US Bank 2002 Annual Report Download - page 107

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U.S. Bancorp
Consolidated Statement of Income — Five-Year Summary
% Change
Year Ended December 31 (Dollars in Millions) 2002 2001 2000 1999 1998 2001-2002
Interest Income
Loans********************************************************* $7,743.6 $ 9,413.7 $10,519.3 $ 9,078.0 $ 8,802.0 (17.7)%
Loans held for sale ********************************************* 170.6 146.9 102.1 103.9 91.9 16.1
Investment securities
Taxable **************************************************** 1,438.2 1,206.1 1,008.3 1,047.1 1,179.5 19.2
Non-taxable ************************************************ 46.1 89.5 140.6 150.1 158.2 (48.5)
Money market investments ************************************** 10.6 26.6 53.9 44.9 63.0 (60.2)
Trading securities ********************************************** 37.1 57.5 53.7 45.0 25.6 (35.5)
Other interest income******************************************* 107.5 101.6 151.4 113.0 88.2 5.8
Total interest income ************************************* 9,553.7 11,041.9 12,029.3 10,582.0 10,408.4 (13.5)
Interest Expense
Deposits ****************************************************** 1,485.3 2,828.1 3,618.8 2,970.0 3,234.7 (47.5)
Short-term borrowings ****************************************** 249.4 534.1 781.7 582.4 594.7 (53.3)
Long-term debt ************************************************ 842.7 1,184.8 1,511.7 1,126.9 926.5 (28.9)
Company-obligated mandatorily redeemable preferred securities***** 136.6 127.8 110.7 111.0 103.8 6.9
Total interest expense ************************************ 2,714.0 4,674.8 6,022.9 4,790.3 4,859.7 (41.9)
Net interest income********************************************* 6,839.7 6,367.1 6,006.4 5,791.7 5,548.7 7.4
Provision for credit losses *************************************** 1,349.0 2,528.8 828.0 646.0 491.3 (46.7)
Net interest income after provision for credit losses **************** 5,490.7 3,838.3 5,178.4 5,145.7 5,057.4 43.1
Noninterest Income
Credit and debit card revenue *********************************** 517.0 465.9 431.0 * * 11.0
Corporate payment products revenue***************************** 325.7 297.7 299.2 * * 9.4
ATM processing services**************************************** 136.9 130.6 141.9 * * 4.8
Merchant processing services *********************************** 567.3 308.9 120.0 * * 83.7
Credit card and payment processing revenue********************** * * * 837.8 748.0 *
Trust and investment management fees*************************** 899.1 894.4 926.2 887.1 788.3 .5
Deposit service charges **************************************** 714.0 667.3 555.6 501.1 470.3 7.0
Cash management fees***************************************** 416.9 347.3 292.4 280.6 242.0 20.0
Commercial products revenue *********************************** 479.2 437.4 350.0 260.7 138.5 9.6
Mortgage banking revenue ************************************** 330.2 234.0 189.9 190.4 244.6 41.1
Trading account profits and commissions ************************* 206.5 221.6 258.4 222.4 130.3 (6.8)
Investment products fees and commissions *********************** 428.9 460.1 466.6 450.8 306.9 (6.8)
Investment banking revenue ************************************* 207.4 258.2 360.3 246.6 100.4 (19.7)
Securities gains, net ******************************************** 299.9 329.1 8.1 13.2 29.1 (8.9)
Merger and restructuring-related gains**************************** — 62.2 — — 48.1 **
Other ********************************************************* 339.6 286.4 526.8 398.9 419.8 18.6
Total noninterest income ********************************** 5,868.6 5,401.1 4,926.4 4,289.6 3,666.3 8.7
Noninterest Expense
Salaries ******************************************************* 2,409.2 2,347.1 2,427.1 2,355.3 2,196.7 2.6
Employee benefits********************************************** 367.7 366.2 399.8 410.1 424.9 .4
Net occupancy ************************************************* 409.3 417.9 396.9 371.8 356.9 (2.1)
Furniture and equipment **************************************** 306.0 305.5 308.2 307.9 314.1 .2
Communication ************************************************ 183.8 181.4 138.8 123.4 114.2 1.3
Postage ******************************************************* 178.4 179.8 174.5 170.7 155.4 (.8)
Goodwill ****************************************************** — 251.1 235.0 175.8 176.0 **
Other intangible assets ***************************************** 553.0 278.4 157.3 154.0 125.8 98.6
Merger and restructuring-related charges ************************* 324.1 946.4 348.7 532.8 593.8 (65.8)
Other ********************************************************* 1,525.1 1,331.4 1,130.7 1,059.5 965.6 14.5
Total noninterest expense********************************* 6,256.6 6,605.2 5,717.0 5,661.3 5,423.4 (5.3)
Income before income taxes and cumulative effect of change in
accounting principles **************************************** 5,102.7 2,634.2 4,387.8 3,774.0 3,300.3 93.7
Applicable income taxes **************************************** 1,776.3 927.7 1,512.2 1,392.2 1,167.4 91.5
Income before cumulative effect of change in accounting principles ** 3,326.4 1,706.5 2,875.6 2,381.8 2,132.9 94.9
Cumulative effect of change in accounting principles *************** (37.2) ———— **
Net income **************************************************** $3,289.2 $ 1,706.5 $ 2,875.6 $ 2,381.8 $ 2,132.9 92.7%
* Information for 1999 and 1998 was classified as credit card and payment processing revenue. The current classifications are not available.
** Not meaningful
U.S. Bancorp 105