| |
Year ended February 28 (29), |  | |
|
(Dollar amounts in thousands) |
2001 |
2000 |
1999 | |
|
Cash flows from operating activities: | | | | | | |
|
Net earnings |
$ |
374,153 |
$ |
410,243 |
$ |
385,401 |
Adjustments to reconcile net earnings to net cash provided
(used) by operating activities: | | | | | | |
|
Gain on sale of available-for-sale securities | |
(56,965) | |
(12,332) | |
(56,801) |
|
Gain on sale of subsidiary | |
- | |
(4,424) | |
- |
|
Gain on sale of securitized service fees | |
- | |
(2,650) | |
- |
|
Amortization and impairment/recovery of mortgage servicing rights | |
1,414,388 | |
181,101 | |
1,013,578 |
|
Depreciation and other amortization | |
70,736 | |
65,947 | |
49,210 |
|
Deferred income taxes | |
211,882 | |
220,955 | |
246,404 |
|
Origination and purchase of loans held for sale | |
(68,923,245) | |
(66,739,744) | |
(92,880,538) |
|
Principal repayments and sale of loans | |
69,612,410 | |
70,317,781 | |
91,941,509 | | |
|
Decrease (increase) in mortgage loans and mortgage-backed securities held for sale | |
689,165 | |
3,578,037 | |
(939,029) |
|
(Increase) decrease in other financial instruments | |
(20,345) | |
438,069 | |
(269,711) |
|
Increase in trading securities | |
(2,066,051) | |
(523,585) | |
(1,216,499) |
|
Increase in securities purchased under agreements to resale | |
(2,673,963) | |
(359,347) | |
(22,686) |
|
Increase in other assets | |
(1,705,133) | |
(33,722) | |
(32,763) |
|
Increase in accounts payable and accrued liabilities | |
451,883 | |
6,263 | |
35,259 | | |
|
Net cash provided (used) by operating activities | |
(3,310,250) | |
3,964,555 | |
(807,637) |
|
|
| | | | |
| | |
|
Cash flows from investing activities: | | | | | | |
|
Additions to mortgage servicing rights, net | |
(1,785,659) | |
(1,299,909) | |
(1,898,007) |
|
Additions to available-for-sale securities | |
(1,480,079) | |
(1,519,545) | |
(195,828) |
|
Proceeds from sale of securitized service fees | |
- | |
197,616 | |
- |
|
Acquisition of insurance company | |
- | |
(425,000) | |
- |
|
Purchase of property, equipment and leasehold improvements, net | |
(38,721) | |
(150,537) | |
(119,507) |
|
Proceeds from sale of available-for-sale securities | |
895,736 | |
96,200 | |
231,555 |
|
Proceeds from sale of subsidiary | |
- | |
21,053 | |
- | | |
|
Net cash used by investing activities | |
(2,408,723) | |
(3,080,122) | |
(1,981,787) |
|
|
| | | | |
| | |
|
Cash flows from financing activities: | | | | | | |
|
Net increase (decrease) in short-term borrowings | |
3,252,032 | |
(790,117) | |
(1,122,273) |
|
Issuance of long-term debt | |
3,417,237 | |
2,224,354 | |
4,044,121 |
|
Repayment of long-term debt | |
(957,050) | |
(2,288,762) | |
(142,096) |
|
Issuance of common stock | |
119,266 | |
16,449 | |
93,361 |
|
Cash dividends paid | |
(45,906) | |
(45,215) | |
(35,648) | | |
|
Net cash provided (used) by financing activities | |
5,785,579 | |
(883,291) | |
2,837,465 | | |
|
Net increase in cash | |
66,606 | |
1,142 | |
48,041 |
|
Cash at beginning of period | |
59,890 | |
58,748 | |
10,707 | | |
|
Cash at end of period |
$ |
126,496 |
$ |
59,890 |
$ |
58,748 | | |
|
Supplemental cash flow information: | | | | | | |
|
Cash used to pay interest |
$ |
1,336,506 |
$ |
902,491 |
$ |
876,236 |
|
Cash used to pay income taxes |
$ |
14,799 |
$ |
7,084 |
$ |
1,407 |
|
Noncash financing activities: | | | | | | |
|
Unrealized gain (loss) on available-for-sale securities, net of tax |
$ |
206,483 |
$ |
(13,641) |
$ |
(23,290) |
The accompanying notes are an integral part of these statements.
|
