US Bank 2002 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2002 US Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 124

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124

U.S. Bancorp
Consolidated Statement of Income
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2002 2001 2000
Interest Income
Loans********************************************************************************* $7,743.6 $ 9,413.7 $10,519.3
Loans held for sale ********************************************************************* 170.6 146.9 102.1
Investment securities
Taxable **************************************************************************** 1,438.2 1,206.1 1,008.3
Non-taxable ************************************************************************ 46.1 89.5 140.6
Money market investments ************************************************************** 10.6 26.6 53.9
Trading securities ********************************************************************** 37.1 57.5 53.7
Other interest income******************************************************************* 107.5 101.6 151.4
Total interest income ************************************************************* 9,553.7 11,041.9 12,029.3
Interest Expense
Deposits ****************************************************************************** 1,485.3 2,828.1 3,618.8
Short-term borrowings ****************************************************************** 249.4 534.1 781.7
Long-term debt ************************************************************************ 842.7 1,184.8 1,511.7
Company-obligated mandatorily redeemable preferred securities of subsidiary trusts holding
solely the junior subordinated debentures of the parent company ************************** 136.6 127.8 110.7
Total interest expense ************************************************************ 2,714.0 4,674.8 6,022.9
Net interest income********************************************************************* 6,839.7 6,367.1 6,006.4
Provision for credit losses *************************************************************** 1,349.0 2,528.8 828.0
Net interest income after provision for credit losses **************************************** 5,490.7 3,838.3 5,178.4
Noninterest Income
Credit and debit card revenue *********************************************************** 517.0 465.9 431.0
Corporate payment products revenue***************************************************** 325.7 297.7 299.2
ATM processing services**************************************************************** 136.9 130.6 141.9
Merchant processing services *********************************************************** 567.3 308.9 120.0
Trust and investment management fees*************************************************** 899.1 894.4 926.2
Deposit service charges **************************************************************** 714.0 667.3 555.6
Cash management fees***************************************************************** 416.9 347.3 292.4
Commercial products revenue *********************************************************** 479.2 437.4 350.0
Mortgage banking revenue ************************************************************** 330.2 234.0 189.9
Trading account profits and commissions ************************************************* 206.5 221.6 258.4
Investment products fees and commissions *********************************************** 428.9 460.1 466.6
Investment banking revenue ************************************************************* 207.4 258.2 360.3
Securities gains, net ******************************************************************** 299.9 329.1 8.1
Merger and restructuring-related gains**************************************************** — 62.2 —
Other ********************************************************************************* 339.6 286.4 526.8
Total noninterest income ********************************************************** 5,868.6 5,401.1 4,926.4
Noninterest Expense
Salaries ******************************************************************************* 2,409.2 2,347.1 2,427.1
Employee benefits********************************************************************** 367.7 366.2 399.8
Net occupancy ************************************************************************* 409.3 417.9 396.9
Furniture and equipment **************************************************************** 306.0 305.5 308.2
Communication ************************************************************************ 183.8 181.4 138.8
Postage ******************************************************************************* 178.4 179.8 174.5
Goodwill ****************************************************************************** — 251.1 235.0
Other intangible assets ***************************************************************** 553.0 278.4 157.3
Merger and restructuring-related charges ************************************************* 324.1 946.4 348.7
Other ********************************************************************************* 1,525.1 1,331.4 1,130.7
Total noninterest expense********************************************************* 6,256.6 6,605.2 5,717.0
Income before income taxes and cumulative effect of change in accounting principles********** 5,102.7 2,634.2 4,387.8
Applicable income taxes **************************************************************** 1,776.3 927.7 1,512.2
Income before cumulative effect of change in accounting principles ************************** 3,326.4 1,706.5 2,875.6
Cumulative effect of change in accounting principles *************************************** (37.2) — —
Net income **************************************************************************** $3,289.2 $ 1,706.5 $ 2,875.6
Earnings Per Share
Income before cumulative effect of change in accounting principles *********************** $ 1.74 $ .89 $ 1.51
Cumulative effect of change in accounting principles ************************************ (.02) — —
Net income************************************************************************* $ 1.72 $ .89 $ 1.51
Diluted Earnings Per Share
Income before cumulative effect of change in accounting principles *********************** $ 1.73 $ .88 $ 1.50
Cumulative effect of change in accounting principles ************************************ (.02) — —
Net income************************************************************************* $ 1.71 $ .88 $ 1.50
Average common shares **************************************************************** 1,916.0 1,927.9 1,906.0
Average diluted common shares ********************************************************* 1,926.1 1,939.5 1,918.5
See Notes to Consolidated Financial Statements.
U.S. Bancorp 63