|
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) |
|
2003 |
|
2002 |
|
2001 |
|
2003 v 2002 |
|
2002 v 2001 |
|
|
|
Total net revenue (taxable-equivalent basis) |
|
$12,530.5 |
|
$12,057.9 |
|
$11,074.6 |
|
3.9% |
|
8.9% |
|
Noninterest expense |
|
5,596.9 |
|
5,740.5 |
|
6,149.0 |
|
(2.5) |
|
(6.6) |
|
Provision for credit losses |
|
1,254.0 |
|
1,349.0 |
|
2,528.8 |
|
|
|
|
|
Income taxes and taxable-equivalent adjustments |
|
1,969.5 |
|
1,740.4 |
|
872.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$ 3,710.1 |
|
$ 3,228.0 |
|
$ 1,524.0 |
|
14.9 |
|
111.8 |
|
Discontinued operations (after-tax) |
|
22.5 |
|
(22.7) |
|
(45.2) |
|
|
|
|
|
Cumulative effect of accounting change (after-tax) |
|
|
|
(37.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ 3,732.6 |
|
$ 3,168.1 |
|
$ 1,478.8 |
|
17.8 |
|
114.2 |
|
|
|
|
|
|
|
|
|
Per Common Share Earnings per share from continuing operations |
|
$ 1.93 |
|
$ 1.68 |
|
$ .79 |
|
14.9% |
|
112.7% |
|
Diluted earnings per share from continuing operations |
|
1.92 |
|
1.68 |
|
.79 |
|
14.3 |
|
112.7 |
|
Earnings per share |
|
1.94 |
|
1.65 |
|
.77 |
|
17.6 |
|
114.3 |
|
Diluted earnings per share |
|
1.93 |
|
1.65 |
|
.76 |
|
17.0 |
|
117.1 |
|
Dividends declared per share |
|
.855 |
|
.780 |
|
.750 |
|
9.6 |
|
4.0 |
|
Book value per share |
|
10.01 |
|
9.62 |
|
8.58 |
|
4.1 |
|
12.1 |
|
Market value per share |
|
29.78 |
|
21.22 |
|
20.93 |
|
40.3 |
|
1.4 |
|
Average shares outstanding |
|
1,923.7 |
|
1,916.0 |
|
1,927.9 |
|
.4 |
|
(.6) |
|
Average diluted shares outstanding |
|
1,936.2 |
|
1,924.8 |
|
1,940.3 |
|
.6 |
|
(.8) |
|
Financial Ratios Return on average assets |
|
1.99% |
|
1.84% |
|
.89% |
|
|
|
|
|
Return on average equity |
|
19.2 |
|
18.3 |
|
9.0 |
|
|
|
|
|
Net interest margin (taxable-equivalent basis) |
|
4.49 |
|
4.65 |
|
4.46 |
|
|
|
|
|
Efficiency ratio |
|
45.6 |
|
48.8 |
|
57.2 |
|
|
|
|
|
Average Balances Loans |
|
$118,362 |
|
$114,453 |
|
$118,177 |
|
3.4% |
|
(3.2)% |
|
Investment securities |
|
37,248 |
|
28,829 |
|
21,916 |
|
29.2 |
|
31.5 |
|
Earning assets |
|
160,808 |
|
147,410 |
|
143,501 |
|
9.1 |
|
2.7 |
|
Assets |
|
187,630 |
|
171,948 |
|
165,944 |
|
9.1 |
|
3.6 |
|
Deposits |
|
116,553 |
|
105,124 |
|
104,956 |
|
10.9 |
|
.2 |
|
Total shareholders’ equity |
|
19,393 |
|
17,273 |
|
16,426 |
|
12.3 |
|
5.2 |
|
Period End Balances Loans |
|
$118,235 |
|
$116,251 |
|
$114,405 |
|
1.7% |
|
1.6% |
|
Allowance for credit losses |
|
2,369 |
|
2,422 |
|
2,457 |
|
(2.2) |
|
(1.4) |
|
Investment securities |
|
43,334 |
|
28,488 |
|
26,608 |
|
52.1 |
|
7.1 |
|
Assets |
|
189,286 |
|
180,027 |
|
171,390 |
|
5.1 |
|
5.0 |
|
Deposits |
|
119,052 |
|
115,534 |
|
105,219 |
|
3.0 |
|
9.8 |
|
Total shareholders’ equity |
|
19,242 |
|
18,436 |
|
16,745 |
|
4.4 |
|
10.1 |
|
Regulatory capital ratios |
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
6.5% |
|
5.7% |
|
5.9% |
|
|
|
|
|
Tier 1 capital |
|
9.1 |
|
8.0 |
|
7.8 |
|
|
|
|
|
Total risk-based capital |
|
13.6 |
|
12.4 |
|
11.9 |
|
|
|
|
|
Leverage |
|
8.0 |
|
7.7 |
|
7.9 |
|
|
|
|
|
|
Forward-Looking Statements This Annual Report and Form 10-K contains forward-looking statements. 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 prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and
uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following, in addition to those contained in U.S. Bancorp’s reports on file with the SEC: (i) general
economic or industry conditions could be less favorable than expected, resulting in a deterioration in credit quality, a change in the allowance for credit losses, or a reduced demand for credit or fee-based products and
services; (ii) changes in the domestic interest rate environment could reduce net interest income and could increase credit losses; (iii) inflation, changes in securities market conditions and monetary fluctuations could
adversely affect the value or credit quality of our assets, or the availability and terms of funding necessary to meet our liquidity needs; (iv) changes in the extensive laws, regulations and policies governing financial
services companies could alter our business environment or affect operations; (v) the potential need to adapt to industry changes in information technology systems, on which we are highly dependent, could present
operational issues or require significant capital spending; (vi) competitive pressures could intensify and affect our profitability, including as a result of continued industry consolidation, the increased availability of financial
services from non-banks, technological developments or bank regulatory reform; (vii) changes in consumer spending and savings habits could adversely affect our results of operations; (viii) changes in the financial
performance and condition of our borrowers could negatively affect repayment of such borrowers’ loans; (ix) acquisitions may not produce revenue enhancements or cost savings at levels or within time frames originally
anticipated, or may result in unforeseen integration difficulties; (x) capital investments in our businesses may not produce expected growth in earnings anticipated at the time of the expenditure; and (xi) acts or threats of
terrorism, and/or political and military actions taken by the U.S. or other governments in response to acts or threats of terrorism or otherwise could adversely affect general economic or industry conditions. Forwardlooking
statements speak only as of the date they are made, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
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