US Bank 2013 Annual Report Download - page 78

U.S. Bancorp
Consolidated Statement of Income
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2013 2012 2011
Interest Income
Loans ................................................................................................... $10,277 $10,558 $10,370
Loans held for sale ..................................................................................... 203 282 200
Investment securities ................................................................................... 1,631 1,792 1,820
Other interest income ................................................................................... 174 251 249
Total interest income .............................................................................. 12,285 12,883 12,639
Interest Expense
Deposits ................................................................................................ 561 691 840
Short-term borrowings .................................................................................. 353 442 531
Long-term debt ......................................................................................... 767 1,005 1,145
Total interest expense ............................................................................. 1,681 2,138 2,516
Net interest income ..................................................................................... 10,604 10,745 10,123
Provision for credit losses .............................................................................. 1,340 1,882 2,343
Net interest income after provision for credit losses .................................................... 9,264 8,863 7,780
Noninterest Income
Credit and debit card revenue ......................................................................... 965 892 1,073
Corporate payment products revenue .................................................................. 706 744 734
Merchant processing services ......................................................................... 1,458 1,395 1,355
ATM processing services............................................................................... 327 346 452
Trust and investment management fees ................................................................ 1,139 1,055 1,000
Deposit service charges ................................................................................ 670 653 659
Treasury management fees ............................................................................ 538 541 551
Commercial products revenue ......................................................................... 859 878 841
Mortgage banking revenue ............................................................................. 1,356 1,937 986
Investment products fees ............................................................................... 178 150 129
Securities gains (losses), net
Realized gains (losses), net.......................................................................... 23 59 4
Total other-than-temporary impairment .............................................................. (6) (62) (60)
Portion of other-than-temporary impairment recognized in other comprehensive income ........... (8) (12) 25
Total securities gains (losses), net ................................................................ 9 (15) (31)
Other ................................................................................................... 569 743 1,011
Total noninterest income .......................................................................... 8,774 9,319 8,760
Noninterest Expense
Compensation .......................................................................................... 4,371 4,320 4,041
Employee benefits ...................................................................................... 1,140 945 845
Net occupancy and equipment ........................................................................ 949 917 999
Professional services ................................................................................... 381 530 383
Marketing and business development .................................................................. 357 388 369
Technology and communications ...................................................................... 848 821 758
Postage, printing and supplies ......................................................................... 310 304 303
Other intangibles ....................................................................................... 223 274 299
Other ................................................................................................... 1,695 1,957 1,914
Total noninterest expense ......................................................................... 10,274 10,456 9,911
Income before income taxes ........................................................................... 7,764 7,726 6,629
Applicable income taxes ............................................................................... 2,032 2,236 1,841
Net income ............................................................................................. 5,732 5,490 4,788
Net (income) loss attributable to noncontrolling interests............................................... 104 157 84
Net income attributable to U.S. Bancorp ............................................................... $ 5,836 $ 5,647 $ 4,872
Net income applicable to U.S. Bancorp common shareholders ........................................ $ 5,552 $ 5,383 $ 4,721
Earnings per common share ........................................................................... $ 3.02 $ 2.85 $ 2.47
Diluted earnings per common share ................................................................... $ 3.00 $ 2.84 $ 2.46
Dividends declared per common share ................................................................ $ .885 $ .780 $ .500
Average common shares outstanding .................................................................. 1,839 1,887 1,914
Average diluted common shares outstanding .......................................................... 1,849 1,896 1,923
See Notes to Consolidated Financial Statements.
76 U.S. BANCORP