US Bank 2012 Annual Report Download - page 39

TABLE 14 Deposits
The composition of deposits was as follows:
2012 2011 2010 2009 2008
At December 31 (Dollars in Millions) Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total Amount
Percent
of Total
Noninterest-bearing deposits . . . $ 74,172 29.8% $ 68,579 29.7% $ 45,314 22.2% $ 38,186 20.8% $ 37,494 23.5%
Interest-bearing deposits
Interest checking ............. 50,430 20.2 45,933 19.9 43,183 21.2 38,436 21.0 32,254 20.2
Money market savings........ 50,987 20.5 45,854 19.9 46,855 22.9 40,848 22.3 26,137 16.4
Savings accounts............. 30,811 12.4 28,018 12.1 24,260 11.9 16,885 9.2 9,070 5.7
Total of savings deposits . . 132,228 53.1 119,805 51.9 114,298 56.0 96,169 52.5 67,461 42.3
Time certificates of deposit less
than $100,000 ................ 13,744 5.5 14,952 6.5 15,083 7.4 18,966 10.4 18,425 11.7
Time deposits greater than
$100,000
Domestic ..................... 12,148 4.8 12,583 5.4 12,330 6.0 16,858 9.2 20,791 13.0
Foreign ....................... 16,891 6.8 14,966 6.5 17,227 8.4 13,063 7.1 15,179 9.5
Total interest-bearing
deposits ................. 175,011 70.2 162,306 70.3 158,938 77.8 145,056 79.2 121,856 76.5
Total deposits ................ $249,183 100.0% $230,885 100.0% $204,252 100.0% $183,242 100.0% $159,350 100.0%
The maturity of time deposits was as follows:
At December 31, 2012 (Dollars in Millions)
Certificates
Less Than $100,000
Time Deposits
Greater Than $100,000 Total
Three months or less ............................................................... $ 1,512 $18,963 $20,475
Three months through six months .................................................. 1,911 1,595 3,506
Six months through one year ....................................................... 3,215 2,197 5,412
2014 ................................................................................ 3,584 2,949 6,533
2015 ................................................................................ 1,769 1,775 3,544
2016 ................................................................................ 1,061 937 1,998
2017 ................................................................................ 688 619 1,307
Thereafter........................................................................... 4 4 8
Total ............................................................................. $13,744 $29,039 $42,783
Deposits Total deposits were $249.2 billion at December 31,
2012, compared with $230.9 billion at December 31, 2011.
The $18.3 billion (7.9 percent) increase in total deposits
reflected organic growth in core deposits due to the overall
“flight-to-quality” by customers. Average total deposits
increased $22.6 billion (10.6 percent) over 2011 due to
increases in noninterest-bearing and total savings account
balances, reflecting organic growth.
Noninterest-bearing deposits at December 31, 2012,
increased $5.6 billion (8.2 percent) over December 31, 2011.
Average noninterest-bearing deposits increased $13.4 billion
(24.9 percent) in 2012, compared with 2011. The increases
were due to growth in balances in the majority of the lines of
business, including Wholesale Banking and Commercial Real
Estate, Wealth Management and Securities Services, and
Consumer and Small Business Banking.
Interest-bearing savings deposits increased $12.4 billion
(10.4 percent) at December 31, 2012, compared with
December 31, 2011. The increase in these deposit balances
was related to increases in money market savings, interest
checking and savings account balances. The $5.1 billion (11.2
percent) increase in money market savings account balances
was primarily due to higher Wholesale Banking and
Commercial Real Estate, and corporate trust balances. The
$4.5 billion (9.8 percent) increase in interest checking account
balances was primarily due to higher Consumer and Small
Business Banking and broker-dealer balances, partially offset
by lower Wholesale Banking and Commercial Real Estate
balances. The $2.8 billion (10.0 percent) increase in savings
account balances reflected continued strong participation in a
savings product offered by Consumer and Small Business
Banking that includes multiple bank products in a package.
Average interest-bearing savings deposits in 2012 increased
$7.3 billion (6.4 percent), compared with 2011, primarily due
to growth in Consumer and Small Business Banking and
corporate trust balances, partially offset by lower government
banking and broker-dealer balances.
Interest-bearing time deposits at December 31, 2012,
increased $282 million (.7 percent), compared with December
31, 2011, driven by an increase in time deposits greater than
$100,000, partially offset by a decrease in time certificates of
deposit less than $100,000. Time deposits greater than
U.S. BANCORP 35