US Bank 2008 Annual Report Download - page 120

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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 2008 2007
Assets
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 42,850 $ 2,160 5.04% $ 41,313 $ 2,239 5.42%
Loans held for sale. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,914 227 5.80 4,298 277 6.44
Loans (b)
Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,307 2,702 4.98 47,812 3,143 6.57
Commercial real estate. . . . . . . . . . . . . . . . . . . . . . . . . 31,110 1,771 5.69 28,592 2,079 7.27
Residential mortgages . . . . . . . . . . . . . . . . . . . . . . . . . 23,257 1,419 6.10 22,085 1,354 6.13
Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55,570 4,134 7.44 48,859 4,080 8.35
Total loans, excluding covered assets . . . . . . . . . . 164,244 10,026 6.10 147,348 10,656 7.23
Covered assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,308 61 4.68 – – –
Total loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,552 10,087 6.09 147,348 10,656 7.23
Other earning assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,730 156 5.71 1,724 137 7.95
Total earning assets . . . . . . . . . . . . . . . . . . . . . . 215,046 12,630 5.87 194,683 13,309 6.84
Allowance for loan losses . . . . . . . . . . . . . . . . . . . . . . . . . (2,527) (2,042)
Unrealized gain (loss) on available-for-sale securities . . . . . . . (2,068) (874)
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,949 31,854
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . $244,400 $223,621
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits . . . . . . . . . . . . . . . . . . . . . . . $ 28,739 $ 27,364
Interest-bearing deposits
Interest checking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,137 251 .81 26,117 351 1.34
Money market savings . . . . . . . . . . . . . . . . . . . . . . . . . 26,300 330 1.25 25,332 651 2.57
Savings accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,929 20 .34 5,306 19 .35
Time certificates of deposit less than $100,000. . . . . . . . . 13,583 472 3.47 14,654 644 4.40
Time deposits greater than $100,000 . . . . . . . . . . . . . . . 30,496 808 2.65 22,302 1,089 4.88
Total interest-bearing deposits . . . . . . . . . . . . . . . 107,445 1,881 1.75 93,711 2,754 2.94
Short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,237 1,144 2.99 28,925 1,531 5.29
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,250 1,739 4.43 44,560 2,260 5.07
Total interest-bearing liabilities. . . . . . . . . . . . . . . . . . 184,932 4,764 2.58 167,196 6,545 3.91
Other liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,159 8,064
Shareholders’ equity
Preferred equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,246 1,000
Common equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,324 19,997
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . 22,570 20,997
Total liabilities and shareholders’ equity . . . . . . . . . $244,400 $223,621
Net interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,866 $ 6,764
Gross interest margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.29% 2.93%
Gross interest margin without taxable-equivalent increments . . 3.23 2.89
Percent of Earning Assets
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.87% 6.84%
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.21 3.37
Net interest margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.66% 3.47%
Net interest margin without taxable-equivalent increments . . . . 3.60% 3.43%
* Not meaningful
(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.
118 U.S. BANCORP