Basis of Presentation (Tables)

9 Months Ended

Sep. 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 September 30							Percent								Percent
(Dollars in Millions)	2011			2010			Change			2011		2010			Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	544		$	518			5.0	%	$	1,154	$	1,136			1.6	%
Noninterest income		318			276			15.2			708		733			(3.4	)
Securities gains (losses), net		–			(1	)		*			–		–			–
Total net revenue		862			793			8.7			1,862		1,869			(.4	)
Noninterest expense		314			302			4.0			1,154		1,094			5.5
Other intangibles		4			4			–			18		22			(18.2	)
Total noninterest expense		318			306			3.9			1,172		1,116			5.0
Income before provision and income taxes		544			487			11.7			690		753			(8.4	)
Provision for credit losses		65			263			(75.3	)		332		394			(15.7	)
Income before income taxes		479			224			*			358		359			(.3	)
Income taxes and taxable-equivalent adjustment		174			82			*			130		131			(.8	)
Net income		305			142			*			228		228			–
Net (income) loss attributable to noncontrolling interests		(1	)		2			*			–		(1	)		*
Net income attributable to U.S. Bancorp	$	304		$	144			*		$	228	$	227			.4
Average Balance Sheet
Commercial	$	38,069		$	32,952			15.5	%	$	7,322	$	7,368			(.6	)%
Commercial real estate		19,119			19,540			(2.2	)		15,647		13,940			12.2
Residential mortgages		53			74			(28.4	)		33,569		27,438			22.3
Credit card		–			–			–			–		–			–
Other retail		4			33			(87.9	)		45,968		45,208			1.7
Total loans, excluding covered loans		57,245			52,599			8.8			102,506		93,954			9.1
Covered loans		1,352			1,866			(27.5	)		8,247		9,361			(11.9	)
Total loans		58,597			54,465			7.6			110,753		103,315			7.2
Goodwill		1,604			1,608			(.2	)		3,515		3,546			(.9	)
Other intangible assets		50			67			(25.4	)		1,945		1,734			12.2
Assets		64,556			59,501			8.5			123,932		118,574			4.5
Noninterest-bearing deposits		27,840			17,104			62.8			17,806		16,902			5.3
Interest checking		10,978			12,822			(14.4	)		26,995		23,779			13.5
Savings products		9,273			10,668			(13.1	)		40,789		36,717			11.1
Time deposits		14,733			11,629			26.7			24,492		25,036			(2.2	)
Total deposits		62,824			52,223			20.3			110,082		102,434			7.5
Total U.S. Bancorp shareholders’ equity		5,606			5,291			6.0			9,326		8,525			9.4

	Wholesale Banking and								Consumer and Small
	Commercial Real Estate								Business Banking
Nine Months Ended September 30						Percent									Percent
(Dollars in Millions)	2011		2010			Change			2011			2010			Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,588	$	1,477			7.5	%	$	3,417		$	3,241			5.4	%
Noninterest income		937		829			13.0			2,001			2,103			(4.9	)
Securities gains (losses), net		–		(1	)		*			–			–			–
Total net revenue		2,525		2,305			9.5			5,418			5,344			1.4
Noninterest expense		936		869			7.7			3,387			3,178			6.6
Other intangibles		12		13			(7.7	)		54			74			(27.0	)
Total noninterest expense		948		882			7.5			3,441			3,252			5.8
Income before provision and income taxes		1,577		1,423			10.8			1,977			2,092			(5.5	)
Provision for credit losses		356		1,028			(65.4	)		1,102			1,236			(10.8	)
Income before income taxes		1,221		395			*			875			856			2.2
Income taxes and taxable-equivalent adjustment		444		143			*			318			314			1.3
Net income		777		252			*			557			542			2.8
Net (income) loss attributable to noncontrolling interests		4		3			33.3			(1	)		(2	)		50.0
Net income attributable to U.S. Bancorp	$	781	$	255			*		$	556		$	540			3.0
Average Balance Sheet
Commercial	$	36,478	$	33,196			9.9	%	$	7,213		$	7,244			(.4	)%
Commercial real estate		19,184		19,628			(2.3	)		15,454			13,660			13.1
Residential mortgages		56		71			(21.1	)		32,399			26,593			21.8
Credit card		–		–			–			–			–			–
Other retail		6		43			(86.0	)		45,661			44,737			2.1
Total loans, excluding covered loans		55,724		52,938			5.3			100,727			92,234			9.2
Covered loans		1,603		2,015			(20.4	)		8,496			9,693			(12.3	)
Total loans		57,327		54,953			4.3			109,223			101,927			7.2
Goodwill		1,604		1,608			(.2	)		3,520			3,532			(.3	)
Other intangible assets		55		71			(22.5	)		2,137			1,936			10.4
Assets		63,204		60,140			5.1			122,892			115,545			6.4
Noninterest-bearing deposits		23,746		16,866			40.8			17,603			16,175			8.8
Interest checking		13,028		13,192			(1.2	)		26,172			23,647			10.7
Savings products		9,482		11,930			(20.5	)		40,313			35,518			13.5
Time deposits		14,870		11,196			32.8			24,469			26,612			(8.1	)
Total deposits		61,126		53,184			14.9			108,557			101,952			6.5
Total U.S. Bancorp shareholders’ equity		5,538		5,357			3.4			9,275			8,451			9.8

*  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
$	90	$	79		13.9	%	$	334		$	335			(.3	)%	$	502		$	409			22.7	%	$	2,624		$	2,477			5.9	%
	254		277		(8.3	)		856			805			6.3			44			28			57.1			2,180			2,119			2.9
	–		–		–			–			–			–			(9	)		(8	)		(12.5	)		(9	)		(9	)		–
	344		356		(3.4	)		1,190			1,140			4.4			537			429			25.2			4,795			4,587			4.5
	268		245		9.4			446			430			3.7			219			224			(2.2	)		2,401			2,295			4.6
	10		13		(23.1	)		43			51			(15.7	)		–			–			–			75			90			(16.7	)
	278		258		7.8			489			481			1.7			219			224			(2.2	)		2,476			2,385			3.8
	66		98		(32.7	)		701			659			6.4			318			205			55.1			2,319			2,202			5.3
	–		13		*			124			305			(59.3	)		(2	)		20			*			519			995			(47.8	)
	66		85		(22.4	)		577			354			63.0			320			185			73.0			1,800			1,207			49.1
	24		31		(22.6	)		210			129			62.8			10			(60	)		*			548			313			75.1
	42		54		(22.2	)		367			225			63.1			310			245			26.5			1,252			894			40.0
	–		–		–			(10	)		(8	)		(25.0	)		32			21			52.4			21			14			50.0
$	42	$	54		(22.2	)	$	357		$	217			64.5		$	342		$	266			28.6		$	1,273		$	908			40.2
$	1,048	$	986		6.3	%	$	5,828		$	5,328			9.4	%	$	77		$	150			(48.7	)%	$	52,344		$	46,784			11.9	%
	573		574		(.2	)		–			–			–			230			136			69.1			35,569			34,190			4.0
	396		361		9.7			–			–			–			8			17			(52.9	)		34,026			27,890			22.0
	–		–		–			16,057			16,510			(2.7	)		–			–			–			16,057			16,510			(2.7	)
	1,521		1,625		(6.4	)		885			992			(10.8	)		2			1			*			48,380			47,859			1.1
	3,538		3,546		(.2	)		22,770			22,830			(.3	)		317			304			4.3			186,376			173,233			7.6
	12		14		(14.3	)		5			5			–			6,177			8,062			(23.4	)		15,793			19,308			(18.2	)
	3,550		3,560		(.3	)		22,775			22,835			(.3	)		6,494			8,366			(22.4	)		202,169			192,541			5.0
	1,463		1,515		(3.4	)		2,367			2,340			1.2			–			–			–			8,949			9,009			(.7	)
	179		194		(7.7	)		775			928			(16.5	)		6			6			–			2,955			2,929			.9
	5,965		5,656		5.5			28,235			27,536			2.5			98,893			74,793			32.2			321,581			286,060			12.4
	11,856		4,916		*			653			619			5.5			451			191			*			58,606			39,732			47.5
	2,884		2,582		11.7			184			124			48.4			1			1			–			41,042			39,308			4.4
	21,365		12,433		71.8			31			24			29.2			207			171			21.1			71,665			60,013			19.4
	4,794		6,527		(26.6	)		–			1			*			37			414			(91.1	)		44,056			43,607			1.0
	40,899		26,458		54.6			868			768			13.0			696			777			(10.4	)		215,369			182,660			17.9
	2,073		2,090		(.8	)		5,276			5,289			(.2	)		10,806			7,692			40.5			33,087			28,887			14.5

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
$	259		$	215		20.5	%	$	991		$	1,013			(2.2	)%	$	1,420		$	1,343			5.7	%	$	7,675		$	7,289			5.3	%
	793			829		(4.3	)		2,450			2,339			4.7			170			102			66.7			6,351			6,202			2.4
	–			–		–			–			–			–			(22	)		(63	)		65.1			(22	)		(64	)		65.6
	1,052			1,044		.8			3,441			3,352			2.7			1,568			1,382			13.5			14,004			13,427			4.3
	802			723		10.9			1,300			1,227			5.9			565			623			(9.3	)		6,990			6,620			5.6
	30			40		(25.0	)		129			151			(14.6	)		–			–			–			225			278			(19.1	)
	832			763		9.0			1,429			1,378			3.7			565			623			(9.3	)		7,215			6,898			4.6
	220			281		(21.7	)		2,012			1,974			1.9			1,003			759			32.1			6,789			6,529			4.0
	(1	)		17		*			376			1,128			(66.7	)		13			35			(62.9	)		1,846			3,444			(46.4	)
	221			264		(16.3	)		1,636			846			93.4			990			724			36.7			4,943			3,085			60.2
	80			94		(14.9	)		595			306			94.4			46			(81	)		*			1,483			776			91.1
	141			170		(17.1	)		1,041			540			92.8			944			805			17.3			3,460			2,309			49.8
	–			–		–			(29	)		(23	)		(26.1	)		88			56			57.1			62			34			82.4
$	141		$	170		(17.1	)	$	1,012		$	517			95.7		$	1,032		$	861			19.9		$	3,522		$	2,343			50.3
$	1,047		$	1,033		1.4	%	$	5,561		$	5,126			8.5	%	$	84		$	199			(57.8	)%	$	50,383		$	46,798			7.7	%
	581			569		2.1			–			–			–			198			308			(35.7	)		35,417			34,165			3.7
	389			369		5.4			–			–			–			10			12			(16.7	)		32,854			27,045			21.5
	–			–		–			16,022			16,399			(2.3	)		–			4			*			16,022			16,403			(2.3	)
	1,577			1,580		(.2	)		909			1,015			(10.4	)		1			16			(93.8	)		48,154			47,391			1.6
	3,594			3,551		1.2			22,492			22,540			(.2	)		293			539			(45.6	)		182,830			171,802			6.4
	12			14		(14.3	)		5			5			–			6,587			8,663			(24.0	)		16,703			20,390			(18.1	)
	3,606			3,565		1.2			22,497			22,545			(.2	)		6,880			9,202			(25.2	)		199,533			192,192			3.8
	1,463			1,517		(3.6	)		2,366			2,346			.9			–			3			*			8,953			9,006			(.6	)
	188			208		(9.6	)		807			967			(16.5	)		5			–			*			3,192			3,182			.3
	6,002			5,726		4.8			27,680			27,243			1.6			94,301			74,402			26.7			314,079			283,056			11.0
	8,227			5,338		54.1			684			613			11.6			298			231			29.0			50,558			39,223			28.9
	2,958			2,626		12.6			174			115			51.3			2			19			(89.5	)		42,334			39,599			6.9
	21,379			12,040		77.6			29			23			26.1			193			238			(18.9	)		71,396			59,749			19.5
	5,926			5,940		(.2	)		–			1			*			182			517			(64.8	)		45,447			44,266			2.7
	38,490			25,944		48.4			887			752			18.0			675			1,005			(32.8	)		209,735			182,837			14.7
	2,076			2,109		(1.6	)		5,272			5,308			(.7	)		9,538			6,357			50.0			31,699			27,582			14.9