchased
under agreements to resell
 (44,049) (44,049) (17,090) (17,090)
Proceeds from sales of available-for-sale securities
 143,079 143,079 77,860 88,425
Proceeds from maturities of available-for-sale securities
 24,378 24,378 19,710 19,710
Purchases of available-for-sale securities
 (202,053) (202,053) (165,359) (176,323)
Proceeds from maturities of held-to-maturity securities
 194 194 63 63
Proceeds from sales of loans and leases
 13,059 13,059 3,192 3,192
Other changes in loans and leases, net
 (48,730) (48,763) (18,938) (18,942)
Additions to mortgage servicing rights, net
 (663) (663) (841) (841)
Net purchases of premises and equipment
 (858) (858) (970) (970)
Proceeds from sales of foreclosed properties
 101 101 145 145
Investment in China Construction Bank
 (2,500) (2,500) — —
Net cash (paid in) acquired in business acquisitions
 (118) — 5,593 5,615
Other investing activities, net
 83 83 788 788
Net cash used in investing activities
 (116,952) (116,867) (95,654) (96,035)
Financing activities
Net increase in deposits
 7,907 7,907 37,111 37,111
Net increase in federal funds purchased and securities sold
under agreements to repurchase
 97,312 97,312 59,003 59,003
Net increase in commercial paper and other short-term borrowings
 29,057 29,057 20,424 20,424
Proceeds from issuance of long-term debt
 17,813 17,813 19,080 19,080
Retirement of long-term debt
 (13,076) (13,076) (11,286) (11,286)
Proceeds from issuance of common stock
 2,215 2,215 2,729 2,729
Common stock repurchased
 (4,281) (4,281) (4,749) (4,749)
Cash dividends paid
 (5,672) (5,672) (4,640) (4,640)
Other financing activities, net
 (104) (104) (41) (41)
Net cash provided by financing activities
 131,171 131,171 117,631 117,631
Effect of exchange rate changes on cash and cash equivalents
 (50) (50) 28 28
Net increase in cash and cash equivalents
 3,835 3,835 2,168 2,168
Cash and cash equivalents at January 1
 28,936 28,936 27,084 27,084
Cash and cash equivalents at September 30
 $ 32,771 $ 32,771 $ 29,252 $ 29,252


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