US Bank 2003 Annual Report Download - page 104

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U.S. Bancorp (Parent Company)
Condensed Balance Sheet
December 31 (Dollars in Millions) 2003 2002
Assets
Deposits with subsidiary banks, principally interest-bearing ************************************************** $ 4,726 $ 5,869
Available-for-sale securities ****************************************************************************** 127 118
Investments in
Bank and bank holding company subsidiaries*********************************************************** 22,628 17,479
Nonbank subsidiaries (a) ***************************************************************************** 605 1,501
Advances to
Bank and bank holding company subsidiaries*********************************************************** — 575
Nonbank subsidiaries (a) ***************************************************************************** 16 363
Other assets ******************************************************************************************* 676 2,663
Total assets************************************************************************************** $28,778 $28,568
Liabilities and Shareholders’ Equity
Short-term funds borrowed******************************************************************************* $ 699 $ 380
Advances from subsidiaries ****************************************************************************** — 117
Long-term debt ***************************************************************************************** 5,200 5,695
Junior subordinated debentures issued to subsidiary trusts ************************************************** 2,629 2,990
Other liabilities ***************************************************************************************** 1,008 950
Shareholders’ equity ************************************************************************************ 19,242 18,436
Total liabilities and shareholders’ equity ************************************************************* $28,778 $28,568
(a) December 31, 2002, included approximately $610 million of investment in and $316 million of advances to Piper Jaffray Companies.
Condensed Statement of Income
Year Ended December 31 (Dollars in Millions) 2003 2002 2001
Income
Dividends from bank and bank holding company subsidiaries ******************************* $ 27.0 $3,140.0 $1,300.1
Dividends from nonbank subsidiaries ***************************************************** 5.8 15.2 10.1
Interest from subsidiaries *************************************************************** 69.1 96.9 272.8
Service and management fees from subsidiaries******************************************* 24.2 38.5 221.8
Other income ************************************************************************** 37.9 16.0 21.0
Total income ******************************************************************** 164.0 3,306.6 1,825.8
Expense
Interest on short-term funds borrowed **************************************************** 8.0 8.9 18.5
Interest on long-term debt *************************************************************** 78.2 126.8 318.5
Interest on junior subordinated debentures issued to subsidiary trusts************************ 192.6 214.1 141.7
Merger and restructuring-related charges ************************************************* 2.9 6.7 63.2
Other expense ************************************************************************* 86.5 76.0 335.1
Total expense ******************************************************************* 368.2 432.5 877.0
Income (loss) before income taxes and equity in undistributed income of subsidiaries ********** (204.2) 2,874.1 948.8
Income tax credit*********************************************************************** (37.1) (84.6) (112.0)
Income (loss) of parent company ******************************************************** (167.1) 2,958.7 1,060.8
Equity in undistributed income of subsidiaries ********************************************* 3,899.7 209.4 418.0
Net income ********************************************************************* $3,732.6 $3,168.1 $1,478.8
102 U.S. Bancorp
Note 24