US Bank 2013 Annual Report Download - page 35

TABLE 13 Investment Securities
Available-for-Sale Held-to-Maturity
At December 31, 2013 (Dollars in Millions)
Amortized
Cost
Fair
Value
Weighted-
Average
Maturity
in Years
Weighted-
Average
Yield (e)
Amortized
Cost
Fair
Value
Weighted-
Average
Maturity
in Years
Weighted-
Average
Yield (e)
U.S. Treasury and Agencies
Maturing in one year or less ....................... $ 28 $ 28 .3 4.44% $ 1,811 $ 1,814 .2 1.01%
Maturing after one year through five years ........ 32 33 2.7 3.11 80 81 1.4 1.36
Maturing after five years through ten years ........ 347 331 8.1 2.59 1,163 1,085 8.5 2.05
Maturing after ten years ........................... 701 653 14.7 2.39 60 60 11.3 1.75
Total ............................................ $ 1,108 $ 1,045 11.9 2.52% $ 3,114 $ 3,040 3.6 1.42%
Mortgage-Backed Securities (a)
Maturing in one year or less ....................... $ 226 $ 231 .6 2.63% $ 9 $ 9 .6 2.77%
Maturing after one year through five years ........ 13,864 13,752 3.9 2.16 22,441 22,217 3.7 2.30
Maturing after five years through ten years ........ 16,000 16,007 5.9 1.91 12,424 12,159 5.7 1.66
Maturing after ten years ........................... 2,474 2,490 13.1 1.20 798 809 12.8 1.24
Total ............................................ $32,564 $32,480 5.5 1.97% $35,672 $35,194 4.6 2.05%
Asset-Backed Securities (a)
Maturing in one year or less ....................... $ – $ – – 7.65% $ – $ – – –%
Maturing after one year through five years ........ 272 282 4.1 1.31 11 14 3.4 .79
Maturing after five years through ten years ........ 364 371 7.6 2.57 4 4 7.1 .94
Maturing after ten years ........................... – – 17.6 5.15 1 9 20.8 .76
Total ............................................ $ 636 $ 653 6.1 2.03% $ 16 $ 27 5.0 .82%
Obligations of State and Political
Subdivisions (b) (c)
Maturing in one year or less ....................... $ 70 $ 70 .4 6.16% $ – $ – .4 7.48%
Maturing after one year through five years ........ 4,671 4,772 2.6 6.72 3 3 2.0 9.52
Maturing after five years through ten years ........ 445 438 6.6 5.80 2 2 7.3 7.85
Maturing after ten years ........................... 487 458 20.8 6.25 7 7 12.2 2.64
Total ............................................ $ 5,673 $ 5,738 4.5 6.60% $ 12 $ 12 8.9 5.02%
Other Debt Securities
Maturing in one year or less ....................... $ 6 $ 6 .2 1.16% $ 6 $ 6 .5 1.60%
Maturing after one year through five years ........ – – – – 76 76 1.9 1.12
Maturing after five years through ten years ........ – – – – 24 13 6.8 .98
Maturing after ten years ........................... 734 640 21.5 2.71 – – – –
Total ............................................ $ 740 $ 646 21.4 2.70% $ 106 $ 95 2.9 1.12%
Other Investments ............................ $ 338 $ 373 18.9 2.88% $ – $ – – –%
Total investment securities (d) ....................... $41,059 $40,935 6.0 2.64% $38,920 $38,368 4.5 2.00%
(a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities anticipating future prepayments.
(b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if
purchased at par or a discount.
(c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with
a fair value equal to or below par.
(d) The weighted-average maturity of the available-for-sale investment securities was 4.1 years at December 31, 2012, with a corresponding weighted-average yield of 2.93 percent. The weighted-
average maturity of the held-to-maturity investment securities was 3.3 years at December 31, 2012, with a corresponding weighted-average yield of 1.94 percent.
(e) Average yields are presented on a fully-taxable equivalent basis under a tax rate of 35 percent. Yields on available-for-sale and held-to-maturity investment securities are computed based on
amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Average yield and
maturity calculations exclude equity securities that have no stated yield or maturity.
2013 2012
At December 31 (Dollars in Millions)
Amortized
Cost
Percent
of Total
Amortized
Cost
Percent
of Total
U.S. Treasury and agencies ............................................................ $ 4,222 5.3% $ 4,365 5.9%
Mortgage-backed securities ............................................................ 68,236 85.3 61,019 83.1
Asset-backed securities ................................................................ 652 .8 637 .9
Obligations of state and political subdivisions .......................................... 5,685 7.1 6,079 8.3
Other debt securities and investments ................................................. 1,184 1.5 1,329 1.8
Total investment securities ........................................................... $79,979 100.0% $73,429 100.0%
U.S. BANCORP 33