US Bank 2003 Annual Report Download - page 65

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U.S. Bancorp
Consolidated Statement of Income
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2003 2002 2001
Interest Income
Loans********************************************************************************* $7,272.0 $7,743.0 $9,413.7
Loans held for sale ********************************************************************* 202.2 170.6 146.9
Investment securities
Taxable **************************************************************************** 1,654.6 1,438.2 1,206.1
Non-taxable ************************************************************************ 29.4 46.1 89.5
Other interest income******************************************************************* 99.8 96.0 90.2
Total interest income ************************************************************* 9,258.0 9,493.9 10,946.4
Interest Expense
Deposits ****************************************************************************** 1,096.6 1,485.3 2,828.1
Short-term borrowings ****************************************************************** 166.8 222.9 475.6
Long-term debt ************************************************************************ 702.2 834.8 1,164.2
Company-obligated mandatorily redeemable preferred securities***************************** 103.1 136.6 127.8
Total interest expense ************************************************************ 2,068.7 2,679.6 4,595.7
Net interest income********************************************************************* 7,189.3 6,814.3 6,350.7
Provision for credit losses *************************************************************** 1,254.0 1,349.0 2,528.8
Net interest income after provision for credit losses **************************************** 5,935.3 5,465.3 3,821.9
Noninterest Income
Credit and debit card revenue *********************************************************** 560.7 517.0 465.9
Corporate payment products revenue***************************************************** 361.3 325.7 297.7
ATM processing services**************************************************************** 165.9 160.6 153.0
Merchant processing services *********************************************************** 561.4 567.3 308.9
Trust and investment management fees*************************************************** 953.9 892.1 887.8
Deposit service charges **************************************************************** 715.8 690.3 644.9
Treasury management fees************************************************************** 466.3 416.9 347.3
Commercial products revenue *********************************************************** 400.5 479.2 437.4
Mortgage banking revenue ************************************************************** 367.1 330.2 234.0
Investment products fees and commissions *********************************************** 144.9 132.7 130.8
Securities gains, net ******************************************************************** 244.8 299.9 329.1
Merger and restructuring-related gains**************************************************** — — 62.2
Other ********************************************************************************* 370.4 398.8 370.4
Total noninterest income ********************************************************** 5,313.0 5,210.7 4,669.4
Noninterest Expense
Compensation ************************************************************************* 2,176.8 2,167.5 2,036.6
Employee benefits********************************************************************** 328.4 317.5 285.5
Net occupancy and equipment*********************************************************** 643.7 658.7 666.6
Professional services ******************************************************************* 143.4 129.7 116.4
Marketing and business development***************************************************** 180.3 171.4 178.0
Technology and communications ********************************************************* 417.4 392.1 353.9
Postage, printing and supplies *********************************************************** 245.6 243.2 241.9
Goodwill ****************************************************************************** — — 236.7
Other intangibles *********************************************************************** 682.4 553.0 278.4
Merger and restructuring-related charges ************************************************* 46.2 321.2 1,044.8
Other ********************************************************************************* 732.7 786.2 710.2
Total noninterest expense********************************************************* 5,596.9 5,740.5 6,149.0
Income from continuing operations before income taxes ************************************ 5,651.4 4,935.5 2,342.3
Applicable income taxes **************************************************************** 1,941.3 1,707.5 818.3
Income from continuing operations ******************************************************* 3,710.1 3,228.0 1,524.0
Income (loss) from discontinued operations (after-tax)*********************************** 22.5 (22.7) (45.2)
Cumulative effect of accounting change (after-tax) ************************************** — (37.2) —
Net income **************************************************************************** $3,732.6 $3,168.1 $1,478.8
Earnings Per Share
Income from continuing operations **************************************************** $ 1.93 $ 1.68 $ .79
Discontinued operations ************************************************************* .01 (.01) (.02)
Cumulative effect of accounting change *********************************************** — (.02) —
Net income************************************************************************* $ 1.94 $ 1.65 $ .77
Diluted Earnings Per Share
Income from continuing operations **************************************************** $ 1.92 $ 1.68 $ .79
Discontinued operations ************************************************************* .01 (.01) (.03)
Cumulative effect of accounting change *********************************************** — (.02) —
Net income************************************************************************* $ 1.93 $ 1.65 $ .76
Dividends declared per share************************************************************ $ .855 $ .780 $ .750
Average common shares**************************************************************** 1,923.7 1,916.0 1,927.9
Average diluted common shares ********************************************************* 1,936.2 1,924.8 1,940.3
See Notes to Consolidated Financial Statements.
U.S. Bancorp 63