US Bank 2005 Annual Report Download - page 33

compared with 4.43 percent at December 31, 2004. The deposits related to corporate business deposits, mortgage
average maturity of the available-for-sale portfolio increased banking businesses and government banking deposits in the
to 6.10 years at December 31, 2005, up from 4.45 years at Wholesale Banking business line relative to a year ago.
December 31, 2004. The relative mix of the type of Corporate business deposits increased due to new customer
investment securities maintained in the portfolio is provided relationships and business customers utilizing less of their
in Table 11. At December 31, 2005, the available-for-sale deposit liquidity to fund business growth. Average
portfolio included a $662 million net unrealized loss, noninterest-bearing deposits in 2005 decreased $.6 billion
compared with a net unrealized loss of $271 million at (2.0 percent), compared with 2004.
December 31, 2004. Interest-bearing savings deposits decreased $2.6 billion
(4.3 percent) at December 31, 2005, compared with
Deposits Total deposits were $124.7 billion at December 31, 2004. The decrease was primarily due to a
December 31, 2005, compared with $120.7 billion at decrease in money market savings accounts. The
December 31, 2004, resulting from increases in time $2.5 billion (8.3 percent) decrease in money market savings
deposits greater than $100,000, time certificates of deposit account balances reflected the Company’s deposit pricing
less than $100,000 and noninterest-bearing deposits, decisions in selected markets, given excess customer
partially offset by a decrease in money market savings liquidity throughout 2004 and a migration of some
accounts. Average total deposits in 2005 increased customer balances to time deposits greater than $100,000
$4.8 billion (4.1 percent) from 2004, reflecting growth in as rates increased on time deposit products. Average
average time deposits greater than $100,000 and interest interest-bearing savings deposits in 2005 decreased
checking accounts. The increases in these categories were $1.7 billion (2.9 percent), compared with 2004, primarily
offset somewhat by lower average money market savings driven by a reduction in money market savings account
account balances and lower noninterest-bearing deposits. balances of $3.5 billion (10.8 percent) offset by higher
Noninterest-bearing deposits at December 31, 2005, interest checking account balances of $1.9 billion
increased $1.5 billion (4.7 percent) from December 31, (8.8 percent).
2004. The increase was primarily attributable to increasing
DEPOSITS
The composition of deposits was as follows:
2005 2004 2003 2002 2001
Percent Percent Percent Percent Percent
December 31 (Dollars in Millions) Amount of Total Amount of Total Amount of Total Amount of Total Amount of Total
Noninterest-bearing deposits***************** $ 32,214 25.8% $ 30,756 25.5% $ 32,470 27.3% $ 35,106 30.4% $ 31,212 29.7%
Interest-bearing deposits
Interest checking************************ 23,274 18.7 23,186 19.2 21,404 18.0 17,467 15.1 15,251 14.5
Money market savings******************* 27,934 22.4 30,478 25.2 34,025 28.6 27,753 24.0 24,835 23.6
Savings accounts *********************** 5,602 4.5 5,728 4.8 5,630 4.7 5,021 4.4 4,637 4.4
Total of savings deposits ************* 56,810 45.6 59,392 49.2 61,059 51.3 50,241 43.5 44,723 42.5
Time certificates of deposit less than $100,000 *** 13,214 10.6 12,544 10.4 13,690 11.5 17,973 15.5 20,724 19.7
Time deposits greater than $100,000
Domestic ****************************** 14,341 11.5 11,956 9.9 5,902 4.9 9,427 8.2 7,286 6.9
Foreign ******************************** 8,130 6.5 6,093 5.0 5,931 5.0 2,787 2.4 1,274 1.2
Total interest-bearing deposits********* 92,495 74.2 89,985 74.5 86,582 72.7 80,428 69.6 74,007 70.3
Total deposits ************************** $124,709 100.0% $120,741 100.0% $119,052 100.0% $115,534 100.0% $105,219 100.0%
The maturity of time certificates of deposit less than $100,000 and time deposits greater than $100,000 was as follows:
Time Certificates of Time Deposits
December 31, 2005 (Dollars in Millions) Deposit Less Than $100,000 Greater Than $100,000 Total
Three months or less ************************************************** $ 2,560 $17,115 $19,675
Three months through six months *************************************** 2,705 2,234 4,939
Six months through one year ******************************************* 3,478 1,509 4,987
2007 **************************************************************** 2,914 983 3,897
2008 **************************************************************** 801 254 1,055
2009 **************************************************************** 535 230 765
2010 **************************************************************** 212 133 345
Thereafter ************************************************************ 91322
Total ************************************************************* $13,214 $22,471 $35,685
U.S. BANCORP 31
Table 12