US Bank 2011 Annual Report Download - page 35

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TABLE 14 Deposits
The composition of deposits was as follows:
2011 2010 2009 2008 2007
At December 31 (Dollars in Millions) Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total
Noninterest-bearing deposits . . . $ 68,579 29.7% $ 45,314 22.2% $ 38,186 20.8% $ 37,494 23.5% $ 33,334 25.4%
Interest-bearing deposits
Interest checking ............. 45,933 19.9 43,183 21.2 38,436 21.0 32,254 20.2 28,996 22.1
Money market savings ....... 45,854 19.9 46,855 22.9 40,848 22.3 26,137 16.4 24,301 18.5
Savings accounts ............ 28,018 12.1 24,260 11.9 16,885 9.2 9,070 5.7 5,001 3.8
Total of savings
deposits ................. 119,805 51.9 114,298 56.0 96,169 52.5 67,461 42.3 58,298 44.4
Time certificates of deposit less
than $100,000 ................ 14,952 6.5 15,083 7.4 18,966 10.4 18,425 11.7 14,160 10.8
Time deposits greater than
$100,000
Domestic ..................... 12,583 5.4 12,330 6.0 16,858 9.2 20,791 13.0 15,351 11.7
Foreign ....................... 14,966 6.5 17,227 8.4 13,063 7.1 15,179 9.5 10,302 7.8
Total interest-bearing
deposits ................. 162,306 70.3 158,938 77.8 145,056 79.2 121,856 76.5 98,111 74.6
Total deposits ................ $230,885 100.0% $204,252 100.0% $183,242 100.0% $159,350 100.0% $131,445 100.0%
The maturity of time deposits was as follows:
At December 31, 2011 (Dollars in Millions)
Certificates
Less Than $100,000
Time Deposits
Greater Than $100,000 Total
Three months or less ............................................................... $ 2,375 $17,103 $19,478
Three months through six months .................................................. 2,297 1,723 4,020
Six months through one year ....................................................... 2,885 2,305 5,190
2013 ................................................................................ 3,355 2,292 5,647
2014 ................................................................................ 1,908 1,506 3,414
2015 ................................................................................ 1,214 1,509 2,723
2016 ................................................................................ 912 1,029 1,941
Thereafter........................................................................... 6 82 88
Total ............................................................................. $14,952 $27,549 $42,501
banking and corporate trust balances, partially offset by lower
broker-dealer balances. The $1.0 billion (2.1 percent) decrease
in money market savings account balances was primarily due
to lower Consumer and Small Business Banking, and broker-
dealer balances, partially offset by higher Wealth
Management and Securities Services balances. Average
interest-bearing savings deposits in 2011 increased
$13.8 billion (13.7 percent), compared with 2010, primarily
due to growth in corporate and institutional trust balances,
including the impact of the securitization trust administration
acquisition, as well as an increase in Consumer and Small
Business Banking balances, partially offset by lower broker-
dealer balances.
Interest-bearing time deposits at December 31, 2011,
decreased $2.1 billion (4.8 percent), compared with
December 31, 2010, driven by decreases in both time
certificates of deposit less than $100,000 and time deposits
greater than $100,000. Time certificates of deposit less than
$100,000 decreased $131 million (.9 percent) at
December 31, 2011, compared with December 31, 2010, as a
result of decreases in Consumer and Small Business Banking
balances. Average time certificates of deposit less than
$100,000 in 2011 decreased $1.4 billion (8.4 percent),
compared with 2010, reflecting maturities and lower
renewals. Time deposits greater than $100,000 decreased $2.0
billion (6.8 percent) at December 31, 2011, compared with
December 31, 2010. Average time deposits greater than
$100,000 in 2011 increased $2.3 billion (8.5 percent),
compared with 2010 primarily due to the impact of the
securitization trust administration and FCB acquisitions.
During 2010, the Dodd-Frank Wall Street Reform and
Consumer Protection Act was signed into law, resulting in a
permanent increase in the statutory standard maximum
deposit insurance amount for domestic deposits to $250,000
per depositor. Domestic time deposits greater than $250,000
were $4.7 billion at December 31, 2011, compared with
$5.4 billion at December 31, 2010.
U.S. BANCORP 33