US Bank 2015 Annual Report Download - page 150
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the Company has information to develop an estimate or range
of loss, the Company believes the upper end of reasonably
possible losses in aggregate, in excess of any reserves
established for matters where a loss is considered probable,
will not be material to its financial condition, results of
operations or cash flows. The Company’s estimates are
subject to significant judgment and uncertainties, and the
matters underlying the estimates will change from time to
time. Actual results may vary significantly from the current
estimates.
NOTE 24 U.S. BANCORP (PARENT COMPANY)
CONDENSED BALANCE SHEET
At December 31 (Dollars in Millions) 2015 2014
Assets
Due from banks, principally interest-bearing .............................................................. $ 9,426 $10,775
Available-for-sale securities ........................................................................... 352 464
Investments in bank subsidiaries ....................................................................... 41,708 39,599
Investments in nonbank subsidiaries .................................................................... 2,060 1,906
Advances to bank subsidiaries ......................................................................... 3,150 2,650
Advances to nonbank subsidiaries ...................................................................... 823 550
Other assets ....................................................................................... 983 1,762
Total assets ...................................................................................... $58,502 $57,706
Liabilities and Shareholders’ Equity
Short-term funds borrowed ........................................................................... $ 25 $ 177
Long-term debt ..................................................................................... 11,453 13,189
Other liabilities ...................................................................................... 893 861
Shareholders’ equity ................................................................................. 46,131 43,479
Total liabilities and shareholders’ equity ................................................................ $58,502 $57,706
CONDENSED STATEMENT OF INCOME
Year Ended December 31 (Dollars in Millions) 2015 2014 2013
Income
Dividends from bank subsidiaries ............................................................. $3,900 $3,850 $6,100
Dividends from nonbank subsidiaries .......................................................... 3 38 9
Interest from subsidiaries .................................................................... 120 123 118
Other income ............................................................................. 55 64 66
Total income ............................................................................ 4,078 4,075 6,293
Expense
Interest expense ........................................................................... 292 335 325
Other expense ............................................................................ 105 90 81
Total expense ........................................................................... 397 425 406
Income before income taxes and equity in undistributed income of subsidiaries ........................ 3,681 3,650 5,887
Applicable income taxes .................................................................... (207) (94) (88)
Income of parent company .................................................................. 3,888 3,744 5,975
Equity in undistributed income (losses) of subsidiaries ............................................. 1,991 2,107 (139)
Net income attributable to U.S. Bancorp ..................................................... $5,879 $5,851 $5,836
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