US Bank 2004 Annual Report Download - page 59
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Please find page 59 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.pricing for consumer loans and lower loan fees. The noninterest-bearing deposits (1.6 percent), interest checking
increase in average loan balances of 8.7 percent reflected (11.3 percent), savings (4.5 percent) and money market
retail loan growth of 8.0 percent and growth in residential account (.3 percent) balances. The decline in lower margin
mortgages of 23.0 percent in 2004, compared with 2003. time deposits primarily reflected a shift in product mix
Included within the retail loan category are second-lien towards savings products.
home equity loans that had a growth rate of 5.3 percent. Fee-based noninterest income was $1,794.2 million in
The category of residential mortgages includes first-lien 2004, $243.8 million (15.7 percent) higher compared with
home equity loans, which had a growth rate of 19.1 percent 2003. The year-over-year growth in fee-based revenue was
in 2004, compared with 2003. On a combined basis, first driven by deposit service charges, mortgage banking
and second-lien home equity products increased revenue, commercial products revenue, investment products
$1.5 billion, or 9.2 percent, compared with a year ago. The fees and commissions, lower end-of-term lease residual
year-over-year growth of traditional residential mortgages losses and a residual value insurance recovery, partially
was $1.7 billion, or 25.8 percent reflecting the Company’s offset by lower treasury management revenue. Securities
decisions to retain adjustable-rate residential mortgages. gains (losses) were $(83.8) million in 2004, a net decrease
Commercial real estate loan balances increased 6.3 percent of $277.2 million from a year ago. The Company utilizes its
while commercial loans decreased 5.4 percent in 2004, investment portfolio as a balance sheet economic hedge
compared with 2003. The year-over-year decrease in against the valuation risk of the portfolio of mortgage
average deposits (.6 percent) was due to a reduction in time servicing rights.
deposit balances (13.5 percent), offset by growth in
Private Client, Trust Payment Treasury and Consolidated
and Asset Management Services Corporate Support Company
Percent Percent Percent Percent
2004 2003 Change 2004 2003 Change 2004 2003 Change 2004 2003 Change
$ 361.0 $ 311.9 15.7% $ 573.1 $ 605.1 (5.3)% $ 957.7 $1,054.3 (9.2)% $ 7,139.9 $ 7,217.5 (1.1)%
987.1 957.0 3.1 1,873.2 1,606.9 16.6 219.5 193.0 13.7 5,624.1 5,068.2 11.0
— — — — — — (22.6) 51.4 * (104.9) 244.8 *
1,348.1 1,268.9 6.2 2,446.3 2,212.0 10.6 1,154.6 1,298.7 (11.1) 12,659.1 12,530.5 1.0
585.0 585.3 (.1) 797.3 704.1 13.2 862.5 550.4 56.7 5,234.4 4,868.3 7.5
62.0 66.2 (6.3) 159.9 158.2 1.1 5.5 5.8 (5.2) 550.1 682.4 (19.4)
647.0 651.5 (.7) 957.2 862.3 11.0 868.0 556.2 56.1 5,784.5 5,550.7 4.2
701.1 617.4 13.6 1,489.1 1,349.7 10.3 286.6 742.5 (61.4) 6,874.6 6,979.8 (1.5)
10.2 6.5 56.9 362.6 412.7 (12.1) (100.9) (1.8) * 669.6 1,254.0 (46.6)
690.9 610.9 13.1 1,126.5 937.0 20.2 387.5 744.3 (47.9) 6,205.0 5,725.8 8.4
251.4 222.3 13.1 410.0 341.0 20.2 (78.7) 172.4 * 2,038.2 1,985.3 2.7
$ 439.5 $ 388.6 13.1 $ 716.5 $ 596.0 20.2 $ 466.2 $ 571.9 (18.5) 4,166.8 3,740.5 11.4
— (30.4)
— 22.5
$ 4,166.8 $ 3,732.6
$ 1,641 $ 1,804 (9.0)% $ 3,068 $ 2,898 5.9% $ 191 $ 209 (8.6)% $ 39,348 $ 41,326 (4.8)%
611 576 6.1 — — — 135 199 (32.2) 27,267 27,142 .5
322 252 27.8 — — — 10 13 (23.1) 14,322 11,696 22.5
2,224 1,990 11.8 7,548 7,103 6.3 53 48 10.4 41,204 38,198 7.9
4,798 4,622 3.8 10,616 10,001 6.1 389 469 (17.1) 122,141 118,362 3.2
818 740 10.5 1,868 1,814 3.0 — 305 * 6,153 6,328 (2.8)
352 399 (11.8) 776 675 15.0 7 12 (41.7) 2,296 2,129 7.8
6,563 6,407 2.4 13,764 13,397 2.7 50,640 47,757 6.0 191,593 187,630 2.1
3,251 3,006 8.2 108 276 (60.9) (242) (98) * 29,816 31,715 (6.0)
7,861 5,852 34.3 11 10 10.0 22 — * 59,653 57,026 4.6
591 474 24.7 — — — 2,634 4,850 (45.7) 26,753 27,812 (3.8)
11,703 9,332 25.4 119 286 (58.4) 2,414 4,752 (49.2) 116,222 116,553 (.3)
2,077 1,991 4.3 3,198 3,008 6.3 2,878 3,470 (17.1) 19,459 19,393 .3
U.S. BANCORP 57