US Bank 2011 Annual Report Download - page 128

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NOTE 23 U.S. Bancorp (Parent Company)
Condensed Balance Sheet
At December 31 (Dollars in Millions) 2011 2010
Assets
Due from banks, principally interest-bearing ........................................................................... $ 4,728 $ 6,722
Available-for-sale securities ............................................................................................ 1,166 1,454
Investments in bank subsidiaries ...................................................................................... 33,179 29,452
Investments in nonbank subsidiaries ................................................................................... 1,321 1,239
Advances to bank subsidiaries ......................................................................................... 6,094 1,500
Advances to nonbank subsidiaries ..................................................................................... 1,190 1,171
Other assets ........................................................................................................... 1,481 1,429
Total assets .................................................................................................... $49,159 $42,967
Liabilities and Shareholders’ Equity
Short-term funds borrowed ............................................................................................ $ 29 $ 60
Long-term debt ........................................................................................................ 14,593 13,037
Other liabilities ......................................................................................................... 559 351
Shareholders’ equity ................................................................................................... 33,978 29,519
Total liabilities and shareholders’ equity ....................................................................... $49,159 $42,967
Condensed Statement of Income
Year Ended December 31 (Dollars in Millions) 2011 2010 2009
Income
Dividends from bank subsidiaries .......................................................................... $1,500 $ — $ 625
Dividends from nonbank subsidiaries ...................................................................... 7 3 94
Interest from subsidiaries ................................................................................... 101 109 82
Other income ............................................................................................... 134 105 (299)
Total income ........................................................................................ 1,742 217 502
Expense
Interest on short-term funds borrowed ..................................................................... 1 1 3
Interest on long-term debt .................................................................................. 424 366 332
Other expense .............................................................................................. 79 80 44
Total expense ...................................................................................... 504 447 379
Income before income taxes and equity in undistributed income of subsidiaries .......................... 1,238 (230) 123
Applicable income taxes ................................................................................... (83) (70) (197)
Income of parent company ................................................................................. 1,321 (160) 320
Equity in undistributed income of subsidiaries ............................................................. 3,551 3,477 1,885
Net income attributable to U.S. Bancorp ........................................................... $4,872 $3,317 $2,205
126 U.S. BANCORP