US Bank 2004 Annual Report Download - page 67
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CONSOLIDATED STATEMENT OF INCOME
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2004 2003 2002
Interest Income
Loans ********************************************************************************** $7,168.1 $7,272.0 $7,743.0
Loans held for sale *********************************************************************** 91.5 202.2 170.6
Investment securities********************************************************************** 1,827.1 1,684.0 1,484.3
Other interest income ********************************************************************* 99.8 99.8 96.0
Total interest income *************************************************************** 9,186.5 9,258.0 9,493.9
Interest Expense
Deposits ******************************************************************************** 904.3 1,096.6 1,485.3
Short-term borrowings ******************************************************************** 262.7 166.8 222.9
Long-term debt ************************************************************************** 908.2 805.3 971.4
Total interest expense ************************************************************** 2,075.2 2,068.7 2,679.6
Net interest income*********************************************************************** 7,111.3 7,189.3 6,814.3
Provision for credit losses ***************************************************************** 669.6 1,254.0 1,349.0
Net interest income after provision for credit losses ******************************************* 6,441.7 5,935.3 5,465.3
Noninterest Income
Credit and debit card revenue************************************************************** 649.3 560.7 517.0
Corporate payment products revenue ******************************************************* 406.8 361.3 325.7
ATM processing services ****************************************************************** 175.3 165.9 160.6
Merchant processing services ************************************************************** 674.6 561.4 567.3
Trust and investment management fees ***************************************************** 981.2 953.9 892.1
Deposit service charges ******************************************************************* 806.4 715.8 690.3
Treasury management fees **************************************************************** 466.7 466.3 416.9
Commercial products revenue************************************************************** 432.2 400.5 479.2
Mortgage banking revenue **************************************************************** 397.3 367.1 330.2
Investment products fees and commissions************************************************** 156.0 144.9 132.7
Securities gains (losses), net *************************************************************** (104.9) 244.8 299.9
Other *********************************************************************************** 478.3 370.4 398.8
Total noninterest income ************************************************************ 5,519.2 5,313.0 5,210.7
Noninterest Expense
Compensation *************************************************************************** 2,252.2 2,176.8 2,167.5
Employee benefits ************************************************************************ 389.4 328.4 317.5
Net occupancy and equipment************************************************************* 630.8 643.7 658.7
Professional services********************************************************************** 148.9 143.4 129.7
Marketing and business development ******************************************************* 193.5 180.3 171.4
Technology and communications *********************************************************** 429.6 417.4 392.1
Postage, printing and supplies ************************************************************* 248.4 245.6 243.2
Other intangibles ************************************************************************* 550.1 682.4 553.0
Merger and restructuring-related charges **************************************************** — 46.2 321.2
Debt prepayment************************************************************************* 154.8 — (.2)
Other *********************************************************************************** 786.8 732.7 786.4
Total noninterest expense *********************************************************** 5,784.5 5,596.9 5,740.5
Income from continuing operations before income taxes *************************************** 6,176.4 5,651.4 4,935.5
Applicable income taxes******************************************************************* 2,009.6 1,941.3 1,707.5
Income from continuing operations ********************************************************* 4,166.8 3,710.1 3,228.0
Income (loss) from discontinued operations (after-tax) ***************************************** — 22.5 (22.7)
Cumulative effect of accounting change (after-tax) ******************************************** — — (37.2)
Net income****************************************************************************** $4,166.8 $3,732.6 $3,168.1
Earnings Per Share
Income from continuing operations ****************************************************** $ 2.21 $ 1.93 $ 1.68
Discontinued operations**************************************************************** — .01 (.01)
Cumulative effect of accounting change ************************************************** — — (.02)
Net income ************************************************************************** $ 2.21 $ 1.94 $ 1.65
Diluted Earnings Per Share
Income from continuing operations ****************************************************** $ 2.18 $ 1.92 $ 1.68
Discontinued operations**************************************************************** — .01 (.01)
Cumulative effect of accounting change ************************************************** — — (.02)
Net income ************************************************************************** $ 2.18 $ 1.93 $ 1.65
Dividends declared per share ************************************************************** $ 1.020 $ .855 $ .780
Average common shares outstanding ******************************************************* 1,887.1 1,923.7 1,916.0
Average diluted common shares outstanding************************************************* 1,912.9 1,936.2 1,924.8
See Notes to Consolidated Financial Statements.
U.S. BANCORP 65