US Bank 2007 Annual Report Download - page 112

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U.S. Bancorp
Quarterly Consolidated Financial Data
(Dollars in Millions, Except Per Share Data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
2007 2006
Interest Income
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,578 $2,616 $2,703 $2,730 $2,307 $2,425 $2,545 $2,596
Loans held for sale. . . . . . . . . . . . . . . . . . . . . . . . . . . 59 70 76 72 51 57 64 64
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . 516 516 522 541 490 500 500 511
Other interest income . . . . . . . . . . . . . . . . . . . . . . . . . 34 34 33 36 43 36 40 34
Total interest income . . . . . . . . . . . . . . . . . . . . . 3,187 3,236 3,334 3,379 2,891 3,018 3,149 3,205
Interest Expense
Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 675 663 694 722 503 578 640 668
Short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . 328 379 374 352 270 270 321 342
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 562 599 564 403 484 528 515
Total interest expense . . . . . . . . . . . . . . . . . . . . 1,538 1,604 1,667 1,638 1,176 1,332 1,489 1,525
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . 1,649 1,632 1,667 1,741 1,715 1,686 1,660 1,680
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . 177 191 199 225 115 125 135 169
Net interest income after provision for credit losses . . . . . 1,472 1,441 1,468 1,516 1,600 1,561 1,525 1,511
Noninterest Income
Credit and debit card revenue . . . . . . . . . . . . . . . . . . . 205 228 235 281 182 202 206 210
Corporate payment products revenue . . . . . . . . . . . . . . 145 157 164 165 127 139 150 141
ATM processing services. . . . . . . . . . . . . . . . . . . . . . . 59 62 62 62 59 61 63 60
Merchant processing services . . . . . . . . . . . . . . . . . . . 250 285 287 279 213 253 253 244
Trust and investment management fees . . . . . . . . . . . . . 322 342 331 344 297 314 305 319
Deposit service charges . . . . . . . . . . . . . . . . . . . . . . . 243 272 271 272 232 264 268 259
Treasury management fees . . . . . . . . . . . . . . . . . . . . . 111 126 118 117 107 116 111 107
Commercial products revenue . . . . . . . . . . . . . . . . . . . 100 105 107 121 104 107 100 104
Mortgage banking revenue . . . . . . . . . . . . . . . . . . . . . 67 68 76 48 24 75 68 25
Investment products fees and commissions . . . . . . . . . . 34 38 36 38 38 42 34 36
Securities gains (losses), net . . . . . . . . . . . . . . . . . . . . 1 3 7 4 – 3 – 11
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 169 150 46 231 179 190 213
Total noninterest income . . . . . . . . . . . . . . . . . . 1,696 1,855 1,844 1,777 1,614 1,755 1,748 1,729
Noninterest Expense
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635 659 656 690 633 627 632 621
Employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . 133 123 119 119 133 123 123 102
Net occupancy and equipment . . . . . . . . . . . . . . . . . . . 165 171 175 175 165 161 168 166
Professional services . . . . . . . . . . . . . . . . . . . . . . . . . 47 59 56 71 35 41 54 69
Marketing and business development . . . . . . . . . . . . . . 48 64 66 64 40 58 58 61
Technology and communications . . . . . . . . . . . . . . . . . 125 126 127 134 117 127 128 133
Postage, printing and supplies . . . . . . . . . . . . . . . . . . . 69 71 70 73 66 66 66 67
Other intangibles . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 95 94 93 85 89 89 92
Debt prepayment . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – – – 11 – 22
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229 272 380 515 226 227 220 279
Total noninterest expense. . . . . . . . . . . . . . . . . . 1,545 1,640 1,743 1,934 1,500 1,530 1,538 1,612
Income before income taxes . . . . . . . . . . . . . . . . . . . . 1,623 1,656 1,569 1,359 1,714 1,786 1,735 1,628
Applicable income taxes . . . . . . . . . . . . . . . . . . . . . . . 493 500 473 417 561 585 532 434
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,130 $1,156 $1,096 $ 942 $1,153 $1,201 $1,203 $1,194
Net income applicable to common equity . . . . . . . . . . . . $1,115 $1,141 $1,081 $ 927 $1,153 $1,184 $1,187 $1,179
Earnings per common share . . . . . . . . . . . . . . . . . . . . $ .64 $ .66 $ .63 $ .54 $ .64 $ .66 $ .67 $ .67
Diluted earnings per common share . . . . . . . . . . . . . . . $ .63 $ .65 $ .62 $ .53 $ .63 $ .66 $ .66 $ .66
110 U.S. BANCORP