US Bank 2002 Annual Report Download - page 108

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U.S. Bancorp
Quarterly Consolidated Financial Data
2002 2001
First Second Third Fourth First Second Third Fourth
(Dollars in Millions, Except Per Share Data) Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
Interest Income
Loans ************************************* $1,931.9 $1,936.9 $1,961.2 $1,913.6 $2,651.1 $2,426.7 $2,275.5 $2,060.4
Loans held for sale************************** 39.2 36.6 37.3 57.5 16.6 25.9 53.9 50.5
Investment securities
Taxable ********************************* 347.8 346.1 372.2 372.1 253.3 287.8 321.2 343.8
Non-taxable ***************************** 13.2 11.7 10.9 10.3 31.2 27.8 15.9 14.6
Money market investments ******************* 3.3 2.2 3.3 1.8 8.9 7.4 6.3 4.0
Trading securities *************************** 8.2 9.4 9.7 9.8 15.9 14.1 11.2 16.3
Other interest income *********************** 19.0 32.7 25.4 30.4 32.0 26.1 24.3 19.2
Total interest income ****************** 2,362.6 2,375.6 2,420.0 2,395.5 3,009.0 2,815.8 2,708.3 2,508.8
Interest Expense
Deposits *********************************** 395.5 375.8 370.3 343.7 883.7 783.0 670.0 491.4
Short-term borrowings *********************** 78.9 68.3 56.4 45.8 186.2 124.4 122.9 100.6
Long-term debt ***************************** 192.1 216.8 226.8 207.0 366.1 318.0 282.8 217.9
Company-obligated mandatorily redeemable
preferred securities************************ 34.8 33.9 34.7 33.2 27.2 32.4 33.6 34.6
Total interest expense***************** 701.3 694.8 688.2 629.7 1,463.2 1,257.8 1,109.3 844.5
Net interest income ************************* 1,661.3 1,680.8 1,731.8 1,765.8 1,545.8 1,558.0 1,599.0 1,664.3
Provision for credit losses ******************** 335.0 335.0 330.0 349.0 532.4 441.3 1,289.3 265.8
Net interest income after provision for credit
losses *********************************** 1,326.3 1,345.8 1,401.8 1,416.8 1,013.4 1,116.7 309.7 1,398.5
Noninterest Income
Credit and debit card revenue **************** 109.3 131.2 132.8 143.7 109.0 118.8 116.8 121.3
Corporate payment products revenue ********* 75.2 82.5 87.6 80.4 78.8 77.4 73.1 68.4
ATM processing services ******************** 30.9 33.5 36.7 35.8 31.6 33.0 32.8 33.2
Merchant processing services **************** 133.6 144.4 147.3 142.0 30.3 31.4 108.0 139.2
Trust and investment management fees ******* 224.3 234.9 225.2 214.7 225.0 228.0 226.2 215.2
Deposit service charges ********************* 155.7 173.3 192.7 192.3 147.7 177.9 170.1 171.6
Cash management fees ********************* 104.2 104.3 105.8 102.6 76.8 84.9 89.7 95.9
Commercial products revenue **************** 122.2 123.7 125.0 108.3 88.2 107.4 108.7 133.1
Mortgage banking revenue ******************* 52.0 78.0 111.8 88.4 48.2 57.0 60.3 68.5
Trading account profits and commissions ****** 49.9 49.5 52.6 54.5 71.9 55.8 43.6 50.3
Investment products fees and commissions **** 111.1 107.4 105.0 105.4 125.7 114.2 108.0 112.2
Investment banking revenue****************** 53.2 70.5 35.7 48.0 60.2 71.1 56.9 70.0
Securities gains, net************************* 44.1 30.6 119.0 106.2 216.0 31.3 59.8 22.0
Merger and restructuring-related gains ******** ———— —62.2 — —
Other ************************************** 61.2 73.5 81.1 123.8 101.3 87.4 64.4 33.3
Total noninterest income*************** 1,326.9 1,437.3 1,558.3 1,546.1 1,410.7 1,337.8 1,318.4 1,334.2
Noninterest Expense
Salaries************************************ 588.3 607.6 606.0 607.3 590.5 570.5 580.3 605.8
Employee benefits ************************** 96.4 91.1 93.8 86.4 108.1 90.7 85.4 82.0
Net occupancy ***************************** 100.1 101.8 103.2 104.2 110.1 101.4 102.5 103.9
Furniture and equipment ********************* 76.9 77.0 75.7 76.4 76.9 74.9 74.9 78.8
Communication ***************************** 45.7 44.1 46.6 47.4 38.7 50.3 49.4 43.0
Postage************************************ 46.6 44.4 44.3 43.1 46.9 43.8 44.7 44.4
Goodwill *********************************** ————67.8 58.6 62.3 62.4
Other intangible assets ********************** 80.2 104.7 211.4 156.7 46.6 54.0 84.8 93.0
Merger and restructuring-related charges ****** 74.2 71.6 70.4 107.9 404.2 252.8 148.8 140.6
Other ************************************** 328.4 378.1 388.9 429.7 308.7 297.7 334.4 390.6
Total noninterest expense ************* 1,436.8 1,520.4 1,640.3 1,659.1 1,798.5 1,594.7 1,567.5 1,644.5
Income before income taxes and cumulative
effect of change in accounting principles***** 1,216.4 1,262.7 1,319.8 1,303.8 625.6 859.8 60.6 1,088.2
Applicable income taxes ********************* 423.2 439.6 459.5 454.0 215.5 297.5 21.9 392.8
Income before cumulative effect of change in
accounting principles ********************** 793.2 823.1 860.3 849.8 410.1 562.3 38.7 695.4
Cumulative effect of change in accounting
principles ******************************** (37.2) — — — ————
Net income********************************* $ 756.0 $ 823.1 $ 860.3 $ 849.8 $ 410.1 $ 562.3 $ 38.7 $ 695.4
Earnings per share************************** $ .39 $ .43 $ .45 $ .44 $ .22 $ .30 $ .02 $ .36
Diluted earnings per share ******************* $ .39 $ .43 $ .45 $ .44 $ .21 $ .29 $ .02 $ .36
106 U.S. Bancorp