Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2011

Basis of Presentation [Abstract]

Line of Business Financial Performance

	Wholesale Banking and								Consumer and Small
	Commercial Real Estate								Business Banking
Three Months Ended June 30						Percent									Percent
(Dollars in Millions)	2011		2010			Change			2011			2010			Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	525	$	490			7.1	%	$	1,123		$	1,071			4.9	%
Noninterest income		326		283			15.2			687			707			(2.8	)
Securities gains (losses), net		–		–			–			–			–			–
Total net revenue		851		773			10.1			1,810			1,778			1.8
Noninterest expense		322		298			8.1			1,116			1,067			4.6
Other intangibles		4		4			–			18			24			(25.0	)
Total noninterest expense		326		302			7.9			1,134			1,091			3.9
Income before provision and income taxes		525		471			11.5			676			687			(1.6	)
Provision for credit losses		115		319			(63.9	)		372			447			(16.8	)
Income before income taxes		410		152				*		304			240			26.7
Income taxes and taxable-equivalent adjustment		149		55				*		111			87			27.6
Net income		261		97				*		193			153			26.1
Net (income) loss attributable to noncontrolling interests		4		(1	)			*		(1	)		(1	)		–
Net income attributable to U.S. Bancorp	$	265	$	96				*	$	192		$	152			26.3
Average Balance Sheet
Commercial	$	36,075	$	32,840			9.9	%	$	7,197		$	7,141			.8	%
Commercial real estate		19,103		19,452			(1.8	)		15,590			13,786			13.1
Residential mortgages		54		71			(23.9	)		32,282			26,364			22.4
Retail		6		51			(88.2	)		45,450			44,381			2.4
Total loans, excluding covered loans		55,238		52,414			5.4			100,519			91,672			9.7
Covered loans		1,599		2,030			(21.2	)		8,488			9,756			(13.0	)
Total loans		56,837		54,444			4.4			109,007			101,428			7.5
Goodwill		1,604		1,608			(.2	)		3,515			3,534			(.5	)
Other intangible assets		55		71			(22.5	)		2,244			2,005			11.9
Assets		63,028		59,999			5.0			121,847			114,379			6.5
Noninterest-bearing deposits		23,273		17,371			34.0			17,837			15,994			11.5
Interest checking		14,149		12,841			10.2			26,110			23,903			9.2
Savings products		9,350		9,758			(4.2	)		40,530			35,763			13.3
Time deposits		12,609		10,876			15.9			24,629			26,510			(7.1	)
Total deposits		59,381		50,846			16.8			109,106			102,170			6.8
Total U.S. Bancorp shareholders’ equity		5,497		5,373			2.3			9,236			8,395			10.0

	Wholesale Banking and							Consumer and Small
	Commercial Real Estate							Business Banking
Six Months Ended June 30					Percent									Percent
(Dollars in Millions)	2011		2010		Change			2011			2010			Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,034	$	952		8.6	%	$	2,256		$	2,104			7.2	%
Noninterest income		619		553		11.9			1,294			1,370			(5.5	)
Securities gains (losses), net		–		–		–			–			–			–
Total net revenue		1,653		1,505		9.8			3,550			3,474			2.2
Noninterest expense		616		566		8.8			2,217			2,088			6.2
Other intangibles		8		9		(11.1	)		36			51			(29.4	)
Total noninterest expense		624		575		8.5			2,253			2,139			5.3
Income before provision and income taxes		1,029		930		10.6			1,297			1,335			(2.8	)
Provision for credit losses		293		761		(61.5	)		774			843			(8.2	)
Income before income taxes		736		169			*		523			492			6.3
Income taxes and taxable-equivalent adjustment		268		60			*		191			182			4.9
Net income		468		109			*		332			310			7.1
Net (income) loss attributable to noncontrolling interests		5		–			*		(1	)		(1	)		–
Net income attributable to U.S. Bancorp	$	473	$	109			*	$	331		$	309			7.1
Average Balance Sheet
Commercial	$	35,669	$	33,319		7.1	%	$	7,156		$	7,180			(.3	)%
Commercial real estate		19,155		19,665		(2.6	)		15,355			13,503			13.7
Residential mortgages		58		69		(15.9	)		31,802			26,162			21.6
Retail		6		48		(87.5	)		45,496			44,491			2.3
Total loans, excluding covered loans		54,888		53,101		3.4			99,809			91,336			9.3
Covered loans		1,730		2,091		(17.3	)		8,621			9,861			(12.6	)
Total loans		56,618		55,192		2.6			108,430			101,197			7.1
Goodwill		1,604		1,608		(.2	)		3,525			3,531			(.2	)
Other intangible assets		57		73		(21.9	)		2,236			2,030			10.1
Assets		62,460		60,463		3.3			122,630			113,983			7.6
Noninterest-bearing deposits		21,650		16,758		29.2			17,510			15,785			10.9
Interest checking		14,074		13,385		5.1			25,743			23,569			9.2
Savings products		9,580		10,454		(8.4	)		40,067			34,904			14.8
Time deposits		12,635		10,977		15.1			24,456			27,411			(10.8	)
Total deposits		57,939		51,574		12.3			107,776			101,669			6.0
Total U.S. Bancorp shareholders’ equity		5,502		5,391		2.1			9,249			8,413			9.9

*  Not meaningful

Wealth Management and								Payment									Treasury and									Consolidated
Securities Services								Services									Corporate Support									Company
					Percent									Percent									Percent									Percent
2011			2010		Change			2011			2010			Change			2011			2010			Change			2011			2010			Change
$	86		$	78		10.3	%	$	326		$	332			(1.8	)%	$	484		$	438			10.5	%	$	2,544		$	2,409			5.6	%
	271			277		(2.2	)		831			791			5.1			39			73			(46.6	)		2,154			2,131			1.1
	–			–		–			–			–			–			(8	)		(21	)		61.9			(8	)		(21	)		61.9
	357			355		.6			1,157			1,123			3.0			515			490			5.1			4,690			4,519			3.8
	281			246		14.2			437			416			5.0			194			259			(25.1	)		2,350			2,286			2.8
	10			13		(23.1	)		43			50			(14.0	)		–			–			–			75			91			(17.6	)
	291			259		12.4			480			466			3.0			194			259			(25.1	)		2,425			2,377			2.0
	66			96		(31.3	)		677			657			3.0			321			231			39.0			2,265			2,142			5.7
	(6	)		2			*		89			358			(75.1	)		2			13			(84.6	)		572			1,139			(49.8	)
	72			94		(23.4	)		588			299			96.7			319			218			46.3			1,693			1,003			68.8
	26			34		(23.5	)		214			109			96.3			14			(34	)			*		514			251				*
	46			60		(23.3	)		374			190			96.8			305			252			21.0			1,179			752			56.8
	–			–		–			(10	)		(8	)		(25.0	)		31			24			29.2			24			14			71.4
$	46		$	60		(23.3	)	$	364		$	182				*	$	336		$	276			21.7		$	1,203		$	766			57.0
$	1,077		$	1,085		(.7	)%	$	5,627		$	5,162			9.0	%	$	78		$	112			(30.4	)%	$	50,054		$	46,340			8.0	%
	580			569		1.9			–			–			–			226			357			(36.7	)		35,499			34,164			3.9
	392			372		5.4			–			–			–			6			14			(57.1	)		32,734			26,821			22.0
	1,579			1,596		(1.1	)		16,789			17,338			(3.2	)		–			16				*		63,824			63,382			.7
	3,628			3,622		.2			22,416			22,500			(.4	)		310			499			(37.9	)		182,111			170,707			6.7
	13			15		(13.3	)		5			–			*			6,594			8,653			(23.8	)		16,699			20,454			(18.4	)
	3,641			3,637		.1			22,421			22,500			(.4	)		6,904			9,152			(24.6	)		198,810			191,161			4.0
	1,463			1,522		(3.9	)		2,370			2,335			1.5			–			–			–			8,952			8,999			(.5	)
	188			208		(9.6	)		807			971			(16.9	)		5			7			(28.6	)		3,299			3,262			1.1
	6,025			5,808		3.7			27,564			27,212			1.3			94,146			73,942			27.3			312,610			281,340			11.1
	6,636			5,749		15.4			711			611			16.4			264			192			37.5			48,721			39,917			22.1
	2,900			2,636		10.0			173			115			50.4			2			8			(75.0	)		43,334			39,503			9.7
	21,413			14,527		47.4			29			23			26.1			214			220			(2.7	)		71,536			60,291			18.7
	8,459			5,884		43.8			–			1				*		123			336			(63.4	)		45,820			43,607			5.1
	39,408			28,796		36.9			913			750			21.7			603			756			(20.2	)		209,411			183,318			14.2
	2,078			2,119		(1.9	)		5,245			5,286			(.8	)		9,911			6,246			58.7			31,967			27,419			16.6

Wealth Management and								Payment									Treasury and									Consolidated
Securities Services								Services									Corporate Support									Company
					Percent									Percent									Percent									Percent
2011			2010		Change			2011			2010			Change			2011			2010			Change			2011			2010			Change
$	175		$	143		22.4	%	$	656		$	678			(3.2	)%	$	930		$	935			(.5	)%	$	5,051		$	4,812			5.0	%
	540			553		(2.4	)		1,592			1,533			3.8			126			74			70.3			4,171			4,083			2.2
	–			–		–			–			–			–			(13	)		(55	)		76.4			(13	)		(55	)		76.4
	715			696		2.7			2,248			2,211			1.7			1,043			954			9.3			9,209			8,840			4.2
	546			479		14.0			850			800			6.3			360			392			(8.2	)		4,589			4,325			6.1
	20			27		(25.9	)		86			101			(14.9	)		–			–			–			150			188			(20.2	)
	566			506		11.9			936			901			3.9			360			392			(8.2	)		4,739			4,513			5.0
	149			190		(21.6	)		1,312			1,310			.2			683			562			21.5			4,470			4,327			3.3
	(1	)		4			*		254			821			(69.1	)		7			20			(65.0	)		1,327			2,449			(45.8	)
	150			186		(19.4	)		1,058			489				*		676			542			24.7			3,143			1,878			67.4
	54			65		(16.9	)		385			177				*		37			(21	)			*		935			463				*
	96			121		(20.7	)		673			312				*		639			563			13.5			2,208			1,415			56.0
	–			–		–			(19	)		(15	)		(26.7	)		56			36			55.6			41			20				*
$	96		$	121		(20.7	)	$	654		$	297				*	$	695		$	599			16.0		$	2,249		$	1,435			56.7
$	1,048		$	1,058		(.9	)%	$	5,425		$	5,023			8.0	%	$	89		$	225			(60.4	)%	$	49,387		$	46,805			5.5	%
	585			566		3.4			–			–			–			245			419			(41.5	)		35,340			34,153			3.5
	387			373		3.8			–			–			–			11			12			(8.3	)		32,258			26,616			21.2
	1,613			1,564		3.1			16,928			17,375			(2.6	)		–			24				*		64,043			63,502			.9
	3,633			3,561		2.0			22,353			22,398			(.2	)		345			680			(49.3	)		181,028			171,076			5.8
	13			15		(13.3	)		1			–			*			6,801			8,972			(24.2	)		17,166			20,939			(18.0	)
	3,646			3,576		2.0			22,354			22,398			(.2	)		7,146			9,652			(26.0	)		198,194			192,015			3.2
	1,463			1,518		(3.6	)		2,364			2,348			.7			–			–			–			8,956			9,005			(.5	)
	192			214		(10.3	)		823			987			(16.6	)		5			6			(16.7	)		3,313			3,310			.1
	6,033			5,769		4.6			27,399			27,098			1.1			91,744			74,217			23.6			310,266			281,530			10.2
	6,392			5,560		15.0			698			610			14.4			217			251			(13.5	)		46,467			38,964			19.3
	3,003			2,656		13.1			169			110			53.6			2			27			(92.6	)		42,991			39,747			8.2
	21,399			13,965		53.2			28			22			27.3			185			270			(31.5	)		71,259			59,615			19.5
	8,769			5,644		55.4			–			1				*		294			568			(48.2	)		46,154			44,601			3.5
	39,563			27,825		42.2			895			743			20.5			698			1,116			(37.5	)		206,871			182,927			13.1
	2,077			2,118		(1.9	)		5,270			5,318			(.9	)		8,896			5,679			56.6			30,994			26,919			15.1