US Bank 2014 Annual Report Download - page 40

TABLE 14 DEPOSITS
The composition of deposits was as follows:
2014 2013 2012 2011 2010
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........ $ 77,323 27.3% $ 76,941 29.4% $ 74,172 29.8% $ 68,579 29.7% $ 45,314 22.2%
Interest-bearing deposits
Interest checking ................. 55,058 19.5 52,140 19.9 50,430 20.2 45,933 19.9 43,183 21.2
Money market savings ............ 76,536 27.1 59,772 22.8 50,987 20.5 45,854 19.9 46,855 22.9
Savings accounts ................. 35,249 12.4 32,469 12.4 30,811 12.4 28,018 12.1 24,260 11.9
Total of savings deposits ....... 166,843 59.0 144,381 55.1 132,228 53.1 119,805 51.9 114,298 56.0
Time deposits less than $100,000 .... 10,609 3.8 11,784 4.5 13,744 5.5 14,952 6.5 15,083 7.4
Time deposits greater than $100,000
Domestic.......................... 10,636 3.8 9,527 3.6 12,148 4.8 12,583 5.4 12,330 6.0
Foreign ........................... 17,322 6.1 19,490 7.4 16,891 6.8 14,966 6.5 17,227 8.4
Total interest-bearing
deposits ..................... 205,410 72.7 185,182 70.6 175,011 70.2 162,306 70.3 158,938 77.8
Total deposits ..................... $282,733 100.0% $262,123 100.0% $249,183 100.0% $230,885 100.0% $204,252 100.0%
The maturity of time deposits was as follows:
Time Deposits
Less Than $100,000
Time Deposits Greater Than $100,000
At December 31, 2014 (Dollars in Millions) Domestic Foreign Total
Three months or less ........................................................ $ 1,970 $ 3,333 $17,286 $22,589
Three months through six months ........................................... 1,573 2,092 11 3,676
Six months through one year ................................................ 2,413 1,724 15 4,152
2016 ......................................................................... 2,243 1,578 10 3,831
2017 ......................................................................... 991 981 – 1,972
2018 ......................................................................... 723 419 – 1,142
2019 ......................................................................... 693 503 – 1,196
Thereafter ................................................................... 36 –9
Total ...................................................................... $10,609 $10,636 $17,322 $38,567
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 5 and 22 in the Notes to Consolidated
Financial Statements for further information on investment
securities.
Deposits Total deposits were $282.7 billion at December 31,
2014, compared with $262.1 billion at December 31, 2013.
The $20.6 billion (7.9 percent) increase in total deposits
reflected organic growth in core deposits and the Charter
One acquisition. Average total deposits in 2014 increased
$16.2 billion (6.5 percent) over 2013 due to increases in total
savings deposits and noninterest-bearing deposits, including
those obtained in the Charter One acquisition, partially offset
byadecreaseintimedeposits.
Noninterest-bearing deposits at December 31, 2014,
increased $382 million (.5 percent) over December 31, 2013,
primarily due to higher Wholesale Banking and Commercial
Real Estate, and Consumer and Small Business Banking
balances, including the Charter One acquisition. Average
noninterest-bearing deposits increased $4.4 billion (6.4
percent) in 2014, compared with 2013, reflecting growth in
Consumer and Small Business Banking, Wholesale Banking
and Commercial Real Estate, and Wealth Management and
Securities Services, as well as the impact of the Charter One
acquisition.
Interest-bearing savings deposits increased
$22.5 billion (15.6 percent) at December 31, 2014, compared
with December 31, 2013. The increase related to higher
money market, savings account and interest checking
balances. Money market deposit balances increased $16.8
billion (28.0 percent) at December 31, 2014, compared with
December 31, 2013, primarily due to higher corporate trust,
broker-dealer, Wholesale Banking and Commercial Real
Estate, and Consumer and Small Business Banking
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