US Bank 2006 Annual Report Download - page 67

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U.S. Bancorp
Consolidated Statement of Income
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2006 2005 2004
INTEREST INCOME
Loans *************************************************************************************** $ 9,873 $ 8,306 $7,125
Loans held for sale***************************************************************************** 236 181 134
Investment securities *************************************************************************** 2,001 1,954 1,827
Other interest income *************************************************************************** 153 110 100
Total interest income ********************************************************************* 12,263 10,551 9,186
INTEREST EXPENSE
Deposits ************************************************************************************* 2,389 1,559 904
Short-term borrowings ************************************************************************** 1,203 690 263
Long-term debt******************************************************************************** 1,930 1,247 908
Total interest expense ******************************************************************** 5,522 3,496 2,075
Net interest income **************************************************************************** 6,741 7,055 7,111
Provision for credit losses *********************************************************************** 544 666 669
Net interest income after provision for credit losses ************************************************** 6,197 6,389 6,442
NONINTEREST INCOME
Credit and debit card revenue ******************************************************************** 800 713 649
Corporate payment products revenue ************************************************************** 557 488 407
ATM processing services ************************************************************************ 243 229 175
Merchant processing services ******************************************************************** 963 770 675
Trust and investment management fees ************************************************************ 1,235 1,009 981
Deposit service charges ************************************************************************* 1,023 928 807
Treasury management fees*********************************************************************** 441 437 467
Commercial products revenue ******************************************************************** 415 400 432
Mortgage banking revenue *********************************************************************** 192 432 397
Investment products fees and commissions ********************************************************* 150 152 156
Securities gains (losses), net ********************************************************************* 14 (106) (105)
Other **************************************************************************************** 813 593 478
Total noninterest income ****************************************************************** 6,846 6,045 5,519
NONINTEREST EXPENSE
Compensation ********************************************************************************* 2,513 2,383 2,252
Employee beneļ¬ts****************************************************************************** 481 431 389
Net occupancy and equipment ******************************************************************** 660 641 631
Professional services *************************************************************************** 199 166 149
Marketing and business development ************************************************************** 217 235 194
Technology and communications ****************************************************************** 505 466 430
Postage, printing and supplies******************************************************************** 265 255 248
Other intangibles******************************************************************************* 355 458 550
Debt prepayment******************************************************************************* 33 54 155
Other **************************************************************************************** 952 774 787
Total noninterest expense ***************************************************************** 6,180 5,863 5,785
Income before income taxes ********************************************************************* 6,863 6,571 6,176
Applicable income taxes ************************************************************************* 2,112 2,082 2,009
Net income *********************************************************************************** $ 4,751 $ 4,489 $4,167
Net income applicable to common equity *********************************************************** $ 4,703 $ 4,489 $4,167
PER COMMON SHARE
Earnings per common share ********************************************************************* $ 2.64 $ 2.45 $ 2.21
Diluted earnings per common share *************************************************************** $ 2.61 $ 2.42 $ 2.18
Dividends declared per common share ************************************************************* $ 1.39 $ 1.23 $ 1.02
Average common shares outstanding ************************************************************** 1,778 1,831 1,887
Average diluted common shares outstanding ******************************************************** 1,804 1,857 1,913
See Notes to Consolidated Financial Statements.
U.S. BANCORP 65