US Bank 2014 Annual Report Download - page 153

U.S. Bancorp
Quarterly Consolidated Financial Data (Unaudited)
2014 2013
(Dollars in Millions, Except Per Share Data)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Interest Income
Loans ............................................ $2,522 $2,532 $2,518 $2,541 $2,562 $2,552 $2,568 $2,595
Loans held for sale .............................. 27 24 36 41 72 54 46 31
Investment securities ............................ 441 461 476 488 410 392 420 409
Other interest income ........................... 32 30 27 32 67 40 34 33
Total interest income ......................... 3,022 3,047 3,057 3,102 3,111 3,038 3,068 3,068
Interest Expense
Deposits ......................................... 119 114 115 117 155 144 134 128
Short-term borrowings .......................... 69 63 72 59 85 87 98 83
Long-term debt .................................. 184 181 178 182 218 191 178 180
Total interest expense ........................ 372 358 365 358 458 422 410 391
Net interest income.............................. 2,650 2,689 2,692 2,744 2,653 2,616 2,658 2,677
Provision for credit losses ....................... 306 324 311 288 403 362 298 277
Net interest income after provision for credit
losses ......................................... 2,344 2,365 2,381 2,456 2,250 2,254 2,360 2,400
Noninterest Income
Credit and debit card revenue ................... 239 259 251 272 214 244 244 263
Corporate payment products revenue............ 173 182 195 174 172 176 192 166
Merchant processing services ................... 356 384 387 384 347 373 371 367
ATM processing services ........................ 78 82 81 80 82 83 83 79
Trust and investment management fees ......... 304 311 315 322 278 284 280 297
Deposit service charges ......................... 157 171 185 180 153 160 180 177
Treasury management fees ...................... 133 140 136 136 134 140 134 130
Commercial products revenue ................... 205 221 209 219 200 209 207 243
Mortgage banking revenue ...................... 236 278 260 235 401 396 328 231
Investment products fees ........................ 46 47 49 49 41 46 46 45
Securities gains (losses), net .................... 5 – (3) 1 5 6 (3) 1
Other ............................................ 176 369 177 318 138 159 115 157
Total noninterest income ...................... 2,108 2,444 2,242 2,370 2,165 2,276 2,177 2,156
Noninterest Expense
Compensation ................................... 1,115 1,125 1,132 1,151 1,082 1,098 1,088 1,103
Employee benefits ............................... 289 257 250 245 310 277 278 275
Net occupancy and equipment ................... 249 241 249 248 235 234 240 240
Professional services ............................ 83 97 102 132 78 91 94 118
Marketing and business development ........... 79 96 78 129 73 96 85 103
Technology and communications ................ 211 214 219 219 211 214 214 209
Postage, printing and supplies ................... 81 80 81 86 76 78 76 80
Other intangibles ................................ 49 48 51 51 57 55 55 56
Other ............................................ 388 595 452 543 348 414 435 498
Total noninterest expense ..................... 2,544 2,753 2,614 2,804 2,470 2,557 2,565 2,682
Income before income taxes ..................... 1,908 2,056 2,009 2,022 1,945 1,973 1,972 1,874
Applicable income taxes ......................... 496 547 523 521 558 529 542 403
Net income ...................................... 1,412 1,509 1,486 1,501 1,387 1,444 1,430 1,471
Net (income) loss attributable to noncontrolling
interests ...................................... (15) (14) (15) (13) 41 40 38 (15)
Net income attributable to U.S. Bancorp ......... $1,397 $1,495 $1,471 $1,488 $1,428 $1,484 $1,468 $1,456
Net income applicable to U.S. Bancorp common
shareholders .................................. $1,331 $1,427 $1,405 $1,420 $1,358 $1,405 $1,400 $1,389
Earnings per common share ..................... $ .73 $ .79 $ .78 $ .79 $ .73 $ .76 $ .76 $ .76
Diluted earnings per common share ............. $ .73 $ .78 $ .78 $ .79 $ .73 $ .76 $ .76 $ .76
U.S. BANCORP The power of potential
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