US Bank 2011 Annual Report Download - page 73

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U.S. Bancorp
Consolidated Statement of Income
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2011 2010 2009
Interest Income
Loans ................................................................................................... $10,370 $10,145 $ 9,564
Loans held for sale ..................................................................................... 200 246 277
Investment securities ................................................................................... 1,820 1,601 1,606
Other interest income .................................................................................. 249 166 91
Total interest income .............................................................................. 12,639 12,158 11,538
Interest Expense
Deposits ................................................................................................ 840 928 1,202
Short-term borrowings ................................................................................. 531 548 539
Long-term debt ......................................................................................... 1,145 1,103 1,279
Total interest expense ............................................................................. 2,516 2,579 3,020
Net interest income ..................................................................................... 10,123 9,579 8,518
Provision for credit losses .............................................................................. 2,343 4,356 5,557
Net interest income after provision for credit losses .................................................... 7,780 5,223 2,961
Noninterest Income
Credit and debit card revenue .......................................................................... 1,073 1,091 1,055
Corporate payment products revenue .................................................................. 734 710 669
Merchant processing services .......................................................................... 1,355 1,253 1,148
ATM processing services ............................................................................... 452 423 410
Trust and investment management fees ................................................................ 1,000 1,080 1,168
Deposit service charges ................................................................................ 659 710 970
Treasury management fees ............................................................................. 551 555 552
Commercial products revenue ......................................................................... 841 771 615
Mortgage banking revenue ............................................................................. 986 1,003 1,035
Investment products fees and commissions ........................................................... 129 111 109
Securities gains (losses), net
Realized gains (losses), net .......................................................................... 4 13 147
Total other-than-temporary impairment .............................................................. (60) (157) (1,000)
Portion of other-than-temporary impairment recognized in other comprehensive income ........... 25 66 402
Total securities gains (losses), net ................................................................. (31) (78) (451)
Other ................................................................................................... 1,011 731 672
Total noninterest income ....................................................................... 8,760 8,360 7,952
Noninterest Expense
Compensation .......................................................................................... 4,041 3,779 3,135
Employee benefits ...................................................................................... 845 694 574
Net occupancy and equipment ......................................................................... 999 919 836
Professional services ................................................................................... 383 306 255
Marketing and business development .................................................................. 369 360 378
Technology and communications ...................................................................... 758 744 673
Postage, printing and supplies ......................................................................... 303 301 288
Other intangibles ....................................................................................... 299 367 387
Other ................................................................................................... 1,914 1,913 1,755
Total noninterest expense ......................................................................... 9,911 9,383 8,281
Income before income taxes ........................................................................... 6,629 4,200 2,632
Applicable income taxes ............................................................................... 1,841 935 395
Net income ............................................................................................. 4,788 3,265 2,237
Net (income) loss attributable to noncontrolling interests .............................................. 84 52 (32)
Net income attributable to U.S. Bancorp ............................................................... $ 4,872 $ 3,317 $ 2,205
Net income applicable to U.S. Bancorp common shareholders ........................................ $ 4,721 $ 3,332 $ 1,803
Earnings per common share ............................................................................ $ 2.47 $ 1.74 $ .97
Diluted earnings per common share .................................................................... $ 2.46 $ 1.73 $ .97
Dividends declared per common share ................................................................ $ .50 $ .20 $ .20
Average common shares outstanding .................................................................. 1,914 1,912 1,851
Average diluted common shares outstanding .......................................................... 1,923 1,921 1,859
See Notes to Consolidated Financial Statements.
U.S. BANCORP 71