US Bank 2011 Annual Report Download - page 134

U.S. Bancorp
Consolidated Daily Average Balance Sheet and Related Yields and Rates (a) (Unaudited)
2011 2010
Year Ended December 31 (Dollars in Millions)
Average
Balances Interest
Yields
and Rates
Average
Balances Interest
Yields
and Rates
Assets
Investment securities .......................... $ 63,645 $ 1,980 3.11% $ 47,763 $ 1,763 3.69%
Loans held for sale ............................ 4,873 200 4.10 5,616 246 4.37
Loans (b)
Commercial ................................. 51,616 2,071 4.01 47,028 1,977 4.20
Commercial real estate ..................... 35,514 1,622 4.57 34,269 1,530 4.46
Residential mortgages ...................... 33,711 1,632 4.84 27,704 1,436 5.18
Credit card .................................. 16,084 1,538 9.56 16,403 1,516 9.25
Other retail .................................. 48,199 2,649 5.50 47,686 2,756 5.78
Total loans, excluding covered loans ..... 185,124 9,512 5.14 173,090 9,215 5.32
Covered loans .............................. 16,303 928 5.69 19,932 985 4.94
Total loans ............................... 201,427 10,440 5.18 193,022 10,200 5.28
Other earning assets .......................... 13,345 250 1.87 5,641 166 2.94
Total earning assets ...................... 283,290 12,870 4.54 252,042 12,375 4.91
Allowance for loan losses ...................... (5,192) (5,399)
Unrealized gain (loss) on available-for-sale
securities .................................... 227 94
Other assets ................................... 39,939 39,124
Total assets .............................. $318,264 $285,861
Liabilities and Shareholders' Equity
Noninterest-bearing deposits .................. $ 53,856 $ 40,162
Interest-bearing deposits
Interest checking ............................ 42,827 65 .15 40,184 77 .19
Money market savings ...................... 45,119 76 .17 39,679 132 .33
Savings accounts ........................... 26,654 112 .42 20,903 121 .58
Time certificates of deposit less than
$100,000 ................................. 15,237 290 1.91 16,628 303 1.82
Time deposits greater than $100,000 ....... 29,466 297 1.01 27,165 295 1.08
Total interest-bearing deposits ........... 159,303 840 .53 144,559 928 .64
Short-term borrowings ........................ 30,703 537 1.75 33,719 556 1.65
Long-term debt ................................ 31,684 1,145 3.61 30,835 1,103 3.58
Total interest-bearing liabilities ........... 221,690 2,522 1.14 209,113 2,587 1.24
Other liabilities ................................. 9,602 7,787
Shareholders' equity
Preferred equity ............................. 2,414 1,742
Common equity ............................. 29,786 26,307
Total U.S. Bancorp shareholders'
equity .................................. 32,200 28,049
Noncontrolling interests ..................... 916 750
Total equity ............................... 33,116 28,799
Total liabilities and equity .............. $318,264 $285,861
Net interest income ............................ $10,348 $ 9,788
Gross interest margin .......................... 3.40% 3.67%
Gross interest margin without taxable-
equivalent increments....................... 3.32 3.59
Percent of Earning Assets
Interest income ................................ 4.54% 4.91%
Interest expense ............................... .89 1.03
Net interest margin ............................ 3.65% 3.88%
Net interest margin without taxable-equivalent
increments .................................. 3.57% 3.80%
* 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.
132 U.S. BANCORP