US Bank 2007 Annual Report Download - page 114

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U.S. Bancorp
Consolidated Daily Average Balance Sheet and
(Dollars in Millions)
Average
Balances Interest
Yields
and Rates
Average
Balances Interest
Yields
and Rates
Year Ended December 31 2007 2006
Assets
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 41,313 $ 2,239 5.42% $ 39,961 $ 2,063 5.16%
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,298 277 6.44 3,663 236 6.45
Loans (b)
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,812 3,143 6.57 45,440 2,969 6.53
Commercial real estate . . . . . . . . . . . . . . . . . . . . . . . . 28,592 2,079 7.27 28,760 2,104 7.32
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . 22,085 1,354 6.13 21,053 1,224 5.81
Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,859 4,080 8.35 45,348 3,602 7.94
Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147,348 10,656 7.23 140,601 9,899 7.04
Other earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,724 137 7.95 2,006 153 7.64
Total earning assets . . . . . . . . . . . . . . . . . . . . . . 194,683 13,309 6.84 186,231 12,351 6.63
Allowance for loan losses . . . . . . . . . . . . . . . . . . . . . . . . . (2,042) (2,052)
Unrealized gain (loss) on available-for-sale securities . . . . . . (874) (1,007)
Other assets (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,854 30,340
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . $223,621 $213,512
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits . . . . . . . . . . . . . . . . . . . . . . . $ 27,364 $ 28,755
Interest-bearing deposits
Interest checking . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,117 351 1.34 23,552 233 .99
Money market savings . . . . . . . . . . . . . . . . . . . . . . . . . 25,332 651 2.57 26,667 569 2.13
Savings accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,306 19 .35 5,599 19 .35
Time certificates of deposit less than $100,000 . . . . . . . . 14,654 644 4.40 13,761 524 3.81
Time deposits greater than $100,000 . . . . . . . . . . . . . . . 22,302 1,089 4.88 22,255 1,044 4.69
Total interest-bearing deposits . . . . . . . . . . . . . . . 93,711 2,754 2.94 91,834 2,389 2.60
Short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,925 1,531 5.29 24,422 1,242 5.08
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,560 2,260 5.07 40,357 1,930 4.78
Total interest-bearing liabilities . . . . . . . . . . . . . . . . . 167,196 6,545 3.91 156,613 5,561 3.55
Other liabilities (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,064 7,434
Shareholders’ equity
Preferred equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 767
Common equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,997 19,943
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . 20,997 20,710
Total liabilities and shareholders’ equity . . . . . . . . . $223,621 $213,512
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,764 $6,790
Gross interest margin. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.93% 3.08%
Gross interest margin without taxable-equivalent increments . . 2.89 3.05
Percent of Earning Assets
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.84% 6.63%
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.37 2.98
Net interest margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.47% 3.65%
Net interest margin without taxable-equivalent increments . . . 3.43% 3.62%
(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.
(b) Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.
(c) Includes approximately $1,427 million of earning assets from discontinued operations in 2003.
(d) Includes approximately $1,034 million of interest-bearing liabilities from discontinued operations in 2003.
112 U.S. BANCORP