W HOLDING COMPANY, INC. AND SUBISIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(IN THOUSANDS)

 

 

 

 Nine Months Ended

 

September 30,

 

2001

2000

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

Net income

 $     45,987

 $       33,514

Adjustments to reconcile net income to net cash provided by

 

 

   operating activities:

 

 

   Provision (credit) for:

 

 

        Loan losses

          9,228

            6,000

        Deferred income tax

        (2,309)

          (1,440)

   Depreciation and amortization on:

 

 

        Premises and equipment

          4,324

            4,660

        Foreclosed real estate held for sale

               45

                 43

        Mortgage servicing rights

             337

               253

   Amortization of premium (discount) on:

 

 

        Investment securities available for sale

             (32)

                   8

        Investment securities held to maturity

      (10,267)

          (9,202)

        Mortgage-backed securities held to maturity

        (1,330)

               (43)

        Loans

             459

               387

   Amortization of excess of cost over net assets acquired

             397

                 47

   Amortization of deferred loan origination fees and costs

        (3,629)

          (2,995)

   Net loss (gain) on sale and in valuation of:

 

 

        Investment securities available for sale

               99

               422

        Mortgage loans held for sale

           (143)

               (36)

        Foreclosed real estate held for sale

             (70)

               (57)

   Originations of mortgage loans held for sale

      (30,908)

        (32,491)

   Decrease (increase) in:

 

 

        Trading securities

        34,101

          33,304

        Accrued interest receivable

        11,478

             (835)

        Other assets

      (16,973)

          (4,070)

   Increase (decrease) in:

 

 

        Accrued interest on deposits and borrowings

        (8,137)

            4,372

        Other liabilities

          9,043

               897

            Net cash provided by operating activities

        41,700

          32,738

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

   Net (increase) in interest bearing deposits with banks

        (3,093)

          (1,194)

   Net decrease (increase) in federal funds sold and securities purchased

 

 

        under agreements to resell

        29,800

        (16,863)

   Investment securities available for sale:

 

 

        Sales

        99,935

            3,552

        Purchases

    (156,222)

                 -  

        Proceeds from principal repayment

        10,473

            1,111

   Investment securities held to maturity:

 

 

        Purchases

 (6,940,348)

   (1,875,772)

        Proceeds from redemption and repayment

   6,839,947

     1,522,135

   Mortgage-backed securities held to maturity:

 

 

        Purchases

    (350,904)

        (73,687)

        Proceeds from principal repayment

        96,228

          13,303

   Loans:

 

 

        Purchases

    (264,293)

      (186,585)

        Other (increase)

    (208,938)

        (36,932)

   Proceeds from sales of foreclosed real estate held for sale

             294

               142

   Additions to premises and equipment

        (2,779)

          (9,014)

   Purchase of Federal Home Loan Bank stock

        (8,650)

        (10,584)

        Net cash used in investing activities

    (858,550)

      (670,388)

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

   Net increase in deposits

     357,210

        313,355

   Net increase in securities sold under agreements to repurchase

     154,706

          29,273

   Securities sold under agreements to repurchase with original maturities

 

 

      over three months:

 

 

          Proceeds

     289,250

     1,109,488

          Payments

     (62,374)

       (858,396)

   Proceeds from Advances from Federal Home Loan Bank

               -  

          50,000

   Net decrease in advances from borrowers for taxes

 

 

      and insurance

            (47)

              (395)

   Repurchase of common stock for retirement

               -  

           (4,654)

   Proceeds from issuance of preferred stocks

       96,341

                  -  

   Dividends paid

     (14,232)

         (13,249)

      Net cash provided by financing activities

     820,854

        625,422

 

 

 

NET CHANGE IN CASH AND DUE FROM BANKS

         4,004

         (12,228)

 

 

 

CASH AND DUE FROM BANKS, BEGINNING OF PERIOD

       45,936

          55,672

 

 

 

CASH AND DUE FROM BANKS, END OF PERIOD

 $    49,940

 $       43,444

 

                  

                     

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

   Cash paid during the period for:

 

 

      Interest on deposits and other borrowings

 $  174,782

 $       81,381

      Income taxes

         6,000

            9,752

   Noncash activities:

 

 

     Accrued dividends payable

         1,424

               934

     Net decrease (increase) in other comprehensive loss

          (740)

               641

     Mortgage loans securitized and transferred to trading securities

       32,420

          33,204

     Transfer from loans to foreclosed real estate held for sale

            576

               479

     Mortgage loans originated to finance the sale of foreclosed real estate

 

  

            held for sale

              12

               185

     Capitalized mortgage servicing rights

            430

               389

 Unpaid additions to premises and equipment

              61

                  -  

 Transfer from undivided profits to reserve fund

         4,599

            3,352

Effect in valuation of derivatives and their hedge items:

 

 

Increase in deposits

         4,961

                  -  

Increase in other assets

         9,376

                  -  

Increase in other liabilities

         5,822

                  -  

 

 

 

See Notes to Consolidated Financial Statements.

 

 

    (Concluded)

 

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