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View Annual Report 2002 Annual Report and Form 10-K Five Star Service Guaranteed The U.S. Bank Five Star Service Guarantee Our service is what ultimately differentiates U.S. Bank from our competitors. Every day. Every transaction. To win customers, satisfy them, keep them and expand their business relationship with U.S. Bank, we strive to deliver outstanding service to every customer. If we fall short in keeping our service guarantees, and the customer tells us they did not get the service they expected and deserved, we pay the customer for the inconvenience. We consider it a privilege to serve our customers; they are the reason we are in business and because of them, our bank succeeds. Our service guarantees apply to every line of business, and we pledge outstanding service to every customer—from personal checking account customers to large corporate banking clients; from small business partners to private banking clients. Every one of our ten million customers is covered by one or more guarantees that encompass accuracy, accessibility, timeliness and responsiveness. The U.S. Bank Five Star Service Guarantee is fundamental to the way we do business. Evaluating outstanding customer service is a key element in our recruiting practices, our training programs and our employee compensation structure. Help us recognize U.S. Bank employees who exemplify Five Star Service by nominating a candidate for our prestigious Circle of Service Excellence using the business reply card attached here. Contents Corporate 1 Corporate Profile 2 Graphs of Selected Profile Financial Highlights 3 Financial Summary U.S. Bancorp is a multi-state financial holding company with headquarters in 4 Letter to Shareholders Minneapolis, Minnesota. U.S. Bancorp is the 8th largest financial holding company 5 Corporate Governance in the United States with total assets exceeding $180 billion at year-end 2002. 6 Outstanding Service and Through U.S. Bank® and other subsidiaries, U.S. Bancorp serves more than Convenience 10 million customers, principally through 2,142 full-service branch offices in 8 Growing Core Revenue . In addition, specialized offices across the country and in several foreign 24 states 10 Line of Business Highlights: countries provide corporate, loan, private client and brokerage services. Customers Consumer Banking and also access their accounts at U.S. Bancorp through 4,604 U.S. Bank ATMs and Payment Services telephone banking. More than 1,300,000 customers also do all or part of their banking 12 Line of Business Highlights: Private Client, Trust & Asset Management, with U.S. Bancorp via U.S. Bank Internet Banking. Wholesale Banking, Capital Markets U.S. Bancorp and its subsidiaries provide a comprehensive selection of 14 U.S. Bank Hispanic Initiative premium financial products and services to individuals, businesses, nonprofit 15 Every Community Counts organizations, institutions, government entities and public sector clients. Major lines of business provided by U.S. Bancorp through U.S. Bank and other Financial Section subsidiaries include Consumer Banking, Payment Services, Wholesale Banking and 16 Management’s Discussion Private Client, Trust & Asset Management. All products and services are backed by and Analysis the exclusive U.S. Bank Five Star Service Guarantee. 61 Responsibility for Financial Statements Recent announcement regarding our capital markets business: 61 Report of Independent On February 19, 2003, U.S. Bancorp announced its plans to spin off to U.S. Bancorp Accountants shareholders its capital markets business unit, including the investment banking and 62 Consolidated Financial Statements brokerage activities primarily conducted 66 Notes to Consolidated by its wholly owned subsidiary, Financial Statements U.S. Bancorp Piper Jaffray®. As 104 Five-Year Consolidated a result, U.S. Bancorp share- Financial Statements holders would receive shares 106 Quarterly Consolidated of the new Piper Jaffray Financial Data company in a tax-free stock 107 Supplemental Financial Data dividend distribution. It is 110 Annual Report on Form 10-K anticipated that the spin-off 116 CEO and CFO Certifications will be completed in the 118 Executive Officers third quarter of 2003. Once the spin-off is completed, 120 Directors our capital markets Inside Back Cover: Corporate Information business will be owned 100 percent by U.S. Bancorp shareholders, and will become an independent publicly traded company. U.S. Bancorp will hold no continuing equity interest in the company. U.S. Bancorp will continue to offer a compre- hensive range of investment and financial solutions through U.S. Bank, U.S. Bancorp Asset Management and U.S. Bancorp Investments. U.S. Bancorp Piper Jaffray, through its Capital Markets and Private Advisory Services operations, provides a full range of investment products and services to individuals, institutions and businesses. Graphs of Selected Financial Highlights Diluted Earnings Dividends Declared Net Income Per Common Share Per Common Share (b) (Dollars in Millions) (In Dollars) (In Dollars) 3,537.7 .78 3,600 3,289.2 2.00 .80 .75 3,106.9 1.71 2,875.6 .65 2,799.0 1.50 2,550.8 2,700 2,519.3 2,381.8 1.50 .60 2,132.9 1.23 1.10 .46 1,706.5 1,800 1.00 .88 .40 .33 900 .50 .20 0 0 0 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 Operating Earnings(a) Net Income Return on Average Assets Return on Average Equity Dividend Payout Ratio (In Percents) (In Percents) (In Percents) 2.25 2.06 25 100 1.96 21.2 21.6 1.86 1.91 20.9 85.2 1.76 1.81 20.3 20.0 19.4 1.59 20 18.0 1.49 1.54 17.2 75 1.50 15.7 15 57.0 1.03 50 43.4 45.7 10.5 40.1 42.5 10 37.3 29.9 31.7 .75 25.3 25 5 0 0 0 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 Return on Average Assets Return on Average Equity Dividend Payout Ratio (Operating Basis)(a) (Operating Basis)(a) (Operating Basis)(a) Dividend Payout Ratio Return on Average Assets Return on Average Equity Net Interest Margin (Taxable-Equivalent Basis) Efficiency Ratio Banking Efficiency Ratio (c) (In Percents) (In Percents) (In Percents) 58.3 5.00 4.61 60 57.5 60 56.1 4.43 4.42 55.7 4.40 4.33 52.2 51.9 52.1 52.5 50.5 48.8 49.5 50.3 49.7 47.7 46.3 46.8 45.2 46.8 3.75 45 45 43.5 44.0 2.50 30 30 1.25 15 15 0 0 0 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 Efficiency Ratio (Operating Basis)(a) Banking Efficiency Ratio (Operating Basis)(a) Efficiency Ratio Banking Efficiency Ratio Average Assets Average Shareholders’ Equity Average Equity to Average Assets (Dollars in Millions) (Dollars in Millions) (In Percents) 200,000 20,000 10 9.76 9.87 9.06 171,948 8.67 8.80 165,944 16,963 158,481 16,201 150,167 142,887 14,365 8 150,000 15,000 13,221 12,383 6 100,000 10,000 4 50,000 5,000 2 0 0 0 98 99 00 01 02 98 99 00 01 02 98 99 00 01 02 2 U.S. Bancorp Financial Summary 2002 2001 Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2002 2001 2000 v 2001 v 2000 Total net revenue (taxable-equivalent basis) . $12,744.9 $11,761.9 $11,018.2 8.4% 6.7% Noninterest expense . 5,932.5 5,658.8 5,368.3 4.8 5.4 Provision for credit losses . 1,349.0 2,146.6 828.0 Income taxes . 1,925.7 1,405.7 1,715.0 Operating earnings (a) . $ 3,537.7 $ 2,550.8 $ 3,106.9 38.7% (17.9)% Merger and restructuring-related items (after-tax) . (211.3) (844.3) (231.3) Cumulative effect of change in accounting principles (after-tax) . (37.2) —— Net income . $ 3,289.2 $ 1,706.5 $ 2,875.6 92.7% (40.7)% Per Common Share Earnings per share before cumulative effect of change in accounting principles . $ 1.74 $ .89 $ 1.51 95.5% (41.1)% Diluted earnings per share before cumulative effect of change in accounting principles . 1.73 .88 1.50 96.6 (41.3) Earnings per share . 1.72 .89 1.51 93.3 (41.1) Diluted earnings per share . 1.71 .88 1.50 94.3 (41.3) Dividends declared per share (b) . .78 .75 .65 4.0 15.4 Book value per share . 9.44 8.43 7.97 12.0 5.8 Market value per share . 21.22 20.93 23.25 1.4 (10.0) Average shares outstanding . 1,916.0 1,927.9 1,906.0 (.6) 1.1 Average diluted shares outstanding . 1,926.1 1,939.5 1,918.5 (.7) 1.1 Financial Ratios Return on average assets . 1.91% 1.03% 1.81% Return on average equity . 19.4 10.5 20.0 Net interest margin (taxable-equivalent basis) . 4.61 4.42 4.33 Efficiency ratio . 50.3 57.5 51.9 Financial Ratios Excluding Merger and Restructuring-Related Items and Cumulative Effect of Change in Accounting Principles (a) Return on average assets . 2.06% 1.54% 1.96% Return on average equity . 20.9 15.7 21.6 Efficiency ratio . 47.7 49.5 48.8 Banking efficiency ratio (c) . 44.0 45.2 43.5 Average Balances Loans . $ 114,456 $ 118,177 $ 118,317 (3.1)% (.1)% Investment securities .
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