US Bank 2004 Annual Report Download - page 19

FORWARD-LOOKING STATEMENTS This Annual Report and Form 10-K contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and
expectations, are forward-looking statements. These statements often include the words “ may,” “ could,” “would,” “should,” “believes,” “expects,” “ anticipates,” “estimates,” “intends,” “ plans,” “ targets,”
“potentially,” “ probably,” “projects,” “outlook” or similar expressions. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future prospects of U.S.
Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following, in addition
to those contained in U.S. Bancorp’s reports on fi le with the SEC: (i) general economic or industry conditions could be less favorable than expected, resulting in a deterioration in credit quality, a change
in the allowance for credit losses, or a reduced demand for credit or fee-based products and services; (ii) changes in the domestic interest rate environment could reduce net interest income and could
increase credit losses; (iii) infl ation, changes in securities market conditions and monetary fl uctuations could adversely affect the value or credit quality of our assets, or the availability and terms of funding
necessary to meet our liquidity needs; (iv) changes in the extensive laws, regulations and policies governing fi nancial services companies could alter our business environment or affect operations; (v) the
potential need to adapt to industry changes in information technology systems, on which we are highly dependent, could present operational issues or require signifi cant capital spending; (vi) competitive
pressures could intensify and affect our profi tability, including as a result of continued industry consolidation, the increased availability of fi nancial services from non-banks, technological developments or
bank regulatory reform; (vii) changes in consumer spending and savings habits could adversely affect our results of operations; (viii) changes in the fi nancial performance and condition of our borrowers
could negatively affect repayment of such borrowers’ loans; (ix) acquisitions may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated, or may result in
unforeseen integration diffi culties; (x) capital investments in our businesses may not produce expected growth in earnings anticipated at the time of the expenditure; and (xi) acts or threats of terrorism,
and/or political and military actions taken by the U.S. or other governments in response to acts or threats of terrorism or otherwise could adversely affect general economic or industry conditions. Forward-
looking statements speak only as of the date they are made, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
On the preceding pages, you have seen some examples of
our customer service in action, read about the goals and
achievements of our lines of business and learned how we
expect our investments and initiatives to generate revenue
growth and strengthen U.S. Bancorp. Now, we invite you to
examine more closely management’s discussion and analysis
of our ongoing operations and U.S. Bancorp’s fi nancial
results for the year 2004.
Management’s Discussion and Analysis 18
Consolidated Financial Statements 64
Notes to Consolidated Financial Statements 68
Reports of Management and Independent Accountants 105
Five-Year Consolidated Financial Statements 108
Quarterly Consolidated Financial Data 110
Supplemental Financial Data 111
Annual Report on Form 10-K 114
CEO and CFO Certifi cations 121
Executive Offi cers 124
Directors 125
Corporate Information inside back cover
U.S. BANCORP
FINANCIAL REVIEW 2004
U.S. BANCORP 17