US Bank 2008 Annual Report Download - page 20

Download and view the complete annual report

Please find page 20 of the 2008 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.

Page out of 132

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132

18 U.S. BANCORP
Forward-Looking Statements
The following information appears in accordance with the Private Securities Litigation
Reform Act of 1995:
This report contains forward-looking statements about U.S. Bancorp. 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 plans and prospects of U.S. Bancorp.
Forward-looking statements involve inherent risks and uncertainties. Investors are cautioned
against placing undue reliance on our forward-looking statements. Such statements are
based upon the current beliefs and expectations of management of U.S. Bancorp and the
information currently available to management. Such statements speak only as of the date
hereof, and the Company undertakes no obligation to update them in light of new
information or future events.
Important factors could cause actual results to differ materially from those anticipated,
including the risks discussed in the Management’s Discussion and Analysis section
that follows, as well as the risks discussed in detail in the “Risk Factors” section on
pages 121 – 126 of this report. However, factors other than these also could adversely
affect our results, and the reader should not consider these factors to be a complete
set of all potential risks or uncertainties.
The following pages discuss in detail the fi nancial results we achieved during 2008
and how we achieved them. You will read about our prudent policies and decisions
about credit and risk, as well as our strategies and guiding principles for many other
decisions affecting your investment.
Building
Innovating
Expanding
Financials
19 Management’s Discussion
and Analysis
66 Consolidated Financial
Statements
70 Notes to Consolidated
Financial Statements
111 Reports of Management and
Independent Accountants
114 Five-year Consolidated
Financial Statements
116 Quarterly Consolidated
Financial Data
117 Supplemental Financial Data
120 Company Information
127 Executive Offi cers
128 Directors
Inside Back Cover
Corporate Information