US Bank 2005 Annual Report Download - page 107

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U.S. BANCORP
CONSOLIDATED STATEMENT OF INCOME — FIVE-YEAR SUMMARY
% Change
Year Ended December 31 (Dollars in Millions) 2005 2004 2003 2002 2001 2005 v 2004
Interest Income
Loans***************************************************** $ 8,381 $7,168 $7,272 $ 7,743 $ 9,414 16.9%
Loans held for sale ***************************************** 106 91 202 171 147 16.5
Investment securities**************************************** 1,954 1,827 1,684 1,484 1,296 7.0
Other interest income *************************************** 110 100 100 96 90 10.0
Total interest income********************************** 10,551 9,186 9,258 9,494 10,947 14.9
Interest Expense
Deposits ************************************************** 1,559 904 1,097 1,485 2,828 72.5
Short-term borrowings ************************************** 690 263 167 223 476 *
Long-term debt ******************************************** 1,247 908 805 972 1,292 37.3
Total interest expense********************************* 3,496 2,075 2,069 2,680 4,596 68.5
Net interest income ***************************************** 7,055 7,111 7,189 6,814 6,351 (.8)
Provision for credit losses************************************ 666 669 1,254 1,349 2,529 (.4)
Net interest income after provision for credit losses ************* 6,389 6,442 5,935 5,465 3,822 (.8)
Noninterest Income
Credit and debit card revenue ******************************** 713 649 561 517 466 9.9
Corporate payment products revenue ************************* 488 407 361 326 298 19.9
ATM processing services ************************************ 229 175 166 161 153 30.9
Merchant processing services ******************************** 770 675 561 567 309 14.1
Trust and investment management fees *********************** 1,009 981 954 892 888 2.9
Deposit service charges ************************************* 928 807 716 690 645 15.0
Treasury management fees ********************************** 437 467 466 417 347 (6.4)
Commercial products revenue******************************** 400 432 401 479 437 (7.4)
Mortgage banking revenue*********************************** 432 397 367 330 234 8.8
Investment products fees and commissions ******************** 152 156 145 133 131 (2.6)
Securities gains (losses), net ********************************* (106) (105) 245 300 329 (1.0)
Other ***************************************************** 593 478 370 399 432 24.1
Total noninterest income ****************************** 6,045 5,519 5,313 5,211 4,669 9.5
Noninterest Expense
Compensation ********************************************* 2,383 2,252 2,177 2,167 2,037 5.8
Employee benefits ****************************************** 431 389 328 318 285 10.8
Net occupancy and equipment ******************************* 641 631 644 659 667 1.6
Professional services **************************************** 166 149 143 130 116 11.4
Marketing and business development ************************* 235 194 180 171 178 21.1
Technology and communications ***************************** 466 430 418 392 354 8.4
Postage, printing and supplies ******************************* 255 248 246 243 242 2.8
Goodwill ************************************************** ————237 —
Other intangibles ******************************************* 458 550 682 553 278 (16.7)
Debt prepayment******************************************* 54 155 — — 7 (65.2)
Other ***************************************************** 774 787 779 1,107 1,748 (1.7)
Total noninterest expense ***************************** 5,863 5,785 5,597 5,740 6,149 1.3
Income from continuing operations before income taxes ********* 6,571 6,176 5,651 4,936 2,342 6.4
Applicable income taxes************************************* 2,082 2,009 1,941 1,708 818 3.6
Income from continuing operations**************************** 4,489 4,167 3,710 3,228 1,524 7.7
Income (loss) from discontinued operations (after-tax)************ — — 23 (23) (45) —
Cumulative effect of accounting change (after-tax) ************** — — — (37) — —
Net income ************************************************ $ 4,489 $4,167 $3,733 $ 3,168 $ 1,479 7.7
* Not meaningful
U.S. BANCORP 105