US Bank 2002 Annual Report Download - page 19

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Selected Financial Data
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data) 2002 2001 2000 1999 1998
Condensed Income Statement
Net interest income (taxable-equivalent basis) (a) ************* $ 6,876.3 $ 6,423.0 $ 6,091.8 $ 5,888.0 $ 5,659.9
Noninterest income *************************************** 5,568.7 5,072.0 4,918.3 4,276.4 3,637.2
Securities gains, net ************************************** 299.9 329.1 8.1 13.2 29.1
Total net revenue ************************************** 12,744.9 11,824.1 11,018.2 10,177.6 9,326.2
Noninterest expense ************************************** 6,256.6 6,605.2 5,717.0 5,661.3 5,423.4
Provision for credit losses********************************** 1,349.0 2,528.8 828.0 646.0 491.3
Income before taxes and cumulative effect of change in
accounting principles******************************** 5,139.3 2,690.1 4,473.2 3,870.3 3,411.5
Taxable-equivalent adjustment ****************************** 36.6 55.9 85.4 96.3 111.2
Income taxes********************************************* 1,776.3 927.7 1,512.2 1,392.2 1,167.4
Income before cumulative effect of change in
accounting principles*********************************** 3,326.4 1,706.5 2,875.6 2,381.8 2,132.9
Cumulative effect of change in accounting principles (after-tax) *** (37.2) ————
Net income ******************************************* $ 3,289.2 $ 1,706.5 $ 2,875.6 $ 2,381.8 $ 2,132.9
Per Common Share
Earnings per share before cumulative effect of change in
accounting principles*********************************** $ 1.74 $ .89 $ 1.51 $ 1.25 $ 1.12
Diluted earnings per share before cumulative effect of change
in accounting principles ******************************** 1.73 .88 1.50 1.23 1.10
Earnings per share**************************************** 1.72 .89 1.51 1.25 1.12
Diluted earnings per share ********************************* 1.71 .88 1.50 1.23 1.10
Dividends declared per share (b) *************************** .78 .75 .65 .46 .33
Book value per share ************************************* 9.44 8.43 7.97 7.23 6.61
Market value per share ************************************ 21.22 20.93 23.25 21.13 31.00
Average shares outstanding******************************** 1,916.0 1,927.9 1,906.0 1,907.8 1,898.8
Average diluted shares outstanding ************************* 1,926.1 1,939.5 1,918.5 1,930.0 1,930.5
Financial Ratios
Return on average assets ********************************* 1.91% 1.03% 1.81% 1.59% 1.49%
Return on average equity ********************************** 19.4 10.5 20.0 18.0 17.2
Net interest margin (taxable-equivalent basis) **************** 4.61 4.42 4.33 4.40 4.43
Efficiency ratio******************************************** 50.3 57.5 51.9 55.7 58.3
Average Balances
Loans *************************************************** $114,456 $118,177 $118,317 $109,638 $102,451
Loans held for sale *************************************** 2,644 1,911 1,303 1,450 1,264
Investment securities ************************************** 28,829 21,916 17,311 19,271 21,114
Earning assets ******************************************* 149,143 145,165 140,606 133,757 127,738
Assets *************************************************** 171,948 165,944 158,481 150,167 142,887
Noninterest-bearing deposits ******************************* 28,715 25,109 23,820 23,556 23,011
Deposits ************************************************* 105,124 104,956 103,426 99,920 98,940
Short-term borrowings ************************************* 11,304 12,980 12,586 11,707 11,102
Long-term debt ******************************************* 29,604 24,608 22,410 20,248 15,732
Total shareholders’ equity ********************************** 16,963 16,201 14,365 13,221 12,383
Period End Balances
Loans *************************************************** $116,251 $114,405 $122,365 $113,229 $106,958
Allowance for credit losses********************************* 2,422 2,457 1,787 1,710 1,706
Investment securities ************************************** 28,488 26,608 17,642 17,449 20,965
Assets *************************************************** 180,027 171,390 164,921 154,318 150,714
Deposits ************************************************* 115,534 105,219 109,535 103,417 104,346
Long-term debt ******************************************* 28,588 25,716 21,876 21,027 18,679
Total shareholders’ equity ********************************** 18,101 16,461 15,168 13,947 12,574
Regulatory capital ratios
Tangible common equity******************************** 5.6% 5.7% 6.3% * *
Tier 1 capital ****************************************** 7.8 7.7 7.2 7.4 *
Total risk-based capital ********************************* 12.2 11.7 10.6 11.0 *
Leverage ********************************************* 7.5 7.7 7.4 7.5 *
* Information was not available to compute pre-merger proforma percentages.
U.S. Bancorp 17
Table 1