US Bank 2014 Annual Report Download - page 152

U.S. Bancorp
Consolidated Statement of Income — Five-Year Summary (Unaudited)
Year Ended December 31 (Dollars in Millions) 2014 2013 2012 2011 2010
% Change
2014 v 2013
Interest Income
Loans ................................................. $10,113 $10,277 $10,558 $10,370 $10,145 (1.6)%
Loans held for sale ................................... 128 203 282 200 246 (36.9)
Investment securities ................................. 1,866 1,631 1,792 1,820 1,601 14.4
Other interest income ................................ 121 174 251 249 166 (30.5)
Total interest income .............................. 12,228 12,285 12,883 12,639 12,158 (.5)
Interest Expense
Deposits .............................................. 465 561 691 840 928 (17.1)
Short-term borrowings ............................... 263 353 442 531 548 (25.5)
Long-term debt ....................................... 725 767 1,005 1,145 1,103 (5.5)
Total interest expense ............................. 1,453 1,681 2,138 2,516 2,579 (13.6)
Net interest income................................... 10,775 10,604 10,745 10,123 9,579 1.6
Provision for credit losses ............................ 1,229 1,340 1,882 2,343 4,356 (8.3)
Net interest income after provision for credit
losses .............................................. 9,546 9,264 8,863 7,780 5,223 3.0
Noninterest Income
Credit and debit card revenue......................... 1,021 965 892 1,073 1,091 5.8
Corporate payment products revenue................. 724 706 744 734 710 2.5
Merchant processing services ........................ 1,511 1,458 1,395 1,355 1,253 3.6
ATM processing services ............................. 321 327 346 452 423 (1.8)
Trust and investment management fees .............. 1,252 1,139 1,055 1,000 1,080 9.9
Deposit service charges .............................. 693 670 653 659 710 3.4
Treasury management fees ........................... 545 538 541 551 555 1.3
Commercial products revenue ........................ 854 859 878 841 771 (.6)
Mortgage banking revenue ........................... 1,009 1,356 1,937 986 1,003 (25.6)
Investment products fees ............................. 191 178 150 129 111 7.3
Securities gains (losses), net ......................... 3 9 (15) (31) (78) (66.7)
Other ................................................. 1,040 569 743 1,011 731 82.8
Total noninterest income ........................... 9,164 8,774 9,319 8,760 8,360 4.4
Noninterest Expense
Compensation ........................................ 4,523 4,371 4,320 4,041 3,779 3.5
Employee benefits .................................... 1,041 1,140 945 845 694 (8.7)
Net occupancy and equipment ........................ 987 949 917 999 919 4.0
Professional services ................................. 414 381 530 383 306 8.7
Marketing and business development ................ 382 357 388 369 360 7.0
Technology and communications ..................... 863 848 821 758 744 1.8
Postage, printing and supplies ........................ 328 310 304 303 301 5.8
Other intangibles ..................................... 199 223 274 299 367 (10.8)
Other ................................................. 1,978 1,695 1,957 1,914 1,913 16.7
Total noninterest expense .......................... 10,715 10,274 10,456 9,911 9,383 4.3
Income before income taxes .......................... 7,995 7,764 7,726 6,629 4,200 3.0
Applicable income taxes .............................. 2,087 2,032 2,236 1,841 935 2.7
Net income ........................................... 5,908 5,732 5,490 4,788 3,265 3.1
Net (income) loss attributable to noncontrolling
interests ........................................... (57) 104 157 84 52 *
Net income attributable to U.S. Bancorp .............. $ 5,851 $ 5,836 $ 5,647 $ 4,872 $ 3,317 .3
Net income applicable to U.S. Bancorp common
shareholders ....................................... $ 5,583 $ 5,552 $ 5,383 $ 4,721 $ 3,332 .6
* Not meaningful
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