US Bank 2004 Annual Report Download - page 114
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Please find page 114 of the 2004 US Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.U.S. BANCORP
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND
Year Ended December 31 2004 2003
Average Yields Average Yields
(Dollars in Millions) Balances Interest and Rates Balances Interest and Rates
Assets
Investment securities ****************************************** $ 43,009 $1,835.5 4.27% $ 37,248 $1,696.7 4.56%
Loans held for sale ******************************************** 1,608 91.5 5.69 3,616 202.2 5.59
Loans (b)
Commercial *********************************************** 39,348 2,212.9 5.62 41,326 2,315.4 5.60
Commercial real estate ************************************* 27,267 1,543.3 5.66 27,142 1,584.6 5.84
Residential mortgages ************************************** 14,322 812.1 5.67 11,696 713.4 6.10
Retail***************************************************** 41,204 2,619.7 6.36 38,198 2,673.8 7.00
Total loans****************************************** 122,141 7,188.0 5.89 118,362 7,287.2 6.16
Other earning assets ****************************************** 1,365 100.1 7.33 1,582 100.1 6.32
Total earning assets********************************** 168,123 9,215.1 5.48 160,808 9,286.2 5.77
Allowance for credit losses ************************************* (2,303) (2,467)
Unrealized gain (loss) on available-for-sale securities *************** (346) 120
Other assets (c) *********************************************** 26,119 29,169
Total assets***************************************** $191,593 $187,630
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits************************************ $ 29,816 $ 31,715
Interest-bearing deposits
Interest checking******************************************* 20,933 70.8 .34 19,104 84.3 .44
Money market accounts ************************************ 32,854 235.2 .72 32,310 317.7 .98
Savings accounts ****************************************** 5,866 15.4 .26 5,612 21.2 .38
Time certificates of deposit less than $100,000 **************** 13,074 341.3 2.61 15,493 450.9 2.91
Time deposits greater than $100,000 ************************* 13,679 241.6 1.77 12,319 222.5 1.81
Total interest-bearing deposits ************************* 86,406 904.3 1.05 84,838 1,096.6 1.29
Short-term borrowings ***************************************** 14,534 262.7 1.81 10,503 166.8 1.59
Long-term debt *********************************************** 35,115 908.2 2.59 33,663 805.3 2.39
Total interest-bearing liabilities ************************* 136,055 2,075.2 1.53 129,004 2,068.7 1.60
Other liabilities (d) ********************************************* 6,263 7,518
Shareholders’ equity ******************************************* 19,459 19,393
Total liabilities and shareholders’ equity ***************** $191,593 $187,630
Net interest income******************************************** $7,139.9 $7,217.5
Gross interest margin ****************************************** 3.95% 4.17%
Gross interest margin without taxable-equivalent increments********* 3.93 4.15
Percent of Earning Assets
Interest income *********************************************** 5.48% 5.77%
Interest expense ********************************************** 1.23 1.28
Net interest margin ******************************************** 4.25% 4.49%
Net interest margin without taxable-equivalent increments*********** 4.23% 4.47%
* Not meaningful.
(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) Includes approximately $1,427 million, $1,733 million, $1,664 million, and $1,970 million of earning assets from discontinued operations in 2003, 2002, 2001, and 2000, respectively.
(d) Includes approximately $1,034 million, $1,524 million, $1,776 million, and $2,072 million of interest-bearing liabilities from discontinued operations in 2003, 2002, 2001, and 2000,
respectively.
112 U.S. BANCORP