US Bank 2013 Annual Report Download - page 36

TABLE 14 Deposits
The composition of deposits was as follows:
2013 2012 2011 2010 2009
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 .... $ 76,941 29.4% $ 74,172 29.8% $ 68,579 29.7% $ 45,314 22.2% $ 38,186 20.8%
Interest-bearing deposits
Interest checking .............. 52,140 19.9 50,430 20.2 45,933 19.9 43,183 21.2 38,436 21.0
Money market savings ........ 59,772 22.8 50,987 20.5 45,854 19.9 46,855 22.9 40,848 22.3
Savings accounts ............. 32,469 12.4 30,811 12.4 28,018 12.1 24,260 11.9 16,885 9.2
Total of savings deposits ... 144,381 55.1 132,228 53.1 119,805 51.9 114,298 56.0 96,169 52.5
Time certificates of deposit less
than $100,000 ................. 11,784 4.5 13,744 5.5 14,952 6.5 15,083 7.4 18,966 10.4
Time deposits greater than
$100,000
Domestic ...................... 9,527 3.6 12,148 4.8 12,583 5.4 12,330 6.0 16,858 9.2
Foreign ........................ 19,490 7.4 16,891 6.8 14,966 6.5 17,227 8.4 13,063 7.1
Total interest-bearing
deposits .................. 185,182 70.6 175,011 70.2 162,306 70.3 158,938 77.8 145,056 79.2
Total deposits ................. $262,123 100.0% $249,183 100.0% $230,885 100.0% $204,252 100.0% $183,242 100.0%
The maturity of time deposits was as follows:
At December 31, 2013 (Dollars in Millions)
Certificates
Less Than $100,000
Time Deposits
Greater Than $100,000 Total
Three months or less ........................................................................ $ 2,246 $21,372 $23,618
Three months through six months........................................................... 1,519 1,495 3,014
Six months through one year ............................................................... 2,025 1,372 3,397
2015 ........................................................................................ 3,364 2,431 5,795
2016 ........................................................................................ 1,275 1,203 2,478
2017 ........................................................................................ 718 662 1,380
2018 ........................................................................................ 633 459 1,092
Thereafter ................................................................................... 42327
Total ...................................................................................... $11,784 $29,017 $40,801
In December 2013, U.S. banking regulators approved
final rules that prohibit banks from holding certain types of
investments, such as investments in hedge and private
equity funds. The Company does not anticipate the
implementation of these final rules will require any significant
liquidation of securities held or impairment charges.
Refer to Notes 4 and 21 in the Notes to Consolidated
Financial Statements for further information on investment
securities.
Deposits Total deposits were $262.1 billion at
December 31, 2013, compared with $249.2 billion at
December 31, 2012. The $12.9 billion (5.2 percent) increase
in total deposits reflected organic growth in core deposits
due to the overall “flight-to-quality” by customers, particularly
in light of the expiration of unlimited insurance on
noninterest-bearing transaction accounts and uncertainty
about the United States Congress raising the domestic debt
ceiling. Average total deposits increased $14.7 billion (6.3
percent) over 2012 due to increases in noninterest-bearing
and total savings account balances.
Noninterest-bearing deposits at December 31, 2013,
increased $2.8 billion (3.7 percent) over December 31,
2012, reflecting growth in Wholesale Banking and
Commercial Real Estate balances. Average noninterest-
bearing deposits increased $1.8 billion (2.6 percent) in
2013, compared with 2012, primarily due to higher average
Consumer and Small Business Banking balances.
Interest-bearing savings deposits increased
$12.2 billion (9.2 percent) at December 31, 2013, compared
with December 31, 2012. The increase related to money
market savings, interest checking and savings account
balances. The $8.8 billion (17.2 percent) increase in money
market savings account balances was primarily due to
higher Wholesale Banking and Commercial Real Estate and
Wealth Management and Securities Services balances. The
$1.7 billion (3.4 percent) increase in interest checking
account balances was primarily due to higher Consumer
and Small Business Banking and corporate trust balances,
partially offset by lower broker-dealer balances. The
$1.7 billion (5.4 percent) increase in savings account
balances reflected continued strong participation in a
34 U.S. BANCORP