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Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2012


	Wholesale Banking and Commercial Real Estate							Consumer and Small Business Banking
Three Months Ended June 30 (Dollars in Millions)	2012		2011		Percent Change			2012		2011			Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	520	$	531		(2.1	)%	$	1,179	$	1,126			4.7	%
Noninterest income		317		326		(2.8	)		904		681			32.7
Securities gains (losses), net		—		—		—			—		—			—

Total net revenue		837		857		(2.3	)		2,083		1,807			15.3
Noninterest expense		314		320		(1.9	)		1,199		1,122			6.9
Other intangibles		4		4		—			13		19			(31.6	)

Total noninterest expense		318		324		(1.9	)		1,212		1,141			6.2

Income before provision and income taxes		519		533		(2.6	)		871		666			30.8
Provision for credit losses		—		112		*			276		367			(24.8	)

Income before income taxes		519		421		23.3			595		299			99.0
Income taxes and taxable-equivalent adjustment		189		153		23.5			217		109			99.1

Net income		330		268		23.1			378		190			98.9
Net (income) loss attributable to noncontrolling interests		—		4		*			—		(1	)		*

Net income attributable to U.S. Bancorp	$	330	$	272		21.3		$	378	$	189			*


Average Balance Sheet
Commercial	$	44,580	$	36,027		23.7	%	$	8,084	$	7,223			11.9	%
Commercial real estate		19,730		19,239		2.6			16,080		15,576			3.2
Residential mortgages		63		66		(4.5	)		38,721		32,269			20.0
Credit card		—		—		—			—		—			—
Other retail		4		6		(33.3	)		45,540		45,457			.2

Total loans, excluding covered loans		64,377		55,338		16.3			108,425		100,525			7.9
Covered loans		1,077		1,597		(32.6	)		7,640		8,522			(10.3	)

Total loans		65,454		56,935		15.0			116,065		109,047			6.4
Goodwill		1,604		1,604		—			3,515		3,515			—
Other intangible assets		38		55		(30.9	)		1,824		2,244			(18.7	)
Assets		71,490		63,118		13.3			132,719		121,523			9.2
Noninterest-bearing deposits		30,527		23,295		31.0			19,343		17,825			8.5
Interest checking		10,858		14,143		(23.2	)		29,867		26,114			14.4
Savings products		7,420		9,355		(20.7	)		43,284		40,524			6.8
Time deposits		16,931		14,992		12.9			24,284		24,630			(1.4	)

Total deposits		65,736		61,785		6.4			116,778		109,093			7.0
Total U.S. Bancorp shareholders’ equity		6,336		5,494		15.3			11,112		9,239			20.3

	Wholesale Banking and Commercial Real Estate							Consumer and Small Business Banking
Six Months Ended June 30 (Dollars in Millions)	2012		2011		Percent Change			2012		2011			Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,054	$	1,044		1.0	%	$	2,358	$	2,257			4.5	%
Noninterest income		626		618		1.3			1,769		1,287			37.5
Securities gains (losses), net		—		—		—			—		—			—

Total net revenue		1,680		1,662		1.1			4,127		3,544			16.5
Noninterest expense		627		612		2.5			2,372		2,229			6.4
Other intangibles		8		8		—			26		38			(31.6	)

Total noninterest expense		635		620		2.4			2,398		2,267			5.8

Income before provision and income taxes		1,045		1,042		.3			1,729		1,277			35.4
Provision for credit losses		3		291		(99.0	)		529		767			(31.0	)

Income before income taxes		1,042		751		38.7			1,200		510			*
Income taxes and taxable-equivalent adjustment		379		274		38.3			437		184			*

Net income		663		477		39.0			763		326			*
Net (income) loss attributable to noncontrolling interests		—		5		*			—		(1	)		*

Net income attributable to U.S. Bancorp	$	663	$	482		37.6		$	763	$	325			*


Average Balance Sheet
Commercial	$	43,468	$	35,617		22.0	%	$	7,990	$	7,186			11.2	%
Commercial real estate		19,580		19,295		1.5			15,994		15,357			4.1
Residential mortgages		64		69		(7.2	)		38,048		31,791			19.7
Credit card		—		—		—			—		—			—
Other retail		4		6		(33.3	)		45,546		45,506			.1

Total loans, excluding covered loans		63,116		54,987		14.8			107,578		99,840			7.8
Covered loans		1,103		1,725		(36.1	)		7,767		8,649			(10.2	)

Total loans		64,219		56,712		13.2			115,345		108,489			6.3
Goodwill		1,604		1,604		—			3,515		3,526			(.3	)
Other intangible assets		40		57		(29.8	)		1,794		2,237			(19.8	)
Assets		70,020		62,548		11.9			131,705		122,373			7.6
Noninterest-bearing deposits		30,440		21,669		40.5			19,029		17,500			8.7
Interest checking		11,985		14,068		(14.8	)		29,402		25,749			14.2
Savings products		8,077		9,587		(15.8	)		42,870		40,061			7.0
Time deposits		15,093		14,902		1.3			24,346		24,458			(.5	)

Total deposits		65,595		60,226		8.9			115,647		107,768			7.3
Total U.S. Bancorp shareholders’ equity		6,305		5,499		14.7			10,940		9,253			18.2

*	Not meaningful.


Wealth Management and Securities Services								Payment Services									Treasury and Corporate Support									Consolidated Company
2012		2011			Percent Change			2012			2011			Percent Change			2012			2011			Percent Change			2012			2011			Percent Change

$	83	$	82			1.2	%	$	376		$	327			15.0	%	$	555		$	478			16.1	%	$	2,713		$	2,544			6.6	%
	279		271			3.0			816			831			(1.8	)		58			45			28.9			2,374			2,154			10.2
	—		—			—			—			—			—			(19	)		(8	)		*			(19	)		(8	)		*

	362		353			2.5			1,192			1,158			2.9			594			515			15.3			5,068			4,690			8.1
	285		271			5.2			439			439			—			294			198			48.5			2,531			2,350			7.7
	10		9			11.1			43			43			—			—			—			—			70			75			(6.7	)

	295		280			5.4			482			482			—			294			198			48.5			2,601			2,425			7.3

	67		73			(8.2	)		710			676			5.0			300			317			(5.4	)		2,467			2,265			8.9
	3		(1	)		*			197			89			*			(6	)		5			*			470			572			(17.8	)

	64		74			(13.5	)		513			587			(12.6	)		306			312			(1.9	)		1,997			1,693			18.0
	23		27			(14.8	)		187			214			(12.6	)		3			11			(72.7	)		619			514			20.4

	41		47			(12.8	)		326			373			(12.6	)		303			301			.7			1,378			1,179			16.9
	—		—			—			(10	)		(10	)		—			47			31			51.6			37			24			54.2

$	41	$	47			(12.8	)	$	316		$	363			(12.9	)	$	350		$	332			5.4		$	1,415		$	1,203			17.6



$	1,239	$	1,080			14.7	%	$	6,001		$	5,627			6.6	%	$	116		$	97			19.6	%	$	60,020		$	50,054			19.9	%
	589		580			1.6			—			—			—			150			104			44.2			36,549			35,499			3.0
	376		391			(3.8	)		—			—			—			6			8			(25.0	)		39,166			32,734			19.6
	—		—			—			16,696			15,884			5.1			—			—			—			16,696			15,884			5.1
	1,542		1,571			(1.8	)		814			905			(10.1	)		—			1			*			47,900			47,940			(.1	)

	3,746		3,622			3.4			23,511			22,416			4.9			272			210			29.5			200,331			182,111			10.0
	12		13			(7.7	)		5			5			—			5,004			6,562			(23.7	)		13,738			16,699			(17.7	)

	3,758		3,635			3.4			23,516			22,421			4.9			5,276			6,772			(22.1	)		214,069			198,810			7.7
	1,469		1,463			.4			2,350			2,370			(.8	)		—			—			—			8,938			8,952			(.2	)
	175		188			(6.9	)		734			807			(9.0	)		4			5			(20.0	)		2,775			3,299			(15.9	)
	6,471		6,056			6.9			29,785			27,563			8.1			99,964			94,350			6.0			340,429			312,610			8.9
	13,528		6,623			*			632			712			(11.2	)		501			266			88.3			64,531			48,721			32.5
	3,866		2,903			33.2			1,336			173			*			1			1			—			45,928			43,334			6.0
	23,132		21,414			8.0			37			29			27.6			139			214			(35.0	)		74,012			71,536			3.5
	4,767		6,075			(21.5	)		—			—			—			848			123			*			46,830			45,820			2.2

	45,293		37,015			22.4			2,005			914			*			1,489			604			*			231,301			209,411			10.5
	2,223		2,079			6.9			5,663			5,245			8.0			11,932			9,910			20.4			37,266			31,967			16.6

Wealth Management and Securities Services								Payment Services									Treasury and Corporate Support									Consolidated Company
2012		2011			Percent Change			2012			2011			Percent Change			2012			2011			Percent Change			2012			2011			Percent Change

$	177	$	169			4.7	%	$	772		$	660			17.0	%	$	1,042		$	921			13.1	%	$	5,403		$	5,051			7.0	%
	546		542			.7			1,549			1,591			(2.6	)		123			133			(7.5	)		4,613			4,171			10.6
	—		—			—			—			—			—			(19	)		(13	)		(46.2	)		(19	)		(13	)		(46.2	)

	723		711			1.7			2,321			2,251			3.1			1,146			1,041			10.1			9,997			9,209			8.6
	566		534			6.0			888			853			4.1			567			361			57.1			5,020			4,589			9.4
	20		18			11.1			87			86			1.2			—			—			—			141			150			(6.0	)

	586		552			6.2			975			939			3.8			567			361			57.1			5,161			4,739			8.9

	137		159			(13.8	)		1,346			1,312			2.6			579			680			(14.9	)		4,836			4,470			8.2
	2		1			*			413			253			63.2			4			15			(73.3	)		951			1,327			(28.3	)

	135		158			(14.6	)		933			1,059			(11.9	)		575			665			(13.5	)		3,885			3,143			23.6
	49		56			(12.5	)		340			386			(11.9	)		(3	)		35			*			1,202			935			28.6

	86		102			(15.7	)		593			673			(11.9	)		578			630			(8.3	)		2,683			2,208			21.5
	—		—			—			(20	)		(19	)		(5.3	)		90			56			60.7			70			41			70.7

$	86	$	102			(15.7	)	$	573		$	654			(12.4	)	$	668		$	686			(2.6	)	$	2,753		$	2,249			22.4



$	1,182	$	1,051			12.5	%	$	5,824		$	5,425			7.4	%	$	112		$	108			3.7	%	$	58,576		$	49,387			18.6	%
	579		585			(1.0	)		—			—			—			114			103			10.7			36,267			35,340			2.6
	380		386			(1.6	)		—			—			—			6			12			(50.0	)		38,498			32,258			19.3
	—		—			—			16,737			16,004			4.6			—			—			—			16,737			16,004			4.6
	1,539		1,604			(4.1	)		825			922			(10.5	)		1			1			—			47,915			48,039			(.3	)

	3,680		3,626			1.5			23,386			22,351			4.6			233			224			4.0			197,993			181,028			9.4
	12		13			(7.7	)		5			4			25.0			5,235			6,775			(22.7	)		14,122			17,166			(17.7	)

	3,692		3,639			1.5			23,391			22,355			4.6			5,468			6,999			(21.9	)		212,115			198,194			7.0
	1,468		1,463			.3			2,350			2,363			(.6	)		—			—			—			8,937			8,956			(.2	)
	176		192			(8.3	)		753			822			(8.4	)		4			5			(20.0	)		2,767			3,313			(16.5	)
	6,356		6,062			4.8			29,768			27,396			8.7			100,509			91,887			9.4			338,358			310,266			9.1
	13,468		6,377			*			646			699			(7.6	)		474			222			*			64,057			46,467			37.9
	3,985		3,004			32.7			1,320			169			*			1			1			—			46,693			42,991			8.6
	23,275		21,399			8.8			36			28			28.6			134			184			(27.2	)		74,392			71,259			4.4
	4,709		6,502			(27.6	)		—			—			—			502			292			71.9			44,650			46,154			(3.3	)

	45,437		37,282			21.9			2,002			896			*			1,111			699			58.9			229,792			206,871			11.1
	2,212		2,077			6.5			5,696			5,270			8.1			11,188			8,895			25.8			36,341			30,994			17.3

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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