US Bank 2013 Annual Report Download - page 146

U.S. Bancorp
Consolidated Daily Average Balance Sheet and Related
2013 2012
Year Ended December 31 (Dollars in Millions)
Average
Balances Interest
Yields
and Rates
Average
Balances Interest
Yields
and Rates
Assets
Investment securities ........................................ $ 75,046 $ 1,767 2.35% $ 72,501 $ 1,939 2.67%
Loans held for sale ........................................... 5,723 203 3.56 7,847 282 3.60
Loans (b)
Commercial ............................................... 67,274 2,168 3.22 60,830 2,168 3.56
Commercial real estate .................................... 38,237 1,589 4.16 36,505 1,638 4.49
Residential mortgages .................................... 47,982 1,959 4.08 40,290 1,827 4.53
Credit card ................................................ 16,813 1,691 10.06 16,653 1,693 10.16
Other retail ................................................ 47,125 2,318 4.92 47,938 2,488 5.19
Total loans, excluding covered loans ................... 217,431 9,725 4.47 202,216 9,814 4.85
Covered loans ............................................. 10,043 643 6.41 13,158 826 6.28
Total loans .............................................. 227,474 10,368 4.56 215,374 10,640 4.94
Other earning assets ......................................... 6,896 175 2.53 10,548 251 2.38
Total earning assets .................................... 315,139 12,513 3.97 306,270 13,112 4.28
Allowance for loan losses .................................... (4,373) (4,642)
Unrealized gain (loss) on investment securities .............. 633 1,077
Other assets ................................................. 41,281 40,144
Total assets .......................................... $352,680 $342,849
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits ................................ $ 69,020 $ 67,241
Interest-bearing deposits
Interest checking .......................................... 48,792 36 .07 45,433 46 .10
Money market savings .................................... 55,512 76 .14 46,874 62 .13
Savings accounts ......................................... 31,916 49 .15 29,596 66 .22
Time certificates of deposit less than $100,000 ........... 12,804 186 1.45 14,509 248 1.71
Time deposits greater than $100,000 ..................... 32,413 214 .66 32,057 269 .84
Total interest-bearing deposits ......................... 181,437 561 .31 168,469 691 .41
Short-term borrowings ....................................... 27,683 357 1.29 28,549 447 1.57
Long-term debt .............................................. 21,280 767 3.60 28,448 1,005 3.53
Total interest-bearing liabilities ......................... 230,400 1,685 .73 225,466 2,143 .95
Other liabilities ............................................... 11,973 11,406
Shareholders’ equity
Preferred equity ........................................... 4,804 4,381
Common equity ........................................... 35,113 33,230
Total U.S. Bancorp shareholders’ equity ............... 39,917 37,611
Noncontrolling interests ................................... 1,370 1,125
Total equity ............................................. 41,287 38,736
Total liabilities and equity ............................ $352,680 $342,849
Net interest income .......................................... $10,828 $10,969
Gross interest margin ........................................ 3.24% 3.33%
Gross interest margin without taxable-equivalent
increments ................................................ 3.17% 3.26%
Percent of Earning Assets
Interest income .............................................. 3.97% 4.28%
Interest expense ............................................. .53 .70
Net interest margin ........................................... 3.44% 3.58%
Net interest margin without taxable-equivalent increments .. 3.37% 3.51%
(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.
144 U.S. BANCORP