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USB · US BANCORP \DE\

29 filings

10-K

USB 10-K Annual Reports

US BANCORP \DE\ - 29 annual reports

Filing record · 2016–202610-K1110-Q328-K199

2025
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2025
U.S. Bancorp (USB) reported a solid 2025 with net income attributable to the company of $7.6 billion, or $4.62 per diluted share, up 21.9% from $3.79 in 2024 (2024 excluded notable items, so excluding those, EPS growth was 16.1%). Total net revenue rose 4.4% to $28.7 billion, driven by a 7.6% increase in noninterest income and a 2.2% increase in net interest income, while noninterest expense fell 2.0% to $16.8 billion, lifting the efficiency ratio to 58.6% from 62.3%. Return on average assets improved to 1.12% and return on tangible common equity to 18.1%. Credit quality was stable: net charge-offs were 0.57% of average loans, nonperforming assets fell 13.2% to $1.6 billion, and the allowance for credit losses was $7.9 billion, or 2.03% of loans. Capital strengthened, with the CET1 ratio rising to 10.8% and $3.7 billion returned to shareholders through dividends and buybacks. The stress capital buffer declined to 2.6% from 3.1%, which lowers the regulatory minimum CET1 requirement. Looking ahead, USB agreed in January 2026 to acquire BTIG for up to $1 billion (a $725 million targeted closing payment plus up to $275 million in earn-outs), expected to close in the second quarter of 2026 pending regulatory approvals. Key risks flagged include tariff and trade policy effects, interest rate sensitivity, commercial real estate office exposure (8.8% of CRE loans), the interchange-fee and credit card rate policy environment, a CISO departure in November 2025 with co-CISOs serving on an interim basis, and the ongoing regulatory and CFPB uncertainty.
Feb 23, 2026
2024
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2024
U.S. Bancorp (USB) closed 2024 with net income attributable to the company of $6.3 billion, or $3.79 per diluted share, up from $5.4 billion, or $3.27 per diluted share, in 2023. Results were driven by lower noninterest expense, which fell 8.9 percent to $17.2 billion on the absence of 2023's large merger-integration and FDIC special assessment charges, while net interest income fell 6.4 percent to $16.3 billion as higher deposit costs compressed the net interest margin to 2.70 percent from 2.90 percent. Fee revenue grew 4.1 percent, led by trust and investment management, merchant processing and commercial products. Return on average assets improved to 0.95 percent from 0.82 percent and return on average common equity rose to 11.7 percent from 10.8 percent. Credit quality showed modest deterioration. Net charge-offs rose 13.0 percent to $2.2 billion, driven by credit card and commercial losses, and nonperforming assets increased 22.6 percent to $1.8 billion, concentrated in commercial and commercial real estate loans. The commercial real estate office sector, at 11.5 percent of CRE loans, remains a focal point of stress, with office nonperforming loans rising to 10.9 percent of office loans. The allowance for credit losses was $7.9 billion, or 2.09 percent of period-end loans. Capital strengthened, with the CET1 ratio reaching 10.6 percent, up 70 basis points. The company resumed buybacks in the fourth quarter under a new $5.0 billion program, and the quarterly dividend was raised 2 percent to $0.50. The filing also flags regulatory uncertainty, including the proposed Basel III Endgame rules, a long-term debt proposal, and a stress capital buffer of 3.1 percent, alongside leadership transition, with Gunjan Kedia becoming CEO in April 2025 and Andrew Cecere moving to Executive Chairman.
Feb 21, 2025
2023
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2023
U.S. Bancorp (USB) reported 2023 net income attributable to the company of $5.4 billion, or $3.27 per diluted share, down from $5.8 billion ($3.69) in 2022. Results were shaped by the full-year consolidation of the MUFG Union Bank (MUB) acquisition, which closed December 1, 2022. Net interest income rose 18.1% to $17.5 billion on higher rates and the acquisition, and net interest margin widened to 2.90% from 2.72%. However, noninterest expense jumped 26.6% to $18.9 billion, including $1.0 billion of merger and integration charges and a $734 million FDIC special assessment, and the provision for credit losses rose 15.1% to $2.3 billion as net charge-offs increased to $1.9 billion (0.50% of average loans). The efficiency ratio deteriorated to 66.7% from 61.4%. Return on average assets fell to 0.82% and return on average common equity to 10.8%. Balance sheet and capital metrics were solid. Common equity tier 1 capital ratio rose to 9.9% from 8.4%, well above the 7.0% minimum including the 2.5% stress capital buffer, and tangible book value per share rose 14.7% to $22.30. Total deposits declined 2.4% to $512.3 billion as noninterest-bearing deposits fell sharply and customers shifted to higher-cost money market and time deposits. Long-term debt rose to $51.5 billion, partly to fund the balance sheet and repay a $936 million obligation to MUFG. Nonperforming assets increased to $1.5 billion, mainly from commercial real estate, particularly office, where nonperforming loans were 7.6% of office loans. For investors, the key trade-offs are an improved capital position and fee growth against higher expense and credit-cost pressure. Management also flagged regulatory uncertainty, including the proposed Basel III Endgame capital rules, potential long-term debt requirements, and the possibility of Category II status, which could require significantly more capital and debt. Shareholder distributions were constrained in 2023, with common buybacks essentially suspended since 2021 and the quarterly dividend raised modestly to $0.49 per share.
Feb 20, 2024
2022
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2022
U.S. Bancorp's 2022 results were shaped by the December 1, 2022 acquisition of MUFG Union Bank (MUB), which added $81.4 billion in assets, $53.1 billion in loans and $82.0 billion in deposits. The Company earned $5.8 billion, or $3.69 per diluted share, versus $8.0 billion, or $5.10, in 2021. Return on average assets fell to 0.98% from 1.43%, and return on average common equity fell to 12.6% from 16.0%. Net interest income rose 17.8% to $14.7 billion on rising rates and loan growth, while noninterest income fell 7.5% to $9.5 billion, mainly on lower mortgage banking revenue and interest rate hedge losses tied to the MUB deal. The quality of earnings was pressured by one-time and deal-related items. Those included $399 million of hedge losses, $329 million of merger and integration charges, and $791 million of provision for credit losses tied to acquired loans and balance-sheet repositioning. Together these reduced diluted EPS by roughly $0.76. Credit costs rose: the provision was $2.0 billion versus a $1.2 billion benefit in 2021, and net charge-offs reached $1.1 billion, or 0.32% of average loans. Nonperforming assets were $1.0 billion, or 0.26% of loans and OREO, and the allowance for credit losses was $7.4 billion, or 1.91% of period-end loans. Capital declined on the acquisition and AOCI losses. The common equity tier 1 ratio fell to 8.4% from 10.0%, and book value per share fell to $28.71 from $32.71. Management said it does not expect to resume buybacks until the CET1 ratio approaches 9.0%, and the company suspended repurchases from Q3 2021 except for compensation-related activity. The quarterly dividend was raised 4.3% to $0.48. Investors should weigh a larger, more rate-sensitive franchise and strong credit quality against near-term integration risk, dilution from the transaction, and a reduced buyback outlook.
Feb 27, 2023
2021
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2021
U.S. Bancorp reported 2021 net income attributable to the company of $8.0 billion, or $5.10 per diluted share, up 60.6% from $5.0 billion in 2020. The increase was driven mainly by a swing in the provision for credit losses, which was a $1.2 billion benefit in 2021 versus a $3.8 billion expense in 2020, as the allowance was released on improving economic conditions and strong credit performance. Pre-provision results were weaker: total net revenue fell 2.1% to $22.8 billion on lower net interest income (down 2.5% on a taxable-equivalent basis, with net interest margin compressing to 2.49% from 2.68%) and lower mortgage banking revenue (down 34.1%), while noninterest expense rose 2.7% to $13.7 billion and the efficiency ratio widened to 60.4%. Balance sheet and capital were a source of strength. Total loans grew 4.8% to $312.0 billion at period end, deposits rose 6.1% to $456.1 billion, and the CET1 ratio improved to 10.0%. Credit quality improved, with nonperforming assets falling 32.4% to $878 million and net charge-offs dropping to 0.23% of average loans. The company suspended buybacks from the third quarter of 2021 ahead of the pending MUFG Union Bank acquisition (about $8.0 billion, expected to add roughly $105 billion in assets and close in the first half of 2022), and it expects to resume repurchases in the second half of 2022 or after closing. Key watch items for investors are the pace of the MUFG Union Bank integration and regulatory approvals, the sustainability of the reserve release as pandemic effects and inflation risks persist, and whether net interest income recovers in a low-rate environment. The filing also shows management's expectation that nonperforming assets will keep declining and that payment services revenue is recovering with consumer and business spending.
Feb 22, 2022
2020
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2020
U.S. Bancorp's 2020 10-K shows a year shaped by the COVID-19 shock. Net income attributable to U.S. Bancorp fell 28.3% to $4.96 billion, or $3.06 per diluted share, from $6.91 billion, or $4.16, in 2019. The decline was driven by a sharp increase in the provision for credit losses to $3.8 billion (from $1.5 billion), lower net interest income as rates fell (net interest margin compressed to 2.68% from 3.06%), and noninterest expense growth of 4.6%. Partly offsetting this, noninterest income rose 5.8% to $10.4 billion, led by a $1.2 billion increase in mortgage banking revenue from refinancing activity. Return on average assets fell to 0.93% and return on common equity to 10.0%. Balance sheet growth was strong: total deposits rose 18.7% to $429.8 billion, and loans were essentially flat at $297.7 billion. The allowance for credit losses roughly doubled to $8.0 billion (2.69% of loans), including a $1.5 billion day-one CECL adoption impact. Nonperforming assets rose 56.6% to $1.3 billion, concentrated in commercial and commercial real estate. Capital remained solid, with a CET1 ratio of 9.7% under the standardized approach and a stress capital buffer requirement of 2.5%. Looking forward, management expects economic activity to stay subdued in the first half of 2021, with mortgage revenue likely to decline as refinancing moderates. Capital distributions were restricted by the Federal Reserve through 2020, but the company was authorized to repurchase up to $3.0 billion of common stock beginning in 2021, subject to regulatory limits. Investors should weigh the strong deposit franchise, fee diversification, and capital position against elevated credit reserves, margin pressure, and the uncertainty around the pandemic's duration.
Feb 23, 2021
2019
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2019
U.S. Bancorp (USB) closed 2019 with net income attributable to the company of $6.9 billion, or $4.16 per diluted share, down 2.6% from $7.1 billion ($4.14) in 2018. Results reflected higher noninterest expense (up 2.6% to $12.8 billion, including about $200 million of severance and impairment charges) partially offset by a 1.5% increase in total net revenue to $23.0 billion. Return on average assets was 1.45% and return on average common equity was 14.1%, with an efficiency ratio of 55.8%. Management highlighted record net revenue and diluted EPS, with growth in mortgage banking, payment services, trust fees and commercial products offset by lower deposit service charges following the 2018 sale of the ATM third-party processing business. Balance sheet growth was steady. Period-end loans rose 3.2% to $296.1 billion, deposits rose 4.8% to $361.9 billion, and total assets reached $495.4 billion. Credit quality remained solid, with nonperforming assets falling 16.2% to $829 million and the net charge-off ratio edging up to 0.50%. The allowance for credit losses stood at $4.5 billion (1.52% of loans). Net interest margin compressed to 3.06% from 3.14% amid a flatter yield curve and falling rates. Investors should note that the company's Basel III standardized CET1 ratio was 9.1%, and that a $3.0 billion plus $2.5 billion buyback authorization returned $7.0 billion to shareholders in dividends and repurchases, with the dividend raised 13.5% to $0.42 per quarter. Looking ahead, the filing flags a major accounting change: adoption of CECL on January 1, 2020, which increased the allowance for credit losses by about $1.5 billion and reduced retained earnings. Regulatory developments under the Tailoring Rules (Category III status, lower liquidity and capital requirements) and the 2020 capital plan submission are also key. Remaining risks include interest rate sensitivity (net interest income falls 1.43% under a 50 bp immediate decline), LIBOR transition, cybersecurity, and the Visa-related derivative liability. The filing reports no material pending matters expected to have a material adverse effect, though litigation and regulatory outcomes remain uncertain.
Feb 20, 2020
2018
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2018
U.S. Bancorp (USB) reported record 2018 results in its 10-K filed February 22, 2019. Net income attributable to the company rose 14.1% to $7.1 billion, or $4.14 per diluted share, versus $3.51 in 2017. Return on average assets was 1.55% and return on average common equity was 15.4%, both cited by management as the highest among peers. Total net revenue grew 3.4% to $22.6 billion, driven by net interest income up 3.6% on a taxable-equivalent basis and noninterest income up 3.4%, led by payment services and trust and investment management fees. Noninterest expense fell 2.5% to $12.5 billion, producing an efficiency ratio of 55.1% versus 58.5% in 2017, though 2017 included a $608 million regulatory settlement accrual that flatters the year-over-year comparison. Credit quality remained stable. The provision for credit losses was $1.38 billion, nonperforming assets declined 17.6% to $989 million, and the net charge-off ratio held at 0.48%. Total loans grew 2.3% to $286.8 billion, while deposits were essentially flat at $345.5 billion. Capital is strong: the Basel III standardized common equity tier 1 ratio was 9.1%, and the company returned 74% of earnings to shareholders through dividends and buybacks. The quarterly dividend was raised 23% to $0.37 per share, and a $3.0 billion repurchase authorization was in effect through June 2019. Investors should weigh several items. Management exited the 2015 OCC Bank Secrecy Act consent order in late 2018, but the company also entered a February 2018 deferred prosecution agreement and related settlements, which remain under ongoing compliance obligations. Full-year 2018 benefited from a $340 million gain on the sale of the ATM servicing business and favorable tax-reform adjustments, offset by $264 million of asset impairment charges. Net interest margin widened to 3.14% from 3.10%, but the 200 basis point down-rate sensitivity to net interest income moved to -3.90%, and deposit cost pressure is rising as time deposits grew 14.5%. The filing also notes that the company is likely to be classified as a Category III banking organization under proposed tailoring rules, which could reduce certain regulatory requirements.
Feb 22, 2019
2017
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2017
U.S. Bancorp (USB) reported record 2017 results, with net income attributable to the company of $6.2 billion ($3.51 per diluted share), up 5.6% from 2016 and a 1.39% return on average assets and 13.8% return on average common equity. Results were lifted by a $910 million one-time benefit from the 2017 tax reform (revaluation of deferred tax assets), partly offset by a $608 million accrual for regulatory and legal matters tied to its legacy Bank Secrecy Act/anti-money laundering program. Management says the notable items net to about $0.09 of diluted EPS, so underlying growth is more modest than the headline figures suggest. Revenue growth was driven by rising interest rates and loan growth. Net interest income rose 6.2% to $12.2 billion, with the net interest margin up to 3.06%. Noninterest income was essentially flat at $9.6 billion, as payment services, trust and treasury fees offset weaker mortgage banking and equity investment income. Noninterest expense rose 10.9% to $12.9 billion, pushing the efficiency ratio to 58.8% from 54.9%. Average loans grew 3.3% and average deposits grew 6.6%. Credit quality remained stable, with nonperforming assets down 25% and net charge-offs at 0.48% of average loans. Capital remained strong. The Basel III standardized common equity tier 1 ratio was 9.3%, and the company returned 77% of earnings to shareholders through dividends and buybacks. The quarterly dividend was raised 7.1% to $0.30, and about $1.3 billion remained under the buyback authorization. The main risk to watch is regulatory and legal exposure: in February 2018 the company agreed to a deferred prosecution agreement and related settlements totaling about $613 million paid, with the DPA running two years, plus continuing BSA/AML remediation obligations.
Feb 22, 2018
2016
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2016
U.S. Bancorp reported record full-year 2016 results in its 10-K filed February 23, 2017, with net income attributable to the company of $5.89 billion, or $3.24 per diluted share, essentially flat (up 0.2 percent) from $5.88 billion, or $3.16, in 2015. Growth was driven by total net revenue, which rose 4.9 percent to $21.3 billion, led by a 4.6 percent increase in taxable-equivalent net interest income from loan growth and a 5.1 percent rise in noninterest income from payment services, trust and investment management fees, and mortgage banking. Profit growth was held back by a 6.8 percent increase in noninterest expense to $11.7 billion, which included a special FDIC surcharge, higher compliance costs, and a $110 million legal and regulatory reserve build, as well as a 17 percent increase in the provision for credit losses to $1.3 billion driven by energy-sector stress. The efficiency ratio deteriorated to 54.9 percent from 53.8 percent, while return on average assets fell to 1.36 percent from 1.44 percent. Balance sheet growth was solid. Total loans rose 4.7 percent to $273.2 billion, average loans grew 6.9 percent, and deposits climbed 11.4 percent to $334.6 billion, which funded a reduction in short-term borrowings of nearly 50 percent. Credit quality remained broadly sound overall, with the net charge-off ratio steady at 0.47 percent, but nonperforming assets rose 5.3 percent to $1.6 billion, primarily due to energy loans, which were 1.0 percent of total loans. Capital remained strong, with a Basel III transitional CET1 ratio of 9.4 percent and a fully phased-in standardized ratio of 9.1 percent, above the company's 8.5 percent target. The company returned 79 percent of earnings to shareholders through dividends and buybacks, repurchasing about 61 million shares, and raised its quarterly dividend 9.8 percent to $0.28. The filing also flags continuing regulatory exposure, including an October 2015 OCC Consent Order related to Bank Secrecy Act and anti-money laundering compliance, an ongoing investigation involving a payday lender account relationship, and ongoing RMBS trustee litigation. Management characterizes these matters as not expected to be material, though it acknowledges that resolutions could be significant in individual periods.
Feb 23, 2017
2015
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2015
U.S. Bancorp's 2015 Form 10-K reports record full-year performance: net income attributable to the Company of $5.88 billion (up 0.5% from $5.85 billion), diluted EPS of $3.16 (up from $3.08), ROA of 1.44% and ROE of 14.0%. Growth came mainly from higher net interest income (up 2.0% on taxable-equivalent basis) driven by average earning asset growth of 7.8% and lower-cost deposit funding, partly offset by a compressed net interest margin of 3.05% (down from 3.23%). Average loans rose 3.6% and average deposits rose 7.7%, with commercial loans up 11% on average, while credit quality kept improving: net charge-offs fell 12.1% to $1.17 billion and nonperforming assets declined 15.8% to $1.5 billion. Expense discipline held the efficiency ratio at 53.8%, though noninterest expense rose 2.0% on higher compensation and risk/compliance spending. Noninterest income was flat-to-down at $9.1 billion, pressured by a 2014 Nuveen gain, lower Visa share sale gains, a 2015 student loan market write-down and lower mortgage banking revenue, partly offset by a 2015 HSA deposit sale gain and growth in payment and trust fees. Capital is strong: Basel III CET1 was 9.6% on a transitional basis and 9.1% on a fully phased-in standardized basis, and the Company returned about 72% of earnings to shareholders through dividends (raised 4.1% to $0.255 per quarter) and buybacks of roughly 52 million shares. Key risks flagged include an October 2015 OCC Consent Order over Bank Secrecy Act/AML compliance deficiencies, ongoing regulatory and mortgage-related scrutiny, RMBS trustee litigation, and exposure to energy-related commercial loans (about $3.2 billion, with rising special mention and classified balances). Management characterized 2016 as a year positioned for growth, citing record fourth-quarter 2015 revenue, improving loan growth and a stable margin, with pension expense expected to fall about $100 million.
Feb 25, 2016
2014-A
US BANCORP \DE\ Annual Report (Amendment), Year Ended Dec 31, 2014
This filing is an amendment to U.S. Bancorp's 2014 Form 10-K, primarily to include an omitted "Forward-Looking Statements" section. The core financial information remains from the original filing. U.S. Bancorp, a diversified financial services holding company, operates extensively in lending, depository services, cash management, capital markets, and trust and investment management. The company has a significant domestic presence with 3,176 banking offices and 5,022 ATMs, primarily in the Midwest and West regions, and a growing international presence through its subsidiary Elavon in merchant processing. Investors should note the company's operation within a heavily regulated environment, particularly following the Dodd-Frank Act. Significant regulatory considerations include enhanced prudential standards, capital requirements under Basel III, liquidity rules, and consumer protection measures enforced by the CFPB. The company's ability to pay dividends and conduct capital distributions is subject to Federal Reserve review and stress testing (CCAR). The amendment itself does not introduce new financial data but clarifies the forward-looking risk disclosures inherent in the original report.
Mar 2, 2015
2014
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2014
U.S. Bancorp (USB) reported a solid 2014 with net income attributable to the company of $5.9 billion, or $3.08 per diluted share, up from $3.00 in 2013. Return on average assets was 1.54% and return on average common equity was 14.7%, with an efficiency ratio of 53.2%. Net revenue rose 2.9% to $20.2 billion, driven by 1.6% growth in net interest income and 4.4% growth in noninterest income, which was boosted by a $214 million Visa Class B share sale gain and a $124 million Nuveen gain. These gains were partly offset by a $200 million FHA-related DOJ settlement and higher legal reserves. Balance sheet growth was strong. Average loans rose 6.3% to $241.7 billion and average deposits rose 6.5%, helped by the June 2014 Charter One branch acquisition. Period-end deposits reached $282.7 billion and total assets $402.5 billion. Credit quality continued to improve, with net charge-offs falling 8.9% to $1.3 billion and nonperforming assets declining 11.2% to $1.8 billion. The net interest margin compressed to 3.23% from 3.44%, reflecting lower reinvestment rates and growth in lower-margin commercial loans and investment securities. Capital remained strong under the new Basel III framework. The common equity tier 1 ratio was 9.7% on a transitional basis, and the company estimated 9.0% on a fully phased-in standardized basis, above its 8.0% target. The company returned 72% of earnings to common shareholders through dividends and buybacks, raised its quarterly dividend 6.5% to $0.245 in June 2014, and repurchased about 54 million shares. Management flagged continuing regulatory pressure, including the Basel III liquidity coverage ratio phase-in, CFPB rulemaking, and litigation over RMBS trustee duties, as key risks for 2015.
Feb 27, 2015
2013
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2013
U.S. Bancorp reported record 2013 earnings of $5.8 billion ($3.00 diluted EPS), up 3.3% from 2012, driven primarily by a $542 million (28.8%) decline in the provision for credit losses and disciplined expense control, which more than offset a 5.8% decline in noninterest income. Net revenue fell 3.4% as net interest margin compressed to 3.44% from 3.58%, and mortgage banking revenue dropped 30% as refinancing activity slowed. Management highlighted an industry-leading efficiency ratio of 52.4%, return on average assets of 1.65% and return on common equity of 15.8%. Balance sheet growth was solid: average loans rose 5.6% to $227.5 billion and average deposits rose 6.3%, while credit quality continued to improve with net charge-offs down 30.1% to $1.5 billion and nonperforming assets down 23.7% to $2.0 billion including covered assets. The company returned 71% of 2013 earnings to common shareholders through dividends and buybacks, repurchasing about 65 million shares, and raised its quarterly dividend 18% to $0.23. Capital remained strong, with a Basel I Tier 1 capital ratio of 11.2%, a total risk-based capital ratio of 13.2%, and an estimated Basel III common equity Tier 1 ratio of 8.8% under final standardized rules. Investors should weigh the margin pressure, reliance on mortgage and regulatory-driven fee changes (including the Durbin amendment and the court challenge to debit interchange caps), and ongoing Dodd-Frank and CFPB rulemaking as the main risks to future earnings.
Feb 21, 2014
2012
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2012
U.S. Bancorp (USB) closed fiscal 2012 with record earnings: net income attributable to the company rose 15.9% to $5.6 billion, or $2.84 per diluted share, versus $2.46 in 2011. Return on average assets was 1.65% and return on average common equity was 16.2%, which management describes as the highest among its peers. Growth came from net revenue up 6.2% to $20.3 billion, driven by a 6.0% rise in net interest income and a 6.4% rise in noninterest income, most notably mortgage banking revenue, which nearly doubled (up 96.5%). Credit quality improved: the provision for credit losses fell 19.7% to $1.9 billion, net charge-offs fell 26.2%, and nonperforming assets declined to $2.7 billion from $3.8 billion. Average loans grew 6.9% and average deposits grew 10.6%, while the efficiency ratio held at 51.5%. Capital strength was a central theme. The Tier 1 common equity ratio under the proposed Basel III standardized approach was 8.1%, above the company's 8.0% target, and the Tier 1 capital ratio was 10.8%. The company returned 62% of earnings to common shareholders through dividends and buybacks. The dividend was raised 56% in March 2012 to $0.195 per quarter, and the company repurchased about 59 million shares in 2012 at an average price of $31.78. Key risks flagged in the filing include Dodd-Frank and pending Basel III rules, a CFPB that is becoming more active, and a regulatory-driven shift in revenue, notably lower debit interchange income (an estimated $328 million impact in 2012). Mortgage servicing and foreclosure practices remain under consent orders, and an $80 million accrual was recorded in 2012 for a related settlement. Exposure to California real estate (21.8% of commercial real estate loans) is a notable concentration. Management expects net charge-offs to be relatively stable to modestly lower in Q1 2013.
Feb 22, 2013
2011
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2011
U.S. Bancorp reported record 2011 results, with net income attributable to the company of $4.9 billion ($2.46 per diluted share), up 46.9% from $3.3 billion in 2010. Total net revenue rose 5.3% to $19.1 billion, driven by a 5.7% increase in net interest income and a 4.8% increase in noninterest income. The efficiency ratio was 51.8%, and return on average assets and common equity were 1.53% and 15.8%. Results were helped by a $263 million merchant settlement gain and a $46 million gain on the First Community Bank of New Mexico acquisition, partly offset by a $130 million accrual for mortgage servicing matters. Credit quality improved markedly. The provision for credit losses fell 46.2% to $2.3 billion, which was $500 million below net charge-offs, and net charge-offs dropped 32% to $2.8 billion. Nonperforming assets declined to $3.8 billion from $5.0 billion, and the allowance for credit losses stood at 2.39% of period-end loans. Loans grew 6.5% to $209.8 billion and deposits rose 13.0% to $230.9 billion, reflecting strong flight-to-quality inflows. Capital remained strong, with a Tier 1 capital ratio of 10.8%, total risk-based capital of 13.3%, and a 8.6% Tier 1 common ratio under Basel I (8.2% under anticipated Basel III). Shareholders' equity grew to $34.0 billion. The main investor considerations are a sharp increase in investment securities (up 33.7% to $70.8 billion, partly to build liquidity for anticipated regulatory requirements), pressure on noninterest income from Durbin Amendment debit interchange limits (estimated at roughly $300 million annualized), elevated regulatory and compliance costs under Dodd-Frank, and ongoing mortgage servicing and foreclosure remediation under Consent Orders with federal regulators. The company also repurchased 22 million shares in 2011 and returned 31% of earnings to common shareholders.
Feb 23, 2012
2010
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2010
U.S. Bancorp (USB) reported a strong 2010 in its 10-K filed February 28, 2011. Net income attributable to the company rose 50.4 percent to $3.3 billion, or $1.73 per diluted share, versus $0.97 in 2009. Total net revenue grew 8.9 percent to $18.1 billion, driven by a 12.3 percent increase in net interest income and a 5.1 percent rise in noninterest income. Net interest margin improved to 3.88 percent from 3.67 percent, and the efficiency ratio was 51.5 percent. Provision for credit losses fell 21.6 percent to $4.4 billion, and net charge-offs peaked in Q1 2010 before declining through year-end. Capital strengthened over the year. The Tier 1 common equity ratio reached 7.8 percent (up from 6.8 percent), the Tier 1 capital ratio was 10.5 percent, and the total risk-based capital ratio was 13.3 percent. Deposits grew 11.5 percent to $204.3 billion, aided partly by the acquisition of Bank of America's securitization trust administration business. Nonperforming assets declined to $5.0 billion from $5.9 billion, though residential mortgage and covered-loan stress persisted. Investors should note several watch items: the Dodd-Frank Act and pending Basel III rules are expected to reduce debit interchange revenue and raise deposit insurance and capital costs; the company has requested Federal Reserve approval to increase its dividend, which remained at $0.05 per quarter; and regulators' review of foreclosure practices may lead to monetary penalties of undetermined amount.
Feb 28, 2011
2009
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2009
U.S. Bancorp's 2009 Form 10-K reports a year of elevated credit costs that nonetheless left the company profitable. Net income attributable to U.S. Bancorp was $2.2 billion, or $.97 per diluted share, down from $2.9 billion ($1.61) in 2008. Return on average assets fell to .82 percent and return on average common equity to 8.2 percent. Net revenue rose 13.6 percent to $16.7 billion, driven by a 10.8 percent increase in net interest income and a 16.8 percent increase in noninterest income, largely from mortgage banking. However, the provision for credit losses more than doubled-to-nearly-double, rising 79.5 percent to $5.6 billion, and net charge-offs reached 2.08 percent of average loans versus 1.10 percent in 2008. The balance sheet grew to $281.2 billion in total assets, aided by the October 2009 FDIC-assisted acquisition of First Bank of Oak Park (about $18.0 billion of assets) and the November 2008 Downey/PFF transactions. Those acquisitions carry FDIC loss-sharing agreements covering $22.5 billion of assets. Nonperforming assets rose to 3.02 percent of loans and other real estate (2.25 percent excluding covered assets), and management expects nonperforming assets and charge-offs to keep rising in early 2010, though at a slower pace. Capital was rebuilt during the year. The company redeemed $6.6 billion of TARP preferred stock in June 2009 and raised $2.7 billion through a common stock sale in May. Tier 1 common equity to risk-weighted assets improved to 6.8 percent from 5.1 percent, and the Tier 1 capital ratio was 9.6 percent. The dividend was cut sharply to $.05 per quarter, totaling $.20 for 2009 versus $1.70 in 2008, which reflects a deliberate retention of capital.
Feb 26, 2010
2008
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2008
U.S. Bancorp's 2008 Form 10-K (filed March 2, 2009) shows a company whose earnings fell sharply but whose balance sheet and capital position were strengthened during the financial crisis. Net income was $2.9 billion, or $1.61 per diluted share, down from $4.3 billion ($2.43) in 2007, with ROA falling to 1.21% from 1.93% and ROE to 13.9% from 21.3%. The decline was driven mainly by a $3.1 billion provision for credit losses (up from $792 million), $978 million of net securities losses including impairments on structured investments, and higher noninterest expense. Net revenue still grew 4.4% to $14.7 billion, led by a 16.3% rise in net interest income as the net interest margin improved to 3.66%. Balance sheet growth was substantial, partly through acquisitions. Total assets reached $265.9 billion and loans rose 20.4% to $185.2 billion, including $11.5 billion of covered assets from the FDIC-assisted Downey and PFF acquisitions, which carry loss-sharing protection. Deposits grew 21.2% to $159.4 billion. Credit quality deteriorated markedly: nonperforming assets rose to 1.42% of loans plus OREO from 0.45%, and net charge-offs reached 1.10% of average loans versus 0.54%. Management expects credit conditions to worsen further in 2009. Capital was reinforced in late 2008 through the $6.6 billion sale of preferred stock and warrants to the U.S. Treasury under the Capital Purchase Program. The Tier 1 capital ratio ended at 10.6% and the total risk-based ratio at 14.3%, though tangible common equity was only 3.2% of tangible assets (4.5% excluding AOCI). Participation in the program restricts dividend increases and share repurchases for up to three years, and the 10-K notes that the company repurchased only about 2 million shares in 2008 versus 58 million in 2007.
Mar 2, 2009
2007
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2007
U.S. Bancorp's 2007 Form 10-K (filed February 25, 2008) shows a company still highly profitable but with earnings declining. Net income fell 9.0% to $4.3 billion ($2.43 diluted EPS, versus $2.61 in 2006), driven by a $330 million Visa litigation indemnification charge, higher credit costs, and investments in payments, geographic expansion, and technology. Return on average common equity was 21.3% and efficiency ratio deteriorated to 49.3% from 45.4%. Fee-based revenue remained strong, exceeding 50% of total net revenue, and fee growth was 8.6% organically, but net interest margin compressed to 3.47% from 3.65% amid competitive lending, a flat yield curve, and higher funding costs. Credit quality is the key watch item. Net charge-offs rose to 0.54% of average loans from 0.39%, the provision increased 45.6% to $792 million, and nonperforming assets rose to $690 million. Management expects credit quality to deteriorate across the industry in 2008, with nonperforming assets and retail charge-offs expected to rise moderately. Exposure to California commercial real estate (19.8% of the CRE portfolio) and residential mortgage and home-equity stress are specific concerns. The company also took a $107 million valuation loss on structured investment securities bought from affiliate-managed money market funds, and further impairments were flagged as likely. Capital remains solid but thinner. Tier 1 risk-based capital was 8.3% (versus 8.8%), total risk-based capital 12.2%, and tangible common equity 5.1% of tangible assets. The company returned 111% of 2007 earnings to shareholders through dividends and buybacks, above its 80% target, and raised the quarterly dividend 6.25% to $0.425. Management plans to resume buybacks after Q1 2008 and targets 8.5% Tier 1 capital in 2008. Credit ratings were upgraded by S&P in February 2007 and remain stable or positive across agencies.
Feb 25, 2008
2006
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2006
U.S. Bancorp (USB) reported record 2006 net income of $4.8 billion, or $2.61 per diluted share, up from $2.42 in 2005 (diluted EPS growth of 7.9%). Returns remained industry-leading, with return on average assets of 2.23% and return on average common equity of 23.6%. Total assets reached $219 billion, and the efficiency ratio was 45.4%, well below the peer median cited in the report. Growth came mainly from fee-based businesses, with fee income exceeding 50% of total net revenue and noninterest income up 13.3%. Net interest margin compressed sharply to 3.65% from 3.97% amid a flat yield curve and competitive lending, and net interest income fell 4.2%. Credit quality improved, with net charge-offs at 0.39% of average loans versus 0.52% in 2005. The company returned 112% of 2006 earnings to shareholders through dividends and buybacks, exceeding its 80% target. The dividend rate was raised 21.2% in December 2006, and the Board authorized a new 150 million share repurchase program through 2008. Management reaffirmed long-term goals of 10% EPS growth and at least 20% return on common equity. Leadership also changed: Richard Davis succeeded Jerry Grundhofer as CEO on December 12, 2006, with Grundhofer staying on as chairman through 2007. Ratings were upgraded by S&P and DBRS, and the Fitch outlook was revised to positive. Key risks flagged in the filing include a flat or inverted yield curve that could keep margins under pressure, a shift in the commercial real estate and condominium segments, a reduction in new vehicle sales affecting auto lease residuals, and the integration of several large trust and payments acquisitions. Overall, the filing presents a highly profitable, fee-diversified bank whose 2006 results were resilient despite a difficult rate environment.
Feb 26, 2007
2005
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2005
U.S. Bancorp reported record 2005 results: net income of $4.5 billion, or $2.42 per diluted share, up 11% from 2004, with return on average assets of 2.21% and return on average equity of 22.5%. This was the fourth consecutive year the company exceeded its long-term goal of 10% EPS growth. Total net revenue rose 3.7% to $13.1 billion, driven by a 9.5% increase in noninterest income, which offset a 0.7% decline in net interest income as net interest margin compressed to 3.97% from 4.25%. Expenses grew only 1.3%, producing a 44.3% efficiency ratio and positive operating leverage. Credit quality improved meaningfully. Net charge-offs fell to 0.51% of average loans from 0.63%, nonperforming assets dropped 14% to $644 million, and the allowance covered 414% of nonperforming loans. Balance sheet growth was concentrated in loans, which rose 9.1% to $137.8 billion, led by residential mortgages. Total assets reached $209.5 billion. The company closed a large acquisition of Wachovia's corporate trust and institutional custody businesses on December 30, 2005 for $720 million plus an $80 million contingent payment, and expanded European merchant processing through the Citibank Card Acceptance deal. Capital returns remained a central focus. The dividend was raised 10% to $0.33 per quarter, and the company returned 90% of 2005 earnings to shareholders through dividends and buybacks, above its 80% target. Tangible common equity declined to 5.9% of tangible assets from 6.4%, and Standard & Poor's upgraded the company to AA-. Investors should weigh the strong fee-based growth and credit improvement against margin pressure and a liability-sensitive interest rate position.
Mar 7, 2006
2004
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2004
U.S. Bancorp (USB) closed 2004 as the 6th largest U.S. financial holding company, with $195.1 billion in total assets, $120.7 billion in deposits and $126.3 billion in loans. Net income reached a record $4.17 billion, up 11.6%, and diluted EPS rose 13.0% to $2.18. Returns were strong, with ROA of 2.17%, ROE of 21.4% and an efficiency ratio of 45.3%, which management describes as industry-leading. Growth came mainly from fee income rather than net interest income. Noninterest income rose 3.9% to $5.5 billion, driven by payment processing (merchant processing up 20.2%, credit and debit card revenue up 15.8%). Net interest income fell 1.1% as the net interest margin compressed to 4.25% from 4.49%, and net securities losses of $104.9 million partly offset fee gains. Credit quality improved sharply: the provision for credit losses fell 46.6% to $669.6 million, net charge-offs dropped to 0.63% of average loans, and nonperforming assets declined 34.8%. The company also released $98.5 million of its allowance for credit losses. Capital was returned aggressively. The company repurchased 93.8 million shares at an average of $28.34 and raised the quarterly dividend 25% to $0.30, returning 109% of 2004 earnings to shareholders against a stated 80% target. Management's stated priorities for 2005 are revenue growth, particularly commercial lending and payments, continued credit improvement and a long-term goal of at least 10% diluted EPS growth. Tangible common equity was 6.4% of tangible assets, and Moody's upgraded the holding company to Aa2 in January 2005.
Feb 28, 2005
2003
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2003
U.S. Bancorp closed 2003 with record results: net income of $3.73 billion, or $1.93 per diluted share, up 17.8% and 17.0% respectively from 2002, on a return on average assets of 1.99% and return on average equity of 19.2%. Total assets reached $189.3 billion, and the company ranked as the 8th largest U.S. bank holding company. Management characterized 2003 as the culmination of five years of merger integration, with the Firstar/USBM integration completed at the end of 2002 and the remaining acquisition integrations (NOVA, Bay View, State Street Corporate Trust) completed in 2003. Merger and restructuring charges fell to $46.2 million pre-tax from $321.2 million in 2002, and management guided to no merger-related charges in 2004 for completed deals. Revenue growth was modest but positive at 3.9% on a taxable-equivalent basis to $12.5 billion, with organic growth of 3.7%. Net interest margin compressed to 4.49% from 4.65% as the company shifted into lower-yielding investment securities, while noninterest income grew 2.0%. Expense discipline was the standout: noninterest expense fell 2.5% and the efficiency ratio improved to 45.6% from 48.8%. Credit quality improved, with net charge-offs declining to 1.06% of average loans from 1.20%, nonperforming assets falling 16.4%, and the provision for credit losses dropping 7.0% to $1.25 billion. The allowance for credit losses stood at 2.00% of loans. Capital and shareholder returns were central to the story. The company spun off Piper Jaffray Companies on December 31, 2003, distributing roughly $685 million in value, and raised the quarterly dividend 17.1% to $0.24 per share, with full-year dividends declared up 9.6% to $0.855. The Board authorized repurchase of up to 150 million shares over 24 months, and management targets returning 80% of earnings to shareholders. Tangible common equity rose to 6.5% from 5.7%, and both Moody's and Fitch assigned positive outlooks to the company's debt ratings. Risks flagged in the filing include soft commercial loan demand, elevated but improving nonperforming assets, exposure to the airline and transportation sectors, interest rate sensitivity, and declining debit card interchange revenue following the Visa/Mastercard antitrust settlement.
Feb 27, 2004
2002
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2002
U.S. Bancorp (USB) closed 2002 with record earnings recovery and a markedly improved risk profile. Net income rose 92.7% to $3.29 billion, or $1.71 per diluted share, versus $1.7 billion ($0.88) in 2001. Operating earnings (excluding merger and restructuring charges and an accounting change) grew 38.7% to $3.5 billion, or $1.84 per diluted share. Return on average equity was 19.4% (20.9% on an operating basis) and return on average assets was 1.91%. Total net revenue grew 8.4% on a taxable-equivalent basis, while noninterest expense rose only 4.8% on an operating basis, and the efficiency ratio improved to 47.7% from 49.5%. The provision for credit losses fell to $1.35 billion from $2.15 billion on an operating basis, reflecting the absence of the large 2001 credit actions. Credit quality remained elevated but appeared to be stabilizing. Nonperforming assets rose to $1.37 billion (1.18% of loans plus other real estate) from $1.12 billion, and net charge-offs were 1.20% of average loans versus 1.31% in 2001. The allowance for credit losses was $2.4 billion, or 2.08% of loans. Growth drivers included a 9.8% increase in period-end deposits, a 4.61% net interest margin (up 19 basis points), and fee-based revenue growth led by merchant processing (NOVA acquisition), mortgage banking, and cash management. Acquisitions of Bay View branches, Leader Mortgage, and State Street Corporate Trust added franchise scale and goodwill. The headline strategic event is the planned spin-off of the capital markets business (U.S. Bancorp Piper Jaffray) to shareholders, expected in the third quarter of 2003. Management characterized the unit as contributing only about $1.1 million of 2002 net income, so the spin-off is largely a portfolio simplification rather than a material earnings event. Investors should monitor execution, the tax-free treatment conditions, and the continued credit cost trajectory in 2003.
Feb 28, 2003
2001
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2001
U.S. Bancorp's 2001 annual report highlights a year of significant integration following the merger with Firstar Corporation. While the company achieved solid operational performance in the fourth quarter, driven by revenue momentum and improved margins, net income for the full year declined by 40.7% to $1.7 billion, or $0.88 per diluted share. This decrease was primarily attributed to merger and restructuring-related expenses totaling $844.3 million, a substantial increase in the provision for credit losses to $2.5 billion due to economic slowdown and credit quality deterioration, and a decline in capital markets activities. The company emphasizes its strong focus on customer service with its 'Five Star Service Guaranteed' program. Despite the challenges, U.S. Bancorp made strategic acquisitions, notably NOVA Corporation in the payment services sector, and continued to invest in its diversified business lines, including consumer banking, wholesale banking, and payment services, which together formed the bulk of its operating income. The integration process is proceeding on schedule, with all systems and products expected to be consolidated by the third quarter of 2002. Management remains confident in the company's positioning for future growth, supported by a robust balance sheet and strategic advantages.
Feb 28, 2002
1996
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 1996
First Bank System, Inc. (FBS), a Minneapolis-based regional bank holding company operating in 11 Midwestern and Rocky Mountain states, reported record 1996 net income of $739.8 million, up 30% from $568.1 million in 1995. Fully diluted EPS was $5.25 (up 27.7%). Excluding nonrecurring items, which netted to a $72.1 million after-tax gain (including a $190 million First Interstate termination fee, a $65 million state tax refund, and a $45.8 million gain on the mortgage banking sale, offset by various charges including a $51 million SAIF special assessment), operating earnings rose 18% to $667.7 million, and fully diluted operating EPS rose 15.3% to $4.74. Investors should weigh the reported growth against the one-time items, which account for a meaningful share of the headline improvement. Operating performance was strong. Return on average assets before nonrecurring items was 1.88% and return on average common equity was 21.4%, with the efficiency ratio falling below 50% (49.9%) for the first time. Growth was driven by fee businesses, especially Payment Systems (corporate and purchasing cards, co-branded cards) and Corporate Trust, which was bolstered by the BankAmerica corporate trust acquisition and the FirsTier Financial acquisition in Nebraska and Iowa. Net interest margin was steady at 4.89%, while the loan book grew modestly to $27.1 billion. Credit quality remained sound, with nonperforming assets falling to 0.51% of loans plus other real estate, though net charge-offs rose to 0.57% of average loans, driven by consumer and credit card losses. Capital and shareholder returns were also emphasized. Tier 1 capital rose to 7.2% and total risk-based capital to 12.0%. The company issued $300 million of trust preferred securities, repurchased roughly 15 million shares under a 1996-1997 authorization, and raised its quarterly dividend 12.7% to $0.465 in February 1997. Management targets 12-15% annual EPS growth excluding acquisitions and aims to lower the efficiency ratio to the mid-40s over the next few years.
Feb 28, 1997
1994
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 1994
First Bank System (FBS), a Minneapolis-based regional bank holding company with $26.2 billion in year-end 1994 assets (before the January 1995 Metropolitan Financial Corporation acquisition), reported record 1994 net income of $419.8 million, or $3.57 per share, up 40.9% from 1993. Excluding 1993 merger-related charges, earnings rose 20.6%. Return on average common equity improved to 19.3% from 13.8%, and return on average assets rose to 1.63% from 1.17%. The efficiency ratio improved to 57.2% from 59.8% (ex-charges), and management targets the low 50s over the next few years. Credit quality strengthened for a fifth consecutive year. Nonperforming assets fell 32.3% to $153.0 million, the ratio of nonperforming assets to loans plus other real estate dropped to 0.79%, and the allowance covered nonperforming loans 385%. The provision for credit losses declined to $93.0 million from $125.2 million. Growth came from fee-generating payment systems (Visa corporate and purchasing cards, the Northwest Airlines WorldPerks card, and merchant processing), home equity lending, and trust and investment services, which together accounted for more than one-third of revenue. Looking ahead, the pending MFC acquisition (about $7.9 billion in assets, accounted for as a pooling of interests, with roughly 21.7 million shares issued) will extend the franchise into Iowa, Kansas, Nebraska and Wyoming. Management also raised the annual dividend 25% to $1.45 per share and authorized repurchases of up to 16 million shares by the end of 1996. Investors should weigh strong profitability and capital return against the dilution from the MFC share issuance and the Tier 1 capital ratio, which fell to 8.0% from 9.2% after preferred redemptions and buybacks.
Feb 24, 1995
1993
US BANCORP \DE\ Annual Report, Year Ended Dec 31, 1993
First Bank System (FBS), a six-state Midwest bank holding company headquartered in Minneapolis with $26.4 billion in assets, reported 1993 net income of $298.0 million, or $2.39 per share, down 4.4% from $311.8 million in 1992. That decline is misleading on its face: 1993 results absorbed $50.0 million of after-tax merger-related charges tied to the Colorado National Bankshares (CNB) acquisition, while 1992 included $81.8 million of such charges and a $157.3 million cumulative accounting benefit. Before these items, income rose 47.3% to $348.0 million ($2.83 per share), and return on average common equity improved to 16.4% from 12.0%. Management attributes the gain to completed integration of CNB, Western Capital and Bank Shares, which it says delivered more than $100 million in annualized cost savings, and an efficiency ratio (excluding merger charges) that improved to 59.8% from 64.7%. The balance sheet shows continued asset quality improvement. Nonperforming assets fell 45.2% to $226.0 million, the allowance covered nonperforming loans 268.5%, and the nonperforming-assets-to-loans-plus-OREO ratio dropped to 1.20% from 2.39%. Loans grew 10.0% to $18.8 billion, though part of that growth reflects a single $700 million low-margin, Treasury-secured extension of credit to a mortgage banking customer. Capital is solid: the Tier 1 ratio was 9.2% and total risk-based capital 13.3%, and the company returned capital through $275 million of planned common repurchases and $125 million of preferred repurchases, plus a 16% dividend increase announced in February 1994. Pending acquisitions include Boulevard Bancorp (Chicago, $1.6 billion in assets), J.P. Morgan's domestic corporate trust unit, and several smaller Minnesota and North Dakota banks. For investors, the key questions are whether the cost-savings and integration story holds as acquisitions are absorbed, how dependent earnings are on the large mortgage-banking-related lending and the expected 1994 decline in correspondent mortgage production, and whether the reported 1993 margin strength (net interest margin 5.07%) is sustainable as interest-rate spreads change. Note that the 1993 results include a roughly $28 million charge on mortgage servicing assets from accelerated prepayments.
Mar 1, 1994