US Bank 2009 Annual Report Download - page 128

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(Dollars in Millions)
Average
Balances Interest
Yields
and Rates
Average
Balances Interest
Yields
and Rates
Year Ended December 31 2009 2008
Assets
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42,809 $ 1,770 4.13% $ 42,850 $ 2,160 5.04%
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,820 277 4.76 3,914 227 5.80
Loans (b)
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,827 2,074 3.93 54,307 2,702 4.98
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . . 33,751 1,453 4.30 31,110 1,771 5.69
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . . 24,481 1,380 5.64 23,257 1,419 6.10
Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,023 4,125 6.65 55,570 4,134 7.44
Total loans, excluding covered assets . . . . . . . . . . . . 173,082 9,032 5.22 164,244 10,026 6.10
Covered assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,723 578 4.54 1,308 61 4.68
Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,805 9,610 5.17 165,552 10,087 6.09
Other earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,853 91 3.20 2,730 156 5.71
Total earning assets . . . . . . . . . . . . . . . . . . . . . . . . 237,287 11,748 4.95 215,046 12,630 5.87
Allowance for loan losses . . . . . . . . . . . . . . . . . . . . . . . . . (4,451) (2,527)
Unrealized gain (loss) on available-for-sale securities . . . . . . . (1,594) (2,068)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,118 33,949
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $268,360 $244,400
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits . . . . . . . . . . . . . . . . . . . . . . . $ 37,856 $ 28,739
Interest-bearing deposits
Interest checking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,866 78 .21 31,137 251 .81
Money market savings. . . . . . . . . . . . . . . . . . . . . . . . . . 31,795 145 .46 26,300 330 1.25
Savings accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,109 71 .54 5,929 20 .34
Time certificates of deposit less than $100,000 . . . . . . . . . 17,879 461 2.58 13,583 472 3.47
Time deposits greater than $100,000 . . . . . . . . . . . . . . . . 30,296 447 1.48 30,496 808 2.65
Total interest-bearing deposits . . . . . . . . . . . . . . . . . 129,945 1,202 .93 107,445 1,881 1.75
Short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,149 551 1.89 38,237 1,144 2.99
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,520 1,279 3.50 39,250 1,739 4.43
Total interest-bearing liabilities . . . . . . . . . . . . . . . . . 195,614 3,032 1.55 184,932 4,764 2.58
Other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,869 7,405
Shareholders’ equity
Preferred equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,445 2,246
Common equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,862 20,324
Total U.S. Bancorp shareholders’ equity . . . . . . . . . . . . 26,307 22,570
Noncontrolling interests . . . . . . . . . . . . . . . . . . . . . . . . . 714 754
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,021 23,324
Total liabilities and equity . . . . . . . . . . . . . . . . . . . . $268,360 $244,400
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,716 $ 7,866
Gross interest margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.40% 3.29%
Gross interest margin without taxable-equivalent increments . . 3.32 3.23
Percent of Earning Assets
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.95% 5.87%
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.28 2.21
Net interest margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.67% 3.66%
Net interest margin without taxable-equivalent increments . . . . 3.59% 3.60%
* Not meaningful
(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.
(b) Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.
126 U.S. BANCORP
U.S. Bancorp
Consolidated Daily Average Balance Sheet and