Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2012

Line of Business Financial Performance

Table 10 Line of Business Financial Performance

	Wholesale Banking and Commercial Real Estate								Consumer and Small Business Banking
Three Months Ended September 30 (Dollars in Millions)	2012		2011			Percent Change			2012		2011			Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	526	$	544			(3.3	)%	$	1,191	$	1,153			3.3	%
Noninterest income		296		317			(6.6	)		931		707			31.7
Securities gains (losses), net		–		–			–			–		–			–
Total net revenue		822		861			(4.5	)		2,122		1,860			14.1
Noninterest expense		306		313			(2.2	)		1,251		1,164			7.5
Other intangibles		4		4			–			13		19			(31.6	)
Total noninterest expense		310		317			(2.2	)		1,264		1,183			6.8
Income before provision and income taxes		512		544			(5.9	)		858		677			26.7
Provision for credit losses		–		65			*			346		330			4.8
Income before income taxes		512		479			6.9			512		347			47.6
Income taxes and taxable-equivalent adjustment		186		174			6.9			186		126			47.6
Net income		326		305			6.9			326		221			47.5
Net (income) loss attributable to noncontrolling interests		–		(1	)		*			–		–			–
Net income attributable to U.S. Bancorp	$	326	$	304			7.2		$	326	$	221			47.5
Average Balance Sheet
Commercial	$	46,210	$	38,020			21.5	%	$	8,398	$	7,332			14.5	%
Commercial real estate		19,681		19,224			2.4			16,208		15,656			3.5
Residential mortgages		54		65			(16.9	)		40,526		33,561			20.8
Credit card		–		–			–			–		–			–
Other retail		7		4			75.0			45,656		46,000			(.7	)
Total loans, excluding covered loans		65,952		57,313			15.1			110,788		102,549			8.0
Covered loans		806		1,320			(38.9	)		7,396		8,266			(10.5	)
Total loans		66,758		58,633			13.9			118,184		110,815			6.6
Goodwill		1,604		1,604			–			3,515		3,515			–
Other intangible assets		34		50			(32.0	)		1,764		1,946			(9.4	)
Assets		72,668		64,594			12.5			135,828		123,960			9.6
Noninterest-bearing deposits		31,025		27,848			11.4			21,127		17,852			18.3
Interest checking		7,890		10,974			(28.1	)		30,051		27,048			11.1
Savings products		10,320		9,351			10.4			43,723		40,762			7.3
Time deposits		21,202		14,732			43.9			23,673		24,500			(3.4	)
Total deposits		70,437		62,905			12.0			118,574		110,162			7.6
Total U.S. Bancorp shareholders’ equity		6,383		5,604			13.9			11,562		9,327			24.0
	Wholesale Banking and Commercial Real Estate								Consumer and Small Business Banking
Nine Months Ended September 30 (Dollars in Millions)	2012		2011			Percent Change			2012		2011			Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,580	$	1,586			(.4	)%	$	3,551	$	3,412			4.1	%
Noninterest income		923		936			(1.4	)		2,701		1,995			35.4
Securities gains (losses), net		–		–			–			–		–			–
Total net revenue		2,503		2,522			(.8	)		6,252		5,407			15.6
Noninterest expense		941		935			.6			3,673		3,430			7.1
Other intangibles		12		12			–			39		57			(31.6	)
Total noninterest expense		953		947			.6			3,712		3,487			6.5
Income before provision and income taxes		1,550		1,575			(1.6	)		2,540		1,920			32.3
Provision for credit losses		3		356			(99.2	)		875		1,097			(20.2	)
Income before income taxes		1,547		1,219			26.9			1,665		823			*
Income taxes and taxable-equivalent adjustment		563		443			27.1			605		299			*
Net income		984		776			26.8			1,060		524			*
Net (income) loss attributable to noncontrolling interests		–		5			*			–		(1	)		*
Net income attributable to U.S. Bancorp	$	984	$	781			26.0		$	1,060	$	523			*
Average Balance Sheet
Commercial	$	44,376	$	36,406			21.9	%	$	8,127	$	7,243			12.2	%
Commercial real estate		19,614		19,271			1.8			16,070		15,462			3.9
Residential mortgages		60		68			(11.8	)		38,883		32,391			20.0
Credit card		–		–			–			–		–			–
Other retail		5		6			(16.7	)		45,604		45,691			(.2	)
Total loans, excluding covered loans		64,055		55,751			14.9			108,684		100,787			7.8
Covered loans		1,003		1,589			(36.9	)		7,642		8,520			(10.3	)
Total loans		65,058		57,340			13.5			116,326		109,307			6.4
Goodwill		1,604		1,604			–			3,515		3,521			(.2	)
Other intangible assets		38		55			(30.9	)		1,784		2,138			(16.6	)
Assets		70,895		63,218			12.1			133,108		122,942			8.3
Noninterest-bearing deposits		30,630		23,749			29.0			19,774		17,649			12.0
Interest checking		10,608		13,024			(18.6	)		29,660		26,228			13.1
Savings products		8,918		9,555			(6.7	)		43,106		40,290			7.0
Time deposits		17,210		14,845			15.9			24,097		24,478			(1.6	)
Total deposits		67,366		61,173			10.1			116,637		108,645			7.4
Total U.S. Bancorp shareholders’ equity		6,327		5,533			14.4			11,147		9,277			20.2

* 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
$	86	$	89		(3.4	)%	$	382		$	335			14.0	%	$	598		$	503			18.9	%	$	2,783		$	2,624			6.1	%
	283		254		11.4			851			854			(.4	)		34			48			(29.2	)		2,395			2,180			9.9
	–		–		–			–			–			–			1			(9	)		*			1			(9	)		*
	369		343		7.6			1,233			1,189			3.7			633			542			16.8			5,179			4,795			8.0
	289		267		8.2			451			449			.4			245			208			17.8			2,542			2,401			5.9
	10		9		11.1			40			43			(7.0	)		–			–			–			67			75			(10.7	)
	299		276		8.3			491			492			(.2	)		245			208			17.8			2,609			2,476			5.4
	70		67		4.5			742			697			6.5			388			334			16.2			2,570			2,319			10.8
	4		2		*			135			125			8.0			3			(3	)		*			488			519			(6.0	)
	66		65		1.5			607			572			6.1			385			337			14.2			2,082			1,800			15.7
	24		24		–			221			208			6.3			33			16			*			650			548			18.6
	42		41		2.4			386			364			6.0			352			321			9.7			1,432			1,252			14.4
	–		–		–			(10	)		(10	)		–			52			32			62.5			42			21			*
$	42	$	41		2.4		$	376		$	354			6.2		$	404		$	353			14.4		$	1,474		$	1,273			15.8
$	1,398	$	1,069		30.8	%	$	6,062		$	5,828			4.0	%	$	124		$	95			30.5	%	$	62,192		$	52,344			18.8	%
	599		567		5.6			–			–			–			142			122			16.4			36,630			35,569			3.0
	384		392		(2.0	)		–			–			–			5			8			(37.5	)		40,969			34,026			20.4
	–		–		–			16,551			16,057			3.1			–			–			–			16,551			16,057			3.1
	1,526		1,490		2.4			802			885			(9.4	)		–			1			*			47,991			48,380			(.8	)
	3,907		3,518		11.1			23,415			22,770			2.8			271			226			19.9			204,333			186,376			9.6
	11		12		(8.3	)		5			5			–			4,377			6,190			(29.3	)		12,595			15,793			(20.2	)
	3,918		3,530		11.0			23,420			22,775			2.8			4,648			6,416			(27.6	)		216,928			202,169			7.3
	1,469		1,463		.4			2,346			2,367			(.9	)		–			–			–			8,934			8,949			(.2	)
	165		179		(7.8	)		646			775			(16.6	)		4			5			(20.0	)		2,613			2,955			(11.6	)
	6,698		5,976		12.1			29,522			28,235			4.6			100,937			98,816			2.1			345,653			321,581			7.5
	14,856		11,801		25.9			623			653			(4.6	)		496			452			9.7			68,127			58,606			16.2
	3,919		2,835		38.2			1,346			184			*			1			1			–			43,207			41,042			5.3
	23,051		21,314		8.1			40			31			29.0			139			207			(32.9	)		77,273			71,665			7.8
	5,459		4,787		14.0			–			–			–			340			37			*			50,674			44,056			15.0
	47,285		40,737		16.1			2,009			868			*			976			697			40.0			239,281			215,369			11.1
	2,241		2,075		8.0			5,654			5,276			7.2			12,779			10,805			18.3			38,619			33,087			16.7
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
$	263	$	259		1.5	%	$	1,154		$	995			16.0	%	$	1,638		$	1,423			15.1	%	$	8,186		$	7,675			6.7	%
	828		793		4.4			2,399			2,443			(1.8	)		157			184			(14.7	)		7,008			6,351			10.3
	–		–		–			–			–			–			(18	)		(22	)		18.2			(18	)		(22	)		18.2
	1,091		1,052		3.7			3,553			3,438			3.3			1,777			1,585			12.1			15,176			14,004			8.4
	856		802		6.7			1,344			1,306			2.9			748			517			44.7			7,562			6,990			8.2
	30		27		11.1			127			129			(1.6	)		–			–			–			208			225			(7.6	)
	886		829		6.9			1,471			1,435			2.5			748			517			44.7			7,770			7,215			7.7
	205		223		(8.1	)		2,082			2,003			3.9			1,029			1,068			(3.7	)		7,406			6,789			9.1
	6		3		*			548			377			45.4			7			13			(46.2	)		1,439			1,846			(22.0	)
	199		220		(9.5	)		1,534			1,626			(5.7	)		1,022			1,055			(3.1	)		5,967			4,943			20.7
	72		81		(11.1	)		558			591			(5.6	)		54			69			(21.7	)		1,852			1,483			24.9
	127		139		(8.6	)		976			1,035			(5.7	)		968			986			(1.8	)		4,115			3,460			18.9
	–		–		–			(30	)		(29	)		(3.4	)		142			87			63.2			112			62			80.6
$	127	$	139		(8.6	)	$	946		$	1,006			(6.0	)	$	1,110		$	1,073			3.4		$	4,227		$	3,522			20.0
$	1,267	$	1,069		18.5	%	$	5,904		$	5,561			6.2	%	$	116		$	104			11.5	%	$	59,790		$	50,383			18.7	%
	582		575		1.2			–			–			–			123			109			12.8			36,389			35,417			2.7
	379		385		(1.6	)		–			–			–			6			10			(40.0	)		39,328			32,854			19.7
	–		–		–			16,675			16,022			4.1			–			–			–			16,675			16,022			4.1
	1,513		1,547		(2.2	)		817			909			(10.1	)		1			1			–			47,940			48,154			(.4	)
	3,741		3,576		4.6			23,396			22,492			4.0			246			224			9.8			200,122			182,830			9.5
	12		12		–			5			4			25.0			4,947			6,578			(24.8	)		13,609			16,703			(18.5	)
	3,753		3,588		4.6			23,401			22,496			4.0			5,193			6,802			(23.7	)		213,731			199,533			7.1
	1,468		1,463		.3			2,349			2,365			(.7	)		–			–			–			8,936			8,953			(.2	)
	172		188		(8.5	)		717			806			(11.0	)		4			5			(20.0	)		2,715			3,192			(14.9	)
	6,454		6,018		7.2			29,685			27,679			7.2			100,665			94,222			6.8			340,807			314,079			8.5
	13,899		8,176		70.2			638			684			(6.7	)		482			300			60.7			65,423			50,558			29.4
	3,924		2,908		34.9			1,329			174			*			1			1			–			45,522			42,335			7.5
	23,163		21,329		8.6			37			29			27.6			136			192			(29.2	)		75,360			71,395			5.6
	4,888		5,919		(17.4	)		–			–			–			478			205			*			46,673			45,447			2.7
	45,874		38,332		19.7			2,004			887			*			1,097			698			57.2			232,978			209,735			11.1
	2,223		2,078		7.0			5,681			5,272			7.8			11,727			9,539			22.9			37,105			31,699			17.1