US Bank 2014 Annual Report Download - page 84

U.S. Bancorp
Consolidated Statement of Income
Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) 2014 2013 2012
Interest Income
Loans ................................................................................................. $10,113 $10,277 $10,558
Loans held for sale ................................................................................... 128 203 282
Investment securities ................................................................................. 1,866 1,631 1,792
Other interest income................................................................................. 121 174 251
Total interest income ............................................................................ 12,228 12,285 12,883
Interest Expense
Deposits .............................................................................................. 465 561 691
Short-term borrowings ............................................................................... 263 353 442
Long-term debt ....................................................................................... 725 767 1,005
Total interest expense ........................................................................... 1,453 1,681 2,138
Net interest income ................................................................................... 10,775 10,604 10,745
Provision for credit losses ............................................................................ 1,229 1,340 1,882
Net interest income after provision for credit losses .................................................. 9,546 9,264 8,863
Noninterest Income
Credit and debit card revenue......................................................................... 1,021 965 892
Corporate payment products revenue ................................................................. 724 706 744
Merchant processing services ........................................................................ 1,511 1,458 1,395
ATM processing services ............................................................................. 321 327 346
Trust and investment management fees .............................................................. 1,252 1,139 1,055
Deposit service charges .............................................................................. 693 670 653
Treasury management fees ........................................................................... 545 538 541
Commercial products revenue ........................................................................ 854 859 878
Mortgage banking revenue............................................................................ 1,009 1,356 1,937
Investment products fees ............................................................................. 191 178 150
Securities gains (losses), net
Realized gains (losses), net ........................................................................ 11 23 59
Total other-than-temporary impairment ........................................................... (7) (6) (62)
Portion of other-than-temporary impairment recognized in other comprehensive income ......... (1) (8) (12)
Total securities gains (losses), net ............................................................... 3 9 (15)
Other ................................................................................................. 1,040 569 743
Total noninterest income ........................................................................ 9,164 8,774 9,319
Noninterest Expense
Compensation ........................................................................................ 4,523 4,371 4,320
Employee benefits .................................................................................... 1,041 1,140 945
Net occupancy and equipment ........................................................................ 987 949 917
Professional services ................................................................................. 414 381 530
Marketing and business development................................................................. 382 357 388
Technology and communications ..................................................................... 863 848 821
Postage, printing and supplies ........................................................................ 328 310 304
Other intangibles ..................................................................................... 199 223 274
Other ................................................................................................. 1,978 1,695 1,957
Total noninterest expense ....................................................................... 10,715 10,274 10,456
Income before income taxes .......................................................................... 7,995 7,764 7,726
Applicable income taxes .............................................................................. 2,087 2,032 2,236
Net income ........................................................................................... 5,908 5,732 5,490
Net (income) loss attributable to noncontrolling interests ............................................ (57) 104 157
Net income attributable to U.S. Bancorp .............................................................. $ 5,851 $ 5,836 $ 5,647
Net income applicable to U.S. Bancorp common shareholders ....................................... $ 5,583 $ 5,552 $ 5,383
Earnings per common share .......................................................................... $ 3.10 $ 3.02 $ 2.85
Diluted earnings per common share .................................................................. $ 3.08 $ 3.00 $ 2.84
Dividends declared per common share ............................................................... $ .965 $ .885 $ .780
Average common shares outstanding ................................................................. 1,803 1,839 1,887
Average diluted common shares outstanding ......................................................... 1,813 1,849 1,896
See Notes to Consolidated Financial Statements.
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