US Bank 2015 Annual Report Download - page 86

U.S. Bancorp
Consolidated Statement of Income
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2015 2014 2013
Interest Income
Loans ................................................................................ $10,059 $10,113 $10,277
Loans held for sale ...................................................................... 206 128 203
Investment securities .................................................................... 2,001 1,866 1,631
Other interest income ................................................................... 136 121 174
Total interest income ................................................................ 12,402 12,228 12,285
Interest Expense
Deposits .............................................................................. 457 465 561
Short-term borrowings .................................................................. 245 263 353
Long-term debt ........................................................................ 699 725 767
Total interest expense ............................................................... 1,401 1,453 1,681
Net interest income ..................................................................... 11,001 10,775 10,604
Provision for credit losses ................................................................ 1,132 1,229 1,340
Net interest income after provision for credit losses ............................................ 9,869 9,546 9,264
Noninterest Income
Credit and debit card revenue ............................................................. 1,070 1,021 965
Corporate payment products revenue ...................................................... 708 724 706
Merchant processing services ............................................................. 1,547 1,511 1,458
ATM processing services ................................................................. 318 321 327
Trust and investment management fees ..................................................... 1,321 1,252 1,139
Deposit service charges ................................................................. 702 693 670
Treasury management fees ............................................................... 561 545 538
Commercial products revenue ............................................................ 867 854 859
Mortgage banking revenue ............................................................... 906 1,009 1,356
Investment products fees ................................................................ 185 191 178
Securities gains (losses), net
Realized gains (losses), net ............................................................. 1 11 23
Total other-than-temporary impairment ................................................... (1) (7) (6)
Portion of other-than-temporary impairment recognized in other comprehensive income ............ – (1) (8)
Total securities gains (losses), net ...................................................... – 3 9
Other ................................................................................ 907 1,040 569
Total noninterest income ............................................................. 9,092 9,164 8,774
Noninterest Expense
Compensation ......................................................................... 4,812 4,523 4,371
Employee benefits ...................................................................... 1,167 1,041 1,140
Net occupancy and equipment ............................................................ 991 987 949
Professional services .................................................................... 423 414 381
Marketing and business development ...................................................... 361 382 357
Technology and communications .......................................................... 887 863 848
Postage, printing and supplies ............................................................ 297 328 310
Other intangibles ....................................................................... 174 199 223
Other ................................................................................ 1,819 1,978 1,695
Total noninterest expense ............................................................ 10,931 10,715 10,274
Income before income taxes .............................................................. 8,030 7,995 7,764
Applicable income taxes ................................................................. 2,097 2,087 2,032
Net income ............................................................................ 5,933 5,908 5,732
Net (income) loss attributable to noncontrolling interests ........................................ (54) (57) 104
Net income attributable to U.S. Bancorp .................................................... $ 5,879 $ 5,851 $ 5,836
Net income applicable to U.S. Bancorp common shareholders .................................. $ 5,608 $ 5,583 $ 5,552
Earnings per common share .............................................................. $ 3.18 $ 3.10 $ 3.02
Diluted earnings per common share ........................................................ $ 3.16 $ 3.08 $ 3.00
Dividends declared per common share ..................................................... $ 1.010 $ .965 $ .885
Average common shares outstanding ...................................................... 1,764 1,803 1,839
Average diluted common shares outstanding ................................................ 1,772 1,813 1,849
See Notes to Consolidated Financial Statements.
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