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BANK OF THE WEST AND SUBSIDIARIES
<br />CONSOLIDATED STATEMENTS OF CASH FLOWS
<br />Year Ended December 31,
<br />(dollars in thousands) 2011 2010
<br />Cash flows from operating activities
<br />Net income $ 442,011 $ 184,600
<br />Adjustments to reconcile net income to net cash provided by operating activities:
<br />Provision for loan losses 319,865 512,782
<br />Net (gains) losses on securities available for sale (34,099) 35,951
<br />Net gains on sale of loans (22,006) (21,620)
<br />Net increase in trading assets (500) (393)
<br />Depreciation, amortization and accretion, net 195,168 168,777
<br />Deferred income taxes (24,060) (18,899)
<br />Decrease in interest receivable and other assets 72,510 39,858
<br />Increase in interest payable and other liabilities 142,678 141,907
<br />Change in fair value of credit guarantee derivative 6,351 73,201
<br />Originations of loans held for sale (1,092,158) (1,052,128)
<br />Proceeds from sales of loans held for sale 1,123,551 1,046,169
<br />Other, net 82,383 49,217
<br />Net cash provided by operatin activities 1,211,694 1,159,422
<br />Cash flows from investing activities
<br />Securities available for sale:
<br />Proceeds from maturities and prepayments 1,429,134 3,100,984
<br />Proceeds from sales 4,423,454 2,524,515
<br />Purchases (7,163,979) (5,241,818)
<br />Net (increase) decrease in loans resulting from originations and collections (1,325,460) 521,729
<br />Purchases of loans and leases (105,473) (68,514)
<br />Proceeds from sales of loans 188,394 37,891
<br />Purchase of pretnises, equipment and software (83,112) (55,738)
<br />Decrease in bank -owned life insurance investments 10,863 6,481
<br />Other, net 159,665 182,292
<br />Net cash (used) provided by investing activities (2,466,514) 1,007,822
<br />Cash flows from financing activities
<br />Net increase (decrease) in deposits 4,568,447 (488,381)
<br />Net (decrease) increase in short-term borrowings under three months (386,483) 211,680
<br />Proceeds from issuance of short-term borrowings 468 5,371
<br />Proceeds from issuance of long-term debt 2,100,000
<br />Repayment of long-term debt (2,232,297) (3,741,704)
<br />Proceeds from issuance of common stock 1,000,001
<br />Noncontrolling interest (1,347) 2,966
<br />Net cash provided (used) by financing activities 4,048,788 (3,010,067)
<br />Net increase (decrease) in cash and cash equivalents 2,793,968 (842,823)
<br />Cash and cash equivalents at beginning of year 802,268 1,645,091
<br />Cash and cash equivalents at end of year $ 3,596,236 $ 802,268
<br />Supplemental disclosures
<br />Interest paid $ 322,457 $ 577,167
<br />Income taxes paid 324,291 48,016
<br />Noncash investing and financing activities:
<br />Capital infusion - 393,451
<br />Transfer from deposits for the settlement of credit guarantee derivative 120,495 169,521
<br />Transfers into loans held for sale 259,037 42,136
<br />Transfers from loans to foreclosed properties 126,882 171,432
<br />Increase in loans and leases due to consolidation of variable interest entities - 15,109
<br />The accompanying notes are an integral part of these consolidated financial statements.
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<br />2011 Bank of the West Annual Report
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