US Bank 2011 Annual Report Download - page 33

TABLE 13 Investment Securities
Available-for-Sale Held-to-Maturity
At December 31, 2011 (Dollars in Millions)
Amortized
Cost Fair Value
Weighted-
Average
Maturity
in Years
Weighted-
Average
Yield (e)
Amortized
Cost Fair Value
Weighted-
Average
Maturity
in Years
Weighted-
Average
Yield (e)
U.S. Treasury and Agencies
Maturing in one year or less ............................ $ 394 $ 395 .3 2.06% $ – $ – – –%
Maturing after one year through five years ............. 541 547 2.0 .93 2,500 2,535 2.2 .99
Maturing after five years through ten years ............ 48 53 8.2 4.25 – – – –
Maturing after ten years ................................ 62 62 11.1 3.15 60 60 13.2 1.87
Total ................................................. $ 1,045 $ 1,057 2.2 1.64% $ 2,560 $ 2,595 2.4 1.01%
Mortgage-Backed Securities (a)
Maturing in one year or less ............................ $ 672 $ 673 .6 2.47% $ 220 $ 218 .5 1.55%
Maturing after one year through five years ............. 32,056 32,917 3.5 2.74 13,940 14,230 3.7 2.53
Maturing after five years through ten years ............ 6,975 6,775 7.0 2.24 1,412 1,440 5.6 1.68
Maturing after ten years ................................ 1,767 1,736 12.7 1.74 519 531 11.4 1.47
Total ................................................. $41,470 $42,101 4.4 2.61% $16,091 $16,419 4.0 2.40%
Asset-Backed Securities (a)
Maturing in one year or less ............................ $ 13 $ 22 .2 9.71% $ 2 $ 2 .1 1.01%
Maturing after one year through five years ............. 151 154 3.4 12.53 34 36 2.5 1.01
Maturing after five years through ten years ............ 693 694 7.9 3.08 17 18 6.6 .85
Maturing after ten years ................................ 17 17 12.7 11.10 22 24 22.5 1.01
Total ................................................. $ 874 $ 887 7.1 4.97% $ 75 $ 80 9.3 .98%
Obligations of State and Political
Subdivisions (b) (c)
Maturing in one year or less ............................ $ 99 $ 99 .7 1.66% $ – $ – .5 8.32%
Maturing after one year through five years ............. 3,981 4,087 4.1 6.76 5 6 3.1 8.47
Maturing after five years through ten years ............ 2,008 2,063 5.7 6.79 3 3 5.8 5.27
Maturing after ten years ................................ 306 290 21.1 7.48 15 14 15.1 5.51
Total ................................................. $ 6,394 $ 6,539 5.4 6.73% $ 23 $ 23 11.0 6.16%
Other Debt Securities
Maturing in one year or less ............................ $ 69 $ 54 .4 5.74% $ 1 $ 1 .3 .84%
Maturing after one year through five years ............. – – – – 99 85 4.1 1.42
Maturing after five years through ten years ............ 25 22 5.8 6.38 28 13 8.8 1.18
Maturing after ten years ................................ 1,201 968 29.4 3.87 – – – –
Total ................................................. $ 1,295 $ 1,044 27.4 4.02% $ 128 $ 99 5.1 1.36%
Other Investments ..................................... $ 278 $ 309 13.1 3.87% $ – $ – – –%
Total investment securities (d) ............................ $51,356 $51,937 5.2 3.19% $18,877 $19,216 3.9 2.21%
(a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities anticipating future prepayments.
(b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if
purchased at par or a discount.
(c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with
a fair value equal to or below par.
(d) The weighted-average maturity of the available-for-sale investment securities was 7.4 years at December 31, 2010, with a corresponding weighted-average yield of 3.41 percent. The weighted-
average maturity of the held-to-maturity investment securities was 6.3 years at December 31, 2010, with a corresponding weighted-average yield of 2.07 percent.
(e) Average yields are presented on a fully-taxable equivalent basis under a tax rate of 35 percent. Yields on available-for-sale and held-to-maturity securities are computed based on amortized
cost balances. Average yield and maturity calculations exclude equity securities that have no stated yield or maturity.
2011 2010
At December 31, (Dollars in Millions)
Amortized
Cost
Percent
of Total
Amortized
Cost
Percent
of Total
U.S. Treasury and agencies ............................................................. $ 3,605 5.1% $ 2,724 5.1%
Mortgage-backed securities ............................................................ 57,561 82.0 40,654 76.2
Asset-backed securities ................................................................. 949 1.4 1,197 2.3
Obligations of state and political subdivisions .......................................... 6,417 9.1 6,862 12.9
Other debt securities and investments .................................................. 1,701 2.4 1,887 3.5
Total investment securities ........................................................... $70,233 100.0% $53,324 100.0%
U.S. BANCORP 31