US Bank 2004 Annual Report Download - page 5

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Year Ended December 31 2004 2003
(Dollars and Shares in Millions, Except Per Share Data) 2004 2003 2002 v 2003 v 2002
Total net revenue (taxable-equivalent basis) .......................... $12,659.1 $12,530.5 $12,057.9 1.0% 3.9%
Noninterest expense .............................................................. 5,784.5 5,596.9 5,740.5 3.4 (2.5)
Provision for credit losses ...................................................... 669.6 1,254.0 1,349.0
Income taxes and taxable-equivalent adjustments ................. 2,038.2 1,969.5 1,740.4
Income from continuing operations .................................... 4,166.8 3,710.1 3,228.0 12.3 14.9
Discontinued operations (after-tax) ......................................... — 22.5 (22.7)
Cumulative effect of accounting change (after-tax) ................ — — (37.2)
Net income .......................................................................... $ 4,166.8 $ 3,732.6 $ 3,168.1 11.6 17.8
Per Common Share
Earnings per share from continuing operations ...................... $ 2.21 $ 1.93 $ 1.68 14.5% 14.9%
Diluted earnings per share from continuing operations .......... 2.18 1.92 1.68 13.5 14.3
Earnings per share .................................................................. 2.21 1.94 1.65 13.9 17.6
Diluted earnings per share ...................................................... 2.18 1.93 1.65 13.0 17.0
Dividends declared per share .................................................. 1.020 .855 .780 19.3 9.6
Book value per share ............................................................... 10.52 10.01 9.62 5.1 4.1
Market value per share ............................................................ 31.32 29.78 21.22 5.2 40.3
Average common shares outstanding ..................................... 1,887.1 1,923.7 1,916.0 (1.9) .4
Average diluted common shares outstanding ......................... 1,912.9 1,936.2 1,924.8 (1.2) .6
Financial Ratios
Return on average assets ....................................................... 2.17% 1.99% 1.84%
Return on average equity ........................................................ 21.4 19.2 18.3
Net interest margin (taxable-equivalent basis) ........................ 4.25 4.49 4.65
Effi ciency ratio ......................................................................... 45.3 45.6 48.8
Average Balances
Loans ....................................................................................... $ 122,141 $ 118,362 $ 114,453 3.2% 3.4%
Investment securities .............................................................. 43,009 37,248 28,829 15.5 29.2
Earning assets ......................................................................... 168,123 160,808 147,410 4.5 9.1
Assets ...................................................................................... 191,593 187,630 171,948 2.1 9.1
Deposits .................................................................................. 116,222 116,553 105,124 (.3) 10.9
Shareholders’ equity ............................................................... 19,459 19,393 17,273 .3 12.3
Period End Balances
Loans ....................................................................................... $ 126,315 $ 118,235 $ 116,251 6.8% 1.7%
Allowance for credit losses ..................................................... 2,269 2,369 2,422 (4.2) (2.2)
Investment securities .............................................................. 41,481 43,334 28,488 (4.3) 52.1
Assets ...................................................................................... 195,104 189,471 180,027 3.0 5.2
Deposits .................................................................................. 120,741 119,052 115,534 1.4 3.0
Shareholders’ equity ............................................................... 19,539 19,242 18,436 1.5 4.4
Regulatory capital ratios
Tangible common equity .................................................... 6.4% 6.5% 5.7%
Tier 1 capital ....................................................................... 8.6 9.1 8.0
Total risk-based capital ...................................................... 13.1 13.6 12.4
Leverage .............................................................................. 7.9 8.0 7.7
FINANCIAL SUMMARY
U.S. BANCORP 3