US Bank 2015 Annual Report Download - page 153

U.S. Bancorp
Consolidated Statement of Income — Five-Year Summary (Unaudited)
Year Ended December 31 (Dollars in Millions) 2015 2014 2013 2012 2011
% Change
2015 v 2014
Interest Income
Loans ......................................... $10,059 $10,113 $10,277 $10,558 $10,370 (.5)%
Loans held for sale .............................. 206 128 203 282 200 60.9
Investment securities ............................. 2,001 1,866 1,631 1,792 1,820 7.2
Other interest income ............................ 136 121 174 251 249 12.4
Total interest income ........................... 12,402 12,228 12,285 12,883 12,639 1.4
Interest Expense
Deposits ....................................... 457 465 561 691 840 (1.7)
Short-term borrowings ........................... 245 263 353 442 531 (6.8)
Long-term debt ................................. 699 725 767 1,005 1,145 (3.6)
Total interest expense .......................... 1,401 1,453 1,681 2,138 2,516 (3.6)
Net interest income .............................. 11,001 10,775 10,604 10,745 10,123 2.1
Provision for credit losses ......................... 1,132 1,229 1,340 1,882 2,343 (7.9)
Net interest income after provision for credit losses .... 9,869 9,546 9,264 8,863 7,780 3.4
Noninterest Income
Credit and debit card revenue ..................... 1,070 1,021 965 892 1,073 4.8
Corporate payment products revenue ............... 708 724 706 744 734 (2.2)
Merchant processing services ..................... 1,547 1,511 1,458 1,395 1,355 2.4
ATM processing services ......................... 318 321 327 346 452 (.9)
Trust and investment management fees ............. 1,321 1,252 1,139 1,055 1,000 5.5
Deposit service charges .......................... 702 693 670 653 659 1.3
Treasury management fees ....................... 561 545 538 541 551 2.9
Commercial products revenue ..................... 867 854 859 878 841 1.5
Mortgage banking revenue ........................ 906 1,009 1,356 1,937 986 (10.2)
Investment products fees ......................... 185 191 178 150 129 (3.1)
Securities gains (losses), net ....................... – 3 9 (15) (31) *
Other ......................................... 907 1,040 569 743 1,011 (12.8)
Total noninterest income ........................ 9,092 9,164 8,774 9,319 8,760 (.8)
Noninterest Expense
Compensation .................................. 4,812 4,523 4,371 4,320 4,041 6.4
Employee benefits ............................... 1,167 1,041 1,140 945 845 12.1
Net occupancy and equipment .................... 991 987 949 917 999 .4
Professional services ............................. 423 414 381 530 383 2.2
Marketing and business development ............... 361 382 357 388 369 (5.5)
Technology and communications ................... 887 863 848 821 758 2.8
Postage, printing and supplies ..................... 297 328 310 304 303 (9.5)
Other intangibles ................................ 174 199 223 274 299 (12.6)
Other ......................................... 1,819 1,978 1,695 1,957 1,914 (8.0)
Total noninterest expense ....................... 10,931 10,715 10,274 10,456 9,911 2.0
Income before income taxes ...................... 8,030 7,995 7,764 7,726 6,629 .4
Applicable income taxes .......................... 2,097 2,087 2,032 2,236 1,841 .5
Net income .................................... 5,933 5,908 5,732 5,490 4,788 .4
Net (income) loss attributable to noncontrolling
interests ..................................... (54) (57) 104 157 84 5.3
Net income attributable to U.S. Bancorp ............. $ 5,879 $ 5,851 $ 5,836 $ 5,647 $ 4,872 .5
Net income applicable to U.S. Bancorp common
shareholders ................................. $ 5,608 $ 5,583 $ 5,552 $ 5,383 $ 4,721 .4
* Not meaningful
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