US Bank 2003 Annual Report Download - page 110

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U.S. Bancorp
Quarterly Consolidated Financial Data
2003 2002
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 ************************************* $1,836.7 $1,821.0 $1,818.3 $1,796.0 $1,931.0 $1,936.8 $1,961.6 $1,913.6
Loans held for sale************************** 59.6 51.8 59.5 31.3 39.2 36.6 37.3 57.5
Investment securities
Taxable ********************************* 396.1 422.4 403.6 432.5 347.8 346.1 372.2 372.1
Non-taxable ***************************** 8.9 7.5 6.7 6.3 13.2 11.7 10.9 10.3
Other interest income *********************** 29.9 25.1 23.2 21.6 16.7 29.6 21.8 27.9
Total interest income ****************** 2,331.2 2,327.8 2,311.3 2,287.7 2,347.9 2,360.8 2,403.8 2,381.4
Interest Expense
Deposits *********************************** 306.6 288.5 256.4 245.1 395.5 375.8 370.3 343.7
Short-term borrowings *********************** 39.5 38.9 44.9 43.5 72.9 57.3 51.1 41.6
Long-term debt ***************************** 184.3 184.0 167.9 166.0 189.9 214.5 225.1 205.3
Company-obligated mandatorily redeemable
preferred securities ********************** 31.4 24.5 23.6 23.6 34.8 33.9 34.7 33.2
Total interest expense ***************** 561.8 535.9 492.8 478.2 693.1 681.5 681.2 623.8
Net interest income ************************* 1,769.4 1,791.9 1,818.5 1,809.5 1,654.8 1,679.3 1,722.6 1,757.6
Provision for credit losses ******************** 335.0 323.0 310.0 286.0 335.0 335.0 330.0 349.0
Net interest income after provision for credit
losses ********************************** 1,434.4 1,468.9 1,508.5 1,523.5 1,319.8 1,344.3 1,392.6 1,408.6
Noninterest Income
Credit and debit card revenue **************** 127.4 142.3 137.6 153.4 109.3 131.2 132.8 143.7
Corporate payment products revenue ********* 86.0 90.9 95.7 88.7 75.2 82.5 87.6 80.4
ATM processing services ******************** 42.4 41.9 41.3 40.3 36.3 39.7 42.9 41.7
Merchant processing services **************** 127.3 141.8 146.3 146.0 133.6 144.4 147.3 142.0
Trust and investment management fees ******* 228.6 238.9 239.8 246.6 222.7 232.9 222.9 213.6
Deposit service charges ********************* 163.2 179.0 187.0 186.6 150.3 167.1 186.5 186.4
Treasury management fees ****************** 112.0 111.8 126.2 116.3 104.2 104.3 105.8 102.6
Commercial products revenue **************** 104.2 100.0 97.8 98.5 122.2 123.7 125.0 108.3
Mortgage banking revenue ******************* 95.4 90.3 89.5 91.9 52.0 78.0 111.8 88.4
Investment products fees and commissions **** 35.1 38.1 35.5 36.2 34.0 30.9 32.8 35.0
Securities gains (losses), net ***************** 140.7 213.1 (108.9) (.1) 44.1 30.6 119.0 106.2
Other ************************************** 103.8 84.8 89.6 92.2 76.9 87.2 97.3 137.4
Total noninterest income*************** 1,366.1 1,472.9 1,177.4 1,296.6 1,160.8 1,252.5 1,411.7 1,385.7
Noninterest Expense
Compensation ****************************** 546.0 547.6 543.8 539.4 532.4 537.2 552.8 545.1
Employee benefits ************************** 91.7 79.6 75.8 81.3 78.5 72.9 83.1 83.0
Net occupancy and equipment *************** 161.3 159.5 161.3 161.6 162.6 163.8 164.6 167.7
Professional services ************************ 26.4 32.9 39.9 44.2 25.4 33.1 36.3 34.9
Marketing and business development ********* 29.8 51.1 48.6 50.8 34.5 41.6 45.7 49.6
Technology and communications************** 104.9 104.1 102.1 106.3 95.6 95.8 99.6 101.1
Postage, printing and supplies**************** 60.4 61.8 61.6 61.8 63.5 59.0 60.8 59.9
Other intangibles**************************** 235.1 312.3 10.8 124.2 80.2 104.7 211.4 156.7
Merger and restructuring-related charges ****** 17.6 10.8 10.2 7.6 71.7 72.4 69.8 107.3
Other ************************************** 181.4 186.9 199.2 165.2 182.3 210.5 212.1 181.3
Total noninterest expense ************* 1,454.6 1,546.6 1,253.3 1,342.4 1,326.7 1,391.0 1,536.2 1,486.6
Income from continuing operations before
income taxes**************************** 1,345.9 1,395.2 1,432.6 1,477.7 1,153.9 1,205.8 1,268.1 1,307.7
Applicable income taxes ********************* 461.8 480.2 491.9 507.4 400.1 418.2 440.1 449.1
Income from continuing operations************ 884.1 915.0 940.7 970.3 753.8 787.6 828.0 858.6
Income (loss) from discontinued operations
(after-tax) **************************** .7 4.9 10.2 6.7 9.8 4.8 1.6 (38.9)
Cumulative effect of accounting change
(after-tax) **************************** ————(37.2) — — —
Net income********************************* $ 884.8 $ 919.9 $ 950.9 $ 977.0 $ 726.4 $ 792.4 $ 829.6 $ 819.7
Earnings per share************************** $ .46 $ .48 $ .49 $ .51 $ .38 $ .41 $ .43 $ .43
Diluted earnings per share ******************* $ .46 $ .48 $ .49 $ .50 $ .38 $ .41 $ .43 $ .43
108 U.S. Bancorp