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Consolidated Financial Statements and Notes Table of Contents

Consolidated Financial Statements

Consolidated Balance Sheet ........................................................................................................ 81

Consolidated Statement of Income ................................................................................................. 82

Consolidated Statement of Comprehensive Income ................................................................................. 83

Consolidated Statement of Shareholders’ Equity ................................................................................... 84

Consolidated Statement of Cash Flows ............................................................................................. 85

Notes to Consolidated Financial Statements

Note 1 — Significant Accounting Policies ........................................................................................... 86

Note 2 — Accounting Changes ...................................................................................................... 94

Note 3 — Business Combinations ................................................................................................... 95

Note 4 — Restrictions on Cash and Due From Banks ............................................................................... 95

Note 5 — Investment Securities .................................................................................................... 96

Note 6 — Loans and Allowance for Credit Losses ................................................................................... 99

Note 7 — Leases.................................................................................................................... 107

Note 8 — Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities ................................ 108

Note 9 — Premises and Equipment ................................................................................................. 109

Note 10 — Mortgage Servicing Rights............................................................................................... 109

Note 11 — Intangible Assets ........................................................................................................ 111

Note 12 — Short-Term Borrowings ................................................................................................. 112

Note 13 — Long-Term Debt ......................................................................................................... 112

Note 14 — Junior Subordinated Debentures ........................................................................................ 113

Note 15 — Shareholders’ Equity .................................................................................................... 113

Note 16 — Earnings Per Share ..................................................................................................... 118

Note 17 — Employee Benefits ...................................................................................................... 118

Note 18 — Stock-Based Compensation ............................................................................................. 123

Note 19 — Income Taxes ........................................................................................................... 125

Note 20 — Derivative Instruments .................................................................................................. 126

Note 21 — Netting Arrangements for Certain Financial Instruments ................................................................ 130

Note 22 — Fair Values of Assets and Liabilities ..................................................................................... 132

Note 23 — Guarantees and Contingent Liabilities ................................................................................... 142

Note 24 — U.S. Bancorp (Parent Company) ......................................................................................... 147

Note 25 — Subsequent Events ...................................................................................................... 148