US Bank 2012 Annual Report Download - page 37

TABLE 13 Investment Securities
Available-for-Sale Held-to-Maturity
At December 31, 2012 (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 ....................... $ 960 $ 961 .8 1.42% $ 501 $ 503 .7 .90%
Maturing after one year through five years ........ 95 98 1.9 1.61 1,995 2,015 1.3 1.01
Maturing after five years through ten years ........ 155 165 7.4 3.11 598 603 9.5 1.78
Maturing after ten years ........................... 1 2 14.7 4.15 60 60 12.2 1.86
Total ............................................ $ 1,211 $ 1,226 1.8 1.65% $ 3,154 $ 3,181 3.0 1.16%
Mortgage-Backed Securities (a)
Maturing in one year or less ....................... $ 2,749 $ 2,762 .6 1.64% $ 296 $ 297 .6 1.53%
Maturing after one year through five years ........ 22,736 23,409 3.2 2.35 29,419 29,942 3.2 2.05
Maturing after five years through ten years ........ 4,177 4,200 6.0 1.96 1,294 1,309 6.4 1.49
Maturing after ten years ........................... 290 296 12.7 1.78 58 58 10.3 1.21
Total ............................................ $29,952 $30,667 3.5 2.23% $31,067 $31,606 3.3 2.02%
Asset-Backed Securities (a)
Maturing in one year or less ....................... $ 7 $ 9 – .21% $ – $ 4 .2 1.26%
Maturing after one year through five years ........ 36 46 3.4 6.31 11 10 3.3 .65
Maturing after five years through ten years ........ 568 579 7.4 2.33 8 9 6.6 .67
Maturing after ten years ........................... – – 18.6 5.83 7 16 22.3 .78
Total ............................................ $ 611 $ 634 7.1 2.54% $ 26 $ 39 9.5 .70%
Obligations of State and Political
Subdivisions (b) (c)
Maturing in one year or less ....................... $ 24 $ 24 .3 7.68% $ – $ – .7 6.77%
Maturing after one year through five years ........ 5,293 5,646 3.5 6.73 5 6 3.0 7.50
Maturing after five years through ten years ........ 729 772 7.8 5.85 3 3 8.6 7.36
Maturing after ten years ........................... 13 13 17.0 16.15 12 12 14.8 5.33
Total ............................................ $ 6,059 $ 6,455 4.1 6.65% $ 20 $ 21 10.8 6.16%
Other Debt Securities
Maturing in one year or less ....................... $ 55 $ 55 .1 6.45% $ 2 $ 2 .3 1.03%
Maturing after one year through five years ........ 6 6 1.2 1.15 94 91 3.2 1.23
Maturing after five years through ten years ........ – – – – 26 12 7.8 1.05
Maturing after ten years ........................... 759 676 22.3 2.90 – – – –
Total ............................................ $ 820 $ 737 20.6 3.12% $ 122 $ 105 4.2 1.19%
Other Investments................................. $ 387 $ 420 17.0 2.53% $ – $ – – –%
Total investment securities (d) ....................... $39,040 $40,139 4.1 2.93% $34,389 $34,952 3.3 1.94%
(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 politcal 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 politicial 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 5.2 years at December 31, 2011, with a corresponding weighted-average yield of 3.19 percent. The weighted-
average maturity of the held-to-maturity investment securities was 3.9 years at December 31, 2011, with a corresponding weighted-average yield of 2.21 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 investment securities are computed based on
amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Average yield and
maturity calculations exclude equity securities that have no stated yield or maturity.
2012 2011
At December 31 (Dollars in Millions)
Amortized
Cost
Percent
of Total
Amortized
Cost
Percent
of Total
U.S. Treasury and agencies ............................................................ $ 4,365 5.9% $ 3,605 5.1%
Mortgage-backed securities ............................................................ 61,019 83.1 57,561 82.0
Asset-backed securities ................................................................ 637 .9 949 1.4
Obligations of state and political subdivisions .......................................... 6,079 8.3 6,417 9.1
Other debt securities and investments.................................................. 1,329 1.8 1,701 2.4
Total investment securities ........................................................... $73,429 100.0% $70,233 100.0%
U.S. BANCORP 33