US Bank 2015 Annual Report Download - page 72

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TABLE 25 LINE OF BUSINESS FINANCIAL PERFORMANCE
Wholesale Banking and
Commercial Real Estate
Consumer and Small
Business Banking
Year Ended December 31
(Dollars in Millions) 2015 2014
Percent
Change 2015 2014
Percent
Change
Condensed Income Statement
Net interest income (taxable-equivalent basis) .................... $ 2,034 $ 2,030 .2% $ 4,617 $ 4,717 (2.1)%
Noninterest income ......................................... 890 965 (7.8) 2,497 2,601 (4.0)
Securities gains (losses), net .................................. – – – – – –
Total net revenue ......................................... 2,924 2,995 (2.4) 7,114 7,318 (2.8)
Noninterest expense ........................................ 1,295 1,224 5.8 4,818 4,552 5.8
Other intangibles ........................................... 4 4 – 40 40 –
Total noninterest expense .................................. 1,299 1,228 5.8 4,858 4,592 5.8
Income before provision and income taxes ...................... 1,625 1,767 (8.0) 2,256 2,726 (17.2)
Provision for credit losses .................................... 235 51 * 127 393 (67.7)
Income before income taxes .................................. 1,390 1,716 (19.0) 2,129 2,333 (8.7)
Income taxes and taxable-equivalent adjustment ................. 506 624 (18.9) 775 850 (8.8)
Net income ............................................... 884 1,092 (19.0) 1,354 1,483 (8.7)
Net (income) loss attributable to noncontrolling interests ........... – – – – – –
Net income attributable to U.S. Bancorp ........................ $ 884 $ 1,092 (19.0) $ 1,354 $ 1,483 (8.7)
Average Balance Sheet
Commercial ............................................... $64,369 $57,864 11.2% $ 10,051 $ 9,070 10.8%
Commercial real estate ...................................... 19,415 18,452 5.2 19,006 18,825 1.0
Residential mortgages ....................................... 8 12 (33.3) 50,007 50,405 (.8)
Credit card ................................................ – – – – – –
Other retail ................................................ 2 4 (50.0) 46,964 46,220 1.6
Total loans, excluding covered loans ......................... 83,794 76,332 9.8 126,028 124,520 1.2
Covered loans ............................................. – 190 * 4,934 5,780 (14.6)
Total loans .............................................. 83,794 76,522 9.5 130,962 130,300 .5
Goodwill .................................................. 1,647 1,627 1.2 3,682 3,603 2.2
Other intangible assets ...................................... 20 21 (4.8) 2,594 2,674 (3.0)
Assets ................................................... 92,205 83,787 10.0 147,832 144,137 2.6
Noninterest-bearing deposits ................................. 36,018 32,302 11.5 26,137 23,743 10.1
Interest checking ........................................... 7,436 10,557 (29.6) 39,957 36,222 10.3
Savings products ........................................... 28,047 18,321 53.1 53,813 49,974 7.7
Time deposits ............................................. 15,025 18,140 (17.2) 15,829 17,951 (11.8)
Total deposits ........................................... 86,526 79,320 9.1 135,736 127,890 6.1
Total U.S. Bancorp shareholders’ equity ........................ 8,251 7,568 9.0 10,953 11,484 (4.6)
* Not meaningful
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