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> Forward Looking Statements
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| (Dollars in Millions, Except Per Share Data) |
|
2001 |
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2000 |
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|
1999 |
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Percent Change
2001 |
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Percent Change
2000 |
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| Operating earnings (a) |
$ |
2,550.8 |
|
$ |
3,106.9 |
|
$ |
2,799.0 |
|
(17.9 |
)% |
11.0 |
% |
| Merger and restructuring-related items (after-tax) |
|
(844.3 |
) |
|
(231.3 |
) |
|
(417.2 |
) |
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| Net income |
$ |
1,706.5 |
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$ |
2,875.6 |
|
$ |
2,381.8 |
|
(40.7 |
) |
20.7 |
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Per Common Share |
| Earnings per share |
$ |
.89 |
|
$ |
1.51 |
|
$ |
1.25 |
|
(41.1 |
)% |
20.8 |
% |
| Diluted earnings per share |
|
.88 |
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|
1.50 |
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|
1.23 |
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(41.3 |
) |
22.0 |
|
| Dividends declared per share (b) |
|
.75 |
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|
.65 |
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|
.46 |
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15.4 |
|
41.3 |
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| Book value per share |
|
8.43 |
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|
7.97 |
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|
7.23 |
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5.8 |
|
10.2 |
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| Market value per share |
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20.93 |
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|
23.25 |
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|
21.13 |
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(10.0 |
) |
10.0 |
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Financial Ratios |
| Return on average assets |
|
1.03 |
% |
|
1.81 |
% |
|
1.59 |
% |
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| Return on average equity |
|
10.5 |
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|
20.0 |
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|
18.0 |
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| Net interest margin (taxable-equivalent basis) |
|
4.45 |
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|
4.36 |
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|
4.44 |
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| Efficiency ratio |
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57.5 |
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|
51.9 |
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|
55.7 |
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Financial Ratios Excluding Merger and
Restructuring-Related Items (a) |
| Return on average assets |
|
1.54 |
% |
|
1.96 |
% |
|
1.86 |
% |
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| Return on average equity |
|
15.7 |
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|
21.6 |
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|
21.2 |
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| Efficiency ratio |
|
49.5 |
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|
48.8 |
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|
50.5 |
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| Banking efficiency ratio (c) |
|
45.2 |
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|
43.5 |
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46.3 |
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Average Balances |
| Loans |
$ |
118,177 |
|
$ |
118,317 |
|
$ |
109,638 |
|
(.1 |
)% |
7.9 |
% |
| Earning assets |
|
145,165 |
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|
140,606 |
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|
133,757 |
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3.2 |
|
5.1 |
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| Assets |
|
165,944 |
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|
158,481 |
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|
150,167 |
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4.7 |
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5.5 |
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| Deposits |
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104,956 |
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|
103,426 |
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|
99,920 |
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1.5 |
|
3.5 |
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| Total shareholders' equity |
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16,201 |
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|
14,365 |
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|
13,221 |
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12.8 |
|
8.7 |
|
Period End Balances |
| Loans |
$ |
114,405 |
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$ |
122,365 |
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$ |
113,229 |
|
(6.5 |
)% |
8.1 |
% |
| Allowance for credit losses |
|
2,457 |
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|
1,787 |
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|
1,710 |
|
37.5 |
|
4.5 |
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| Assets |
|
171,390 |
|
|
164,921 |
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|
154,318 |
|
3.9 |
|
6.9 |
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| Deposits |
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105,219 |
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|
109,535 |
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|
103,417 |
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(3.9 |
) |
5.9 |
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| Total shareholders' equity |
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16,461 |
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|
15,168 |
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|
13,947 |
|
8.5 |
|
8.8 |
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Regulatory capital ratios |
| Tangible common equity |
|
5.7 |
% |
|
6.3 |
% |
|
6.7 |
% |
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| Tier 1 capital |
|
7.7 |
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7.2 |
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7.4 |
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| Total risk-based capital |
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11.7 |
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10.6 |
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|
11.0 |
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| Leverage |
|
7.7 |
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|
7.4 |
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7.5 |
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| (a) |
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The Company analyzes its performance on a net income basis in accordance with accounting principles generally accepted in the United States, as well as on an operating basis before merger and restructuring-related items referred to as "operating earnings." Operating earnings are presented as supplemental information to enhance the reader's understanding of, and highlight trends in, the Company's financial results excluding the impact of merger and restructuring-related items of specific business acquisitions and restructuring activities. Operating earnings should not be viewed as a substitute for net income and earnings per share as determined in accordance with accounting principles generally accepted in the United States. Merger and restructuring-related items excluded from net income to derive operating earnings may be significant and may not be comparable to other companies. |
| (b) |
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Dividends per share have not been restated for the 2001 merger of Firstar and the former U.S. Bancorp ("USBM"). |
| (c) |
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Without investment banking and brokerage activity. |
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