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	CASH FLOW STATEMENT
	Commercial Bank — Projected ($mm)
		FY2024	FY2025	FY2026	FY2027	FY2028	FY2029	FY2030	FY2031	FY2032	FY2033	FY2034	FY2035
	OPERATING ACTIVITIES
	Net Income	$35	$44	$110	$208	$395	$758	$1,472	$2,889	$5,709	$11,334	$22,570	$45,025
	Provision for Credit Losses	$145	$168	$157	$165	$174	$184	$194	$205	$216	$228	$240	$253
	Change in Other Liabilities	$15	$20	$10	$10	$10	$10	$11	$11	$11	$12	$12	$13
	Other Operating Adjustments	$50	$55	$56	$57	$58	$60	$61	$62	$63	$64	$66	$67
	Cash from Operations	$245	$287	$333	$441	$638	$1,012	$1,738	$3,166	$5,999	$11,638	$22,888	$45,358
	INVESTING ACTIVITIES
	Net Change in Loans	($1,050)	($1,050)	($1,020)	($1,076)	($1,136)	($1,198)	($1,264)	($1,333)	($1,407)	($1,484)	($1,566)	($1,652)
	Net Change in Securities	($200)	($140)	($127)	($132)	($136)	($141)	($146)	($151)	($157)	($162)	($168)	($174)
	Change in Other Assets	($20)	($23)	($16)	($17)	($17)	($18)	($18)	($19)	($19)	($20)	($21)	($21)
	Cash from Investing	($1,270)	($1,213)	($1,164)	($1,225)	($1,289)	($1,357)	($1,428)	($1,504)	($1,583)	($1,666)	($1,754)	($1,847)
	FINANCING ACTIVITIES
	Net Change in Deposits	$900	$900	$851	$889	$929	$971	$1,014	$1,060	$1,108	$1,157	$1,209	$1,264
	Net Change in Borrowings	$100	$60	$52	$53	$54	$55	$57	$58	$60	$61	$63	$64
	Dividends Paid	($12)	($15)	($39)	($73)	($138)	($265)	($515)	($1,011)	($1,998)	($3,967)	($7,900)	########
	Cash from Financing	$988	$945	$863	$869	$845	$761	$556	$107	($831)	($2,748)	($6,627)	########
	Net Change in Cash	($38)	$19	$32	$84	$193	$415	$865	$1,770	$3,586	$7,224	$14,507	$29,081
	CASH RECONCILIATION
	Beginning Cash	$2,000	$2,200	$2,219	$2,251	$2,335	$2,528	$2,944	$3,809	$5,579	$9,164	$16,388	$30,895
	Net Change in Cash	($38)	$19	$32	$84	$193	$415	$865	$1,770	$3,586	$7,224	$14,507	$29,081
	Ending Cash	$1,962	$2,219	$2,251	$2,335	$2,528	$2,944	$3,809	$5,579	$9,164	$16,388	$30,895	$59,976
	Cash Check (vs Balance Sheet)	($238)	$169	$479	$688	$907	$1,136	$1,376	$1,626	$1,888	$2,163	$2,450	$2,751
	Note: Cash on BS is a plug; differences expected for historical periods.