DOCSLIB.ORG

Management's Discussion and Analysis

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Management's Discussion and Analysis MANAGEMENT’S DISCUSSION AND ANALYSIS OVERVIEW and capital management practices and our ability to generate capital through earnings. In 2004, U.S. Bancorp and its subsidiaries (the ‘‘Company’’) In concert with achieving our stated financial continued to demonstrate its financial strength and objectives, the Company exceeded its objective to return at shareholder focus. We began the year with several specific least 80 percent of earnings to shareholders in the form of financial objectives. The first goal was a focus on organic dividends and share repurchases by returning 109 percent of revenue growth. While growth in net interest income has 2004 earnings to shareholders. In December 2004, we been challenging for the banking industry due to rising announced an expanded share repurchase program and interest rates and sluggish commercial loan growth, the further increased our cash dividend resulting in a Company experienced strong growth in its fee-based 25.0 percent increase from the dividend rate in the fourth revenues, particularly in payment processing services. The quarter of 2003. We continue to affirm our goal of Company generated fee-based revenue growth of returning at least 80 percent of earnings to shareholders. 11.0 percent in 2004. By year-end, commercial loan balances also displayed encouraging trends as the Company Earnings Summary The Company reported net income of experienced its first year-over-year growth in quarterly $4.2 billion in 2004, or $2.18 per diluted share, compared average balances since mid-2001. Retail loans continued to with $3.7 billion, or $1.93 per diluted share, in 2003. The display strong growth in 2004. In 2005, the Company will 13.0 percent increase in earnings per diluted share continue to focus on revenue growth driven by disciplined principally reflected growth in fee-based revenues and lower strategic business initiatives, customer service and an credit costs. Return on average assets and return on average emphasis on payment processing, retail banking and equity were 2.17 percent and 21.4 percent, respectively, in commercial lending. The second goal was to continue 2004, compared with returns of 1.99 percent and improving the credit quality of our loan portfolios. During 19.2 percent, respectively, in 2003. Net income in 2003 the year nonperforming assets declined 34.8 percent from a included after-tax income from discontinued operations of year ago and total net charge-offs decreased to .63 percent $22.5 million, or $.01 per diluted share. of average loans outstanding in 2004, compared with In 2004, the Company had income from continuing 1.06 percent in 2003. By year end 2004, the credit risk operations, net of tax, of $4.2 billion, or $2.18 per diluted profile of the Company had improved to pre-2001 levels. In share, compared with $3.7 billion, or $1.92 per diluted 2005, the Company will continue to focus on credit quality share, in 2003. The Company’s results from continuing and minimizing volatility of credit-related losses. Finally, operations in 2004 reflected slightly lower net interest effectively managing costs is always a goal for the income, strong fee-based revenue growth and lower credit Company. During 2004, our efficiency ratio (the ratio of costs. During 2004, certain elements of the Company’s noninterest expense to taxable-equivalent net revenue operating results included the impact of management excluding net securities gains or losses) improved to actions or specific events. In 2004, the Company undertook 45.3 percent, compared with 45.6 percent in 2003, and several asset/liability management actions in response to continues to be a leader in the banking industry. The changing interest rates, including sales of investment Company’s results for 2004 reflect the achievement of these securities and the prepayment of certain long-term debt. operating objectives and help to position the Company to These actions enabled the Company to maintain an interest achieve its long-term goal of 10 percent or greater growth rate risk position that is relatively neutral to rising interest in earnings per diluted share. rates; however, the Company incurred $104.9 million of net The Company’s strong performance is also reflected in securities losses in 2004, a net reduction of $349.7 million our capital levels and the improving outlook by our credit from 2003, and debt prepayment costs of $154.8 million in rating agencies relative to a year ago. Equity capital of the 2004. Also resulting from changes in interest rates, the Company continued to be strong at 6.4 percent of tangible Company incurred a $56.8 million impairment of its common assets at December 31, 2004, compared with portfolio of mortgage servicing rights (‘‘MSR’’), a favorable 6.5 percent at December 31, 2003. Credit ratings for the reduction in other intangibles expenses of $151.9 million Company were upgraded by Fitch Ratings in September relative to 2003. Included in the provision for credit losses 2004 and Moody’s Investors Service in January 2005. in 2004 was a reduction in the allowance for credit losses Credit ratings assigned by various credit rating agencies of $98.5 million, reflecting continued improvement in credit reflect the favorable rating agency views of the direction of quality and economic conditions. In addition, the the Company’s credit quality, risk management, liquidity Company’s effective income tax rate declined to 18 U.S. BANCORP 32.5 percent in 2004, from 34.4 percent in 2003, Total net revenue, on a taxable-equivalent basis, was principally due to changes in estimated tax liabilities related $12.7 billion in 2004, compared with $12.5 billion in 2003, to the resolution of certain federal and state tax a year-over-year increase of $128.6 million (1.0 percent). examinations. Year-over-year results were also impacted by The increase in net revenue was comprised of a 3.9 percent a reduction in merger and restructuring-related charges of increase in noninterest income and a 1.1 percent decline in $46.2 million, reflecting the completion of all significant net interest income. The 3.9 percent net increase in business integration activities in 2003. noninterest income was driven by strong growth in fee- Table 1 Selected Financial Data Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2004 2003 2002 2001 2000 Condensed Income Statement Net interest income (taxable-equivalent basis) (a) **************** $ 7,139.9 $ 7,217.5 $ 6,847.2 $ 6,405.2 $ 6,072.4 Noninterest income****************************************** 5,624.1 5,068.2 4,910.8 4,340.3 3,958.9 Securities gains (losses), net********************************** (104.9) 244.8 299.9 329.1 8.1 Total net revenue **************************************** 12,659.1 12,530.5 12,057.9 11,074.6 10,039.4 Noninterest expense***************************************** 5,784.5 5,596.9 5,740.5 6,149.0 4,982.9 Provision for credit losses ************************************ 669.6 1,254.0 1,349.0 2,528.8 828.0 Income from continuing operations before taxes ************* 6,205.0 5,679.6 4,968.4 2,396.8 4,228.5 Taxable-equivalent adjustment ******************************** 28.6 28.2 32.9 54.5 82.0 Applicable income taxes ************************************* 2,009.6 1,941.3 1,707.5 818.3 1,422.0 Income from continuing operations ************************* 4,166.8 3,710.1 3,228.0 1,524.0 2,724.5 Discontinued operations (after-tax)***************************** — 22.5 (22.7) (45.2) 27.6 Cumulative effect of accounting change (after-tax) *************** — — (37.2) — — Net income ********************************************* $ 4,166.8 $ 3,732.6 $ 3,168.1 $ 1,478.8 $ 2,752.1 Per Common Share Earnings per share from continuing operations ****************** $ 2.21 $ 1.93 $ 1.68 $ .79 $ 1.43 Diluted earnings per share from continuing operations *********** 2.18 1.92 1.68 .79 1.42 Earnings per share ****************************************** 2.21 1.94 1.65 .77 1.44 Diluted earnings per share *********************************** 2.18 1.93 1.65 .76 1.43 Dividends declared per share (b) ****************************** 1.020 .855 .780 .750 .650 Book value per share**************************************** 10.52 10.01 9.62 8.58 8.06 Market value per share ************************************** 31.32 29.78 21.22 20.93 23.25 Average common shares outstanding ************************** 1,887.1 1,923.7 1,916.0 1,927.9 1,906.0 Average diluted common shares outstanding ******************* 1,912.9 1,936.2 1,924.8 1,940.3 1,918.5 Financial Ratios Return on average assets ************************************ 2.17% 1.99% 1.84% .89% 1.74% Return on average equity ************************************ 21.4 19.2 18.3 9.0 19.0 Net interest margin (taxable-equivalent basis) ******************* 4.25 4.49 4.65 4.46 4.38 Efficiency ratio (c) ******************************************* 45.3 45.6 48.8 57.2 49.7 Average Balances Loans ***************************************************** $122,141 $118,362 $114,453 $118,177 $118,317 Loans held for sale****************************************** 1,608 3,616 2,644 1,911 1,303 Investment securities **************************************** 43,009 37,248 28,829 21,916 17,311 Earning assets********************************************** 168,123 160,808 147,410 143,501 138,636 Assets***************************************************** 191,593 187,630 171,948 165,944 158,481 Noninterest-bearing deposits ********************************* 29,816 31,715 28,715 25,109 23,820 Deposits *************************************************** 116,222 116,553 105,124 104,956
Load more

Recommended publications
  • U.S. Bancorp 2009 Annual Report U.S. B Anco Rp 20 09 a Nn Ua L Re
    (1,1) -1- 090314 USB_09AR_cover.indd 2/25/10 3:34:19 PM Quality Strength Leadership U.S. Bancorp U. S. B anco rp 2009 20 09 Annual Report Annual A nn ua l Re po rt 090314 USB_09AR_cover.indd 1 22/25/10/25/10 33:34:18:34:18 PPMM (1,1) -2- 090314 USB_09AR_cover.indd 2/25/10 3:34:47 PM U.S. Bancorp At A Glance Corporate I Ranking U.S. Bank is 5th largest U.S. commercial bank Asset size $281 billion Executive Offi ces U.S. Bancorp Deposits $183 billion 800 Nicollet Mall Loans $195 billion Minneapolis, MN 55 Customers 17.2 million Payment services and merchant processing International Common Stock T and Registrar Wholesale banking and trust services National BNY Mellon Shareow Consumer and business banking our transfer agent a and wealth management Regional paying agent and di Bank branches 3,002 plan administrator, a shareholder records ATMs 5,148 Inquiries related to s NYSE symbol USB stock transfers, cha At year-end December 31, 2009 lost stock certificate and dividend payme to the transfer agent Sustainability Corporate Profi le BNY Mellon Shareow P.O. Box 358015 This annual report was printed at U.S. Bancorp is a diversified financial services Pittsburgh, PA 1525 Hennegan, a company committed Phone: 888-778-13 to sustaining a healthy and safe holding company and the parent company of 201-680-6578 (inter environment by exceeding regulatory Internet: bnymellon. and environmental requirements as U.S. Bank National Association, the fi fth-largest defi ned by local, state and federal commercial bank in the United States.
    [Show full text]
  • Federal Register/Vol. 63, No. 164/Tuesday, August 25, 1998/Notices
    Federal Register / Vol. 63, No. 164 / Tuesday, August 25, 1998 / Notices 45247 indicated. The application also will be and thereby engage in making and or the offices of the Board of Governors available for inspection at the offices of servicing loans, pursuant to § not later than September 8, 1998. the Board of Governors. Interested 225.28(b)(1) of Regulation Y; Money A. Federal Reserve Bank of Chicago persons may express their views in Station, Inc., Columbus, Ohio, and (Philip Jackson, Applications Officer) writing on the standards enumerated in thereby engage in data processing, 230 South LaSalle Street, Chicago, the BHC Act (12 U.S.C. 1842(c)). If the pursuant to § 225.28(b)(14)(i) of Illinois 60690-1413: proposal also involves the acquisition of Regulation Y; and DJJ Leasing Limited, a nonbanking company, the review also Cincinnati, Ohio, and thereby engage in 1. Advance Bancorp, Inc., includes whether the acquisition of the leasing personal or real property, Homewood, Illinois to engage de novo nonbanking company complies with the pursuant to § 225.28(b)(4) of Regulation through its subsidiary, Advance standards in section 4 of the BHC Act. Y. Applicant also applied to acquire an Bancorp, Inc., Homewood, Illinois, in Unless otherwise noted, nonbanking option to acquire 19.9 percent of Star extending credit and servicing loans, activities will be conducted throughout Banc Corporation. pursuant to § 225.28(b)(1) of Regulation the United States. Star Banc Corporation, Cincinnati, Y. Unless otherwise noted, comments Ohio, also has applied to acquire 19.9 Board of Governors of the Federal Reserve regarding each of these applications percent of the voting shares of Firstar System, August 19, 1998.
    [Show full text]
  • Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
    Federal Reserve Release H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received No. 36 Week Ending September 5, 1998 Board of Governors of the Federal Reserve System, Washington, DC 20551 H.2 Board Actions August 30, 1998 to September 5, 1998 Bank Holding Companies Norwest Corporation, Minneapolis, Minnesota, and Wells Fargo & Company, San Francisco, California -- public meeting to be held on Thursday, September 17, 1998, at 9 a.m. CDT at the Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, Minnesota. - Announced, August 31, 1998 Forms Annual Salary Survey, ad hoc surveys, and Compensation Trend Survey (FR 29a, b, and c) -- implementation of new information collection reports. - Proposed, September 4, 1998 Application for Employment with the Board of Governors of the Federal Reserve System (FR 28) -- extension with revision. - Proposed, September 4, 1998 Recordkeeping and Disclosure Requirements Associated with Securities Transactions Pursuant to Regulation H -- extension, without revision. - Proposed, September 4, 1998 International Operations NationsBank N.A., Charlotte, North Carolina -- to invest an amount in excess of 10 percent of its capital and surplus in its Edge corporations. - Approved, September 2, 1998 (AC) = Addition or Correction Board - Page 1 of 1 H.2 Actions under delegated authority August 23, 1998 to August 29, 1998 BS&R Banking Supervision and Regulation RBOPS Reserve Bank Operations and Payment C&CA Consumer and Community Affairs IF International Fiance FOMC Federal Open Market Committee OSDM Office of Staff Director for Management Bank Branches, Domestic Chicago Michigan Heritage Bank, Novi, Michigan -- to establish a branch at 28270 Orchard Lake Road, Farmington Hills, Michigan.
    [Show full text]
  • View Annual Report
    2669_Narr_p01-17_Q6.qxd 2/26/07 5:42 PM Page A 2006 annual report and form 10-k positive results strategic acquisitions return to shareholders financial performance enhanced customer data protection top banking team agency ratings credit quality expanded distribution investments in our business european payments expansion new products 2669_Narr_p01-17_Q6.qxd 2/26/07 5:42 PM Page B positive results come in various forms– sustainable earnings, geographic expansion, technological advances, customer service, competitive advantages, shareholder return, innovative products and dedicated employees. we delivered positive results on many fronts in 2006. CORPORATE PROFILE U.S. Bancorp, with total assets of Our company’s diverse business mix $219 billion at year-end 2006, is a of products and services is provided diversified financial holding company through four major lines of business: serving more than 14.2 million Wholesale Banking, Payment Services, customers. U.S. Bancorp is the parent Wealth Management and Consumer company of U.S. Bank, the sixth Banking. Detailed information about largest commercial bank in the U.S. these businesses can be found U.S. Bank operates 2,472 banking throughout this report. U.S. Bancorp offices in 24 states, primarily in is headquartered in Minneapolis, MN. the lower and upper Midwest and U.S. Bancorp employs approximately throughout the Southwest and 50,000 people. Northwest, and conducts financial business in all 50 states. Visit U.S. Bancorp online at usbank.com CONTENTS FINANCIALS page 2 corporate overview page
    [Show full text]
  • U.S. Bancorp Investor Relations
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2012 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-6880 U.S. Bancorp (Exact name of registrant as specified in its charter) Delaware 41-0255900 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 800 Nicollet Mall, Minneapolis, Minnesota 55402 (Address of principal executive offices) (Zip Code) (651) 446-3000 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, $.01 par value per share New York Stock Exchange Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Depositary Shares (each representing 1/1,000th interest in a share of Series D Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Depositary Shares (each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Depositary Shares (each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Form 10-K (NYSE:USB)
    U.S. Bancorp Annual Report 2016 Form 10-K (NYSE:USB) Published: February 25th, 2016 PDF generated by stocklight.com UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2015 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable) Commission file number: 1-6880 U.S. Bancorp (Exact name of registrant as specified in its charter) Delaware 41-0255900 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 800 Nicollet Mall, Minneapolis, Minnesota 55402 (Address of principal executive offices) (Zip Code) (651) 466-3000 (Registrants​ telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, $.01 par value per share New York Stock Exchange Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Depositary Shares (each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Depositary Shares (each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Depositary Shares (each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock, par value $1.00) New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
    [Show full text]
  • Actions of the Board, Its Staff, and the Federal Reserve Banks: Applications and Reports Received
    Federal Reserve Release H.2 Actions of the Board, Its Staff, and the Federal Reserve Banks: Applications and Reports Received No. 51 Week Ending December 20, 1997 Board of Governors of the Federal Reserve System, Washington, DC 20551 No. 51 ACTIONS TAKEN BY THE BOARD OF GOVERNORS BANK HOLDING COMPANIES Citicorp, New York, New York -- to engage through certain affiliates in financing transactions involving the simultaneous purchase and sale of goods and commodities. - Approved, December 18, 1997 First of Waverly Corporation, Waverly, Iowa -- to acquire Schrage, Ltd., Plainfield, Iowa, and Farmers State Bank. - Approved, December 15, 1997 ING Group, Amsterdam, the Netherlands -- request for exemption under section 4(c)(9) of the Bank Holding Company Act in connection with proposed acquisition of Banque Bruxelles Lambert, Brussels, Belgium. - Granted, December 15, 1997 Lloyds TSB Group plc, London, England -- to engage in mutual fund advisory and administrative services and other nonbanking activities through retention of indirect ownership of IAI Holdings, Inc., Minneapolis, Minnesota. - Permitted, December 18, 1997 Star Banc Corporation, Cincinnati, Ohio -- to acquire Great Financial Corporation, Louisville, Kentucky, and Great Financial Bank, F.S.B. - Approved, December 18, 1997 SunTrust Banks, Inc., Atlanta, Georgia -- to engage in underwriting and dealing, to a limited extent in all types of securities through acquisition of Equitable Securities Corporation, Nashville, Tennessee. - Permitted, December 18, 1997 Telluride Bancorp, Ltd., Montrose, Colorado -- request on behalf of Bank of Telluride, Telluride, Colorado, for an exemption from section 23A of the Federal Reserve Act. - Granted, December 15, 1997 BOARD OPERATIONS Division of Research and Statistics -- appointment of Stephen Oliner and Janice Shack-Marquez as Assistant Directors.
    [Show full text]
  • Federal Register/Vol. 63, No. 164/Tuesday, August 25, 1998/Notices
    45246 Federal Register / Vol. 63, No. 164 / Tuesday, August 25, 1998 / Notices FEDERAL COMMUNICATIONS Inc. (ITS), 1231 20th St., NW, FEDERAL RESERVE SYSTEM COMMISSION Washington, DC 20036, (202) 857±3800. Change in Bank Control Notices; Summary of the Public Notice [CC Docket 98±146; DA 98±1624] Acquisitions of Shares of Banks or 1. In the Notice of Inquiry (Notice), Bank Holding Companies Inquiry Concerning Advanced the Commission solicits public Telecommunications Capability The notificants listed below have comment about several aspects of the applied under the Change in Bank AGENCY: Federal Communications deployment of advanced Control Act (12 U.S.C. 1817(j)) and § Commission. telecommunications capability to all 225.41 of the Board's Regulation Y (12 Americans in a timely and reasonable ACTION: Notice of inquiry; extension of CFR 225.41) to acquire a bank or bank comment deadline. manner. The Notice set the comment holding company. The factors that are filing deadline at September 8, 1998, considered in acting on the notices are SUMMARY: The Federal Communications and the reply comment filing deadline set forth in paragraph 7 of the Act (12 Commission (FCC) sua sponte extended at October 8, 1998. U.S.C. 1817(j)(7)). the filing period for comments on its 2. Because of the proximity of the The notices are available for Notice of Inquiry about the deployment September 8, 1998, date to certain immediate inspection at the Federal of advanced telecommunications holidays, the Commission has decided Reserve Bank indicated. The notices capability to all Americans. The to extend the filing deadline for filing also will be available for inspection at intended effect of this action is to allow comments to September 14, while the offices of the Board of Governors.
    [Show full text]
  • Corporate Decision #98-32 June 1998
    Comptroller of the Currency Administrator of National Banks Central District Office One Financial Place, Suite 2700 440 South LaSalle Street Chicago, Illinois 60605 Corporate Decision #98-32 June 1998 DECISION OF THE COMPTROLLER OF THE CURRENCY ON THE APPLICATION FOR STAR BANK, NATIONAL ASSOCIATION, CINCINNATI, OHIO, TO PURCHASE THE ASSETS AND ASSUME THE LIABILITIES OF FOUR OHIO BRANCHES OF BANK ONE, NATIONAL ASSOCIATION, COLUMBUS, OHIO. Decision Introduction On February 20, 1998, an application was made to the Office of Comptroller of the Currency (OCC) for prior authorization for Star Bank, National Association, Cincinnati, Ohio (hereinafter “Star Bank”) to purchase the assets and assume the liabilities of four Ohio branches of Bank One, National Association, Columbus, Ohio (hereinafter “Bank One, Ohio”). This application was based on an agreement between the proponents which was executed February 13, 1998. Participating Financial Institutions As of December 31, 1997, the branches of Bank One, Ohio subject to the purchase and assumption agreement had total deposits of $92 million. On the same date, Star Bank had total deposits of $8.2 billion and operated 276 offices in the states of Ohio, Indiana and Kentucky. Star Bank is wholly owned by Star Banc Corporation, Cincinnati, Ohio. Competitive Analysis There are two relevant geographic markets for this proposal. Each relevant geographic market consists of an area surrounding one or more of the four branches Star Bank will acquire from Bank One. These are the areas where competition between the institutions is direct and immediate and where each institution derives the bulk of its deposits. The two relevant geographic markets are discussed below.
    [Show full text]
  • To Volume 80
    December 1994 A78 Index to Volume 80 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Text "A" Pages Issue Text "A" pages Index to Index to tables tables January 1-78 1-68 70-71 July 571- 680 1-66 68-69 February 79-198 1-83 84-85 August 681- 770 1-75 76-77 March 199-268 1-68 70-71 September 771- 860 1-66 68-69 April 269-364 1-68 70-71 October 861- 964 1-66 68-69 May 365-482 1-81 82-83 November 965-1056 1-75 76-77 June 483-570 1-66 68-69 December 1057-1150 1-66 68-69 The "A" pages consist of statistical tables and reference information. Statistical tables are indexed separately (see p. A68 of this issue). Pages Pages A Guide to HMDA Reporting: Getting It Right, FFTEC Articles—Continued publication 12 Residential lending to low-income and minority families: Abedi, Agha Hasan, in BCCI litigation 115 Evidence from the 1992 HMDA data 79 Abu Dhabi Investment Authority 115 Treasury and Federal Reserve foreign exchange Abu Dhabi ruling family, effect of granting immunity operations 1, 279, 584, 782, 1073 in BCCI litigation 114, 116 U.S. international transactions in 1993 365 Accredited Standards Committee (ASC) X12 standards 276 Assets, in family finances 866 Adham, Kamal, in BCCI litigation 115 Automated Clearing House, format standards 277 Advertising, for credit and charge cards 299 Automated clearing house transfers 271 Affordable Gold program, Freddie Mac 898 Automated teller machine services 779 Agricultural economy, article 1057 Automated transfer service fees at depository institutions .
    [Show full text]
  • View Annual Report
    U.S. BANCORP 2012 Annual Report A Rich Heritage | A Strong Future 1863-2013 A Rich Heritage On July 13, 2013, U.S. Bank will celebrate its 150th anniversary. Our rich history has shaped our present and positioned us for a strong future. Since 1863, our company has expanded through organic We trace our earliest roots to 1853 when Farmers and growth and through numerous acquisitions. We have Millers Bank in Milwaukee opened its doors with $50,000 managed through times of prosperity and times of hardship. in capitalization — eventually becoming First Wisconsin We have focused our efforts externally on growth and and ultimately Firstar. State Savings Institution, with just development and, when necessary, we have focused inter- $8,500 in capital and one $800-a-year teller, opened in nally to right the course. St. Louis in 1855, later to become part of the Mercantile Trust Company founded by Festus J. Wade in 1899 — We are always mindful of the responsibility we hold to help the forerunner of Mercantile Bancorporation. our customers achieve their financial goals; to support and strengthen the communities, and this country, that we serve; and to increase the value of our shareholders’ investment. Rising above the skyline of downtown Minneapolis is This plaque marks the original the former headquarters location of the San Miguel Valley building of First Bank Bank in Colorado, later the Bank System, the name of of Telluride, which subsequently U.S. Bancorp until 1997. became part of the U.S. Bank family. Its merger with Firstar in San Miguel Valley Bank’s claim to 2001 created the “new” Donald Macleay fame (or infamy) is in being the U.S.
    [Show full text]
  • 2003 ANNUAL REPORT and FORM 10-K Corporate Profile
    2003 ANNUAL REPORT AND FORM 10-K corporate profile U.S. Bancorp, headquartered in Minneapolis, is the 8th largest financial services holding company in the United States with total assets exceeding 189 billion at year-end 2003. Through U.S. Bank® and other subsidiaries, U.S. Bancorp serves 11.6 million customers, primarily through 2,243 full-service branch offices in 24 states. Customers also access their accounts and conduct all or part of their banking transactions through 4,425 U.S. Bank ATMs, U.S. Bank Internet Banking and telephone banking. In addition, a network of specialized U.S. Bancorp offices and representatives across the nation serves customers inside and outside our 24-state footprint through comprehensive product sets that meet the financial needs of customers beyond basic core banking. Backed by expertise and advanced technology, these sophisticated U.S. Bancorp products and services include large corporate services, payment services, private banking, personal and institutional trust services, corporate trust services, specialized large-scale government banking services, mortgage, commercial credit vehicles, and financial and asset management services. Major lines of business provided by U.S. Bancorp through U.S. Bank and other subsidiaries include Consumer Banking Payment Services Private Client, Trust & Asset Management and Wholesale Banking. U.S. Bank is home of the exclusive U.S. Bank Five Star Service uarantee. S A CORP AT A LA CE Ranking 8th largest bank in the U.S. Asset size 189 billion Deposits 119 billion Loans 118 billion Earnings per share diluted 1.93 Return on average assets 1.99 Return on average equity 19.2 Tangible common equity 6.5 Efficiency ratio 45.6 Customers 11.6 million Primary banking region 24 states Bank branches 2,243 ATMs 4,425 NYSE USB At year-end 2003 0033 Graphs of Selected Financial Highlights pg.
    [Show full text]