US Bank 2006 Annual Report Download - page 106

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U.S. Bancorp
Consolidated Statement of Income — Five-Year Summary
% Change
Year Ended December 31 (Dollars in Millions) 2006 2005 2004 2003 2002 2006 v 2005
INTEREST INCOME
Loans ****************************************************** $ 9,873 $ 8,306 $7,125 $7,231 $ 7,691 18.9%
Loans held for sale ******************************************* 236 181 134 243 223 30.4
Investment securities****************************************** 2,001 1,954 1,827 1,684 1,484 2.4
Other interest income ***************************************** 153 110 100 100 96 39.1
Total interest income *********************************** 12,263 10,551 9,186 9,258 9,494 16.2
INTEREST EXPENSE
Deposits**************************************************** 2,389 1,559 904 1,097 1,485 53.2
Short-term borrowings **************************************** 1,203 690 263 167 223 74.3
Long-term debt ********************************************** 1,930 1,247 908 805 972 54.8
Total interest expense *********************************** 5,522 3,496 2,075 2,069 2,680 58.0
Net interest income ******************************************* 6,741 7,055 7,111 7,189 6,814 (4.5)
Provision for credit losses ************************************* 544 666 669 1,254 1,349 (18.3)
Net interest income after provision for credit losses ***************** 6,197 6,389 6,442 5,935 5,465 (3.0)
NONINTEREST INCOME
Credit and debit card revenue*********************************** 800 713 649 561 517 12.2
Corporate payment products revenue***************************** 557 488 407 361 326 14.1
ATM processing services*************************************** 243 229 175 166 161 6.1
Merchant processing services*********************************** 963 770 675 561 567 25.1
Trust and investment management fees *************************** 1,235 1,009 981 954 892 22.4
Deposit service charges *************************************** 1,023 928 807 716 690 10.2
Treasury management fees ************************************* 441 437 467 466 417 .9
Commercial products revenue*********************************** 415 400 432 401 479 3.8
Mortgage banking revenue ************************************* 192 432 397 367 330 (55.6)
Investment products fees and commissions *********************** 150 152 156 145 133 (1.3)
Securities gains (losses), net *********************************** 14 (106) (105) 245 300 *
Other ****************************************************** 813 593 478 370 399 37.1
Total noninterest income ******************************** 6,846 6,045 5,519 5,313 5,211 13.3
NONINTEREST EXPENSE
Compensation *********************************************** 2,513 2,383 2,252 2,177 2,167 5.5
Employee benefits ******************************************** 481 431 389 328 318 11.6
Net occupancy and equipment ********************************** 660 641 631 644 659 3.0
Professional services****************************************** 199 166 149 143 130 19.9
Marketing and business development***************************** 217 235 194 180 171 (7.7)
Technology and communications ******************************** 505 466 430 418 392 8.4
Postage, printing and supplies ********************************** 265 255 248 246 243 3.9
Other intangibles ********************************************* 355 458 550 682 553 (22.5)
Debt prepayment ********************************************* 33 54 155 – – (38.9)
Other ****************************************************** 952 774 787 779 1,107 23.0
Total noninterest expense ******************************** 6,180 5,863 5,785 5,597 5,740 5.4
Income from continuing operations before income taxes ************* 6,863 6,571 6,176 5,651 4,936 4.4
Applicable income taxes *************************************** 2,112 2,082 2,009 1,941 1,708 1.4
Income from continuing operations ****************************** 4,751 4,489 4,167 3,710 3,228 5.8
Discontinued operations (after-tax)******************************* – – – 23 (23) –
Cumulative effect of accounting change (after-tax) ****************** ––––(37) –
Net income ************************************************* $ 4,751 $ 4,489 $4,167 $3,733 $ 3,168 5.8
Net income applicable to common equity ************************* $ 4,703 $ 4,489 $4,167 $3,733 $ 3,168 4.8
* Not meaningful
104 U.S. BANCORP