US Bank 2004 Annual Report Download - page 111
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CONSOLIDATED STATEMENT OF INCOME — FIVE-YEAR SUMMARY
% Change
Year Ended December 31 (Dollars in Millions) 2004 2003 2002 2001 2000 2004 v 2003
Interest Income
Loans ********************************************************* $7,168.1 $7,272.0 $7,743.0 $9,413.7 $10,519.3 (1.4)%
Loans held for sale ********************************************* 91.5 202.2 170.6 146.9 102.1 (54.7)
Investment securities ******************************************** 1,827.1 1,684.0 1,484.3 1,295.6 1,148.9 8.5
Other interest income ******************************************* 99.8 99.8 96.0 90.2 114.8 —
Total interest income************************************** 9,186.5 9,258.0 9,493.9 10,946.4 11,885.1 (.8)
Interest Expense
Deposits******************************************************* 904.3 1,096.6 1,485.3 2,828.1 3,618.8 (17.5)
Short-term borrowings ****************************************** 262.7 166.8 222.9 475.6 682.2 57.5
Long-term debt ************************************************ 908.2 805.3 971.4 1,292.0 1,593.7 12.8
Total interest expense **************************************** 2,075.2 2,068.7 2,679.6 4,595.7 5,894.7 .3
Net interest income ********************************************* 7,111.3 7,189.3 6,814.3 6,350.7 5,990.4 (1.1)
Provision for credit losses **************************************** 669.6 1,254.0 1,349.0 2,528.8 828.0 (46.6)
Net interest income after provision for credit losses****************** 6,441.7 5,935.3 5,465.3 3,821.9 5,162.4 8.5
Noninterest Income
Credit and debit card revenue ************************************ 649.3 560.7 517.0 465.9 431.0 15.8
Corporate payment products revenue ***************************** 406.8 361.3 325.7 297.7 299.2 12.6
ATM processing services **************************************** 175.3 165.9 160.6 153.0 141.9 5.7
Merchant processing services ************************************ 674.6 561.4 567.3 308.9 120.0 20.2
Trust and investment management fees**************************** 981.2 953.9 892.1 887.8 920.6 2.9
Deposit service charges ***************************************** 806.4 715.8 690.3 644.9 555.6 12.7
Treasury management fees*************************************** 466.7 466.3 416.9 347.3 292.4 .1
Commercial products revenue ************************************ 432.2 400.5 479.2 437.4 350.0 7.9
Mortgage banking revenue *************************************** 397.3 367.1 330.2 234.0 189.9 8.2
Investment products fees and commissions ************************ 156.0 144.9 132.7 130.8 66.4 7.7
Securities gains (losses), net ************************************* (104.9) 244.8 299.9 329.1 8.1 *
Merger and restructuring-related gains ***************************** — — — 62.2 — —
Other ********************************************************* 478.3 370.4 398.8 370.4 591.9 29.1
Total noninterest income*********************************** 5,519.2 5,313.0 5,210.7 4,669.4 3,967.0 3.9
Noninterest Expense
Compensation************************************************** 2,252.2 2,176.8 2,167.5 2,036.6 1,993.9 3.5
Employee benefits ********************************************** 389.4 328.4 317.5 285.5 303.7 18.6
Net occupancy and equipment *********************************** 630.8 643.7 658.7 666.6 653.0 (2.0)
Professional services ******************************************** 148.9 143.4 129.7 116.4 102.2 3.8
Marketing and business development****************************** 193.5 180.3 171.4 178.0 188.0 7.3
Technology and communications********************************** 429.6 417.4 392.1 353.9 362.1 2.9
Postage, printing and supplies************************************ 248.4 245.6 243.2 241.9 241.6 1.1
Goodwill******************************************************* — — — 236.7 219.9 —
Other intangibles *********************************************** 550.1 682.4 553.0 278.4 157.3 (19.4)
Merger and restructuring-related charges ************************** — 46.2 321.2 1,044.8 327.9 *
Debt prepayment *********************************************** 154.8 — (.2) 6.8 — *
Other ********************************************************* 786.8 732.7 786.4 703.4 433.3 7.4
Total noninterest expense********************************** 5,784.5 5,596.9 5,740.5 6,149.0 4,982.9 3.4
Income from continuing operations before income taxes ************* 6,176.4 5,651.4 4,935.5 2,342.3 4,146.5 9.3
Applicable income taxes ***************************************** 2,009.6 1,941.3 1,707.5 818.3 1,422.0 3.5
Income from continuing operations ******************************** 4,166.8 3,710.1 3,228.0 1,524.0 2,724.5 12.3
Income (loss) from 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 11.6
* Not meaningful
U.S. BANCORP 109