FORM 10-Q/A
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR QUARTERLY PERIOD ENDED June 30, 1999 COMMISSION FILE NUMBER 1-2981
FIRSTAR CORPORATION
(Exact Name of Registrant as Specified in its Charter)
WISCONSIN 39-1940778
(State of Incorporation) (I.R.S. EMPLOYER
Identification No.)
777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202
Telephone Number (414) 765-4321
The registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the precedeing 12 months and (2) has been subject to such filing
requirements for the past 90 days.
As of July 31, 1999, 654,507,815 shares of common stock were
outstanding.
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FIRSTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(dollars in thousands)
Six Months Ended
June 30
1999 1998
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Cash Flows from Operating Activities:
Net Income $ 340,348 $ 287,508
Adjustments:
Depreciation and amortization 54,219 51,280
Intangible amortization 32,132 24,219
Provision for loan losses 71,270 53,095
Net (increase) decrease in trading securities 2,754 1,676
Provision for deferred taxes 61,508 31,430
(Gain) / loss on sale of premises and equipment - net 376 (424)
Loss on sale of securities - and other assets 128 298
Gain on sale of mortgage loans (54,052) (47,345)
Proceeds from sale of mortgage loans 4,354,706 3,277,627
Mortgage loans originated for sale on the secondary market (3,526,303) (3,615,861)
Net change in other assets and liabilities 19,622 (105,131)
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Total adjustments 1,016,360 (329,136)
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Net cash provided by/(used in) operating activities 1,356,708 (41,628)
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Cash Flows from Investing Activities:
Proceeds from maturities of held-to-maturity securities 35,359 248,157
Proceeds from maturities of available-for-sale securities 978,571 443,187
Proceeds from sales of available-for-sale securities 28,782 316,193
Purchase of held-to-maturity securities (19,978) (157,640)
Purchase of available-for-sale securities (193,080) (1,196,569)
Net increase in loans (1,724,328) (376,827)
Proceeds from sales of loans 76,415 101,564
Proceeds from sales of premises and equipment 896 195
Purchases of premises and equipment (62,776) (63,338)
Purchases of corporate owned life insurance (80,000) (75,000)
Acquisitions, net of cash acquired 0 (134,858)
Net change due to acquisitions of branch offices 0 816,978
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Net cash provided by/(used in) investing activities (960,139) (77,958)
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Cash Flows from Financing Activities:
Net (decrease)/increase in deposits (700,666) 291,793
Net increase in short-term borrowings 384,337 4,364
Principal payments on long-term debt (141,736) (503,408)
Proceeds from issuance of long-term debt 100,000 125,066
Proceeds from issuance of common stock 118,850 31,061
Purchase of treasury stock (166,717) (14,329)
Dividends paid (131,745) (107,123)
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Net cash provided by/(used in) financing activities (537,677) (172,576)
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Net decrease in cash and cash equivalents (141,108) (292,162)
Cash and cash equivalents at beginning of period 2,425,056 2,228,920
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Cash and cash equivalents at end of period $ 2,283,948 $ 1,936,758
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Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest $ 580,416 $ 559,043
Income taxes 10,621 74,902
Transfer to foreclosed assets from loans $ 10,590 $ 8,713
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant in the capacities and on the dates indicated.
FIRSTAR CORPORATION
August 16, 1999 /s/ Jerry A. Grundhoffer
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Date Jerry A. Grundhoffer
President and Chief Executive
Officer
August 16, 1999 /s/ David M. Moffett
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Date David M. Moffett
Vice Chairman
and Chief Financial Officer
August 16, 1999 /s/ James D. Hogan
- ------------------ ---------------------------------
Date James D. Hogan
Senior Vice President and
Controller
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