US Bank 2006 Annual Report Download - page 103

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U.S. BANCORP (PARENT COMPANY)
CONDENSED BALANCE SHEET
December 31 (Dollars in Millions) 2006 2005
ASSETS
Deposits with subsidiary banks, principally interest-bearing ********************************************************* $ 9,903 $ 9,882
Available-for-sale securities *********************************************************************************** 253 107
Investments in bank and bank holding company subsidiaries ******************************************************** 22,003 21,681
Investments in nonbank subsidiaries**************************************************************************** 297 376
Advances to bank subsidiaries********************************************************************************* 1,000 –
Advances to nonbank subsidiaries****************************************************************************** 496 10
Other assets *********************************************************************************************** 794 659
Total assets ***************************************************************************************** $34,746 $32,715
LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term funds borrowed *********************************************************************************** $ 1,055 $ 782
Long-term debt********************************************************************************************* 11,419 10,854
Other liabilities ********************************************************************************************* 1,075 993
Shareholders’ equity***************************************************************************************** 21,197 20,086
Total liabilities and shareholders’ equity ******************************************************************* $34,746 $32,715
CONDENSED STATEMENT OF INCOME
Year Ended December 31 (Dollars in Millions) 2006 2005 2004
INCOME
Dividends from bank and bank holding company subsidiaries ******************************************** $4,205 $2,609 $4,900
Dividends from nonbank subsidiaries *************************************************************** – – 229
Interest from subsidiaries************************************************************************* 538 200 54
Other income ********************************************************************************** 43 22 21
Total income***************************************************************************** 4,786 2,831 5,204
EXPENSE
Interest on short-term funds borrowed ************************************************************** 54 25 8
Interest on long-term debt ************************************************************************ 630 311 256
Other expense********************************************************************************** 59 93 47
Total expense **************************************************************************** 743 429 311
Income before income taxes and equity in undistributed income of subsidiaries ***************************** 4,043 2,402 4,893
Income tax credit ******************************************************************************* (58) (73) (53)
Income of parent company *********************************************************************** 4,101 2,475 4,946
Equity (deficiency) in undistributed income of subsidiaries ********************************************** 650 2,014 (779)
Net income****************************************************************************** $4,751 $4,489 $4,167
U.S. BANCORP 101
Note 22