US Bank 2002 Annual Report Download - page 103

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U.S. Bancorp (Parent Company)
Condensed Balance Sheet
December 31 (Dollars in Millions) 2002 2001
Assets
Deposits with subsidiary banks, principally interest-bearing ************************************************** $ 5,869 $ 3,184
Available-for-sale securities ****************************************************************************** 118 189
Investments in
Bank affiliates *************************************************************************************** 17,954 17,907
Nonbank affiliates *********************************************************************************** 1,598 1,291
Advances to
Bank affiliates *************************************************************************************** 100 1,214
Nonbank affiliates *********************************************************************************** 266 928
Other assets ******************************************************************************************* 2,294 2,258
Total assets************************************************************************************** $28,199 $26,971
Liabilities and Shareholders’ Equity
Short-term funds borrowed******************************************************************************* $ 380 $ 452
Advances from subsidiaries ****************************************************************************** 117 69
Long-term debt ***************************************************************************************** 5,695 6,074
Junior subordinated debentures issued to subsidiary trusts ************************************************** 2,990 2,990
Other liabilities ***************************************************************************************** 916 925
Shareholders’ equity ************************************************************************************ 18,101 16,461
Total liabilities and shareholders’ equity ************************************************************* $28,199 $26,971
Condensed Statement of Income
Year Ended December 31 (Dollars in Millions) 2002 2001 2000
Income
Dividends from bank subsidiaries ******************************************************** $3,140.0 $1,300.1 $3,010.5
Dividends from nonbank subsidiaries ***************************************************** 15.2 10.1 17.3
Interest from subsidiaries *************************************************************** 96.9 272.8 234.8
Service and management fees from subsidiaries******************************************* 38.5 221.8 246.0
Other income ************************************************************************** 16.0 21.0 217.0
Total income ******************************************************************** 3,306.6 1,825.8 3,725.6
Expenses
Interest on short-term funds borrowed **************************************************** 8.9 18.5 19.3
Interest on long-term debt *************************************************************** 126.8 318.5 441.7
Interest on junior subordinated debentures issued to subsidiary trusts ************************ 214.1 141.7 111.3
Merger and restructuring-related charges ************************************************* 6.7 49.5 21.3
Other expenses ************************************************************************ 76.0 322.5 225.2
Total expenses ****************************************************************** 432.5 850.7 818.8
Income before income taxes and equity in undistributed income of subsidiaries *************** 2,874.1 975.1 2,906.8
Income tax credit*********************************************************************** (84.6) (102.4) (34.0)
Income of parent company ************************************************************** 2,958.7 1,077.5 2,940.8
Equity (deficiency) in undistributed income of subsidiaries ********************************** 330.5 629.0 (65.2)
Net income ********************************************************************* $3,289.2 $1,706.5 $2,875.6
U.S. Bancorp 101
Note 24