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Consolidated Financial Statements and Notes Table of

Contents

Consolidated Financial Statements

Consolidated Balance Sheet ............................................................................................................ 75

Consolidated Statement of Income ...................................................................................................... 76

Consolidated Statement of Comprehensive Income ..................................................................................... 77

Consolidated Statement of Shareholders’ Equity ........................................................................................ 78

Consolidated Statement of Cash Flows .................................................................................................. 79

Notes to Consolidated Financial Statements

Note 1 — Significant Accounting Policies ............................................................................................... 80

Note 2 — Business Combinations and Divestitures ..................................................................................... 88

Note 3 — Restrictions on Cash and Due From Banks ................................................................................... 88

Note 4 — Investment Securities ......................................................................................................... 89

Note 5 — Loans and Allowance for Credit Losses ...................................................................................... 93

Note 6 — Leases ........................................................................................................................ 101

Note 7 — Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities .................................... 102

Note 8 — Premises and Equipment ..................................................................................................... 103

Note 9 — Mortgage Servicing Rights .................................................................................................... 103

Note 10 — Intangible Assets ............................................................................................................ 105

Note 11 — Short-Term Borrowings ...................................................................................................... 106

Note 12 — Long-Term Debt ............................................................................................................. 106

Note 13 — Junior Subordinated Debentures ............................................................................................ 107

Note 14 — Shareholders’ Equity ......................................................................................................... 107

Note 15 — Earnings Per Share .......................................................................................................... 111

Note 16 — Employee Benefits ........................................................................................................... 112

Note 17 — Stock-Based Compensation ................................................................................................. 117

Note 18 — Income Taxes ................................................................................................................ 119

Note 19 — Derivative Instruments ....................................................................................................... 120

Note 20 — Netting Arrangements for Certain Financial Instruments ..................................................................... 125

Note 21 — Fair Values of Assets and Liabilities ......................................................................................... 126

Note 22 — Guarantees and Contingent Liabilities ....................................................................................... 135

Note 23 — U.S. Bancorp (Parent Company) ............................................................................................ 139

Note 24 — Subsequent Events .......................................................................................................... 140

74 U.S. BANCORP