US Bank 2004 Annual Report Download - page 21
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Please find page 21 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.32.5 percent in 2004, from 34.4 percent in 2003, Total net revenue, on a taxable-equivalent basis, was
principally due to changes in estimated tax liabilities related $12.7 billion in 2004, compared with $12.5 billion in 2003,
to the resolution of certain federal and state tax a year-over-year increase of $128.6 million (1.0 percent).
examinations. Year-over-year results were also impacted by The increase in net revenue was comprised of a 3.9 percent
a reduction in merger and restructuring-related charges of increase in noninterest income and a 1.1 percent decline in
$46.2 million, reflecting the completion of all significant net interest income. The 3.9 percent net increase in
business integration activities in 2003. noninterest income was driven by strong growth in fee-
Selected Financial Data
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data) 2004 2003 2002 2001 2000
Condensed Income Statement
Net interest income (taxable-equivalent basis) (a) **************** $ 7,139.9 $ 7,217.5 $ 6,847.2 $ 6,405.2 $ 6,072.4
Noninterest income****************************************** 5,624.1 5,068.2 4,910.8 4,340.3 3,958.9
Securities gains (losses), net********************************** (104.9) 244.8 299.9 329.1 8.1
Total net revenue **************************************** 12,659.1 12,530.5 12,057.9 11,074.6 10,039.4
Noninterest expense***************************************** 5,784.5 5,596.9 5,740.5 6,149.0 4,982.9
Provision for credit losses ************************************ 669.6 1,254.0 1,349.0 2,528.8 828.0
Income from continuing operations before taxes ************* 6,205.0 5,679.6 4,968.4 2,396.8 4,228.5
Taxable-equivalent adjustment ******************************** 28.6 28.2 32.9 54.5 82.0
Applicable income taxes ************************************* 2,009.6 1,941.3 1,707.5 818.3 1,422.0
Income from continuing operations ************************* 4,166.8 3,710.1 3,228.0 1,524.0 2,724.5
Discontinued operations (after-tax)***************************** — 22.5 (22.7) (45.2) 27.6
Cumulative effect of accounting change (after-tax) *************** — — (37.2) — —
Net income ********************************************* $ 4,166.8 $ 3,732.6 $ 3,168.1 $ 1,478.8 $ 2,752.1
Per Common Share
Earnings per share from continuing operations ****************** $ 2.21 $ 1.93 $ 1.68 $ .79 $ 1.43
Diluted earnings per share from continuing operations *********** 2.18 1.92 1.68 .79 1.42
Earnings per share ****************************************** 2.21 1.94 1.65 .77 1.44
Diluted earnings per share *********************************** 2.18 1.93 1.65 .76 1.43
Dividends declared per share (b) ****************************** 1.020 .855 .780 .750 .650
Book value per share**************************************** 10.52 10.01 9.62 8.58 8.06
Market value per share ************************************** 31.32 29.78 21.22 20.93 23.25
Average common shares outstanding ************************** 1,887.1 1,923.7 1,916.0 1,927.9 1,906.0
Average diluted common shares outstanding ******************* 1,912.9 1,936.2 1,924.8 1,940.3 1,918.5
Financial Ratios
Return on average assets ************************************ 2.17% 1.99% 1.84% .89% 1.74%
Return on average equity ************************************ 21.4 19.2 18.3 9.0 19.0
Net interest margin (taxable-equivalent basis) ******************* 4.25 4.49 4.65 4.46 4.38
Efficiency ratio (c) ******************************************* 45.3 45.6 48.8 57.2 49.7
Average Balances
Loans ***************************************************** $122,141 $118,362 $114,453 $118,177 $118,317
Loans held for sale****************************************** 1,608 3,616 2,644 1,911 1,303
Investment securities **************************************** 43,009 37,248 28,829 21,916 17,311
Earning assets********************************************** 168,123 160,808 147,410 143,501 138,636
Assets***************************************************** 191,593 187,630 171,948 165,944 158,481
Noninterest-bearing deposits ********************************* 29,816 31,715 28,715 25,109 23,820
Deposits *************************************************** 116,222 116,553 105,124 104,956 103,426
Short-term borrowings*************************************** 14,534 10,503 10,116 11,679 11,008
Long-term debt********************************************* 35,115 33,663 32,172 26,088 23,316
Shareholders’ equity***************************************** 19,459 19,393 17,273 16,426 14,499
Period End Balances
Loans ***************************************************** $126,315 $118,235 $116,251 $114,405 $122,365
Allowance for credit losses *********************************** 2,269 2,369 2,422 2,457 1,787
Investment securities **************************************** 41,481 43,334 28,488 26,608 17,642
Assets***************************************************** 195,104 189,471 180,027 171,390 164,921
Deposits *************************************************** 120,741 119,052 115,534 105,219 109,535
Long-term debt********************************************* 34,739 33,816 31,582 28,542 23,276
Shareholders’ equity***************************************** 19,539 19,242 18,436 16,745 15,333
Regulatory capital ratios
Tangible common equity ********************************** 6.4% 6.5% 5.7% 5.9% 6.4%
Tier 1 capital ******************************************** 8.6 9.1 8.0 7.8 7.3
Total risk-based capital *********************************** 13.1 13.6 12.4 11.9 10.7
Leverage *********************************************** 7.9 8.0 7.7 7.9 7.5
(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.
(b) Dividends per share have not been restated for the 2001 Firstar/former U.S. Bancorp of Minneapolis merger.
(c) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income excluding securities gains (losses), net.
U.S. BANCORP 19
Table 1