8-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 17, 2006

U.S. BANCORP

(Exact name of registrant as specified in its charter)

1-6880
(Commission File Number)

DELAWARE
(State or other jurisdiction
of incorporation) 41-0255900
(I.R.S. Employer Identification
Number)

800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices and zip code)

(651) 466-3000
(Registrant’s telephone number, including area code)

(not applicable)
(Former name or former address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
	ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
SIGNATURES
Nonperforming Asset Disclosures

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

     On January 17, 2006, U.S. Bancorp (“the Company”) issued a press release discussing results for the quarter and year ended December 31, 2005, and filed that press release with the Securities and Exchange Commission on a Current Report on Form 8-K. Revised information relating to nonperforming assets is attached as Exhibit 99.1 and incorporated herein by reference.

     During a review of its year-end financial statements, the Company determined that the disclosure relating to nonperforming assets as of December 31, 2005, contained in the January 17, 2006 press release had failed to reflect amounts attributable to a particular credit card collection management program. This collection program was implemented by the Company in June 2005 in response to new minimum balance payment requirements guidelines issued by the Federal Financial Institutions Examination Council. Including this program in nonperforming loans increases the percentage of nonperforming assets to total loans plus other real estate owned to .47 percent from .43 percent at December 31, 2005. There is no impact to reported earnings of the Company since credit performance with respect to the program, including anticipated charge-offs, had been considered in management’s determination of the allowance for credit losses as of December 31, 2005. The Company does not anticipate any significant future increases in nonperforming assets as a result of this or similar consumer credit card collection programs. In addition, the Company reconfirms its view, expressed in the January 17 press release, that total net charge-offs in early 2006 will approximate levels reported in the third quarter of 2005.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

     99.1 Nonperforming Asset Disclosures, as revised, deemed “filed” under the Securities Exchange Act of 1934.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

U.S. BANCORP
 

By /s/ Terrance R. Dolan  

Terrance R. Dolan 

Executive Vice President and Controller 

DATE: February 1, 2006

EX-99.1

Exhibit 99.1 Nonperforming Asset Disclosures

($ in millions)
	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
Table 10 - Asset Quality	2005		2005		2005		2005		2004
Nonperforming loans
Commercial	$	231	$	265	$	238	$	254	$	289
Lease financing		42		35		60		70		91
Total commercial		273		300		298		324		380
Commercial mortgages		134		144		140		159		175
Construction and development		23		16		21		21		25
Commercial real estate		157		160		161		180		200
Residential mortgages		48		44		42		41		43
Retail		66		43		13		16		17
Total nonperforming loans		544		547		514		561		640
Other real estate		71		68		68		66		72
Other nonperforming assets		29		29		28		38		36
Total nonperforming assets	$	644	$	644	$	610	$	665	$	748
Accruing loans 90 days or more past due	$	253	$	242	$	258	$	285	$	294
Nonperforming assets to loans plus ORE (%)		0.47		0.47		0.46		0.52		0.59
Table 8 - Allowance for Credit Losses
Allowance as a percentage of
Nonperforming loans		414		413		441		404		355
Nonpeforming assets		350		351		372		341		303
Table 9 - Credit Ratios
Delinquent loan ratios - 90 days or more past due excluding nonperforming loans
Retail		0.36		0.36		0.40		0.43		0.47
Total Loans		0.18		0.18		0.19		0.22		0.23
Delinquent loan ratios - 90 days or more past due including nonperforming loans
Retail		0.50		0.45		0.43		0.47		0.51
Total Loans		0.58		0.58		0.58		0.66		0.74
Nonperforming Assets Information, as previously reported - January 17, 2006
Nonperforming Assets:
Total nonperforming loans	$	492	$	516	$	514	$	561	$	640
Total nonperforming assets	$	592	$	613	$	610	$	665	$	748
Nonperforming assets to loans plus ORE (%)		0.43		0.45		0.46		0.52		0.59
Allowance as a percentage:
Nonperforming Loans		458		438		441		404		355
Nonperforming Assets		380		368		372		341		303