US Bank 2005 Annual Report Download - page 65

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U.S. BANCORP
CONSOLIDATED STATEMENT OF INCOME
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2005 2004 2003
Interest Income
Loans ************************************************************************************** $ 8,381 $7,168 $7,272
Loans held for sale *************************************************************************** 106 91 202
Investment securities ************************************************************************* 1,954 1,827 1,684
Other interest income************************************************************************* 110 100 100
Total interest income ******************************************************************* 10,551 9,186 9,258
Interest Expense
Deposits ************************************************************************************ 1,559 904 1,097
Short-term borrowings ************************************************************************ 690 263 167
Long-term debt ****************************************************************************** 1,247 908 805
Total interest expense ****************************************************************** 3,496 2,075 2,069
Net interest income ************************************************************************** 7,055 7,111 7,189
Provision for credit losses ********************************************************************* 666 669 1,254
Net interest income after provision for credit losses *********************************************** 6,389 6,442 5,935
Noninterest Income
Credit and debit card revenue ***************************************************************** 713 649 561
Corporate payment products revenue *********************************************************** 488 407 361
ATM processing services ********************************************************************** 229 175 166
Merchant processing services****************************************************************** 770 675 561
Trust and investment management fees ********************************************************* 1,009 981 954
Deposit service charges*********************************************************************** 928 807 716
Treasury management fees ******************************************************************** 437 467 466
Commercial products revenue ***************************************************************** 400 432 401
Mortgage banking revenue ******************************************************************** 432 397 367
Investment products fees and commissions ***************************************************** 152 156 145
Securities gains (losses), net ******************************************************************* (106) (105) 245
Other*************************************************************************************** 593 478 370
Total noninterest income **************************************************************** 6,045 5,519 5,313
Noninterest Expense
Compensation ******************************************************************************* 2,383 2,252 2,177
Employee benefits**************************************************************************** 431 389 328
Net occupancy and equipment **************************************************************** 641 631 644
Professional services ************************************************************************* 166 149 143
Marketing and business development *********************************************************** 235 194 180
Technology and communications *************************************************************** 466 430 418
Postage, printing and supplies ***************************************************************** 255 248 246
Other intangibles ***************************************************************************** 458 550 682
Debt prepayment **************************************************************************** 54 155 —
Other*************************************************************************************** 774 787 779
Total noninterest expense *************************************************************** 5,863 5,785 5,597
Income from continuing operations before income taxes******************************************* 6,571 6,176 5,651
Applicable income taxes ********************************************************************** 2,082 2,009 1,941
Income from continuing operations ************************************************************* 4,489 4,167 3,710
Income from discontinued operations (after-tax) ************************************************** ——23
Net income ********************************************************************************* $ 4,489 $4,167 $3,733
Earnings Per Share
Income from continuing operations ********************************************************** $ 2.45 $ 2.21 $ 1.93
Discontinued operations ******************************************************************* — — .01
Net income ****************************************************************************** $ 2.45 $ 2.21 $ 1.94
Diluted Earnings Per Share
Income from continuing operations ********************************************************** $ 2.42 $ 2.18 $ 1.92
Discontinued operations ******************************************************************* — — .01
Net income ****************************************************************************** $ 2.42 $ 2.18 $ 1.93
Dividends declared per share ****************************************************************** 1.230 1.020 .855
Average common shares outstanding *********************************************************** 1,831 1,887 1,924
Average diluted common shares outstanding **************************************************** 1,857 1,913 1,936
See Notes to Consolidated Financial Statements.
U.S. BANCORP 63