US Bank 2002 Annual Report Download - page 110

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U.S. Bancorp
Consolidated Daily Average Balance Sheet and Related Yields
Year Ended December 31 2002 2001
Average Yields Average Yields
(Dollars in Millions) Balances Interest and Rates Balances Interest and Rates
Assets
Money market investments ******************************** $ 665 $ 10.6 1.60% $ 712 $ 26.6 3.74%
Trading securities **************************************** 935 40.9 4.38 771 59.3 7.69
Taxable securities **************************************** 27,892 1,438.2 5.16 20,129 1,206.1 5.99
Non-taxable securities ************************************ 937 65.3 6.97 1,787 128.9 7.21
Loans held for sale *************************************** 2,644 170.6 6.45 1,911 146.9 7.69
Loans (b)
Commercial *************************************** 43,820 2,622.8 5.99 50,072 3,609.3 7.21
Commercial real estate ***************************** 25,723 1,636.3 6.36 26,081 2,002.7 7.68
Residential mortgages****************************** 8,412 595.3 7.08 8,576 658.2 7.67
Retail********************************************* 36,501 2,902.8 7.95 33,448 3,158.2 9.44
Total loans ************************************* 114,456 7,757.2 6.78 118,177 9,428.4 7.98
Other earning assets ************************************* 1,614 107.5 6.66 1,678 101.6 6.05
Allowance for credit losses ***************************** 2,542 1,979
Total earning assets (c) ************************* 149,143 9,590.3 6.43 145,165 11,097.8 7.64
Other assets********************************************* 25,347 22,758
Total assets ************************************ $171,948 $165,944
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits ****************************** $ 28,715 $ 25,109
Interest-bearing deposits
Interest checking************************************** 15,631 102.3 .65 13,962 203.6 1.46
Money market accounts******************************** 25,237 312.8 1.24 24,932 711.0 2.85
Savings accounts ************************************* 4,928 25.1 .51 4,571 42.5 .93
Time certificates of deposit less than $100,000 *********** 19,283 743.4 3.86 23,328 1,241.4 5.32
Time deposits greater than $100,000******************** 11,330 301.7 2.66 13,054 629.6 4.82
Total interest-bearing deposits******************** 76,409 1,485.3 1.94 79,847 2,828.1 3.54
Short-term borrowings ************************************ 11,304 249.4 2.21 12,980 534.1 4.11
Long-term debt ****************************************** 29,604 842.7 2.85 24,608 1,184.8 4.81
Company-obligated mandatorily redeemable
preferred securities************************************ 2,904 136.6 4.70 1,955 127.8 6.54
Total interest-bearing liabilities******************** 120,221 2,714.0 2.26 119,390 4,674.8 3.92
Other liabilities ******************************************* 6,049 5,244
Shareholders’ equity ************************************** 16,963 16,201
Total liabilities and shareholders’ equity *********** $171,948 $165,944
Net interest income*************************************** $ 6,876.3 $ 6,423.0
Gross interest margin ************************************* 4.17% 3.72%
Gross interest margin without taxable-equivalent increments ** 4.15 3.68
Percent of Earning Assets
Interest income ****************************************** 6.43% 7.64%
Interest expense ***************************************** 1.82 3.22
Net interest margin *************************************** 4.61 4.42
Net interest margin without taxable-equivalent increments***** 4.59% 4.38%
(a) Interest and rates are presented on a fully taxable-equivalent basis under a tax rate of 35 percent.
(b) Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.
(c) Before deducting the allowance for credit losses and excluding the unrealized gain (loss) on available-for-sale securities.
108 U.S. Bancorp