US Bank 2015 Annual Report Download - page 156

U.S. Bancorp
Consolidated Daily Average Balance Sheet and Related Yields and
Rates (a) (Unaudited)
2015 2014
Year Ended December 31 (Dollars in Millions)
Average
Balances Interest
Yields
and Rates
Average
Balances Interest
Yields
and Rates
Assets
Investment securities ...................................... $103,161 $ 2,120 2.05% $ 90,327 $ 1,991 2.20%
Loans held for sale ........................................ 5,784 206 3.56 3,148 128 4.08
Loans(b)
Commercial ............................................ 84,083 2,281 2.71 75,734 2,228 2.94
Commercial real estate ................................... 42,415 1,650 3.89 40,592 1,575 3.88
Residential mortgages ................................... 51,840 1,966 3.79 51,818 2,001 3.86
Credit card ............................................ 18,057 1,969 10.90 17,635 1,817 10.30
Other retail ............................................ 49,079 2,020 4.12 48,353 2,141 4.43
Total loans, excluding covered loans ...................... 245,474 9,886 4.03 234,132 9,762 4.17
Covered loans .......................................... 4,985 271 5.42 7,560 452 5.97
Total loans ........................................... 250,459 10,157 4.06 241,692 10,214 4.23
Other earning assets ...................................... 8,041 136 1.69 5,827 121 2.08
Total earning assets ................................... 367,445 12,619 3.43 340,994 12,454 3.65
Allowance for loan losses ................................... (4,035) (4,187)
Unrealized gain (loss) on investment securities .................. 710 466
Other assets ............................................. 44,745 42,731
Total assets ........................................ $408,865 $380,004
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits ................................ $ 79,203 $ 73,455
Interest-bearing deposits
Interest checking ....................................... 55,974 30 .05 53,248 35 .07
Money market savings ................................... 79,266 192 .24 63,977 117 .18
Savings accounts ....................................... 37,150 40 .11 34,196 46 .14
Time deposits .......................................... 35,558 195 .55 41,764 267 .64
Total interest-bearing deposits ........................... 207,948 457 .22 193,185 465 .24
Short-term borrowings ..................................... 27,960 249 .89 30,252 267 .88
Long-term debt .......................................... 33,566 699 2.08 26,535 725 2.73
Total interest-bearing liabilities ........................... 269,474 1,405 .52 249,972 1,457 .58
Other liabilities ............................................ 14,686 13,053
Shareholders’ equity
Preferred equity ........................................ 4,836 4,756
Common equity ........................................ 39,977 38,081
Total U.S. Bancorp shareholders’ equity ................... 44,813 42,837
Noncontrolling interests .................................. 689 687
Total equity .......................................... 45,502 43,524
Total liabilities and equity ............................. $408,865 $380,004
Net interest income ....................................... $11,214 $10,997
Gross interest margin ...................................... 2.91% 3.07%
Gross interest margin without taxable-equivalent increments ...... 2.85% 3.00%
Percent of Earning Assets
Interest income ........................................... 3.43% 3.65%
Interest expense .......................................... .38 .42
Net interest margin ........................................ 3.05% 3.23%
Net interest margin without taxable-equivalent increments ........ 2.99% 3.16%
(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.
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