US Bank 2009 Annual Report Download - page 61

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taxable-equivalent basis, increased $53 million (2.5 percent)
in 2009, compared with 2008, driven by strong growth in
deposits and improved spreads on loans, partially offset by
the decline in the margin benefit of deposits in a declining
interest rate environment. Noninterest income increased
$118 million (13.7 percent) in 2009, compared with 2008.
The increase was primarily due to higher treasury
management, letters of credit, commercial loan, and capital
markets fees, partially offset by declining valuations on
equity investments.
Total noninterest expense increased $56 million
(5.3 percent) in 2009, compared with 2008, primarily due to
higher FDIC deposit insurance expense. The provision for
credit losses increased $1.2 billion in 2009, compared with
2008. The unfavorable change was primarily due to an
increase in net charge-offs and deterioration in the credit
quality of commercial and commercial real estate loans.
Nonperforming assets were $2.6 billion at December 31,
2009, compared with $1.3 billion at December 31, 2008.
Nonperforming assets as a percentage of period-end loans
were 4.42 percent at December 31, 2009, compared with
1.95 percent at December 31, 2008. Refer to the “Corporate
Risk Profile” section for further information on factors
impacting the credit quality of the loan portfolios.
U.S. BANCORP 59
2009 2008
Percent
Change 2009 2008
Percent
Change 2009 2008
Percent
Change 2009 2008
Percent
Change
Wealth Management &
Securities Services
Payment
Services
Treasury and
Corporate Support
Consolidated
Company
$ 360 $ 443 (18.7)% $ 1,178 $ 1,023 15.2% $ 985 $ 411 *% $ 8,716 $ 7,866 10.8%
1,206 1,321 (8.7) 3,001 2,934 2.3 270 567 (52.4) 8,403 7,789 7.9
– – – – – – (448) (956) 53.1 (451) (978) 53.9
1,566 1,764 (11.2) 4,179 3,957 5.6 807 22 * 16,668 14,677 13.6
880 923 (4.7) 1,500 1,367 9.7 849 504 68.5 7,894 6,993 12.9
69 77 (10.4) 201 195 3.1 4 – * 387 355 9.0
949 1,000 (5.1) 1,701 1,562 8.9 853 504 69.2 8,281 7,348 12.7
617 764 (19.2) 2,478 2,395 3.5 (46) (482) 90.5 8,387 7,329 14.4
32 4 * 1,981 1,181 67.7 25 10 * 5,557 3,096 79.5
585 760 (23.0) 497 1,214 (59.1) (71) (492) 85.6 2,830 4,233 (33.1)
212 276 (23.2) 180 438 (58.9) (462) (499) 7.4 593 1,221 (51.4)
373 484 (22.9) 317 776 (59.1) 391 7 * 2,237 3,012 (25.7)
– – – (26) (28) 7.1 (7) (38) 81.6 (32) (66) 51.5
$ 373 $ 484 (22.9) $ 291 $ 748 (61.1) $ 384 $ (31) * $ 2,205 $ 2,946 (25.2)
$ 1,186 $ 1,745 (32.0)% $ 4,677 $ 4,617 1.3% $ 916 $ 933 (1.8)% $ 52,827 $ 54,307 (2.7)%
566 533 6.2 – – – 208 36 * 33,751 31,110 8.5
385 387 (.5) – – – 6 3 * 24,481 23,257 5.3
1,552 1,493 4.0 16,017 12,972 23.5 3 2 50.0 62,023 55,570 11.6
3,689 4,158 (11.3) 20,694 17,589 17.7 1,133 974 16.3 173,082 164,244 5.4
– – – – – – 3,216 – * 12,723 1,308 *
3,689 4,158 (11.3) 20,694 17,589 17.7 4,349 974 * 185,805 165,552 12.2
1,563 1,563 – 2,308 2,353 (1.9) 98 – * 8,612 7,824 10.1
258 327 (21.1) 934 999 (6.5) 25 1 * 2,965 3,109 (4.6)
6,061 6,597 (8.1) 24,816 22,448 10.5 62,588 56,256 11.3 268,360 244,400 9.8
5,308 4,570 16.1 539 498 8.2 432 295 46.4 37,856 28,739 31.7
3,935 4,116 (4.4) 84 39 * 193 3 * 36,866 31,137 18.4
8,404 4,828 74.1 19 19 – 676 66 * 44,904 32,229 39.3
5,902 4,146 42.4 1 1 – 4,118 5,256 (21.7) 48,175 44,079 9.3
23,549 17,660 33.3 643 557 15.4 5,419 5,620 (3.6) 167,801 136,184 23.2
2,126 2,279 (6.7) 4,552 4,587 (.8) 6,980 3,712 88.0 26,307 22,570 16.6