10-Q

  ²

Form 10-Q/June 30, 2013                                  

                                

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from (not applicable)

Commission file number 1-6880

U.S. BANCORP

(Exact name of registrant as specified in its charter)

Delaware	41-0255900
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices, including zip code)

651-466-3000

(Registrant’s telephone number, including area code)

(not applicable)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.

YES þ    NO ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES þ    NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company ¨
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES ¨    NO þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class Common Stock, $.01 Par Value Outstanding as of July 31, 2013 1,839,266,111 shares

Table of Contents and Form 10-Q Cross Reference Index

Part I — Financial Information
1) Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2)
a) Overview	3
b) Statement of Income Analysis	4
c) Balance Sheet Analysis	6
d) Non-GAAP Financial Measures	33
e) Critical Accounting Policies	35
f) Controls and Procedures (Item 4)	35
2) Quantitative and Qualitative Disclosures About Market Risk/Corporate Risk Profile (Item 3)
a) Overview	10
b) Credit Risk Management	10
c) Residual Value Risk Management	23
d) Operational Risk Management	23
e) Interest Rate Risk Management	23
f) Market Risk Management	24
g) Liquidity Risk Management	25
h) Capital Management	27
3) Line of Business Financial Review	28
4) Financial Statements (Item 1)	36
Part II — Other Information
1) Legal Proceedings (Item 1)	82
2) Risk Factors (Item 1A)	82
3) Unregistered Sales of Equity Securities and Use of Proceeds (Item 2)	82
4) Exhibits (Item 6)	82
5) Signature	83
6) Exhibits	84

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.

This quarterly report on Form 10-Q contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. Global and domestic economies could fail to recover from the recent economic downturn or could experience another severe contraction, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities. Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Continued stress in the commercial real estate markets, as well as a delay or failure of recovery in the residential real estate markets could cause additional credit losses and deterioration in asset values. In addition, U.S. Bancorp’s business and financial performance is likely to be negatively impacted by recently enacted and future legislation and regulation. U.S. Bancorp’s results could also be adversely affected by deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in its investment securities portfolio; legal and regulatory developments; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, residual value risk, market risk, operational risk, interest rate risk, and liquidity risk.

For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2012, on file with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Corporate Risk Profile” contained in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. However, factors other than these also could adversely affect U.S. Bancorp’s results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

U. S. Bancorp 1

Table 1 Selected Financial Data

	Three Months Ended June 30,									Six Months Ended June 30,
(Dollars and Shares in Millions, Except Per Share Data)	2013			2012			Percent   Change			2013			2012			Percent   Change
Condensed Income Statement
Net interest income (taxable-equivalent basis) (a)	$	2,672		$	2,713			(1.5	)%	$	5,381		$	5,403			(.4	)%
Noninterest income		2,270			2,374			(4.4	)		4,430			4,613			(4.0	)
Securities gains (losses), net		6			(19	)		*			11			(19	)		*
Total net revenue		4,948			5,068			(2.4	)		9,822			9,997			(1.8	)
Noninterest expense		2,557			2,601			(1.7	)		5,027			5,161			(2.6	)
Provision for credit losses		362			470			(23.0	)		765			951			(19.6	)
Income before taxes		2,029			1,997			1.6			4,030			3,885			3.7
Taxable-equivalent adjustment		56			55			1.8			112			111			.9
Applicable income taxes		529			564			(6.2	)		1,087			1,091			(.4	)
Net income		1,444			1,378			4.8			2,831			2,683			5.5
Net (income) loss attributable to noncontrolling interests		40			37			8.1			81			70			15.7
Net income attributable to U.S. Bancorp	$	1,484		$	1,415			4.9		$	2,912		$	2,753			5.8
Net income applicable to U.S. Bancorp common shareholders	$	1,405		$	1,345			4.5		$	2,763		$	2,630			5.1
Per Common Share
Earnings per share	$	.76		$	.71			7.0	%	$	1.49		$	1.39			7.2	%
Diluted earnings per share		.76			.71			7.0			1.49			1.38			8.0
Dividends declared per share		.230			.195			17.9			.425			.390			9.0
Book value per share		18.94			17.45			8.5
Market value per share		36.15			32.16			12.4
Average common shares outstanding		1,843			1,888			(2.4	)		1,851			1,895			(2.3	)
Average diluted common shares outstanding		1,853			1,898			(2.4	)		1,860			1,904			(2.3	)
Financial Ratios
Return on average assets		1.70	%		1.67	%					1.68	%		1.64	%
Return on average common equity		16.1			16.5						16.1			16.3
Net interest margin (taxable-equivalent basis) (a)		3.43			3.58						3.46			3.59
Efficiency ratio (b)		51.7			51.1						51.2			51.5
Net charge-offs as a percent of average loans outstanding		.70			.98						.74			1.03
Average Balances
Loans	$	225,186		$	214,069			5.2	%	$	223,811		$	212,115			5.5	%
Loans held for sale		6,292			7,352			(14.4	)		7,521			7,115			5.7
Investment securities (c)		74,438			73,181			1.7			73,955			72,329			2.2
Earning assets		311,927			303,754			2.7			312,954			301,899			3.7
Assets		349,589			340,429			2.7			350,483			338,358			3.6
Noninterest-bearing deposits		66,866			64,531			3.6			66,634			64,057			4.0
Deposits		247,385			231,301			7.0			246,208			229,792			7.1
Short-term borrowings		27,557			29,935			(7.9	)		27,859			29,498			(5.6	)
Long-term debt		21,343			29,524			(27.7	)		23,362			30,538			(23.5	)
Total U.S. Bancorp shareholders’ equity		39,904			37,266			7.1			39,543			36,341			8.8
	June 30, 2013			December 31, 2012
Period End Balances
Loans	$	227,975		$	223,329			2.1	%
Investment securities		74,975			74,528			.6
Assets		353,415			353,855			(.1	)
Deposits		251,568			249,183			1.0
Long-term debt		19,724			25,516			(22.7	)
Total U.S. Bancorp shareholders’ equity		39,683			38,998			1.8
Asset Quality
Nonperforming assets	$	2,276		$	2,671			(14.8	)
Allowance for credit losses		4,612			4,733			(2.6	)
Allowance for credit losses as a percentage of period-end loans		2.02	%		2.12	%
Capital Ratios
Tier 1 capital		11.1	%		10.8	%
Total risk-based capital		13.3			13.1
Leverage		9.5			9.2
Tangible common equity to tangible assets (d)		7.5			7.2
Tangible common equity to risk-weighted assets using Basel I definition (d)		8.9			8.6
Tier 1 common equity to risk-weighted assets using Basel I definition (d)		9.2			9.0
Tier 1 common equity to risk-weighted assets estimated using final rules for the Basel III standardized approach released July 2013 (d)		8.6			–
Tier 1 common equity to risk-weighted assets approximated using proposed rules for the Basel III standardized approach released June 2012 (d)		8.3			8.1

* Not meaningful.

(a) Presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income excluding net securities gains (losses).

(c) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

(d) See Non-GAAP Financial Measures beginning on page 33.

2 U. S. Bancorp

Management’s Discussion and Analysis

OVERVIEW

Earnings Summary U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $1.5 billion for the second quarter of 2013, or $.76 per diluted common share, compared with $1.4 billion, or $.71 per diluted common share for the second quarter of 2012. Return on average assets and return on average common equity were 1.70 percent and 16.1 percent, respectively, for the second quarter of 2013, compared with 1.67 percent and 16.5 percent, respectively, for the second quarter of 2012. The provision for credit losses was $30 million lower than net charge-offs for the second quarter of 2013, compared with $50 million lower than net charge-offs for the second quarter of 2012.

Total net revenue, on a taxable-equivalent basis, for the second quarter of 2013 was $120 million (2.4 percent) lower than the second quarter of 2012, reflecting a 1.5 percent decrease in net interest income and a 3.4 percent decrease in noninterest income. The decrease in net interest income from a year ago was the result of lower rates on loans and investment securities, partially offset by higher average earning assets, continued growth in lower cost core deposit funding and the positive impact from maturities of higher rate long-term debt during 2012. Noninterest income decreased from a year ago, primarily due to lower mortgage banking revenue and other revenue, partially offset by an increase in trust and investment management fees and a favorable change in net securities gains (losses).

Noninterest expense in the second quarter of 2013 was $44 million (1.7 percent) lower than the second quarter of 2012, primarily the result of the impact of a second quarter 2012 accrual for the Company’s portion of an indemnification obligation associated with Visa Inc. litigation matters (“Visa accrual”) and lower professional services expense in the second quarter of 2013, partially offset by higher compensation and employee benefits expense.

The provision for credit losses for the second quarter of 2013 of $362 million was $108 million (23.0 percent) lower than the second quarter of 2012. Net charge-offs in the second quarter of 2013 were $392 million, compared with $520 million in the second quarter of 2012. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit

quality of the loan portfolio and establishing the allowance for credit losses.

Net income attributable to U.S. Bancorp for the first six months of 2013 was $2.9 billion, or $1.49 per diluted common share, compared with $2.8 billion, or $1.38 per diluted common share for the first six months of 2012. Return on average assets and return on average common equity were 1.68 percent and 16.1 percent, respectively, for the first six months of 2013, compared with 1.64 percent and 16.3 percent, respectively, for the first six months of 2012. The provision for credit losses was $60 million lower than net charge-offs for the first six months of 2013, compared with $140 million lower than net charge-offs for the first six months of 2012.

Total net revenue, on a taxable-equivalent basis, for the first six months of 2013 was $175 million (1.8 percent) lower than the first six months of 2012, reflecting a .4 percent decrease in net interest income and a 3.3 percent decrease in noninterest income. The decrease in net interest income from the prior year was the result of lower rates on loans and investment securities, partially offset by higher average earning assets, continued growth in lower cost core deposit funding and the positive impact from maturities of higher rate long-term debt. Noninterest income decreased from the prior year, primarily due to lower mortgage banking revenue and other revenue, partially offset by increases in trust and investment management fees and payments-related revenue, and a favorable change in net securities gains (losses).

Noninterest expense in the first six months of 2013 was $134 million (2.6 percent) lower than the first six months of 2012, reflecting the impact of the second quarter 2012 Visa accrual, lower insurance-related costs, and decreases in professional services and other expenses, partially offset by higher compensation and employee benefits expense.

The provision for credit losses of $765 million for the first six months of 2013 was $186 million (19.6 percent) lower than the first six months of 2012. Net charge-offs in the first six months of 2013 were $825 million, compared with $1.1 billion in the first six months of 2012. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

U. S. Bancorp 3

STATEMENT OF INCOME ANALYSIS

Net Interest Income Net interest income, on a taxable-equivalent basis, was $2.7 billion in the second quarter and $5.4 billion in the first six months of 2013, or decreases of $41 million (1.5 percent) and $22 million (.4 percent), respectively, compared with the same periods of 2012. The decreases were the result of a lower net interest margin percentage, partially offset by growth in average earning assets. Average earning assets increased $8.2 billion (2.7 percent) in the second quarter and $11.1 billion (3.7 percent) in the first six months of 2013, compared with the same periods of 2012, driven by increases in loans and investment securities, partially offset by decreases in other earning assets, primarily due to the deconsolidation of certain consolidated variable interest entities (“VIEs”) in the second quarter of 2013, as the Company transferred control over the most significant activities of the entities to a third party manager. Refer to Note 4 of the Notes to Consolidated Financial Statements for further information on the deconsolidation of certain VIEs. Further offsetting the increases in average earning assets in the second quarter of 2013 was a decrease in loans held for sale, principally due to lower residential mortgage loan originations in the second quarter of 2013, compared with the second quarter of 2012. The net interest margin in the second quarter and first six months of 2013 was 3.43 percent and 3.46 percent, respectively, compared with 3.58 percent and 3.59 percent in the second quarter and first six months of 2012, respectively. The decreases in the net interest margin primarily reflected lower rates on investment securities and loans, partially offset by lower rates on deposits and maturities of higher rate long-term debt during 2012. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” tables for further information on net interest income.

Average total loans for the second quarter and first six months of 2013 were $11.1 billion (5.2 percent) and $11.7 billion (5.5 percent) higher, respectively, than the same periods of 2012, driven by growth in residential mortgages, commercial loans and commercial real estate loans. These increases were driven by higher demand for loans from new and existing customers. The increases were partially offset by declines in credit card loans,

other retail loans and loans covered by loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”). Average loans acquired in FDIC-assisted transactions that are covered by loss sharing agreements with the FDIC (“covered” loans) decreased $3.4 billion (24.4 percent) in the second quarter and $3.4 billion (24.2 percent) in the first six months of 2013, compared with the same periods of 2012, respectively.

Average investment securities in the second quarter and first six months of 2013 were $1.3 billion (1.7 percent) and $1.6 billion (2.2 percent) higher, respectively, than the same periods of 2012, primarily due to purchases of U.S. government agency-backed securities, net of prepayments and maturities.

Average total deposits for the second quarter and first six months of 2013 were $16.1 billion (7.0 percent) and $16.4 billion (7.1 percent) higher, respectively, than the same periods of 2012. Average noninterest-bearing deposits for the second quarter and first six months of 2013 were $2.3 billion (3.6 percent) and $2.6 billion (4.0 percent) higher, respectively, than the same periods of 2012, driven by growth in Consumer and Small Business Banking balances. Average total savings deposits for the second quarter and first six months of 2013 were $15.8 billion (13.1 percent) and $13.2 billion (10.9 percent) higher, respectively, than the same periods of 2012, the result of growth in Consumer and Small Business Banking balances primarily from continued strong participation in a consumer savings product offering. Additionally, the increases were due to higher corporate trust and broker-dealer balances. Average time certificates of deposit less than $100,000 for the second quarter and first six months of 2013 were $1.6 billion (10.9 percent) and $1.5 billion (10.0 percent) lower, respectively, than the same periods of 2012, due to maturities. Average time deposits greater than $100,000 were $.4 billion (1.2 percent) lower in the second quarter and $2.1 billion (7.0 percent) higher in the first six months of 2013, compared with the same periods of 2012, respectively. Time deposits greater than $100,000 are managed as an alternative to other funding sources such as wholesale borrowing, based largely on relative pricing.

4 U. S. Bancorp

Table 2 Noninterest Income

	Three Months Ended June 30,								Six Months Ended June 30,
(Dollars in Millions)	2013		2012			Percent Change			2013		2012			Percent Change
Credit and debit card revenue	$	244	$	235			3.8	%	$	458	$	437			4.8	%
Corporate payment products revenue		176		190			(7.4	)		348		365			(4.7	)
Merchant processing services		373		359			3.9			720		696			3.4
ATM processing services		83		89			(6.7	)		165		176			(6.3	)
Trust and investment management fees		284		262			8.4			562		514			9.3
Deposit service charges		160		156			2.6			313		309			1.3
Treasury management fees		140		142			(1.4	)		274		276			(.7	)
Commercial products revenue		209		216			(3.2	)		409		427			(4.2	)
Mortgage banking revenue		396		490			(19.2	)		797		942			(15.4	)
Investment products fees		46		38			21.1			87		73			19.2
Securities gains (losses), net		6		(19	)		*			11		(19	)		*
Other		159		197			(19.3	)		297		398			(25.4	)
Total noninterest income	$	2,276	$	2,355			(3.4	)%	$	4,441	$	4,594			(3.3	)%

* Not meaningful.

Provision for Credit Losses The provision for credit losses for the second quarter and first six months of 2013 decreased $108 million (23.0 percent) and $186 million (19.6 percent), respectively, from the same periods of 2012. Net charge-offs decreased $128 million (24.6 percent) and $266 million (24.4 percent) in the second quarter and first six months of 2013, respectively, compared with the same periods of 2012, principally due to improvement in the commercial, commercial real estate and residential mortgage portfolios. The provision for credit losses was lower than net charge-offs by $30 million in the second quarter and $60 million in the first six months of 2013, compared with $50 million in the second quarter and $140 million in the first six months of 2012. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

Noninterest Income Noninterest income was $2.3 billion in the second quarter and $4.4 billion in the first six months of 2013, or decreases of $79 million (3.4 percent) and $153 million (3.3 percent), respectively, compared with the same periods of 2012. The decreases from a year ago were principally due to lower mortgage banking revenue and other revenue, partially offset by higher trust and investment management fees and favorable changes in net securities gains (losses). The decreases in mortgage banking revenue were due to

lower origination and sales revenue, partially offset by a favorable change in the Company’s mortgage representation and warranties reserve during the second quarter of 2013. The reductions in other income were driven by lower equity investment and retail lease revenue. In addition, corporate payment products revenue decreased due to lower government and transportation-related transactions, and ATM processing services revenue decreased due to lower volumes. Commercial products revenue was also lower, primarily driven by lower standby letters of credit fees, and capital markets revenue. Offsetting these negative variances were increases in trust and investment management fees due to improved market conditions and business expansion. Net securities gains (losses) reflected favorable variances as compared with the same periods of the prior year, as the Company recognized impairment on certain money center bank securities in the second quarter of 2012 following rating agency downgrades. Credit and debit card revenue also increased over the prior year, driven by higher volumes, including the impact of business expansion, partially offset by the impact of a credit recorded in the second quarter of 2012 related to the final expiration of debit card customer rewards. In addition, merchant processing services revenue increased due to higher volumes and product fees and investment products fees increased due to higher sales and fee volumes.

U. S. Bancorp 5

Table 3 Noninterest Expense

	Three Months Ended June 30,									Six Months Ended June 30,
(Dollars in Millions)	2013			2012			Percent Change			2013			2012			Percent Change
Compensation	$	1,098		$	1,076			2.0	%	$	2,180		$	2,128			2.4	%
Employee benefits		277			229			21.0			587			489			20.0
Net occupancy and equipment		234			230			1.7			469			450			4.2
Professional services		91			136			(33.1	)		169			220			(23.2	)
Marketing and business development		96			80			20.0			169			189			(10.6	)
Technology and communications		214			201			6.5			425			402			5.7
Postage, printing and supplies		78			77			1.3			154			151			2.0
Other intangibles		55			70			(21.4	)		112			141			(20.6	)
Other		414			502			(17.5	)		762			991			(23.1	)
Total noninterest expense	$	2,557		$	2,601			(1.7	)%	$	5,027		$	5,161			(2.6	)%
Efficiency ratio (a)		51.7	%		51.1	%					51.2	%		51.5	%

(a) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income excluding securities gains (losses), net.

Noninterest Expense Noninterest expense was $2.6 billion in the second quarter and $5.0 billion in the first six months of 2013, or decreases of $44 million (1.7 percent) and $134 million (2.6 percent), respectively, compared with the same periods of 2012. The decreases in noninterest expense from a year ago were primarily due to reductions in other expense and professional services expense, partially offset by higher compensation and employee benefits expense. Other expense decreased due to the second quarter 2012 Visa accrual and lower FDIC insurance expense and costs related to other real estate owned, partially offset by higher costs related to investments in affordable housing and other tax-advantaged projects. In addition, other expense for the first six months of 2013 was lower than the same period of the prior year due to lower insurance-related costs. Professional services expense was lower due to reductions in mortgage servicing review-related costs. Other intangibles expense decreased due to the reduction or completion of the amortization of certain intangibles. Compensation expense increased in the second quarter and first six months of 2013, compared with the same periods of the prior year, primarily attributable to the growth in staffing for business initiatives and business expansion, in addition to merit increases. Employee benefits expense increased, principally due to higher pension costs and staffing levels. In addition, net occupancy and equipment expense was higher due to business initiatives and expansion, and technology and communications expense increased due to business expansion and technology projects. Marketing and business development expense increased in the second quarter of 2013 compared with the same period of 2012, due to payments-related initiatives.

Income Tax Expense The provision for income taxes was $529 million (an effective rate of 26.8 percent) for the second quarter and $1.1 billion (an effective rate of 27.7 percent) for the first six months of 2013, compared with $564 million (an effective rate of 29.0 percent) and $1.1 billion (an effective rate of 28.9 percent) for the same periods of 2012. The decrease in the effective rates for the second quarter and first six months of 2013, compared with the same periods of 2012, reflected the impact of favorable developments on federal and state tax examinations. For further information on income taxes, refer to Note 10 of the Notes to Consolidated Financial Statements.

BALANCE SHEET ANALYSIS

Loans The Company’s loan portfolio was $228.0 billion at June 30, 2013, compared with $223.3 billion at December 31, 2012, an increase of $4.6 billion (2.1 percent). The increase was driven primarily by increases in residential mortgages, commercial loans and commercial real estate loans, partially offset by lower credit card, other retail and covered loans.

Residential mortgages held in the loan portfolio increased $3.7 billion (8.5 percent) at June 30, 2013, compared with December 31, 2012, reflecting origination and refinancing activity due to the low interest rate environment. Residential mortgages originated and placed in the Company’s loan portfolio are primarily well-secured jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality. The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability, credit risk, liquidity needs, and capital

6 U. S. Bancorp

implications. If the Company’s intent or ability to hold an existing portfolio loan changes, it is transferred to loans held for sale.

Commercial loans and commercial real estate loans increased $2.0 billion (3.0 percent) and $1.3 billion (3.6 percent), respectively, at June 30, 2013, compared with December 31, 2012, reflecting higher demand from new and existing customers.

Credit card loans decreased $466 million (2.7 percent) at June 30, 2013, compared with December 31, 2012, the result of customers paying down their balances. Other retail loans, which include retail leasing, home equity and second mortgages and other retail loans, decreased $607 million (1.3 percent) at June 30, 2013, compared with December 31, 2012. The decrease was primarily driven by lower home equity and second mortgages and student loan balances.

Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $4.8 billion at June 30, 2013, compared with $8.0 billion at December 31, 2012. The decrease in loans held for sale was principally due to lower residential mortgage loan originations during the first six months of 2013, as compared with the second half of 2012.

Most of the residential mortgage loans the Company originates or purchases follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets; in particular in government agency transactions and to government-sponsored enterprises.

Investment Securities Investment securities totaled $75.0 billion at June 30, 2013, compared with $74.5 billion at December 31, 2012. The $447 million (.6 percent) increase primarily reflected $1.3 billion of net investment purchases, partially offset by a $798 million unfavorable change in net unrealized gains (losses) on available-for-sale investment securities. Held-to-maturity securities were $34.7 billion at June 30, 2013, compared with $34.4 billion at December 31, 2012, primarily reflecting net purchases of U.S government agency-backed securities.

The Company’s available-for-sale securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a security is deemed to be other-than-temporarily impaired. At June 30, 2013, the Company’s net unrealized gains on available-for-sale securities were $301 million, compared with $1.1 billion at December 31, 2012. The unfavorable change in net unrealized gains was primarily due to decreases in the fair value of agency mortgage-backed and state and political securities due to increases in interest rates. Gross unrealized losses on available-for-sale securities totaled $486 million at June 30, 2013, compared with $147 million at December 31, 2012.

The Company conducts a regular assessment of its investment portfolio to determine whether any securities are other-than-temporarily impaired. When assessing unrealized losses for other-than-temporary impairment, the Company considers the nature of the investment, the financial condition of the issuer, the extent and duration of unrealized loss, expected cash flows of underlying assets and market conditions. At June 30, 2013, the Company had no plans to sell securities with unrealized losses, and believes it is more likely than not that it would not be required to sell such securities before recovery of their amortized cost.

There is limited market activity for non-agency mortgage-backed securities held by the Company. As a result, the Company estimates the fair value of these securities using estimates of expected cash flows, discount rates and management’s assessment of various other market factors, which are judgmental in nature. The Company recorded $3 million and $10 million of impairment charges in earnings during the second quarter and first six months of 2013, respectively, on non-agency mortgage-backed securities. These impairment charges were due to changes in expected cash flows primarily resulting from changes in voluntary prepayment and default assumptions in the underlying mortgage pools. Further adverse changes in market conditions may result in additional impairment charges in future periods. Refer to Notes 2 and 13 in the Notes to Consolidated Financial

Statements for further information on investment securities.

U. S. Bancorp 7

Table 4 Investment Securities

	Available-for-Sale									Held-to-Maturity
At June 30, 2013 (Dollars in Millions)	Amortized Cost		Fair Value		Weighted- Average Maturity in Years		Weighted- Average Yield (e)			Amortized Cost		Fair Value		Weighted- Average Maturity in Years		Weighted- Average Yield (e)
U.S. Treasury and Agencies
Maturing in one year or less	$	492	$	493		.4		.93	%	$	2,213	$	2,224		.6		.99	%
Maturing after one year through five years		40		42		2.8		2.97			231		233		1.4		1.07
Maturing after five years through ten years		749		725		9.0		2.14			1,017		969		9.0		1.87
Maturing after ten years		301		291		14.1		1.69			60		60		11.7		1.78
Total	$	1,582	$	1,551		7.2		1.70	%	$	3,521	$	3,486		3.3		1.26	%
Mortgage-Backed Securities (a)
Maturing in one year or less	$	587	$	593		.7		1.98	%	$	37	$	37		.7		1.94	%
Maturing after one year through five years		17,500		17,692		3.8		2.31			22,413		22,385		3.6		2.11
Maturing after five years through ten years		10,639		10,616		5.9		1.78			7,889		7,785		5.6		1.62
Maturing after ten years		2,082		2,098		12.6		1.26			650		664		11.8		1.30
Total	$	30,808	$	30,999		5.0		2.05	%	$	30,989	$	30,871		4.2		1.97	%
Asset-Backed Securities (a)
Maturing in one year or less	$	–	$	–		.1		7.66	%	$	–	$	–		.4		.42	%
Maturing after one year through five years		54		62		3.0		2.66			9		11		3.4		.73
Maturing after five years through ten years		564		575		7.0		2.62			8		9		6.4		.83
Maturing after ten years		–		–		18.1		5.35			3		12		21.7		.78
Total	$	618	$	637		6.7		2.63	%	$	20	$	32		7.6		.78	%
Obligations of State and Political Subdivisions (b) (c)
Maturing in one year or less	$	44	$	44		.5		6.17	%	$	–	$	–		.3		7.41	%
Maturing after one year through five years		5,030		5,211		3.1		6.73			3		3		2.3		9.04
Maturing after five years through ten years		509		509		7.2		5.84			2		2		7.7		7.73
Maturing after ten years		196		181		22.1		5.56			12		12		14.3		5.31
Total	$	5,779	$	5,945		4.1		6.60	%	$	17	$	17		11.3		6.25	%
Other Debt Securities
Maturing in one year or less	$	61	$	61		.1		5.94	%	$	5	$	5		.7		1.37	%
Maturing after one year through five years		–		–		–		–			90		90		2.8		1.16
Maturing after five years through ten years		–		–		–		–			26		13		7.3		1.01
Maturing after ten years		734		652		22.0		2.73			–		–		–		–
Total	$	795	$	713		20.4		2.98	%	$	121	$	108		3.7		1.14	%
Other Investments	$	424	$	462		15.4		2.31	%	$	–	$	–		–		–	%
Total investment securities (d)	$	40,006	$	40,307		5.4		2.72	%	$	34,668	$	34,514		4.2		1.89	%

(a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities anticipating future prepayments.

(b) Information related to obligations of state and politcal subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if purchased at par or a discount.

(c) Maturity calculations for obligations of state and politicial subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with a fair value equal to or below par.

(d) The weighted-average maturity of the available-for-sale investment securities was 4.1 years at December 31, 2012, with a corresponding weighted-average yield of 2.93 percent. The weighted-average maturity of the held-to-maturity investment securities was 3.3 years at December 31, 2012, with a corresponding weighted-average yield of 1.94 percent.

(e) Average yields are presented on a fully-taxable equivalent basis under a tax rate of 35 percent. Yields on available-for-sale and held-to-maturity investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Average yield and maturity calculations exclude equity securities that have no stated yield or maturity.

	June 30, 2013					December 31, 2012
(Dollars in Millions)	Amortized Cost		Percent of Total			Amortized Cost		Percent of Total
U.S. Treasury and agencies	$	5,103		6.8	%	$	4,365		5.9	%
Mortgage-backed securities		61,797		82.8			61,019		83.1
Asset-backed securities		638		.8			637		.9
Obligations of state and political subdivisions		5,796		7.8			6,079		8.3
Other debt securities and investments		1,340		1.8			1,329		1.8
Total investment securities	$	74,674		100.0	%	$	73,429		100.0	%

8 U. S. Bancorp

Deposits Total deposits were $251.6 billion at June 30, 2013, compared with $249.2 billion December 31, 2012, the result of increases in time deposits greater than $100,000, money market deposits and savings deposits, partially offset by decreases in noninterest bearing deposits, interest checking balances and time certificates less than $100,000. Time deposits greater than $100,000 increased $4.2 billion (14.5 percent) at June 30, 2013, compared with December 31, 2012. Time deposits greater than $100,000 are managed as an alternative to other funding sources such as wholesale borrowing, based largely on relative pricing. Money market balances increased $3.6 billion (7.0 percent) primarily due to higher Wholesale Banking and Commercial Real Estate and institutional trust and custody balances. Savings account balances increased $1.1 billion (3.6 percent), primarily due to continued strong participation in a savings product offered by Consumer and Small Business Banking. Noninterest-bearing deposits decreased $3.5 billion (4.8 percent), primarily due to a decrease in Wealth Management and Securities Services, and Wholesale Banking and Commercial Real Estate balances. Interest checking balances decreased $2.1 billion (4.1 percent) primarily due to lower broker-dealer balances, partially offset by

higher corporate trust balances. Time certificates less than $100,000 decreased $891 million (6.5 percent) at June 30, 2013, compared with December 31, 2012, primarily due to maturities.

Borrowings The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $26.2 billion at June 30, 2013, compared with $26.3 billion at December 31, 2012. The $123 million (.5 percent) decrease in short-term borrowings was primarily due to lower repurchase agreement balances, partially offset by an increase in commercial paper and other short-term borrowings. Long-term debt was $19.7 billion at June 30, 2013, compared with $25.5 billion at December 31, 2012. The $5.8 billion (22.7 percent) decrease was primarily due to a $4.5 billion decrease in long-term debt related to the deconsolidation of certain consolidated VIEs and $1.4 billion of medium-term note maturities. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.

U. S. Bancorp 9

CORPORATE RISK PROFILE

Overview Managing risks is an essential part of successfully operating a financial services company. The Company’s most prominent risk exposures are credit, residual value, operational, interest rate, market, liquidity and reputation risk. Credit risk is the risk of not collecting the interest and/or the principal balance of a loan, investment or derivative contract when it is due. Residual value risk is the potential reduction in the end-of-term value of leased assets. Operational risk includes risks related to fraud, processing errors, technology, breaches of internal controls and in data security, and business continuation and disaster recovery. Operational risk also includes legal and compliance risks, including risks arising from the failure to adhere to laws, rules, regulations and internal policies and procedures. Interest rate risk is the potential reduction of net interest income as a result of changes in interest rates, which can affect the repricing of assets and liabilities differently. Market risk arises from fluctuations in interest rates, foreign exchange rates, and security prices that may result in changes in the values of financial instruments, such as trading and available-for-sale securities, certain mortgage loans held for sale, mortgage servicing rights (“MSRs”) and derivatives that are accounted for on a fair value basis. Liquidity risk is the possible inability to fund obligations to depositors, investors or borrowers. Further, corporate strategic decisions, as well as the risks described above, could give rise to reputation risk. Reputation risk is the risk that negative publicity or press, whether true or not, could result in costly litigation or cause a decline in the Company’s stock value, customer base, funding sources or revenue. In addition to the risks identified above, other risk factors exist that may impact the Company. Refer to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December  31, 2012, for a detailed discussion of these factors.

Credit Risk Management The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures. In evaluating its credit risk, the Company considers changes, if any, in underwriting activities, the loan portfolio composition (including product mix and geographic, industry or customer-specific concentrations), trends in loan performance, the level of allowance coverage relative to similar banking institutions and macroeconomic factors, such as changes in unemployment rates, gross domestic product and

consumer bankruptcy filings. The Risk Management Committee of the Company’s Board of Directors oversees the Company’s credit risk management process.

In addition, credit quality ratings, as defined by the Company, are an important part of the Company’s overall credit risk management and evaluation of its allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal risk has been identified. Loans with a special mention or classified rating, including all of the Company’s loans that are 90 days or more past due and still accruing, nonaccrual loans, those considered troubled debt restructurings (“TDRs”), and loans in a junior lien position that are current but are behind a modified or delinquent loan in a first lien position, encompass all loans held by the Company that it considers to have a potential or well-defined weakness that may put full collection of contractual cash flows at risk. The Company’s internal credit quality ratings for consumer loans are primarily based on delinquency and nonperforming status, except for a limited population of larger loans within those portfolios that are individually evaluated. For this limited population, the determination of the internal credit quality rating may also consider collateral value and customer cash flows. The Company obtains recent collateral value estimates for the majority of its residential mortgage and home equity and second mortgage portfolios, which allows the Company to compute estimated loan-to-value (“LTV”) ratios reflecting current market conditions. These individual refreshed LTV ratios are considered in the determination of the appropriate allowance for credit losses. However, the underwriting criteria the Company employs consider the relevant income and credit characteristics of the borrower, such that the collateral is not the primary source of repayment. Refer to Note 3 in the Notes to Consolidated Financial Statements for further discussion of the Company’s loan portfolios including internal credit quality ratings. In addition, refer to “Management’s Discussion and Analysis — Credit Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for a more detailed discussion on credit risk management processes.

The Company manages its credit risk, in part, through diversification of its loan portfolio and limit setting by product type criteria and concentrations. As part of its normal business activities, the Company offers a broad array of lending products. The Company categorizes its loan portfolio into three segments, which is the level at which it develops and documents a

10 U. S. Bancorp

systematic methodology to determine the allowance for credit losses. The Company’s three loan portfolio segments are commercial lending, consumer lending and covered loans. The commercial lending segment includes loans and leases made to small business, middle market, large corporate, commercial real estate, financial institution, non-profit and public sector customers. Key risk characteristics relevant to commercial lending segment loans include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial flexibility, loan covenants, and nature of pledged collateral, if any. These risk characteristics, among others, are considered in determining estimates about the likelihood of default by the borrowers and the severity of loss in the event of default. The Company considers these risk characteristics in assigning internal risk ratings to, or forecasting losses on, these loans which are the significant factors in determining the allowance for credit losses for loans in the commercial lending segment.

The consumer lending segment represents loans and leases made to consumer customers including residential mortgages, credit card loans, and other retail loans such as revolving consumer lines, auto loans and leases, student loans, and home equity loans and lines. Home equity or second mortgage loans are junior lien closed-end accounts fully disbursed at origination. These loans typically are fixed rate loans, secured by residential real estate, with a 10 or 15 year fixed payment amortization schedule. Home equity lines are revolving accounts giving the borrower the ability to draw and repay balances repeatedly, up to a maximum commitment, and are secured by residential real estate. These include accounts in either a first or junior lien position. Typical terms on home equity lines are variable rates benchmarked to the prime rate, with a 15-year draw period during which a minimum payment is equivalent to the monthly interest, followed by a 10-year amortization period. At June 30, 2013, substantially all of the Company’s home equity lines were in the draw period. Key risk characteristics relevant to consumer lending segment loans primarily relate to the borrowers’ capacity and willingness to repay and include unemployment rates and other economic factors, customer payment history and in some cases, updated LTV information on real estate based loans. These risk characteristics, among others, are reflected in forecasts of delinquency levels, bankruptcies and losses which are the primary factors in determining the allowance for credit losses for the consumer lending segment.

The covered loan segment represents loans acquired in FDIC-assisted transactions that are covered by loss sharing agreements with the FDIC that greatly reduce the risk of future credit losses to the Company. Key risk characteristics for covered segment loans are consistent with the segment they would otherwise be included in had the loss share coverage not been in place, but consider the indemnification provided by the FDIC.

The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. The covered loan segment consists of only one class.

The Company’s consumer lending segment utilizes several distinct business processes and channels to originate consumer credit, including traditional branch lending, indirect lending, portfolio acquisitions, correspondent banks and loan brokers. Each distinct underwriting and origination activity manages unique credit risk characteristics and prices its loan production commensurate with the differing risk profiles.

Residential mortgages represent an important financial product for consumer customers of the Company and are originated through the Company’s branches, loan production offices and a wholesale network of originators. The Company may retain residential mortgage loans it originates on its balance sheet or sell the loans into the secondary market while retaining the servicing rights and customer relationships. Utilizing the secondary markets enables the Company to effectively reduce its credit and other asset/liability risks. For residential mortgages that are retained in the Company’s portfolio and for home equity and second mortgages, credit risk is also diversified by geography and managed by adherence to LTV and borrower credit criteria during the underwriting process.

The Company estimates updated LTV information quarterly, based on a method that combines automated valuation model updates and relevant home price indices. LTV is the ratio of the loan’s outstanding principal balance to the current estimate of property value. For home equity and second mortgages, combined loan-to-value (“CLTV”) is the combination of the first mortgage original principal balance and the second lien outstanding principal balance, relative to the current estimate of property value. Certain loans do not have a LTV or CLTV, primarily due to lack of availability of relevant automated valuation model and/or home price indices values, or lack of necessary valuation data on acquired loans.

U. S. Bancorp 11

The following tables provide summary information for the LTVs of residential mortgages and home equity and second mortgages by borrower type at June 30, 2013:

Residential mortgages (Dollars in Millions)	Interest Only		Amortizing		Total		Percent of Total
Prime Borrowers
Less than or equal to 80%	$	1,984	$	30,399	$	32,383		81.2	%
Over 80% through 90%		379		3,058		3,437		8.6
Over 90% through 100%		342		1,237		1,579		3.9
Over 100%		753		1,629		2,382		6.0
No LTV available		–		104		104		.3
Total	$	3,458	$	36,427	$	39,885		100.0	%
Sub-Prime Borrowers
Less than or equal to 80%	$	1	$	548	$	549		37.1	%
Over 80% through 90%		1		223		224		15.2
Over 90% through 100%		3		220		223		15.1
Over 100%		7		475		482		32.6
No LTV available		–		–		–		–
Total	$	12	$	1,466	$	1,478		100.0	%
Other Borrowers
Less than or equal to 80%	$	10	$	343	$	353		39.8	%
Over 80% through 90%		4		202		206		23.2
Over 90% through 100%		1		94		95		10.7
Over 100%		2		231		233		26.3
No LTV available		–		–		–		–
Total	$	17	$	870	$	887		100.0	%
Loans Purchased From GNMA Mortgage Pools (a)	$	–	$	5,503	$	5,503		100.0	%
Total
Less than or equal to 80%	$	1,995	$	31,290	$	33,285		69.7	%
Over 80% through 90%		384		3,483		3,867		8.1
Over 90% through 100%		346		1,551		1,897		4.0
Over 100%		762		2,335		3,097		6.5
No LTV available		–		104		104		.2
Loans purchased from GNMA mortgage pools (a)		–		5,503		5,503		11.5
Total	$	3,487	$	44,266	$	47,753		100.0	%

(a) Represents loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose payments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

Home equity and second mortgages (Dollars in Millions)	Lines		Loans		Total		Percent of Total
Prime Borrowers
Less than or equal to 80%	$	7,868	$	508	$	8,376		55.7	%
Over 80% through 90%		2,257		243		2,500		16.6
Over 90% through 100%		1,396		172		1,568		10.4
Over 100%		1,965		368		2,333		15.5
No LTV/CLTV available		249		24		273		1.8
Total	$	13,735	$	1,315	$	15,050		100.0	%
Sub-Prime Borrowers
Less than or equal to 80%	$	39	$	26	$	65		19.9	%
Over 80% through 90%		16		21		37		11.3
Over 90% through 100%		15		35		50		15.3
Over 100%		37		138		175		53.5
No LTV/CLTV available		–		–		–		–
Total	$	107	$	220	$	327		100.0	%
Other Borrowers
Less than or equal to 80%	$	308	$	6	$	314		71.5	%
Over 80% through 90%		63		5		68		15.5
Over 90% through 100%		24		2		26		5.9
Over 100%		24		5		29		6.6
No LTV/CLTV available		2		–		2		.5
Total	$	421	$	18	$	439		100.0	%
Total
Less than or equal to 80%	$	8,215	$	540	$	8,755		55.4	%
Over 80% through 90%		2,336		269		2,605		16.5
Over 90% through 100%		1,435		209		1,644		10.4
Over 100%		2,026		511		2,537		16.0
No LTV/CLTV available		251		24		275		1.7
Total	$	14,263	$	1,553	$	15,816		100.0	%

At June 30, 2013, approximately $1.5 billion of residential mortgages were to customers that may be defined as sub-prime borrowers based on credit scores from independent agencies at loan origination, compared with $1.6 billion at December 31, 2012. In addition to residential mortgages, at June 30, 2013, $.3 billion of home equity and second mortgage loans were to customers that may be defined as sub-prime borrowers, compared with $.4 billion at December 31, 2012. The total amount of consumer lending segment residential mortgage, home equity and second mortgage loans to customers that may be defined as sub-prime borrowers represented only .5 percent of total assets at June 30, 2013, compared with .6 percent at December 31, 2012. The Company considers sub-prime loans to be those made to borrowers with a risk of default significantly higher than those approved for prime lending programs, as reflected in credit scores obtained from independent agencies at loan origination, in addition to other credit underwriting criteria. Sub-prime portfolios include only loans originated according to the Company’s underwriting programs specifically designed to serve customers with weakened credit histories. The sub-prime designation indicators have been and will continue to be subject to re-evaluation over time as borrower characteristics, payment performance and economic conditions change. The sub-prime loans originated during periods from June 2009 and after are with borrowers who met the Company’s program guidelines and have a credit score that generally is at or below a threshold of 620 to 650 at loan origination depending on the program. Sub-prime loans originated during periods prior to June 2009 were based upon program level guidelines without regard to credit score.

Covered loans included $1.1 billion in loans with negative-amortization payment options at June 30, 2013, compared with $1.3 billion at December 31, 2012. Other than covered loans, the Company does not have any residential mortgages with payment schedules that would cause balances to increase over time.

Home equity and second mortgages were $15.8 billion at June 30, 2013, compared with $16.7 billion at December 31, 2012, and included $4.9 billion of home equity lines in a first lien position and $10.9 billion of home equity and second mortgage loans and lines in a junior lien position. Loans and lines in a junior lien position at June 30, 2013, included approximately $3.6 billion of loans and lines for which the Company also serviced the related first lien loan, and approximately $7.3 billion where the Company did not service the related first lien loan. The Company was able to determine the status of the related first liens using

12 U. S. Bancorp

Table 5 Delinquent Loan Ratios as a Percent of Ending Loan Balances

90 days or more past due excluding nonperforming loans	June 30, 2013			December 31, 2012
Commercial
Commercial		.10	%		.10	%
Lease financing		–			–
Total commercial		.09			.09
Commercial Real Estate
Commercial mortgages		.02			.02
Construction and development		.04			.02
Total commercial real estate		.03			.02
Residential Mortgages (a)		.53			.64
Credit Card		1.10			1.27
Other Retail
Retail leasing		–			.02
Other		.18			.22
Total other retail (b)		.16			.20
Total loans, excluding covered loans		.27			.31
Covered Loans		5.40			5.86
Total loans		.49	%		.59	%

90 days or more past due including nonperforming loans	June 30, 2013			December 31, 2012
Commercial		.24	%		.27	%
Commercial real estate		1.13			1.50
Residential mortgages (a)		1.96			2.14
Credit card		1.75			2.12
Other retail (b)		.63			.66
Total loans, excluding covered loans		.97			1.11
Covered loans		7.08			9.28
Total loans		1.24	%		1.52	%

(a) Delinquent loan ratios exclude $3.4 billion at June 30, 2013, and $3.2 billion at December 31, 2012, of loans purchased from GNMA mortgage pools whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Including these loans, the ratio of residential mortgages 90 days or more past due including all nonperforming loans was 9.08 percent at June 30, 2013, and 9.45 percent at December 31, 2012.

(b) Delinquent loan ratios exclude student loans that are guaranteed by the federal government. Including these loans, the ratio of total other retail loans 90 days or more past due including all nonperforming loans was 1.01 percent at June 30, 2013, and 1.08 percent at December 31, 2012.

information the Company has as the servicer of the first lien, information it received from its primary regulator on loans serviced by other large servicers or information reported on customer credit bureau files. The Company also evaluates other indicators of credit risk for these junior lien loans and lines including delinquency, estimated average CLTV ratios and updated weighted-average credit scores in making its assessment of credit risk, related loss estimates and determining the allowance for credit losses.

The following table provides a summary of delinquency statistics and other credit quality indicators for the Company’s junior lien positions at June 30, 2013:

	Junior Liens Behind
(Dollars in Millions)	Company Owned or Serviced First Lien			Third Party First Lien			Total
Total	$	3,583		$	7,318		$	10,901
Percent 30–89 days past due		.63	%		.87	%		.79	%
Percent 90 days or more past due		.11	%		.20	%		.17	%
Weighted-average CLTV		83	%		81	%		82	%
Weighted-average credit score		750			746			747

See the Analysis and Determination of the Allowance for Credit Losses section for additional information on how the Company determines the allowance for credit losses for loans in a junior lien position.

U. S. Bancorp 13

Loan Delinquencies Trends in delinquency ratios are an indicator, among other considerations, of credit risk within the Company’s loan portfolios. The Company measures delinquencies, both including and excluding nonperforming loans, to enable comparability with other companies. Accruing loans 90 days or more past due totaled $1.1 billion ($580 million excluding covered loans) at June 30, 2013, compared with $1.3 billion ($660 million excluding covered loans) at December 31, 2012. The $80 million (12.1 percent) decrease, excluding covered loans, reflected improvement in residential mortgages, credit card and other retail loan portfolios during the first six months of 2013. These balances exclude loans purchased from Government National Mortgage Association (“GNMA”) mortgage

pools whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Accruing loans 90 days or more past due are not included in nonperforming assets and continue to accrue interest because they are adequately secured by collateral, are in the process of collection and are reasonably expected to result in repayment or restoration to current status, or are managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines. The ratio of accruing loans 90 days or more past due to total loans was .49 percent (.27 percent excluding covered loans) at June 30, 2013, compared with .59 percent (.31 percent excluding covered loans) at December 31, 2012.

The following table provides summary delinquency information for residential mortgages, credit card and other retail loans included in the consumer lending segment:

	Amount				As a Percent of Ending Loan Balances
(Dollars in Millions)	June 30, 2013		December 31, 2012		June 30, 2013			December 31, 2012
Residential Mortgages (a)
30-89 days	$	371	$	348		.78	%		.79	%
90 days or more		251		281		.53			.64
Nonperforming		685		661		1.43			1.50
Total	$	1,307	$	1,290		2.74	%		2.93	%
Credit Card
30-89 days	$	194	$	227		1.17	%		1.33	%
90 days or more		183		217		1.10			1.27
Nonperforming		109		146		.65			.85
Total	$	486	$	590		2.92	%		3.45	%
Other Retail
Retail Leasing
30-89 days	$	8	$	12		.14	%		.22	%
90 days or more		–		1		–			.02
Nonperforming		1		1		.02			.02
Total	$	9	$	14		.16	%		.26	%
Home Equity and Second Mortgages
30-89 days	$	117	$	126		.74	%		.76	%
90 days or more		40		51		.25			.30
Nonperforming		194		189		1.23			1.13
Total	$	351	$	366		2.22	%		2.19	%
Other (b)
30-89 days	$	118	$	152		.46	%		.59	%
90 days or more		36		44		.14			.17
Nonperforming		27		27		.11			.11
Total	$	181	$	223		.71	%		.87	%

(a) Excludes $411 million of loans 30-89 days past due and $3.4 billion of loans 90 days or more past due at June 30, 2013, purchased from GNMA mortgage pools that continue to accrue interest, compared with $441 million and $3.2 billion at December 31, 2012, respectively.

(b) Includes revolving credit, installment, automobile and student loans.

14 U. S. Bancorp

The following tables provide further information on residential mortgages and home equity and second mortgages as a percent of ending loan balances by borrower type:

Residential mortgages (a)	June 30, 2013			December 31, 2012
Prime Borrowers
30-89 days		.62	%		.65	%
90 days or more		.47			.58
Nonperforming		1.30			1.36
Total		2.39	%		2.59	%
Sub-Prime Borrowers
30-89 days		7.38	%		6.41	%
90 days or more		3.92			3.89
Nonperforming		10.15			9.60
Total		21.45	%		19.90	%
Other Borrowers
30-89 days		1.69	%		.97	%
90 days or more		.79			.97
Nonperforming		1.58			1.83
Total		4.06	%		3.77	%

(a) Excludes delinquent and nonperforming information on loans purchased from GNMA mortgage pools as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

Home equity and second mortgages	June 30, 2013			December 31, 2012
Prime Borrowers
30-89 days		.64	%		.64	%
90 days or more		.24			.28
Nonperforming		1.09			1.03
Total		1.97	%		1.95	%
Sub-Prime Borrowers
30-89 days		4.58	%		4.92	%
90 days or more		.92			1.36
Nonperforming		5.81			4.10
Total		11.31	%		10.38	%
Other Borrowers
30-89 days		1.36	%		1.41	%
90 days or more		.23			.47
Nonperforming		2.28			2.35
Total		3.87	%		4.23	%

The following table provides summary delinquency information for covered loans:

	Amount				As a Percent of Ending Loan Balances
(Dollars in Millions)	June 30, 2013		December 31, 2012		June 30, 2013			December 31, 2012
30-89 days	$	181	$	359		1.81	%		3.18	%
90 days or more		539		663		5.40			5.86
Nonperforming		168		386		1.68			3.41
Total	$	888	$	1,408		8.89	%		12.45	%

Restructured Loans In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. In most cases the modification is either a concessionary reduction in interest rate, extension of the maturity date or reduction in the principal balance that would otherwise not be considered.

Troubled Debt Restructurings Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in the payments to be received. TDRs accrue interest if the

borrower complies with the revised terms and conditions and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.

The Company continues to work with customers to modify loans for borrowers who are experiencing financial difficulties, including those acquired through FDIC-assisted acquisitions. Many of the Company’s TDRs are determined on a case-by-case basis in connection with ongoing loan collection processes. The modifications vary within each of the Company’s loan classes. Commercial lending segment TDRs generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. The Company may also work with the borrower to make other changes to the loan to mitigate losses, such as obtaining additional collateral and/or guarantees to support the loan.

The Company has also implemented certain residential mortgage loan restructuring programs that may result in TDRs. The Company participates in the

U. S. Bancorp 15

U.S. Department of the Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify their loan and achieve more affordable monthly payments, with the U.S. Department of the Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, and other internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extensions of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs.

Credit card and other retail loan modifications are generally part of distinct restructuring programs. The Company offers a workout program providing customers modification solutions over a specified time period, generally up to 60 months. The Company also provides modification programs to qualifying customers experiencing a temporary financial hardship in which reductions are made to monthly required minimum payments for up to 12 months.

In accordance with regulatory guidance, the Company considers secured consumer loans that have had debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. If the loan amount exceeds the collateral value, the loan is charged down to collateral value and the remaining amount is reported as nonperforming.

Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for purposes of the Company’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with modifications on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under the loss sharing agreements.

The following table provides a summary of TDRs by loan class, including the delinquency status for TDRs that continue to accrue interest and TDRs included in nonperforming assets:

			As a Percent of Performing TDRs
At June 30, 2013 (Dollars in Millions)	Performing TDRs		30-89 Days Past Due			90 Days or More Past Due			Nonperforming TDRs			Total TDRs
Commercial	$	279		1.5	%		1.1	%	$	52	(a)	$	331
Commercial real estate		494		4.1			–			215	(b)		709
Residential mortgages		2,084		7.2			5.2			382			2,466	(d)
Credit card		249		7.2			6.0			109	(c)		358
Other retail		205		6.3			2.8			86	(c)		291	(e)
TDRs, excluding GNMA and covered loans		3,311		6.2			4.0			844			4,155
Loans purchased from GNMA mortgage pools		1,851		8.0			55.0			–			1,851	(f)
Covered loans		366		7.0			11.0			71			437
Total	$	5,528		6.9	%		21.5	%	$	915		$	6,443

(a) Primarily represents loans less than six months from the modification date that have not met the performance period required to return to accrual status (generally six months) and small business credit cards with a modified rate equal to 0 percent.

(b) Primarily represents loans less than six months from the modification date that have not met the performance period required to return to accrual status (generally six months).

(c) Primarily represents loans with a modified rate equal to 0 percent.

(d) Includes $270 million of residential mortgage loans to borrowers that have had debt discharged through bankruptcy and $77 million in trial period arrangements.

(e) Includes $151 million of other retail loans to borrowers that have had debt discharged through bankruptcy and $2 million in trial period arrangements.

(f) Includes $428 million of Federal Housing Administration and Department of Veterans Affairs residential mortgage loans to borrowers that have had debt discharged through bankruptcy and $256 million in trial period arrangements.

Short-term Modifications The Company makes short-term modifications that it does not consider to be TDRs, in limited circumstances, to assist borrowers experiencing temporary hardships. Consumer lending programs include payment reductions, deferrals of up to three past due payments, and the ability to return to current status if the borrower makes required payments. The Company may also make short-term modifications

to commercial lending loans, with the most common modification being an extension of the maturity date of three months or less. Such extensions generally are used when the maturity date is imminent and the borrower is experiencing some level of financial stress, but the Company believes the borrower will pay all contractual amounts owed. Short-term modifications were not material at June 30, 2013.

16 U. S. Bancorp

Table 6 Nonperforming Assets (a)

(Dollars in Millions)	June 30, 2013			December 31, 2012
Commercial
Commercial	$	91		$	107
Lease financing		14			16
Total commercial		105			123
Commercial Real Estate
Commercial mortgages		263			308
Construction and development		161			238
Total commercial real estate		424			546
Residential Mortgages (b)		685			661
Credit Card		109			146
Other Retail
Retail leasing		1			1
Other		221			216
Total other retail		222			217
Total nonperforming loans, excluding covered loans		1,545			1,693
Covered Loans		168			386
Total nonperforming loans		1,713			2,079
Other Real Estate (c)(d)		364			381
Covered Other Real Estate (d)		187			197
Other Assets		12			14
Total nonperforming assets	$	2,276		$	2,671
Total nonperforming assets, excluding covered assets	$	1,921		$	2,088
Excluding covered assets
Accruing loans 90 days or more past due (b)	$	580		$	660
Nonperforming loans to total loans		.71	%		.80	%
Nonperforming assets to total loans plus other real estate (c)		.88	%		.98	%
Including covered assets
Accruing loans 90 days or more past due (b)	$	1,119		$	1,323
Nonperforming loans to total loans		.75	%		.93	%
Nonperforming assets to total loans plus other real estate (c)		1.00	%		1.19	%

Changes in Nonperforming Assets

(Dollars in Millions)	Commercial and Commercial Real Estate			Credit Card, Other Retail and Residential Mortgages			Covered Assets			Total
Balance December 31, 2012	$	780		$	1,308		$	583		$	2,671
Additions to nonperforming assets
New nonaccrual loans and foreclosed properties		186			535			94			815
Advances on loans		15			–			–			15
Total additions		201			535			94			830
Reductions in nonperforming assets
Paydowns, payoffs		(91	)		(150	)		(178	)		(419	)
Net sales		(121	)		(88	)		(141	)		(350	)
Return to performing status		(14	)		(83	)		(3	)		(100	)
Charge-offs (e)		(132	)		(224	)		–			(356	)
Total reductions		(358	)		(545	)		(322	)		(1,225	)
Net additions to (reductions in) nonperforming assets		(157	)		(10	)		(228	)		(395	)
Balance June 30, 2013	$	623		$	1,298		$	355		$	2,276

(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due.

(b) Excludes $3.4 billion and $3.2 billion at June 30, 2013, and December 31, 2012, respectively, of loans purchased from GNMA mortgage pools that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

(c) Foreclosed GNMA loans of $508 million and $548 million at June 30, 2013, and December 31, 2012, respectively, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

(d) Includes equity investments in entities whose principal assets are other real estate owned.

(e) Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the charge-off occurred.

U. S. Bancorp 17

Nonperforming Assets The level of nonperforming assets represents another indicator of the potential for future credit losses. Nonperforming assets include nonaccrual loans, restructured loans not performing in accordance with modified terms and not accruing interest, restructured loans that have not met the performance period required to return to accrual status, other real estate owned and other nonperforming assets owned by the Company. Interest payments collected from assets on nonaccrual status are typically applied against the principal balance and not recorded as income. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.

At June 30, 2013, total nonperforming assets were $2.3 billion, compared with $2.7 billion at December 31, 2012. Excluding covered assets, nonperforming assets were $1.9 billion at June 30, 2013, compared with $2.1 billion at December 31, 2012. The $167 million (8.0 percent) decrease in nonperforming assets, excluding covered assets, was primarily driven by reductions in the construction and development portfolio, as well as improvement in commercial mortgages, commercial and credit card loans. Nonperforming covered assets at June 30, 2013, were $355 million, compared with $583 million at December 31, 2012. These assets are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company. The ratio of total nonperforming assets to total loans and other real estate was 1.00 percent (.88 percent excluding covered assets) at June 30, 2013, compared with 1.19 percent (.98 percent excluding covered assets) at December 31, 2012. The Company expects total nonperforming assets to remain relatively stable in the third quarter of 2013.

Other real estate owned, excluding covered assets, was $364 million at June 30, 2013, compared with $381 million at December 31, 2012, and was related to foreclosed properties that previously secured loan balances. Other real estate owned includes properties vacated by the borrower and maintained by the Company, regardless of whether title in the property has been transferred to the Company.

The following table provides an analysis of other real estate owned, excluding covered assets, as a percent of their related loan balances, including geographical location detail for residential (residential mortgage, home equity and second mortgage) and commercial (commercial and commercial real estate) loan balances:

	Amount				As a Percent of Ending Loan Balances
(Dollars in Millions)	June 30, 2013		December 31, 2012		June 30, 2013			December 31, 2012
Residential
Minnesota	$	19	$	20		.30	%		.34	%
California		16		16		.15			.18
Washington		16		14		.41			.38
Florida		15		14		.93			1.55
Illinois		15		19		.39			.55
All other states		188		185		.50			.49
Total residential		269		268		.42			.44
Commercial
Missouri		13		17		.28			.37
California		13		8		.08			.05
Wisconsin		11		3		.22			.06
Arizona		10		10		.65			.83
Oregon		9		5		.23			.13
All other states		39		70		.05			.10
Total commercial		95		113		.09			.11
Total	$	364	$	381		.17	%		.18	%

Analysis of Loan Net Charge-Offs Total loan net charge-offs were $392 million for the second quarter and $825 million for the first six months of 2013, compared with $520 million and $1.1 billion for the same periods of 2012. The ratio of total loan net charge-offs to average loans outstanding on an annualized basis for the second quarter and first six months of 2013 was .70 percent and .74 percent, respectively, compared with .98 percent and 1.03 percent for the same periods of 2012. The year-over-year decreases in total net charge-offs primarily reflected improvement in the commercial, commercial real estate and residential mortgages portfolios, as economic conditions continue to slowly improve. Given current economic conditions, the Company expects the level of net charge-offs to be relatively stable in the third quarter of 2013.

Commercial and commercial real estate loan net charge-offs for the second quarter of 2013 were $21 million (.08 percent of average loans outstanding on an annualized basis), compared with $124 million (.52 percent of average loans outstanding on an annualized basis) for the second quarter of 2012. Commercial and commercial real estate loan net charge-offs for the first six months of 2013 were $75 million (.15 percent of average loans outstanding on an annualized basis), compared with $281 million (.60 percent of average loans outstanding on an annualized basis) for the first six months of 2012. The decreases reflected the impact of more stable economic conditions.

18 U. S. Bancorp

Table 7 Net Charge-offs as a Percent of Average Loans Outstanding

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Commercial
Commercial		.22	%		.41	%		.22	%		.51	%
Lease financing		.31			1.07			.27			.81
Total commercial		.23			.48			.22			.54
Commercial Real Estate
Commercial mortgages		.10			.62			.15			.54
Construction and development		(1.54	)		.41			(.67	)		1.41
Total commercial real estate		(.18	)		.58			.01			.69
Residential Mortgages		.63			1.12			.73			1.15
Credit Card (a)		4.23			4.10			4.08			4.07
Other Retail
Retail leasing		(.07	)		–			–			.04
Home equity and second mortgages		1.45			1.44			1.63			1.55
Other		.76			.86			.80			.89
Total other retail		.90			.98			.99			1.05
Total loans, excluding covered loans		.70			1.04			.76			1.11
Covered Loans		.73			–			.38			.01
Total loans		.70	%		.98	%		.74	%		1.03	%

(a) Net charge-off as a percent of average loans outstanding, excluding portfolio purchases where the acquired loans were recorded at fair value at the purchase date, were 4.23 percent and 4.25 percent for the three months ended June 30, 2013 and 2012, respectively, and 4.12 percent and 4.23 percent for the six months ended June 30, 2013 and 2012, respectively.

Residential mortgage loan net charge-offs for the second quarter of 2013 were $74 million (.63 percent of average loans outstanding on an annualized basis), compared with $109 million (1.12 percent of average loans outstanding on an annualized basis) for the second quarter of 2012. Residential mortgage loan net charge-offs for the first six months of 2013 were $166 million (.73 percent of average loans outstanding on an annualized basis), compared with $221 million (1.15 percent of average loans outstanding on an annualized basis) for the first six months of 2012. Credit card loan net charge-offs for the second quarter of 2013 were $173 million (4.23 percent of average loans outstanding on an annualized basis), compared with $170 million (4.10 percent of average loans outstanding on an annualized basis) for the second quarter of 2012. Credit card loan net charge-offs for the first six months of

2013 were $333 million (4.08 percent of average loans outstanding on an annualized basis), compared with $339 million (4.07 percent of average loans outstanding on an annualized basis) for the first six months of 2012. Other retail loan net charge-offs for the second quarter of 2013 were $105 million (.90 percent of average loans outstanding on an annualized basis), compared with $117 million (.98 percent of average loans outstanding on an annualized basis) for the second quarter of 2012. Other retail loan net charge-offs for the first six months of 2013 were $231 million (.99 percent of average loans outstanding on an annualized basis), compared with $249 million (1.05 percent of average loans outstanding on an annualized basis) for the first six months of 2012. The year-over-year decreases in total residential mortgage, credit card and other retail loan net charge-offs reflected the impact of more stable economic conditions.

The following table provides an analysis of net charge-offs as a percent of average loans outstanding for residential mortgages and home equity and second mortgages by borrower type:

	Three Months Ended June 30,										Six Months Ended June 30,
	Average Loans				Percent of Average Loans						Average Loans				Percent of Average Loans
(Dollars in Millions)	2013		2012		2013			2012			2013		2012		2013			2012
Residential Mortgages
Prime borrowers	$	38,985	$	31,749		.57	%		.98	%	$	38,152	$	31,081		.62	%		1.04	%
Sub-prime borrowers		1,497		1,758		4.55			6.63			1,525		1,787		5.68			6.19
Other borrowers		876		725		.92			1.66			861		704		1.17			1.72
Loans purchased from GNMA mortgage pools (a)		5,515		4,934		–			–			5,458		4,926		–			–
Total	$	46,873	$	39,166		.63	%		1.12	%	$	45,996	$	38,498		.73	%		1.15	%
Home Equity and Second Mortgages
Prime borrowers	$	15,218	$	16,761		1.27	%		1.30	%	$	15,433	$	16,918		1.44	%		1.37	%
Sub-prime borrowers		333		417		9.64			6.75			343		427		8.81			7.54
Other borrowers		438		420		1.83			1.92			434		420		2.79			2.87
Total	$	15,989	$	17,598		1.45	%		1.44	%	$	16,210	$	17,765		1.63	%		1.55	%

(a) Represents loans purchased from GNMA mortgage pools whose payments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

U. S. Bancorp 19

Analysis and Determination of the Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the FDIC. The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses.

The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. The Company currently uses a 12-year period of historical losses in considering actual loss experience, because it believes that period best reflects the losses incurred in the portfolio. This timeframe and the results of the analysis are evaluated quarterly to determine if they are appropriate. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral for collateral-dependent loans. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, and historical losses, adjusted for current trends.

The allowance recorded for TDR loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed LTV ratios when possible, portfolio growth and historical losses, adjusted for current trends. Credit card and other retail loans 90 days or more past due are generally not placed on nonaccrual status because of the relatively short period of time to charge-off and, therefore, are excluded from nonperforming loans and

measures that include nonperforming loans as part of the calculation.

When evaluating the appropriateness of the allowance for credit losses for any loans and lines in a junior lien position, the Company considers the delinquency and modification status of the first lien. At June 30, 2013, the Company serviced the first lien on 33 percent of the home equity loans and lines in a junior lien position. The Company also considers information received from its primary regulator on the status of the first liens that are serviced by other large servicers in the industry and the status of first lien mortgage accounts reported on customer credit bureau files. Regardless of whether or not the Company services the first lien, an assessment is made of economic conditions, problem loans, recent loss experience and other factors in determining the allowance for credit losses. Based on the available information, the Company estimated $477 million or 3.0 percent of the total home equity portfolio at June 30, 2013, represented junior liens where the first lien was delinquent or modified.

The Company uses historical loss experience on the loans and lines in a junior lien position where the first lien is serviced by the Company or can be identified in credit bureau data to establish loss estimates for junior lien loans and lines the Company services when they are current, but the first lien is delinquent or modified. Historically, the number of junior lien defaults in any period has been a small percentage of the total portfolio (for example, only 1.6 percent for the twelve months ended June 30, 2013), and the long-term average loss rate on the small percentage of loans that default has been approximately 80 percent. In addition, the Company obtains updated credit scores on its home equity portfolio each quarter and in some cases more frequently, and uses this information to qualitatively supplement its loss estimation methods. Credit score distributions for the portfolio are monitored monthly and any changes in the distribution are one of the factors considered in assessing the Company’s loss estimates.

The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans, and represents any decreases in expected cash flows on those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC.

In addition, the evaluation of the appropriate allowance for credit losses for purchased non-impaired loans acquired after January 1, 2009, in the various loan segments considers credit discounts recorded as a part of

20 U. S. Bancorp

the initial determination of the fair value of the loans. For these loans, no allowance for credit losses is recorded at the purchase date. Credit discounts representing the principal losses expected over the life of the loans are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance, net of any expected reimbursement under any loss sharing agreements with the FDIC, exceeds any remaining credit discounts.

The evaluation of the appropriate allowance for credit losses for purchased impaired loans in the various loan segments considers the expected cash flows to be collected from the borrower. These loans are initially recorded at fair value and therefore no allowance for credit losses is recorded at the purchase date.

Subsequent to the purchase date, the expected cash flows of purchased loans are subject to evaluation. Decreases in the present value of expected cash flows are recognized by recording an allowance for credit losses with the related provision for credit losses reduced for the amount reimbursable by the FDIC, where applicable. If the expected cash flows on the purchased loans increase such that a previously recorded impairment allowance can be reversed, the Company records a reduction in the allowance with a related reduction in losses reimbursable by the FDIC, where applicable. Increases in expected cash flows of purchased loans, when there are no reversals of previous impairment allowances, are recognized over the remaining life of the loans and resulting decreases in expected cash flows of the FDIC indemnification assets are amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the loans. Refer to Note 3 of the Notes to Consolidated Financial Statements, for more information.

The Company’s methodology for determining the appropriate allowance for credit losses for all the loan segments also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments.

Refer to “Management’s Discussion and Analysis — Analysis and Determination of the Allowance for Credit Losses” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for further discussion on the analysis and determination of the allowance for credit losses.

At June 30, 2013, the allowance for credit losses was $4.6 billion (2.02 percent of total loans and 2.03 percent of loans excluding covered loans), compared with an allowance of $4.7 billion (2.12 percent of total loans and 2.15 percent of loans excluding covered loans) at December 31, 2012. The ratio of the allowance for credit losses to nonperforming loans was 269 percent (287 percent excluding covered loans) at June 30, 2013, compared with 228 percent (269 percent excluding covered loans) at December 31, 2012, due to the continued improvement in the commercial, commercial real estate and credit card portfolios. The ratio of the allowance for credit losses to annualized loan net charge-offs was 293 percent at June 30, 2013, compared with 226 percent of full year 2012 net charge-offs at December 31, 2012, as net charge-offs continue to decline due to stabilizing economic conditions.

U. S. Bancorp 21

Table 8 Summary of Allowance for Credit Losses

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	4,708		$	4,919		$	4,733		$	5,014
Charge-Offs
Commercial
Commercial		53			71			100			168
Lease financing		10			22			19			38
Total commercial		63			93			119			206
Commercial real estate
Commercial mortgages		14			51			43			90
Construction and development		2			25			16			69
Total commercial real estate		16			76			59			159
Residential mortgages		81			114			181			230
Credit card		191			198			384			399
Other retail
Retail leasing		1			1			3			4
Home equity and second mortgages		65			70			144			149
Other		68			78			143			163
Total other retail		134			149			290			316
Covered loans (a)		21			1			22			2
Total charge-offs		506			631			1,055			1,312
Recoveries
Commercial
Commercial		19			15			34			34
Lease financing		6			7			12			15
Total commercial		25			22			46			49
Commercial real estate
Commercial mortgages		6			4			20			8
Construction and development		27			19			37			27
Total commercial real estate		33			23			57			35
Residential mortgages		7			5			15			9
Credit card		18			28			51			60
Other retail
Retail leasing		2			1			3			3
Home equity and second mortgages		7			7			13			12
Other		20			24			43			52
Total other retail		29			32			59			67
Covered loans (a)		2			1			2			1
Total recoveries		114			111			230			221
Net Charge-Offs
Commercial
Commercial		34			56			66			134
Lease financing		4			15			7			23
Total commercial		38			71			73			157
Commercial real estate
Commercial mortgages		8			47			23			82
Construction and development		(25	)		6			(21	)		42
Total commercial real estate		(17	)		53			2			124
Residential mortgages		74			109			166			221
Credit card		173			170			333			339
Other retail
Retail leasing		(1	)		–			–			1
Home equity and second mortgages		58			63			131			137
Other		48			54			100			111
Total other retail		105			117			231			249
Covered loans (a)		19			–			20			1
Total net charge-offs		392			520			825			1,091
Provision for credit losses		362			470			765			951
Other changes (b)		(66	)		(5	)		(61	)		(10	)
Balance at end of period (c)	$	4,612		$	4,864		$	4,612		$	4,864
Components
Allowance for loan losses	$	4,312		$	4,572
Liability for unfunded credit commitments		300			292
Total allowance for credit losses	$	4,612		$	4,864
Allowance for Credit Losses as a Percentage of
Period-end loans, excluding covered loans		2.03	%		2.34	%
Nonperforming loans, excluding covered loans		287			247
Nonperforming and accruing loans 90 days or more past due, excluding covered loans		209			184
Nonperforming assets, excluding covered assets		231			210
Annualized net charge-offs, excluding covered loans		296			227
Period-end loans		2.02	%		2.25	%
Nonperforming loans		269			196
Nonperforming and accruing loans 90 days or more past due		163			128
Nonperforming assets		203			161
Annualized net charge-offs		293			233

(a) Relates to covered loan charge-offs and recoveries not reimbursable by the FDIC.

(b) Represents net changes in credit losses to be reimbursed by the FDIC and for the three and six months ended June 30, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

(c) At June 30, 2013 and 2012, $1.7 billion and $1.8 billion, respectively, of the total allowance for credit losses related to incurred losses on credit card and other retail loans.

22 U. S. Bancorp

Residual Value Risk Management The Company manages its risk to changes in the residual value of leased assets through disciplined residual valuation setting at the inception of a lease, diversification of its leased assets, regular residual asset valuation reviews and monitoring of residual value gains or losses upon the disposition of assets. As of June 30, 2013, no significant change in the amount of residual values or concentration of the portfolios had occurred since December 31, 2012. Refer to “Management’s Discussion and Analysis — Residual Value Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for further discussion on residual value risk management.

Operational Risk Management The Company manages operational risk through a risk management framework and its internal control processes. Within this framework, the Risk Management Committee of the Company’s Board of Directors provides oversight and assesses the most significant operational risks facing the Company within its business lines. Under the guidance of the Risk Management Committee, enterprise risk management personnel establish policies and interact with business lines to monitor significant operating risks on a regular basis. Business lines have direct and primary responsibility and accountability for identifying, controlling, and monitoring operational risks embedded in their business activities. In addition, enterprise risk management is responsible for establishing a culture of compliance and compliance program standards and policies, and performing risk assessments on the business lines’ adherence to laws, rules, regulations and internal policies and procedures. Refer to “Management’s Discussion and Analysis — Operational Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December  31, 2012, for further discussion on operational risk management.

Interest Rate Risk Management In the banking industry, changes in interest rates are a significant risk that can impact earnings, market valuations and the safety and soundness of an entity. To minimize the volatility of net interest income and the market value of assets and liabilities, the Company manages its exposure to changes in interest rates through asset and liability management activities within guidelines established by its Asset Liability Committee (“ALCO”) and approved by the Board of

Directors. The ALCO has the responsibility for approving and ensuring compliance with the ALCO management policies, including interest rate risk exposure. The Company uses net interest income simulation analysis and market value of equity modeling for measuring and analyzing consolidated interest rate risk.

Net Interest Income Simulation Analysis Management estimates the impact on net interest income of changes in market interest rates under a number of scenarios, including gradual shifts, immediate and sustained parallel shifts, and flattening or steepening of the yield curve. The table below summarizes the projected impact to net interest income over the next 12 months of various potential interest rate changes. The ALCO policy limits the estimated change in net interest income in a gradual 200 basis point (“bps”) rate change scenario to a 4.0 percent decline of forecasted net interest income over the next 12 months. At June 30, 2013 and December 31, 2012, the Company was within policy. Refer to “Management’s Discussion and Analysis — Net Interest Income Simulation Analysis” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for further discussion on net interest income simulation analysis.

Market Value of Equity Modeling The Company also manages interest rate sensitivity by utilizing market value of equity modeling, which measures the degree to which the market values of the Company’s assets and liabilities and off-balance sheet instruments will change given a change in interest rates. Management measures the impact of changes in market interest rates under a number of scenarios, including immediate and sustained parallel shifts, and flattening or steepening of the yield curve. The ALCO policy limits the change in market value of equity in a 200 bps parallel rate shock to a 15.0 percent decline. A 200 bps increase would have resulted in a 4.5 percent decrease in the market value of equity at June 30, 2013, compared with a 2.5 percent decrease at December 31, 2012. A 200 bps decrease, where possible given current rates, would have resulted in a 2.0 percent decrease in the market value of equity at June 30, 2013, compared with a 5.3 percent decrease at December 31, 2012. Refer to “Management’s Discussion and Analysis — Market Value of Equity Modeling” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for further discussion on market value of equity modeling.

Sensitivity of Net Interest Income

June 30, 2013

December 31, 2012

Down 50 bps Immediate

Up 50 bps Immediate

Down 200 bps Gradual

Up 200 bps   Gradual

Down 50 bps Immediate

Up 50 bps Immediate

Down 200 bps Gradual

Up 200 bps Gradual

Net interest income

*

1.22%

*

1.53%

*

1.42%

*

1.90%

* Given the current level of interest rates, a downward rate scenario can not be computed.

U. S. Bancorp 23

Use of Derivatives to Manage Interest Rate and Other Risks To reduce the sensitivity of earnings to interest rate, prepayment, credit, price and foreign currency fluctuations (asset and liability management positions), the Company enters into derivative transactions. The Company uses derivatives for asset and liability management purposes primarily in the following ways:

• To convert fixed-rate debt from fixed-rate payments to floating-rate payments;

• To convert the cash flows associated with floating-rate loans and debt from floating-rate payments to fixed-rate payments;

• To mitigate changes in value of the Company’s mortgage origination pipeline, funded mortgage loans held for sale and MSRs;

• To mitigate remeasurement volatility of foreign currency denominated balances; and

• To mitigate the volatility of the Company’s investment in foreign operations driven by fluctuations in foreign currency exchange rates.

To manage these risks, the Company may enter into exchange-traded, centrally cleared and over-the-counter derivative contracts, including interest rate swaps, swaptions, futures, forwards and options. In addition, the Company enters into interest rate and foreign exchange derivative contracts to support the business requirements of its customers (customer-related positions). The Company minimizes the market and liquidity risks of customer-related positions by entering into similar offsetting positions with broker-dealers. The Company does not utilize derivatives for speculative purposes.

The Company does not designate all of the derivatives that it enters into for risk management purposes as accounting hedges because of the inefficiency of applying the accounting requirements and may instead elect fair value accounting for the related hedged items. In particular, the Company enters into interest rate swaps, forward commitments to buy to-be-announced securities (“TBAs”), U.S. Treasury futures and options on U.S. Treasury futures to mitigate fluctuations in the value of its MSRs, but does not designate those derivatives as accounting hedges.

Additionally, the Company uses forward commitments to sell TBAs and other commitments to sell residential mortgage loans at specified prices to economically hedge the interest rate risk in its residential mortgage loan production activities. At June 30, 2013, the Company had $12.1 billion of forward commitments to sell, hedging $4.1 billion of mortgage loans held for sale and $9.6 billion of unfunded

mortgage loan commitments. The forward commitments to sell and the unfunded mortgage loan commitments on loans intended to be sold are considered derivatives under the accounting guidance related to accounting for derivative instruments and hedging activities. The Company has elected the fair value option for the mortgage loans held for sale.

Derivatives are subject to credit risk associated with counterparties to the contracts. Credit risk associated with derivatives is measured by the Company based on the probability of counterparty default. The Company manages the credit risk of its derivative positions by diversifying its positions among various counterparties, by entering into master netting arrangements, and, where possible by requiring collateral arrangements. The Company may also transfer counterparty credit risk related to interest rate swaps to third parties through the use of risk participation agreements.

For additional information on derivatives and hedging activities, refer to Notes 11 and 12 in the Notes to Consolidated Financial Statements.

Market Risk Management In addition to interest rate risk, the Company is exposed to other forms of market risk, principally related to trading activities which support customers’ strategies to manage their own foreign currency, interest rate risk and funding activities. The Company’s Market Risk Committee (“MRC”), within the framework of the ALCO, oversees market risk management. The MRC monitors and reviews the Company’s trading positions and establishes policies for market risk management, including exposure limits for each portfolio. The Company uses a Value at Risk (“VaR”) approach to measure general market risk. Theoretically, VaR represents the statistical risk of loss the Company has to adverse market movements over a one-day time horizon. The Company uses the Historical Simulation method to calculate VaR for its trading businesses measured at the ninety-ninth percentile using a one-year look-back period for distributions derived from past market data. The market factors used in the calculations include those pertinent to market risks inherent in the underlying trading portfolios, principally those that affect its investment grade bond trading business, foreign currency transaction business, client derivatives business, loan trading business and municipal securities business. On average, the Company expects the one-day VaR to be exceeded by actual losses two to three times per year for its trading businesses. The Company monitors the effectiveness of its risk programs by back-testing the performance of its VaR models, regularly updating the historical data used by the VaR

24 U. S. Bancorp

models and stress testing. If the Company were to experience market losses in excess of the estimated VaR more often than expected, the VaR models and associated assumptions would be analyzed and adjusted.

The average, high, low and period-end VaR amounts for the Company’s trading positions were as follows:

Six Months Ended June 30 (Dollars in Millions)	2013		2012
Average	$	1	$	2
High		2		3
Low		1		1
Period-end		2		1

The Company did not experience any actual trading losses for its combined trading businesses that exceeded VaR by more than a negligible amount during the first six months of 2013. The Company stress tests its market risk measurements to provide management with perspectives on market events that may not be captured by its VaR models, including worst case historical market movement combinations that have not necessarily occurred on the same date.

The Company calculates Stressed VaR using the same underlying methodology and model as VaR, except that a historical continuous one-year look-back period is utilized that reflects a period of significant financial stress appropriate to the Company’s trading portfolio. The period selected by the Company includes the significant market volatility of the last four months of 2008. The average, high, low and period-end Stressed VaR amounts for the Company’s trading positions for the six months ended June 30, 2013 were $4 million, $8 million, $2 million, and $4 million, respectively.

The Company also measures the market risk of its hedging activities related to MSRs and residential mortgage loans held for sale using the Historical Simulation method. The VaRs are measured at the ninety-ninth percentile and employ factors pertinent to the market risks inherent in the valuation of the assets and hedges. A three-year look-back period is used to obtain past market data. The Company monitors the effectiveness of the models through back-testing, updating the data and regular validations. The average, high and low VaR amounts for the MSRs and related hedges for the six months ended June 30, 2013, were $3 million, $6 million and $2 million, respectively, compared with $5 million, $8 million and $2 million, respectively, for the six months ended June 30, 2012. The average, high and low VaR amounts for residential mortgage loans held for sale and related hedges for the six months ended June 30, 2013, were $2 million, $4 million and less than $1 million, respectively, compared

with $3 million, $7 million and $1 million, respectively, for the six months ended June 30, 2012.

Liquidity Risk Management The Company’s liquidity risk management process is designed to identify, measure, and manage the Company’s funding and liquidity risk to meet its daily funding needs and to address expected and unexpected changes in its funding requirements. The Company engages in various activities to manage its liquidity risk. These activities include diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity if needed. In addition, the Company’s profitable operations, sound credit quality and strong capital position have enabled it to develop a large and reliable base of core deposit funding within its market areas and in domestic and global capital markets.

The Risk Management Committee of the Company’s Board of Directors oversees the Company’s liquidity risk management process, approves the Company’s liquidity policy and reviews the contingency funding plan. The ALCO reviews and approves the Company’s liquidity policy and guidelines, and regularly assesses the Company’s ability to meet funding requirements arising from adverse company-specific or market events.

The Company regularly projects its funding needs under various stress scenarios and maintains contingency plans consistent with the Company’s access to diversified sources of contingent funding. The Company maintains a substantial level of total available liquidity in the form of on-balance sheet and off-balance sheet funding sources. These include cash at the Federal Reserve Bank, unencumbered liquid assets, and capacity to borrow at the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank’s Discount Window. At June 30, 2013, the fair value of unencumbered available-for-sale and held-to-maturity investment securities totaled $57.9 billion, compared with $54.1 billion at December 31, 2012. Refer to Table 4 and “Balance Sheet Analysis” for further information on investment securities maturities and trends. Asset liquidity is further enhanced by the Company’s ability to pledge loans to access secured borrowing facilities through the FHLB and Federal Reserve Bank. At June 30, 2013, the Company could have borrowed an additional $65.5 billion at the FHLB and Federal Reserve Bank based on collateral available for additional borrowings.

The Company’s diversified deposit base provides a sizeable source of relatively stable and low-cost funding, while reducing the Company’s reliance on the wholesale markets. Total deposits were $251.6 billion at June 30,

U. S. Bancorp 25

2013, compared with $249.2 billion at December 31, 2012. Refer to “Balance Sheet Analysis” for further information on the Company’s deposits.

Additional funding is provided by long-term debt and short-term borrowings. Long-term debt was $19.7 billion at June 30, 2013, and is an important funding source because of its multi-year borrowing structure. Short-term borrowings were $26.2 billion at June 30, 2013, and supplement the Company’s other funding sources. Refer to “Balance Sheet Analysis” for further information on the Company’s long-term debt and short-term borrowings.

In addition to assessing liquidity risk on a consolidated basis, the Company monitors the parent company’s liquidity and maintains sufficient funding to meet expected parent company obligations, without access to the wholesale funding markets or dividends from subsidiaries, for 12 months when forecasted payments of common stock dividends are included and 24 months assuming dividends were reduced to zero. The parent company currently has available funds considerably greater than the amounts required to satisfy these conditions.

Refer to “Management’s Discussion and Analysis — Liquidity Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for further discussion on liquidity risk management.

At June 30, 2013, parent company long-term debt outstanding was $11.4 billion, compared with $12.8 billion at December 31, 2012. The $1.4 billion decrease was due to medium-term note maturities during the first six months of 2013. As of June 30, 2013, there was $1.5 billion of parent company debt scheduled to mature in the remainder of 2013.

Federal banking laws regulate the amount of dividends that may be paid by banking subsidiaries without prior approval. The amount of dividends available to the parent company from its banking subsidiary after meeting the regulatory capital requirements for well-capitalized banks was approximately $7.8 billion at June 30, 2013.

European Exposures Certain European countries have experienced severe credit deterioration. The Company does not hold sovereign debt of any European country, but may have indirect exposure to sovereign debt through its investments in, and transactions with, European banks. At June 30, 2013, the Company had investments in perpetual preferred stock issued by European banks with an amortized cost totaling $70 million and unrealized losses totaling $8 million, compared with an amortized cost totaling $70 million and unrealized losses totaling $10 million, at December 31, 2012. The Company also transacts with various European banks as counterparties to interest rate, mortgage-related and foreign currency derivative transactions for its hedging and customer-related activities; however, none of these banks are domiciled in the countries experiencing the most significant credit deterioration. These derivative transactions are subject to master netting arrangements. In addition, interest rate and foreign currency derivative transactions are subject to collateral arrangements which significantly limit the Company’s exposure to loss as they generally require daily posting of collateral. At June 30, 2013, the Company was in a net receivable position with two banks in the United Kingdom and one bank in Germany, totaling $100 million. The Company was in a net payable position to each of the other European banks.

26 U. S. Bancorp

Table 9 Regulatory Capital Ratios

(Dollars in Millions)	June 30, 2013			December 31, 2012
Tier 1 capital	$	32,219		$	31,203
As a percent of risk-weighted assets		11.1	%		10.8	%
As a percent of adjusted quarterly average assets (leverage ratio)		9.5	%		9.2	%
Total risk-based capital	$	38,378		$	37,780
As a percent of risk-weighted assets		13.3	%		13.1	%

The Company has not bought or sold credit protection on the debt of any European country or any company domiciled in Europe, nor does it provide retail lending services in Europe. While the Company does not offer commercial lending services in Europe, it does provide financing to domestic multinational corporations that generate revenue from customers in European countries and provides a limited number of corporate credit cards to their European subsidiaries. While an economic downturn in Europe could have a negative impact on these customers’ revenues, it is unlikely that any effect on the overall credit worthiness of these multinational corporations would be material to the Company.

The Company provides merchant processing and corporate trust services in Europe and through banking affiliations in Europe. Operating cash for these businesses is deposited on a short-term basis with certain European banks. However, exposure is mitigated by the Company placing deposits at multiple banks and managing the amounts on deposit at any bank based on institution-specific deposit limits. At June 30, 2013, the Company had an aggregate amount on deposit with European banks of approximately $475 million.

The money market funds managed by a subsidiary of the Company do not have any investments in European sovereign debt. Other than investments in banks in the countries of the Netherlands, France and Germany, those funds do not have any unsecured investments in banks domiciled in the Eurozone.

Off-Balance Sheet Arrangements Off-balance sheet arrangements include any contractual arrangements to which an unconsolidated entity is a party, under which the Company has an obligation to provide credit or liquidity enhancements or market risk support. In the ordinary course of business, the Company enters into an array of commitments to extend credit, letters of credit and various forms of guarantees that may be considered off-balance sheet arrangements. Refer to Note 14 of the Notes to Consolidated Financial Statements for further information on these arrangements. The Company has not utilized private label asset securitizations as a source of funding. Off-balance sheet arrangements also include

any obligation related to a variable interest held in an unconsolidated entity that provides financing, liquidity, credit enhancement or market risk support. Refer to Note 4 of the Notes to Consolidated Financial Statements for further information related to the Company’s interests in VIEs.

Capital Management The Company is committed to managing capital to maintain strong protection for depositors and creditors and for maximum shareholder benefit. The Company also manages its capital to exceed regulatory capital requirements for well-capitalized bank holding companies. These requirements follow the Capital Accord of the Basel Committee on Banking Supervision (“Basel I”). Table 9 provides a summary of regulatory capital ratios defined by banking regulators under the FDIC Improvement Act prompt corrective action provisions applicable to all banks, in effect at June 30, 2013 and December 31, 2012. All regulatory ratios exceeded regulatory “well-capitalized” requirements. In 2010, the Basel Committee on Banking Supervision issued Basel III, a global regulatory framework, proposed to enhance international capital standards. In June 2012, U.S. banking regulators proposed regulatory enhancements to the regulatory capital requirements for U.S. banks, which implement aspects of Basel III and the Dodd-Frank Act, such as redefining the regulatory capital elements and minimum capital ratios, introducing regulatory capital buffers above those minimums, revising the rules for calculating risk-weighted assets and introducing a new Tier 1 common equity ratio. In July 2013, U.S. banking regulators approved final regulatory capital rule enhancements, effective for the Company beginning January 1, 2014, that are largely consistent with the June 2012 proposals. The Company continues to evaluate these final rules, but does not expect their impact to be material to the financial statements.

Total U.S. Bancorp shareholders’ equity was $39.7 billion at June 30, 2013, compared with $39.0 billion at December 31, 2012. The increase was primarily the result of corporate earnings, partially offset by dividends, common share repurchases and changes in unrealized gains and losses on available-for-sale

U. S. Bancorp 27

investment securities included in other comprehensive income. Refer to “Management’s Discussion and Analysis — Capital Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for further discussion on capital management.

The Company believes certain capital ratios in addition to regulatory capital ratios defined by banking regulators under the FDIC Improvement Act prompt corrective action provisions are useful in evaluating its capital adequacy. The Company’s Tier 1 common equity (using Basel I definition) and tangible common equity, as a percent of risk-weighted assets, were 9.2 percent and 8.9 percent, respectively, at June 30, 2013, compared with 9.0 percent and 8.6 percent, respectively, at December 31, 2012. The Company’s tangible common equity divided by tangible assets was 7.5 percent at June 30, 2013, compared with 7.2 percent at December 31, 2012. Additionally, the Company’s approximate Tier 1 common equity to risk-weighted assets ratio using proposed rules for the Basel III standardized approach released June 2012, was 8.3 percent at June 30, 2013, compared with 8.1 percent at December 31, 2012. The Company’s estimated Tier 1 common equity to risk-weighted assets ratio using final rules for the Basel III standardized approach released July 2013, was 8.6 percent at June 30, 2013. Refer to “Non-GAAP Financial Measures” for further information regarding the calculation of these ratios.

On March 14, 2013, the Company announced its Board of Directors had approved a one-year authorization to repurchase up to $2.25 billion of its common stock, from April 1, 2013 through March 31, 2014.

The following table provides a detailed analysis of all shares purchased by the Company or any affiliated purchaser during the second quarter of 2013:

Period (Dollars in Millions)	Total Number of Shares Purchased			Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Program (a)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
April		9,676,616	(b)	$	33.60		9,576,616	$	1,928
May		4,420,989			34.25		4,420,989		1,777
June		3,857,003			35.46		3,857,003		1,640
Total		17,954,608	(b)	$	34.16		17,854,608	$	1,640

(a) All shares were purchased under the stock repurchase program announced on March 14, 2013.

(b) Includes 100,000 shares of common stock purchased, at an average price per share of $32.17, in open-market transactions by U.S. Bank National Association, the Company’s banking subsidiary, in its capacity as trustee of the Company’s Employee Retirement Savings Plan.

On June 18, 2013, the Company announced its Board of Directors had approved an 18 percent increase in the Company’s dividend rate per common share, from $.195 per quarter to $.23 per quarter.

LINE OF BUSINESS FINANCIAL REVIEW

The Company’s major lines of business are Wholesale Banking and Commercial Real Estate, Consumer and Small Business Banking, Wealth Management and Securities Services, Payment Services, and Treasury and Corporate Support. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance.

Basis for Financial Presentation Business line results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Refer to “Management’s Discussion and Analysis — Line of Business Financial Review” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for further discussion on the business lines’ basis for financial presentation.

Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2013, certain organization and methodology changes were made and, accordingly, 2012 results were restated and presented on a comparable basis.

Wholesale Banking and Commercial Real Estate Wholesale Banking and Commercial Real Estate offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients. Wholesale Banking and Commercial Real Estate contributed $323 million of the Company’s net income in the second quarter and $651 million in the first six months of 2013, or decreases of $5 million (1.5 percent) and $8 million (1.2 percent), respectively, compared with the same periods of 2012. The decreases were driven by lower net revenue, partially offset by decreases in the provision for credit losses and noninterest expense.

Net revenue decreased $49 million (5.8 percent) in the second quarter and $105 million (6.2 percent) in the

28 U. S. Bancorp

first six months of 2013, compared with the same periods of 2012. Net interest income, on a taxable-equivalent basis, decreased $2 million (.4 percent) in the second quarter and $26 million (2.5 percent) in the first six months of 2013, compared with the same periods of 2012. The decreases were primarily driven by lower rates on loans and the impact of lower rates on the margin benefit from deposits, partially offset by higher average loan and deposit balances and higher loan fees. Noninterest income decreased $47 million (14.7 percent) in the second quarter and $79 million (12.5 percent) in the first six months of 2013, compared with the same periods of 2012, driven by lower commercial products revenue, primarily due to lower standby letters of credit fees. In addition, there was a year-over-year decline in equity investment revenue.

Noninterest expense decreased $10 million (3.1 percent) in the second quarter and $14 million (2.2 percent) in the first six months of 2013, compared with the same periods of 2012, primarily due to lower costs related to other real estate owned and FDIC insurance expense. The provision for credit losses decreased $30 million in the second quarter and $78 million in the first six months of 2013, compared with the same periods of 2012, due to lower net charge-offs, partially offset by lower reserve releases. Nonperforming assets were $406 million at June 30, 2013, $466 million at March 31, 2013, and $728 million at June 30, 2012. Nonperforming assets as a percentage of period-end loans were .56 percent at June 30, 2013, .67 percent at March 31, 2013, and 1.10 percent at June 30, 2012. Refer to the “Corporate Risk Profile” section for further information on factors impacting the credit quality of the loan portfolios.

Consumer and Small Business Banking Consumer and Small Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and over mobile devices, such as mobile phones and tablet computers. It encompasses community banking,

metropolitan banking, in-store banking, small business banking, consumer lending, mortgage banking, workplace banking, student banking and 24-hour banking. Consumer and Small Business Banking contributed $349 million of the Company’s net income in the second quarter and $666 million in the first six months of 2013, or decreases of $25 million (6.7 percent) and $88 million (11.7 percent), respectively, compared with the same periods of 2012. The decreases were due to lower net revenue, partially offset by decreases in the provision for credit losses and noninterest expense.

Within Consumer and Small Business Banking, the retail banking division contributed $167 million of the total net income in the second quarter and $272 million in the first six months of 2013, or decreases of $3 million (1.8 percent) and $41 million (13.1 percent) from the same periods of 2012. Mortgage banking contributed $182 million and $394 million of Consumer and Small Business Banking’s net income in the second quarter and first six months of 2013, respectively, or decreases of $22 million (10.8 percent) and $47 million (10.7 percent) from the same periods of 2012.

Net revenue decreased $177 million (8.5 percent) and $288 million (7.0 percent) in the second quarter and first six months of 2013, compared with the same periods of 2012. Net interest income, on a taxable-equivalent basis, decreased $48 million (4.1 percent) in the second quarter and $77 million (3.3 percent) in the first six months of 2013, compared with the same periods of 2012. The decreases in net interest income were primarily due to lower loan rates and the impact of lower rates on the margin benefit from deposits, partially offset by higher average loan and deposit balances. Noninterest income decreased $129 million (14.3 percent) in the second quarter and $211 million (11.9 percent) in the first six months of 2013, compared with the same periods of 2012, primarily the result of lower mortgage origination and sales revenue, as well as lower retail lease revenue.

U. S. Bancorp 29

Table 10 Line of Business Financial Performance

	Wholesale Banking and Commercial Real Estate								Consumer and Small Business Banking
Three Months Ended June 30 (Dollars in Millions)	2013			2012		Percent Change			2013		2012		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	519		$	521		(.4	)%	$	1,132	$	1,180		(4.1	)%
Noninterest income		273			320		(14.7	)		776		905		(14.3	)
Securities gains (losses), net		–			–		–			–		–		–
Total net revenue		792			841		(5.8	)		1,908		2,085		(8.5	)
Noninterest expense		313			321		(2.5	)		1,182		1,210		(2.3	)
Other intangibles		2			4		(50.0	)		10		13		(23.1	)
Total noninterest expense		315			325		(3.1	)		1,192		1,223		(2.5	)
Income before provision and income taxes		477			516		(7.6	)		716		862		(16.9	)
Provision for credit losses		(30	)		–		*			168		274		(38.7	)
Income before income taxes		507			516		(1.7	)		548		588		(6.8	)
Income taxes and taxable-equivalent adjustment		184			188		(2.1	)		199		214		(7.0	)
Net income		323			328		(1.5	)		349		374		(6.7	)
Net (income) loss attributable to noncontrolling interests		–			–		–			–		–		–
Net income attributable to U.S. Bancorp	$	323		$	328		(1.5	)	$	349	$	374		(6.7	)
Average Balance Sheet
Commercial	$	50,332		$	44,479		13.2	%	$	8,423	$	8,084		4.2	%
Commercial real estate		20,366			19,720		3.3			16,765		16,083		4.2
Residential mortgages		29			63		(54.0	)		46,084		38,727		19.0
Credit card		–			–		–			–		–		–
Other retail		7			4		75.0			44,570		45,570		(2.2	)
Total loans, excluding covered loans		70,734			64,266		10.1			115,842		108,464		6.8
Covered loans		371			1,077		(65.6	)		6,724		7,640		(12.0	)
Total loans		71,105			65,343		8.8			122,566		116,104		5.6
Goodwill		1,604			1,604		–			3,515		3,515		–
Other intangible assets		26			38		(31.6	)		2,208		1,824		21.1
Assets		77,914			71,380		9.2			138,303		132,730		4.2
Noninterest-bearing deposits		30,202			30,557		(1.2	)		21,889		19,366		13.0
Interest checking		10,202			10,824		(5.7	)		33,080		29,934		10.5
Savings products		12,938			7,508		72.3			46,203		43,214		6.9
Time deposits		16,415			17,032		(3.6	)		21,666		24,242		(10.6	)
Total deposits		69,757			65,921		5.8			122,838		116,756		5.2
Total U.S. Bancorp shareholders’ equity		7,346			6,333		16.0			12,063		11,106		8.6

	Wholesale Banking and Commercial Real Estate								Consumer and Small Business Banking
Six Months Ended June 30 (Dollars in Millions)	2013			2012		Percent Change			2013		2012		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,030		$	1,056		(2.5	)%	$	2,284	$	2,361		(3.3	)%
Noninterest income		552			631		(12.5	)		1,559		1,770		(11.9	)
Securities gains (losses), net		–			–		–			–		–		–
Total net revenue		1,582			1,687		(6.2	)		3,843		4,131		(7.0	)
Noninterest expense		630			640		(1.6	)		2,372		2,391		(.8	)
Other intangibles		4			8		(50.0	)		21		26		(19.2	)
Total noninterest expense		634			648		(2.2	)		2,393		2,417		(1.0	)
Income before provision and income taxes		948			1,039		(8.8	)		1,450		1,714		(15.4	)
Provision for credit losses		(75	)		3		*			404		529		(23.6	)
Income before income taxes		1,023			1,036		(1.3	)		1,046		1,185		(11.7	)
Income taxes and taxable-equivalent adjustment		372			377		(1.3	)		380		431		(11.8	)
Net income		651			659		(1.2	)		666		754		(11.7	)
Net (income) loss attributable to noncontrolling interests		–			–		–			–		–		–
Net income attributable to U.S. Bancorp	$	651		$	659		(1.2	)	$	666	$	754		(11.7	)
Average Balance Sheet
Commercial	$	49,781		$	43,365		14.8	%	$	8,367	$	7,991		4.7	%
Commercial real estate		20,133			19,570		2.9			16,666		15,996		4.2
Residential mortgages		29			64		(54.7	)		45,296		38,052		19.0
Credit card		–			–		–			–		–		–
Other retail		10			4		*			44,743		45,576		(1.8	)
Total loans, excluding covered loans		69,953			63,003		11.0			115,072		107,615		6.9
Covered loans		415			1,103		(62.4	)		6,832		7,766		(12.0	)
Total loans		70,368			64,106		9.8			121,904		115,381		5.7
Goodwill		1,604			1,604		–			3,514		3,515		–
Other intangible assets		27			40		(32.5	)		2,112		1,794		17.7
Assets		76,813			69,908		9.9			138,779		131,719		5.4
Noninterest-bearing deposits		30,052			30,470		(1.4	)		21,631		19,048		13.6
Interest checking		10,524			11,950		(11.9	)		32,754		29,470		11.1
Savings products		12,400			8,193		51.3			45,914		42,772		7.3
Time deposits		16,428			15,193		8.1			22,075		24,306		(9.2	)
Total deposits		69,404			65,806		5.5			122,374		115,596		5.9
Total U.S. Bancorp shareholders’ equity		7,279			6,298		15.6			12,026		10,937		10.0

* Not meaningful

30 U. S. Bancorp

Wealth Management and Securities Services							Payment Services									Treasury and Corporate Support									Consolidated Company
2013		2012		Percent Change			2013			2012			Percent Change			2013			2012			Percent Change			2013		2012			Percent Change
$	91	$	83		9.6	%	$	387		$	376			2.9	%	$	543		$	553			(1.8	)%	$	2,672	$	2,713			(1.5	)%
	310		278		11.5			828			816			1.5			83			55			50.9			2,270		2,374			(4.4	)
	–		–		–			–			–			–			6			(19	)		*			6		(19	)		*
	401		361		11.1			1,215			1,192			1.9			632			589			7.3			4,948		5,068			(2.4	)
	319		285		11.9			491			445			10.3			197			270			(27.0	)		2,502		2,531			(1.1	)
	9		10		(10.0	)		34			43			(20.9	)		–			–			–			55		70			(21.4	)
	328		295		11.2			525			488			7.6			197			270			(27.0	)		2,557		2,601			(1.7	)
	73		66		10.6			690			704			(2.0	)		435			319			36.4			2,391		2,467			(3.1	)
	1		2		(50.0	)		183			197			(7.1	)		40			(3	)		*			362		470			(23.0	)
	72		64		12.5			507			507			–			395			322			22.7			2,029		1,997			1.6
	26		23		13.0			184			184			–			(8	)		10			*			585		619			(5.5	)
	46		41		12.2			323			323			–			403			312			29.2			1,444		1,378			4.8
	–		–		–			(10	)		(10	)		–			50			47			6.4			40		37			8.1
$	46	$	41		12.2		$	313		$	313			–		$	453		$	359			26.2		$	1,484	$	1,415			4.9
$	1,794	$	1,270		41.3	%	$	6,035		$	6,001			.6	%	$	178		$	186			(4.3	)%	$	66,762	$	60,020			11.2	%
	651		604		7.8			–			–			–			102			142			(28.2	)		37,884		36,549			3.7
	759		372		*			–			–			–			1			4			(75.0	)		46,873		39,166			19.7
	–		–		–			16,416			16,696			(1.7	)		–			–			–			16,416		16,696			(1.7	)
	1,548		1,512		2.4			741			814			(9.0	)		–			–			–			46,866		47,900			(2.2	)
	4,752		3,758		26.5			23,192			23,511			(1.4	)		281			332			(15.4	)		214,801		200,331			7.2
	15		12		25.0			5			5			–			3,270			5,004			(34.7	)		10,385		13,738			(24.4	)
	4,767		3,770		26.4			23,197			23,516			(1.4	)		3,551			5,336			(33.5	)		225,186		214,069			5.2
	1,527		1,469		3.9			2,508			2,350			6.7			–			–			–			9,154		8,938			2.4
	173		175		(1.1	)		585			734			(20.3	)		2			4			(50.0	)		2,994		2,775			7.9
	7,620		6,479		17.6			29,401			29,785			(1.3	)		96,351			100,055			(3.7	)		349,589		340,429			2.7
	13,805		13,476		2.4			675			632			6.8			295			500			(41.0	)		66,866		64,531			3.6
	4,672		3,833		21.9			448			1,336			(66.5	)		1			1			–			48,403		45,928			5.4
	28,021		23,114		21.2			54			37			45.9			81			139			(41.7	)		87,297		74,012			17.9
	5,585		4,662		19.8			–			–			–			1,153			894			29.0			44,819		46,830			(4.3	)
	52,083		45,085		15.5			1,177			2,005			(41.3	)		1,530			1,534			(.3	)		247,385		231,301			7.0
	2,370		2,224		6.6			6,020			5,670			6.2			12,105			11,933			1.4			39,904		37,266			7.1

Wealth Management and Securities Services							Payment Services									Treasury and Corporate Support								Consolidated Company
2013		2012		Percent Change			2013			2012			Percent Change			2013		2012			Percent Change			2013		2012			Percent Change
$	183	$	177		3.4	%	$	775		$	772			.4	%	$	1,109	$	1,037			6.9	%	$	5,381	$	5,403			(.4	)%
	604		545		10.8			1,575			1,548			1.7			140		119			17.6			4,430		4,613			(4.0	)
	–		–		–			–			–			–			11		(19	)		*			11		(19	)		*
	787		722		9.0			2,350			2,320			1.3			1,260		1,137			10.8			9,822		9,997			(1.8	)
	641		566		13.3			970			899			7.9			302		524			(42.4	)		4,915		5,020			(2.1	)
	18		20		(10.0	)		69			87			(20.7	)		–		–			–			112		141			(20.6	)
	659		586		12.5			1,039			986			5.4			302		524			(42.4	)		5,027		5,161			(2.6	)
	128		136		(5.9	)		1,311			1,334			(1.7	)		958		613			56.3			4,795		4,836			(.8	)
	1		1		–			388			413			(6.1	)		47		5			*			765		951			(19.6	)
	127		135		(5.9	)		923			921			.2			911		608			49.8			4,030		3,885			3.7
	46		49		(6.1	)		335			335			–			66		10			*			1,199		1,202			(.2	)
	81		86		(5.8	)		588			586			.3			845		598			41.3			2,831		2,683			5.5
	–		–		–			(19	)		(20	)		5.0			100		90			11.1			81		70			15.7
$	81	$	86		(5.8	)	$	569		$	566			.5		$	945	$	688			37.4		$	2,912	$	2,753			5.8
$	1,767	$	1,213		45.7	%	$	5,948		$	5,824			2.1	%	$	171	$	183			(6.6	)%	$	66,034	$	58,576			12.7	%
	650		594		9.4			–			–			–			104		107			(2.8	)		37,553		36,267			3.5
	670		377		77.7			–			–			–			1		5			(80.0	)		45,996		38,498			19.5
	–		–		–			16,472			16,737			(1.6	)		–		–			–			16,472		16,737			(1.6	)
	1,550		1,510		2.6			752			825			(8.8	)		–		–			–			47,055		47,915			(1.8	)
	4,637		3,694		25.5			23,172			23,386			(.9	)		276		295			(6.4	)		213,110		197,993			7.6
	12		12		–			5			5			–			3,437		5,236			(34.4	)		10,701		14,122			(24.2	)
	4,649		3,706		25.4			23,177			23,391			(.9	)		3,713		5,531			(32.9	)		223,811		212,115			5.5
	1,528		1,468		4.1			2,508			2,350			6.7			–		–			–			9,154		8,937			2.4
	177		176		.6			598			753			(20.6	)		3		4			(25.0	)		2,917		2,767			5.4
	7,511		6,366		18.0			29,421			29,768			(1.2	)		97,959		100,597			(2.6	)		350,483		338,358			3.6
	13,950		13,419		4.0			683			646			5.7			318		474			(32.9	)		66,634		64,057			4.0
	4,686		3,952		18.6			439			1,320			(66.7	)		1		1			–			48,404		46,693			3.7
	27,456		23,257		18.1			50			36			38.9			88		134			(34.3	)		85,908		74,392			15.5
	5,766		4,603		25.3			–			–			–			993		548			81.2			45,262		44,650			1.4
	51,858		45,231		14.7			1,172			2,002			(41.5	)		1,400		1,157			21.0			246,208		229,792			7.1
	2,366		2,214		6.9			5,985			5,699			5.0			11,887		11,193			6.2			39,543		36,341			8.8

U. S. Bancorp 31

Noninterest expense decreased $31 million (2.5 percent) in the second quarter and $24 million (1.0 percent) in the first six months of 2013, compared with the same periods of 2012. The decreases reflected reductions in mortgage servicing review-related professional services costs, FDIC insurance expense, costs related to other real estate owned and other intangibles expense, partially offset by higher net shared services costs.

The provision for credit losses decreased $106 million (38.7 percent) in the second quarter and $125 million (23.6 percent) in the first six months of 2013, compared with the same periods of 2012, due to lower net charge-offs and a favorable change in the reserve allocation. As a percentage of average loans outstanding on an annualized basis, net charge-offs decreased to .63 percent in the second quarter of 2013, compared with .90 percent in the second quarter of 2012. Nonperforming assets were $1.4 billion at June 30, 2013, $1.4 billion at March 31, 2013, and $1.3 billion at June 30, 2012. Nonperforming assets as a percentage of period-end loans were 1.13 percent at June 30, 2013, 1.17 percent at March 31, 2013, and 1.12 percent at June 30, 2012. Refer to the “Corporate Risk Profile” section for further information on factors impacting the credit quality of the loan portfolios.

Wealth Management and Securities Services Wealth Management and Securities Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through five businesses: Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody and Fund Services. Wealth Management and Securities Services contributed $46 million of the Company’s net income in the second quarter and $81 million in the first six months of 2013, or an increase of $5 million (12.2 percent) and a decrease of $5 million (5.8 percent), respectively, compared with the same periods of 2012, reflecting the net impact of higher net revenue, offset by higher noninterest expense.

Net revenue increased $40 million (11.1 percent) in the second quarter and $65 million (9.0 percent) in the first six months of 2013, compared with the same periods of 2012. Net interest income, on a taxable-equivalent basis, increased $8 million (9.6 percent) in the second quarter and $6 million (3.4 percent) in the first six months of 2013, compared with the same periods of 2012, primarily due to the impact of higher average loan and deposit balances, partially offset by the impact of lower rates on the margin benefit of deposits.

Noninterest income increased $32 million (11.5 percent) in the second quarter and $59 million (10.8 percent) in the first six months of 2013, compared with the same periods of 2012, due to the impact of improved market conditions, business expansion and higher investment products fees. Noninterest expense increased $33 million (11.2 percent) in the second quarter and $73 million (12.5 percent) in the first six months of 2013, compared with the same periods of 2012. The increases in noninterest expense were primarily due to higher total compensation and employee benefits expense, and an increase in net shared services costs, including the impact of business expansion.

Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit and merchant processing. Payment Services contributed $313 million and $569 million of the Company’s net income in the second quarter and first six months of 2013, respectively, or equal to and higher by $3 million (.5 percent), respectively, compared with the same periods of 2012, reflecting higher total net revenue and lower provision for credit losses, offset by higher noninterest expense.

Net revenue increased $23 million (1.9 percent) in the second quarter and $30 million (1.3 percent) in the first six months of 2013, compared with the same periods of 2012. Net interest income, on a taxable-equivalent basis, increased $11 million (2.9 percent) in the second quarter and $3 million (.4 percent) in the first six months of 2013, compared with the same periods of 2012, primarily due to improved loan rates and lower rebate costs on the Company’s government card program. Noninterest income increased $12 million (1.5 percent) in the second quarter and $27 million (1.7 percent) in the first six months of 2013, compared with the same periods of 2012, the result of higher credit and debit card revenue primarily due to higher volumes and business expansion, partially offset by the impact of a credit recorded in the second quarter of 2012 related to the final expiration of debit card customer awards. Merchant processing services revenue was also higher over the prior year due to higher product fees and volumes.

Noninterest expense increased $37 million (7.6 percent) in the second quarter and $53 million (5.4 percent) in the first six months of 2013, compared with the same periods of 2012, primarily due to higher total compensation and employee benefits expense and net shared services expense, including the impact of business expansion, partially offset by reductions in other intangibles expense. The provision for credit losses

32 U. S. Bancorp

decreased $14 million (7.1 percent) in the second quarter and $25 million (6.1 percent) in the first six months of 2013, compared with the same periods of 2012, principally due to a favorable change in the reserve allocation. As a percentage of average loans outstanding, net charge-offs were 3.51 percent in the second quarter of 2013, compared with 3.52 percent in the second quarter of 2012.

Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, most covered commercial and commercial real estate loans and related other real estate owned, funding, capital management, interest rate risk management, the net effect of transfer pricing related to average balances, income taxes not allocated to business lines, including most tax-advantaged investments, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis. Treasury and Corporate Support recorded net income of $453 million in the second quarter and $945 million in the first six months of 2013, compared with $359 million and $688 million in the same periods of 2012, respectively.

Net revenue increased $43 million (7.3 percent) in the second quarter and $123 million (10.8 percent) in the first six months of 2013, compared with the same periods of 2012. Net interest income, on a taxable-equivalent basis, decreased $10 million (1.8 percent) in the second quarter and increased $72 million (6.9 percent) in the first six months of 2013, compared with the same periods of 2012, reflecting the net impact of lower long-term funding costs, offset by lower rates on investment securities. Noninterest income increased $53 million in the second quarter and $51 million (51.0 percent) in the first six months of 2013, compared with the same periods of 2012, primarily due to favorable changes in net securities gains (losses) as the Company recognized impairments on a number of securities in the second quarter of 2012, and higher commercial products revenue.

Noninterest expense decreased $73 million (27.0 percent) in the second quarter and $222 million (42.4 percent) in the first six months of 2013, compared with the same periods of 2012, principally reflecting the prior year Visa accrual and a reduction in net shared services expense. These decreases were partially offset by increases in total compensation and employee benefits expense and higher costs related to investments in affordable housing and other tax-advantaged projects.

In addition, noninterest expense for the first six months of 2013 was lower than the same period of the prior year due to lower insurance-related costs.

Income taxes are assessed to each line of business at a managerial tax rate of 36.4 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

NON-GAAP FINANCIAL MEASURES

In addition to capital ratios defined by banking regulators under the FDIC Improvement Act prompt corrective action provisions that are currently effective, the Company considers various other measures when evaluating capital utilization and adequacy, including:

• Tangible common equity to tangible assets,

• Tangible common equity to risk-weighted assets using Basel I definition,

• Tier 1 common equity to risk-weighted assets using Basel I definition,

• Tier 1 common equity to risk-weighted assets estimated using final rules for the Basel III standardized approach released July 2013, and in addition

• Tier 1 common equity to risk-weighted assets approximated using proposed rules for the Basel III standardized approach released June 2012, for additional information.

These measures are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position relative to other financial services companies. These measures differ from the currently effective capital ratios defined by banking regulations principally in that the numerator excludes trust preferred securities and preferred stock, the nature and extent of which varies among different financial services companies. These measures are not defined in generally accepted accounting principles (“GAAP”), or are not currently effective or defined in federal banking regulations. As a result, these measures disclosed by the Company may be considered non-GAAP financial measures.

There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this report in their entirety, and not to rely on any single financial measure.

U. S. Bancorp 33

The following table shows the Company’s calculation of these Non-GAAP financial measures:

(Dollars in Millions)	June 30, 2013			December 31, 2012
Total equity	$	41,050		$	40,267
Preferred stock		(4,756	)		(4,769	)
Noncontrolling interests		(1,367	)		(1,269	)
Goodwill (net of deferred tax liability)		(8,317	)		(8,351	)
Intangible assets, other than mortgage servicing rights		(910	)		(1,006	)
Tangible common equity (a)		25,700			24,872
Tier 1 capital, determined in accordance with prescribed regulatory requirements using Basel I definition		32,219			31,203
Preferred stock		(4,756	)		(4,769	)
Noncontrolling interests, less preferred stock not eligible for Tier 1 capital		(685	)		(685	)
Tier 1 common equity using Basel I definition (b)		26,778			25,749
Tangible common equity (as calculated above)		25,700
Adjustments (1)		195
Tier 1 common equity estimated using final rules for the Basel III standardized approach released July 2013 (c)		25,895
Tangible common equity (as calculated above)		25,700			24,872
Adjustments (2)		(43	)		126
Tier 1 common equity approximated using proposed rules for the Basel III standardized approach released June 2012 (d)		25,657			24,998
Total assets		353,415			353,855
Goodwill (net of deferred tax liability)		(8,317	)		(8,351	)
Intangible assets, other than mortgage servicing rights		(910	)		(1,006	)
Tangible assets (e)		344,188			344,498
Risk-weighted assets, determined in accordance with prescribed regulatory requirements using Basel I definition (f)		289,613
Adjustments (3)		12,476
Risk-weighted assets estimated using final rules for the Basel III standardized approach released July 2013 (g)		302,089
Risk-weighted assets, determined in accordance with prescribed regulatory requirements using Basel I definition (f)		289,613			287,611
Adjustments (4)		20,866			21,233
Risk-weighted assets approximated using proposed rules for the Basel III standardized approach released June 2012 (h)		310,479			308,844
Ratios
Tangible common equity to tangible assets (a)/(e)		7.5	%		7.2	%
Tangible common equity to risk-weighted assets using Basel I definition (a)/(f)		8.9			8.6
Tier 1 common equity to risk-weighted assets using Basel I definition (b)/(f)		9.2			9.0
Tier 1 common equity to risk-weighted assets estimated using final rules for the Basel III standardized approach released July 2013 (c)/(g)		8.6			–
Tier 1 common equity to risk-weighted assets approximated using proposed rules for the Basel III standardized approach released June 2012 (d)/(h)		8.3			8.1

(1) Includes net losses on cash flow hedges included in accumulated other comprehensive income and unrealized losses on securities transferred from available-for-sale to held-to-maturity included in accumulated other comprehensive income.

(2) Includes net losses on cash flow hedges included in accumulated other comprehensive income, unrealized losses on securities transferred from available-for-sale to held-to-maturity included in accumulated other comprehensive income and disallowed mortgage servicing rights.

(3) Includes higher risk-weighting for unfunded loan commitments, investment securities and mortgage servicing rights, and other adjustments.

(4) Includes higher risk-weighting for residential mortgages, unfunded loan commitments, investment securities and mortgage servicing rights, and other adjustments.

34 U. S. Bancorp

CRITICAL ACCOUNTING POLICIES

The accounting and reporting policies of the Company comply with accounting principles generally accepted in the United States and conform to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. The Company’s financial position and results of operations can be affected by these estimates and assumptions, which are integral to understanding the Company’s financial statements. Critical accounting policies are those policies management believes are the most important to the portrayal of the Company’s financial condition and results, and require management to make estimates that are difficult, subjective or complex. Most accounting policies are not considered by management to be critical accounting policies. Those policies considered to be critical accounting policies relate to the allowance for credit losses, fair value estimates, purchased loans and related indemnification assets, MSRs, goodwill and other intangibles and income taxes. Management has discussed the development and the selection of critical accounting policies with the Company’s Audit Committee. These accounting policies are discussed in detail in “Management’s Discussion and Analysis — Critical Accounting Policies” and the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

CONTROLS AND PROCEDURES

Under the supervision and with the participation of the Company’s management, including its principal executive officer and principal financial officer, the Company has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based upon this evaluation, the principal executive officer and principal financial officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

During the most recently completed fiscal quarter, there was no change made in the Company’s internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

U. S. Bancorp 35

U.S. Bancorp

Consolidated Balance Sheet

(Dollars in Millions)	June 30, 2013			December 31, 2012
	(Unaudited)
Assets
Cash and due from banks	$	6,618		$	8,252
Investment securities
Held-to-maturity (fair value $34,514 and $34,952, respectively; including $1,019 and $1,482 at fair value pledged as collateral, respectively) (a)		34,668			34,389
Available-for-sale ($1,152 and $2,042 pledged as collateral, respectively) (a)		40,307			40,139
Loans held for sale (including $4,753 and $7,957 of mortgage loans carried at fair value, respectively)		4,766			7,976
Loans
Commercial		68,185			66,223
Commercial real estate		38,298			36,953
Residential mortgages		47,753			44,018
Credit card		16,649			17,115
Other retail		47,105			47,712
Total loans, excluding covered loans		217,990			212,021
Covered loans		9,985			11,308
Total loans		227,975			223,329
Less allowance for loan losses		(4,312	)		(4,424	)
Net loans		223,663			218,905
Premises and equipment		2,622			2,670
Goodwill		9,156			9,143
Other intangible assets		3,287			2,706
Other assets (including $81 and $47 of trading securities at fair value pledged as collateral, respectively) (a)		28,328			29,675
Total assets	$	353,415		$	353,855
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing	$	70,632		$	74,172
Interest-bearing		147,693			145,972
Time deposits greater than $100,000		33,243			29,039
Total deposits		251,568			249,183
Short-term borrowings		26,179			26,302
Long-term debt		19,724			25,516
Other liabilities		14,894			12,587
Total liabilities		312,365			313,588
Shareholders’ equity
Preferred stock		4,756			4,769
Common stock, par value $0.01 a share—authorized: 4,000,000,000 shares; issued: 6/30/13 and 12/31/12 –2,125,725,742 shares		21			21
Capital surplus		8,167			8,201
Retained earnings		36,707			34,720
Less cost of common stock in treasury: 6/30/13—281,665,410 shares; 12/31/12 –256,294,227 shares		(8,680	)		(7,790	)
Accumulated other comprehensive income (loss)		(1,288	)		(923	)
Total U.S. Bancorp shareholders’ equity		39,683			38,998
Noncontrolling interests		1,367			1,269
Total equity		41,050			40,267
Total liabilities and equity	$	353,415		$	353,855

(a) Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

See Notes to Consolidated Financial Statements.

36 U. S. Bancorp

U.S. Bancorp

Consolidated Statement of Income

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited)	2013			2012			2013			2012
Interest Income
Loans	$	2,552		$	2,631		$	5,114		$	5,269
Loans held for sale		54			67			126			132
Investment securities		392			470			802			938
Other interest income		40			60			107			121
Total interest income		3,038			3,228			6,149			6,460
Interest Expense
Deposits		144			177			299			358
Short-term borrowings		87			127			172			250
Long-term debt		191			266			409			560
Total interest expense		422			570			880			1,168
Net interest income		2,616			2,658			5,269			5,292
Provision for credit losses		362			470			765			951
Net interest income after provision for credit losses		2,254			2,188			4,504			4,341
Noninterest Income
Credit and debit card revenue		244			235			458			437
Corporate payment products revenue		176			190			348			365
Merchant processing services		373			359			720			696
ATM processing services		83			89			165			176
Trust and investment management fees		284			262			562			514
Deposit service charges		160			156			313			309
Treasury management fees		140			142			274			276
Commercial products revenue		209			216			409			427
Mortgage banking revenue		396			490			797			942
Investment products fees		46			38			87			73
Securities gains (losses), net
Realized gains (losses), net		9			21			21			30
Total other-than-temporary impairment		(2	)		(39	)		(3	)		(48	)
Portion of other-than-temporary impairment recognized in other comprehensive income		(1	)		(1	)		(7	)		(1	)
Total securities gains (losses), net		6			(19	)		11			(19	)
Other		159			197			297			398
Total noninterest income		2,276			2,355			4,441			4,594
Noninterest Expense
Compensation		1,098			1,076			2,180			2,128
Employee benefits		277			229			587			489
Net occupancy and equipment		234			230			469			450
Professional services		91			136			169			220
Marketing and business development		96			80			169			189
Technology and communications		214			201			425			402
Postage, printing and supplies		78			77			154			151
Other intangibles		55			70			112			141
Other		414			502			762			991
Total noninterest expense		2,557			2,601			5,027			5,161
Income before income taxes		1,973			1,942			3,918			3,774
Applicable income taxes		529			564			1,087			1,091
Net income		1,444			1,378			2,831			2,683
Net (income) loss attributable to noncontrolling interests		40			37			81			70
Net income attributable to U.S. Bancorp	$	1,484		$	1,415		$	2,912		$	2,753
Net income applicable to U.S. Bancorp common shareholders	$	1,405		$	1,345		$	2,763		$	2,630
Earnings per common share	$	.76		$	.71		$	1.49		$	1.39
Diluted earnings per common share	$	.76		$	.71		$	1.49		$	1.38
Dividends declared per common share	$	.230		$	.195		$	.425		$	.390
Average common shares outstanding		1,843			1,888			1,851			1,895
Average diluted common shares outstanding		1,853			1,898			1,860			1,904

See Notes to Consolidated Financial Statements.

U. S. Bancorp 37

U.S. Bancorp

Consolidated Statement of Comprehensive Income

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions) (Unaudited)	2013			2012			2013			2012
Net income	$	1,444		$	1,378		$	2,831		$	2,683
Other comprehensive income (loss)
Changes in unrealized gains and losses on securities available-for-sale		(675	)		132			(795	)		438
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			1			7			1
Changes in unrealized gains and losses on derivative hedges		53			(40	)		50			(38	)
Foreign currency translation		(23	)		(6	)		(33	)		8
Changes in unrealized gains and losses on retirement plans		–			–			(1	)		–
Reclassification to earnings of realized gains and losses		80			100			171			191
Income taxes related to other comprehensive income		217			(73	)		236			(230	)
Total other comprehensive income (loss)		(347	)		114			(365	)		370
Comprehensive income		1,097			1,492			2,466			3,053
Comprehensive (income) loss attributable to noncontrolling interests		40			37			81			70
Comprehensive income attributable to U.S. Bancorp	$	1,137		$	1,529		$	2,547		$	3,123

See Notes to Consolidated Financial Statements.

38 U. S. Bancorp

U.S. Bancorp

Consolidated Statement of Shareholders’ Equity

	U.S. Bancorp Shareholders
(Dollars and Shares in Millions) (Unaudited)	Common Shares Outstanding			Preferred Stock			Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Total U.S. Bancorp Shareholders’ Equity			Noncontrolling Interests			Total Equity
Balance December 31, 2011		1,910		$	2,606		$	21	$	8,238		$	30,785		$	(6,472	)	$	(1,200	)	$	33,978		$	993		$	34,971
Net income (loss)													2,753									2,753			(70	)		2,683
Other comprehensive income (loss)																			370			370						370
Preferred stock dividends													(110	)								(110	)					(110	)
Common stock dividends													(741	)								(741	)					(741	)
Issuance of preferred stock					2,163																	2,163						2,163
Issuance of common and treasury stock		11								(122	)					325						203						203
Purchase of treasury stock		(29	)													(884	)					(884	)					(884	)
Distributions to noncontrolling interests																						–			(43	)		(43	)
Net other changes in noncontrolling interests																						–			202			202
Stock option and restricted stock grants										60												60						60
Balance June 30, 2012		1,892		$	4,769		$	21	$	8,176		$	32,687		$	(7,031	)	$	(830	)	$	37,792		$	1,082		$	38,874
Balance December 31, 2012		1,869		$	4,769		$	21	$	8,201		$	34,720		$	(7,790	)	$	(923	)	$	38,998		$	1,269		$	40,267
Net income (loss)													2,912									2,912			(81	)		2,831
Other comprehensive income (loss)																			(365	)		(365	)					(365	)
Redemption of preferred stock					(500	)				8			(8	)								(500	)					(500	)
Preferred stock dividends													(128	)								(128	)					(128	)
Common stock dividends													(789	)								(789	)					(789	)
Issuance of preferred stock					487																	487						487
Issuance of common and treasury stock		10								(119	)					294						175						175
Purchase of treasury stock		(35	)													(1,184	)					(1,184	)					(1,184	)
Distributions to noncontrolling interests																						–			(30	)		(30	)
Net other changes in noncontrolling interests																						–			209			209
Stock option and restricted stock grants										77												77						77
Balance June 30, 2013		1,844		$	4,756		$	21	$	8,167		$	36,707		$	(8,680	)	$	(1,288	)	$	39,683		$	1,367		$	41,050

See Notes to Consolidated Financial Statements.

U. S. Bancorp 39

U.S. Bancorp

Consolidated Statement of Cash Flows

(Dollars in Millions) (Unaudited)	Six Months Ended June 30,
	2013			2012
Operating Activities
Net income attributable to U.S. Bancorp	$	2,912		$	2,753
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses		765			951
Depreciation and amortization of premises and equipment		148			140
Amortization of intangibles		112			141
Provision for deferred income taxes		(106	)		(26	)
(Gain) loss on sale of loans held for sale		(874	)		(1,210	)
(Gain) loss on sale of securities and other assets		(26	)		(80	)
Loans originated for sale in the secondary market, net of repayments		(36,607	)		(39,559	)
Proceeds from sales of loans held for sale		40,097			39,115
Other, net		95			1,403
Net cash provided by operating activities		6,516			3,628
Investing Activities
Proceeds from sales of available-for-sale investment securities		679			345
Proceeds from maturities of held-to-maturity investment securities		4,688			2,012
Proceeds from maturities of available-for-sale investment securities		6,074			7,889
Purchases of held-to-maturity investment securities		(5,026	)		(6,096	)
Purchases of available-for-sale investment securities		(7,731	)		(6,861	)
Net increase in loans outstanding		(5,139	)		(6,487	)
Proceeds from sales of loans		533			561
Purchases of loans		(1,312	)		(1,472	)
Acquisitions, net of cash acquired		–			94
Other, net		(109	)		(259	)
Net cash used in investing activities		(7,343	)		(10,274	)
Financing Activities
Net increase in deposits		2,385			10,183
Net increase (decrease) in short-term borrowings		(123	)		215
Proceeds from issuance of long-term debt		131			2,620
Principal payments or redemption of long-term debt		(1,374	)		(5,736	)
Proceeds from issuance of preferred stock		487			2,163
Proceeds from issuance of common stock		169			191
Redemption of preferred stock		(500	)		–
Repurchase of common stock		(1,119	)		(863	)
Cash dividends paid on preferred stock		(133	)		(76	)
Cash dividends paid on common stock		(730	)		(610	)
Net cash provided by (used in) financing activities		(807	)		8,087
Change in cash and due from banks		(1,634	)		1,441
Cash and due from banks at beginning of period		8,252			13,962
Cash and due from banks at end of period	$	6,618		$	15,403

See Notes to Consolidated Financial Statements.

40 U. S. Bancorp

Notes to Consolidated Financial Statements

(Unaudited)

Note 1 Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Certain amounts in prior periods have been reclassified to conform to the current presentation.

Accounting policies for the lines of business are generally the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to establish methodologies to allocate funding costs, expenses and other financial elements to each line of business. Table 10 “Line of Business Financial Performance” included in Management’s Discussion and Analysis provides details of segment results. This information is incorporated by reference into these Notes to Consolidated Financial Statements.

U. S. Bancorp 41

Note 2 Investment Securities

The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:

	June 30, 2013												December 31, 2012
					Unrealized Losses												Unrealized Losses
(Dollars in Millions)	Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value		Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value
Held-to-maturity (a)
U.S. Treasury and agencies	$	3,521	$	13	$	–		$	(48	)	$	3,486	$	3,154	$	27	$	–		$	–		$	3,181
Mortgage-backed securities
Residential
Agency		30,986		240		–			(358	)		30,868		31,064		545		–			(6	)		31,603
Non-agency non-prime (d)		1		–		–			–			1		1		–		–			–			1
Commercial non-agency		2		–		–			–			2		2		–		–			–			2
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		3		11		–			–			14		7		15		–			–			22
Other		17		3		(2	)		–			18		19		2		(3	)		(1	)		17
Obligations of state and political subdivisions		17		1		–			(1	)		17		20		1		–			–			21
Obligations of foreign governments		7		–		–			–			7		7		–		–			–			7
Other debt securities		114		–		–			(13	)		101		115		–		–			(17	)		98
Total held-to-maturity	$	34,668	$	268	$	(2	)	$	(420	)	$	34,514	$	34,389	$	590	$	(3	)	$	(24	)	$	34,952
Available-for-sale (b)
U.S. Treasury and agencies	$	1,582	$	7	$	–		$	(38	)	$	1,551	$	1,211	$	16	$	–		$	(1	)	$	1,226
Mortgage-backed securities
Residential
Agency		29,762		492		–			(298	)		29,956		28,754		746		–			(5	)		29,495
Non-agency
Prime (c)		556		5		(10	)		(4	)		547		641		3		(16	)		(4	)		624
Non-prime (d)		318		7		(6	)		–			319		372		4		(20	)		(1	)		355
Commercial agency		172		5		–			–			177		185		8		–			–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		19		6		–			–			25		32		10		–			–			42
Other		599		14		–			(1	)		612		579		14		–			(1	)		592
Obligations of state and political subdivisions		5,779		198		–			(32	)		5,945		6,059		396		–			–			6,455
Obligations of foreign governments		6		–		–			–			6		6		–		–			–			6
Corporate debt securities		789		–		–			(82	)		707		814		2		–			(85	)		731
Perpetual preferred securities		205		29		–			(15	)		219		205		27		–			(14	)		218
Other investments		219		24		–			–			243		182		20		–			–			202
Total available-for-sale	$	40,006	$	787	$	(16	)	$	(470	)	$	40,307	$	39,040	$	1,246	$	(36	)	$	(111	)	$	40,139

(a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment.

(b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.

(c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds.

(d) Includes all securities not meeting the conditions to be designated as prime.

(e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.

(f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.

The weighted-average maturity of the available-for-sale investment securities was 5.4 years at June 30, 2013, compared with 4.1 years at December 31, 2012. The corresponding weighted-average yields were 2.72 percent and 2.93 percent, respectively. The weighted-average maturity of the held-to-maturity investment securities was 4.2 years at June 30, 2013, and 3.3 years at December 31, 2012. The corresponding weighted-average yields were 1.89 percent and 1.94 percent, respectively.

For amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale investment securities outstanding at June 30, 2013, refer to Table 4 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

Investment securities with a fair value of $16.5 billion at June 30, 2013, and $20.1 billion at December 31, 2012, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities delivered under these types of arrangements had a fair value of $2.2 billion at June 30, 2013, and $3.5 billion at December 31, 2012.

42 U. S. Bancorp

The following table provides information about the amount of interest income from taxable and non-taxable investment securities:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Taxable	$	328	$	400	$	672	$	797
Non-taxable		64		70		130		141
Total interest income from investment securities	$	392	$	470	$	802	$	938

The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Realized gains	$	9	$	21	$	21	$	30
Realized losses		–		–		–		–
Net realized gains (losses)	$	9	$	21	$	21	$	30
Income tax (benefit) on net realized gains (losses)	$	3	$	8	$	8	$	11

The Company conducts a regular assessment of its investment securities with unrealized losses to determine whether investment securities are other-than-temporarily impaired considering, among other factors, the nature of the investment securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the investment securities.

The following tables summarize other-than-temporary impairment by investment category:

	2013									2012
Three Months Ended June 30 (Dollars in Millions)		Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)		$	(3	)	$	1	$	(2	)	$	(2	)	$	(6	)	$	(8	)
Non-prime (b)			–			–		–			(10	)		7			(3	)
Commercial non-agency			–			–		–			(1	)		–			(1	)
Perpetual preferred securities			–			–		–			(27	)		–			(27	)
Total available-for-sale		$	(3	)	$	1	$	(2	)	$	(40	)	$	1		$	(39	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

	2013									2012
Six Months Ended June 30 (Dollars in Millions)		Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)		$	(4	)	$	2	$	(2	)	$	(3	)	$	(9	)	$	(12	)
Non-prime (b)			(6	)		5		(1	)		(17	)		10			(7	)
Commercial non-agency			–			–		–			(1	)		(1	)		(2	)
Other asset-backed securities			–			–		–			(1	)		1			–
Perpetual preferred securities			–			–		–			(27	)		–			(27	)
Total available-for-sale		$	(10	)	$	7	$	(3	)	$	(49	)	$	1		$	(48	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

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The Company determined the other-than-temporary impairment recorded in earnings for debt securities not intended to be sold by estimating the future cash flows of each individual investment security, using market information where available, and discounting the cash flows at the original effective rate of the investment security. Other-than-temporary impairment recorded in other comprehensive income (loss) was measured as the difference between that discounted amount and the fair value of each investment security. For perpetual preferred securities determined to be other-than-temporarily impaired, the Company recorded a loss in earnings for the entire difference between the securities’ fair value and their amortized cost.

The following table includes the ranges for principal assumptions used for those available-for-sale non-agency mortgage-backed securities determined to be other-than-temporarily impaired:

	Prime (a)									Non-Prime (b)
	Minimum			Maximum			Average			Minimum			Maximum			Average
June 30, 2013
Estimated lifetime prepayment rates		12	%		18	%		14	%		4	%		10	%		7	%
Lifetime probability of default rates		3			5			4			4			9			6
Lifetime loss severity rates		25			50			48			50			65			58
December 31, 2012
Estimated lifetime prepayment rates		6	%		22	%		14	%		3	%		10	%		6	%
Lifetime probability of default rates		3			6			4			3			10			7
Lifetime loss severity rates		40			50			47			45			65			56

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Changes in the credit losses on debt securities (excluding perpetual preferred securities) are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	133		$	288		$	134		$	298
Additions to Credit Losses Due to Other-than-temporary Impairments
Credit losses on securities not previously considered other-than-temporarily impaired		–			2			–			3
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized		3			11			10			19
Total other-than-temporary impairment on debt securities		3			13			10			22
Other Changes in Credit Losses
Increases in expected cash flows		(1	)		(8	)		(1	)		(14	)
Realized losses (a)		(6	)		(16	)		(14	)		(29	)
Credit losses on security sales and securities expected to be sold		(5	)		–			(5	)		–
Balance at end of period	$	124		$	277		$	124		$	277

(a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents.

44 U. S. Bancorp

At June 30, 2013, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2013:

	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Held-to-maturity
U.S. Treasury and agencies	$	969	$	(48	)	$	–	$	–		$	969	$	(48	)
Mortgage-backed securities
Residential agency		19,643		(358	)		–		–			19,643		(358	)
Commercial non-agency		1		–			–		–			1		–
Other asset-backed securities		–		–			10		(2	)		10		(2	)
Obligations of state and political subdivisions		8		(1	)		–		–			8		(1	)
Other debt securities		–		–			13		(13	)		13		(13	)
Total held-to-maturity	$	20,621	$	(407	)	$	23	$	(15	)	$	20,644	$	(422	)
Available-for-sale
U.S. Treasury and agencies	$	945	$	(38	)	$	–	$	–		$	945	$	(38	)
Mortgage-backed securities
Residential
Agency		11,641		(298	)		350		–			11,991		(298	)
Non-agency (a)
Prime (b)		129		(2	)		225		(12	)		354		(14	)
Non-prime (c)		24		–			102		(6	)		126		(6	)
Other asset-backed securities		–		–			2		(1	)		2		(1	)
Obligations of state and political subdivisions		596		(32	)		10		–			606		(32	)
Obligations of foreign governments		6		–			–		–			6		–
Corporate debt securities		218		(1	)		426		(81	)		644		(82	)
Perpetual preferred securities		–		–			118		(15	)		118		(15	)
Other investments		3		–			–		–			3		–
Total available-for-sale	$	13,562	$	(371	)	$	1,233	$	(115	)	$	14,795	$	(486	)

(a) The Company has $20 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if current economic conditions persist or worsen. Additionally, further deterioration in home prices may increase the severity of projected losses.

(b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(c) Includes all securities not meeting the conditions to be designated as prime.

The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of investment securities that have unrealized losses are either corporate debt issued with high investment grade credit ratings or agency mortgage-backed securities. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At June 30, 2013, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost.

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Note 3 Loans and Allowance for Credit Losses

The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows:

	June 30, 2013					December 31, 2012
(Dollars in Millions)	Amount		Percent of Total			Amount		Percent of Total
Commercial
Commercial	$	62,910		27.6	%	$	60,742		27.2	%
Lease financing		5,275		2.3			5,481		2.5
Total commercial		68,185		29.9			66,223		29.7
Commercial Real Estate
Commercial mortgages		31,630		13.9			31,005		13.9
Construction and development		6,668		2.9			5,948		2.6
Total commercial real estate		38,298		16.8			36,953		16.5
Residential Mortgages
Residential mortgages		34,651		15.2			32,648		14.6
Home equity loans, first liens		13,102		5.7			11,370		5.1
Total residential mortgages		47,753		20.9			44,018		19.7
Credit Card		16,649		7.3			17,115		7.7
Other Retail
Retail leasing		5,802		2.6			5,419		2.4
Home equity and second mortgages		15,816		6.9			16,726		7.5
Revolving credit		3,260		1.4			3,332		1.5
Installment		5,635		2.5			5,463		2.4
Automobile		12,807		5.6			12,593		5.6
Student		3,785		1.7			4,179		1.9
Total other retail		47,105		20.7			47,712		21.3
Total loans, excluding covered loans		217,990		95.6			212,021		94.9
Covered Loans		9,985		4.4			11,308		5.1
Total loans	$	227,975		100.0	%	$	223,329		100.0	%

The Company had loans of $74.0 billion at June 30, 2013, and $74.1 billion at December 31, 2012, pledged at the Federal Home Loan Bank (“FHLB”), and loans of $51.0 billion at June 30, 2013, and $48.6 billion at December 31, 2012, pledged at the Federal Reserve Bank.

Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs. Net unearned interest and deferred fees and costs amounted to $605 million at June 30, 2013, and $753 million at December 31, 2012. All purchased loans and related indemnification assets are recorded at fair value at the date of purchase. The Company evaluates purchased loans for impairment at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans with evidence of credit deterioration since origination for which it is probable that all contractually required payments will not be collected are considered “purchased impaired loans.” All other purchased loans are considered “purchased nonimpaired loans.”

Changes in the accretable balance for purchased impaired loans were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	1,921		$	2,605		$	1,709		$	2,619
Purchases		–			–			–			13
Accretion		(125	)		(113	)		(261	)		(228	)
Disposals		(31	)		(56	)		(69	)		(98	)
Reclassifications (to)/from nonaccretable difference (a)		48			1			58			133
Other (b)		(11	)		(6	)		365			(8	)
Balance at end of period	$	1,802		$	2,431		$	1,802		$	2,431

(a) Primarily relates to changes in expected credit performance.

(b) The amount for the six months ended June 30, 2013, primarily represents the reclassification of unamortized decreases in the FDIC asset (which are now presented as a separate component within the covered assets table on page 55), partially offset by the impact of changes in expectations about retaining covered single-family loans beyond the term of the indemnification agreements.

Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”). The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses.

46 U. S. Bancorp

The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. The Company currently uses a 12-year period of historical losses in considering actual loss experience, because it believes that period best reflects the losses incurred in the portfolio. This timeframe and the results of the analysis are evaluated quarterly to determine if they are appropriate. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral for collateral-dependent loans. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses.

The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments.

The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and represents any decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC.

In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, incorporation of loss history is factored into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows.

The Company’s methodology for determining the appropriate allowance for credit losses for all the loan segments also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments.

The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.

U. S. Bancorp 47

Activity in the allowance for credit losses by portfolio class was as follows:

Three Months Ended June 30 (Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
2013
Balance at beginning of period	$	1,012		$	798		$	926		$	895		$	854		$	4,485		$	223		$	4,708
Add
Provision for credit losses		49			(38	)		69			152			89			321			41			362
Deduct
Loans charged off		63			16			81			191			134			485			21			506
Less recoveries of loans charged off		(25	)		(33	)		(7	)		(18	)		(29	)		(112	)		(2	)		(114	)
Net loans charged off		38			(17	)		74			173			105			373			19			392
Other changes (a)		—			—			—			—			—			—			(66	)		(66	)
Balance at end of period	$	1,023		$	777		$	921		$	874		$	838		$	4,433		$	179		$	4,612
2012
Balance at beginning of period	$	1,029		$	1,037		$	927		$	1,001		$	823		$	4,817		$	102		$	4,919
Add
Provision for credit losses		79			(43	)		121			165			122			444			26			470
Deduct
Loans charged off		93			76			114			198			149			630			1			631
Less recoveries of loans charged off		(22	)		(23	)		(5	)		(28	)		(32	)		(110	)		(1	)		(111	)
Net loans charged off		71			53			109			170			117			520			—			520
Other changes (a)		—			—			—			—			—			—			(5	)		(5	)
Balance at end of period	$	1,037		$	941		$	939		$	996		$	828		$	4,741		$	123		$	4,864

(a) Represents net changes in credit losses to be reimbursed by the FDIC and for the three months ended June 30, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

Six Months Ended June 30 (Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
2013
Balance at beginning of period	$	1,051		$	857		$	935		$	863		$	848		$	4,554		$	179		$	4,733
Add
Provision for credit losses		45			(78	)		152			344			221			684			81			765
Deduct
Loans charged off		119			59			181			384			290			1,033			22			1,055
Less recoveries of loans charged off		(46	)		(57	)		(15	)		(51	)		(59	)		(228	)		(2	)		(230	)
Net loans charged off		73			2			166			333			231			805			20			825
Other changes (a)		—			—			—			—			—			—			(61	)		(61	)
Balance at end of period	$	1,023		$	777		$	921		$	874		$	838		$	4,433		$	179		$	4,612
2012
Balance at beginning of period	$	1,010		$	1,154		$	927		$	992		$	831		$	4,914		$	100		$	5,014
Add
Provision for credit losses		184			(89	)		233			343			246			917			34			951
Deduct
Loans charged off		206			159			230			399			316			1,310			2			1,312
Less recoveries of loans charged off		(49	)		(35	)		(9	)		(60	)		(67	)		(220	)		(1	)		(221	)
Net loans charged off		157			124			221			339			249			1,090			1			1,091
Other changes (a)		—			—			—			—			—			—			(10	)		(10	)
Balance at end of period	$	1,037		$	941		$	939		$	996		$	828		$	4,741		$	123		$	4,864

(a) Represents net changes in credit losses to be reimbursed by the FDIC and for the six months ended June 30, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

48 U. S. Bancorp

Additional detail of the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans		Total Loans
Allowance Balance at June 30, 2013 Related to
Loans individually evaluated for impairment (a)	$	8	$	14	$	–	$	–	$	–	$	22	$	–	$	22
TDRs collectively evaluated for impairment		24		23		398		114		101		660		5		665
Other loans collectively evaluated for impairment		991		729		523		760		737		3,740		8		3,748
Loans acquired with deteriorated credit quality		–		11		–		–		–		11		166		177
Total allowance for credit losses	$	1,023	$	777	$	921	$	874	$	838	$	4,433	$	179	$	4,612
Allowance Balance at December 31, 2012 Related to
Loans individually evaluated for impairment (a)	$	10	$	30	$	–	$	–	$	–	$	40	$	–	$	40
TDRs collectively evaluated for impairment		28		29		446		153		97		753		1		754
Other loans collectively evaluated for impairment		1,013		791		489		710		751		3,754		17		3,771
Loans acquired with deteriorated credit quality		–		7		–		–		–		7		161		168
Total allowance for credit losses	$	1,051	$	857	$	935	$	863	$	848	$	4,554	$	179	$	4,733

(a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs.

Additional detail of loan balances by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans (b)		Total Loans
June 30, 2013
Loans individually evaluated for impairment (a)	$	155	$	413	$	–	$	–	$	–	$	568	$	37	$	605
TDRs collectively evaluated for impairment		186		376		4,317		358		291		5,528		109		5,637
Other loans collectively evaluated for impairment		67,841		37,424		43,431		16,291		46,814		211,801		5,540		217,341
Loans acquired with deteriorated credit quality		3		85		5		–		–		93		4,299		4,392
Total loans	$	68,185	$	38,298	$	47,753	$	16,649	$	47,105	$	217,990	$	9,985	$	227,975
December 31, 2012
Loans individually evaluated for impairment (a)	$	171	$	510	$	–	$	–	$	–	$	681	$	48	$	729
TDRs collectively evaluated for impairment		185		391		4,199		442		313		5,530		145		5,675
Other loans collectively evaluated for impairment		65,863		35,952		39,813		16,673		47,399		205,700		5,814		211,514
Loans acquired with deteriorated credit quality		4		100		6		–		–		110		5,301		5,411
Total loans	$	66,223	$	36,953	$	44,018	$	17,115	$	47,712	$	212,021	$	11,308	$	223,329

(a) Represents loans greater than $5 million classified as nonperforming or TDRs.

(b) Includes expected reimbursements from the FDIC under loss sharing agreements.

Credit Quality The quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.

For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent).

Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is considered uncollectible.

Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time

U. S. Bancorp 49

to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.

For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to the loan carrying amount. Interest payments are generally recorded as reductions to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. Interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.

Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable. Those loans are classified as nonaccrual loans and interest income is not recognized until the timing and amount of the future cash flows can be reasonably estimated.

The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:

	Accruing
(Dollars in Millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Nonperforming		Total
June 30, 2013
Commercial	$	67,836	$	184	$	60	$	105	$	68,185
Commercial real estate		37,775		89		10		424		38,298
Residential mortgages (a)		46,446		371		251		685		47,753
Credit card		16,163		194		183		109		16,649
Other retail		46,564		243		76		222		47,105
Total loans, excluding covered loans		214,784		1,081		580		1,545		217,990
Covered loans		9,097		181		539		168		9,985
Total loans	$	223,881	$	1,262	$	1,119	$	1,713	$	227,975
December 31, 2012
Commercial	$	65,701	$	341	$	58	$	123	$	66,223
Commercial real estate		36,241		158		8		546		36,953
Residential mortgages (a)		42,728		348		281		661		44,018
Credit card		16,525		227		217		146		17,115
Other retail		47,109		290		96		217		47,712
Total loans, excluding covered loans		208,304		1,364		660		1,693		212,021
Covered loans		9,900		359		663		386		11,308
Total loans	$	218,204	$	1,723	$	1,323	$	2,079	$	223,329

(a) At June 30, 2013, $411 million of loans 30–89 days past due and $3.4 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $441 million and $3.2 billion at December 31, 2012, respectively.

The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.

50 U. S. Bancorp

The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:

			Criticized
(Dollars in Millions)	Pass		Special Mention		Classified (a)		Total Criticized		Total
June 30, 2013
Commercial	$	66,109	$	1,046	$	1,030	$	2,076	$	68,185
Commercial real estate		36,030		562		1,706		2,268		38,298
Residential mortgages (b)		46,674		15		1,064		1,079		47,753
Credit card		16,356		–		293		293		16,649
Other retail		46,696		35		374		409		47,105
Total loans, excluding covered loans		211,865		1,658		4,467		6,125		217,990
Covered loans		9,619		42		324		366		9,985
Total loans	$	221,484	$	1,700	$	4,791	$	6,491	$	227,975
Total outstanding commitments	$	451,299	$	2,939	$	5,434	$	8,373	$	459,672
December 31, 2012
Commercial	$	63,906	$	1,114	$	1,203	$	2,317	$	66,223
Commercial real estate		34,096		621		2,236		2,857		36,953
Residential mortgages (b)		42,897		18		1,103		1,121		44,018
Credit card		16,752		–		363		363		17,115
Other retail		47,294		36		382		418		47,712
Total loans, excluding covered loans		204,945		1,789		5,287		7,076		212,021
Covered loans		10,786		61		461		522		11,308
Total loans	$	215,731	$	1,850	$	5,748	$	7,598	$	223,329
Total outstanding commitments	$	442,047	$	3,231	$	6,563	$	9,794	$	451,841

(a) Classified rating on consumer loans primarily based on delinquency status.

(b) At June 30, 2013, $3.4 billion of GNMA loans 90 days or more past due and $1.9 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $3.2 billion and $2.4 billion at December 31, 2012, respectively.

For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.

Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and therefore whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place.

U. S. Bancorp 51

A summary of impaired loans by portfolio class was as follows:

(Dollars in Millions)	Period-end Recorded Investment (a)		Unpaid Principal Balance		Valuation Allowance		Commitments to Lend Additional Funds
June 30, 2013
Commercial	$	384	$	1,030	$	41	$	24
Commercial real estate		918		1,832		46		10
Residential mortgages		2,769		3,424		374		3
Credit card		358		358		114		–
Other retail		427		461		106		4
Total impaired loans, excluding GNMA and covered loans		4,856		7,105		681		41
Loans purchased from GNMA mortgage pools		1,851		1,851		32		–
Covered loans		534		1.183		25		8
Total	$	7,241	$	10,139	$	738	$	49
December 31, 2012
Commercial	$	404	$	1,200	$	40	$	39
Commercial real estate		1,077		2,251		70		4
Residential mortgages		2,748		3,341		415		–
Credit card		442		442		153		–
Other retail		443		486		101		3
Total impaired loans, excluding GNMA and covered loans		5,114		7,720		779		46
Loans purchased from GNMA mortgage pools		1,778		1,778		39		–
Covered loans		767		1,584		20		12
Total	$	7,659	$	11,082	$	838	$	58

(a) Substantially all loans classified as impaired at June 30, 2013 and December 31, 2012, had an associated allowance for credit losses.

Additional information on impaired loans follows:

	2013				2012
(Dollars in Millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Three months ended June 30
Commercial	$	381	$	9	$	506	$	2
Commercial real estate		975		10		1,338		10
Residential mortgages		2,738		33		2,687		30
Credit card		376		5		543		8
Other retail		435		6		244		2
Total impaired loans, excluding GNMA and covered loans		4,905		63		5,318		52
Loans purchased from GNMA mortgage pools		1,880		23		1,320		16
Covered loans		564		8		1,065		11
Total	$	7,349	$	94	$	7,703	$	79
Six months ended June 30
Commercial	$	386	$	19	$	538	$	5
Commercial real estate		1,015		21		1,431		17
Residential mortgages		2,733		67		2,663		56
Credit card		397		9		546		16
Other retail		439		12		212		4
Total impaired loans, excluding GNMA and covered loans		4,970		128		5,390		98
Loans purchased from GNMA mortgage pools		1,862		46		1,299		31
Covered loans		623		15		1,121		13
Total	$	7,455	$	189	$	7,810	$	142

Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.

52 U. S. Bancorp

The following table provides a summary of loans modified as TDRs, by portfolio class:

	2013						2012
(Dollars in Millions)	Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance		Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance
Three months ended June 30
Commercial		596	$	54	$	47		1,048	$	70	$	65
Commercial real estate		36		37		35		71		121		113
Residential mortgages		430		62		63		450		74		74
Credit card		5,882		35		36		10,685		57		56
Other retail		807		16		15		809		20		20
Total loans, excluding GNMA and covered loans		7,751		204		196		13,063		342		328
Loans purchased from GNMA mortgage pools		2,879		345		316		2,177		277		311
Covered loans		21		13		12		50		57		51
Total loans		10,651	$	562	$	524		15,290	$	676	$	690
Six months ended June 30
Commercial		1,411	$	88	$	80		2,327	$	161	$	137
Commercial real estate		99		117		113		182		325		310
Residential mortgages		1,237		172		168		1,071		185		181
Credit card		13,700		83		84		24,903		137		136
Other retail		2,672		65		64		1,797		35		35
Total loans, excluding GNMA and covered loans		19,119		525		509		30,280		843		799
Loans purchased from GNMA mortgage pools		4,135		522		498		3,577		456		498
Covered loans		71		66		53		93		197		188
Total loans		23,325	$	1,113	$	1,060		33,950	$	1,496	$	1,485

Residential mortgages, home equity and second mortgages, and loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools in the table above include trial period arrangements offered to customers during the periods presented. The post-modification balances for these loans reflect the current outstanding balance until a permanent modification is made. In addition, the post-modification balances typically include capitalization of unpaid accrued interest and/or fees under the various modification programs. At June 30, 2013, 189 residential mortgages, 2 home equity and second mortgage loans and 299 loans purchased from GNMA mortgage pools with outstanding balances of $31 million, less than $1 million and $38 million, respectively, were in a trial period and have estimated post-modification balances of $31 million, less than $1 million and $36 million, respectively, assuming permanent modification occurs at the end of the trial period.

Many of the Company’s TDRs are determined on a case-by-case basis in connection with ongoing loan collection processes. However, the Company has also implemented certain restructuring programs that may result in TDRs.

For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies these concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty.

Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or other internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs.

U. S. Bancorp 53

Credit card and other retail loan modifications are generally part of two distinct restructuring programs. The Company offers workout programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. The Company also provides modification programs to qualifying customers experiencing a temporary financial hardship in which reductions are made to monthly required minimum payments for up to 12 months. Balances related to these programs are generally frozen; however, accounts may be reopened upon successful exit of the program, in which account privileges may be restored.

In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs.

Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for purposes of the Company’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with the modification on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under loss sharing agreements with the FDIC.

The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) during the periods presented that were modified as TDRs within 12 months previous to default:

	2013				2012
(Dollars in Millions)	Number of Loans		Amount Defaulted		Number of Loans		Amount Defaulted
Three months ended June 30
Commercial		172	$	3		216	$	10
Commercial real estate		23		44		29		72
Residential mortgages		187		28		247		22
Credit card		1,638		10		2,390		13
Other retail		369		15		158		1
Total loans, excluding GNMA and covered loans		2,389		100		3,040		118
Loans purchased from GNMA mortgage pools		481		68		262		39
Covered loans		15		9		7		27
Total loans		2,885	$	177		3,309	$	184
Six months ended June 30
Commercial		340	$	5		457	$	31
Commercial real estate		42		72		83		164
Residential mortgages		370		59		311		34
Credit card		3,624		21		4,916		28
Other retail		886		43		342		4
Total loans, excluding GNMA and covered loans		5,262		200		6,109		261
Loans purchased from GNMA mortgage pools		4,303		546		483		72
Covered loans		25		12		41		87
Total loans		9,590	$	758		6,633	$	420

In addition to the defaults in the table above, during the three and six months ended June 30, 2013, the Company had a total of 209 and 306 of residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools with aggregate outstanding balances of $25 million and $41 million, respectively, where borrowers did not successfully complete the trial period arrangement and therefore are no longer eligible for a permanent modification under the applicable modification program.

54 U. S. Bancorp

Covered Assets Covered assets represent loans and other assets acquired from the FDIC, subject to loss sharing agreements, and include expected reimbursements from the FDIC. The carrying amount of the covered assets consisted of purchased impaired loans, purchased nonimpaired loans and other assets as shown in the following table:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total		Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total
Commercial loans	$	–	$	124	$	–	$	124	$	–	$	143	$	–	$	143
Commercial real estate loans		1,095		1,915		–		3,010		1,323		2,695		–		4,018
Residential mortgage loans		3,204		995		–		4,199		3,978		1,109		–		5,087
Credit card loans		–		5		–		5		–		5		–		5
Other retail loans		–		718		–		718		–		775		–		775
Losses reimbursable by the FDIC (a)		–		–		1,185		1,185		–		–		1,280		1,280
Unamortized changes in FDIC asset (b)		–		–		744		744		–		–		–		–
Covered loans		4,299		3,757		1,929		9,985		5,301		4,727		1,280		11,308
Foreclosed real estate		–		–		187		187		–		–		197		197
Total covered assets	$	4,299	$	3,757	$	2,116	$	10,172	$	5,301	$	4,727	$	1,477	$	11,505

(a) Relates to loss sharing agreements with remaining terms up to six years.

(b) Represents decreases in losses expected to be reimbursed by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. These amounts were presented within the separate loan categories prior to January 1, 2013.

The Company adopted new indemnification asset accounting guidance effective January 1, 2013 applicable to FDIC loss-sharing agreements. The guidance requires any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) to be amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to adoption of this guidance, such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets were considered together and recognized over the remaining life of the loans. The adoption of this guidance did not materially affect the Company’s financial statements.

At June 30, 2013, $8 million of the purchased impaired loans included in covered loans were classified as nonperforming assets, compared with $82 million at December 31, 2012, because the expected cash flows are primarily based on the liquidation of underlying collateral and the timing and amount of the cash flows could not be reasonably estimated. Interest income is recognized on other purchased impaired loans through accretion of the difference between the carrying amount of those loans and their expected cash flows. The initial determination of the fair value of the purchased loans includes the impact of expected credit losses and, therefore, no allowance for credit losses is recorded at the purchase date. To the extent credit deterioration occurs after the date of acquisition, the Company records an allowance for credit losses.

Note 4 Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities

The Company sells financial assets in the normal course of business. The majority of the Company’s financial asset sales are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”) through established programs, the sale or syndication of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. For loans sold under participation agreements, the Company also considers the terms of the loan participation agreement and whether they meet the definition of a participating interest and thus qualify for derecognition. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. The guarantees provided to certain third-parties in connection with the sale or syndication of certain assets, primarily loan portfolios and tax-advantaged investments, are further discussed in Note 14. When the Company sells financial assets, it may retain servicing rights and/or other interests in the transferred financial assets. The gain or loss on sale depends on the previous carrying amount of the transferred financial assets and the consideration received and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on mortgage servicing rights (“MSRs”), refer to Note 5. On a limited basis, the Company may

U. S. Bancorp 55

acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet.

The Company is involved in various entities that are considered to be variable interest entities (“VIEs”). The Company’s investments in VIEs primarily represent private investment funds or partnerships that make equity investments, provide debt financing or support community-based investments that may enable the Company to ensure regulatory compliance with the Community Reinvestment Act. In addition, the Company sponsors entities to which it transfers tax-advantaged investments. The Company’s investments in these entities are designed to generate a return primarily through the realization of federal and state income tax credits over specified time periods. The Company realized federal and state income tax credits related to these investments of $304 million and $188 million for the three months ended June 30, 2013, and 2012, respectively, and $540 million and $354 million for the six months ended June 30, 2013 and 2012, respectively. The Company amortizes its investments in these entities as the tax credits are realized. Amortization expense is recorded in tax expense for investments meeting certain characteristics, and in other noninterest expense for other investments. Amortization expense recorded in tax expense was $231 million and $104 million, and in other noninterest expense was $127 million and $120 million for the three months ended June 30, 2013 and 2012, respectively. Amortization expense recorded in tax expense was $380 million and $193 million, and in other noninterest expense was $259 million and $221 million for the six months ended June 30, 2013 and 2012, respectively.

During the second quarter of 2013, the Company transferred its control over the most significant activities of certain consolidated community development and tax-advantaged investment VIEs to a third party manager. The third party manager also has provided a guarantee to these VIEs related to the occurrence of certain tax credit recapture events and, therefore, has an obligation to absorb certain losses that could potentially be significant to the VIEs. Previously, the Company consolidated these VIEs because it had a controlling financial interest in the entities. After the transfer of control to the third party manager, the Company no longer had a controlling financial interest and deconsolidated the VIEs. The deconsolidation resulted in a decrease in both assets and liabilities, primarily other assets and long-term debt, respectively, of approximately $4.6 billion. The deconsolidation and remeasurement of the Company’s investment in these unconsolidated VIEs to fair value did not materially impact the Company’s Consolidated Statement of Income. The total amount of the Company’s investment in the VIEs was $1.1 billion at June 30, 2013 and is reported in other assets.

At June 30, 2013, approximately $1.7 billion of the Company’s assets and $462 million of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, compared with $7.1 billion and $5.2 billion, respectively, at December 31, 2012. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or sold to others with a guarantee.

In addition, the Company sponsors a conduit to which it previously transferred high-grade investment securities. The Company consolidates the conduit because of its ability to manage the activities of the conduit. At June 30, 2013, $136 million of the held-to-maturity investment securities on the Company’s Consolidated Balance Sheet are related to the conduit, compared with $144 million at December 31, 2012.

The Company also sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides credit, liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At June 30, 2013, $4.9 billion of available-for-sale securities and $4.8 billion of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $5.3 billion of available-for-sale securities and $5.0 billion of short-term borrowings at December 31, 2012.

The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs generally are carried in other assets

56 U. S. Bancorp

on the Consolidated Balance Sheet. The Company’s investments in unconsolidated VIEs at June 30, 2013 (including those deconsolidated during the second quarter of 2013), ranged from less than $1 million to $44 million, with an aggregate amount of $2.6 billion, net of $1.8 billion of liabilities recorded primarily for unfunded capital commitments of the Company to specific project sponsors. The Company’s investments in unconsolidated VIEs at December 31, 2012, ranged from less than $1 million to $58 million, with an aggregate amount of $1.9 billion, net of liabilities of $1.3 billion recorded primarily for unfunded capital commitments. While the Company believes potential losses from these investments are remote, the Company’s maximum exposure to loss from these unconsolidated VIEs was $6.8 billion at June 30, 2013 and $5.2 billion at December 31, 2012. The maximum exposure to loss was primarily related to community development tax-advantaged investments and included $2.5 billion at June 30, 2013 and $1.8 billion at December 31, 2012, recorded on the Company’s Consolidated Balance Sheet and $4.2 billion at June 30, 2013 and $3.3 billion at December 31, 2012, of previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. The remaining amounts related to investments in private investment funds and partnerships for which the maximum exposure to loss included amounts recorded on the Consolidated Balance Sheet and any unfunded commitments. The maximum exposure was determined by assuming a scenario where the separate investments within the individual private funds become worthless, and the community-based business and housing projects and related tax credits completely fail and do not meet certain government compliance requirements.

Note 5 Mortgage Servicing Rights

The Company serviced $223.9 billion of residential mortgage loans for others at June 30, 2013, and $215.6 billion at December 31, 2012. The net impact included in mortgage banking revenue of fair value changes of MSRs and derivatives used to economically hedge MSRs were net gains of $13 million and $32 million for the three months ended June 30, 2013 and 2012, respectively, and net gains of $55 million and $62 million for the six months ended June 30, 2013 and 2012, respectively. Loan servicing fees, not including valuation changes, included in mortgage banking revenue, were $187 million and $174 million for the three months ended June 30, 2013 and 2012, respectively, and $374 million and $345 million for the six months ended June 30, 2013 and 2012, respectively.

Changes in fair value of capitalized MSRs are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	1,955		$	1,737		$	1,700		$	1,519
Rights purchased		3			16			5			29
Rights capitalized		233			215			487			476
Changes in fair value of MSRs
Due to fluctuations in market interest rates (a)		305			(239	)		432			(175	)
Due to revised assumptions or models (b)		(3	)		(18	)		(9	)		(17	)
Other changes in fair value (c)		(116	)		(117	)		(238	)		(238	)
Balance at end of period	$	2,377		$	1,594		$	2,377		$	1,594

(a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.

(b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes.

(c) Primarily represents changes due to realization of expected cash flows over time (decay).

The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments was as follows:

	June 30, 2013																		December 31, 2012
(Dollars in Millions)	Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps			Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps
MSR portfolio	$	(429	)	$	(204	)	$	(96	)	$	88		$	165		$	312		$	(370	)	$	(217	)	$	(118	)	$	126		$	249		$	480
Derivative instrument hedges		436			197			92			(85	)		(166	)		(323	)		473			249			124			(121	)		(243	)		(486	)
Net sensitivity	$	7		$	(7	)	$	(4	)	$	3		$	(1	)	$	(11	)	$	103		$	32		$	6		$	5		$	6		$	(6	)

The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Mortgage Revenue Bond Programs (“MRBP”). The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-

U. S. Bancorp 57

rate or jumbo mortgage loans. The MRBP division specializes in servicing loans made under state and local housing authority programs. These programs provide mortgages to low-income and moderate-income borrowers and are generally government-insured programs with a favorable rate subsidy, down payment and/or closing cost assistance.

A summary of the Company’s MSRs and related characteristics by portfolio was as follows:

	June 30, 2013												December 31, 2012
(Dollars in Millions)	MRBP			Government			Conventional (b)			Total			MRBP			Government			Conventional (b)			Total
Servicing portfolio	$	14,516		$	40,552		$	168,836		$	223,904		$	14,143		$	39,048		$	162,446		$	215,637
Fair value	$	160		$	429		$	1,788		$	2,377		$	154		$	314		$	1,232		$	1,700
Value (bps) (a)		110			106			106			106			109			80			76			79
Weighted-average servicing fees (bps)		40			32			30			31			40			33			30			31
Multiple (value/servicing fees)		2.75			3.31			3.53			3.42			2.73			2.42			2.53			2.55
Weighted-average note rate		4.89	%		4.34	%		4.26	%		4.32	%		5.13	%		4.57	%		4.48	%		4.54	%
Weighted-average age (in years)		4.1			2.4			2.4			2.5			4.2			2.4			2.5			2.6
Weighted-average expected prepayment (constant prepayment rate)		12.8	%		14.2	%		12.5	%		12.8	%		13.2	%		21.2	%		20.4	%		20.1	%
Weighted-average expected life (in years)		6.2			5.9			6.3			6.2			6.1			4.2			4.1			4.2
Weighted-average discount rate		12.1	%		11.3	%		9.9	%		10.3	%		12.1	%		11.4	%		10.0	%		10.4	%

(a) Value is calculated as fair value divided by the servicing portfolio.

(b) Represents loans sold primarily to GSEs.

Note 6 Preferred Stock

At June 30, 2013 and December 31, 2012, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock was as follows:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount		Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount
Series A		12,510	$	1,251	$	145	$	1,106		12,510	$	1,251	$	145	$	1,106
Series B		40,000		1,000		–		1,000		40,000		1,000		–		1,000
Series D		–		–		–		–		20,000		500		–		500
Series F		44,000		1,100		12		1,088		44,000		1,100		12		1,088
Series G		43,400		1,085		10		1,075		43,400		1,085		10		1,075
Series H		20,000		500		13		487		–		–		–		–
Total preferred stock (a)		159,910	$	4,936	$	180	$	4,756		159,910	$	4,936	$	167	$	4,769

(a) The par value of all shares issued and outstanding at June 30, 2013 and December 31, 2012, was $1.00 per share.

On May 2, 2013, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series H Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series H Preferred Stock”). The Series H Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 5.15 percent. The Series H Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after July 15, 2018. The Series H Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to July 15, 2018 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series H Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve. In conjunction with the issuance of the Series H Preferred Stock, the Company redeemed at par value all shares of its Series D Non-Cumulative Perpetual Preferred Stock on June 3, 2013. The Company included an $8 million loss in its computation of earnings per diluted common share for the second quarter and first six months of 2013, which represents the stock issuance costs recorded in capital surplus upon the issuance of the Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

For further information on preferred stock, refer to Note 14 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

58 U. S. Bancorp

Note 7 Accumulated Other Comprehensive Income (Loss)

Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:

Three Months Ended June 30 (Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For- Sale to Held-To- Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	603		$	94		$	(371	)	$	(1,221	)	$	(46	)	$	(941	)
Changes in unrealized gains and losses		(675	)		–			53			–			–			(622	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Foreign currency translation adjustment		–			–			–			–			(23	)		(23	)
Reclassification to earnings of realized gains and losses		(6	)		(17	)		41			62			–			80
Applicable income taxes		262			7			(36	)		(25	)		9			217
Balance at end of period	$	185		$	84		$	(313	)	$	(1,184	)	$	(60	)	$	(1,288	)
2012
Balance at beginning of period	$	550		$	–		$	(455	)	$	(999	)	$	(40	)	$	(944	)
Changes in unrealized gains and losses		132			–			(40	)		–			–			92
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			(6	)		(6	)
Reclassification to earnings of realized gains and losses		19			(7	)		52			36			–			100
Applicable income taxes		26			(83	)		(4	)		(14	)		2			(73	)
Balance at end of period	$	504		$	134		$	(447	)	$	(977	)	$	(44	)	$	(830	)

Six Months Ended June 30 (Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For- Sale to Held-To- Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
Changes in unrealized gains and losses		(795	)		–			50			(1	)		–			(746	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		7			–			–			–			–			7
Foreign currency translation adjustment		–			–			–			–			(33	)		(33	)
Reclassification to earnings of realized gains and losses		(11	)		(37	)		95			124			–			171
Applicable income taxes		305			14			(54	)		(42	)		13			236
Balance at end of period	$	185		$	84		$	(313	)	$	(1,184	)	$	(60	)	$	(1,288	)
2012
Balance at beginning of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)
Changes in unrealized gains and losses		438			–			(38	)		–			–			400
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			8			8
Reclassification to earnings of realized gains and losses		19			(7	)		105			74			–			191
Applicable income taxes		(90	)		(83	)		(25	)		(29	)		(3	)		(230	)
Balance at end of period	$	504		$	134		$	(447	)	$	(977	)	$	(44	)	$	(830	)

U. S. Bancorp 59

Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income and into earnings for the periods presented, is as follows:

	Impact to Net Income
(Dollars in Millions)	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Affected Line Item in the Consolidated Statement of Income
Unrealized gains (losses) on securities available-for-sale
Realized gains (losses) on sale of securities	$	9		$	21		Total securities gains (losses), net
Other-than-temporary impairment recognized in earnings		(3	)		(10	)
		6			11		Total before tax
		(2	)		(4	)	Applicable income taxes
		4			7		Net-of-tax
Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains		17			37		Interest income
		(7	)		(14	)	Applicable income taxes
		10			23		Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges		(41	)		(95	)	Net interest income
		16			37		Applicable income taxes
		(25	)		(58	)	Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization		(62	)		(124	)	Employee benefits expense
		24			48		Applicable income taxes
		(38	)		(76	)	Net-of-tax
Total impact to net income	$	(49	)	$	(104	)

Note 8 Earnings Per Share

The components of earnings per share were:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars and Shares in Millions, Except Per Share Data)	2013			2012			2013			2012
Net income attributable to U.S. Bancorp	$	1,484		$	1,415		$	2,912		$	2,753
Preferred dividends		(64	)		(64	)		(128	)		(110	)
Impact of preferred stock redemption (a)		(8	)		–			(8	)		–
Earnings allocated to participating stock awards		(7	)		(6	)		(13	)		(13	)
Net income applicable to U.S. Bancorp common shareholders	$	1,405		$	1,345		$	2,763		$	2,630
Average common shares outstanding		1,843			1,888			1,851			1,895
Net effect of the exercise and assumed purchase of stock awards		10			10			9			9
Average diluted common shares outstanding		1,853			1,898			1,860			1,904
Earnings per common share	$	.76		$	.71		$	1.49		$	1.39
Diluted earnings per common share	$	.76		$	.71		$	1.49		$	1.38

(a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

Options and warrants outstanding at June 30, 2013, to purchase 10 million and 11 million common shares for the three months and six months ended June 30, 2013, respectively, and outstanding at June 30, 2012, to purchase 23 million and 32 million common shares for the three months and six months ended June 30, 2012, respectively, were not included in the computation of diluted earnings per share because they were antidilutive. Convertible senior debentures outstanding at June 30, 2012, that could potentially be converted into shares of the Company’s common stock pursuant to specified formulas, were not included in the computation of dilutive earnings per share for both the three months and six months ended June 30, 2012, because they were antidilutive.

60 U. S. Bancorp

Note 9 Employee Benefits

The components of net periodic benefit cost for the Company’s retirement plans were:

	Three Months Ended June 30,												Six Months Ended June 30,
	Pension Plans						Postretirement Welfare Plan						Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012			2013			2012			2013			2012
Service cost	$	42		$	32		$	1		$	1		$	84		$	64		$	2		$	2
Interest cost		43			42			1			2			85			84			2			4
Expected return on plan assets		(44	)		(47	)		(1	)		–			(88	)		(95	)		(1	)		(1	)
Prior service cost (credit) and transition obligation (asset) amortization		(2	)		(1	)		–			–			(3	)		(2	)		–			–
Actuarial loss (gain) amortization		66			40			(2	)		(3	)		132			80			(5	)		(4	)
Net periodic benefit cost	$	105		$	66		$	(1	)	$	–		$	210		$	131		$	(2	)	$	1

Note  10 Income Taxes

The components of income tax expense were:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Federal
Current	$	626		$	551		$	1,116		$	955
Deferred		(104	)		(92	)		(92	)		(24	)
Federal income tax		522			459			1,024			931
State
Current		19			112			77			162
Deferred		(12	)		(7	)		(14	)		(2	)
State income tax		7			105			63			160
Total income tax provision	$	529		$	564		$	1,087		$	1,091

A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Tax at statutory rate	$	690		$	680		$	1,371		$	1,321
State income tax, at statutory rates, net of federal tax benefit		4			68			40			104
Tax effect of
Tax credits, net of related expenses		(112	)		(113	)		(218	)		(202	)
Tax-exempt income		(53	)		(55	)		(107	)		(110	)
Noncontrolling interests		15			13			29			24
Other items		(15	)		(29	)		(28	)		(46	)
Applicable income taxes	$	529		$	564		$	1,087		$	1,091

The Company’s income tax returns are subject to review and examination by federal, state, local and foreign government authorities. On an ongoing basis, numerous federal, state, local and foreign examinations are in progress and cover multiple tax years. As of June 30, 2013, the federal taxing authority has completed its examination of the Company through the fiscal year ended December 31, 2008. The years open to examination by foreign, state and local government authorities vary by jurisdiction.

The Company’s net deferred tax liability was $958 million at June 30, 2013, and $1.3 billion at December 31, 2012.

Note  11 Derivative Instruments

In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a hedge of the fair value of a recognized asset or liability (“fair value

U. S. Bancorp 61

hedge”); a hedge of a forecasted transaction or the variability of cash flows to be paid related to a recognized asset or liability (“cash flow hedge”); a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”); or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).

Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying fixed-rate debt. Changes in the fair value of derivatives designated as fair value hedges, and changes in the fair value of the hedged items, are recorded in earnings. All fair value hedges were highly effective for the six months ended June 30, 2013, and the change in fair value attributed to hedge ineffectiveness was not material.

Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate loans and debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts within other comprehensive income (loss) remain. At June 30, 2013, the Company had $313 million (net-of-tax) of realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss), compared with $404 million (net-of-tax) at December 31, 2012. The estimated amount to be reclassified from other comprehensive income (loss) into earnings during the remainder of 2013 and the next 12 months are losses of $59 million (net-of-tax) and $118 million (net-of-tax), respectively. This amount includes gains and losses related to hedges that were terminated early for which the forecasted transactions are still probable. All cash flow hedges were highly effective for the six months ended June 30, 2013, and the change in fair value attributed to hedge ineffectiveness was not material.

Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and occasionally non-derivative debt instruments, to hedge the volatility of its investment in foreign operations driven by fluctuations in foreign currency exchange rates. The ineffectiveness on all net investment hedges was not material for the six months ended June 30, 2013. There were no non-derivative debt instruments designated as net investment hedges at June 30, 2013 or December 31, 2012.

Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell to-be-announced securities (“TBAs”) and other commitments to sell residential mortgage loans, which are used to economically hedge the interest rate risk related to residential mortgage loans held for sale (“MLHFS”) and unfunded mortgage loan commitments. The Company also enters into interest rate swaps, forward commitments to buy TBAs, U.S. Treasury futures and options on U.S. Treasury futures to economically hedge the change in the fair value of the Company’s MSRs. The Company also enters into foreign currency forwards to economically hedge remeasurement gains and losses the Company recognizes on foreign currency denominated assets and liabilities. In addition, the Company acts as a seller and buyer of interest rate derivatives and foreign exchange contracts for its customers. To mitigate the market and liquidity risk associated with these customer derivatives, the Company enters into similar offsetting positions with broker-dealers. The Company also has derivative contracts that are created through its operations, including commitments to originate MLHFS and certain derivative financial guarantee contracts.

For additional information on the Company’s purpose for entering into derivative transactions and its overall risk management strategies, refer to “Management Discussion and Analysis —Use of Derivatives to Manage Interest Rate and Other Risks” which is incorporated by reference into these Notes to Consolidated Financial Statements.

62 U. S. Bancorp

The following table summarizes the asset and liability management derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
June 30, 2013
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	24		2.59	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		272		18		9.27		4,288		580		2.96
Receive fixed/pay floating swaps		7,000		31		1.35		–		–		–
Net investment hedges
Foreign exchange forward contracts		918		22		.04		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		2,042		15		.10		5,856		155		.07
Sell		10,633		518		.11		2,322		25		.13
Options
Purchased		2,225		–		.08		–		–		–
Written		1,795		16		.10		1,513		20		.05
Receive fixed/pay floating swaps		–		–		–		3,945		108		10.23
Foreign exchange forward contracts		1,837		15		.03		1,187		3		.03
Equity contracts		28		1		2.38		43		1		1.97
Credit contracts		1,216		3		4.44		2,047		10		2.95
Total	$	28,466	$	663			$	21,201	$	902
December 31, 2012
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	30		3.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		32		–		9.88		4,528		718		3.79
Receive fixed/pay floating swaps		7,000		45		1.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		758		1		.07		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		11,164		138		.07		2,921		13		.04
Sell		6,299		18		.11		12,223		57		.09
Options
Purchased		2,435		–		.07		–		–		–
Written		4,991		123		.12		4		–		.06
Receive fixed/pay floating swaps		350		1		10.21		3,775		14		10.21
Foreign exchange forward contracts		618		4		.03		1,383		6		.01
Equity contracts		31		–		2.80		27		–		2.46
Credit contracts		1,056		3		4.56		1,947		10		3.11
Total	$	35,234	$	363			$	26,808	$	818

U. S. Bancorp 63

The following table summarizes the customer-related derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
June 30, 2013
Interest rate contracts
Receive fixed/pay floating swaps	$	12,603	$	753		5.07	$	5,175	$	93		5.28
Pay fixed/receive floating swaps		5,463		100		5.27		12,404		711		5.09
Options
Purchased		3,548		27		4.62		–		–		–
Written		28		–		3.92		3,475		27		4.68
Foreign exchange rate contracts
Forwards, spots and swaps		10,397		526		.57		9,582		494		.57
Options
Purchased		245		4		.49		–		–		–
Written		–		–		–		245		4		.49
Total	$	32,284	$	1,410			$	30,881	$	1,329
December 31, 2012
Interest rate contracts
Receive fixed/pay floating swaps	$	16,671	$	1,085		4.78	$	1,090	$	15		9.30
Pay fixed/receive floating swaps		928		14		11.12		16,923		1,042		4.74
Options
Purchased		3,046		16		5.24		28		–		4.42
Written		286		–		.75		2,788		16		5.68
Foreign exchange rate contracts
Forwards, spots and swaps		12,186		322		.43		11,861		286		.44
Options
Purchased		323		6		.55		–		–		–
Written		–		–		–		323		6		.55
Total	$	33,440	$	1,443			$	33,013	$	1,365

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):

	Three Months Ended June 30,												Six Months Ended June 30,
	Gains (Losses) Recognized in Other Comprehensive Income (Loss)						Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings						Gains (Losses) Recognized in Other Comprehensive Income (Loss)					Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2013			2012			2013			2012			2013		2012			2013			2012
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts (a)	$	33		$	(24	)	$	(25	)	$	(32	)	$	33	$	(23	)	$	(58	)	$	(65	)
Net investment hedges
Foreign exchange forward contracts		(17	)		–			–			–			6		(6	)		–			–
Non-derivative debt instruments		–			37			–			–			–		37			–			–

Note: Ineffectiveness on cash flow and net investment hedges was not material for the three and six months ended June 30, 2013 and 2012.

(a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt.

64 U. S. Bancorp

The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions:

	Location of Gains (Losses) Recognized in Earnings		Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)			2013			2012			2013			2012
Asset and Liability Management Positions
Fair value hedges (a)
Interest rate contracts		Other noninterest income	$	(5	)	$	3		$	(7	)	$	3
Foreign exchange cross-currency swaps		Other noninterest income		–			–			–			42
Other economic hedges
Interest rate contracts
Futures and forwards		Mortgage banking revenue		300			(58	)		536			111
Purchased and written options		Mortgage banking revenue		17			245			146			399
Receive fixed/pay floating swaps		Mortgage banking revenue		(219	)		195			(259	)		138
Foreign exchange forward contracts		Commercial products revenue		26			(30	)		34			(37	)
Equity contracts		Compensation expense		1			–			1			(1	)
Credit contracts		Other noninterest income/expense		–			–			(1	)		(6	)
Customer-Related Positions
Interest rate contracts
Receive fixed/pay floating swaps		Other noninterest income		(205	)		146			(301	)		6
Pay fixed/receive floating swaps		Other noninterest income		212			(143	)		308			(4	)
Foreign exchange rate contracts
Forwards, spots and swaps		Commercial products revenue		14			12			21			23

(a) Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $5 million and zero for the three months ended June 30, 2013, respectively, and $(3) million and less than $1 million for the three months ended June 30, 2012, respectively. Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $7 million and zero for the six months ended June 30, 2013, respectively, and $(3) million and $(44) million for the six months ended June 30, 2012, respectively. The ineffective portion was immaterial for the three and six months ended June 30, 2013 and 2012.

Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements require the counterparty to deliver, on a daily basis, collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable. For highly-rated counterparties, the collateral arrangements may include minimum dollar thresholds, but allow for the Company to call for immediate, full collateral coverage when credit-rating thresholds are triggered by counterparties.

The Company’s collateral arrangements are bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on certain net liability thresholds and contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate full collateral coverage for derivatives in net liability positions. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at June 30, 2013, was $1.1 billion. At June 30, 2013, the Company had $777 million of cash posted as collateral against this net liability position.

Note  12 Netting Arrangements for Certain Financial Instruments

The majority of the Company’s derivative portfolio consists of bilateral over-the-counter trades. However, due to legislative changes effective during the first six months of 2013, certain interest rate swaps and credit contracts need to be centrally cleared through clearinghouses. In addition, a small portion of the Company’s derivative positions are exchange-traded. These are predominately U.S. Treasury futures or options on U.S. Treasury futures. Irrespective of how derivatives are traded, the Company’s derivative contracts include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be

U. S. Bancorp 65

allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. Securities used as collateral can be sold, re-pledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 11 for further discussion of the Company’s derivatives, including collateral arrangements.

As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.

Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. Under all transactions, the fair values of the securities are determined daily, and additional cash is obtained or refunded to counterparties where appropriate. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury securities or agency mortgage-backed securities. The securities loaned or borrowed are typically high-grade corporate bonds traded by the Company’s broker-dealer. The securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party.

The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all positions with the defaulting counterparty to be terminated and net settled with a single payment amount.

The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements with the clearinghouses. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or pledged. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions.

66 U. S. Bancorp

The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:

	Gross Recognized Assets		Gross Amounts Offset on the Consolidated Balance Sheet (a)			Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)								Financial Instruments (b)			Collateral Received (c)			Net Amount
June 30, 2013
Derivative assets (d)	$	2,035	$	(612	)	$	1,423	$	(170	)	$	–		$	1,253
Reverse repurchase agreements		104		–			104		(48	)		(55	)		1
Securities borrowed		596		–			596		(18	)		(562	)		16
Total	$	2,735	$	(612	)	$	2,123	$	(236	)	$	(617	)	$	1,270
December 31, 2012
Derivative assets (d)	$	1,546	$	(418	)	$	1,128	$	(148	)	$	–		$	980
Reverse repurchase agreements		363		–			363		(44	)		(319	)		–
Securities borrowed		368		–			368		–			(356	)		12
Total	$	2,277	$	(418	)	$	1,859	$	(192	)	$	(675	)	$	992

(a) Includes $96 million and $79 million of cash collateral related payables that were netted against derivative assets at June 30, 2013 and December 31, 2012, respectively.

(b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.

(d) Excludes $38 million and $260 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at June 30, 2013 and December 31, 2012, respectively.

	Gross Recognized Liabilities		Gross Amounts Offset on the Consolidated Balance Sheet (a)			Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)								Financial Instruments (b)			Collateral Pledged (c)			Net Amount
June 30, 2013
Derivative liabilities (d)	$	1,956	$	(1,293	)	$	663	$	(170	)	$	–		$	493
Repurchase agreements		2,072		–			2,072		(48	)		(2,024	)		–
Securities loaned		24		–			24		(18	)		(6	)		–
Total	$	4,052	$	(1,293	)	$	2,759	$	(236	)	$	(2,030	)	$	493
December 31, 2012
Derivative liabilities (d)	$	2,178	$	(1,549	)	$	629	$	(148	)	$	–		$	481
Repurchase agreements		3,389		–			3,389		(44	)		(3,345	)		–
Securities loaned		–		–			–		–			–			–
Total	$	5,567	$	(1,549	)	$	4,018	$	(192	)	$	(3,345	)	$	481

(a) Includes $777 million and $1.2 billion of cash collateral related receivables that were netted against derivative liabilities at June 30, 2013 and December 31, 2012, respectively.

(b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.

(d) Excludes $275 million and $5 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at June 30, 2013 and December 31, 2012, respectively.

Note  13 Fair Values of Assets and Liabilities

The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, certain MLHFS and MSRs are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of nonperformance.

U. S. Bancorp 67

The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 –Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury and exchange-traded instruments.

• Level 2 –Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.

• Level 3 –Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, certain debt securities and certain derivative contracts.

When the Company changes its valuation inputs for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. During the six months ended June 30, 2013 and 2012, there were no transfers of financial assets or financial liabilities between the hierarchy levels.

The Company has processes and controls in place to increase the reliability of estimates it makes in determining fair value measurements. Items quoted on an exchange are verified to the quoted price. Items provided by a third party pricing service are subject to price verification procedures as discussed in more detail in the specific valuation discussions provided in the section that follows. For fair value measurements modeled internally, the Company’s valuation models are subject to the Company’s Model Risk Governance Policy and Program, as maintained by the Company’s credit administration department. The purpose of model validation is to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use, and are subject to formal change control procedures. Under the Company’s Model Risk Governance Policy, models are required to be reviewed at least annually to ensure they are operating as intended. Inputs into the models are market observable inputs whenever available. When market observable inputs are not available, the inputs are developed based upon analysis of historical experience and evaluation of other relevant market data. Significant unobservable model inputs are subject to review by senior management in corporate functions, who are independent from the modeling. Significant unobservable model inputs are also compared to actual results, typically on a quarterly basis. Significant Level 3 fair value measurements are also subject to corporate-level review and are benchmarked to market transactions or other market data, when available. Additional discussion of processes and controls are provided in the valuation methodologies section that follows.

The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities at fair value and for estimating fair value for financial instruments not recorded at fair value as required under disclosure guidance related to the fair value of financial instruments. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the description includes information about the valuation models and key inputs to those models. During the six months ended June 30, 2013 and 2012, there were no significant changes to the valuation techniques used by the Company to measure fair value.

Cash and Due From Banks The carrying value of cash and due from banks approximate fair value and are classified within Level 1. Fair value is provided for disclosure purposes only.

68 U. S. Bancorp

Federal Funds Sold and Securities Purchased Under Resale Agreements The carrying value of federal funds sold and securities purchased under resale agreements approximate fair value because of the relatively short time between the origination of the instrument and its expected realization and are classified within Level 2. Fair value is provided for disclosure purposes only.

Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities are predominantly U.S. Treasury securities.

For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. The Company reviews the valuation methodologies utilized by the pricing service and, on a quarterly basis, reviews the security level prices provided by the pricing service against management’s expectation of fair value, based on changes in various benchmarks and market knowledge from recent trading activity. Additionally, each quarter, the Company validates the fair value provided by the pricing services by comparing them to recent observable market trades (where available), broker provided quotes, or other independent secondary pricing sources. Prices obtained from the pricing service are adjusted if they are found to be inconsistent with observable market data. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, municipal securities, corporate debt securities, agency debt securities and perpetual preferred securities.

The fair value of securities for which there are no market trades, or where trading is inactive as compared to normal market activity, are classified within Level 3 of the fair value hierarchy. The Company determines the fair value of these securities using a discounted cash flow methodology and incorporating observable market information, where available. These valuations are modeled by a unit within the Company’s treasury department. The valuations use assumptions regarding housing prices, interest rates and borrower performance. Inputs are refined and updated at least quarterly to reflect market developments and actual performance. The primary valuation drivers of these securities are the prepayment rates, default rates and default severities associated with the underlying collateral, as well as the discount rate used to calculate the present value of the projected cash flows. Level 3 fair values, including the assumptions used, are subject to review by senior management in corporate functions, who are independent from the modeling. The fair value measurements are also compared to fair values provided by third party pricing services, where available. Securities classified within Level 3 include non-agency mortgage-backed securities, non-agency commercial mortgage-backed securities, certain asset-backed securities, certain collateralized debt obligations and collateralized loan obligations and certain corporate debt securities.

Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue was a $146 million net loss and a $241 million net gain for the three months ended June 30, 2013 and 2012, respectively, and a $321 million net loss and a $260 million net gain for the six months ended June 30, 2013 and 2012, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.

Loans The loan portfolio includes adjustable and fixed-rate loans, the fair value of which was estimated using discounted cash flow analyses and other valuation techniques. The expected cash flows of loans considered historical prepayment experiences and estimated credit losses and were discounted using current rates offered to borrowers of similar credit characteristics. Generally, loan fair values reflect Level 3 information. Fair value is provided for disclosure purposes only, with the exception of impaired collateral-based loans that are measured at fair value on a non-recurring basis utilizing the underlying collateral fair value.

U. S. Bancorp 69

Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology. Accordingly, MSRs are classified within Level 3. The Company determines fair value by estimating the present value of the asset’s future cash flows using prepayment rates, discount rates, and other assumptions. The MSR valuations, as well as the assumptions used, are developed by the mortgage banking division and are subject to review by senior management in corporate functions, who are independent from the modeling. The MSR valuations and assumptions are validated through comparison to trade information and industry surveys when available, and are also compared to independent third party valuations each quarter. Risks inherent in MSR valuation include higher than expected prepayment rates and/or delayed receipt of cash flows. There is minimal market activity for MSRs, and, therefore the determination of fair value requires significant management judgment. Refer to Note 5 for further information on MSR valuation assumptions.

Derivatives The majority of derivatives held by the Company are executed over-the-counter and are valued using standard cash flow, Black-Derman-Toy and Monte Carlo valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. In addition, all derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk as well as external assessments of credit risk, where available. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market, and therefore the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy. The credit valuation adjustments for nonperformance risk are determined by the Company’s treasury department using credit assumptions provided by credit administration. The credit assumptions are compared to actual results quarterly and are recalibrated as appropriate.

The Company also has commitments to sell, purchase and originate mortgage loans that meet the accounting requirements of a derivative. These mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value, both of which are developed by the Company’s mortgage banking division. The closed loan percentages for the mortgage loan commitments are monitored on an on-going basis, as these percentages are also used for the Company’s economic hedging activities. The inherent MSR value for the commitments are generated by the same models used for the Company’s MSRs and thus are subject to the same processes and controls as described for the MSRs above.

Other Financial Instruments Other financial instruments include cost method equity investments and community development and tax-advantaged related assets and liabilities. The majority of the Company’s cost method equity investments are in Federal Home Loan Bank and Federal Reserve Bank stock, whose carrying amounts approximate their fair value and are classified within Level 2. Investments in private equity and other limited partnership funds are estimated using fund provided net asset values. These equity investments are classified within Level 3. Fair value is provided for disclosure purposes only.

Community development and tax-advantaged investments generate a return primarily through the realization of federal and state income tax credits, with a duration typically equal to the period that the tax credits are realized. Asset balances primarily represent the assets of the underlying community development and tax-advantaged entities the Company consolidated per applicable authoritative accounting guidance. Liabilities of the underlying consolidated entities were included in long-term debt. The carrying value of the asset balances are a reasonable estimate of fair value and are classified within Level 3. Refer to Note 4 for further information on community development and tax-advantaged related assets and liabilities. Fair value is provided for disclosure purposes only.

Deposit Liabilities The fair value of demand deposits, savings accounts and certain money market deposits is equal to the amount payable on demand. The fair value of fixed-rate certificates of deposit was estimated by discounting the contractual cash flow using current market rates. Deposit liabilities are classified within Level 2. Fair value is provided for disclosure purposes only.

70 U. S. Bancorp

Short-term Borrowings Federal funds purchased, securities sold under agreements to repurchase, commercial paper and other short-term funds borrowed have floating rates or short-term maturities. The fair value of short-term borrowings was determined by discounting contractual cash flows using current market rates. Short-term borrowings are classified within Level 2. Included in short-term borrowings is the Company’s obligation on securities sold short, which is required to be accounted for at fair value per applicable accounting guidance. Fair value for other short-term borrowings is provided for disclosure purposes only.

Long-term Debt The fair value for most long-term debt was determined by discounting contractual cash flows using current market rates. Junior subordinated debt instruments were valued using market quotes. Long-term debt is classified within Level 2. Fair value is provided for disclosure purposes only.

Loan Commitments, Letters of Credit and Guarantees The fair value of commitments, letters of credit and guarantees represents the estimated costs to terminate or otherwise settle the obligations with a third party. Other loan commitments, letters of credit and guarantees are not actively traded, and the Company estimates their fair value based on the related amount of unamortized deferred commitment fees adjusted for the probable losses for these arrangements. These arrangements are classified within Level 3. Fair value is provided for disclosure purposes only.

Significant Unobservable Inputs of Level 3 Assets and Liabilities

The following section provides information on the significant inputs used by the Company to determine the fair value measurements of Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. In addition, the following section includes a discussion of the sensitivity of the fair value measurements to changes in the significant inputs and a description of any interrelationships between these inputs for Level 3 assets and liabilities recorded at fair value on a recurring basis. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and other real estate owned. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved.

Available-For-Sale Investment Securities The significant unobservable inputs used in the fair value measurement of the Company’s modeled Level 3 available-for-sale investment securities are prepayment rates, probability of default and loss severities associated with the underlying collateral, as well as the discount margin used to calculate the present value of the projected cash flows. Increases in prepayment rates for Level 3 securities will typically result in higher fair values, as increased prepayment rates accelerate the receipt of expected cash flows and reduce exposure to credit losses. Increases in the probability of default and loss severities will result in lower fair values, as these increases reduce expected cash flows. Discount margin is the Company’s estimate of the current market spread above the respective benchmark rate. Higher discount margin will result in lower fair values, as it reduces the present value of the expected cash flows.

Prepayment rates generally move in the opposite direction of market interest rates. In the current environment, an increase in the probability of default will generally be accompanied with an increase in loss severity, as both are impacted by underlying collateral values. Discount margins are influenced by market expectations about the security’s collateral performance, and therefore may directionally move with probability and severity of default; however, discount margins are also impacted by broader market forces, such as competing investment yields, sector liquidity, economic news, and other macroeconomic factors.

U. S. Bancorp 71

The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at June 30, 2013:

	Minimum			Maximum			Average
Residential Prime Non-Agency Mortgage-Backed Securities (a)
Estimated lifetime prepayment rates		6	%		20	%		13	%
Lifetime probability of default rates		–			6			3
Lifetime loss severity rates		25			75			43
Discount margin		2			5			4
Residential Non-Prime Non-Agency Mortgage-Backed Securities (b)
Estimated lifetime prepayment rates		2	%		10	%		6	%
Lifetime probability of default rates		4			10			7
Lifetime loss severity rates		15			70			54
Discount margin		1			5			3
Other Asset-Backed Securities
Estimated lifetime prepayment rates		6	%		6	%		6	%
Lifetime probability of default rates		4			4			4
Lifetime loss severity rates		40			40			40
Discount margin		12			12			12

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the discount rate used to calculate the present value of the projected cash flows. Significant increases in either of these inputs in isolation would result in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would result in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and discount rate. Prepayment rates generally move in the opposite direction of market interest rates. Discount rates are generally impacted by changes in market return requirements.

The following table shows the significant valuation assumption ranges for MSRs at June 30, 2013:

	Minimum			Maximum			Average
Expected prepayment		10	%		24	%		13	%
Discount rate		10			14			10

Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to sell, purchase and originate mortgage loans that meet the requirements of a derivative, and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty.

The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to sell, purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would result in a larger derivative asset or liability. A significant increase in the inherent MSR value would result in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates.

The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to sell, purchase and originate mortgage loans at June 30, 2013:

	Minimum			Maximum			Average
Expected loan close rate		42	%		100	%		83	%
Inherent MSR value (basis points per loan)		44			221			120

The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would result in a lower fair value measurement. A significant decrease in the credit valuation adjustment would result in a higher fair value measurement. The credit valuation adjustment is impacted by changes in the Company’s assessment of the counterparty’s credit position. At June 30, 2013, the minimum, maximum and average credit valuation adjustment as a percentage of the derivative contract fair value prior to adjustment was 0 percent, 100 percent and 6 percent, respectively.

72 U. S. Bancorp

The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:

(Dollars in Millions)	Level 1		Level 2		Level 3		Netting			Total
June 30, 2013
Available-for-sale securities
U.S. Treasury and agencies	$	469	$	1,082	$	–	$	–		$	1,551
Mortgage-backed securities
Residential
Agency		–		29,956		–		–			29,956
Non-agency
Prime (a)		–		–		547		–			547
Non-prime (b)		–		–		319		–			319
Commercial
Agency		–		177		–		–			177
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		25		–		–			25
Other		–		572		40		–			612
Obligations of state and political subdivisions		–		5,945		–		–			5,945
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		698		9		–			707
Perpetual preferred securities		–		219		–		–			219
Other investments		227		16		–		–			243
Total available-for-sale		696		38,696		915		–			40,307
Mortgage loans held for sale		–		4,753		–		–			4,753
Mortgage servicing rights		–		–		2,377		–			2,377
Derivative assets		–		1,444		629		(612	)		1,461
Other assets		107		780		–		–			887
Total	$	803	$	45,673	$	3,921	$	(612	)	$	49,785
Derivative liabilities	$	–	$	2,025	$	206	$	(1,293	)	$	938
Short-term borrowings (c)		135		562		–		–			697
Total	$	135	$	2,587	$	206	$	(1,293	)	$	1,635
December 31, 2012
Available-for-sale securities
U.S. Treasury and agencies	$	491	$	735	$	–	$	–		$	1,226
Mortgage-backed securities
Residential
Agency		–		29,495		–		–			29,495
Non-agency
Prime (a)		–		–		624		–			624
Non-prime (b)		–		–		355		–			355
Commercial
Agency		–		193		–		–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		42		–		–			42
Other		–		577		15		–			592
Obligations of state and political subdivisions		–		6,455		–		–			6,455
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		722		9		–			731
Perpetual preferred securities		–		218		–		–			218
Other investments		187		15		–		–			202
Total available-for-sale		678		38,458		1,003		–			40,139
Mortgage loans held for sale		–		7,957		–		–			7,957
Mortgage servicing rights		–		–		1,700		–			1,700
Derivative assets		–		572		1,234		(418	)		1,388
Other assets		94		386		–		–			480
Total	$	772	$	47,373	$	3,937	$	(418	)	$	51,664
Derivative liabilities	$	–	$	2,128	$	55	$	(1,549	)	$	634
Short-term borrowings (c)		50		351		–		–			401
Total	$	50	$	2,479	$	55	$	(1,549	)	$	1,035

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

U. S. Bancorp 73

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Compre hensive Income (Loss)			Purch ases		Sales			Principal Payments			Issua nces			Settle ments			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	599	$	(2	)	$	(3	)	$	–	$	–		$	(47	)	$	–		$	–		$	547	$	(3	)
Non-prime (b)		350		(1	)		3			–		(20	)		(13	)		–			–			319		5
Asset-backed securities
Other		40		–			1			–		–			(1	)		–			–			40		1
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		998		(3	)(c)		1	(f)		–		(20	)		(61	)		–			–			915		3
Mortgage servicing rights		1,955		186	(d)		–			3		–			–			233	(g)		–			2,377		186	(d)
Net derivative assets and liabilities		986		(363	)(e)		–			–		(1	)		–			–			(199	)		423		(289	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	733	$	(1	)	$	21		$	–	$	–		$	(40	)	$	–		$	–		$	713	$	20
Non-prime (b)		806		(7	)		28			–		–			(31	)		–			–			796		28
Commercial non-agency		40		1			(2	)		–		–			(2	)		–			–			37		(1	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		119		5			–			–		(7	)		(15	)		–			–			102		–
Other		112		3			3			–		–			(6	)		–			–			112		3
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,819		1	(i)		50	(f)		–		(7	)		(94	)		–			–			1,769		50
Mortgage servicing rights		1,737		(374	)(d)		–			16		–			–			215	(g)		–			1,594		(374	)(d)
Net derivative assets and liabilities		1,089		876	(j)		–			–		(2	)		–			–			(603	)		1,360		(389	)(k)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Included in securities gains (losses).

(d) Included in mortgage banking revenue.

(e) Approximately $(207) million included in other noninterest income and $(156) million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(185) million included in other noninterest income and $(104) million included in mortgage banking revenue.

(i) Approximately $(13) million included in securities gains (losses) and $14 million included in interest income.

(j) Approximately $242 million included in other noninterest income and $634 million included in mortgage banking revenue.

(k) Approximately $102 million included in other noninterest income and $(491) million included in mortgage banking revenue.

74 U. S. Bancorp

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Compre hensive Income (Loss)			Purc hases		Sales			Principal Payments			Issua nces			Settle ments			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	624	$	(4	)	$	8		$	–	$	–		$	(81	)	$	–		$	–		$	547	$	8
Non-prime (b)		355		(8	)		17			–		(20	)		(25	)		–			–			319		18
Asset-backed securities
Other		15		1			1			25		–			(2	)		–			–			40		1
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,003		(11	)(c)		26	(f)		25		(20	)		(108	)		–			–			915		27
Mortgage servicing rights		1,700		185	(d)		–			5		–			–			487	(g)		–			2,377		185	(d)
Net derivative assets and liabilities		1,179		(216	)(e)		–			1		(2	)		–			–			(539	)		423		(627	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	803	$	(1	)	$	37		$	–	$	(48	)	$	(78	)	$	–		$	–		$	713	$	33
Non-prime (b)		802		(10	)		65			–		–			(61	)		–			–			796		65
Commercial non-agency		42		1			(2	)		–		–			(4	)		–			–			37		(2	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		120		10			(1	)		–		(7	)		(20	)		–			–			102		1
Other		117		6			4			–		–			(15	)		–			–			112		4
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,893		6	(i)		103	(f)		–		(55	)		(178	)		–			–			1,769		101
Mortgage servicing rights		1,519		(430	)(d)		–			29		–			–			476	(g)		–			1,594		(430	)(d)
Net derivative assets and liabilities		1,228		1,207	(j)		–			–		(2	)		–			–			(1,073	)		1,360		(850	)(k)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Approximately $(10) million included in securities gains (losses) and $(1) million included in interest income.

(d) Included in mortgage banking revenue.

(e) Approximately $(210) million included in other noninterest income and $(6) million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(273) million included in other noninterest income and $(354) million included in mortgage banking revenue.

(i) Approximately $(22) million included in securities gains (losses) and $28 million included in interest income.

(j) Approximately $220 million included in other noninterest income and $987 million included in mortgage banking revenue.

(k) Approximately $(1) million included in other noninterest income and $(849) million included in mortgage banking revenue.

The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets.

The following table summarizes the balances of assets measured at fair value on a nonrecurring basis:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans (a)	$	–	$	–	$	76	$	76	$	–	$	–	$	140	$	140
Other assets (b)		–		–		129		129		–		–		194		194

(a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.

U. S. Bancorp 75

The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Loans (a)	$	12	$	21	$	33	$	39
Other assets (b)		20		40		59		87

(a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.

Fair Value Option

The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity:

	June 30, 2013							December 31, 2012
(Dollars in Millions)	Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal			Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal
Total loans	$	4,753	$	4,776	$	(23	)	$	7,957	$	7,588	$	369
Nonaccrual loans		9		14		(5	)		8		13		(5	)
Loans 90 days or more past due		3		4		(1	)		2		3		(1	)

Disclosures about Fair Value of Financial Instruments

The following table summarizes the estimated fair value for financial instruments as of June 30, 2013 and December 31, 2012, and includes financial instruments that are not accounted for at fair value. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, insurance contracts and investments accounted for under the equity method are excluded.

The estimated fair values of the Company’s financial instruments are shown in the table below:

	June 30, 2013										December 31, 2012
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
(Dollars in Millions)			Level 1		Level 2		Level 3		Total				Level 1		Level 2		Level 3		Total
Financial Assets
Cash and due from banks	$	6,618	$	6,618	$	–	$	–	$	6,618	$	8,252	$	8,252	$	–	$	–	$	8,252
Federal funds sold and securities purchased under resale agreements		183		–		183		–		183		437		–		437		–		437
Investment securities held-to-maturity		34,668		3,174		31,228		112		34,514		34,389		2,984		31,845		123		34,952
Loans held for sale (a)		13		–		–		13		13		19		–		–		19		19
Loans (b)		223,587		–		–		224,714		224,714		218,765		–		–		220,354		220,354
Other financial instruments		2,045		–		1,184		880		2,064		7,367		–		1,228		6,157		7,385
Financial Liabilities
Deposits		251,568		–		251,681		–		251,681		249,183		–		249,594		–		249,594
Short-term borrowings (c)		25,482		–		25,438		–		25,438		25,901		–		25,917		–		25,917
Long-term debt		19,724		–		20,215		–		20,215		25,516		–		26,205		–		26,205

(a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.

(b) Excludes loans measured at fair value on a nonrecurring basis.

(c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

The fair value of unfunded commitments, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments and standby letters of credit was $397 million and $415 million at June 30, 2013 and December 31, 2012, respectively. The carrying value of other guarantees was $393 million and $452 million at June 30, 2013 and December 31, 2012, respectively.

76 U. S. Bancorp

Note  14 Guarantees and Contingent Liabilities

Visa Restructuring and Card Association Litigation The Company’s payment services business issues and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Associations”) are defendants in antitrust lawsuits challenging the practices of the Card Associations (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount.

Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. On October 19, 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation, the largest of the remaining Visa Litigation matters. The settlement has not yet been finally approved by the court, is not yet binding, and has been challenged by some class members. At June 30, 2013, the carrying amount of the Company’s liability related to the Visa Litigation matters, net of its share of the escrow fundings, was $65 million and included the Company’s estimate of its share of the temporary reduction in interchange rates specified in the settlement agreement. The remaining Class B shares held by the Company will be eligible for conversion to Class A shares, and thereby become marketable, upon settlement of the Visa Litigation. These shares are excluded from the Company’s financial instruments disclosures included in Note 13.

Other Guarantees and Contingent Liabilities

The following table is a summary of other guarantees and contingent liabilities of the Company at June 30, 2013:

(Dollars in Millions)	Collateral Held		Carrying Amount		Maximum Potential Future Payments
Standby letters of credit	$	–	$	71	$	17,781
Third-party borrowing arrangements		–		–		22
Securities lending indemnifications		4,811		–		4,654
Asset sales		–		281		3,163	(a)
Merchant processing		912		81		85,940
Contingent consideration arrangements		–		12		14
Tender option bond program guarantee		4,876		–		4,755
Minimum revenue guarantees		–		13		14
Other		–		6		527

(a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.

Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder.

The Company currently processes card transactions in the United States, Canada, Europe, Mexico and Brazil through wholly-owned subsidiaries and joint ventures with other financial institutions. In the event a merchant was unable to fulfill product or services subject to delayed delivery, such as airline tickets, the Company could become financially liable for refunding tickets purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts

U. S. Bancorp 77

contain various provisions to protect the Company in the event of default. At June 30, 2013, the value of airline tickets purchased to be delivered at a future date was $7.8 billion. The Company held collateral of $759 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets.

Asset Sales The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representation and warranties to the GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the counterparty for losses. At June 30, 2013, the Company had reserved $190 million for potential losses from representation and warranty obligations, compared with $240 million at December 31, 2012. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s reserving methodology uses current information about investor repurchase requests, and assumptions about defect rate, concur rate, repurchase mix, and loss severity, based upon the Company’s most recent loss trends. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends, such as loan vintage, underwriting characteristics and macroeconomic trends.

The following table is a rollforward of the Company’s representation and warranty reserve:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	233		$	202		$	240		$	160
Net realized losses		(16	)		(31	)		(39	)		(56	)
Change in reserve		(27	)		45			(11	)		112
Balance at end of period	$	190		$	216		$	190		$	216

As of June 30, 2013 and December 31, 2012, the Company had $64 million and $131 million, respectively, of unresolved representation and warranty claims from the GSEs. The Company does not have a significant amount of unresolved claims from investors other than the GSEs.

Litigation and Regulatory Matters The Company is subject to various litigation and regulatory matters that arise in the ordinary course of its business. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results from operations, potentially materially.

Certain federal and state governmental authorities reached settlement agreements in 2012 with five major financial institutions regarding their mortgage origination, servicing, and foreclosure activities. Those governmental authorities have had settlement discussions with other financial institutions, including the Company. The Company has not agreed to any settlement; however, if a settlement were reached it would likely include an agreement to comply with specified servicing standards, and settlement payments to governmental authorities as well as a monetary commitment that could be satisfied under various loan modification programs (in addition to the programs the Company already has in place).

The Company is currently subject to other investigations and examinations by government agencies and bank regulators concerning mortgage-related practices, including those related to origination practices for Federal Housing Administration insured residential home loans, compliance with underwriting guidelines relating to residential home loans sold to GSEs, and various practices related to lender-placed insurance. The Company is cooperating fully with these examinations and investigations, any of which could lead to administrative or legal proceedings or settlements involving remedies including fines, penalties, restitution or alterations in the Company’s business practices and in additional costs and expenses.

Due to their complex nature, it can be years before litigation and regulatory matters are resolved. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, is approximately $200 million. This estimate is subject to significant

78 U. S. Bancorp

judgment and uncertainties and the matters underlying the estimate will change from time to time. Actual results may vary significantly from the current estimates.

For additional information on the nature of the Company’s guarantees and contingent liabilities, refer to Note 21 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

Note  15 Subsequent Events

The Company has evaluated the impact of events that have occurred subsequent to June 30, 2013 through the date the consolidated financial statements were filed with the United States Securities and Exchange Commission. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.

U. S. Bancorp 79

U.S. Bancorp

Consolidated Daily Average Balance Sheet and Related Yields and Rates (a)

	For the Three Months Ended June 30,
	2013								2012
(Dollars in Millions) (Unaudited)	Average Balances			Interest		Yields and Rates			Average Balances			Interest		Yields and Rates			% Change Average Balances
Assets
Investment securities	$	74,438		$	427		2.29	%	$	73,181		$	507		2.77	%		1.7	%
Loans held for sale		6,292			54		3.39			7,352			67		3.68			(14.4	)
Loans (b)
Commercial		66,762			544		3.27			60,020			542		3.63			11.2
Commercial real estate		37,884			395		4.18			36,549			410		4.51			3.7
Residential mortgages		46,873			480		4.10			39,166			451		4.62			19.7
Credit card		16,416			412		10.05			16,696			415		9.98			(1.7	)
Other retail		46,866			572		4.90			47,900			620		5.20			(2.2	)
Total loans, excluding covered loans		214,801			2,403		4.48			200,331			2,438		4.89			7.2
Covered loans		10,385			171		6.62			13,738			212		6.20			(24.4	)
Total loans		225,186			2,574		4.58			214,069			2,650		4.97			5.2
Other earning assets		6,011			40		2.68			9,152			61		2.66			(34.3	)
Total earning assets		311,927			3,095		3.98			303,754			3,285		4.34			2.7
Allowance for loan losses		(4,420	)							(4,680	)							5.6
Unrealized gain (loss) on investment securities		962								993								(3.1	)
Other assets		41,120								40,362								1.9
Total assets	$	349,589							$	340,429								2.7
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits	$	66,866							$	64,531								3.6	%
Interest-bearing deposits
Interest checking		48,403			9		.07			45,928			15		.13			5.4
Money market savings		55,368			18		.13			44,456			13		.12			24.5
Savings accounts		31,929			12		.16			29,556			17		.24			8.0
Time certificates of deposit less than $100,000		13,152			49		1.50			14,768			64		1.73			(10.9	)
Time deposits greater than $100,000		31,667			56		.71			32,062			68		.86			(1.2	)
Total interest-bearing deposits		180,519			144		.32			166,770			177		.43			8.2
Short-term borrowings		27,557			88		1.29			29,935			129		1.73			(7.9	)
Long-term debt		21,343			191		3.58			29,524			266		3.62			(27.7	)
Total interest-bearing liabilities		229,419			423		.74			226,229			572		1.02			1.4
Other liabilities		12,029								11,317								6.3
Shareholders’ equity
Preferred equity		4,936								4,544								8.6
Common equity		34,968								32,722								6.9
Total U.S. Bancorp shareholders’ equity		39,904								37,266								7.1
Noncontrolling interests		1,371								1,086								26.2
Total equity		41,275								38,352								7.6
Total liabilities and equity	$	349,589							$	340,429								2.7
Net interest income				$	2,672							$	2,713
Gross interest margin							3.24	%							3.32	%
Gross interest margin without taxable-equivalent increments							3.17	%							3.25	%
Percent of Earning Assets
Interest income							3.98	%							4.34	%
Interest expense							.55								.76
Net interest margin							3.43	%							3.58	%
Net interest margin without taxable-equivalent increments							3.36	%							3.51	%

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b) Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

80 U. S. Bancorp

U.S. Bancorp

Consolidated Daily Average Balance Sheet and Related Yields and Rates (a)

	For the Six Months Ended June 30,
	2013								2012
(Dollars in Millions) (Unaudited)	Average Balances			Interest		Yields and Rates			Average Balances			Interest		Yields and Rates			% Change Average Balances
Assets
Investment securities	$	73,955		$	872		2.36	%	$	72,329		$	1,012		2.80	%		2.2	%
Loans held for sale		7,521			126		3.34			7,115			132		3.72			5.7
Loans (b)
Commercial		66,034			1,083		3.30			58,576			1,074		3.68			12.7
Commercial real estate		37,553			788		4.23			36,267			815		4.52			3.5
Residential mortgages		45,996			957		4.17			38,498			893		4.65			19.5
Credit card		16,472			827		10.12			16,737			842		10.11			(1.6	)
Other retail		47,055			1,154		4.94			47,915			1,252		5.25			(1.8	)
Total loans, excluding covered loans		213,110			4,809		4.54			197,993			4,876		4.95			7.6
Covered loans		10,701			349		6.55			14,122			432		6.14			(24.2	)
Total loans		223,811			5,158		4.64			212,115			5,308		5.03			5.5
Other earning assets		7,667			107		2.82			10,340			122		2.37			(25.9	)
Total earning assets		312,954			6,263		4.02			301,899			6,574		4.37			3.7
Allowance for loan losses		(4,444	)							(4,724	)							5.9
Unrealized gain (loss) on investment securities		1,072								907								18.2
Other assets		40,901								40,276								1.6
Total assets	$	350,483							$	338,358								3.6
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits	$	66,634							$	64,057								4.0	%
Interest-bearing deposits
Interest checking		48,404			19		.08			46,693			29		.13			3.7
Money market savings		54,238			35		.13			45,191			26		.12			20.0
Savings accounts		31,670			26		.17			29,201			36		.25			8.5
Time certificates of deposit less than $100,000		13,380			103		1.56			14,862			131		1.77			(10.0	)
Time deposits greater than $100,000		31,882			116		.73			29,788			136		.92			7.0
Total interest-bearing deposits		179,574			299		.34			165,735			358		.43			8.4
Short-term borrowings		27,859			174		1.26			29,498			253		1.72			(5.6	)
Long-term debt		23,362			409		3.52			30,538			560		3.68			(23.5	)
Total interest-bearing liabilities		230,795			882		.77			225,771			1,171		1.04			2.2
Other liabilities		12,181								11,144								9.3
Shareholders’ equity
Preferred equity		4,853								3,988								21.7
Common equity		34,690								32,353								7.2
Total U.S. Bancorp shareholders’ equity		39,543								36,341								8.8
Noncontrolling interests		1,330								1,045								27.3
Total equity		40,873								37,386								9.3
Total liabilities and equity	$	350,483							$	338,358								3.6
Net interest income				$	5,381							$	5,403
Gross interest margin							3.25	%							3.33	%
Gross interest margin without taxable-equivalent increments							3.18	%							3.26	%
Percent of Earning Assets
Interest income							4.02	%							4.37	%
Interest expense							.56								.78
Net interest margin							3.46	%							3.59	%
Net interest margin without taxable-equivalent increments							3.39	%							3.52	%

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b) Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

U. S. Bancorp 81

Part II — Other Information

Item 1. Legal Proceedings — See the information set forth in Note 14 in the Notes to Consolidated Financial Statements under Part I, Item 1 of this Report, which is incorporated herein by reference.

Item 1A. Risk Factors — There are a number of factors that may adversely affect the Company’s business, financial results or stock price. Refer to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for discussion of these risks.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds — Refer to the “Capital Management” section within Management’s Discussion and Analysis in Part I for information regarding shares repurchased by the Company during the second quarter of 2013.

Item 6. Exhibits

12	Computation of Ratio of Earnings to Fixed Charges
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934
32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002
101	Financial statements from the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2013, formatted in Extensible Business Reporting Language: (i) the Consolidated Balance Sheet, (ii) the Consolidated Statement of Income, (iii) the Consolidated Statement of Comprehensive Income, (iv) the Consolidated Statement of Shareholders’ Equity, (v) the Consolidated Statement of Cash Flows and (vi) the Notes to Consolidated Financial Statements.

82 U. S. Bancorp

SIGNATURE

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, thereunto duly authorized.

	U.S. BANCORP
	By:	/S/    CRAIG E. GIFFORD
		Craig E. Gifford
		Controller
DATE: August 7, 2013		(Principal Accounting Officer and Duly Authorized Officer)

U. S. Bancorp 83

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Millions)	Three Months Ended June 30, 2013		Six Months Ended June 30, 2013
Earnings
1. Net income attributable to U.S. Bancorp	$	1,484	$	2,912
2. Applicable income taxes, including expense related to unrecognized tax positions		529		1,087
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2)	$	2,013	$	3,999
4. Fixed charges:
a. Interest expense excluding interest on deposits*	$	278	$	581
b. Portion of rents representative of interest and amortization of debt expense		27		54
c. Fixed charges excluding interest on deposits (4a + 4b)	$	305	$	635
d. Interest on deposits		144		299
e. Fixed charges including interest on deposits (4c + 4d)	$	449	$	934
5. Amortization of interest capitalized	$	–	$	–
6. Earnings excluding interest on deposits (3 + 4c + 5)		2,318		4,634
7. Earnings including interest on deposits (3 + 4e + 5)		2,462		4,933
8. Fixed charges excluding interest on deposits (4c)		305		635
9. Fixed charges including interest on deposits (4e)		449		934
Ratio of Earnings to Fixed Charges
10. Excluding interest on deposits (line 6/line 8)		7.60		7.30
11. Including interest on deposits (line 7/line 9)		5.48		5.28

* Excludes interest expense related to unrecognized tax positions

84 U. S. Bancorp

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Richard K. Davis, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of U.S. Bancorp;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/S/    RICHARD K. DAVIS

Richard K. Davis

Chief Executive Officer

Dated: August 7, 2013

U. S. Bancorp 85

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Andrew Cecere, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of U.S. Bancorp;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/S/    ANDREW CECERE

Andrew Cecere

Chief Financial Officer

Dated: August 7, 2013

86 U. S. Bancorp

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Chief Executive Officer and Chief Financial Officer of U.S. Bancorp, a Delaware corporation (the “Company”), do hereby certify that:

(1) The Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

/S/    RICHARD K. DAVIS	/S/    ANDREW CECERE
Richard K. Davis	Andrew Cecere
Chief Executive Officer	Chief Financial Officer

Dated: August 7, 2013

U. S. Bancorp 87

First Class

U.S. Postage

PAID

Permit No. 2440

Minneapolis, MN    

Corporate Information

Executive Offices

U.S. Bancorp

800 Nicollet Mall

Minneapolis, MN 55402

Common Stock Transfer Agent and Registrar

Computershare acts as our transfer agent and registrar, dividend paying agent and dividend reinvestment plan administrator, and maintains all shareholder records for the corporation. Inquiries related to shareholder records, stock transfers, changes of ownership, lost stock certificates, changes of address and dividend payment should be directed to the transfer agent at:

Computershare

P.O. Box 43006

Providence, RI 02940-3006

Phone: 888-778-1311 or 201-680-6578 (international calls)

Internet: www.computershare.com/investor

Registered or Certified Mail:

Computershare

250 Royall Street

Canton, MA 02021

Telephone representatives are available weekdays from 8:00 a.m. to 6:00 p.m. Central Standard Time, and automated support is available 24 hours a day, 7 days a week. Specific information about your account is available on Computershare’s Investor Centre^TM website.

Independent Auditor

Ernst & Young LLP serves as the independent auditor for U.S. Bancorp’s financial statements.

Common Stock Listing and Trading

U.S. Bancorp common stock is listed and traded on the New York Stock Exchange under the ticker symbol USB.

Dividends and Reinvestment Plan

U.S. Bancorp currently pays quarterly dividends on our common stock on or about the 15th day of January, April, July and October, subject to approval by our Board of Directors. U.S. Bancorp shareholders can choose to participate in a plan that provides automatic reinvestment of dividends and/or optional cash purchase of additional shares of U.S. Bancorp common stock. For more information, please contact our transfer agent, Computershare.

Investor Relations Contact

Sean C. O’Connor, CFA

Senior Vice President, Investor Relations

sean.oconnor@usbank.com

Phone: 612-303-0788 or 866-775-9668

Financial Information

U.S. Bancorp news and financial results are available through our website and by mail.

Website For information about U.S. Bancorp, including news, financial results, annual reports and other documents filed with the Securities and Exchange Commission, access our home page on the internet at usbank.com, click on About U.S. Bank.

Mail At your request, we will mail to you our quarterly earnings, news releases, quarterly financial data reported on Form 10-Q, Form 10-K and additional copies of our annual reports. Please contact:

U.S. Bancorp Investor Relations

800 Nicollet Mall

Minneapolis, MN 55402

investorrelations@usbank.com

Phone: 866-775-9668

Media Requests

Thomas J. Joyce

Senior Vice President, Corporate Public Relations

thomas.joyce@usbank.com

Phone: 612-303-3167

Privacy

U.S. Bancorp is committed to respecting the privacy of our customers and safeguarding the financial and personal information provided to us. To learn more about the U.S. Bancorp commitment to protecting privacy, visit usbank.com and click on Privacy Pledge.

Code of Ethics

At U.S. Bancorp, we value high ethical standards above all else. Our ethical principles – integrity, respect, responsibility and good citizenship – guide everything we do. Demonstrating these principles through our words and actions is how we put the power of US to work for our employees, customers, shareholders and communities. Each year, every employee certifies compliance with the letter and spirit of our Code of Ethics and Business Conduct. For details about our Code of Ethics and Business Conduct, visit usbank.com and click on About U.S. Bank and Working at U.S. Bank.

Diversity and Inclusion

U.S. Bancorp and our subsidiaries are committed to developing and maintaining a workplace that reflects the diversity of the communities we serve. We value creating a culture of inclusion where individual differences are valued and respected which enables us to innovate and drive business success. We support a work environment where each individual who shares the fundamental values of the Company has an opportunity to contribute and grow based on merit.

Equal Opportunity and Affirmative Action

U.S. Bancorp and our subsidiaries are committed to providing Equal Employment Opportunity to all employees and applicants for employment. In keeping with this commitment, employment decisions are made based on abilities, not race, color, religion, national origin or ancestry, gender, age, disability, veteran status, sexual orientation, marital status, gender identity or expression, genetic information or any other factors protected by law. The corporation complies with municipal, state and federal fair employment laws, including regulations applying to federal contractors.

U.S. Bancorp, including each of our subsidiaries, is an Equal Opportunity Employer committed to creating a diverse workforce.

U.S. Bancorp Member FDIC

This report has been produced on recycled paper.

EX-12

Exhibit 12

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Millions)	Three Months Ended June 30, 2013		Six Months Ended June 30, 2013
Earnings
1. Net income attributable to U.S. Bancorp	$	1,484	$	2,912
2. Applicable income taxes, including expense related to unrecognized tax positions		529		1,087
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2)	$	2,013	$	3,999
4. Fixed charges:
a. Interest expense excluding interest on deposits*	$	278	$	581
b. Portion of rents representative of interest and amortization of debt expense		27		54
c. Fixed charges excluding interest on deposits (4a + 4b)	$	305	$	635
d. Interest on deposits		144		299
e. Fixed charges including interest on deposits (4c + 4d)	$	449	$	934
5. Amortization of interest capitalized	$	–	$	–
6. Earnings excluding interest on deposits (3 + 4c + 5)		2,318		4,634
7. Earnings including interest on deposits (3 + 4e + 5)		2,462		4,933
8. Fixed charges excluding interest on deposits (4c)		305		635
9. Fixed charges including interest on deposits (4e)		449		934
Ratio of Earnings to Fixed Charges
10. Excluding interest on deposits (line 6/line 8)		7.60		7.30
11. Including interest on deposits (line 7/line 9)		5.48		5.28

* Excludes interest expense related to unrecognized tax positions

84 U. S. Bancorp

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Richard K. Davis, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of U.S. Bancorp;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/S/    RICHARD K. DAVIS

Richard K. Davis

Chief Executive Officer

Dated: August 7, 2013

U. S. Bancorp 85

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Andrew Cecere, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of U.S. Bancorp;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/S/    ANDREW CECERE

Andrew Cecere

Chief Financial Officer

Dated: August 7, 2013

86 U. S. Bancorp

EX-32

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Chief Executive Officer and Chief Financial Officer of U.S. Bancorp, a Delaware corporation (the “Company”), do hereby certify that:

(1) The Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

/S/    RICHARD K. DAVIS	/S/    ANDREW CECERE
Richard K. Davis	Andrew Cecere
Chief Executive Officer	Chief Financial Officer

Dated: August 7, 2013

U. S. Bancorp 87

XML

Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Fair Value Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	$ (5)	$ 3	$ (7)	$ 3
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Futures and Forwards [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	300	(58)	536	111
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Options [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	17	245	146	399
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage Banking Revenue [Member] | Other Economic Hedges [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	(219)	195	(259)	138
Asset and Liability Management Positions [Member] | Foreign Exchange Cross-Currency Swaps [Member] | Other Noninterest Income [Member] | Fair Value Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings				42
Asset and Liability Management Positions [Member] | Foreign Exchange Forward Contracts [Member] | Commercial Products Revenue [Member] | Other Economic Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	26	(30)	34	(37)
Asset and Liability Management Positions [Member] | Equity Contracts [Member] | Compensation Expense [Member] | Other Economic Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	1		1	(1)
Asset and Liability Management Positions [Member] | Credit Contracts [Member] | Other Noninterest Income Expense [Member] | Other Economic Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings			(1)	(6)
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	(205)	146	(301)	6
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other Noninterest Income [Member] | Pay Fixed/Receive Floating Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	212	(143)	308	(4)
Customer-Related Positions [Member] | Foreign Exchange Contract [Member] | Commercial Products Revenue [Member] | Forwards, Spots and Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	$ 14	$ 12	$ 21	$ 23

XML

Earnings Per Share - Components of Earnings per Share (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Earnings Per Share [Abstract]
Net income attributable to U.S. Bancorp	$ 1,484	$ 1,415	$ 2,912	$ 2,753
Preferred dividends	(64)	(64)	(128)	(110)
Impact of preferred stock redemption (a)	(8)		(8)
Earnings allocated to participating stock awards	(7)	(6)	(13)	(13)
Net income applicable to U.S. Bancorp common shareholders	$ 1,405	$ 1,345	$ 2,763	$ 2,630
Average common shares outstanding	1,843	1,888	1,851	1,895
Net effect of the exercise and assumed purchase of stock awards	10	10	9	9
Average diluted common shares outstanding	1,853	1,898	1,860	1,904
Earnings per common share	$ 0.76	$ 0.71	$ 1.49	$ 1.39
Diluted earnings per common share	$ 0.76	$ 0.71	$ 1.49	$ 1.38

XML

Employee Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 42	$ 32	$ 84	$ 64
Interest cost	43	42	85	84
Expected return on plan assets	(44)	(47)	(88)	(95)
Prior service cost (credit) and transition obligation (asset) amortization	(2)	(1)	(3)	(2)
Actuarial loss (gain) amortization	66	40	132	80
Net periodic benefit cost	105	66	210	131
Postretirement Welfare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	2	2
Interest cost	1	2	2	4
Expected return on plan assets	(1)		(1)	(1)
Prior service cost (credit) and transition obligation (asset) amortization
Actuarial loss (gain) amortization	(2)	(3)	(5)	(4)
Net periodic benefit cost	$ (1)		$ (2)	$ 1

XML

Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail)	Jun. 30, 2013	Dec. 31, 2012
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected prepayment	12.80%	20.10%
Discount rate	10.30%	10.40%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected prepayment	10.00%
Discount rate	10.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected prepayment	24.00%
Discount rate	14.00%
Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected prepayment	13.00%
Discount rate	10.00%

XML

Fair Values of Assets and Liabilities - Differences Between Aggregate Fair Value, Carrying Amount of MLHFS and Aggregate Unpaid Principal Amount (Details) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Fair value carrying amount, total loans	$ 4,753	$ 7,957
Fair value carrying amount, nonaccrual loans	9	8
Fair value carrying amount, loans 90 days or more past due	3	2
Aggregate unpaid principal, total loans	4,776	7,588
Aggregate unpaid principal, nonaccrual loans	14	13
Aggregate unpaid principal, loans 90 days or more past due	4	3
Carrying amount over (under) unpaid principal, total loans	(23)	369
Carrying amount over (under) unpaid principal, nonaccrual loans	(5)	(5)
Carrying amount over (under) unpaid principal, loans 90 days or more past due	$ (1)	$ (1)

XML

Income Taxes

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Note  10 Income Taxes

The components of income tax expense were:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Federal
Current	$	626		$	551		$	1,116		$	955
Deferred		(104	)		(92	)		(92	)		(24	)
Federal income tax		522			459			1,024			931
State
Current		19			112			77			162
Deferred		(12	)		(7	)		(14	)		(2	)
State income tax		7			105			63			160
Total income tax provision	$	529		$	564		$	1,087		$	1,091

A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Tax at statutory rate	$	690		$	680		$	1,371		$	1,321
State income tax, at statutory rates, net of federal tax benefit		4			68			40			104
Tax effect of
Tax credits, net of related expenses		(112	)		(113	)		(218	)		(202	)
Tax-exempt income		(53	)		(55	)		(107	)		(110	)
Noncontrolling interests		15			13			29			24
Other items		(15	)		(29	)		(28	)		(46	)
Applicable income taxes	$	529		$	564		$	1,087		$	1,091

The Company’s income tax returns are subject to review and examination by federal, state, local and foreign government authorities. On an ongoing basis, numerous federal, state, local and foreign examinations are in progress and cover multiple tax years. As of June 30, 2013, the federal taxing authority has completed its examination of the Company through the fiscal year ended December 31, 2008. The years open to examination by foreign, state and local government authorities vary by jurisdiction.

The Company’s net deferred tax liability was $958 million at June 30, 2013, and $1.3 billion at December 31, 2012.

XML

Loans and Allowance for Credit Losses - Changes in Accretable Balance for Purchased Impaired Loans (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Deteriorated Loans Transferred in [Abstract]
Balance at beginning of period	$ 1,921	$ 2,605	$ 1,709	$ 2,619
Purchases				13
Accretion	(125)	(113)	(261)	(228)
Disposals	(31)	(56)	(69)	(98)
Reclassifications (to)/from nonaccretable difference	48	1	58	133
Other	(11)	(6)	365	(8)
Balance at end of period	$ 1,802	$ 2,431	$ 1,802	$ 2,431

XML

Consolidated Statement of Income (Unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Interest Income
Loans	$ 2,552	$ 2,631	$ 5,114	$ 5,269
Loans held for sale	54	67	126	132
Investment securities	392	470	802	938
Other interest income	40	60	107	121
Total interest income	3,038	3,228	6,149	6,460
Interest Expense
Deposits	144	177	299	358
Short-term borrowings	87	127	172	250
Long-term debt	191	266	409	560
Total interest expense	422	570	880	1,168
Net interest income	2,616	2,658	5,269	5,292
Provision for credit losses	362	470	765	951
Net interest income after provision for credit losses	2,254	2,188	4,504	4,341
Noninterest Income
Credit and debit card revenue	244	235	458	437
Corporate payment products revenue	176	190	348	365
Merchant processing services	373	359	720	696
ATM processing services	83	89	165	176
Trust and investment management fees	284	262	562	514
Deposit service charges	160	156	313	309
Treasury management fees	140	142	274	276
Commercial products revenue	209	216	409	427
Mortgage banking revenue	396	490	797	942
Investment products fees	46	38	87	73
Securities gains (losses), net
Realized gains (losses), net	9	21	21	30
Total other-than-temporary impairment	(2)	(39)	(3)	(48)
Portion of other-than-temporary impairment recognized in other comprehensive income	(1)	(1)	(7)	(1)
Total securities gains (losses), net	6	(19)	11	(19)
Other	159	197	297	398
Total noninterest income	2,276	2,355	4,441	4,594
Noninterest Expense
Compensation	1,098	1,076	2,180	2,128
Employee benefits	277	229	587	489
Net occupancy and equipment	234	230	469	450
Professional services	91	136	169	220
Marketing and business development	96	80	169	189
Technology and communications	214	201	425	402
Postage, printing and supplies	78	77	154	151
Other intangibles	55	70	112	141
Other	414	502	762	991
Total noninterest expense	2,557	2,601	5,027	5,161
Income before income taxes	1,973	1,942	3,918	3,774
Applicable income taxes	529	564	1,087	1,091
Net income	1,444	1,378	2,831	2,683
Net (income) loss attributable to noncontrolling interests	40	37	81	70
Net income attributable to U.S. Bancorp	1,484	1,415	2,912	2,753
Net income applicable to U.S. Bancorp common shareholders	$ 1,405	$ 1,345	$ 2,763	$ 2,630
Earnings per common share	$ 0.76	$ 0.71	$ 1.49	$ 1.39
Diluted earnings per common share	$ 0.76	$ 0.71	$ 1.49	$ 1.38
Dividends declared per common share	$ 0.230	$ 0.195	$ 0.425	$ 0.390
Average common shares outstanding	1,843	1,888	1,851	1,895
Average diluted common shares outstanding	1,853	1,898	1,860	1,904

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Loans and Allowance for Credit Losses

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Loans and Allowance for Credit Losses

Note 3 Loans and Allowance for Credit Losses

The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows:

	June 30, 2013					December 31, 2012
(Dollars in Millions)	Amount		Percent of Total			Amount		Percent of Total
Commercial
Commercial	$	62,910		27.6	%	$	60,742		27.2	%
Lease financing		5,275		2.3			5,481		2.5
Total commercial		68,185		29.9			66,223		29.7
Commercial Real Estate
Commercial mortgages		31,630		13.9			31,005		13.9
Construction and development		6,668		2.9			5,948		2.6
Total commercial real estate		38,298		16.8			36,953		16.5
Residential Mortgages
Residential mortgages		34,651		15.2			32,648		14.6
Home equity loans, first liens		13,102		5.7			11,370		5.1
Total residential mortgages		47,753		20.9			44,018		19.7
Credit Card		16,649		7.3			17,115		7.7
Other Retail
Retail leasing		5,802		2.6			5,419		2.4
Home equity and second mortgages		15,816		6.9			16,726		7.5
Revolving credit		3,260		1.4			3,332		1.5
Installment		5,635		2.5			5,463		2.4
Automobile		12,807		5.6			12,593		5.6
Student		3,785		1.7			4,179		1.9
Total other retail		47,105		20.7			47,712		21.3
Total loans, excluding covered loans		217,990		95.6			212,021		94.9
Covered Loans		9,985		4.4			11,308		5.1
Total loans	$	227,975		100.0	%	$	223,329		100.0	%

The Company had loans of $74.0 billion at June 30, 2013, and $74.1 billion at December 31, 2012, pledged at the Federal Home Loan Bank (“FHLB”), and loans of $51.0 billion at June 30, 2013, and $48.6 billion at December 31, 2012, pledged at the Federal Reserve Bank.

Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs. Net unearned interest and deferred fees and costs amounted to $605 million at June 30, 2013, and $753 million at December 31, 2012. All purchased loans and related indemnification assets are recorded at fair value at the date of purchase. The Company evaluates purchased loans for impairment at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans with evidence of credit deterioration since origination for which it is probable that all contractually required payments will not be collected are considered “purchased impaired loans.” All other purchased loans are considered “purchased nonimpaired loans.”

Changes in the accretable balance for purchased impaired loans were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	1,921		$	2,605		$	1,709		$	2,619
Purchases		–			–			–			13
Accretion		(125	)		(113	)		(261	)		(228	)
Disposals		(31	)		(56	)		(69	)		(98	)
Reclassifications (to)/from nonaccretable difference (a)		48			1			58			133
Other (b)		(11	)		(6	)		365			(8	)
Balance at end of period	$	1,802		$	2,431		$	1,802		$	2,431

(a) Primarily relates to changes in expected credit performance.

(b) The amount for the six months ended June 30, 2013, primarily represents the reclassification of unamortized decreases in the FDIC asset (which are now presented as a separate component within the covered assets table on page 55), partially offset by the impact of changes in expectations about retaining covered single-family loans beyond the term of the indemnification agreements.

Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”). The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses.

The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. The Company currently uses a 12-year period of historical losses in considering actual loss experience, because it believes that period best reflects the losses incurred in the portfolio. This timeframe and the results of the analysis are evaluated quarterly to determine if they are appropriate. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral for collateral-dependent loans. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses.

The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments.

The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and represents any decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC.

In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, incorporation of loss history is factored into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows.

The Company’s methodology for determining the appropriate allowance for credit losses for all the loan segments also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments.

The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.

Activity in the allowance for credit losses by portfolio class was as follows:

Three Months Ended June 30 (Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
2013
Balance at beginning of period	$	1,012		$	798		$	926		$	895		$	854		$	4,485		$	223		$	4,708
Add
Provision for credit losses		49			(38	)		69			152			89			321			41			362
Deduct
Loans charged off		63			16			81			191			134			485			21			506
Less recoveries of loans charged off		(25	)		(33	)		(7	)		(18	)		(29	)		(112	)		(2	)		(114	)
Net loans charged off		38			(17	)		74			173			105			373			19			392
Other changes (a)		—			—			—			—			—			—			(66	)		(66	)
Balance at end of period	$	1,023		$	777		$	921		$	874		$	838		$	4,433		$	179		$	4,612
2012
Balance at beginning of period	$	1,029		$	1,037		$	927		$	1,001		$	823		$	4,817		$	102		$	4,919
Add
Provision for credit losses		79			(43	)		121			165			122			444			26			470
Deduct
Loans charged off		93			76			114			198			149			630			1			631
Less recoveries of loans charged off		(22	)		(23	)		(5	)		(28	)		(32	)		(110	)		(1	)		(111	)
Net loans charged off		71			53			109			170			117			520			–			520
Other changes (a)		–			–			–			–			–			–			(5	)		(5	)
Balance at end of period	$	1,037		$	941		$	939		$	996		$	828		$	4,741		$	123		$	4,864

(a) Represents net changes in credit losses to be reimbursed by the FDIC and for the three months ended June 30, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

Six Months Ended June 30 (Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
2013
Balance at beginning of period	$	1,051		$	857		$	935		$	863		$	848		$	4,554		$	179		$	4,733
Add
Provision for credit losses		45			(78	)		152			344			221			684			81			765
Deduct
Loans charged off		119			59			181			384			290			1,033			22			1,055
Less recoveries of loans charged off		(46	)		(57	)		(15	)		(51	)		(59	)		(228	)		(2	)		(230	)
Net loans charged off		73			2			166			333			231			805			20			825
Other changes (a)		—			—			—			—			—			—			(61	)		(61	)
Balance at end of period	$	1,023		$	777		$	921		$	874		$	838		$	4,433		$	179		$	4,612
2012
Balance at beginning of period	$	1,010		$	1,154		$	927		$	992		$	831		$	4,914		$	100		$	5,014
Add
Provision for credit losses		184			(89	)		233			343			246			917			34			951
Deduct
Loans charged off		206			159			230			399			316			1,310			2			1,312
Less recoveries of loans charged off		(49	)		(35	)		(9	)		(60	)		(67	)		(220	)		(1	)		(221	)
Net loans charged off		157			124			221			339			249			1,090			1			1,091
Other changes (a)		–			–			–			–			–			–			(10	)		(10	)
Balance at end of period	$	1,037		$	941		$	939		$	996		$	828		$	4,741		$	123		$	4,864

(a) Represents net changes in credit losses to be reimbursed by the FDIC and for the six months ended June 30, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

Additional detail of the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans		Total Loans
Allowance Balance at June 30, 2013 Related to
Loans individually evaluated for impairment (a)	$	8	$	14	$	–	$	–	$	–	$	22	$	–	$	22
TDRs collectively evaluated for impairment		24		23		398		114		101		660		5		665
Other loans collectively evaluated for impairment		991		729		523		760		737		3,740		8		3,748
Loans acquired with deteriorated credit quality		–		11		–		–		–		11		166		177
Total allowance for credit losses	$	1,023	$	777	$	921	$	874	$	838	$	4,433	$	179	$	4,612
Allowance Balance at December 31, 2012 Related to
Loans individually evaluated for impairment (a)	$	10	$	30	$	–	$	–	$	–	$	40	$	–	$	40
TDRs collectively evaluated for impairment		28		29		446		153		97		753		1		754
Other loans collectively evaluated for impairment		1,013		791		489		710		751		3,754		17		3,771
Loans acquired with deteriorated credit quality		–		7		–		–		–		7		161		168
Total allowance for credit losses	$	1,051	$	857	$	935	$	863	$	848	$	4,554	$	179	$	4,733

(a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs.

Additional detail of loan balances by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans (b)		Total Loans
June 30, 2013
Loans individually evaluated for impairment (a)	$	155	$	413	$	–	$	–	$	–	$	568	$	37	$	605
TDRs collectively evaluated for impairment		186		376		4,317		358		291		5,528		109		5,637
Other loans collectively evaluated for impairment		67,841		37,424		43,431		16,291		46,814		211,801		5,540		217,341
Loans acquired with deteriorated credit quality		3		85		5		–		–		93		4,299		4,392
Total loans	$	68,185	$	38,298	$	47,753	$	16,649	$	47,105	$	217,990	$	9,985	$	227,975
December 31, 2012
Loans individually evaluated for impairment (a)	$	171	$	510	$	–	$	–	$	–	$	681	$	48	$	729
TDRs collectively evaluated for impairment		185		391		4,199		442		313		5,530		145		5,675
Other loans collectively evaluated for impairment		65,863		35,952		39,813		16,673		47,399		205,700		5,814		211,514
Loans acquired with deteriorated credit quality		4		100		6		–		–		110		5,301		5,411
Total loans	$	66,223	$	36,953	$	44,018	$	17,115	$	47,712	$	212,021	$	11,308	$	223,329

(a) Represents loans greater than $5 million classified as nonperforming or TDRs.

(b) Includes expected reimbursements from the FDIC under loss sharing agreements.

Credit Quality The quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.

For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent).

Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is considered uncollectible.

Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.

For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to the loan carrying amount. Interest payments are generally recorded as reductions to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. Interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.

Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable. Those loans are classified as nonaccrual loans and interest income is not recognized until the timing and amount of the future cash flows can be reasonably estimated.

The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:

	Accruing
(Dollars in Millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Nonperforming		Total
June 30, 2013
Commercial	$	67,836	$	184	$	60	$	105	$	68,185
Commercial real estate		37,775		89		10		424		38,298
Residential mortgages (a)		46,446		371		251		685		47,753
Credit card		16,163		194		183		109		16,649
Other retail		46,564		243		76		222		47,105
Total loans, excluding covered loans		214,784		1,081		580		1,545		217,990
Covered loans		9,097		181		539		168		9,985
Total loans	$	223,881	$	1,262	$	1,119	$	1,713	$	227,975
December 31, 2012
Commercial	$	65,701	$	341	$	58	$	123	$	66,223
Commercial real estate		36,241		158		8		546		36,953
Residential mortgages (a)		42,728		348		281		661		44,018
Credit card		16,525		227		217		146		17,115
Other retail		47,109		290		96		217		47,712
Total loans, excluding covered loans		208,304		1,364		660		1,693		212,021
Covered loans		9,900		359		663		386		11,308
Total loans	$	218,204	$	1,723	$	1,323	$	2,079	$	223,329

(a) At June 30, 2013, $411 million of loans 30-89 days past due and $3.4 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $441 million and $3.2 billion at December 31, 2012, respectively.

The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.

The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:

			Criticized
(Dollars in Millions)	Pass		Special Mention		Classified (a)		Total Criticized		Total
June 30, 2013
Commercial	$	66,109	$	1,046	$	1,030	$	2,076	$	68,185
Commercial real estate		36,030		562		1,706		2,268		38,298
Residential mortgages (b)		46,674		15		1,064		1,079		47,753
Credit card		16,356		–		293		293		16,649
Other retail		46,696		35		374		409		47,105
Total loans, excluding covered loans		211,865		1,658		4,467		6,125		217,990
Covered loans		9,619		42		324		366		9,985
Total loans	$	221,484	$	1,700	$	4,791	$	6,491	$	227,975
Total outstanding commitments	$	451,299	$	2,939	$	5,434	$	8,373	$	459,672
December 31, 2012
Commercial	$	63,906	$	1,114	$	1,203	$	2,317	$	66,223
Commercial real estate		34,096		621		2,236		2,857		36,953
Residential mortgages (b)		42,897		18		1,103		1,121		44,018
Credit card		16,752		–		363		363		17,115
Other retail		47,294		36		382		418		47,712
Total loans, excluding covered loans		204,945		1,789		5,287		7,076		212,021
Covered loans		10,786		61		461		522		11,308
Total loans	$	215,731	$	1,850	$	5,748	$	7,598	$	223,329
Total outstanding commitments	$	442,047	$	3,231	$	6,563	$	9,794	$	451,841

(a) Classified rating on consumer loans primarily based on delinquency status.

(b) At June 30, 2013, $3.4 billion of GNMA loans 90 days or more past due and $1.9 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $3.2 billion and $2.4 billion at December 31, 2012, respectively.

For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.

Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and therefore whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place.

A summary of impaired loans by portfolio class was as follows:

(Dollars in Millions)	Period-end Recorded Investment (a)		Unpaid Principal Balance		Valuation Allowance		Commitments to Lend Additional Funds
June 30, 2013
Commercial	$	384	$	1,030	$	41	$	24
Commercial real estate		918		1,832		46		10
Residential mortgages		2,769		3,424		374		3
Credit card		358		358		114		–
Other retail		427		461		106		4
Total impaired loans, excluding GNMA and covered loans		4,856		7,105		681		41
Loans purchased from GNMA mortgage pools		1,851		1,851		32		–
Covered loans		534		1.183		25		8
Total	$	7,241	$	10,139	$	738	$	49
December 31, 2012
Commercial	$	404	$	1,200	$	40	$	39
Commercial real estate		1,077		2,251		70		4
Residential mortgages		2,748		3,341		415		–
Credit card		442		442		153		–
Other retail		443		486		101		3
Total impaired loans, excluding GNMA and covered loans		5,114		7,720		779		46
Loans purchased from GNMA mortgage pools		1,778		1,778		39		–
Covered loans		767		1,584		20		12
Total	$	7,659	$	11,082	$	838	$	58

(a) Substantially all loans classified as impaired at June 30, 2013 and December 31, 2012, had an associated allowance for credit losses.

Additional information on impaired loans follows:

	2013				2012
(Dollars in Millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Three months ended June 30
Commercial	$	381	$	9	$	506	$	2
Commercial real estate		975		10		1,338		10
Residential mortgages		2,738		33		2,687		30
Credit card		376		5		543		8
Other retail		435		6		244		2
Total impaired loans, excluding GNMA and covered loans		4,905		63		5,318		52
Loans purchased from GNMA mortgage pools		1,880		23		1,320		16
Covered loans		564		8		1,065		11
Total	$	7,349	$	94	$	7,703	$	79
Six months ended June 30
Commercial	$	386	$	19	$	538	$	5
Commercial real estate		1,015		21		1,431		17
Residential mortgages		2,733		67		2,663		56
Credit card		397		9		546		16
Other retail		439		12		212		4
Total impaired loans, excluding GNMA and covered loans		4,970		128		5,390		98
Loans purchased from GNMA mortgage pools		1,862		46		1,299		31
Covered loans		623		15		1,121		13
Total	$	7,455	$	189	$	7,810	$	142

Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.

The following table provides a summary of loans modified as TDRs, by portfolio class:

	2013						2012
(Dollars in Millions)	Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance		Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance
Three months ended June 30
Commercial		596	$	54	$	47		1,048	$	70	$	65
Commercial real estate		36		37		35		71		121		113
Residential mortgages		430		62		63		450		74		74
Credit card		5,882		35		36		10,685		57		56
Other retail		807		16		15		809		20		20
Total loans, excluding GNMA and covered loans		7,751		204		196		13,063		342		328
Loans purchased from GNMA mortgage pools		2,879		345		316		2,177		277		311
Covered loans		21		13		12		50		57		51
Total loans		10,651	$	562	$	524		15,290	$	676	$	690
Six months ended June 30
Commercial		1,411	$	88	$	80		2,327	$	161	$	137
Commercial real estate		99		117		113		182		325		310
Residential mortgages		1,237		172		168		1,071		185		181
Credit card		13,700		83		84		24,903		137		136
Other retail		2,672		65		64		1,797		35		35
Total loans, excluding GNMA and covered loans		19,119		525		509		30,280		843		799
Loans purchased from GNMA mortgage pools		4,135		522		498		3,577		456		498
Covered loans		71		66		53		93		197		188
Total loans		23,325	$	1,113	$	1,060		33,950	$	1,496	$	1,485

Residential mortgages, home equity and second mortgages, and loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools in the table above include trial period arrangements offered to customers during the periods presented. The post-modification balances for these loans reflect the current outstanding balance until a permanent modification is made. In addition, the post-modification balances typically include capitalization of unpaid accrued interest and/or fees under the various modification programs. At June 30, 2013, 189 residential mortgages, 2 home equity and second mortgage loans and 299 loans purchased from GNMA mortgage pools with outstanding balances of $31 million, less than $1 million and $38 million, respectively, were in a trial period and have estimated post-modification balances of $31 million, less than $1 million and $36 million, respectively, assuming permanent modification occurs at the end of the trial period.

Many of the Company’s TDRs are determined on a case-by-case basis in connection with ongoing loan collection processes. However, the Company has also implemented certain restructuring programs that may result in TDRs.

For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies these concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty.

Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or other internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs.

Credit card and other retail loan modifications are generally part of two distinct restructuring programs. The Company offers workout programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. The Company also provides modification programs to qualifying customers experiencing a temporary financial hardship in which reductions are made to monthly required minimum payments for up to 12 months. Balances related to these programs are generally frozen; however, accounts may be reopened upon successful exit of the program, in which account privileges may be restored.

In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs.

Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for purposes of the Company’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with the modification on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under loss sharing agreements with the FDIC.

The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) during the periods presented that were modified as TDRs within 12 months previous to default:

	2013				2012
(Dollars in Millions)	Number of Loans		Amount Defaulted		Number of Loans		Amount Defaulted
Three months ended June 30
Commercial		172	$	3		216	$	10
Commercial real estate		23		44		29		72
Residential mortgages		187		28		247		22
Credit card		1,638		10		2,390		13
Other retail		369		15		158		1
Total loans, excluding GNMA and covered loans		2,389		100		3,040		118
Loans purchased from GNMA mortgage pools		481		68		262		39
Covered loans		15		9		7		27
Total loans		2,885	$	177		3,309	$	184
Six months ended June 30
Commercial		340	$	5		457	$	31
Commercial real estate		42		72		83		164
Residential mortgages		370		59		311		34
Credit card		3,624		21		4,916		28
Other retail		886		43		342		4
Total loans, excluding GNMA and covered loans		5,262		200		6,109		261
Loans purchased from GNMA mortgage pools		4,303		546		483		72
Covered loans		25		12		41		87
Total loans		9,590	$	758		6,633	$	420

In addition to the defaults in the table above, during the three and six months ended June 30, 2013, the Company had a total of 209 and 306 of residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools with aggregate outstanding balances of $25 million and $41 million, respectively, where borrowers did not successfully complete the trial period arrangement and therefore are no longer eligible for a permanent modification under the applicable modification program.

Covered Assets Covered assets represent loans and other assets acquired from the FDIC, subject to loss sharing agreements, and include expected reimbursements from the FDIC. The carrying amount of the covered assets consisted of purchased impaired loans, purchased nonimpaired loans and other assets as shown in the following table:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total		Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total
Commercial loans	$	–	$	124	$	–	$	124	$	–	$	143	$	–	$	143
Commercial real estate loans		1,095		1,915		–		3,010		1,323		2,695		–		4,018
Residential mortgage loans		3,204		995		–		4,199		3,978		1,109		–		5,087
Credit card loans		–		5		–		5		–		5		–		5
Other retail loans		–		718		–		718		–		775		–		775
Losses reimbursable by the FDIC (a)		–		–		1,185		1,185		–		–		1,280		1,280
Unamortized changes in FDIC asset (b)		–		–		744		744		–		–		–		–
Covered loans		4,299		3,757		1,929		9,985		5,301		4,727		1,280		11,308
Foreclosed real estate		–		–		187		187		–		–		197		197
Total covered assets	$	4,299	$	3,757	$	2,116	$	10,172	$	5,301	$	4,727	$	1,477	$	11,505

(a) Relates to loss sharing agreements with remaining terms up to six years.

(b) Represents decreases in losses expected to be reimbursed by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. These amounts were presented within the separate loan categories prior to January 1, 2013.

The Company adopted new indemnification asset accounting guidance effective January 1, 2013 applicable to FDIC loss-sharing agreements. The guidance requires any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) to be amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to adoption of this guidance, such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets were considered together and recognized over the remaining life of the loans. The adoption of this guidance did not materially affect the Company’s financial statements.

At June 30, 2013, $8 million of the purchased impaired loans included in covered loans were classified as nonperforming assets, compared with $82 million at December 31, 2012, because the expected cash flows are primarily based on the liquidation of underlying collateral and the timing and amount of the cash flows could not be reasonably estimated. Interest income is recognized on other purchased impaired loans through accretion of the difference between the carrying amount of those loans and their expected cash flows. The initial determination of the fair value of the purchased loans includes the impact of expected credit losses and, therefore, no allowance for credit losses is recorded at the purchase date. To the extent credit deterioration occurs after the date of acquisition, the Company records an allowance for credit losses.

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Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

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 June 30 (Dollars in Millions)	2013			2012		Percent Change			2013		2012		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	519		$	521		(.4	)%	$	1,132	$	1,180		(4.1	)%
Noninterest income		273			320		(14.7	)		776		905		(14.3	)
Securities gains (losses), net		–			–		–			–		–		–
Total net revenue		792			841		(5.8	)		1,908		2,085		(8.5	)
Noninterest expense		313			321		(2.5	)		1,182		1,210		(2.3	)
Other intangibles		2			4		(50.0	)		10		13		(23.1	)
Total noninterest expense		315			325		(3.1	)		1,192		1,223		(2.5	)
Income before provision and income taxes		477			516		(7.6	)		716		862		(16.9	)
Provision for credit losses		(30	)		–		*			168		274		(38.7	)
Income before income taxes		507			516		(1.7	)		548		588		(6.8	)
Income taxes and taxable-equivalent adjustment		184			188		(2.1	)		199		214		(7.0	)
Net income		323			328		(1.5	)		349		374		(6.7	)
Net (income) loss attributable to noncontrolling interests		–			–		–			–		–		–
Net income attributable to U.S. Bancorp	$	323		$	328		(1.5	)	$	349	$	374		(6.7	)
Average Balance Sheet
Commercial	$	50,332		$	44,479		13.2	%	$	8,423	$	8,084		4.2	%
Commercial real estate		20,366			19,720		3.3			16,765		16,083		4.2
Residential mortgages		29			63		(54.0	)		46,084		38,727		19.0
Credit card		–			–		–			–		–		–
Other retail		7			4		75.0			44,570		45,570		(2.2	)
Total loans, excluding covered loans		70,734			64,266		10.1			115,842		108,464		6.8
Covered loans		371			1,077		(65.6	)		6,724		7,640		(12.0	)
Total loans		71,105			65,343		8.8			122,566		116,104		5.6
Goodwill		1,604			1,604		–			3,515		3,515		–
Other intangible assets		26			38		(31.6	)		2,208		1,824		21.1
Assets		77,914			71,380		9.2			138,303		132,730		4.2
Noninterest-bearing deposits		30,202			30,557		(1.2	)		21,889		19,366		13.0
Interest checking		10,202			10,824		(5.7	)		33,080		29,934		10.5
Savings products		12,938			7,508		72.3			46,203		43,214		6.9
Time deposits		16,415			17,032		(3.6	)		21,666		24,242		(10.6	)
Total deposits		69,757			65,921		5.8			122,838		116,756		5.2
Total U.S. Bancorp shareholders’ equity		7,346			6,333		16.0			12,063		11,106		8.6

	Wholesale Banking and Commercial Real Estate								Consumer and Small Business Banking
Six Months Ended June 30 (Dollars in Millions)	2013			2012		Percent Change			2013		2012		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,030		$	1,056		(2.5	)%	$	2,284	$	2,361		(3.3	)%
Noninterest income		552			631		(12.5	)		1,559		1,770		(11.9	)
Securities gains (losses), net		–			–		–			–		–		–
Total net revenue		1,582			1,687		(6.2	)		3,843		4,131		(7.0	)
Noninterest expense		630			640		(1.6	)		2,372		2,391		(.8	)
Other intangibles		4			8		(50.0	)		21		26		(19.2	)
Total noninterest expense		634			648		(2.2	)		2,393		2,417		(1.0	)
Income before provision and income taxes		948			1,039		(8.8	)		1,450		1,714		(15.4	)
Provision for credit losses		(75	)		3		*			404		529		(23.6	)
Income before income taxes		1,023			1,036		(1.3	)		1,046		1,185		(11.7	)
Income taxes and taxable-equivalent adjustment		372			377		(1.3	)		380		431		(11.8	)
Net income		651			659		(1.2	)		666		754		(11.7	)
Net (income) loss attributable to noncontrolling interests		–			–		–			–		–		–
Net income attributable to U.S. Bancorp	$	651		$	659		(1.2	)	$	666	$	754		(11.7	)
Average Balance Sheet
Commercial	$	49,781		$	43,365		14.8	%	$	8,367	$	7,991		4.7	%
Commercial real estate		20,133			19,570		2.9			16,666		15,996		4.2
Residential mortgages		29			64		(54.7	)		45,296		38,052		19.0
Credit card		–			–		–			–		–		–
Other retail		10			4		*			44,743		45,576		(1.8	)
Total loans, excluding covered loans		69,953			63,003		11.0			115,072		107,615		6.9
Covered loans		415			1,103		(62.4	)		6,832		7,766		(12.0	)
Total loans		70,368			64,106		9.8			121,904		115,381		5.7
Goodwill		1,604			1,604		–			3,514		3,515		–
Other intangible assets		27			40		(32.5	)		2,112		1,794		17.7
Assets		76,813			69,908		9.9			138,779		131,719		5.4
Noninterest-bearing deposits		30,052			30,470		(1.4	)		21,631		19,048		13.6
Interest checking		10,524			11,950		(11.9	)		32,754		29,470		11.1
Savings products		12,400			8,193		51.3			45,914		42,772		7.3
Time deposits		16,428			15,193		8.1			22,075		24,306		(9.2	)
Total deposits		69,404			65,806		5.5			122,374		115,596		5.9
Total U.S. Bancorp shareholders’ equity		7,279			6,298		15.6			12,026		10,937		10.0

* Not meaningful

Wealth Management and Securities Services							Payment Services									Treasury and Corporate Support									Consolidated Company
2013		2012		Percent Change			2013			2012			Percent Change			2013			2012			Percent Change			2013		2012			Percent Change
$	91	$	83		9.6	%	$	387		$	376			2.9	%	$	543		$	553			(1.8	)%	$	2,672	$	2,713			(1.5	)%
	310		278		11.5			828			816			1.5			83			55			50.9			2,270		2,374			(4.4	)
	–		–		–			–			–			–			6			(19	)		*			6		(19	)		*
	401		361		11.1			1,215			1,192			1.9			632			589			7.3			4,948		5,068			(2.4	)
	319		285		11.9			491			445			10.3			197			270			(27.0	)		2,502		2,531			(1.1	)
	9		10		(10.0	)		34			43			(20.9	)		–			–			–			55		70			(21.4	)
	328		295		11.2			525			488			7.6			197			270			(27.0	)		2,557		2,601			(1.7	)
	73		66		10.6			690			704			(2.0	)		435			319			36.4			2,391		2,467			(3.1	)
	1		2		(50.0	)		183			197			(7.1	)		40			(3	)		*			362		470			(23.0	)
	72		64		12.5			507			507			–			395			322			22.7			2,029		1,997			1.6
	26		23		13.0			184			184			–			(8	)		10			*			585		619			(5.5	)
	46		41		12.2			323			323			–			403			312			29.2			1,444		1,378			4.8
	–		–		–			(10	)		(10	)		–			50			47			6.4			40		37			8.1
$	46	$	41		12.2		$	313		$	313			–		$	453		$	359			26.2		$	1,484	$	1,415			4.9
$	1,794	$	1,270		41.3	%	$	6,035		$	6,001			.6	%	$	178		$	186			(4.3	)%	$	66,762	$	60,020			11.2	%
	651		604		7.8			–			–			–			102			142			(28.2	)		37,884		36,549			3.7
	759		372		*			–			–			–			1			4			(75.0	)		46,873		39,166			19.7
	–		–		–			16,416			16,696			(1.7	)		–			–			–			16,416		16,696			(1.7	)
	1,548		1,512		2.4			741			814			(9.0	)		–			–			–			46,866		47,900			(2.2	)
	4,752		3,758		26.5			23,192			23,511			(1.4	)		281			332			(15.4	)		214,801		200,331			7.2
	15		12		25.0			5			5			–			3,270			5,004			(34.7	)		10,385		13,738			(24.4	)
	4,767		3,770		26.4			23,197			23,516			(1.4	)		3,551			5,336			(33.5	)		225,186		214,069			5.2
	1,527		1,469		3.9			2,508			2,350			6.7			–			–			–			9,154		8,938			2.4
	173		175		(1.1	)		585			734			(20.3	)		2			4			(50.0	)		2,994		2,775			7.9
	7,620		6,479		17.6			29,401			29,785			(1.3	)		96,351			100,055			(3.7	)		349,589		340,429			2.7
	13,805		13,476		2.4			675			632			6.8			295			500			(41.0	)		66,866		64,531			3.6
	4,672		3,833		21.9			448			1,336			(66.5	)		1			1			–			48,403		45,928			5.4
	28,021		23,114		21.2			54			37			45.9			81			139			(41.7	)		87,297		74,012			17.9
	5,585		4,662		19.8			–			–			–			1,153			894			29.0			44,819		46,830			(4.3	)
	52,083		45,085		15.5			1,177			2,005			(41.3	)		1,530			1,534			(.3	)		247,385		231,301			7.0
	2,370		2,224		6.6			6,020			5,670			6.2			12,105			11,933			1.4			39,904		37,266			7.1

Wealth Management and Securities Services							Payment Services									Treasury and Corporate Support								Consolidated Company
2013		2012		Percent Change			2013			2012			Percent Change			2013		2012			Percent Change			2013		2012			Percent Change
$	183	$	177		3.4	%	$	775		$	772			.4	%	$	1,109	$	1,037			6.9	%	$	5,381	$	5,403			(.4	)%
	604		545		10.8			1,575			1,548			1.7			140		119			17.6			4,430		4,613			(4.0	)
	–		–		–			–			–			–			11		(19	)		*			11		(19	)		*
	787		722		9.0			2,350			2,320			1.3			1,260		1,137			10.8			9,822		9,997			(1.8	)
	641		566		13.3			970			899			7.9			302		524			(42.4	)		4,915		5,020			(2.1	)
	18		20		(10.0	)		69			87			(20.7	)		–		–			–			112		141			(20.6	)
	659		586		12.5			1,039			986			5.4			302		524			(42.4	)		5,027		5,161			(2.6	)
	128		136		(5.9	)		1,311			1,334			(1.7	)		958		613			56.3			4,795		4,836			(.8	)
	1		1		–			388			413			(6.1	)		47		5			*			765		951			(19.6	)
	127		135		(5.9	)		923			921			.2			911		608			49.8			4,030		3,885			3.7
	46		49		(6.1	)		335			335			–			66		10			*			1,199		1,202			(.2	)
	81		86		(5.8	)		588			586			.3			845		598			41.3			2,831		2,683			5.5
	–		–		–			(19	)		(20	)		5.0			100		90			11.1			81		70			15.7
$	81	$	86		(5.8	)	$	569		$	566			.5		$	945	$	688			37.4		$	2,912	$	2,753			5.8
$	1,767	$	1,213		45.7	%	$	5,948		$	5,824			2.1	%	$	171	$	183			(6.6	)%	$	66,034	$	58,576			12.7	%
	650		594		9.4			–			–			–			104		107			(2.8	)		37,553		36,267			3.5
	670		377		77.7			–			–			–			1		5			(80.0	)		45,996		38,498			19.5
	–		–		–			16,472			16,737			(1.6	)		–		–			–			16,472		16,737			(1.6	)
	1,550		1,510		2.6			752			825			(8.8	)		–		–			–			47,055		47,915			(1.8	)
	4,637		3,694		25.5			23,172			23,386			(.9	)		276		295			(6.4	)		213,110		197,993			7.6
	12		12		–			5			5			–			3,437		5,236			(34.4	)		10,701		14,122			(24.2	)
	4,649		3,706		25.4			23,177			23,391			(.9	)		3,713		5,531			(32.9	)		223,811		212,115			5.5
	1,528		1,468		4.1			2,508			2,350			6.7			–		–			–			9,154		8,937			2.4
	177		176		.6			598			753			(20.6	)		3		4			(25.0	)		2,917		2,767			5.4
	7,511		6,366		18.0			29,421			29,768			(1.2	)		97,959		100,597			(2.6	)		350,483		338,358			3.6
	13,950		13,419		4.0			683			646			5.7			318		474			(32.9	)		66,634		64,057			4.0
	4,686		3,952		18.6			439			1,320			(66.7	)		1		1			–			48,404		46,693			3.7
	27,456		23,257		18.1			50			36			38.9			88		134			(34.3	)		85,908		74,392			15.5
	5,766		4,603		25.3			–			–			–			993		548			81.2			45,262		44,650			1.4
	51,858		45,231		14.7			1,172			2,002			(41.5	)		1,400		1,157			21.0			246,208		229,792			7.1
	2,366		2,214		6.9			5,985			5,699			5.0			11,887		11,193			6.2			39,543		36,341			8.8

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Mortgage Servicing Rights - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Transfers And Servicing Of Financial Assets [Abstract]
Company serviced residential mortgage loan for others	$ 223,900,000,000		$ 223,900,000,000		$ 215,600,000,000
Gain/Loss on the fair value of mortgage servicing rights and fair value changes of derivatives used to offset MSR	13,000,000	32,000,000	55,000,000	62,000,000
Loan servicing fees	$ 187,000,000	$ 174,000,000	$ 374,000,000	$ 345,000,000

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Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Deliquency Status (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	$ 223,881	$ 218,204
Accruing 30-89 Days Past Due	1,262	1,723
90 Days or More Past Due	1,119	1,323
Nonperforming	1,713	2,079
Total loans, excluding covered loans	217,990	212,021
Total loans	227,975	223,329
Commercial [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	67,836	65,701
Accruing 30-89 Days Past Due	184	341
90 Days or More Past Due	60	58
Nonperforming	105	123
Total loans, excluding covered loans	68,185	66,223
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	37,775	36,241
Accruing 30-89 Days Past Due	89	158
90 Days or More Past Due	10	8
Nonperforming	424	546
Total loans, excluding covered loans	38,298	36,953
Residential Mortgages [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	46,446	42,728
Accruing 30-89 Days Past Due	371	348
90 Days or More Past Due	251	281
Nonperforming	685	661
Total loans, excluding covered loans	47,753	44,018
Credit Card [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	16,163	16,525
Accruing 30-89 Days Past Due	194	227
90 Days or More Past Due	183	217
Nonperforming	109	146
Total loans, excluding covered loans	16,649	17,115
Other Retail [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	46,564	47,109
Accruing 30-89 Days Past Due	243	290
90 Days or More Past Due	76	96
Nonperforming	222	217
Total loans, excluding covered loans	47,105	47,712
Total Loans, Excluding Covered Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	214,784	208,304
Accruing 30-89 Days Past Due	1,081	1,364
90 Days or More Past Due	580	660
Nonperforming	1,545	1,693
Total loans, excluding covered loans	217,990	212,021
Covered Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	9,097	9,900
Accruing 30-89 Days Past Due	181	359
90 Days or More Past Due	539	663
Nonperforming	168	386
Total loans	$ 9,985	$ 11,308

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Derivative Instruments

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note  11 Derivative Instruments

In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be paid related to a recognized asset or liability (“cash flow hedge”); a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”); or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).

Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying fixed-rate debt. Changes in the fair value of derivatives designated as fair value hedges, and changes in the fair value of the hedged items, are recorded in earnings. All fair value hedges were highly effective for the six months ended June 30, 2013, and the change in fair value attributed to hedge ineffectiveness was not material.

Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate loans and debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts within other comprehensive income (loss) remain. At June 30, 2013, the Company had $313 million (net-of-tax) of realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss), compared with $404 million (net-of-tax) at December 31, 2012. The estimated amount to be reclassified from other comprehensive income (loss) into earnings during the remainder of 2013 and the next 12 months are losses of $59 million (net-of-tax) and $118 million (net-of-tax), respectively. This amount includes gains and losses related to hedges that were terminated early for which the forecasted transactions are still probable. All cash flow hedges were highly effective for the six months ended June 30, 2013, and the change in fair value attributed to hedge ineffectiveness was not material.

Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and occasionally non-derivative debt instruments, to hedge the volatility of its investment in foreign operations driven by fluctuations in foreign currency exchange rates. The ineffectiveness on all net investment hedges was not material for the six months ended June 30, 2013. There were no non-derivative debt instruments designated as net investment hedges at June 30, 2013 or December 31, 2012.

Other Derivative PositionsThe Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell to-be-announced securities (“TBAs”) and other commitments to sell residential mortgage loans, which are used to economically hedge the interest rate risk related to residential mortgage loans held for sale (“MLHFS”) and unfunded mortgage loan commitments. The Company also enters into interest rate swaps, forward commitments to buy TBAs, U.S. Treasury futures and options on U.S. Treasury futures to economically hedge the change in the fair value of the Company’s MSRs. The Company also enters into foreign currency forwards to economically hedge remeasurement gains and losses the Company recognizes on foreign currency denominated assets and liabilities. In addition, the Company acts as a seller and buyer of interest rate derivatives and foreign exchange contracts for its customers. To mitigate the market and liquidity risk associated with these customer derivatives, the Company enters into similar offsetting positions with broker-dealers. The Company also has derivative contracts that are created through its operations, including commitments to originate MLHFS and certain derivative financial guarantee contracts.

For additional information on the Company’s purpose for entering into derivative transactions and its overall risk management strategies, refer to “Management Discussion and Analysis —Use of Derivatives to Manage Interest Rate and Other Risks” which is incorporated by reference into these Notes to Consolidated Financial Statements.

The following table summarizes the asset and liability management derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
June 30, 2013
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	24		2.59	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		272		18		9.27		4,288		580		2.96
Receive fixed/pay floating swaps		7,000		31		1.35		–		–		–
Net investment hedges
Foreign exchange forward contracts		918		22		.04		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		2,042		15		.10		5,856		155		.07
Sell		10,633		518		.11		2,322		25		.13
Options
Purchased		2,225		–		.08		–		–		–
Written		1,795		16		.10		1,513		20		.05
Receive fixed/pay floating swaps		–		–		–		3,945		108		10.23
Foreign exchange forward contracts		1,837		15		.03		1,187		3		.03
Equity contracts		28		1		2.38		43		1		1.97
Credit contracts		1,216		3		4.44		2,047		10		2.95
Total	$	28,466	$	663			$	21,201	$	902
December 31, 2012
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	30		3.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		32		–		9.88		4,528		718		3.79
Receive fixed/pay floating swaps		7,000		45		1.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		758		1		.07		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		11,164		138		.07		2,921		13		.04
Sell		6,299		18		.11		12,223		57		.09
Options
Purchased		2,435		–		.07		–		–		–
Written		4,991		123		.12		4		–		.06
Receive fixed/pay floating swaps		350		1		10.21		3,775		14		10.21
Foreign exchange forward contracts		618		4		.03		1,383		6		.01
Equity contracts		31		–		2.80		27		–		2.46
Credit contracts		1,056		3		4.56		1,947		10		3.11
Total	$	35,234	$	363			$	26,808	$	818

The following table summarizes the customer-related derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
June 30, 2013
Interest rate contracts
Receive fixed/pay floating swaps	$	12,603	$	753		5.07	$	5,175	$	93		5.28
Pay fixed/receive floating swaps		5,463		100		5.27		12,404		711		5.09
Options
Purchased		3,548		27		4.62		–		–		–
Written		28		–		3.92		3,475		27		4.68
Foreign exchange rate contracts
Forwards, spots and swaps		10,397		526		.57		9,582		494		.57
Options
Purchased		245		4		.49		–		–		–
Written		–		–		–		245		4		.49
Total	$	32,284	$	1,410			$	30,881	$	1,329
December 31, 2012
Interest rate contracts
Receive fixed/pay floating swaps	$	16,671	$	1,085		4.78	$	1,090	$	15		9.30
Pay fixed/receive floating swaps		928		14		11.12		16,923		1,042		4.74
Options
Purchased		3,046		16		5.24		28		–		4.42
Written		286		–		.75		2,788		16		5.68
Foreign exchange rate contracts
Forwards, spots and swaps		12,186		322		.43		11,861		286		.44
Options
Purchased		323		6		.55		–		–		–
Written		–		–		–		323		6		.55
Total	$	33,440	$	1,443			$	33,013	$	1,365

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):

	Three Months Ended June 30,												Six Months Ended June 30,
	Gains (Losses) Recognized in Other Comprehensive Income (Loss)						Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings						Gains (Losses) Recognized in Other Comprehensive Income (Loss)					Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2013			2012			2013			2012			2013		2012			2013			2012
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts (a)	$	33		$	(24	)	$	(25	)	$	(32	)	$	33	$	(23	)	$	(58	)	$	(65	)
Net investment hedges
Foreign exchange forward contracts		(17	)		–			–			–			6		(6	)		–			–
Non-derivative debt instruments		–			37			–			–			–		37			–			–

Note: Ineffectiveness on cash flow and net investment hedges was not material for the three and six months ended June 30, 2013 and 2012.

(a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt.

The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions:

	Location of Gains (Losses) Recognized in Earnings		Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)			2013			2012			2013			2012
Asset and Liability Management Positions
Fair value hedges (a)
Interest rate contracts		Other noninterest income	$	(5	)	$	3		$	(7	)	$	3
Foreign exchange cross-currency swaps		Other noninterest income		–			–			–			42
Other economic hedges
Interest rate contracts
Futures and forwards		Mortgage banking revenue		300			(58	)		536			111
Purchased and written options		Mortgage banking revenue		17			245			146			399
Receive fixed/pay floating swaps		Mortgage banking revenue		(219	)		195			(259	)		138
Foreign exchange forward contracts		Commercial products revenue		26			(30	)		34			(37	)
Equity contracts		Compensation expense		1			–			1			(1	)
Credit contracts		Other noninterest income/expense		–			–			(1	)		(6	)
Customer-Related Positions
Interest rate contracts
Receive fixed/pay floating swaps		Other noninterest income		(205	)		146			(301	)		6
Pay fixed/receive floating swaps		Other noninterest income		212			(143	)		308			(4	)
Foreign exchange rate contracts
Forwards, spots and swaps		Commercial products revenue		14			12			21			23

(a) Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $5 million and zero for the three months ended June 30, 2013, respectively, and $(3) million and less than $1 million for the three months ended June 30, 2012, respectively. Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $7 million and zero for the six months ended June 30, 2013, respectively, and $(3) million and $(44) million for the six months ended June 30, 2012, respectively. The ineffective portion was immaterial for the three and six months ended June 30, 2013 and 2012.

Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements require the counterparty to deliver, on a daily basis, collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable. For highly-rated counterparties, the collateral arrangements may include minimum dollar thresholds, but allow for the Company to call for immediate, full collateral coverage when credit-rating thresholds are triggered by counterparties.

The Company’s collateral arrangements are bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on certain net liability thresholds and contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate full collateral coverage for derivatives in net liability positions. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at June 30, 2013, was $1.1 billion. At June 30, 2013, the Company had $777 million of cash posted as collateral against this net liability position.

XML

Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions (Parenthetical) (Detail) (Asset and Liability Management Positions [Member], Fair Value Hedges [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Interest Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain losses on items hedged by fair value hedges	$ 5	$ (3)	$ 7	$ (3)
Foreign Exchange Cross-Currency Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain losses on items hedged by fair value hedges	$ 0	$ 1	$ 0	$ (44)

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Investment Securities - Changes in Credit Losses on Debt Securities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Investments Debt And Equity Securities [Abstract]
Balance at beginning of period	$ 133	$ 288	$ 134	$ 298
Credit losses on securities not previously considered other-than-temporarily impaired		2		3
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized	3	11	10	19
Total other-than-temporary impairment on debt securities	3	13	10	22
Increases in expected cash flows	(1)	(8)	(1)	(14)
Realized losses (a)	(6)	(16)	(14)	(29)
Credit losses on security sales and securities expected to be sold	(5)		(5)
Balance at end of period	$ 124	$ 277	$ 124	$ 277

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Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended		12 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Income Taxes Additional Information [Abstract]
Federal statutory rate	35.00%	35.00%	35.00%
Net deferred tax liability	$ 958		$ 1,300

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Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Deliquency Status (Parenthetical) (Detail) (Government National Mortgage Association [Member], USD $)	Jun. 30, 2013	Dec. 31, 2012
Government National Mortgage Association [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current	$ 411,000,000	$ 441,000,000
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current	$ 3,400,000,000	$ 3,200,000,000

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Investment Securities - Investment Securities (Parenthetical) (Detail)	6 Months Ended		12 Months Ended
	Jun. 30, 2013 Y	Jun. 30, 2012	Dec. 31, 2012 Y
Amortized Cost And Fair Value Debt Securities [Abstract]
Federal statutory rate	35.00%	35.00%	35.00%
Weighted-average maturity of available-for-sale investment securities	5.4		4.1
Weighted-average yield of available-for-sale investment securities	2.72%		2.93%
Weighted average maturity of held-to-maturity investment securities	4.2		3.3
Weighted-average yield of held-to-maturity investment securities	1.89%		1.94%

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Mortgage Servicing Rights (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Changes in Fair Value of Capitalized MSRs

Changes in fair value of capitalized MSRs are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	1,955		$	1,737		$	1,700		$	1,519
Rights purchased		3			16			5			29
Rights capitalized		233			215			487			476
Changes in fair value of MSRs
Due to fluctuations in market interest rates (a)		305			(239	)		432			(175	)
Due to revised assumptions or models (b)		(3	)		(18	)		(9	)		(17	)
Other changes in fair value (c)		(116	)		(117	)		(238	)		(238	)
Balance at end of period	$	2,377		$	1,594		$	2,377		$	1,594

(a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.

(b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes.

(c) Primarily represents changes due to realization of expected cash flows over time (decay).

Sensitivity to Changes in Interest Rates to Fair Value of MSR's Portfolio and Related Derivative Instruments

The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments was as follows:

	June 30, 2013																		December 31, 2012
(Dollars in Millions)	Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps			Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps
MSR portfolio	$	(429	)	$	(204	)	$	(96	)	$	88		$	165		$	312		$	(370	)	$	(217	)	$	(118	)	$	126		$	249		$	480
Derivative instrument hedges		436			197			92			(85	)		(166	)		(323	)		473			249			124			(121	)		(243	)		(486	)
Net sensitivity	$	7		$	(7	)	$	(4	)	$	3		$	(1	)	$	(11	)	$	103		$	32		$	6		$	5		$	6		$	(6	)

MSRs and Related Characteristics by Portfolio

A summary of the Company’s MSRs and related characteristics by portfolio was as follows:  

	June 30, 2013												December 31, 2012
(Dollars in Millions)	MRBP			Government			Conventional (b)			Total			MRBP			Government			Conventional (b)			Total
Servicing portfolio	$	14,516		$	40,552		$	168,836		$	223,904		$	14,143		$	39,048		$	162,446		$	215,637
Fair value	$	160		$	429		$	1,788		$	2,377		$	154		$	314		$	1,232		$	1,700
Value (bps) (a)		110			106			106			106			109			80			76			79
Weighted-average servicing fees (bps)		40			32			30			31			40			33			30			31
Multiple (value/servicing fees)		2.75			3.31			3.53			3.42			2.73			2.42			2.53			2.55
Weighted-average note rate		4.89	%		4.34	%		4.26	%		4.32	%		5.13	%		4.57	%		4.48	%		4.54	%
Weighted-average age (in years)		4.1			2.4			2.4			2.5			4.2			2.4			2.5			2.6
Weighted-average expected prepayment (constant prepayment rate)		12.8	%		14.2	%		12.5	%		12.8	%		13.2	%		21.2	%		20.4	%		20.1	%
Weighted-average expected life (in years)		6.2			5.9			6.3			6.2			6.1			4.2			4.1			4.2
Weighted-average discount rate		12.1	%		11.3	%		9.9	%		10.3	%		12.1	%		11.4	%		10.0	%		10.4	%

(a) Value is calculated as fair value divided by the servicing portfolio.

(b) Represents loans sold primarily to GSEs.

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Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Composition of Loan Portfolio

The composition of the loan portfolio, disaggregated by class and underlying specific portfolio type, was as follows:

	June 30, 2013					December 31, 2012
(Dollars in Millions)	Amount		Percent of Total			Amount		Percent of Total
Commercial
Commercial	$	62,910		27.6	%	$	60,742		27.2	%
Lease financing		5,275		2.3			5,481		2.5
Total commercial		68,185		29.9			66,223		29.7
Commercial Real Estate
Commercial mortgages		31,630		13.9			31,005		13.9
Construction and development		6,668		2.9			5,948		2.6
Total commercial real estate		38,298		16.8			36,953		16.5
Residential Mortgages
Residential mortgages		34,651		15.2			32,648		14.6
Home equity loans, first liens		13,102		5.7			11,370		5.1
Total residential mortgages		47,753		20.9			44,018		19.7
Credit Card		16,649		7.3			17,115		7.7
Other Retail
Retail leasing		5,802		2.6			5,419		2.4
Home equity and second mortgages		15,816		6.9			16,726		7.5
Revolving credit		3,260		1.4			3,332		1.5
Installment		5,635		2.5			5,463		2.4
Automobile		12,807		5.6			12,593		5.6
Student		3,785		1.7			4,179		1.9
Total other retail		47,105		20.7			47,712		21.3
Total loans, excluding covered loans		217,990		95.6			212,021		94.9
Covered Loans		9,985		4.4			11,308		5.1
Total loans	$	227,975		100.0	%	$	223,329		100.0	%

Changes in Accretable Balance for Purchased Impaired Loans

Changes in the accretable balance for purchased impaired loans were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	1,921		$	2,605		$	1,709		$	2,619
Purchases		–			–			–			13
Accretion		(125	)		(113	)		(261	)		(228	)
Disposals		(31	)		(56	)		(69	)		(98	)
Reclassifications (to)/from nonaccretable difference (a)		48			1			58			133
Other (b)		(11	)		(6	)		365			(8	)
Balance at end of period	$	1,802		$	2,431		$	1,802		$	2,431

(a) Primarily relates to changes in expected credit performance.

(b) The amount for the six months ended June 30, 2013, primarily represents the reclassification of unamortized decreases in the FDIC asset (which are now presented as a separate component within the covered assets table on page 55), partially offset by the impact of changes in expectations about retaining covered single-family loans beyond the term of the indemnification agreements.

Activity in Allowance for Credit Losses

Activity in the allowance for credit losses by portfolio class was as follows:

Three Months Ended June 30 (Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
2013
Balance at beginning of period	$	1,012		$	798		$	926		$	895		$	854		$	4,485		$	223		$	4,708
Add
Provision for credit losses		49			(38	)		69			152			89			321			41			362
Deduct
Loans charged off		63			16			81			191			134			485			21			506
Less recoveries of loans charged off		(25	)		(33	)		(7	)		(18	)		(29	)		(112	)		(2	)		(114	)
Net loans charged off		38			(17	)		74			173			105			373			19			392
Other changes (a)		—			—			—			—			—			—			(66	)		(66	)
Balance at end of period	$	1,023		$	777		$	921		$	874		$	838		$	4,433		$	179		$	4,612
2012
Balance at beginning of period	$	1,029		$	1,037		$	927		$	1,001		$	823		$	4,817		$	102		$	4,919
Add
Provision for credit losses		79			(43	)		121			165			122			444			26			470
Deduct
Loans charged off		93			76			114			198			149			630			1			631
Less recoveries of loans charged off		(22	)		(23	)		(5	)		(28	)		(32	)		(110	)		(1	)		(111	)
Net loans charged off		71			53			109			170			117			520			–			520
Other changes (a)		–			–			–			–			–			–			(5	)		(5	)
Balance at end of period	$	1,037		$	941		$	939		$	996		$	828		$	4,741		$	123		$	4,864

(a) Represents net changes in credit losses to be reimbursed by the FDIC and for the three months ended June 30, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

Six Months Ended June 30 (Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
2013
Balance at beginning of period	$	1,051		$	857		$	935		$	863		$	848		$	4,554		$	179		$	4,733
Add
Provision for credit losses		45			(78	)		152			344			221			684			81			765
Deduct
Loans charged off		119			59			181			384			290			1,033			22			1,055
Less recoveries of loans charged off		(46	)		(57	)		(15	)		(51	)		(59	)		(228	)		(2	)		(230	)
Net loans charged off		73			2			166			333			231			805			20			825
Other changes (a)		—			—			—			—			—			—			(61	)		(61	)
Balance at end of period	$	1,023		$	777		$	921		$	874		$	838		$	4,433		$	179		$	4,612
2012
Balance at beginning of period	$	1,010		$	1,154		$	927		$	992		$	831		$	4,914		$	100		$	5,014
Add
Provision for credit losses		184			(89	)		233			343			246			917			34			951
Deduct
Loans charged off		206			159			230			399			316			1,310			2			1,312
Less recoveries of loans charged off		(49	)		(35	)		(9	)		(60	)		(67	)		(220	)		(1	)		(221	)
Net loans charged off		157			124			221			339			249			1,090			1			1,091
Other changes (a)		–			–			–			–			–			–			(10	)		(10	)
Balance at end of period	$	1,037		$	941		$	939		$	996		$	828		$	4,741		$	123		$	4,864

(a) Represents net changes in credit losses to be reimbursed by the FDIC and for the six months ended June 30, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Type

Additional detail of the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans		Total Loans
Allowance Balance at June 30, 2013 Related to
Loans individually evaluated for impairment (a)	$	8	$	14	$	–	$	–	$	–	$	22	$	–	$	22
TDRs collectively evaluated for impairment		24		23		398		114		101		660		5		665
Other loans collectively evaluated for impairment		991		729		523		760		737		3,740		8		3,748
Loans acquired with deteriorated credit quality		–		11		–		–		–		11		166		177
Total allowance for credit losses	$	1,023	$	777	$	921	$	874	$	838	$	4,433	$	179	$	4,612
Allowance Balance at December 31, 2012 Related to
Loans individually evaluated for impairment (a)	$	10	$	30	$	–	$	–	$	–	$	40	$	–	$	40
TDRs collectively evaluated for impairment		28		29		446		153		97		753		1		754
Other loans collectively evaluated for impairment		1,013		791		489		710		751		3,754		17		3,771
Loans acquired with deteriorated credit quality		–		7		–		–		–		7		161		168
Total allowance for credit losses	$	1,051	$	857	$	935	$	863	$	848	$	4,554	$	179	$	4,733

(a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs.

Additional detail of loan balances by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans (b)		Total Loans
June 30, 2013
Loans individually evaluated for impairment (a)	$	155	$	413	$	–	$	–	$	–	$	568	$	37	$	605
TDRs collectively evaluated for impairment		186		376		4,317		358		291		5,528		109		5,637
Other loans collectively evaluated for impairment		67,841		37,424		43,431		16,291		46,814		211,801		5,540		217,341
Loans acquired with deteriorated credit quality		3		85		5		–		–		93		4,299		4,392
Total loans	$	68,185	$	38,298	$	47,753	$	16,649	$	47,105	$	217,990	$	9,985	$	227,975
December 31, 2012
Loans individually evaluated for impairment (a)	$	171	$	510	$	–	$	–	$	–	$	681	$	48	$	729
TDRs collectively evaluated for impairment		185		391		4,199		442		313		5,530		145		5,675
Other loans collectively evaluated for impairment		65,863		35,952		39,813		16,673		47,399		205,700		5,814		211,514
Loans acquired with deteriorated credit quality		4		100		6		–		–		110		5,301		5,411
Total loans	$	66,223	$	36,953	$	44,018	$	17,115	$	47,712	$	212,021	$	11,308	$	223,329

(a) Represents loans greater than $5 million classified as nonperforming or TDRs.

(b) Includes expected reimbursements from the FDIC under loss sharing agreements.

Summary of Loans by Portfolio Type and Delinquency Status

The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:

	Accruing
(Dollars in Millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Nonperforming		Total
June 30, 2013
Commercial	$	67,836	$	184	$	60	$	105	$	68,185
Commercial real estate		37,775		89		10		424		38,298
Residential mortgages (a)		46,446		371		251		685		47,753
Credit card		16,163		194		183		109		16,649
Other retail		46,564		243		76		222		47,105
Total loans, excluding covered loans		214,784		1,081		580		1,545		217,990
Covered loans		9,097		181		539		168		9,985
Total loans	$	223,881	$	1,262	$	1,119	$	1,713	$	227,975
December 31, 2012
Commercial	$	65,701	$	341	$	58	$	123	$	66,223
Commercial real estate		36,241		158		8		546		36,953
Residential mortgages (a)		42,728		348		281		661		44,018
Credit card		16,525		227		217		146		17,115
Other retail		47,109		290		96		217		47,712
Total loans, excluding covered loans		208,304		1,364		660		1,693		212,021
Covered loans		9,900		359		663		386		11,308
Total loans	$	218,204	$	1,723	$	1,323	$	2,079	$	223,329

(a) At June 30, 2013, $411 million of loans 30 –89 days past due and $3.4 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $441 million and $3.2 billion at December 31, 2012, respectively.

Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating

The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:

			Criticized
(Dollars in Millions)	Pass		Special Mention		Classified (a)		Total Criticized		Total
June 30, 2013
Commercial	$	66,109	$	1,046	$	1,030	$	2,076	$	68,185
Commercial real estate		36,030		562		1,706		2,268		38,298
Residential mortgages (b)		46,674		15		1,064		1,079		47,753
Credit card		16,356		–		293		293		16,649
Other retail		46,696		35		374		409		47,105
Total loans, excluding covered loans		211,865		1,658		4,467		6,125		217,990
Covered loans		9,619		42		324		366		9,985
Total loans	$	221,484	$	1,700	$	4,791	$	6,491	$	227,975
Total outstanding commitments	$	451,299	$	2,939	$	5,434	$	8,373	$	459,672
December 31, 2012
Commercial	$	63,906	$	1,114	$	1,203	$	2,317	$	66,223
Commercial real estate		34,096		621		2,236		2,857		36,953
Residential mortgages (b)		42,897		18		1,103		1,121		44,018
Credit card		16,752		–		363		363		17,115
Other retail		47,294		36		382		418		47,712
Total loans, excluding covered loans		204,945		1,789		5,287		7,076		212,021
Covered loans		10,786		61		461		522		11,308
Total loans	$	215,731	$	1,850	$	5,748	$	7,598	$	223,329
Total outstanding commitments	$	442,047	$	3,231	$	6,563	$	9,794	$	451,841

(a) Classified rating on consumer loans primarily based on delinquency status.

(b) At June 30, 2013, $3.4 billion of GNMA loans 90 days or more past due and $1.9 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $3.2 billion and $2.4 billion at December 31, 2012, respectively.

Summary of Impaired Loans by Portfolio Class

A summary of impaired loans by portfolio class was as follows:

(Dollars in Millions)	Period-end Recorded Investment (a)		Unpaid Principal Balance		Valuation Allowance		Commitments to Lend Additional Funds
June 30, 2013
Commercial	$	384	$	1,030	$	41	$	24
Commercial real estate		918		1,832		46		10
Residential mortgages		2,769		3,424		374		3
Credit card		358		358		114		–
Other retail		427		461		106		4
Total impaired loans, excluding GNMA and covered loans		4,856		7,105		681		41
Loans purchased from GNMA mortgage pools		1,851		1,851		32		–
Covered loans		534		1.183		25		8
Total	$	7,241	$	10,139	$	738	$	49
December 31, 2012
Commercial	$	404	$	1,200	$	40	$	39
Commercial real estate		1,077		2,251		70		4
Residential mortgages		2,748		3,341		415		–
Credit card		442		442		153		–
Other retail		443		486		101		3
Total impaired loans, excluding GNMA and covered loans		5,114		7,720		779		46
Loans purchased from GNMA mortgage pools		1,778		1,778		39		–
Covered loans		767		1,584		20		12
Total	$	7,659	$	11,082	$	838	$	58

(a) Substantially all loans classified as impaired at June 30, 2013 and December 31, 2012, had an associated allowance for credit losses.

Impaired Loans Average Recorded Investment and Interest Income

Additional information on impaired loans follows:

	2013				2012
(Dollars in Millions)	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Three months ended June 30
Commercial	$	381	$	9	$	506	$	2
Commercial real estate		975		10		1,338		10
Residential mortgages		2,738		33		2,687		30
Credit card		376		5		543		8
Other retail		435		6		244		2
Total impaired loans, excluding GNMA and covered loans		4,905		63		5,318		52
Loans purchased from GNMA mortgage pools		1,880		23		1,320		16
Covered loans		564		8		1,065		11
Total	$	7,349	$	94	$	7,703	$	79
Six months ended June 30
Commercial	$	386	$	19	$	538	$	5
Commercial real estate		1,015		21		1,431		17
Residential mortgages		2,733		67		2,663		56
Credit card		397		9		546		16
Other retail		439		12		212		4
Total impaired loans, excluding GNMA and covered loans		4,970		128		5,390		98
Loans purchased from GNMA mortgage pools		1,862		46		1,299		31
Covered loans		623		15		1,121		13
Total	$	7,455	$	189	$	7,810	$	142

Loans Modified as TDRs

The following table provides a summary of loans modified as TDRs, by portfolio class:

	2013						2012
(Dollars in Millions)	Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance		Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance
Three months ended June 30
Commercial		596	$	54	$	47		1,048	$	70	$	65
Commercial real estate		36		37		35		71		121		113
Residential mortgages		430		62		63		450		74		74
Credit card		5,882		35		36		10,685		57		56
Other retail		807		16		15		809		20		20
Total loans, excluding GNMA and covered loans		7,751		204		196		13,063		342		328
Loans purchased from GNMA mortgage pools		2,879		345		316		2,177		277		311
Covered loans		21		13		12		50		57		51
Total loans		10,651	$	562	$	524		15,290	$	676	$	690
Six months ended June 30
Commercial		1,411	$	88	$	80		2,327	$	161	$	137
Commercial real estate		99		117		113		182		325		310
Residential mortgages		1,237		172		168		1,071		185		181
Credit card		13,700		83		84		24,903		137		136
Other retail		2,672		65		64		1,797		35		35
Total loans, excluding GNMA and covered loans		19,119		525		509		30,280		843		799
Loans purchased from GNMA mortgage pools		4,135		522		498		3,577		456		498
Covered loans		71		66		53		93		197		188
Total loans		23,325	$	1,113	$	1,060		33,950	$	1,496	$	1,485

Schedule of Loans Modified as TDRs that have Subsequently been Fully or Partially Charged-Off or Became 90 Days or More Past Due

The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) during the periods presented that were modified as TDRs within 12 months previous to default:

	2013				2012
(Dollars in Millions)	Number of Loans		Amount Defaulted		Number of Loans		Amount Defaulted
Three months ended June 30
Commercial		172	$	3		216	$	10
Commercial real estate		23		44		29		72
Residential mortgages		187		28		247		22
Credit card		1,638		10		2,390		13
Other retail		369		15		158		1
Total loans, excluding GNMA and covered loans		2,389		100		3,040		118
Loans purchased from GNMA mortgage pools		481		68		262		39
Covered loans		15		9		7		27
Total loans		2,885	$	177		3,309	$	184
Six months ended June 30
Commercial		340	$	5		457	$	31
Commercial real estate		42		72		83		164
Residential mortgages		370		59		311		34
Credit card		3,624		21		4,916		28
Other retail		886		43		342		4
Total loans, excluding GNMA and covered loans		5,262		200		6,109		261
Loans purchased from GNMA mortgage pools		4,303		546		483		72
Covered loans		25		12		41		87
Total loans		9,590	$	758		6,633	$	420

Carrying Amount of Covered Assets

The carrying amount of the covered assets consisted of purchased impaired loans, purchased nonimpaired loans and other assets as shown in the following table:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total		Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total
Commercial loans	$	–	$	124	$	–	$	124	$	–	$	143	$	–	$	143
Commercial real estate loans		1,095		1,915		–		3,010		1,323		2,695		–		4,018
Residential mortgage loans		3,204		995		–		4,199		3,978		1,109		–		5,087
Credit card loans		–		5		–		5		–		5		–		5
Other retail loans		–		718		–		718		–		775		–		775
Losses reimbursable by the FDIC (a)		–		–		1,185		1,185		–		–		1,280		1,280
Unamortized changes in FDIC asset (b)		–		–		744		744		–		–		–		–
Covered loans		4,299		3,757		1,929		9,985		5,301		4,727		1,280		11,308
Foreclosed real estate		–		–		187		187		–		–		197		197
Total covered assets	$	4,299	$	3,757	$	2,116	$	10,172	$	5,301	$	4,727	$	1,477	$	11,505

(a) Relates to loss sharing agreements with remaining terms up to six years.

(b) Represents decreases in losses expected to be reimbursed by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. These amounts were presented within the separate loan categories prior to January 1, 2013.

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Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Loans	$ 12	$ 21	$ 33	$ 39
Other assets	$ 20	$ 40	$ 59	$ 87

XML

Investment Securities - Summary of Other Than Temporary Impairment by Investment Category (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other Gains (losses)	$ 1	$ 1	$ 7	$ 1
Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings	(3)	(40)	(10)	(49)
Other Gains (losses)	1	1	7	1
Total Available for sale other-than-temporary impairment	(2)	(39)	(3)	(48)
Available-for-Sale Securities [Member] | Residential Non-Agency Prime [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings	(3)	(2)	(4)	(3)
Other Gains (losses)	1	(6)	2	(9)
Total Available for sale other-than-temporary impairment	(2)	(8)	(2)	(12)
Available-for-Sale Securities [Member] | Residential Non-Agency Non-Prime [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings		(10)	(6)	(17)
Other Gains (losses)		7	5	10
Total Available for sale other-than-temporary impairment		(3)	(1)	(7)
Commercial Non-Agency Mortgage-Backed Securities [Member] | Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings		(1)		(1)
Other Gains (losses)				(1)
Total Available for sale other-than-temporary impairment		(1)		(2)
Perpetual preferred securities [Member] | Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings		(27)		(27)
Other Gains (losses)
Total Available for sale other-than-temporary impairment		(27)		(27)
Other Asset-Backed Securities [Member] | Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings				(1)
Other Gains (losses)				1
Total Available for sale other-than-temporary impairment

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Netting Arrangements for Certain Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet But Available for Offset in Event of Default

The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:

	Gross Recognized Assets		Gross Amounts Offset on the Consolidated Balance Sheet (a)			Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)								Financial Instruments (b)			Collateral Received (c)			Net Amount
June 30, 2013
Derivative assets (d)	$	2,035	$	(612	)	$	1,423	$	(170	)	$	–		$	1,253
Reverse repurchase agreements		104		–			104		(48	)		(55	)		1
Securities borrowed		596		–			596		(18	)		(562	)		16
Total	$	2,735	$	(612	)	$	2,123	$	(236	)	$	(617	)	$	1,270
December 31, 2012
Derivative assets (d)	$	1,546	$	(418	)	$	1,128	$	(148	)	$	–		$	980
Reverse repurchase agreements		363		–			363		(44	)		(319	)		–
Securities borrowed		368		–			368		–			(356	)		12
Total	$	2,277	$	(418	)	$	1,859	$	(192	)	$	(675	)	$	992

(a) Includes $96 million and $79 million of cash collateral related payables that were netted against derivative assets at June 30, 2013 and December 31, 2012, respectively.

(b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.

(d) Excludes $38 million and $260 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at June 30, 2013 and December 31, 2012, respectively.

	Gross Recognized Liabilities		Gross Amounts Offset on the Consolidated Balance Sheet (a)			Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)								Financial Instruments (b)			Collateral Pledged (c)			Net Amount
June 30, 2013
Derivative liabilities (d)	$	1,956	$	(1,293	)	$	663	$	(170	)	$	–		$	493
Repurchase agreements		2,072		–			2,072		(48	)		(2,024	)		–
Securities loaned		24		–			24		(18	)		(6	)		–
Total	$	4,052	$	(1,293	)	$	2,759	$	(236	)	$	(2,030	)	$	493
December 31, 2012
Derivative liabilities (d)	$	2,178	$	(1,549	)	$	629	$	(148	)	$	–		$	481
Repurchase agreements		3,389		–			3,389		(44	)		(3,345	)		–
Securities loaned		–		–			–		–			–			–
Total	$	5,567	$	(1,549	)	$	4,018	$	(192	)	$	(3,345	)	$	481

(a) Includes $777 million and $1.2 billion of cash collateral related receivables that were netted against derivative liabilities at June 30, 2013 and December 31, 2012, respectively.

(b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.

(d) Excludes $275 million and $5 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at June 30, 2013 and December 31, 2012, respectively.

XML

Investment Securities - Investment Securities Held to Maturity (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013		Dec. 31, 2012
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	$ 34,668	[1]	$ 34,389	[1]
Held-to-maturity securities, Unrealized Gains	268		590
Held-to-maturity securities, Unrealized Losses Other-than-Temporary	(2)		(3)
Held-to-maturity securities, Unrealized Losses Other	(420)		(24)
Held-to-maturity securities, Fair Value	34,514		34,952
U.S. Treasury and agencies [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	3,521		3,154
Held-to-maturity securities, Unrealized Gains	13		27
Held-to-maturity securities, Unrealized Losses Other	(48)
Held-to-maturity securities, Fair Value	3,486		3,181
Collateralized Debt/Loan Obligation Asset-Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	3		7
Held-to-maturity securities, Unrealized Gains	11		15
Held-to-maturity securities, Fair Value	14		22
Asset Backed Securities Other [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	17		19
Held-to-maturity securities, Unrealized Gains	3		2
Held-to-maturity securities, Unrealized Losses Other-than-Temporary	(2)		(3)
Held-to-maturity securities, Unrealized Losses Other			(1)
Held-to-maturity securities, Fair Value	18		17
Obligations of state and political subdivisions [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	17		20
Held-to-maturity securities, Unrealized Gains	1		1
Held-to-maturity securities, Unrealized Losses Other	(1)
Held-to-maturity securities, Fair Value	17		21
Obligations of foreign governments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	7		7
Held-to-maturity securities, Fair Value	7		7
Other debt securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	114		115
Held-to-maturity securities, Unrealized Losses Other	(13)		(17)
Held-to-maturity securities, Fair Value	101		98
Agency [Member] | Residential [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	30,986		31,064
Held-to-maturity securities, Unrealized Gains	240		545
Held-to-maturity securities, Unrealized Losses Other	(358)		(6)
Held-to-maturity securities, Fair Value	30,868		31,603
Residential Non-Agency Non-Prime [Member] | Residential [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	1		1
Held-to-maturity securities, Fair Value	1		1
Non-Agency [Member] | Commercial [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	2		2
Held-to-maturity securities, Fair Value	$ 2		$ 2

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investments Securities with Unrealized Losses (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	$ 20,621
Unrealized Losses Less Than 12 Months	(407)
Fair Value 12 Months or Greater	23
Unrealized Losses 12 Months or Greater	(15)
Fair Value Total	20,644
Unrealized Losses Total	(422)
Fair Value Less Than 12 Months	13,562
Unrealized Losses Less Than 12 Months	(371)
Fair Value 12 Months or Greater	1,233
Unrealized Losses 12 Months or Greater	(115)
Fair Value Total	14,795
Unrealized Losses Total	(486)
U.S. Treasury and agencies [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	969
Unrealized Losses Less Than 12 Months	(48)
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	969
Unrealized Losses Total	(48)
Fair Value Less Than 12 Months	945
Unrealized Losses Less Than 12 Months	(38)
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	945
Unrealized Losses Total	(38)
Residential [Member] | Agency [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	19,643
Unrealized Losses Less Than 12 Months	(358)
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	19,643
Unrealized Losses Total	(358)
Fair Value Less Than 12 Months	11,641
Unrealized Losses Less Than 12 Months	(298)
Fair Value 12 Months or Greater	350
Unrealized Losses 12 Months or Greater
Fair Value Total	11,991
Unrealized Losses Total	(298)
Residential [Member] | Residential Non-Agency Prime [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	129
Unrealized Losses Less Than 12 Months	(2)
Fair Value 12 Months or Greater	225
Unrealized Losses 12 Months or Greater	(12)
Fair Value Total	354
Unrealized Losses Total	(14)
Residential [Member] | Residential Non-Agency Non-Prime [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	24
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	102
Unrealized Losses 12 Months or Greater	(6)
Fair Value Total	126
Unrealized Losses Total	(6)
Asset Backed Securities Other [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	10
Unrealized Losses 12 Months or Greater	(2)
Fair Value Total	10
Unrealized Losses Total	(2)
Fair Value Less Than 12 Months
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	2
Unrealized Losses 12 Months or Greater	(1)
Fair Value Total	2
Unrealized Losses Total	(1)
Obligations of state and political subdivisions [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	8
Unrealized Losses Less Than 12 Months	(1)
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	8
Unrealized Losses Total	(1)
Fair Value Less Than 12 Months	596
Unrealized Losses Less Than 12 Months	(32)
Fair Value 12 Months or Greater	10
Unrealized Losses 12 Months or Greater
Fair Value Total	606
Unrealized Losses Total	(32)
Obligations of foreign governments [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	6
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	6
Unrealized Losses Total
Corporate debt securities [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	218
Unrealized Losses Less Than 12 Months	(1)
Fair Value 12 Months or Greater	426
Unrealized Losses 12 Months or Greater	(81)
Fair Value Total	644
Unrealized Losses Total	(82)
Perpetual preferred securities [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	118
Unrealized Losses 12 Months or Greater	(15)
Fair Value Total	118
Unrealized Losses Total	(15)
Other investments [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	3
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	3
Unrealized Losses Total
Commercial [Member] | Non-Agency [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	1
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	1
Unrealized Losses Total
Other debt securities [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	13
Unrealized Losses 12 Months or Greater	(13)
Fair Value Total	13
Unrealized Losses Total	$ (13)

XML

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2013

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost

The components of net periodic benefit cost for the Company’s retirement plans were:

	Three Months Ended June 30,												Six Months Ended June 30,
	Pension Plans						Postretirement Welfare Plan						Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012			2013			2012			2013			2012
Service cost	$	42		$	32		$	1		$	1		$	84		$	64		$	2		$	2
Interest cost		43			42			1			2			85			84			2			4
Expected return on plan assets		(44	)		(47	)		(1	)		–			(88	)		(95	)		(1	)		(1	)
Prior service cost (credit) and transition obligation (asset) amortization		(2	)		(1	)		–			–			(3	)		(2	)		–			–
Actuarial loss (gain) amortization		66			40			(2	)		(3	)		132			80			(5	)		(4	)
Net periodic benefit cost	$	105		$	66		$	(1	)	$	–		$	210		$	131		$	(2	)	$	1

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Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Covered Assets [Line Items]
Purchased Impaired Loans	$ 4,299	$ 5,301
Purchased Nonimpaired Loans	3,757	4,727
Other Assets	2,116	1,477
Covered loans	9,985	11,308
Total covered assets	10,172	11,505
Commercial [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans	124	143
Other Assets
Covered loans	124	143
Commercial Real Estate [Member]
Covered Assets [Line Items]
Purchased Impaired Loans	1,095	1,323
Purchased Nonimpaired Loans	1,915	2,695
Other Assets
Covered loans	3,010	4,018
Residential Mortgages [Member]
Covered Assets [Line Items]
Purchased Impaired Loans	3,204	3,978
Purchased Nonimpaired Loans	995	1,109
Other Assets
Covered loans	4,199	5,087
Credit Card [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans	5	5
Other Assets
Covered loans	5	5
Other Retail [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans	718	775
Other Assets
Covered loans	718	775
Losses Reimbursable by FDIC [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans
Other Assets	1,185	1,280
Covered loans	1,185	1,280
Unamortized Changes in FDIC asset [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans
Other Assets	744
Covered loans	744
Covered Loans [Member]
Covered Assets [Line Items]
Purchased Impaired Loans	4,299	5,301
Purchased Nonimpaired Loans	3,757	4,727
Other Assets	1,929	1,280
Covered loans	9,985	11,308
Foreclosed Real Estate [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans
Other Assets	187	197
Total covered assets	$ 187	$ 197

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Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) (USD $) In Millions, except Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Shares Issued and Outstanding	159,910	159,910
Liquidation Preference	$ 4,936	$ 4,936
Discount	180	167
Carrying Amount	4,756	4,769
Series A [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	12,510	12,510
Liquidation Preference	1,251	1,251
Discount	145	145
Carrying Amount	1,106	1,106
Series B [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	40,000	40,000
Liquidation Preference	1,000	1,000
Carrying Amount	1,000	1,000
Series D [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding		20,000
Liquidation Preference		500
Carrying Amount		500
Series F [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	44,000	44,000
Liquidation Preference	1,100	1,100
Discount	12	12
Carrying Amount	1,088	1,088
Series G [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	43,400	43,400
Liquidation Preference	1,085	1,085
Discount	10	10
Carrying Amount	1,075	1,075
Series H [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	20,000
Liquidation Preference	500
Discount	13
Carrying Amount	$ 487

XML

Loans and Allowance for Credit Losses - Schedule of Loans Modified as TDRs that have Subsequently been Fully or Partially Charged-Off or Became 90 Days or More Past Due (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013 SecurityLoan	Jun. 30, 2012 SecurityLoan	Jun. 30, 2013 SecurityLoan	Jun. 30, 2012 SecurityLoan
Financing Receivable, Modifications [Line Items]
Number of Loans	2,885	3,309	9,590	6,633
Amount Defaulted	$ 177	$ 184	$ 758	$ 420
Commercial [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	172	216	340	457
Amount Defaulted	3	10	5	31
Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	23	29	42	83
Amount Defaulted	44	72	72	164
Residential Mortgages [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	187	247	370	311
Amount Defaulted	28	22	59	34
Credit Card [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	1,638	2,390	3,624	4,916
Amount Defaulted	10	13	21	28
Other Retail [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	369	158	886	342
Amount Defaulted	15	1	43	4
Total Loans, Excluding GNMA and Covered Loans
Financing Receivable, Modifications [Line Items]
Number of Loans	2,389	3,040	5,262	6,109
Amount Defaulted	100	118	200	261
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	481	262	4,303	483
Amount Defaulted	68	39	546	72
Covered Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	15	7	25	41
Amount Defaulted	$ 9	$ 27	$ 12	$ 87

XML

Investment Securities - Additional Information (Detail) (USD $) In Billions, unless otherwise specified	Jun. 30, 2013 Y	Dec. 31, 2012 Y
Investments Debt And Equity Securities [Abstract]
Weighted-average maturity of the available-for-sale investment securities (in years)	5.4	4.1
Weighted-average yields of available-for-sale investment securities	2.72%	2.93%
Weighted-average maturity of the held-to-maturity investment securities (in years)	4.2	3.3
Weighted-average yields of held-to-maturity investment securities	1.89%	1.94%
Fair value of securities pledged	$ 16.5	$ 20.1
Fair value of securities pledged as collateral where counterparty has right to repledge or resell	$ 2.2	$ 3.5

XML

Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates to Fair Value of MSRs Portfolio and Related Derivative Instruments (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Down Scenario [Member] | MSR Portfolio [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	$ (429)	$ (370)
Net fair value 50 basis points	(204)	(217)
Net fair value 25 basis points	(96)	(118)
Down Scenario [Member] | Derivative Instrument Hedges [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	436	473
Net fair value 50 basis points	197	249
Net fair value 25 basis points	92	124
Down Scenario [Member] | Net Sensitivity [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	7	103
Net fair value 50 basis points	(7)	32
Net fair value 25 basis points	(4)	6
Up Scenario [Member] | MSR Portfolio [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	312	480
Net fair value 50 basis points	165	249
Net fair value 25 basis points	88	126
Up Scenario [Member] | Derivative Instrument Hedges [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	(323)	(486)
Net fair value 50 basis points	(166)	(243)
Net fair value 25 basis points	(85)	(121)
Up Scenario [Member] | Net Sensitivity [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	(11)	(6)
Net fair value 50 basis points	(1)	6
Net fair value 25 basis points	$ 3	$ 5

XML

Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail)	Jun. 30, 2013 BasisPoint
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected loan close rate	42.00%
Inherent MSR value (basis points per loan)	44
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected loan close rate	100.00%
Inherent MSR value (basis points per loan)	221
Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected loan close rate	83.00%
Inherent MSR value (basis points per loan)	120

XML

Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013		Mar. 31, 2013	Dec. 31, 2012		Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities before netting	$ 1,956			$ 2,178
Derivative liabilities netting	(1,293)			(1,549)
Derivative assets before netting	2,035			1,546
Derivative assets netting	(612)			(418)
Available-for-sale securities	40,307	[1]		40,139	[1]
Mortgage loans held for sale	4,753			7,957
Mortgage servicing rights	2,377		1,955	1,700		1,594	1,737	1,519
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities total	938			634
Derivative assets total	1,461			1,388
Available-for-sale securities	40,307			40,139
Mortgage loans held for sale	4,753			7,957
Mortgage servicing rights	2,377			1,700
Other assets	887			480
Total	49,785			51,664
Short-term borrowings	697			401
Total	1,635			1,035
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,551			1,226
Fair Value, Measurements, Recurring [Member] | Obligations of state and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,945			6,455
Fair Value, Measurements, Recurring [Member] | Obligations of foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	6			6
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	707			731
Fair Value, Measurements, Recurring [Member] | Perpetual preferred securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	219			218
Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	243			202
Fair Value, Measurements, Recurring [Member] | Residential [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	29,956			29,495
Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	547			624
Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Non-Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	319			355
Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	177			193
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	25			42
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	612			592
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities before netting
Derivative assets before netting
Available-for-sale securities	696			678
Other assets	107			94
Total	803			772
Short-term borrowings	135			50
Total	135			50
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	469			491
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	227			187
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities before netting	2,025			2,128
Derivative assets before netting	1,444			572
Available-for-sale securities	38,696			38,458
Mortgage loans held for sale	4,753			7,957
Other assets	780			386
Total	45,673			47,373
Short-term borrowings	562			351
Total	2,587			2,479
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,082			735
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of state and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,945			6,455
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	6			6
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	698			722
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual preferred securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	219			218
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	16			15
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	29,956			29,495
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	177			193
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	25			42
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	572			577
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities before netting	206			55
Derivative assets before netting	629			1,234
Available-for-sale securities	915			1,003
Mortgage servicing rights	2,377			1,700
Total	3,921			3,937
Total	206			55
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	9			9
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	547			624
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Non-Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	319			355
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	40			15
Netting [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities netting	(1,293)			(1,549)
Derivative assets netting	(612)			(418)
Total	(612)			(418)
Total	$ (1,293)			$ (1,549)

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

XML

Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Mortgage Banking Revenue [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains and losses on net derivative assets and liabilities included in net income	$ (156)	$ 634	$ (6)	$ 987
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period	(104)	(491)	(354)	(849)
Other Noninterest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains and losses on net derivative assets and liabilities included in net income	(207)	242	(210)	220
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period	(185)	102	(273)	(1)
Securities Gains Losses [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains and losses on available for sale securities included in net income		(13)	(10)	(22)
Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains and losses on available for sale securities included in net income		$ 14	$ (1)	$ 28

XML

Investment Securities (Tables)

6 Months Ended

Jun. 30, 2013

Investments Debt And Equity Securities [Abstract]

Investment Securities

Table 4 Investment Securities

	Available-for-Sale									Held-to-Maturity
At June 30, 2013 (Dollars in Millions)	Amortized Cost		Fair Value		Weighted- Average Maturity in Years		Weighted- Average Yield (e)			Amortized Cost		Fair Value		Weighted- Average Maturity in Years		Weighted- Average Yield (e)
U.S. Treasury and Agencies
Maturing in one year or less	$	492	$	493		.4		.93	%	$	2,213	$	2,224		.6		.99	%
Maturing after one year through five years		40		42		2.8		2.97			231		233		1.4		1.07
Maturing after five years through ten years		749		725		9.0		2.14			1,017		969		9.0		1.87
Maturing after ten years		301		291		14.1		1.69			60		60		11.7		1.78
Total	$	1,582	$	1,551		7.2		1.70	%	$	3,521	$	3,486		3.3		1.26	%
Mortgage-Backed Securities (a)
Maturing in one year or less	$	587	$	593		.7		1.98	%	$	37	$	37		.7		1.94	%
Maturing after one year through five years		17,500		17,692		3.8		2.31			22,413		22,385		3.6		2.11
Maturing after five years through ten years		10,639		10,616		5.9		1.78			7,889		7,785		5.6		1.62
Maturing after ten years		2,082		2,098		12.6		1.26			650		664		11.8		1.30
Total	$	30,808	$	30,999		5.0		2.05	%	$	30,989	$	30,871		4.2		1.97	%
Asset-Backed Securities (a)
Maturing in one year or less	$	–	$	–		.1		7.66	%	$	–	$	–		.4		.42	%
Maturing after one year through five years		54		62		3.0		2.66			9		11		3.4		.73
Maturing after five years through ten years		564		575		7.0		2.62			8		9		6.4		.83
Maturing after ten years		–		–		18.1		5.35			3		12		21.7		.78
Total	$	618	$	637		6.7		2.63	%	$	20	$	32		7.6		.78	%
Obligations of State and Political Subdivisions (b) (c)
Maturing in one year or less	$	44	$	44		.5		6.17	%	$	–	$	–		.3		7.41	%
Maturing after one year through five years		5,030		5,211		3.1		6.73			3		3		2.3		9.04
Maturing after five years through ten years		509		509		7.2		5.84			2		2		7.7		7.73
Maturing after ten years		196		181		22.1		5.56			12		12		14.3		5.31
Total	$	5,779	$	5,945		4.1		6.60	%	$	17	$	17		11.3		6.25	%
Other Debt Securities
Maturing in one year or less	$	61	$	61		.1		5.94	%	$	5	$	5		.7		1.37	%
Maturing after one year through five years		–		–		–		–			90		90		2.8		1.16
Maturing after five years through ten years		–		–		–		–			26		13		7.3		1.01
Maturing after ten years		734		652		22.0		2.73			–		–		–		–
Total	$	795	$	713		20.4		2.98	%	$	121	$	108		3.7		1.14	%
Other Investments	$	424	$	462		15.4		2.31	%	$	–	$	–		–		–	%
Total investment securities (d)	$	40,006	$	40,307		5.4		2.72	%	$	34,668	$	34,514		4.2		1.89	%

(a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities anticipating future prepayments.

(b) Information related to obligations of state and politcal subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if purchased at par or a discount.

(c) Maturity calculations for obligations of state and politicial subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with a fair value equal to or below par.

(d) The weighted-average maturity of the available-for-sale investment securities was 4.1 years at December 31, 2012, with a corresponding weighted-average yield of 2.93 percent. The weighted-average maturity of the held-to-maturity investment securities was 3.3 years at December 31, 2012, with a corresponding weighted-average yield of 1.94 percent.

(e) Average yields are presented on a fully-taxable equivalent basis under a tax rate of 35 percent. Yields on available-for-sale and held-to-maturity investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Average yield and maturity calculations exclude equity securities that have no stated yield or maturity.

	June 30, 2013					December 31, 2012
(Dollars in Millions)	Amortized Cost		Percent of Total			Amortized Cost		Percent of Total
U.S. Treasury and agencies	$	5,103		6.8	%	$	4,365		5.9	%
Mortgage-backed securities		61,797		82.8			61,019		83.1
Asset-backed securities		638		.8			637		.9
Obligations of state and political subdivisions		5,796		7.8			6,079		8.3
Other debt securities and investments		1,340		1.8			1,329		1.8
Total investment securities	$	74,674		100.0	%	$	73,429		100.0	%

Investment Securities Held to Maturity and Available for Sale

The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:

	June 30, 2013												December 31, 2012
					Unrealized Losses												Unrealized Losses
(Dollars in Millions)	Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value		Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value
Held-to-maturity (a)
U.S. Treasury and agencies	$	3,521	$	13	$	–		$	(48	)	$	3,486	$	3,154	$	27	$	–		$	–		$	3,181
Mortgage-backed securities
Residential
Agency		30,986		240		–			(358	)		30,868		31,064		545		–			(6	)		31,603
Non-agency non-prime (d)		1		–		–			–			1		1		–		–			–			1
Commercial non-agency		2		–		–			–			2		2		–		–			–			2
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		3		11		–			–			14		7		15		–			–			22
Other		17		3		(2	)		–			18		19		2		(3	)		(1	)		17
Obligations of state and political subdivisions		17		1		–			(1	)		17		20		1		–			–			21
Obligations of foreign governments		7		–		–			–			7		7		–		–			–			7
Other debt securities		114		–		–			(13	)		101		115		–		–			(17	)		98
Total held-to-maturity	$	34,668	$	268	$	(2	)	$	(420	)	$	34,514	$	34,389	$	590	$	(3	)	$	(24	)	$	34,952
Available-for-sale (b)
U.S. Treasury and agencies	$	1,582	$	7	$	–		$	(38	)	$	1,551	$	1,211	$	16	$	–		$	(1	)	$	1,226
Mortgage-backed securities
Residential
Agency		29,762		492		–			(298	)		29,956		28,754		746		–			(5	)		29,495
Non-agency
Prime (c)		556		5		(10	)		(4	)		547		641		3		(16	)		(4	)		624
Non-prime (d)		318		7		(6	)		–			319		372		4		(20	)		(1	)		355
Commercial agency		172		5		–			–			177		185		8		–			–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		19		6		–			–			25		32		10		–			–			42
Other		599		14		–			(1	)		612		579		14		–			(1	)		592
Obligations of state and political subdivisions		5,779		198		–			(32	)		5,945		6,059		396		–			–			6,455
Obligations of foreign governments		6		–		–			–			6		6		–		–			–			6
Corporate debt securities		789		–		–			(82	)		707		814		2		–			(85	)		731
Perpetual preferred securities		205		29		–			(15	)		219		205		27		–			(14	)		218
Other investments		219		24		–			–			243		182		20		–			–			202
Total available-for-sale	$	40,006	$	787	$	(16	)	$	(470	)	$	40,307	$	39,040	$	1,246	$	(36	)	$	(111	)	$	40,139

(a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment.

(b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.

(c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds.

(d) Includes all securities not meeting the conditions to be designated as prime.

(e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.

(f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.

Amount of Interest Income from Taxable and Non-Taxable Investment Securities

The following table provides information about the amount of interest income from taxable and non-taxable investment securities:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Taxable	$	328	$	400	$	672	$	797
Non-taxable		64		70		130		141
Total interest income from investment securities	$	392	$	470	$	802	$	938

Amount of Gross Gains and Losses Realized through Sales of Available for Sale Investment Securities

The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Realized gains	$	9	$	21	$	21	$	30
Realized losses		–		–		–		–
Net realized gains (losses)	$	9	$	21	$	21	$	30
Income tax (benefit) on net realized gains (losses)	$	3	$	8	$	8	$	11

Summary of Other than Temporary Impairment by Investment Category

The following tables summarize other-than-temporary impairment by investment category:

	2013									2012
Three Months Ended June 30 (Dollars in Millions)		Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)		$	(3	)	$	1	$	(2	)	$	(2	)	$	(6	)	$	(8	)
Non-prime (b)			–			–		–			(10	)		7			(3	)
Commercial non-agency			–			–		–			(1	)		–			(1	)
Perpetual preferred securities			–			–		–			(27	)		–			(27	)
Total available-for-sale		$	(3	)	$	1	$	(2	)	$	(40	)	$	1		$	(39	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

	2013									2012
Six Months Ended June 30 (Dollars in Millions)		Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)		$	(4	)	$	2	$	(2	)	$	(3	)	$	(9	)	$	(12	)
Non-prime (b)			(6	)		5		(1	)		(17	)		10			(7	)
Commercial non-agency			–			–		–			(1	)		(1	)		(2	)
Other asset-backed securities			–			–		–			(1	)		1			–
Perpetual preferred securities			–			–		–			(27	)		–			(27	)
Total available-for-sale		$	(10	)	$	7	$	(3	)	$	(49	)	$	1		$	(48	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

Summary of Ranges used in Valuation of Non-Agency Mortgage-Backed Securities Other than Temporarily Impaired

The following table includes the ranges for principal assumptions used for those available-for-sale non-agency mortgage-backed securities determined to be other-than-temporarily impaired:

	Prime (a)									Non-Prime (b)
	Minimum			Maximum			Average			Minimum			Maximum			Average
June 30, 2013
Estimated lifetime prepayment rates		12	%		18	%		14	%		4	%		10	%		7	%
Lifetime probability of default rates		3			5			4			4			9			6
Lifetime loss severity rates		25			50			48			50			65			58
December 31, 2012
Estimated lifetime prepayment rates		6	%		22	%		14	%		3	%		10	%		6	%
Lifetime probability of default rates		3			6			4			3			10			7
Lifetime loss severity rates		40			50			47			45			65			56

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Changes in Credit Losses on Debt Securities

Changes in the credit losses on debt securities (excluding perpetual preferred securities) are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	133		$	288		$	134		$	298
Additions to Credit Losses Due to Other-than-temporary Impairments
Credit losses on securities not previously considered other-than-temporarily impaired		–			2			–			3
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized		3			11			10			19
Total other-than-temporary impairment on debt securities		3			13			10			22
Other Changes in Credit Losses
Increases in expected cash flows		(1	)		(8	)		(1	)		(14	)
Realized losses (a)		(6	)		(16	)		(14	)		(29	)
Credit losses on security sales and securities expected to be sold		(5	)		–			(5	)		–
Balance at end of period	$	124		$	277		$	124		$	277

(a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents.

Gross Unrealized Losses and Fair Value of Company's Investments with Unrealized Losses

At June 30, 2013, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2013:

	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Held-to-maturity
U.S. Treasury and agencies	$	969	$	(48	)	$	–	$	–		$	969	$	(48	)
Mortgage-backed securities
Residential agency		19,643		(358	)		–		–			19,643		(358	)
Commercial non-agency		1		–			–		–			1		–
Other asset-backed securities		–		–			10		(2	)		10		(2	)
Obligations of state and political subdivisions		8		(1	)		–		–			8		(1	)
Other debt securities		–		–			13		(13	)		13		(13	)
Total held-to-maturity	$	20,621	$	(407	)	$	23	$	(15	)	$	20,644	$	(422	)
Available-for-sale
U.S. Treasury and agencies	$	945	$	(38	)	$	–	$	–		$	945	$	(38	)
Mortgage-backed securities
Residential
Agency		11,641		(298	)		350		–			11,991		(298	)
Non-agency (a)
Prime (b)		129		(2	)		225		(12	)		354		(14	)
Non-prime (c)		24		–			102		(6	)		126		(6	)
Other asset-backed securities		–		–			2		(1	)		2		(1	)
Obligations of state and political subdivisions		596		(32	)		10		–			606		(32	)
Obligations of foreign governments		6		–			–		–			6		–
Corporate debt securities		218		(1	)		426		(81	)		644		(82	)
Perpetual preferred securities		–		–			118		(15	)		118		(15	)
Other investments		3		–			–		–			3		–
Total available-for-sale	$	13,562	$	(371	)	$	1,233	$	(115	)	$	14,795	$	(486	)

(a) The Company has $20 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if current economic conditions persist or worsen. Additionally, further deterioration in home prices may increase the severity of projected losses.

(b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(c) Includes all securities not meeting the conditions to be designated as prime.

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Consolidated Statement of Shareholders' Equity (Unaudited) (USD $) In Millions	Total	Common Stock [Member]	Preferred Stock [Member]	Capital Surplus [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total U.S. Bancorp Shareholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2011	$ 34,971	$ 21	$ 2,606	$ 8,238	$ 30,785	$ (6,472)	$ (1,200)	$ 33,978	$ 993
Share, Beginning Balance at Dec. 31, 2011		1,910
Net income (loss)	2,683
Net (income) loss attributable to noncontrolling interests	(70)								(70)
Net income attributable to U.S. Bancorp	2,753				2,753			2,753
Other comprehensive income (loss)	370						370	370
Preferred stock dividends	(110)				(110)			(110)
Common stock dividends	(741)				(741)			(741)
Issuance of preferred stock	2,163		2,163					2,163
Issuance of common and treasury stock	203			(122)		325		203
Issuance of common and treasury stock, shares		11
Purchase of treasury stock	(884)					(884)		(884)
Purchase of treasury stock, shares		(29)
Distributions to noncontrolling interests	(43)								(43)
Net other changes in noncontrolling interests	202								202
Stock option and restricted stock grants	60			60				60
Ending Balance at Jun. 30, 2012	38,874	21	4,769	8,176	32,687	(7,031)	(830)	37,792	1,082
Shares, Ending Balance at Jun. 30, 2012		1,892
Beginning Balance at Dec. 31, 2012	40,267	21	4,769	8,201	34,720	(7,790)	(923)	38,998	1,269
Share, Beginning Balance at Dec. 31, 2012		1,869
Net income (loss)	2,831
Net (income) loss attributable to noncontrolling interests	(81)								(81)
Net income attributable to U.S. Bancorp	2,912				2,912			2,912
Other comprehensive income (loss)	(365)						(365)	(365)
Redemption of preferred stock	(500)		(500)	8	(8)			(500)
Preferred stock dividends	(128)				(128)			(128)
Common stock dividends	(789)				(789)			(789)
Issuance of preferred stock	487		487					487
Issuance of common and treasury stock	175			(119)		294		175
Issuance of common and treasury stock, shares		10
Purchase of treasury stock	(1,184)					(1,184)		(1,184)
Purchase of treasury stock, shares		(35)
Distributions to noncontrolling interests	(30)								(30)
Net other changes in noncontrolling interests	209								209
Stock option and restricted stock grants	77			77				77
Ending Balance at Jun. 30, 2013	$ 41,050	$ 21	$ 4,756	$ 8,167	$ 36,707	$ (8,680)	$ (1,288)	$ 39,683	$ 1,367
Shares, Ending Balance at Jun. 30, 2013		1,844

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Basis of Presentation

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Basis of Presentation

Note 1 Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Certain amounts in prior periods have been reclassified to conform to the current presentation.

Accounting policies for the lines of business are generally the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to establish methodologies to allocate funding costs, expenses and other financial elements to each line of business. Table 10 “Line of Business Financial Performance” included in Management’s Discussion and Analysis provides details of segment results. This information is incorporated by reference into these Notes to Consolidated Financial Statements.

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Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities

6 Months Ended

Jun. 30, 2013

Transfers And Servicing [Abstract]

Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities

Note 4 Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities

The Company sells financial assets in the normal course of business. The majority of the Company’s financial asset sales are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”) through established programs, the sale or syndication of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. For loans sold under participation agreements, the Company also considers the terms of the loan participation agreement and whether they meet the definition of a participating interest and thus qualify for derecognition. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. The guarantees provided to certain third-parties in connection with the sale or syndication of certain assets, primarily loan portfolios and tax-advantaged investments, are further discussed in Note 14. When the Company sells financial assets, it may retain servicing rights and/or other interests in the transferred financial assets. The gain or loss on sale depends on the previous carrying amount of the transferred financial assets and the consideration received and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on mortgage servicing rights (“MSRs”), refer to Note 5. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet.

The Company is involved in various entities that are considered to be variable interest entities (“VIEs”). The Company’s investments in VIEs primarily represent private investment funds or partnerships that make equity investments, provide debt financing or support community-based investments that may enable the Company to ensure regulatory compliance with the Community Reinvestment Act. In addition, the Company sponsors entities to which it transfers tax-advantaged investments. The Company’s investments in these entities are designed to generate a return primarily through the realization of federal and state income tax credits over specified time periods. The Company realized federal and state income tax credits related to these investments of $304 million and $188 million for the three months ended June 30, 2013, and 2012, respectively, and $540 million and $354 million for the six months ended June 30, 2013 and 2012, respectively. The Company amortizes its investments in these entities as the tax credits are realized. Amortization expense is recorded in tax expense for investments meeting certain characteristics, and in other noninterest expense for other investments. Amortization expense recorded in tax expense was $231 million and $104 million, and in other noninterest expense was $127 million and $120 million for the three months ended June 30, 2013 and 2012, respectively. Amortization expense recorded in tax expense was $380 million and $193 million, and in other noninterest expense was $259 million and $221 million for the six months ended June 30, 2013 and 2012, respectively.

During the second quarter of 2013, the Company transferred its control over the most significant activities of certain consolidated community development and tax-advantaged investment VIEs to a third party manager. The third party manager also has provided a guarantee to these VIEs related to the occurrence of certain tax credit recapture events and, therefore, has an obligation to absorb certain losses that could potentially be significant to the VIEs. Previously, the Company consolidated these VIEs because it had a controlling financial interest in the entities. After the transfer of control to the third party manager, the Company no longer had a controlling financial interest and deconsolidated the VIEs. The deconsolidation resulted in a decrease in both assets and liabilities, primarily other assets and long-term debt, respectively, of approximately $4.6 billion. The deconsolidation and remeasurement of the Company’s investment in these unconsolidated VIEs to fair value did not materially impact the Company’s Consolidated Statement of Income. The total amount of the Company’s investment in the VIEs was $1.1 billion at June 30, 2013 and is reported in other assets.

At June 30, 2013, approximately $1.7 billion of the Company’s assets and $462 million of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, compared with $7.1 billion and $5.2 billion, respectively, at December 31, 2012. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or sold to others with a guarantee.

In addition, the Company sponsors a conduit to which it previously transferred high-grade investment securities. The Company consolidates the conduit because of its ability to manage the activities of the conduit. At June 30, 2013, $136 million of the held-to-maturity investment securities on the Company’s Consolidated Balance Sheet are related to the conduit, compared with $144 million at December 31, 2012.

The Company also sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides credit, liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At June 30, 2013, $4.9 billion of available-for-sale securities and $4.8 billion of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $5.3 billion of available-for-sale securities and $5.0 billion of short-term borrowings at December 31, 2012.

The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs generally are carried in other assets on the Consolidated Balance Sheet. The Company’s investments in unconsolidated VIEs at June 30, 2013 (including those deconsolidated during the second quarter of 2013), ranged from less than $1 million to $44 million, with an aggregate amount of $2.6 billion, net of $1.8 billion of liabilities recorded primarily for unfunded capital commitments of the Company to specific project sponsors. The Company’s investments in unconsolidated VIEs at December 31, 2012, ranged from less than $1 million to $58 million, with an aggregate amount of $1.9 billion, net of liabilities of $1.3 billion recorded primarily for unfunded capital commitments. While the Company believes potential losses from these investments are remote, the Company’s maximum exposure to loss from these unconsolidated VIEs was $6.8 billion at June 30, 2013 and $5.2 billion at December 31, 2012. The maximum exposure to loss was primarily related to community development tax-advantaged investments and included $2.5 billion at June 30, 2013 and $1.8 billion at December 31, 2012, recorded on the Company’s Consolidated Balance Sheet and $4.2 billion at June 30, 2013 and $3.3 billion at December 31, 2012, of previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. The remaining amounts related to investments in private investment funds and partnerships for which the maximum exposure to loss included amounts recorded on the Consolidated Balance Sheet and any unfunded commitments. The maximum exposure was determined by assuming a scenario where the separate investments within the individual private funds become worthless, and the community-based business and housing projects and related tax credits completely fail and do not meet certain government compliance requirements.

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Preferred Stock - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Equity [Abstract]
Par value of Preference shares issued and outstanding	$ 1.00	$ 1.00

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Investment Securities

6 Months Ended

Jun. 30, 2013

Investments Debt And Equity Securities [Abstract]

Investment Securities

Note 2 Investment Securities

The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:

	June 30, 2013												December 31, 2012
					Unrealized Losses												Unrealized Losses
(Dollars in Millions)	Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value		Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value
Held-to-maturity (a)
U.S. Treasury and agencies	$	3,521	$	13	$	–		$	(48	)	$	3,486	$	3,154	$	27	$	–		$	–		$	3,181
Mortgage-backed securities
Residential
Agency		30,986		240		–			(358	)		30,868		31,064		545		–			(6	)		31,603
Non-agency non-prime (d)		1		–		–			–			1		1		–		–			–			1
Commercial non-agency		2		–		–			–			2		2		–		–			–			2
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		3		11		–			–			14		7		15		–			–			22
Other		17		3		(2	)		–			18		19		2		(3	)		(1	)		17
Obligations of state and political subdivisions		17		1		–			(1	)		17		20		1		–			–			21
Obligations of foreign governments		7		–		–			–			7		7		–		–			–			7
Other debt securities		114		–		–			(13	)		101		115		–		–			(17	)		98
Total held-to-maturity	$	34,668	$	268	$	(2	)	$	(420	)	$	34,514	$	34,389	$	590	$	(3	)	$	(24	)	$	34,952
Available-for-sale (b)
U.S. Treasury and agencies	$	1,582	$	7	$	–		$	(38	)	$	1,551	$	1,211	$	16	$	–		$	(1	)	$	1,226
Mortgage-backed securities
Residential
Agency		29,762		492		–			(298	)		29,956		28,754		746		–			(5	)		29,495
Non-agency
Prime (c)		556		5		(10	)		(4	)		547		641		3		(16	)		(4	)		624
Non-prime (d)		318		7		(6	)		–			319		372		4		(20	)		(1	)		355
Commercial agency		172		5		–			–			177		185		8		–			–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		19		6		–			–			25		32		10		–			–			42
Other		599		14		–			(1	)		612		579		14		–			(1	)		592
Obligations of state and political subdivisions		5,779		198		–			(32	)		5,945		6,059		396		–			–			6,455
Obligations of foreign governments		6		–		–			–			6		6		–		–			–			6
Corporate debt securities		789		–		–			(82	)		707		814		2		–			(85	)		731
Perpetual preferred securities		205		29		–			(15	)		219		205		27		–			(14	)		218
Other investments		219		24		–			–			243		182		20		–			–			202
Total available-for-sale	$	40,006	$	787	$	(16	)	$	(470	)	$	40,307	$	39,040	$	1,246	$	(36	)	$	(111	)	$	40,139

(a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment.

(b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.

(c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds.

(d) Includes all securities not meeting the conditions to be designated as prime.

(e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.

(f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.

The weighted-average maturity of the available-for-sale investment securities was 5.4 years at June 30, 2013, compared with 4.1 years at December 31, 2012. The corresponding weighted-average yields were 2.72 percent and 2.93 percent, respectively. The weighted-average maturity of the held-to-maturity investment securities was 4.2 years at June 30, 2013, and 3.3 years at December 31, 2012. The corresponding weighted-average yields were 1.89 percent and 1.94 percent, respectively.

For amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale investment securities outstanding at June 30, 2013, refer to Table 4 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

Investment securities with a fair value of $16.5 billion at June 30, 2013, and $20.1 billion at December 31, 2012, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities delivered under these types of arrangements had a fair value of $2.2 billion at June 30, 2013, and $3.5 billion at December 31, 2012.

The following table provides information about the amount of interest income from taxable and non-taxable investment securities:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Taxable	$	328	$	400	$	672	$	797
Non-taxable		64		70		130		141
Total interest income from investment securities	$	392	$	470	$	802	$	938

The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Realized gains	$	9	$	21	$	21	$	30
Realized losses		–		–		–		–
Net realized gains (losses)	$	9	$	21	$	21	$	30
Income tax (benefit) on net realized gains (losses)	$	3	$	8	$	8	$	11

The Company conducts a regular assessment of its investment securities with unrealized losses to determine whether investment securities are other-than-temporarily impaired considering, among other factors, the nature of the investment securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the investment securities.

The following tables summarize other-than-temporary impairment by investment category:

	2013									2012
Three Months Ended June 30 (Dollars in Millions)		Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)		$	(3	)	$	1	$	(2	)	$	(2	)	$	(6	)	$	(8	)
Non-prime (b)			–			–		–			(10	)		7			(3	)
Commercial non-agency			–			–		–			(1	)		–			(1	)
Perpetual preferred securities			–			–		–			(27	)		–			(27	)
Total available-for-sale		$	(3	)	$	1	$	(2	)	$	(40	)	$	1		$	(39	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

	2013									2012
Six Months Ended June 30 (Dollars in Millions)		Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)		$	(4	)	$	2	$	(2	)	$	(3	)	$	(9	)	$	(12	)
Non-prime (b)			(6	)		5		(1	)		(17	)		10			(7	)
Commercial non-agency			–			–		–			(1	)		(1	)		(2	)
Other asset-backed securities			–			–		–			(1	)		1			–
Perpetual preferred securities			–			–		–			(27	)		–			(27	)
Total available-for-sale		$	(10	)	$	7	$	(3	)	$	(49	)	$	1		$	(48	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

The Company determined the other-than-temporary impairment recorded in earnings for debt securities not intended to be sold by estimating the future cash flows of each individual investment security, using market information where available, and discounting the cash flows at the original effective rate of the investment security. Other-than-temporary impairment recorded in other comprehensive income (loss) was measured as the difference between that discounted amount and the fair value of each investment security. For perpetual preferred securities determined to be other-than-temporarily impaired, the Company recorded a loss in earnings for the entire difference between the securities’ fair value and their amortized cost.

The following table includes the ranges for principal assumptions used for those available-for-sale non-agency mortgage-backed securities determined to be other-than-temporarily impaired:

	Prime (a)									Non-Prime (b)
	Minimum			Maximum			Average			Minimum			Maximum			Average
June 30, 2013
Estimated lifetime prepayment rates		12	%		18	%		14	%		4	%		10	%		7	%
Lifetime probability of default rates		3			5			4			4			9			6
Lifetime loss severity rates		25			50			48			50			65			58
December 31, 2012
Estimated lifetime prepayment rates		6	%		22	%		14	%		3	%		10	%		6	%
Lifetime probability of default rates		3			6			4			3			10			7
Lifetime loss severity rates		40			50			47			45			65			56

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Changes in the credit losses on debt securities (excluding perpetual preferred securities) are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	133		$	288		$	134		$	298
Additions to Credit Losses Due to Other-than-temporary Impairments
Credit losses on securities not previously considered other-than-temporarily impaired		–			2			–			3
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized		3			11			10			19
Total other-than-temporary impairment on debt securities		3			13			10			22
Other Changes in Credit Losses
Increases in expected cash flows		(1	)		(8	)		(1	)		(14	)
Realized losses (a)		(6	)		(16	)		(14	)		(29	)
Credit losses on security sales and securities expected to be sold		(5	)		–			(5	)		–
Balance at end of period	$	124		$	277		$	124		$	277

(a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents.

At June 30, 2013, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2013:

	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Held-to-maturity
U.S. Treasury and agencies	$	969	$	(48	)	$	–	$	–		$	969	$	(48	)
Mortgage-backed securities
Residential agency		19,643		(358	)		–		–			19,643		(358	)
Commercial non-agency		1		–			–		–			1		–
Other asset-backed securities		–		–			10		(2	)		10		(2	)
Obligations of state and political subdivisions		8		(1	)		–		–			8		(1	)
Other debt securities		–		–			13		(13	)		13		(13	)
Total held-to-maturity	$	20,621	$	(407	)	$	23	$	(15	)	$	20,644	$	(422	)
Available-for-sale
U.S. Treasury and agencies	$	945	$	(38	)	$	–	$	–		$	945	$	(38	)
Mortgage-backed securities
Residential
Agency		11,641		(298	)		350		–			11,991		(298	)
Non-agency (a)
Prime (b)		129		(2	)		225		(12	)		354		(14	)
Non-prime (c)		24		–			102		(6	)		126		(6	)
Other asset-backed securities		–		–			2		(1	)		2		(1	)
Obligations of state and political subdivisions		596		(32	)		10		–			606		(32	)
Obligations of foreign governments		6		–			–		–			6		–
Corporate debt securities		218		(1	)		426		(81	)		644		(82	)
Perpetual preferred securities		–		–			118		(15	)		118		(15	)
Other investments		3		–			–		–			3		–
Total available-for-sale	$	13,562	$	(371	)	$	1,233	$	(115	)	$	14,795	$	(486	)

(a) The Company has $20 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if current economic conditions persist or worsen. Additionally, further deterioration in home prices may increase the severity of projected losses.

(b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(c) Includes all securities not meeting the conditions to be designated as prime.

The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of investment securities that have unrealized losses are either corporate debt issued with high investment grade credit ratings or agency mortgage-backed securities. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At June 30, 2013, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost.

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Investment Securities - Investment Securities Available for Sale (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013		Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	$ 40,006		$ 39,040
Available-for-sale securities, Unrealized Gains	787		1,246
Available-for-sale securities, Unrealized Losses Other-than-Temporary	(16)		(36)
Available-for-sale securities, Unrealized Losses Other	(470)		(111)
Available-for-sale securities, Fair Value	40,307	[1]	40,139	[1]
U.S. Treasury and agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	1,582		1,211
Available-for-sale securities, Unrealized Gains	7		16
Available-for-sale securities, Unrealized Losses Other	(38)		(1)
Available-for-sale securities, Fair Value	1,551		1,226
Collateralized Debt/Loan Obligation Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	19		32
Available-for-sale securities, Unrealized Gains	6		10
Available-for-sale securities, Fair Value	25		42
Asset Backed Securities Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	599		579
Available-for-sale securities, Unrealized Gains	14		14
Available-for-sale securities, Unrealized Losses Other	(1)		(1)
Available-for-sale securities, Fair Value	612		592
Obligations of state and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	5,779		6,059
Available-for-sale securities, Unrealized Gains	198		396
Available-for-sale securities, Unrealized Losses Other	(32)
Available-for-sale securities, Fair Value	5,945		6,455
Obligations of foreign governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	6		6
Available-for-sale securities, Fair Value	6		6
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	789		814
Available-for-sale securities, Unrealized Gains			2
Available-for-sale securities, Unrealized Losses Other	(82)		(85)
Available-for-sale securities, Fair Value	707		731
Perpetual preferred securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	205		205
Available-for-sale securities, Unrealized Gains	29		27
Available-for-sale securities, Unrealized Losses Other	(15)		(14)
Available-for-sale securities, Fair Value	219		218
Other Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	219		182
Available-for-sale securities, Unrealized Gains	24		20
Available-for-sale securities, Fair Value	243		202
Agency [Member] | Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	29,762		28,754
Available-for-sale securities, Unrealized Gains	492		746
Available-for-sale securities, Unrealized Losses Other	(298)		(5)
Available-for-sale securities, Fair Value	29,956		29,495
Agency [Member] | Commercial [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	172		185
Available-for-sale securities, Unrealized Gains	5		8
Available-for-sale securities, Fair Value	177		193
Residential Non-Agency Prime [Member] | Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	556		641
Available-for-sale securities, Unrealized Gains	5		3
Available-for-sale securities, Unrealized Losses Other-than-Temporary	(10)		(16)
Available-for-sale securities, Unrealized Losses Other	(4)		(4)
Available-for-sale securities, Fair Value	547		624
Residential Non-Agency Non-Prime [Member] | Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	318		372
Available-for-sale securities, Unrealized Gains	7		4
Available-for-sale securities, Unrealized Losses Other-than-Temporary	(6)		(20)
Available-for-sale securities, Unrealized Losses Other			(1)
Available-for-sale securities, Fair Value	$ 319		$ 355

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock

The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock was as follows:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount		Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount
Series A		12,510	$	1,251	$	145	$	1,106		12,510	$	1,251	$	145	$	1,106
Series B		40,000		1,000		–		1,000		40,000		1,000		–		1,000
Series D		–		–		–		–		20,000		500		–		500
Series F		44,000		1,100		12		1,088		44,000		1,100		12		1,088
Series G		43,400		1,085		10		1,075		43,400		1,085		10		1,075
Series H		20,000		500		13		487		–		–		–		–
Total preferred stock (a)		159,910	$	4,936	$	180	$	4,756		159,910	$	4,936	$	167	$	4,769

(a) The par value of all shares issued and outstanding at June 30, 2013 and December 31, 2012, was $1.00 per share.

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Federal
Current	$	626		$	551		$	1,116		$	955
Deferred		(104	)		(92	)		(92	)		(24	)
Federal income tax		522			459			1,024			931
State
Current		19			112			77			162
Deferred		(12	)		(7	)		(14	)		(2	)
State income tax		7			105			63			160
Total income tax provision	$	529		$	564		$	1,087		$	1,091

Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense

A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Tax at statutory rate	$	690		$	680		$	1,371		$	1,321
State income tax, at statutory rates, net of federal tax benefit		4			68			40			104
Tax effect of
Tax credits, net of related expenses		(112	)		(113	)		(218	)		(202	)
Tax-exempt income		(53	)		(55	)		(107	)		(110	)
Noncontrolling interests		15			13			29			24
Other items		(15	)		(29	)		(28	)		(46	)
Applicable income taxes	$	529		$	564		$	1,087		$	1,091

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Preferred Stock - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended	6 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2013 Series H [Member]	May 02, 2013 Series H [Member]
Class of Stock Disclosures [Abstract]
Number of preferred stock, shares authorized	50,000,000	50,000,000	50,000,000
Preferred Stock, Shares Issued					20,000
Liquidation preference per share					$ 25,000
Preferred stock dividend rate fixed percentage				5.15%
Redemption period of preferred stock				90 days
Preferred stock redemption date				Jul. 15, 2018
Impact of preferred stock redemption	$ 8	$ 8		$ 8

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Guarantees and Contingent Liabilities - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011
Guarantees And Contingent Liabilities Textual [Abstract]
Liability related to remaining Visa Litigation, carrying amount	$ 65
Value of airline tickets purchased to deliver at a future date	7,800
Company held collateral in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets	759
Representation and warranty reserve	190	233	240	216	202	160
Unresolved representation and warranty claims	64		131
Loss contingency range of possible loss maximum	$ 200

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Investment Securities - Investment Securities (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013 Y		Dec. 31, 2012
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	$ 40,006		$ 39,040
Available-for-sale securities, total, fair value	40,307	[1]	40,139	[1]
Available-for-sale securities, total, weighted average maturity in years	5.4
Available-for-sale securities, total, weighted average yield	2.72%
Held-to-maturity securities, Amortized Cost	34,668	[1]	34,389	[1]
Held-to-maturity securities, total, fair value	34,514		34,952
Held-to-maturity securities, total, weighted average maturity in years	4.2
Held-to-maturity securities, total, weighted average yield	1.89%
Total investment securities amortized cost	74,674		73,429
Total investment securities, percentage	100.00%		100.00%
U.S. Treasury and agencies [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost	492
Available-for-sale, securities maturing after one through five year, amortized cost	40
Available-for-sale, securities maturing after five through ten year, amortized cost	749
Available-for-sale, securities maturing after ten years, amortized cost	301
Available-for-sale securities, total, amortized cost	1,582
Available-for-sale, securities maturing within one year, fair value	493
Available-for-sale, securities maturing after one through five year, fair value	42
Available-for-sale, securities maturing after five through ten year, fair value	725
Available-for-sale, securities maturing after ten years, fair value	291
Available-for-sale securities, total, fair value	1,551
Available-for-sale securities, maturing in one year or less, weighted average maturity in years	0.4
Available-for-sale securities, maturing after one year through five years, weighted average maturity in years	2.8
Available-for-sale securities, maturing after five years through ten years, weighted average maturity in years	9.0
Available-for-sale securities, maturing after ten years, weighted average maturity in years	14.1
Available-for-sale securities, total, weighted average maturity in years	7.2
Available-for-sale securities, maturing in one year or less, weighted average yield	0.93%
Available for sale securities, maturing after one year through five years weighted average yield	2.97%
Available-for-sale securities, maturing after five years through ten years, weighted average yield	2.14%
Available-for-sale securities, maturing after ten years, weighted average yield	1.69%
Available-for-sale securities, total, weighted average yield	1.70%
Held-to-maturity securities, maturities within one year, amortized cost	2,213
Held-to-maturity securities, maturities after one year through five years, amortized cost	231
Held-to-maturity securities, maturities after five years through ten years, amortized cost	1,017
Held-to-maturity securities, maturities after ten years, amortized cost	60
Held-to-maturity securities, total, amortized cost	3,521
Held-to-maturity securities, maturities within one year, fair value	2,224
Held to maturity securities, maturities after one year through five years, fair value	233
Held-to-maturity securities, maturities after five year through ten years, fair value	969
Held-to-maturity securities, maturities after ten years, fair value	60
Held-to-maturity securities, total, fair value	3,486
Held-to-maturity securities, maturing in one year or less, weighted average maturity years	0.6
Held-to-maturity securities, maturing after one year through five years, weighted average maturity in years	1.4
Held to maturity securities, maturing after five year through ten years, weighted average maturity in years	9.0
Held-to-maturity securities, maturing after ten years, weighted average maturity in years	11.7
Held-to-maturity securities, total, weighted average maturity in years	3.3
Held-to-maturity securities, maturing in one year or less, weighted average yield	0.99%
Held-to-maturity securities, maturing after one year through five years, weighted average yield	1.07%
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	1.87%
Held-to-maturity securities, maturing after ten years, weighted average yield	1.78%
Held-to-maturity securities, total, weighted average yield	1.26%
Total investment securities amortized cost	5,103		4,365
Total investment securities, percentage	6.80%		5.90%
Mortgage-Backed Securities [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost	587
Available-for-sale, securities maturing after one through five year, amortized cost	17,500
Available-for-sale, securities maturing after five through ten year, amortized cost	10,639
Available-for-sale, securities maturing after ten years, amortized cost	2,082
Available-for-sale securities, total, amortized cost	30,808
Available-for-sale, securities maturing within one year, fair value	593
Available-for-sale, securities maturing after one through five year, fair value	17,692
Available-for-sale, securities maturing after five through ten year, fair value	10,616
Available-for-sale, securities maturing after ten years, fair value	2,098
Available-for-sale securities, total, fair value	30,999
Available-for-sale securities, maturing in one year or less, weighted average maturity in years	0.7
Available-for-sale securities, maturing after one year through five years, weighted average maturity in years	3.8
Available-for-sale securities, maturing after five years through ten years, weighted average maturity in years	5.9
Available-for-sale securities, maturing after ten years, weighted average maturity in years	12.6
Available-for-sale securities, total, weighted average maturity in years	5.0
Available-for-sale securities, maturing in one year or less, weighted average yield	1.98%
Available for sale securities, maturing after one year through five years weighted average yield	2.31%
Available-for-sale securities, maturing after five years through ten years, weighted average yield	1.78%
Available-for-sale securities, maturing after ten years, weighted average yield	1.26%
Available-for-sale securities, total, weighted average yield	2.05%
Held-to-maturity securities, maturities within one year, amortized cost	37
Held-to-maturity securities, maturities after one year through five years, amortized cost	22,413
Held-to-maturity securities, maturities after five years through ten years, amortized cost	7,889
Held-to-maturity securities, maturities after ten years, amortized cost	650
Held-to-maturity securities, total, amortized cost	30,989
Held-to-maturity securities, maturities within one year, fair value	37
Held to maturity securities, maturities after one year through five years, fair value	22,385
Held-to-maturity securities, maturities after five year through ten years, fair value	7,785
Held-to-maturity securities, maturities after ten years, fair value	664
Held-to-maturity securities, total, fair value	30,871
Held-to-maturity securities, maturing in one year or less, weighted average maturity years	0.7
Held-to-maturity securities, maturing after one year through five years, weighted average maturity in years	3.6
Held to maturity securities, maturing after five year through ten years, weighted average maturity in years	5.6
Held-to-maturity securities, maturing after ten years, weighted average maturity in years	11.8
Held-to-maturity securities, total, weighted average maturity in years	4.2
Held-to-maturity securities, maturing in one year or less, weighted average yield	1.94%
Held-to-maturity securities, maturing after one year through five years, weighted average yield	2.11%
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	1.62%
Held-to-maturity securities, maturing after ten years, weighted average yield	1.30%
Held-to-maturity securities, total, weighted average yield	1.97%
Total investment securities amortized cost	61,797		61,019
Total investment securities, percentage	82.80%		83.10%
Asset-Backed Securities [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost
Available-for-sale, securities maturing after one through five year, amortized cost	54
Available-for-sale, securities maturing after five through ten year, amortized cost	564
Available-for-sale, securities maturing after ten years, amortized cost
Available-for-sale securities, total, amortized cost	618
Available-for-sale, securities maturing within one year, fair value
Available-for-sale, securities maturing after one through five year, fair value	62
Available-for-sale, securities maturing after five through ten year, fair value	575
Available-for-sale, securities maturing after ten years, fair value
Available-for-sale securities, total, fair value	637
Available-for-sale securities, maturing in one year or less, weighted average maturity in years	0.1
Available-for-sale securities, maturing after one year through five years, weighted average maturity in years	3.0
Available-for-sale securities, maturing after five years through ten years, weighted average maturity in years	7.0
Available-for-sale securities, maturing after ten years, weighted average maturity in years	18.1
Available-for-sale securities, total, weighted average maturity in years	6.7
Available-for-sale securities, maturing in one year or less, weighted average yield	7.66%
Available for sale securities, maturing after one year through five years weighted average yield	2.66%
Available-for-sale securities, maturing after five years through ten years, weighted average yield	2.62%
Available-for-sale securities, maturing after ten years, weighted average yield	5.35%
Available-for-sale securities, total, weighted average yield	2.63%
Held-to-maturity securities, maturities within one year, amortized cost
Held-to-maturity securities, maturities after one year through five years, amortized cost	9
Held-to-maturity securities, maturities after five years through ten years, amortized cost	8
Held-to-maturity securities, maturities after ten years, amortized cost	3
Held-to-maturity securities, total, amortized cost	20
Held-to-maturity securities, maturities within one year, fair value
Held to maturity securities, maturities after one year through five years, fair value	11
Held-to-maturity securities, maturities after five year through ten years, fair value	9
Held-to-maturity securities, maturities after ten years, fair value	12
Held-to-maturity securities, total, fair value	32
Held-to-maturity securities, maturing in one year or less, weighted average maturity years	0.4
Held-to-maturity securities, maturing after one year through five years, weighted average maturity in years	3.4
Held to maturity securities, maturing after five year through ten years, weighted average maturity in years	6.4
Held-to-maturity securities, maturing after ten years, weighted average maturity in years	21.7
Held-to-maturity securities, total, weighted average maturity in years	7.6
Held-to-maturity securities, maturing in one year or less, weighted average yield	0.42%
Held-to-maturity securities, maturing after one year through five years, weighted average yield	0.73%
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	0.83%
Held-to-maturity securities, maturing after ten years, weighted average yield	0.78%
Held-to-maturity securities, total, weighted average yield	0.78%
Total investment securities amortized cost	638		637
Total investment securities, percentage	0.80%		0.90%
Obligations of state and political subdivisions [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost	44
Available-for-sale, securities maturing after one through five year, amortized cost	5,030
Available-for-sale, securities maturing after five through ten year, amortized cost	509
Available-for-sale, securities maturing after ten years, amortized cost	196
Available-for-sale securities, total, amortized cost	5,779
Available-for-sale, securities maturing within one year, fair value	44
Available-for-sale, securities maturing after one through five year, fair value	5,211
Available-for-sale, securities maturing after five through ten year, fair value	509
Available-for-sale, securities maturing after ten years, fair value	181
Available-for-sale securities, total, fair value	5,945
Available-for-sale securities, maturing in one year or less, weighted average maturity in years	0.5
Available-for-sale securities, maturing after one year through five years, weighted average maturity in years	3.1
Available-for-sale securities, maturing after five years through ten years, weighted average maturity in years	7.2
Available-for-sale securities, maturing after ten years, weighted average maturity in years	22.1
Available-for-sale securities, total, weighted average maturity in years	4.1
Available-for-sale securities, maturing in one year or less, weighted average yield	6.17%
Available for sale securities, maturing after one year through five years weighted average yield	6.73%
Available-for-sale securities, maturing after five years through ten years, weighted average yield	5.84%
Available-for-sale securities, maturing after ten years, weighted average yield	5.56%
Available-for-sale securities, total, weighted average yield	6.60%
Held-to-maturity securities, maturities within one year, amortized cost
Held-to-maturity securities, maturities after one year through five years, amortized cost	3
Held-to-maturity securities, maturities after five years through ten years, amortized cost	2
Held-to-maturity securities, maturities after ten years, amortized cost	12
Held-to-maturity securities, total, amortized cost	17
Held-to-maturity securities, maturities within one year, fair value
Held to maturity securities, maturities after one year through five years, fair value	3
Held-to-maturity securities, maturities after five year through ten years, fair value	2
Held-to-maturity securities, maturities after ten years, fair value	12
Held-to-maturity securities, total, fair value	17
Held-to-maturity securities, maturing in one year or less, weighted average maturity years	0.3
Held-to-maturity securities, maturing after one year through five years, weighted average maturity in years	2.3
Held to maturity securities, maturing after five year through ten years, weighted average maturity in years	7.7
Held-to-maturity securities, maturing after ten years, weighted average maturity in years	14.3
Held-to-maturity securities, total, weighted average maturity in years	11.3
Held-to-maturity securities, maturing in one year or less, weighted average yield	7.41%
Held-to-maturity securities, maturing after one year through five years, weighted average yield	9.04%
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	7.73%
Held-to-maturity securities, maturing after ten years, weighted average yield	5.31%
Held-to-maturity securities, total, weighted average yield	6.25%
Total investment securities amortized cost	5,796		6,079
Total investment securities, percentage	7.80%		8.30%
Other Debt Securities and Obligations of Foreign Government [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost	61
Available-for-sale, securities maturing after one through five year, amortized cost
Available-for-sale, securities maturing after five through ten year, amortized cost
Available-for-sale, securities maturing after ten years, amortized cost	734
Available-for-sale securities, total, amortized cost	795
Available-for-sale, securities maturing within one year, fair value	61
Available-for-sale, securities maturing after one through five year, fair value
Available-for-sale, securities maturing after five through ten year, fair value
Available-for-sale, securities maturing after ten years, fair value	652
Available-for-sale securities, total, fair value	713
Available-for-sale securities, maturing in one year or less, weighted average maturity in years	0.1
Available-for-sale securities, maturing after one year through five years, weighted average maturity in years
Available-for-sale securities, maturing after five years through ten years, weighted average maturity in years
Available-for-sale securities, maturing after ten years, weighted average maturity in years	22.0
Available-for-sale securities, total, weighted average maturity in years	20.4
Available-for-sale securities, maturing in one year or less, weighted average yield	5.94%
Available for sale securities, maturing after one year through five years weighted average yield
Available-for-sale securities, maturing after five years through ten years, weighted average yield
Available-for-sale securities, maturing after ten years, weighted average yield	2.73%
Available-for-sale securities, total, weighted average yield	2.98%
Held-to-maturity securities, maturities within one year, amortized cost	5
Held-to-maturity securities, maturities after one year through five years, amortized cost	90
Held-to-maturity securities, maturities after five years through ten years, amortized cost	26
Held-to-maturity securities, maturities after ten years, amortized cost
Held-to-maturity securities, total, amortized cost	121
Held-to-maturity securities, maturities within one year, fair value	5
Held to maturity securities, maturities after one year through five years, fair value	90
Held-to-maturity securities, maturities after five year through ten years, fair value	13
Held-to-maturity securities, maturities after ten years, fair value
Held-to-maturity securities, total, fair value	108
Held-to-maturity securities, maturing in one year or less, weighted average maturity years	0.7
Held-to-maturity securities, maturing after one year through five years, weighted average maturity in years	2.8
Held to maturity securities, maturing after five year through ten years, weighted average maturity in years	7.3
Held-to-maturity securities, maturing after ten years, weighted average maturity in years
Held-to-maturity securities, total, weighted average maturity in years	3.7
Held-to-maturity securities, maturing in one year or less, weighted average yield	1.37%
Held-to-maturity securities, maturing after one year through five years, weighted average yield	1.16%
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	1.01%
Held-to-maturity securities, maturing after ten years, weighted average yield
Held-to-maturity securities, total, weighted average yield	1.14%
Total investment securities amortized cost	1,340		1,329
Total investment securities, percentage	1.80%		1.80%
Other Investments Including Perpetual Preferred Securities [Member]
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	424
Available-for-sale securities, total, fair value	462
Available-for-sale securities, total, weighted average maturity in years	15.4
Available-for-sale securities, total, weighted average yield	2.31%
Held-to-maturity securities, other investments, amortized cost
Held-to-maturity securities, total, fair value
Held-to-maturity securities, total, weighted average maturity in years
Held-to-maturity securities, total, weighted average yield

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013 BasisPoint Y Multiple	Mar. 31, 2013	Dec. 31, 2012 BasisPoint Multiple Y	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011
Servicing Assets at Fair Value [Line Items]
Servicing portfolio	$ 223,904		$ 215,637
Fair value	2,377	1,955	1,700	1,594	1,737	1,519
Value (bps)	106		79
Weighted-average servicing fees (bps)	31		31
Multiple (value/servicing fees)	3.42		2.55
Weighted-average note rate	4.32%		4.54%
Weighted-average age (in years)	2.5		2.6
Weighted-average expected prepayment (constant prepayment rate)	12.80%		20.10%
Weighted-average expected life (in years)	6.2		4.2
Weighted-average discount rate	10.30%		10.40%
MRBP [Member]
Servicing Assets at Fair Value [Line Items]
Servicing portfolio	14,516		14,143
Fair value	160		154
Value (bps)	110		109
Weighted-average servicing fees (bps)	40		40
Multiple (value/servicing fees)	2.75		2.73
Weighted-average note rate	4.89%		5.13%
Weighted-average age (in years)	4.1		4.2
Weighted-average expected prepayment (constant prepayment rate)	12.80%		13.20%
Weighted-average expected life (in years)	6.2		6.1
Weighted-average discount rate	12.10%		12.10%
Government [Member]
Servicing Assets at Fair Value [Line Items]
Servicing portfolio	40,552		39,048
Fair value	429		314
Value (bps)	106		80
Weighted-average servicing fees (bps)	32		33
Multiple (value/servicing fees)	3.31		2.42
Weighted-average note rate	4.34%		4.57%
Weighted-average age (in years)	2.4		2.4
Weighted-average expected prepayment (constant prepayment rate)	14.20%		21.20%
Weighted-average expected life (in years)	5.9		4.2
Weighted-average discount rate	11.30%		11.40%
Conventional [Member]
Servicing Assets at Fair Value [Line Items]
Servicing portfolio	168,836		162,446
Fair value	$ 1,788		$ 1,232
Value (bps)	106		76
Weighted-average servicing fees (bps)	30		30
Multiple (value/servicing fees)	3.53		2.53
Weighted-average note rate	4.26%		4.48%
Weighted-average age (in years)	2.4		2.5
Weighted-average expected prepayment (constant prepayment rate)	12.50%		20.40%
Weighted-average expected life (in years)	6.3		4.1
Weighted-average discount rate	9.90%		10.00%

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Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended								3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2013 Residential Non-Agency Prime [Member] Residential [Member]	Jun. 30, 2012 Residential Non-Agency Prime [Member] Residential [Member]	Jun. 30, 2013 Residential Non-Agency Prime [Member] Residential [Member]	Jun. 30, 2012 Residential Non-Agency Prime [Member] Residential [Member]	Jun. 30, 2013 Residential Non-Agency Non-Prime [Member] Residential [Member]	Jun. 30, 2012 Residential Non-Agency Non-Prime [Member] Residential [Member]	Jun. 30, 2013 Residential Non-Agency Non-Prime [Member] Residential [Member]	Jun. 30, 2012 Residential Non-Agency Non-Prime [Member] Residential [Member]	Jun. 30, 2013 Asset Backed Securities Other [Member] Asset-Backed Securities [Member]	Jun. 30, 2012 Asset Backed Securities Other [Member] Asset-Backed Securities [Member]	Jun. 30, 2013 Asset Backed Securities Other [Member] Asset-Backed Securities [Member]	Jun. 30, 2012 Asset Backed Securities Other [Member] Asset-Backed Securities [Member]	Jun. 30, 2013 Corporate debt securities [Member]	Mar. 31, 2013 Corporate debt securities [Member]	Dec. 31, 2012 Corporate debt securities [Member]	Jun. 30, 2012 Corporate debt securities [Member]	Mar. 31, 2012 Corporate debt securities [Member]	Dec. 31, 2011 Corporate debt securities [Member]	Jun. 30, 2013 Available-for-Sale Securities [Member]	Jun. 30, 2012 Available-for-Sale Securities [Member]	Jun. 30, 2013 Available-for-Sale Securities [Member]	Jun. 30, 2012 Available-for-Sale Securities [Member]	Jun. 30, 2013 Mortgage servicing rights [Member]	Jun. 30, 2012 Mortgage servicing rights [Member]	Jun. 30, 2013 Mortgage servicing rights [Member]	Jun. 30, 2012 Mortgage servicing rights [Member]	Jun. 30, 2012 Commercial Non-Agency Mortgage-Backed Securities [Member]	Jun. 30, 2012 Commercial Non-Agency Mortgage-Backed Securities [Member]	Jun. 30, 2012 Collateralized Loan Obligations [Member] Asset-Backed Securities [Member]	Jun. 30, 2012 Collateralized Loan Obligations [Member] Asset-Backed Securities [Member]	Jun. 30, 2013 Derivative [Member]	Jun. 30, 2012 Derivative [Member]	Jun. 30, 2013 Derivative [Member]	Jun. 30, 2012 Derivative [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance	$ 599	$ 733	$ 624	$ 803	$ 350	$ 806	$ 355	$ 802	$ 40	$ 112	$ 15	$ 117	$ 9	$ 9	$ 9	$ 9	$ 9	$ 9	$ 998	$ 1,819	$ 1,003	$ 1,893	$ 1,955	$ 1,737	$ 1,700	$ 1,519	$ 40	$ 42	$ 119	$ 120	$ 986	$ 1,089	$ 1,179	$ 1,228
Net Gains (Losses) Included in Net Income	(2)	(1)	(4)	(1)	(1)	(7)	(8)	(10)		3	1	6							(3)	1	(11)	6	186	(374)	185	(430)	1	1	5	10	(363)	876	(216)	1,207
Net Gains (Losses) Included in Other Comprehensive Income (Loss)	(3)	21	8	37	3	28	17	65	1	3	1	4							1	50	26	103					(2)	(2)		(1)
Purchases											25										25		3	16	5	29							1
Sales				(48)	(20)		(20)												(20)	(7)	(20)	(55)							(7)	(7)	(1)	(2)	(2)	(2)
Principal Payments	(47)	(40)	(81)	(78)	(13)	(31)	(25)	(61)	(1)	(6)	(2)	(15)							(61)	(94)	(108)	(178)					(2)	(4)	(15)	(20)
Issuances																							233	215	487	476
Settlements																															(199)	(603)	(539)	(1,073)
End of Period Balance	547	713	547	713	319	796	319	796	40	112	40	112	9	9	9	9	9	9	915	1,769	915	1,769	2,377	1,594	2,377	1,594	37	37	102	102	423	1,360	423	1,360
Net Change in Unrealized Gains (Losses) Relating to Assets Still Held at End of Period	$ (3)	$ 20	$ 8	$ 33	$ 5	$ 28	$ 18	$ 65	$ 1	$ 3	$ 1	$ 4							$ 3	$ 50	$ 27	$ 101	$ 186	$ (374)	$ 185	$ (430)	$ (1)	$ (2)		$ 1	$ (289)	$ (389)	$ (627)	$ (850)

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Loans and Allowance for Credit Losses - Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Type (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011
Allowance Balance at End of Period
Loans individually evaluated for impairment	$ 22		$ 40
TDRs collectively evaluated for impairment	665		754
Other loans collectively evaluated for impairment	3,748		3,771
Loans acquired with deteriorated credit quality	177		168
Total allowance for credit losses	4,612	4,708	4,733	4,864	4,919	5,014
Loan balance at end of period
Loans individually evaluated for impairment	605		729
TDRs collectively evaluated for impairment	5,637		5,675
Other loans collectively evaluated for impairment	217,341		211,514
Loans acquired with deteriorated credit quality	4,392		5,411
Total Loans	217,990		212,021
Total loans	227,975		223,329
Commercial [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment	8		10
TDRs collectively evaluated for impairment	24		28
Other loans collectively evaluated for impairment	991		1,013
Loans acquired with deteriorated credit quality
Total allowance for credit losses	1,023	1,012	1,051	1,037	1,029	1,010
Loan balance at end of period
Loans individually evaluated for impairment	155		171
TDRs collectively evaluated for impairment	186		185
Other loans collectively evaluated for impairment	67,841		65,863
Loans acquired with deteriorated credit quality	3		4
Total Loans	68,185		66,223
Commercial Real Estate [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment	14		30
TDRs collectively evaluated for impairment	23		29
Other loans collectively evaluated for impairment	729		791
Loans acquired with deteriorated credit quality	11		7
Total allowance for credit losses	777	798	857	941	1,037	1,154
Loan balance at end of period
Loans individually evaluated for impairment	413		510
TDRs collectively evaluated for impairment	376		391
Other loans collectively evaluated for impairment	37,424		35,952
Loans acquired with deteriorated credit quality	85		100
Total Loans	38,298		36,953
Residential Mortgages [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	398		446
Other loans collectively evaluated for impairment	523		489
Loans acquired with deteriorated credit quality
Total allowance for credit losses	921	926	935	939	927	927
Loan balance at end of period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	4,317		4,199
Other loans collectively evaluated for impairment	43,431		39,813
Loans acquired with deteriorated credit quality	5		6
Total Loans	47,753		44,018
Credit Card [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	114		153
Other loans collectively evaluated for impairment	760		710
Loans acquired with deteriorated credit quality
Total allowance for credit losses	874	895	863	996	1,001	992
Loan balance at end of period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	358		442
Other loans collectively evaluated for impairment	16,291		16,673
Loans acquired with deteriorated credit quality
Total Loans	16,649		17,115
Other Retail [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	101		97
Other loans collectively evaluated for impairment	737		751
Loans acquired with deteriorated credit quality
Total allowance for credit losses	838	854	848	828	823	831
Loan balance at end of period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	291		313
Other loans collectively evaluated for impairment	46,814		47,399
Loans acquired with deteriorated credit quality
Total Loans	47,105		47,712
Total Loans, Excluding Covered Loans [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment	22		40
TDRs collectively evaluated for impairment	660		753
Other loans collectively evaluated for impairment	3,740		3,754
Loans acquired with deteriorated credit quality	11		7
Total allowance for credit losses	4,433	4,485	4,554	4,741	4,817	4,914
Loan balance at end of period
Loans individually evaluated for impairment	568		681
TDRs collectively evaluated for impairment	5,528		5,530
Other loans collectively evaluated for impairment	211,801		205,700
Loans acquired with deteriorated credit quality	93		110
Total Loans	217,990		212,021
Covered Loans [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	5		1
Other loans collectively evaluated for impairment	8		17
Loans acquired with deteriorated credit quality	166		161
Total allowance for credit losses	179	223	179	123	102	100
Loan balance at end of period
Loans individually evaluated for impairment	37		48
TDRs collectively evaluated for impairment	109		145
Other loans collectively evaluated for impairment	5,540		5,814
Loans acquired with deteriorated credit quality	4,299		5,301
Total loans	$ 9,985		$ 11,308

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Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investments Securities with Unrealized Losses (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Unrealized Losses Total	$ 20

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Investment Securities - Amount of Gross Gains and Losses Realized through Sales of Available for Sale Investment Securities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Investments Debt And Equity Securities [Abstract]
Realized gains	$ 9	$ 21	$ 21	$ 30
Realized losses
Net realized gains (losses)	9	21	21	30
Income tax (benefit) on net realized gains (losses)	$ 3	$ 8	$ 8	$ 11

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Consolidated Balance Sheet (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Held-to-maturity securities, fair value	$ 34,514,000,000	$ 34,952,000,000
Securities, pledged as collateral	2,200,000,000	3,500,000,000
Mortgage loans, carried at fair value	4,753,000,000	7,957,000,000
Time deposits	100,000	100,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, share-authorized (actual number of shares)	4,000,000,000	4,000,000,000
Common stock, shares issued(actual number of shares)	2,125,725,742	2,125,725,742
Treasury stock, shares(actual number of shares)	281,665,410	256,294,227
Held-to-maturity Securities [Member]
Securities, pledged as collateral	1,019,000,000	1,482,000,000
Available-for-Sale Securities [Member]
Securities, pledged as collateral	1,152,000,000	2,042,000,000
Trading Securities [Member]
Securities, pledged as collateral	$ 81,000,000	$ 47,000,000

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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 7 Accumulated Other Comprehensive Income (Loss)

Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:

Three Months Ended June 30 (Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For- Sale to Held-To- Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	603		$	94		$	(371	)	$	(1,221	)	$	(46	)	$	(941	)
Changes in unrealized gains and losses		(675	)		–			53			–			–			(622	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Foreign currency translation adjustment		–			–			–			–			(23	)		(23	)
Reclassification to earnings of realized gains and losses		(6	)		(17	)		41			62			–			80
Applicable income taxes		262			7			(36	)		(25	)		9			217
Balance at end of period	$	185		$	84		$	(313	)	$	(1,184	)	$	(60	)	$	(1,288	)
2012
Balance at beginning of period	$	550		$	–		$	(455	)	$	(999	)	$	(40	)	$	(944	)
Changes in unrealized gains and losses		132			–			(40	)		–			–			92
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			(6	)		(6	)
Reclassification to earnings of realized gains and losses		19			(7	)		52			36			–			100
Applicable income taxes		26			(83	)		(4	)		(14	)		2			(73	)
Balance at end of period	$	504		$	134		$	(447	)	$	(977	)	$	(44	)	$	(830	)

Six Months Ended June 30 (Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For- Sale to Held-To- Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
Changes in unrealized gains and losses		(795	)		–			50			(1	)		–			(746	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		7			–			–			–			–			7
Foreign currency translation adjustment		–			–			–			–			(33	)		(33	)
Reclassification to earnings of realized gains and losses		(11	)		(37	)		95			124			–			171
Applicable income taxes		305			14			(54	)		(42	)		13			236
Balance at end of period	$	185		$	84		$	(313	)	$	(1,184	)	$	(60	)	$	(1,288	)
2012
Balance at beginning of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)
Changes in unrealized gains and losses		438			–			(38	)		–			–			400
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			8			8
Reclassification to earnings of realized gains and losses		19			(7	)		105			74			–			191
Applicable income taxes		(90	)		(83	)		(25	)		(29	)		(3	)		(230	)
Balance at end of period	$	504		$	134		$	(447	)	$	(977	)	$	(44	)	$	(830	)

Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income and into earnings for the periods presented, is as follows:

	Impact to Net Income
(Dollars in Millions)	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Affected Line Item in the Consolidated Statement of Income
Unrealized gains (losses) on securities available-for-sale
Realized gains (losses) on sale of securities	$	9		$	21		Total securities gains (losses), net
Other-than-temporary impairment recognized in earnings		(3	)		(10	)
		6			11		Total before tax
		(2	)		(4	)	Applicable income taxes
		4			7		Net-of-tax
Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains		17			37		Interest income
		(7	)		(14	)	Applicable income taxes
		10			23		Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges		(41	)		(95	)	Net interest income
		16			37		Applicable income taxes
		(25	)		(58	)	Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization		(62	)		(124	)	Employee benefits expense
		24			48		Applicable income taxes
		(38	)		(76	)	Net-of-tax
Total impact to net income	$	(49	)	$	(104	)

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Consolidated Statement of Comprehensive Income (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 1,444	$ 1,378	$ 2,831	$ 2,683
Other comprehensive income (loss)
Changes in unrealized gains and losses on securities available-for-sale	(675)	132	(795)	438
Other-than-temporary impairment not recognized in earnings on securities available-for-sale	1	1	7	1
Changes in unrealized gains and losses on derivative hedges	53	(40)	50	(38)
Foreign currency translation	(23)	(6)	(33)	8
Changes in unrealized gains and losses on retirement plans			(1)
Reclassification to earnings of realized gains and losses	80	100	171	191
Income taxes related to other comprehensive income	217	(73)	236	(230)
Total other comprehensive income (loss)	(347)	114	(365)	370
Comprehensive income	1,097	1,492	2,466	3,053
Comprehensive (income) loss attributable to noncontrolling interests	40	37	81	70
Comprehensive income attributable to U.S. Bancorp	$ 1,137	$ 1,529	$ 2,547	$ 3,123

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Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	$ 217,990	$ 212,021
Total loans	227,975	223,329
Total outstanding commitments	459,672	451,841
Pass Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	221,484	215,731
Total outstanding commitments	451,299	442,047
Special Mention Criticized Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	1,700	1,850
Total outstanding commitments	2,939	3,231
Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	4,791	5,748
Total outstanding commitments	5,434	6,563
Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	6,491	7,598
Total outstanding commitments	8,373	9,794
Commercial [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	68,185	66,223
Commercial [Member] | Pass Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	66,109	63,906
Commercial [Member] | Special Mention Criticized Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,046	1,114
Commercial [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,030	1,203
Commercial [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	2,076	2,317
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	38,298	36,953
Commercial Real Estate [Member] | Pass Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	36,030	34,096
Commercial Real Estate [Member] | Special Mention Criticized Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	562	621
Commercial Real Estate [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,706	2,236
Commercial Real Estate [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	2,268	2,857
Residential Mortgages [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	47,753	44,018
Residential Mortgages [Member] | Pass Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	46,674	42,897
Residential Mortgages [Member] | Special Mention Criticized Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	15	18
Residential Mortgages [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,064	1,103
Residential Mortgages [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,079	1,121
Credit Card [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	16,649	17,115
Credit Card [Member] | Pass Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	16,356	16,752
Credit Card [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	293	363
Credit Card [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	293	363
Other Retail [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	47,105	47,712
Other Retail [Member] | Pass Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	46,696	47,294
Other Retail [Member] | Special Mention Criticized Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	35	36
Other Retail [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	374	382
Other Retail [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	409	418
Total Loans, Excluding Covered Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	217,990	212,021
Total Loans, Excluding Covered Loans [Member] | Pass Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	211,865	204,945
Total Loans, Excluding Covered Loans [Member] | Special Mention Criticized Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,658	1,789
Total Loans, Excluding Covered Loans [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	4,467	5,287
Total Loans, Excluding Covered Loans [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	6,125	7,076
Covered Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	9,985	11,308
Covered Loans [Member] | Pass Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	9,619	10,786
Covered Loans [Member] | Special Mention Criticized Internal Credit Rating [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	42	61
Covered Loans [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	324	461
Covered Loans [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 366	$ 522

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Consolidated Balance Sheet (Unaudited) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013		Dec. 31, 2012
Assets
Cash and due from banks	$ 6,618		$ 8,252
Investment securities
Held-to-maturity (fair value $34,514 and $34,952, respectively; including $1,019 and $1,482 at fair value pledged as collateral, respectively) (a)	34,668	[1]	34,389	[1]
Available-for-sale ($1,152 and $2,042 pledged as collateral, respectively) (a)	40,307	[1]	40,139	[1]
Loans held for sale (including $4,753 and $7,957 of mortgage loans carried at fair value, respectively)	4,766		7,976
Loans
Commercial	68,185		66,223
Commercial real estate	38,298		36,953
Residential mortgages	47,753		44,018
Credit Card	16,649		17,115
Other retail	47,105		47,712
Total Loans	217,990		212,021
Covered loans	9,985		11,308
Total loans	227,975		223,329
Less allowance for loan losses	(4,312)		(4,424)
Net loans	223,663		218,905
Premises and equipment	2,622		2,670
Goodwill	9,156		9,143
Other intangible assets	3,287		2,706
Other assets (including $81 and $47 of trading securities at fair value pledged as collateral, respectively) (a)	28,328	[1]	29,675	[1]
Total assets	353,415		353,855
Deposits
Noninterest-bearing	70,632		74,172
Interest-bearing	147,693		145,972
Time deposits greater than $100,000	33,243		29,039
Total deposits	251,568		249,183
Short-term borrowings	26,179		26,302
Long-term debt	19,724		25,516
Other liabilities	14,894		12,587
Total liabilities	312,365		313,588
Shareholders' equity
Preferred stock	4,756		4,769
Common stock, par value $0.01 a share-authorized: 4,000,000,000 shares; issued: 6/30/13 and 12/31/12 -2,125,725,742 shares	21		21
Capital surplus	8,167		8,201
Retained earnings	36,707		34,720
Less cost of common stock in treasury: 6/30/13-281,665,410 shares; 12/31/12 -256,294,227 shares	(8,680)		(7,790)
Accumulated other comprehensive income (loss)	(1,288)		(923)
Total U.S. Bancorp shareholders' equity	39,683		38,998
Noncontrolling interests	1,367		1,269
Total equity	41,050		40,267
Total liabilities and equity	$ 353,415		$ 353,855

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Accounts Notes And Loans Receivable Classified [Abstract]
Commercial	$ 62,910	$ 60,742
Lease financing	5,275	5,481
Total commercial	68,185	66,223
Commercial Real Estate
Commercial mortgages	31,630	31,005
Construction and development	6,668	5,948
Total commercial real estate	38,298	36,953
Residential mortgages	34,651	32,648
Home equity loans, first liens	13,102	11,370
Total residential mortgages	47,753	44,018
Credit Card	16,649	17,115
Retail leasing	5,802	5,419
Home equity and second mortgages	15,816	16,726
Revolving credit	3,260	3,332
Installment	5,635	5,463
Automobile	12,807	12,593
Student	3,785	4,179
Total other retail	47,105	47,712
Total loans, excluding covered loans	217,990	212,021
Covered loans	9,985	11,308
Total loans	$ 227,975	$ 223,329
Commercial, Percentage	27.60%	27.20%
Lease financing, Percentage	2.30%	2.50%
Total commercial, Percentage	29.90%	29.70%
Commercial mortgages, Percentage	13.90%	13.90%
Construction and development, Percentage	2.90%	2.60%
Total commercial real estate, Percentage	16.80%	16.50%
Residential mortgages, Percentage	15.20%	14.60%
Home equity loans, first liens, Percentage	5.70%	5.10%
Total residential mortgages, Percentage	20.90%	19.70%
Credit Card, Percentage	7.30%	7.70%
Retail leasing, Percentage	2.60%	2.40%
Home equity and second mortgages, Percentage	6.90%	7.50%
Revolving credit, Percentage	1.40%	1.50%
Installment, Percentage	2.50%	2.40%
Automobile, Percentage	5.60%	5.60%
Student, Percentage	1.70%	1.90%
Total other retail, Percentage	20.70%	21.30%
Total loans, excluding covered loans, Percentage	95.60%	94.90%
Covered Loans, Percentage	4.40%	5.10%
Total loans, Percentage	100.00%	100.00%

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Income Taxes - Components of Income Tax Expense (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Federal
Current	$ 626	$ 551	$ 1,116	$ 955
Deferred	(104)	(92)	(92)	(24)
Federal income tax	522	459	1,024	931
State
Current	19	112	77	162
Deferred	(12)	(7)	(14)	(2)
State income tax	7	105	63	160
Total income tax provision	$ 529	$ 564	$ 1,087	$ 1,091

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Accumulated Other Comprehensive Income (Loss) - Impact to Consolidated Statement of Income for Items Reclassified Out of Accumulated Other Comprehensive Income and into Earnings (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized gains (losses) on sale of securities	$ 9	$ 21	$ 21	$ 30
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income	3,038	3,228	6,149	6,460
Gains (Losses) on derivative hedges	2,616	2,658	5,269	5,292
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization	(277)	(229)	(587)	(489)
Total securities gains (losses), net	6	(19)	11	(19)
Applicable income taxes	(529)	(564)	(1,087)	(1,091)
Net income	1,444	1,378	2,831	2,683
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	(49)		(104)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized gains (losses) on sale of securities	9		21
Other-than-temporary impairment recognized in earnings	(3)		(10)
Total securities gains (losses), net	6		11
Applicable income taxes	(2)		(4)
Net income	4		7
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Gain Loss on Securities Transferred from Available for Sale to Held to Maturity [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income	17		37
Applicable income taxes	(7)		(14)
Net income	10		23
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (Losses) on derivative hedges	(41)		(95)
Applicable income taxes	16		37
Net income	(25)		(58)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization	(62)		(124)
Applicable income taxes	24		48
Net income	$ (38)		$ (76)

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Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss)

The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:

Three Months Ended June 30 (Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For- Sale to Held-To- Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	603		$	94		$	(371	)	$	(1,221	)	$	(46	)	$	(941	)
Changes in unrealized gains and losses		(675	)		–			53			–			–			(622	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Foreign currency translation adjustment		–			–			–			–			(23	)		(23	)
Reclassification to earnings of realized gains and losses		(6	)		(17	)		41			62			–			80
Applicable income taxes		262			7			(36	)		(25	)		9			217
Balance at end of period	$	185		$	84		$	(313	)	$	(1,184	)	$	(60	)	$	(1,288	)
2012
Balance at beginning of period	$	550		$	–		$	(455	)	$	(999	)	$	(40	)	$	(944	)
Changes in unrealized gains and losses		132			–			(40	)		–			–			92
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			(6	)		(6	)
Reclassification to earnings of realized gains and losses		19			(7	)		52			36			–			100
Applicable income taxes		26			(83	)		(4	)		(14	)		2			(73	)
Balance at end of period	$	504		$	134		$	(447	)	$	(977	)	$	(44	)	$	(830	)

Six Months Ended June 30 (Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For- Sale to Held-To- Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
Changes in unrealized gains and losses		(795	)		–			50			(1	)		–			(746	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		7			–			–			–			–			7
Foreign currency translation adjustment		–			–			–			–			(33	)		(33	)
Reclassification to earnings of realized gains and losses		(11	)		(37	)		95			124			–			171
Applicable income taxes		305			14			(54	)		(42	)		13			236
Balance at end of period	$	185		$	84		$	(313	)	$	(1,184	)	$	(60	)	$	(1,288	)
2012
Balance at beginning of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)
Changes in unrealized gains and losses		438			–			(38	)		–			–			400
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			8			8
Reclassification to earnings of realized gains and losses		19			(7	)		105			74			–			191
Applicable income taxes		(90	)		(83	)		(25	)		(29	)		(3	)		(230	)
Balance at end of period	$	504		$	134		$	(447	)	$	(977	)	$	(44	)	$	(830	)

Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings

Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income and into earnings for the periods presented, is as follows:

	Impact to Net Income
(Dollars in Millions)	Three Months Ended June 30, 2013			Six Months Ended June 30, 2013			Affected Line Item in the Consolidated Statement of Income
Unrealized gains (losses) on securities available-for-sale
Realized gains (losses) on sale of securities	$	9		$	21		Total securities gains (losses), net
Other-than-temporary impairment recognized in earnings		(3	)		(10	)
		6			11		Total before tax
		(2	)		(4	)	Applicable income taxes
		4			7		Net-of-tax
Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains		17			37		Interest income
		(7	)		(14	)	Applicable income taxes
		10			23		Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges		(41	)		(95	)	Net interest income
		16			37		Applicable income taxes
		(25	)		(58	)	Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization		(62	)		(124	)	Employee benefits expense
		24			48		Applicable income taxes
		(38	)		(76	)	Net-of-tax
Total impact to net income	$	(49	)	$	(104	)

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Certain amounts in prior periods have been reclassified to conform to the current presentation.

Accounting policies for the lines of business are generally the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to establish methodologies to allocate funding costs, expenses and other financial elements to each line of business. Table 10 “Line of Business Financial Performance” included in Management’s Discussion and Analysis provides details of segment results. This information is incorporated by reference into these Notes to Consolidated Financial Statements.

Indemnification Assets Related to FDIC Loss-Sharing Agreements

The Company adopted new indemnification asset accounting guidance effective January 1, 2013 applicable to FDIC loss-sharing agreements. The guidance requires any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) to be amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to adoption of this guidance, such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets were considered together and recognized over the remaining life of the loans. The adoption of this guidance did not materially affect the Company’s financial statements.

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Guarantees and Contingent Liabilities - Company's Representation and Warranty Reserve (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Valuation And Qualifying Accounts [Abstract]
Representation and Warranty Reserve, Beginning Balance	$ 233	$ 202	$ 240	$ 160
Net realized losses	(16)	(31)	(39)	(56)
Change in reserve	(27)	45	(11)	112
Representation and Warranty Reserve, Ending Balance	$ 190	$ 216	$ 190	$ 216

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Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Taxable And Tax Exempt Interest Income [Abstract]
Taxable	$ 328	$ 400	$ 672	$ 797
Non-taxable	64	70	130	141
Total interest income from investment securities	$ 392	$ 470	$ 802	$ 938

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Earnings Per Share - Additional Information (Detail) (Stock Option [Member]) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding of common shares	10	23	11	32

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Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	$ 4,708	$ 4,919	$ 4,733	$ 5,014
Provision for credit losses	362	470	765	951
Loans charged off	506	631	1,055	1,312
Less recoveries of loans charged off	(114)	(111)	(230)	(221)
Net loans charged off	392	520	825	1,091
Other changes	(66)	(5)	(61)	(10)
Balance at end of period	4,612	4,864	4,612	4,864
Commercial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	1,012	1,029	1,051	1,010
Provision for credit losses	49	79	45	184
Loans charged off	63	93	119	206
Less recoveries of loans charged off	(25)	(22)	(46)	(49)
Net loans charged off	38	71	73	157
Other changes
Balance at end of period	1,023	1,037	1,023	1,037
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	798	1,037	857	1,154
Provision for credit losses	(38)	(43)	(78)	(89)
Loans charged off	16	76	59	159
Less recoveries of loans charged off	(33)	(23)	(57)	(35)
Net loans charged off	(17)	53	2	124
Other changes
Balance at end of period	777	941	777	941
Residential Mortgages [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	926	927	935	927
Provision for credit losses	69	121	152	233
Loans charged off	81	114	181	230
Less recoveries of loans charged off	(7)	(5)	(15)	(9)
Net loans charged off	74	109	166	221
Other changes
Balance at end of period	921	939	921	939
Credit Card [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	895	1,001	863	992
Provision for credit losses	152	165	344	343
Loans charged off	191	198	384	399
Less recoveries of loans charged off	(18)	(28)	(51)	(60)
Net loans charged off	173	170	333	339
Other changes
Balance at end of period	874	996	874	996
Other Retail [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	854	823	848	831
Provision for credit losses	89	122	221	246
Loans charged off	134	149	290	316
Less recoveries of loans charged off	(29)	(32)	(59)	(67)
Net loans charged off	105	117	231	249
Other changes
Balance at end of period	838	828	838	828
Total Loans, Excluding Covered Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	4,485	4,817	4,554	4,914
Provision for credit losses	321	444	684	917
Loans charged off	485	630	1,033	1,310
Less recoveries of loans charged off	(112)	(110)	(228)	(220)
Net loans charged off	373	520	805	1,090
Other changes
Balance at end of period	4,433	4,741	4,433	4,741
Covered Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	223	102	179	100
Provision for credit losses	41	26	81	34
Loans charged off	21	1	22	2
Less recoveries of loans charged off	(2)	(1)	(2)	(1)
Net loans charged off	19		20	1
Other changes	(66)	(5)	(61)	(10)
Balance at end of period	$ 179	$ 123	$ 179	$ 123

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Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2013
Receivables [Abstract]
Loss sharing agreement remaining term	6 years

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Basis of Presentation - Line of Business Financial Performance (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Condensed Income Statement
Securities gains (losses), net	$ 6	$ (19)	$ 11	$ (19)
Other intangibles	55	70	112	141
Total noninterest expense	2,557	2,601	5,027	5,161
Provision for credit losses	362	470	765	951
Net income	1,444	1,378	2,831	2,683
Net (income) loss attributable to noncontrolling interests	40	37	81	70
Net income attributable to U.S. Bancorp	1,484	1,415	2,912	2,753
Wholesale Banking and Commercial Real Estate [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	519	521	1,030	1,056
Net interest income (taxable-equivalent basis), Percent change	(0.40%)		(2.50%)
Noninterest income	273	320	552	631
Noninterest income, Percent change	(14.70%)		(12.50%)
Securities gains (losses), net
Securities gains (losses), net, Percent change
Total net revenue	792	841	1,582	1,687
Total net revenue, Percent change	(5.80%)		(6.20%)
Noninterest expense	313	321	630	640
Noninterest expense, Percent change	(2.50%)		(1.60%)
Other intangibles	2	4	4	8
Other intangibles, Percent change	(50.00%)		(50.00%)
Total noninterest expense	315	325	634	648
Total noninterest expense, Percent change	(3.10%)		(2.20%)
Income before provision and income taxes	477	516	948	1,039
Income before provision and income taxes, Percent change	(7.60%)		(8.80%)
Provision for credit losses	(30)		(75)	3
Provision for credit losses, Percent change
Income before income taxes	507	516	1,023	1,036
Income before income taxes, Percent change	(1.70%)		(1.30%)
Income taxes and taxable-equivalent adjustment	184	188	372	377
Income taxes and taxable-equivalent adjustment, Percent change	(2.10%)		(1.30%)
Net income	323	328	651	659
Net income, Percent change	(1.50%)		(1.20%)
Net (income) loss attributable to noncontrolling interests
Net (income) loss attributable to noncontrolling interests, Percent change
Net income attributable to U.S. Bancorp	323	328	651	659
Net income attributable to U.S. Bancorp, Percent change	(1.50%)		(1.20%)
Average Balance Sheet
Commercial	50,332	44,479	49,781	43,365
Commercial, Percent change	13.20%		14.80%
Commercial real estate	20,366	19,720	20,133	19,570
Commercial real estate, Percent change	3.30%		2.90%
Residential mortgages	29	63	29	64
Residential mortgages, Percent change	(54.00%)		(54.70%)
Credit card
Credit card, Percent change
Other retail	7	4	10	4
Other retail, Percent change	75.00%
Total loans, excluding covered loans	70,734	64,266	69,953	63,003
Total loans, excluding covered loans, Percent change	10.10%		11.00%
Covered loans	371	1,077	415	1,103
Covered loans, Percent change	(65.60%)		(62.40%)
Total loans	71,105	65,343	70,368	64,106
Total loans, Percent change	8.80%		9.80%
Goodwill	1,604	1,604	1,604	1,604
Goodwill, Percent change
Other intangible assets	26	38	27	40
Other intangible assets, Percent change	(31.60%)		(32.50%)
Assets	77,914	71,380	76,813	69,908
Assets, Percent change	9.20%		9.90%
Noninterest-bearing deposits	30,202	30,557	30,052	30,470
Noninterest-bearing deposits, Percent change	(1.20%)		(1.40%)
Interest checking	10,202	10,824	10,524	11,950
Interest checking, Percent change	(5.70%)		(11.90%)
Savings products	12,938	7,508	12,400	8,193
Savings products, Percent change	72.30%		51.30%
Time deposits	16,415	17,032	16,428	15,193
Time deposits, Percent change	(3.60%)		8.10%
Total deposits	69,757	65,921	69,404	65,806
Total deposits, Percent change	5.80%		5.50%
Total U.S. Bancorp shareholders' equity	7,346	6,333	7,279	6,298
Total U.S. Bancorp shareholders' equity, Percent change	16.00%		15.60%
Consumer and Small Business Banking [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	1,132	1,180	2,284	2,361
Net interest income (taxable-equivalent basis), Percent change	(4.10%)		(3.30%)
Noninterest income	776	905	1,559	1,770
Noninterest income, Percent change	(14.30%)		(11.90%)
Securities gains (losses), net
Securities gains (losses), net, Percent change
Total net revenue	1,908	2,085	3,843	4,131
Total net revenue, Percent change	(8.50%)		(7.00%)
Noninterest expense	1,182	1,210	2,372	2,391
Noninterest expense, Percent change	(2.30%)		(0.80%)
Other intangibles	10	13	21	26
Other intangibles, Percent change	(23.10%)		(19.20%)
Total noninterest expense	1,192	1,223	2,393	2,417
Total noninterest expense, Percent change	(2.50%)		(1.00%)
Income before provision and income taxes	716	862	1,450	1,714
Income before provision and income taxes, Percent change	(16.90%)		(15.40%)
Provision for credit losses	168	274	404	529
Provision for credit losses, Percent change	(38.70%)		(23.60%)
Income before income taxes	548	588	1,046	1,185
Income before income taxes, Percent change	(6.80%)		(11.70%)
Income taxes and taxable-equivalent adjustment	199	214	380	431
Income taxes and taxable-equivalent adjustment, Percent change	(7.00%)		(11.80%)
Net income	349	374	666	754
Net income, Percent change	(6.70%)		(11.70%)
Net (income) loss attributable to noncontrolling interests
Net (income) loss attributable to noncontrolling interests, Percent change
Net income attributable to U.S. Bancorp	349	374	666	754
Net income attributable to U.S. Bancorp, Percent change	(6.70%)		(11.70%)
Average Balance Sheet
Commercial	8,423	8,084	8,367	7,991
Commercial, Percent change	4.20%		4.70%
Commercial real estate	16,765	16,083	16,666	15,996
Commercial real estate, Percent change	4.20%		4.20%
Residential mortgages	46,084	38,727	45,296	38,052
Residential mortgages, Percent change	19.00%		19.00%
Credit card
Credit card, Percent change
Other retail	44,570	45,570	44,743	45,576
Other retail, Percent change	(2.20%)		(1.80%)
Total loans, excluding covered loans	115,842	108,464	115,072	107,615
Total loans, excluding covered loans, Percent change	6.80%		6.90%
Covered loans	6,724	7,640	6,832	7,766
Covered loans, Percent change	(12.00%)		(12.00%)
Total loans	122,566	116,104	121,904	115,381
Total loans, Percent change	5.60%		5.70%
Goodwill	3,515	3,515	3,514	3,515
Goodwill, Percent change
Other intangible assets	2,208	1,824	2,112	1,794
Other intangible assets, Percent change	21.10%		17.70%
Assets	138,303	132,730	138,779	131,719
Assets, Percent change	4.20%		5.40%
Noninterest-bearing deposits	21,889	19,366	21,631	19,048
Noninterest-bearing deposits, Percent change	13.00%		13.60%
Interest checking	33,080	29,934	32,754	29,470
Interest checking, Percent change	10.50%		11.10%
Savings products	46,203	43,214	45,914	42,772
Savings products, Percent change	6.90%		7.30%
Time deposits	21,666	24,242	22,075	24,306
Time deposits, Percent change	(10.60%)		(9.20%)
Total deposits	122,838	116,756	122,374	115,596
Total deposits, Percent change	5.20%		5.90%
Total U.S. Bancorp shareholders' equity	12,063	11,106	12,026	10,937
Total U.S. Bancorp shareholders' equity, Percent change	8.60%		10.00%
Wealth Management and Securities Services [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	91	83	183	177
Net interest income (taxable-equivalent basis), Percent change	9.60%		3.40%
Noninterest income	310	278	604	545
Noninterest income, Percent change	11.50%		10.80%
Securities gains (losses), net
Securities gains (losses), net, Percent change
Total net revenue	401	361	787	722
Total net revenue, Percent change	11.10%		9.00%
Noninterest expense	319	285	641	566
Noninterest expense, Percent change	11.90%		13.30%
Other intangibles	9	10	18	20
Other intangibles, Percent change	(10.00%)		(10.00%)
Total noninterest expense	328	295	659	586
Total noninterest expense, Percent change	11.20%		12.50%
Income before provision and income taxes	73	66	128	136
Income before provision and income taxes, Percent change	10.60%		(5.90%)
Provision for credit losses	1	2	1	1
Provision for credit losses, Percent change	(50.00%)
Income before income taxes	72	64	127	135
Income before income taxes, Percent change	12.50%		(5.90%)
Income taxes and taxable-equivalent adjustment	26	23	46	49
Income taxes and taxable-equivalent adjustment, Percent change	13.00%		(6.10%)
Net income	46	41	81	86
Net income, Percent change	12.20%		(5.80%)
Net (income) loss attributable to noncontrolling interests
Net (income) loss attributable to noncontrolling interests, Percent change
Net income attributable to U.S. Bancorp	46	41	81	86
Net income attributable to U.S. Bancorp, Percent change	12.20%		(5.80%)
Average Balance Sheet
Commercial	1,794	1,270	1,767	1,213
Commercial, Percent change	41.30%		45.70%
Commercial real estate	651	604	650	594
Commercial real estate, Percent change	7.80%		9.40%
Residential mortgages	759	372	670	377
Residential mortgages, Percent change			77.70%
Credit card
Credit card, Percent change
Other retail	1,548	1,512	1,550	1,510
Other retail, Percent change	2.40%		2.60%
Total loans, excluding covered loans	4,752	3,758	4,637	3,694
Total loans, excluding covered loans, Percent change	26.50%		25.50%
Covered loans	15	12	12	12
Covered loans, Percent change	25.00%
Total loans	4,767	3,770	4,649	3,706
Total loans, Percent change	26.40%		25.40%
Goodwill	1,527	1,469	1,528	1,468
Goodwill, Percent change	3.90%		4.10%
Other intangible assets	173	175	177	176
Other intangible assets, Percent change	(1.10%)		0.60%
Assets	7,620	6,479	7,511	6,366
Assets, Percent change	17.60%		18.00%
Noninterest-bearing deposits	13,805	13,476	13,950	13,419
Noninterest-bearing deposits, Percent change	2.40%		4.00%
Interest checking	4,672	3,833	4,686	3,952
Interest checking, Percent change	21.90%		18.60%
Savings products	28,021	23,114	27,456	23,257
Savings products, Percent change	21.20%		18.10%
Time deposits	5,585	4,662	5,766	4,603
Time deposits, Percent change	19.80%		25.30%
Total deposits	52,083	45,085	51,858	45,231
Total deposits, Percent change	15.50%		14.70%
Total U.S. Bancorp shareholders' equity	2,370	2,224	2,366	2,214
Total U.S. Bancorp shareholders' equity, Percent change	6.60%		6.90%
Payment Services [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	387	376	775	772
Net interest income (taxable-equivalent basis), Percent change	2.90%		0.40%
Noninterest income	828	816	1,575	1,548
Noninterest income, Percent change	1.50%		1.70%
Securities gains (losses), net
Securities gains (losses), net, Percent change
Total net revenue	1,215	1,192	2,350	2,320
Total net revenue, Percent change	1.90%		1.30%
Noninterest expense	491	445	970	899
Noninterest expense, Percent change	10.30%		7.90%
Other intangibles	34	43	69	87
Other intangibles, Percent change	(20.90%)		(20.70%)
Total noninterest expense	525	488	1,039	986
Total noninterest expense, Percent change	7.60%		5.40%
Income before provision and income taxes	690	704	1,311	1,334
Income before provision and income taxes, Percent change	(2.00%)		(1.70%)
Provision for credit losses	183	197	388	413
Provision for credit losses, Percent change	(7.10%)		(6.10%)
Income before income taxes	507	507	923	921
Income before income taxes, Percent change			0.20%
Income taxes and taxable-equivalent adjustment	184	184	335	335
Income taxes and taxable-equivalent adjustment, Percent change
Net income	323	323	588	586
Net income, Percent change			0.30%
Net (income) loss attributable to noncontrolling interests	(10)	(10)	(19)	(20)
Net (income) loss attributable to noncontrolling interests, Percent change			5.00%
Net income attributable to U.S. Bancorp	313	313	569	566
Net income attributable to U.S. Bancorp, Percent change			0.50%
Average Balance Sheet
Commercial	6,035	6,001	5,948	5,824
Commercial, Percent change	0.60%		2.10%
Commercial real estate
Commercial real estate, Percent change
Residential mortgages
Residential mortgages, Percent change
Credit card	16,416	16,696	16,472	16,737
Credit card, Percent change	(1.70%)		(1.60%)
Other retail	741	814	752	825
Other retail, Percent change	(9.00%)		(8.80%)
Total loans, excluding covered loans	23,192	23,511	23,172	23,386
Total loans, excluding covered loans, Percent change	(1.40%)		(0.90%)
Covered loans	5	5	5	5
Covered loans, Percent change
Total loans	23,197	23,516	23,177	23,391
Total loans, Percent change	(1.40%)		(0.90%)
Goodwill	2,508	2,350	2,508	2,350
Goodwill, Percent change	6.70%		6.70%
Other intangible assets	585	734	598	753
Other intangible assets, Percent change	(20.30%)		(20.60%)
Assets	29,401	29,785	29,421	29,768
Assets, Percent change	(1.30%)		(1.20%)
Noninterest-bearing deposits	675	632	683	646
Noninterest-bearing deposits, Percent change	6.80%		5.70%
Interest checking	448	1,336	439	1,320
Interest checking, Percent change	(66.50%)		(66.70%)
Savings products	54	37	50	36
Savings products, Percent change	45.90%		38.90%
Time deposits
Time deposits, Percent change
Total deposits	1,177	2,005	1,172	2,002
Total deposits, Percent change	(41.30%)		(41.50%)
Total U.S. Bancorp shareholders' equity	6,020	5,670	5,985	5,699
Total U.S. Bancorp shareholders' equity, Percent change	6.20%		5.00%
Treasury and Corporate Support [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	543	553	1,109	1,037
Net interest income (taxable-equivalent basis), Percent change	(1.80%)		6.90%
Noninterest income	83	55	140	119
Noninterest income, Percent change	50.90%		17.60%
Securities gains (losses), net	6	(19)	11	(19)
Securities gains (losses), net, Percent change
Total net revenue	632	589	1,260	1,137
Total net revenue, Percent change	7.30%		10.80%
Noninterest expense	197	270	302	524
Noninterest expense, Percent change	(27.00%)		(42.40%)
Other intangibles
Other intangibles, Percent change
Total noninterest expense	197	270	302	524
Total noninterest expense, Percent change	(27.00%)		(42.40%)
Income before provision and income taxes	435	319	958	613
Income before provision and income taxes, Percent change	36.40%		56.30%
Provision for credit losses	40	(3)	47	5
Provision for credit losses, Percent change
Income before income taxes	395	322	911	608
Income before income taxes, Percent change	22.70%		49.80%
Income taxes and taxable-equivalent adjustment	(8)	10	66	10
Income taxes and taxable-equivalent adjustment, Percent change
Net income	403	312	845	598
Net income, Percent change	29.20%		41.30%
Net (income) loss attributable to noncontrolling interests	50	47	100	90
Net (income) loss attributable to noncontrolling interests, Percent change	6.40%		11.10%
Net income attributable to U.S. Bancorp	453	359	945	688
Net income attributable to U.S. Bancorp, Percent change	26.20%		37.40%
Average Balance Sheet
Commercial	178	186	171	183
Commercial, Percent change	(4.30%)		(6.60%)
Commercial real estate	102	142	104	107
Commercial real estate, Percent change	(28.20%)		(2.80%)
Residential mortgages	1	4	1	5
Residential mortgages, Percent change	(75.00%)		(80.00%)
Credit card
Credit card, Percent change
Other retail
Other retail, Percent change
Total loans, excluding covered loans	281	332	276	295
Total loans, excluding covered loans, Percent change	(15.40%)		(6.40%)
Covered loans	3,270	5,004	3,437	5,236
Covered loans, Percent change	(34.70%)		(34.40%)
Total loans	3,551	5,336	3,713	5,531
Total loans, Percent change	(33.50%)		(32.90%)
Goodwill
Goodwill, Percent change
Other intangible assets	2	4	3	4
Other intangible assets, Percent change	(50.00%)		(25.00%)
Assets	96,351	100,055	97,959	100,597
Assets, Percent change	(3.70%)		(2.60%)
Noninterest-bearing deposits	295	500	318	474
Noninterest-bearing deposits, Percent change	(41.00%)		(32.90%)
Interest checking	1	1	1	1
Interest checking, Percent change
Savings products	81	139	88	134
Savings products, Percent change	(41.70%)		(34.30%)
Time deposits	1,153	894	993	548
Time deposits, Percent change	29.00%		81.20%
Total deposits	1,530	1,534	1,400	1,157
Total deposits, Percent change	(0.30%)		21.00%
Total U.S. Bancorp shareholders' equity	12,105	11,933	11,887	11,193
Total U.S. Bancorp shareholders' equity, Percent change	1.40%		6.20%
Consolidated Company [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	2,672	2,713	5,381	5,403
Net interest income (taxable-equivalent basis), Percent change	(1.50%)		(0.40%)
Noninterest income	2,270	2,374	4,430	4,613
Noninterest income, Percent change	(4.40%)		(4.00%)
Securities gains (losses), net	6	(19)	11	(19)
Securities gains (losses), net, Percent change
Total net revenue	4,948	5,068	9,822	9,997
Total net revenue, Percent change	(2.40%)		(1.80%)
Noninterest expense	2,502	2,531	4,915	5,020
Noninterest expense, Percent change	(1.10%)		(2.10%)
Other intangibles	55	70	112	141
Other intangibles, Percent change	(21.40%)		(20.60%)
Total noninterest expense	2,557	2,601	5,027	5,161
Total noninterest expense, Percent change	(1.70%)		(2.60%)
Income before provision and income taxes	2,391	2,467	4,795	4,836
Income before provision and income taxes, Percent change	(3.10%)		(0.80%)
Provision for credit losses	362	470	765	951
Provision for credit losses, Percent change	(23.00%)		(19.60%)
Income before income taxes	2,029	1,997	4,030	3,885
Income before income taxes, Percent change	1.60%		3.70%
Income taxes and taxable-equivalent adjustment	585	619	1,199	1,202
Income taxes and taxable-equivalent adjustment, Percent change	(5.50%)		(0.20%)
Net income	1,444	1,378	2,831	2,683
Net income, Percent change	4.80%		5.50%
Net (income) loss attributable to noncontrolling interests	40	37	81	70
Net (income) loss attributable to noncontrolling interests, Percent change	8.10%		15.70%
Net income attributable to U.S. Bancorp	1,484	1,415	2,912	2,753
Net income attributable to U.S. Bancorp, Percent change	4.90%		5.80%
Average Balance Sheet
Commercial	66,762	60,020	66,034	58,576
Commercial, Percent change	11.20%		12.70%
Commercial real estate	37,884	36,549	37,553	36,267
Commercial real estate, Percent change	3.70%		3.50%
Residential mortgages	46,873	39,166	45,996	38,498
Residential mortgages, Percent change	19.70%		19.50%
Credit card	16,416	16,696	16,472	16,737
Credit card, Percent change	(1.70%)		(1.60%)
Other retail	46,866	47,900	47,055	47,915
Other retail, Percent change	(2.20%)		(1.80%)
Total loans, excluding covered loans	214,801	200,331	213,110	197,993
Total loans, excluding covered loans, Percent change	7.20%		7.60%
Covered loans	10,385	13,738	10,701	14,122
Covered loans, Percent change	(24.40%)		(24.20%)
Total loans	225,186	214,069	223,811	212,115
Total loans, Percent change	5.20%		5.50%
Goodwill	9,154	8,938	9,154	8,937
Goodwill, Percent change	2.40%		2.40%
Other intangible assets	2,994	2,775	2,917	2,767
Other intangible assets, Percent change	7.90%		5.40%
Assets	349,589	340,429	350,483	338,358
Assets, Percent change	2.70%		3.60%
Noninterest-bearing deposits	66,866	64,531	66,634	64,057
Noninterest-bearing deposits, Percent change	3.60%		4.00%
Interest checking	48,403	45,928	48,404	46,693
Interest checking, Percent change	5.40%		3.70%
Savings products	87,297	74,012	85,908	74,392
Savings products, Percent change	17.90%		15.50%
Time deposits	44,819	46,830	45,262	44,650
Time deposits, Percent change	(4.30%)		1.40%
Total deposits	247,385	231,301	246,208	229,792
Total deposits, Percent change	7.00%		7.10%
Total U.S. Bancorp shareholders' equity	$ 39,904	$ 37,266	$ 39,543	$ 36,341
Total U.S. Bancorp shareholders' equity, Percent change	7.10%		8.80%

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Fair Values of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Valuation Assumption Ranges for Level 3 Available-for-Sale Investment Securities

The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at June 30, 2013:

	Minimum			Maximum			Average
Residential Prime Non-Agency Mortgage-Backed Securities (a)
Estimated lifetime prepayment rates		6	%		20	%		13	%
Lifetime probability of default rates		–			6			3
Lifetime loss severity rates		25			75			43
Discount margin		2			5			4
Residential Non-Prime Non-Agency Mortgage-Backed Securities (b)
Estimated lifetime prepayment rates		2	%		10	%		6	%
Lifetime probability of default rates		4			10			7
Lifetime loss severity rates		15			70			54
Discount margin		1			5			3
Other Asset-Backed Securities
Estimated lifetime prepayment rates		6	%		6	%		6	%
Lifetime probability of default rates		4			4			4
Lifetime loss severity rates		40			40			40
Discount margin		12			12			12

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Valuation Assumption Ranges for MSRs

The following table shows the significant valuation assumption ranges for MSRs at June 30, 2013:

	Minimum			Maximum			Average
Expected prepayment		10	%		24	%		13	%
Discount rate		10			14			10

Valuation Assumption Ranges for Derivative Commitments

The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to sell, purchase and originate mortgage loans at June 30, 2013:

	Minimum			Maximum			Average
Expected loan close rate		42	%		100	%		83	%
Inherent MSR value (basis points per loan)		44			221			120

Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:

(Dollars in Millions)	Level 1		Level 2		Level 3		Netting			Total
June 30, 2013
Available-for-sale securities
U.S. Treasury and agencies	$	469	$	1,082	$	–	$	–		$	1,551
Mortgage-backed securities
Residential
Agency		–		29,956		–		–			29,956
Non-agency
Prime (a)		–		–		547		–			547
Non-prime (b)		–		–		319		–			319
Commercial
Agency		–		177		–		–			177
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		25		–		–			25
Other		–		572		40		–			612
Obligations of state and political subdivisions		–		5,945		–		–			5,945
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		698		9		–			707
Perpetual preferred securities		–		219		–		–			219
Other investments		227		16		–		–			243
Total available-for-sale		696		38,696		915		–			40,307
Mortgage loans held for sale		–		4,753		–		–			4,753
Mortgage servicing rights		–		–		2,377		–			2,377
Derivative assets		–		1,444		629		(612	)		1,461
Other assets		107		780		–		–			887
Total	$	803	$	45,673	$	3,921	$	(612	)	$	49,785
Derivative liabilities	$	–	$	2,025	$	206	$	(1,293	)	$	938
Short-term borrowings (c)		135		562		–		–			697
Total	$	135	$	2,587	$	206	$	(1,293	)	$	1,635
December 31, 2012
Available-for-sale securities
U.S. Treasury and agencies	$	491	$	735	$	–	$	–		$	1,226
Mortgage-backed securities
Residential
Agency		–		29,495		–		–			29,495
Non-agency
Prime (a)		–		–		624		–			624
Non-prime (b)		–		–		355		–			355
Commercial
Agency		–		193		–		–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		42		–		–			42
Other		–		577		15		–			592
Obligations of state and political subdivisions		–		6,455		–		–			6,455
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		722		9		–			731
Perpetual preferred securities		–		218		–		–			218
Other investments		187		15		–		–			202
Total available-for-sale		678		38,458		1,003		–			40,139
Mortgage loans held for sale		–		7,957		–		–			7,957
Mortgage servicing rights		–		–		1,700		–			1,700
Derivative assets		–		572		1,234		(418	)		1,388
Other assets		94		386		–		–			480
Total	$	772	$	47,373	$	3,937	$	(418	)	$	51,664
Derivative liabilities	$	–	$	2,128	$	55	$	(1,549	)	$	634
Short-term borrowings (c)		50		351		–		–			401
Total	$	50	$	2,479	$	55	$	(1,549	)	$	1,035

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Compre hensive Income (Loss)			Purch ases		Sales			Principal Payments			Issua nces			Settle ments			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	599	$	(2	)	$	(3	)	$	–	$	–		$	(47	)	$	–		$	–		$	547	$	(3	)
Non-prime (b)		350		(1	)		3			–		(20	)		(13	)		–			–			319		5
Asset-backed securities
Other		40		–			1			–		–			(1	)		–			–			40		1
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		998		(3	)(c)		1	(f)		–		(20	)		(61	)		–			–			915		3
Mortgage servicing rights		1,955		186	(d)		–			3		–			–			233	(g)		–			2,377		186	(d)
Net derivative assets and liabilities		986		(363	)(e)		–			–		(1	)		–			–			(199	)		423		(289	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	733	$	(1	)	$	21		$	–	$	–		$	(40	)	$	–		$	–		$	713	$	20
Non-prime (b)		806		(7	)		28			–		–			(31	)		–			–			796		28
Commercial non-agency		40		1			(2	)		–		–			(2	)		–			–			37		(1	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		119		5			–			–		(7	)		(15	)		–			–			102		–
Other		112		3			3			–		–			(6	)		–			–			112		3
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,819		1	(i)		50	(f)		–		(7	)		(94	)		–			–			1,769		50
Mortgage servicing rights		1,737		(374	)(d)		–			16		–			–			215	(g)		–			1,594		(374	)(d)
Net derivative assets and liabilities		1,089		876	(j)		–			–		(2	)		–			–			(603	)		1,360		(389	)(k)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Included in securities gains (losses).

(d) Included in mortgage banking revenue.

(e) Approximately $(207) million included in other noninterest income and $(156) million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(185) million included in other noninterest income and $(104) million included in mortgage banking revenue.

(i) Approximately $(13) million included in securities gains (losses) and $14 million included in interest income.

(j) Approximately $242 million included in other noninterest income and $634 million included in mortgage banking revenue.

(k) Approximately $102 million included in other noninterest income and $(491) million included in mortgage banking revenue.

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Compre hensive Income (Loss)			Purc hases		Sales			Principal Payments			Issua nces			Settle ments			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	624	$	(4	)	$	8		$	–	$	–		$	(81	)	$	–		$	–		$	547	$	8
Non-prime (b)		355		(8	)		17			–		(20	)		(25	)		–			–			319		18
Asset-backed securities
Other		15		1			1			25		–			(2	)		–			–			40		1
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,003		(11	)(c)		26	(f)		25		(20	)		(108	)		–			–			915		27
Mortgage servicing rights		1,700		185	(d)		–			5		–			–			487	(g)		–			2,377		185	(d)
Net derivative assets and liabilities		1,179		(216	)(e)		–			1		(2	)		–			–			(539	)		423		(627	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	803	$	(1	)	$	37		$	–	$	(48	)	$	(78	)	$	–		$	–		$	713	$	33
Non-prime (b)		802		(10	)		65			–		–			(61	)		–			–			796		65
Commercial non-agency		42		1			(2	)		–		–			(4	)		–			–			37		(2	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		120		10			(1	)		–		(7	)		(20	)		–			–			102		1
Other		117		6			4			–		–			(15	)		–			–			112		4
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,893		6	(i)		103	(f)		–		(55	)		(178	)		–			–			1,769		101
Mortgage servicing rights		1,519		(430	)(d)		–			29		–			–			476	(g)		–			1,594		(430	)(d)
Net derivative assets and liabilities		1,228		1,207	(j)		–			–		(2	)		–			–			(1,073	)		1,360		(850	)(k)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Approximately $(10) million included in securities gains (losses) and $(1) million included in interest income.

(d) Included in mortgage banking revenue.

(e) Approximately $(210) million included in other noninterest income and $(6) million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(273) million included in other noninterest income and $(354) million included in mortgage banking revenue.

(i) Approximately $(22) million included in securities gains (losses) and $28 million included in interest income.

(j) Approximately $220 million included in other noninterest income and $987 million included in mortgage banking revenue.

(k) Approximately $(1) million included in other noninterest income and $(849) million included in mortgage banking revenue.

Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios

The following table summarizes the balances of assets measured at fair value on a nonrecurring basis:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans (a)	$	–	$	–	$	76	$	76	$	–	$	–	$	140	$	140
Other assets (b)		–		–		129		129		–		–		194		194

(a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.

Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Loans (a)	$	12	$	21	$	33	$	39
Other assets (b)		20		40		59		87

(a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.

Differences Between Aggregate Fair Value, Carrying Amount of MLHFS and Aggregate Unpaid Principal Amount

The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity:

	June 30, 2013							December 31, 2012
(Dollars in Millions)	Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal			Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal
Total loans	$	4,753	$	4,776	$	(23	)	$	7,957	$	7,588	$	369
Nonaccrual loans		9		14		(5	)		8		13		(5	)
Loans 90 days or more past due		3		4		(1	)		2		3		(1	)

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments are shown in the table below:

	June 30, 2013										December 31, 2012
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
(Dollars in Millions)			Level 1		Level 2		Level 3		Total				Level 1		Level 2		Level 3		Total
Financial Assets
Cash and due from banks	$	6,618	$	6,618	$	–	$	–	$	6,618	$	8,252	$	8,252	$	–	$	–	$	8,252
Federal funds sold and securities purchased under resale agreements		183		–		183		–		183		437		–		437		–		437
Investment securities held-to-maturity		34,668		3,174		31,228		112		34,514		34,389		2,984		31,845		123		34,952
Loans held for sale (a)		13		–		–		13		13		19		–		–		19		19
Loans (b)		223,587		–		–		224,714		224,714		218,765		–		–		220,354		220,354
Other financial instruments		2,045		–		1,184		880		2,064		7,367		–		1,228		6,157		7,385
Financial Liabilities
Deposits		251,568		–		251,681		–		251,681		249,183		–		249,594		–		249,594
Short-term borrowings (c)		25,482		–		25,438		–		25,438		25,901		–		25,917		–		25,917
Long-term debt		19,724		–		20,215		–		20,215		25,516		–		26,205		–		26,205

(a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.

(b) Excludes loans measured at fair value on a nonrecurring basis.

(c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

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Guarantees and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Summary of Other Guarantees and Contingent Liabilities

The following table is a summary of other guarantees and contingent liabilities of the Company at June 30, 2013:

(Dollars in Millions)	Collateral Held		Carrying Amount		Maximum Potential Future Payments
Standby letters of credit	$	–	$	71	$	17,781
Third-party borrowing arrangements		–		–		22
Securities lending indemnifications		4,811		–		4,654
Asset sales		–		281		3,163	(a)
Merchant processing		912		81		85,940
Contingent consideration arrangements		–		12		14
Tender option bond program guarantee		4,876		–		4,755
Minimum revenue guarantees		–		13		14
Other		–		6		527

(a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.

Company's Representation and Warranty Reserve

The following table is a rollforward of the Company’s representation and warranty reserve:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	233		$	202		$	240		$	160
Net realized losses		(16	)		(31	)		(39	)		(56	)
Change in reserve		(27	)		45			(11	)		112
Balance at end of period	$	190		$	216		$	190		$	216

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Preferred Stock

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Preferred Stock

Note 6 Preferred Stock

At June 30, 2013 and December 31, 2012, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock was as follows:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount		Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount
Series A		12,510	$	1,251	$	145	$	1,106		12,510	$	1,251	$	145	$	1,106
Series B		40,000		1,000		–		1,000		40,000		1,000		–		1,000
Series D		–		–		–		–		20,000		500		–		500
Series F		44,000		1,100		12		1,088		44,000		1,100		12		1,088
Series G		43,400		1,085		10		1,075		43,400		1,085		10		1,075
Series H		20,000		500		13		487		–		–		–		–
Total preferred stock (a)		159,910	$	4,936	$	180	$	4,756		159,910	$	4,936	$	167	$	4,769

(a) The par value of all shares issued and outstanding at June 30, 2013 and December 31, 2012, was $1.00 per share.

On May 2, 2013, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series H Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series H Preferred Stock”). The Series H Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 5.15 percent. The Series H Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after July 15, 2018. The Series H Preferred Stock is redeemable at the Company’s option, in whole, but not in part, prior to July 15, 2018 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series H Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve. In conjunction with the issuance of the Series H Preferred Stock, the Company redeemed at par value all shares of its Series D Non-Cumulative Perpetual Preferred Stock on June 3, 2013. The Company included an $8 million loss in its computation of earnings per diluted common share for the second quarter and first six months of 2013, which represents the stock issuance costs recorded in capital surplus upon the issuance of the Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

For further information on preferred stock, refer to Note 14 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

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Loans and Allowance for Credit Losses - Loans Modified as TDRs (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013 SecurityLoan	Jun. 30, 2012 SecurityLoan	Jun. 30, 2013 SecurityLoan	Jun. 30, 2012 SecurityLoan
Financing Receivable, Modifications [Line Items]
Number of Loans	10,651	15,290	23,325	33,950
Pre-Modification Outstanding Loan Balance	$ 562	$ 676	$ 1,113	$ 1,496
Post-Modification Outstanding Loan Balance	524	690	1,060	1,485
Commercial [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	596	1,048	1,411	2,327
Pre-Modification Outstanding Loan Balance	54	70	88	161
Post-Modification Outstanding Loan Balance	47	65	80	137
Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	36	71	99	182
Pre-Modification Outstanding Loan Balance	37	121	117	325
Post-Modification Outstanding Loan Balance	35	113	113	310
Residential Mortgages [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	430	450	1,237	1,071
Pre-Modification Outstanding Loan Balance	62	74	172	185
Post-Modification Outstanding Loan Balance	63	74	168	181
Credit Card [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	5,882	10,685	13,700	24,903
Pre-Modification Outstanding Loan Balance	35	57	83	137
Post-Modification Outstanding Loan Balance	36	56	84	136
Other Retail [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	807	809	2,672	1,797
Pre-Modification Outstanding Loan Balance	16	20	65	35
Post-Modification Outstanding Loan Balance	15	20	64	35
Total Loans, Excluding GNMA and Covered Loans
Financing Receivable, Modifications [Line Items]
Number of Loans	7,751	13,063	19,119	30,280
Pre-Modification Outstanding Loan Balance	204	342	525	843
Post-Modification Outstanding Loan Balance	196	328	509	799
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	2,879	2,177	4,135	3,577
Pre-Modification Outstanding Loan Balance	345	277	522	456
Post-Modification Outstanding Loan Balance	316	311	498	498
Covered Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	21	50	71	93
Pre-Modification Outstanding Loan Balance	13	57	66	197
Post-Modification Outstanding Loan Balance	$ 12	$ 51	$ 53	$ 188

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Netting Arrangements for Certain Financial Instruments - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet But Available for Offset in Event of Default (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Offsetting [Abstract]
Cash collateral netted against derivative assets	$ 96	$ 79
Derivative assets not subject to netting arrangements	38	260
Cash collateral netted against derivative liabilities	777	1,200
Derivative liabilities not subject to netting arrangements	$ 275	$ 5

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Components of Earnings Per Share

The components of earnings per share were:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars and Shares in Millions, Except Per Share Data)	2013			2012			2013			2012
Net income attributable to U.S. Bancorp	$	1,484		$	1,415		$	2,912		$	2,753
Preferred dividends		(64	)		(64	)		(128	)		(110	)
Impact of preferred stock redemption (a)		(8	)		–			(8	)		–
Earnings allocated to participating stock awards		(7	)		(6	)		(13	)		(13	)
Net income applicable to U.S. Bancorp common shareholders	$	1,405		$	1,345		$	2,763		$	2,630
Average common shares outstanding		1,843			1,888			1,851			1,895
Net effect of the exercise and assumed purchase of stock awards		10			10			9			9
Average diluted common shares outstanding		1,853			1,898			1,860			1,904
Earnings per common share	$	.76		$	.71		$	1.49		$	1.39
Diluted earnings per common share	$	.76		$	.71		$	1.49		$	1.38

(a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

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Investment Securities - Investment Securities Available for Sale (Parenthetical) (Detail)	Jun. 30, 2013 CreditScore
Investments Debt And Equity Securities [Abstract]
Minimum weighted average credit score of prime securities	725
Maximum loan-to-value of prime securities	80.00%

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Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013
Standby Letters of Credit [Member]
Guarantor Obligations [Line Items]
Carrying Amount	$ 71
Maximum Potential Future Payments	17,781
Third-Party Borrowing Arrangements [Member]
Guarantor Obligations [Line Items]
Maximum Potential Future Payments	22
Securities Lending Indemnifications [Member]
Guarantor Obligations [Line Items]
Collateral Held	4,811
Maximum Potential Future Payments	4,654
Asset Sales [Member]
Guarantor Obligations [Line Items]
Carrying Amount	281
Maximum Potential Future Payments	3,163
Merchant Processing [Member]
Guarantor Obligations [Line Items]
Collateral Held	912
Carrying Amount	81
Maximum Potential Future Payments	85,940
Contingent Consideration Arrangements [Member]
Guarantor Obligations [Line Items]
Carrying Amount	12
Maximum Potential Future Payments	14
Tender Option Bond Program Guarantee [Member]
Guarantor Obligations [Line Items]
Collateral Held	4,876
Maximum Potential Future Payments	4,755
Minimum Revenue Guarantees [Member]
Guarantor Obligations [Line Items]
Carrying Amount	13
Maximum Potential Future Payments	14
Other [Member]
Guarantor Obligations [Line Items]
Carrying Amount	6
Maximum Potential Future Payments	$ 527

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Employee Benefits

6 Months Ended

Jun. 30, 2013

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

Note 9 Employee Benefits

The components of net periodic benefit cost for the Company’s retirement plans were:

	Three Months Ended June 30,												Six Months Ended June 30,
	Pension Plans						Postretirement Welfare Plan						Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012			2013			2012			2013			2012
Service cost	$	42		$	32		$	1		$	1		$	84		$	64		$	2		$	2
Interest cost		43			42			1			2			85			84			2			4
Expected return on plan assets		(44	)		(47	)		(1	)		–			(88	)		(95	)		(1	)		(1	)
Prior service cost (credit) and transition obligation (asset) amortization		(2	)		(1	)		–			–			(3	)		(2	)		–			–
Actuarial loss (gain) amortization		66			40			(2	)		(3	)		132			80			(5	)		(4	)
Net periodic benefit cost	$	105		$	66		$	(1	)	$	–		$	210		$	131		$	(2	)	$	1

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Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Level 3 Available - for - Sale Investment Securities (Detail)	Jun. 30, 2013
Minimum [Member] | Residential Non-Agency Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime loss severity rates	25.00%
Discount margin	2.00%
Minimum [Member] | Residential Non-Agency Non-Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	2.00%
Lifetime probability of default rates	4.00%
Lifetime loss severity rates	15.00%
Discount margin	1.00%
Minimum [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates	4.00%
Lifetime loss severity rates	40.00%
Discount margin	12.00%
Maximum [Member] | Residential Non-Agency Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	20.00%
Lifetime probability of default rates	6.00%
Lifetime loss severity rates	75.00%
Discount margin	5.00%
Maximum [Member] | Residential Non-Agency Non-Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	10.00%
Lifetime probability of default rates	10.00%
Lifetime loss severity rates	70.00%
Discount margin	5.00%
Maximum [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates	4.00%
Lifetime loss severity rates	40.00%
Discount margin	12.00%
Average [Member] | Residential Non-Agency Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	13.00%
Lifetime probability of default rates	3.00%
Lifetime loss severity rates	43.00%
Discount margin	4.00%
Average [Member] | Residential Non-Agency Non-Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates	7.00%
Lifetime loss severity rates	54.00%
Discount margin	3.00%
Average [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates	4.00%
Lifetime loss severity rates	40.00%
Discount margin	12.00%

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Accumulated Other Comprehensive Income (Loss) - Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance at beginning of period	$ (941)	$ (944)	$ (923)	$ (1,200)
Changes in unrealized gains and losses	(622)	92	(746)	400
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Securities Available-For-Sale	(675)	132	(795)	438
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Derivative Hedges	53	(40)	50	(38)
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Retirement Plans			(1)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale	1	1	7	1
Foreign currency translation adjustment	(23)	(6)	(33)	8
Reclassification to earnings of realized gains and losses	80	100	171	191
Applicable income taxes	217	(73)	236	(230)
Balance at end of period	(1,288)	(830)	(1,288)	(830)
Accumulated Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance at beginning of period	(46)	(40)	(40)	(49)
Foreign currency translation adjustment	(23)	(6)	(33)	8
Applicable income taxes	9	2	13	(3)
Balance at end of period	(60)	(44)	(60)	(44)
Accumulated Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance at beginning of period	(1,221)	(999)	(1,265)	(1,022)
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Retirement Plans			(1)
Reclassification to earnings of realized gains and losses	62	36	124	74
Applicable income taxes	(25)	(14)	(42)	(29)
Balance at end of period	(1,184)	(977)	(1,184)	(977)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance at beginning of period	(371)	(455)	(404)	(489)
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Derivative Hedges	53	(40)	50	(38)
Reclassification to earnings of realized gains and losses	41	52	95	105
Applicable income taxes	(36)	(4)	(54)	(25)
Balance at end of period	(313)	(447)	(313)	(447)
Accumulated Net Unrealized Gain Loss on Securities Transferred from Available for Sale to Held to Maturity [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance at beginning of period	94		107
Transfer of securities from available-for-sale to held-to-maturity		224		224
Reclassification to earnings of realized gains and losses	(17)	(7)	(37)	(7)
Applicable income taxes	7	(83)	14	(83)
Balance at end of period	84	134	84	134
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Balance at beginning of period	603	550	679	360
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Securities Available-For-Sale	(675)	132	(795)	438
Other-than-temporary impairment not recognized in earnings on securities available-for-sale	1	1	7	1
Transfer of securities from available-for-sale to held-to-maturity		(224)		(224)
Reclassification to earnings of realized gains and losses	(6)	19	(11)	19
Applicable income taxes	262	26	305	(90)
Balance at end of period	$ 185	$ 504	$ 185	$ 504

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Mortgage Servicing Rights

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Mortgage Servicing Rights

Note 5 Mortgage Servicing Rights

The Company serviced $223.9 billion of residential mortgage loans for others at June 30, 2013, and $215.6 billion at December 31, 2012. The net impact included in mortgage banking revenue of fair value changes of MSRs and derivatives used to economically hedge MSRs were net gains of $13 million and $32 million for the three months ended June 30, 2013 and 2012, respectively, and net gains of $55 million and $62 million for the six months ended June 30, 2013 and 2012, respectively. Loan servicing fees, not including valuation changes, included in mortgage banking revenue, were $187 million and $174 million for the three months ended June 30, 2013 and 2012, respectively, and $374 million and $345 million for the six months ended June 30, 2013 and 2012, respectively.

Changes in fair value of capitalized MSRs are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	1,955		$	1,737		$	1,700		$	1,519
Rights purchased		3			16			5			29
Rights capitalized		233			215			487			476
Changes in fair value of MSRs
Due to fluctuations in market interest rates (a)		305			(239	)		432			(175	)
Due to revised assumptions or models (b)		(3	)		(18	)		(9	)		(17	)
Other changes in fair value (c)		(116	)		(117	)		(238	)		(238	)
Balance at end of period	$	2,377		$	1,594		$	2,377		$	1,594

(a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.

(b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes.

(c) Primarily represents changes due to realization of expected cash flows over time (decay).

The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments was as follows:

	June 30, 2013																		December 31, 2012
(Dollars in Millions)	Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps			Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps
MSR portfolio	$	(429	)	$	(204	)	$	(96	)	$	88		$	165		$	312		$	(370	)	$	(217	)	$	(118	)	$	126		$	249		$	480
Derivative instrument hedges		436			197			92			(85	)		(166	)		(323	)		473			249			124			(121	)		(243	)		(486	)
Net sensitivity	$	7		$	(7	)	$	(4	)	$	3		$	(1	)	$	(11	)	$	103		$	32		$	6		$	5		$	6		$	(6	)

The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Mortgage Revenue Bond Programs (“MRBP”). The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The MRBP division specializes in servicing loans made under state and local housing authority programs. These programs provide mortgages to low-income and moderate-income borrowers and are generally government-insured programs with a favorable rate subsidy, down payment and/or closing cost assistance.

A summary of the Company’s MSRs and related characteristics by portfolio was as follows:

	June 30, 2013												December 31, 2012
(Dollars in Millions)	MRBP			Government			Conventional (b)			Total			MRBP			Government			Conventional (b)			Total
Servicing portfolio	$	14,516		$	40,552		$	168,836		$	223,904		$	14,143		$	39,048		$	162,446		$	215,637
Fair value	$	160		$	429		$	1,788		$	2,377		$	154		$	314		$	1,232		$	1,700
Value (bps) (a)		110			106			106			106			109			80			76			79
Weighted-average servicing fees (bps)		40			32			30			31			40			33			30			31
Multiple (value/servicing fees)		2.75			3.31			3.53			3.42			2.73			2.42			2.53			2.55
Weighted-average note rate		4.89	%		4.34	%		4.26	%		4.32	%		5.13	%		4.57	%		4.48	%		4.54	%
Weighted-average age (in years)		4.1			2.4			2.4			2.5			4.2			2.4			2.5			2.6
Weighted-average expected prepayment (constant prepayment rate)		12.8	%		14.2	%		12.5	%		12.8	%		13.2	%		21.2	%		20.4	%		20.1	%
Weighted-average expected life (in years)		6.2			5.9			6.3			6.2			6.1			4.2			4.1			4.2
Weighted-average discount rate		12.1	%		11.3	%		9.9	%		10.3	%		12.1	%		11.4	%		10.0	%		10.4	%

(a) Value is calculated as fair value divided by the servicing portfolio.

(b) Represents loans sold primarily to GSEs.

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Consolidated Statement of Cash Flows (Unaudited) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating Activities
Net income attributable to U.S. Bancorp	$ 2,912	$ 2,753
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses	765	951
Depreciation and amortization of premises and equipment	148	140
Amortization of intangibles	112	141
Provision for deferred income taxes	(106)	(26)
(Gain) loss on sale of loans held for sale	(874)	(1,210)
(Gain) loss on sale of securities and other assets	(26)	(80)
Loans originated for sale in the secondary market, net of repayments	(36,607)	(39,559)
Proceeds from sales of loans held for sale	40,097	39,115
Other, net	95	1,403
Net cash provided by operating activities	6,516	3,628
Investing Activities
Proceeds from sales of available-for-sale investment securities	679	345
Proceeds from maturities of held-to-maturity investment securities	4,688	2,012
Proceeds from maturities of available-for-sale investment securities	6,074	7,889
Purchases of held-to-maturity investment securities	(5,026)	(6,096)
Purchases of available-for-sale investment securities	(7,731)	(6,861)
Net increase in loans outstanding	(5,139)	(6,487)
Proceeds from sales of loans	533	561
Purchases of loans	(1,312)	(1,472)
Acquisitions, net of cash acquired		94
Other, net	(109)	(259)
Net cash used in investing activities	(7,343)	(10,274)
Financing Activities
Net increase in deposits	2,385	10,183
Net increase (decrease) in short-term borrowings	(123)	215
Proceeds from issuance of long-term debt	131	2,620
Principal payments or redemption of long-term debt	(1,374)	(5,736)
Proceeds from issuance of preferred stock	487	2,163
Proceeds from issuance of common stock	169	191
Redemption of preferred stock	(500)
Repurchase of common stock	(1,119)	(863)
Cash dividends paid on preferred stock	(133)	(76)
Cash dividends paid on common stock	(730)	(610)
Net cash provided by (used in) financing activities	(807)	8,087
Change in cash and due from banks	(1,634)	1,441
Cash and due from banks at beginning of period	8,252	13,962
Cash and due from banks at end of period	$ 6,618	$ 15,403

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Fair Values of Assets and Liabilities - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended						6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013 Standby Letters of Credit and Unfunded Commitments [Member]	Dec. 31, 2012 Standby Letters of Credit and Unfunded Commitments [Member]	Jun. 30, 2013 Other Guarantees [Member]	Dec. 31, 2012 Other Guarantees [Member]	Jun. 30, 2013 Minimum [Member]	Jun. 30, 2013 Maximum [Member]	Jun. 30, 2013 Average [Member]
Fair Value Disclosures [Abstract]
Fair value measurement transfers from one level to another			$ 0	$ 0
Mortgage loans held for sale measured at fair value gain (loss)	(146)	241	(321)	260
Assumed credit valuation adjustment as percentage of underlying fair value of underlying derivative contracts									0.00%	100.00%	6.00%
Carrying value of guarantee obligations					$ 397	$ 415	$ 393	$ 452

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Loans and Allowance for Credit Losses - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013 M	Dec. 31, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans pledged at the Federal Home Loan Bank ("FHLB")	$ 74,000,000,000	$ 74,000,000,000	$ 74,100,000,000
Loans pledged at the Federal Reserve Bank	51,000,000,000	51,000,000,000	48,600,000,000
Unearned interest and deferred fees and costs on loans	605,000,000	605,000,000	753,000,000
Period for capturing full economic cycle in evaluation		12 years
Impairment loan threshold for allowance in which loans are individually analyzed	5,000,000	5,000,000
Maximum restructuring period under credit card loan financial difficulty modifications		60
Maximum restructuring period under credit card loan temporary financial hardship modifications		Up to 12 months
Outstanding balance of loans where trial period was unsuccessful and no longer eligible for a permanent modification	25,000,000	41,000,000
Purchased impaired loans included in covered loans classified as nonperforming assets	8,000,000	8,000,000	82,000,000
Residential Mortgages [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans in trial period	189	189
Outstanding balance of loans in trial period	31,000,000	31,000,000
Estimated post-modification balance of loans in trial period	31,000,000	31,000,000
Home Equity and Second Mortgages [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans in trial period	2	2
Outstanding balance of loans in trial period	1,000,000	1,000,000
Estimated post-modification balance of loans in trial period	1,000,000	1,000,000
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans in trial period	299	299
Outstanding balance of loans in trial period	38,000,000	38,000,000
Estimated post-modification balance of loans in trial period	$ 36,000,000	$ 36,000,000
Government National Mortgage Association [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period arrangement was unsuccessful	209	306

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Investment Securities - Summary of Ranges Used in Valuation of Non-Agency Mortgage-Backed Securities Other Than Temporarily Impaired (Detail)	Jun. 30, 2013	Dec. 31, 2012
Prime Minimum [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	12.00%	6.00%
Lifetime probability of default rates	3.00%	3.00%
Lifetime loss severity rates	25.00%	40.00%
Prime Maximum [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	18.00%	22.00%
Lifetime probability of default rates	5.00%	6.00%
Lifetime loss severity rates	50.00%	50.00%
Prime Average [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	14.00%	14.00%
Lifetime probability of default rates	4.00%	4.00%
Lifetime loss severity rates	48.00%	47.00%
Non-Prime Minimum [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	4.00%	3.00%
Lifetime probability of default rates	4.00%	3.00%
Lifetime loss severity rates	50.00%	45.00%
Non-Prime Maximum [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	10.00%	10.00%
Lifetime probability of default rates	9.00%	10.00%
Lifetime loss severity rates	65.00%	65.00%
Non-Prime Average [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	7.00%	6.00%
Lifetime probability of default rates	6.00%	7.00%
Lifetime loss severity rates	58.00%	56.00%

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Derivative Instruments - Additional Information (Detail) (USD $)			6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Dec. 31, 2013 Scenario, Forecast [Member]	Jun. 30, 2014 Scenario, Forecast [Member]
Derivative [Line Items]
Realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss)	$ 313,000,000	$ 404,000,000
Estimated loss to be reclassified from other comprehensive income (loss) into earnings			59,000,000	118,000,000
Carrying amount of non-derivative debt instruments designated as net investment hedges	0	0
Fair value of derivatives under collateral agreements in a net liability position	1,100,000,000
Collateral posted by company netted against net liability position	777,000,000
Forward commitments to sell mortgage loans	12,100,000,000
Hedged mortgage loans held for sale	4,100,000,000
Unfunded mortgage loan commitments	$ 9,600,000,000

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Asset and Liability Management Derivative Positions of Company

The following table summarizes the asset and liability management derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
June 30, 2013
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	24		2.59	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		272		18		9.27		4,288		580		2.96
Receive fixed/pay floating swaps		7,000		31		1.35		–		–		–
Net investment hedges
Foreign exchange forward contracts		918		22		.04		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		2,042		15		.10		5,856		155		.07
Sell		10,633		518		.11		2,322		25		.13
Options
Purchased		2,225		–		.08		–		–		–
Written		1,795		16		.10		1,513		20		.05
Receive fixed/pay floating swaps		–		–		–		3,945		108		10.23
Foreign exchange forward contracts		1,837		15		.03		1,187		3		.03
Equity contracts		28		1		2.38		43		1		1.97
Credit contracts		1,216		3		4.44		2,047		10		2.95
Total	$	28,466	$	663			$	21,201	$	902
December 31, 2012
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	30		3.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		32		–		9.88		4,528		718		3.79
Receive fixed/pay floating swaps		7,000		45		1.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		758		1		.07		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		11,164		138		.07		2,921		13		.04
Sell		6,299		18		.11		12,223		57		.09
Options
Purchased		2,435		–		.07		–		–		–
Written		4,991		123		.12		4		–		.06
Receive fixed/pay floating swaps		350		1		10.21		3,775		14		10.21
Foreign exchange forward contracts		618		4		.03		1,383		6		.01
Equity contracts		31		–		2.80		27		–		2.46
Credit contracts		1,056		3		4.56		1,947		10		3.11
Total	$	35,234	$	363			$	26,808	$	818

Customer-Related Derivative Positions of Company

The following table summarizes the customer-related derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
June 30, 2013
Interest rate contracts
Receive fixed/pay floating swaps	$	12,603	$	753		5.07	$	5,175	$	93		5.28
Pay fixed/receive floating swaps		5,463		100		5.27		12,404		711		5.09
Options
Purchased		3,548		27		4.62		–		–		–
Written		28		–		3.92		3,475		27		4.68
Foreign exchange rate contracts
Forwards, spots and swaps		10,397		526		.57		9,582		494		.57
Options
Purchased		245		4		.49		–		–		–
Written		–		–		–		245		4		.49
Total	$	32,284	$	1,410			$	30,881	$	1,329
December 31, 2012
Interest rate contracts
Receive fixed/pay floating swaps	$	16,671	$	1,085		4.78	$	1,090	$	15		9.30
Pay fixed/receive floating swaps		928		14		11.12		16,923		1,042		4.74
Options
Purchased		3,046		16		5.24		28		–		4.42
Written		286		–		.75		2,788		16		5.68
Foreign exchange rate contracts
Forwards, spots and swaps		12,186		322		.43		11,861		286		.44
Options
Purchased		323		6		.55		–		–		–
Written		–		–		–		323		6		.55
Total	$	33,440	$	1,443			$	33,013	$	1,365

Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):

	Three Months Ended June 30,												Six Months Ended June 30,
	Gains (Losses) Recognized in Other Comprehensive Income (Loss)						Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings						Gains (Losses) Recognized in Other Comprehensive Income (Loss)					Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2013			2012			2013			2012			2013		2012			2013			2012
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts (a)	$	33		$	(24	)	$	(25	)	$	(32	)	$	33	$	(23	)	$	(58	)	$	(65	)
Net investment hedges
Foreign exchange forward contracts		(17	)		–			–			–			6		(6	)		–			–
Non-derivative debt instruments		–			37			–			–			–		37			–			–

Note: Ineffectiveness on cash flow and net investment hedges was not material for the three and six months ended June 30, 2013 and 2012.

(a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt.

Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions

The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions:

	Location of Gains (Losses) Recognized in Earnings		Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)			2013			2012			2013			2012
Asset and Liability Management Positions
Fair value hedges (a)
Interest rate contracts		Other noninterest income	$	(5	)	$	3		$	(7	)	$	3
Foreign exchange cross-currency swaps		Other noninterest income		–			–			–			42
Other economic hedges
Interest rate contracts
Futures and forwards		Mortgage banking revenue		300			(58	)		536			111
Purchased and written options		Mortgage banking revenue		17			245			146			399
Receive fixed/pay floating swaps		Mortgage banking revenue		(219	)		195			(259	)		138
Foreign exchange forward contracts		Commercial products revenue		26			(30	)		34			(37	)
Equity contracts		Compensation expense		1			–			1			(1	)
Credit contracts		Other noninterest income/expense		–			–			(1	)		(6	)
Customer-Related Positions
Interest rate contracts
Receive fixed/pay floating swaps		Other noninterest income		(205	)		146			(301	)		6
Pay fixed/receive floating swaps		Other noninterest income		212			(143	)		308			(4	)
Foreign exchange rate contracts
Forwards, spots and swaps		Commercial products revenue		14			12			21			23

(a) Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $5 million and zero for the three months ended June 30, 2013, respectively, and $(3) million and less than $1 million for the three months ended June 30, 2012, respectively. Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $7 million and zero for the six months ended June 30, 2013, respectively, and $(3) million and $(44) million for the six months ended June 30, 2012, respectively. The ineffective portion was immaterial for the three and six months ended June 30, 2013 and 2012.

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Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013		Dec. 31, 2012		Jun. 30, 2012	Dec. 31, 2011
Financial Assets
Cash and due from banks	$ 6,618		$ 8,252		$ 15,403	$ 13,962
Investment securities held-to-maturity	34,668	[1]	34,389	[1]
Financial Liabilities
Deposits	251,568		249,183
Long-term debt	19,724		25,516
Carrying Amount [Member]
Financial Assets
Cash and due from banks	6,618		8,252
Federal funds sold and securities purchased under resale agreements	183		437
Investment securities held-to-maturity	34,668		34,389
Loans held for sale	13		19
Loans	223,587		218,765
Other financial instruments	2,045		7,367
Financial Liabilities
Deposits	251,568		249,183
Short-term borrowings	25,482		25,901
Long-term debt	19,724		25,516
Fair Value [Member]
Financial Assets
Cash and due from banks	6,618		8,252
Federal funds sold and securities purchased under resale agreements	183		437
Investment securities held-to-maturity	34,514		34,952
Loans held for sale	13		19
Loans	224,714		220,354
Other financial instruments	2,064		7,385
Financial Liabilities
Deposits	251,681		249,594
Short-term borrowings	25,438		25,917
Long-term debt	20,215		26,205
Fair Value [Member] | Level 1 [Member]
Financial Assets
Cash and due from banks	6,618		8,252
Federal funds sold and securities purchased under resale agreements
Investment securities held-to-maturity	3,174		2,984
Loans held for sale
Loans
Other financial instruments
Financial Liabilities
Deposits
Short-term borrowings
Long-term debt
Fair Value [Member] | Level 2 [Member]
Financial Assets
Cash and due from banks
Federal funds sold and securities purchased under resale agreements	183		437
Investment securities held-to-maturity	31,228		31,845
Loans held for sale
Loans
Other financial instruments	1,184		1,228
Financial Liabilities
Deposits	251,681		249,594
Short-term borrowings	25,438		25,917
Long-term debt	20,215		26,205
Fair Value [Member] | Level 3 [Member]
Financial Assets
Cash and due from banks
Federal funds sold and securities purchased under resale agreements
Investment securities held-to-maturity	112		123
Loans held for sale	13		19
Loans	224,714		220,354
Other financial instruments	880		6,157
Financial Liabilities
Deposits
Short-term borrowings
Long-term debt

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Fair Values of Assets and Liabilities - Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis (Detail) (Fair Value, Measurements, Nonrecurring [Member], USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans (a)	$ 76	$ 140
Other assets (b)	129	194
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans (a)	76	140
Other assets (b)	$ 129	$ 194

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Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Income Tax Disclosure [Abstract]
Tax at statutory rate	$ 690	$ 680	$ 1,371	$ 1,321
State income tax, at statutory rates, net of federal tax benefit	4	68	40	104
Tax effect of
Tax credits, net of related expenses	(112)	(113)	(218)	(202)
Tax-exempt income	(53)	(55)	(107)	(110)
Noncontrolling interests	15	13	29	24
Other items	(15)	(29)	(28)	(46)
Total income tax provision	$ 529	$ 564	$ 1,087	$ 1,091

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Netting Arrangements for Certain Financial Instruments - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet But Available for Offset in Event of Default (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Offsetting [Abstract]
Derivative assets Gross Recognized Assets	$ 2,035	$ 1,546
Reverse repurchase agreements Gross Recognized Assets	104	363
Securities borrowed Gross Recognized Assets	596	368
Total Gross Recognized Assets	2,735	2,277
Derivative assets Gross amounts assets offset in consolidated balance sheet	(612)	(418)
Total Gross amounts assets offset in consolidated balance sheet	(612)	(418)
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet	1,423	1,128
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet	104	363
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet	596	368
Total Net Amounts Presented in the Consolidated Balance Sheet	2,123	1,859
Derivative assets Gross Amounts Not Offset Consolidated Balance Financial Instruments	(170)	(148)
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet	(48)	(44)
Securities borrowed Gross financial instrument asset amounts not offset in consolidated balance sheet	(18)
Total Gross financial instrument asset amounts not offset in consolidated balance sheet	(236)	(192)
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet	(55)	(319)
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet	(562)	(356)
Total Gross collateral received amounts not offset in consolidated balance sheet	(617)	(675)
Derivative assets (c) Net Amount	1,253	980
Reverse repurchase agreements Net Amount	1
Securities borrowed Net Amount	16	12
Total Net Amount Assets	1,270	992
Derivative liabilities Gross recognized liabilities	1,956	2,178
Repurchase agreements Gross recognized liabilities	2,072	3,389
Securities loaned Gross recognized liabilities	24
Total Gross recognized liabilities	4,052	5,567
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet	(1,293)	(1,549)
Total Gross amounts liabilities offset in consolidated balance sheet	(1,293)	(1,549)
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet	663	629
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet	2,072	3,389
Securities loaned Net amounts liabilities presented in consolidated balance sheet	24
Total Net amounts liabilities presented in consolidated balance sheet	2,759	4,018
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet	(170)	(148)
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet	(48)	(44)
Securities loaned Gross financial instruments not offset in consolidated balance sheet	(18)
Total Gross financial instrument liability amounts not offset in consolidated balance sheet	(236)	(192)
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet	(2,024)	(3,345)
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet	(6)
Total Gross collateral pledged amounts not offset in consolidated balance sheet	(2,030)	(3,345)
Derivative liabilities Net Amount	493	481
Repurchase agreements net amount
Securities loaned net Amount
Total Net Amount Liabilities	$ 493	$ 481

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Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Variable Interest Entity [Line Items]
Realized federal and state income tax credits on investments	$ 304,000,000	$ 188,000,000	$ 540,000,000	$ 354,000,000
Amortization expense recorded in tax expense on tax-advantaged investments	231,000,000	104,000,000	380,000,000	193,000,000
Amortization expense recognized in other noninterest expense on tax-advantaged investments	127,000,000	120,000,000	259,000,000	221,000,000
Decrease in other asset as a result of deconsolidation of VIE'S	4,600,000,000
Decrease in long-term debt as a result of deconsolidation of VIE'S	4,600,000,000
Company's investment in unconsolidated VIEs	1,100,000,000		1,100,000,000
Aggregate amount of investments in unconsolidated VIEs	2,600,000,000		2,600,000,000		1,900,000,000
Unfunded capital commitments related to unconsolidated VIEs	1,800,000,000		1,800,000,000		1,300,000,000
Company's maximum exposure to unconsolidated VIEs, including any tax implications	6,800,000,000		6,800,000,000		5,200,000,000
Minimum [Member]
Variable Interest Entity [Line Items]
Aggregate amount of investments in unconsolidated VIEs	1,000,000		1,000,000		1,000,000
Maximum [Member]
Variable Interest Entity [Line Items]
Aggregate amount of investments in unconsolidated VIEs	44,000,000		44,000,000		58,000,000
Community Development and Tax Advantaged Investments [Member]
Variable Interest Entity [Line Items]
Assets related to consolidated VIEs	1,700,000,000		1,700,000,000		7,100,000,000
Liabilities related to consolidated VIEs	462,000,000		462,000,000		5,200,000,000
Aggregate amount of investments in unconsolidated VIEs	2,500,000,000		2,500,000,000		1,800,000,000
Company's maximum exposure previously recorded tax credits	4,200,000,000		4,200,000,000		3,300,000,000
Tender Option Bond Program [Member]
Variable Interest Entity [Line Items]
Assets related to consolidated VIEs	4,900,000,000		4,900,000,000		5,300,000,000
Liabilities related to consolidated VIEs	4,800,000,000		4,800,000,000		5,000,000,000
Conduit [Member]
Variable Interest Entity [Line Items]
Assets related to consolidated VIEs	$ 136,000,000		$ 136,000,000		$ 144,000,000

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Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating (Parenthetical) (Detail) (Government National Mortgage Association [Member], Trouble Debt Restructure [Member], USD $) In Billions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Government National Mortgage Association [Member] | Trouble Debt Restructure [Member]
Financing Receivable, Recorded Investment [Line Items]
Restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified with a pass rating	$ 1.9	$ 2.4
GNMA loans 90 days or more past due whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified with a pass rating	$ 3.4	$ 3.2

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Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Derivative [Line Items]
Fair Value, Assets	$ 2,035	$ 1,546
Fair Value, Liabilities	1,956	2,178
Asset and Liability Management Positions [Member]
Derivative [Line Items]
Notional Value, Assets	28,466	35,234
Fair Value, Assets	663	363
Notional Value, Liabilities	21,201	26,808
Fair Value, Liabilities	902	818
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	500	500
Fair Value, Assets	24	30
Derivative Asset Average Remaining Maturity Period	2 years 7 months 2 days	3 years 1 month 2 days
Derivative Liability Average Remaining Maturity Period		0 years
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	7,000	7,000
Fair Value, Assets	31	45
Derivative Asset Average Remaining Maturity Period	1 year 4 months 6 days	1 year 10 months 2 days
Derivative Liability Average Remaining Maturity Period		0 years
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	272	32
Fair Value, Assets	18
Derivative Asset Average Remaining Maturity Period	9 years 3 months 7 days	9 years 10 months 17 days
Notional Value, Liabilities	4,288	4,528
Fair Value, Liabilities	580	718
Derivative Liability Average Remaining Maturity Period	2 years 11 months 16 days	3 years 9 months 15 days
Asset and Liability Management Positions [Member] | Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative [Line Items]
Notional Value, Assets	918	758
Fair Value, Assets	22	1
Derivative Asset Average Remaining Maturity Period	15 days	26 days
Derivative Liability Average Remaining Maturity Period		0 years
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets		350
Fair Value, Assets		1
Derivative Asset Average Remaining Maturity Period		10 years 2 months 16 days
Notional Value, Liabilities	3,945	3,775
Fair Value, Liabilities	108	14
Derivative Liability Average Remaining Maturity Period	10 years 2 months 23 days	10 years 2 months 16 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member]
Derivative [Line Items]
Notional Value, Assets	2,042	11,164
Fair Value, Assets	15	138
Derivative Asset Average Remaining Maturity Period	1 month 6 days	26 days
Notional Value, Liabilities	5,856	2,921
Fair Value, Liabilities	155	13
Derivative Liability Average Remaining Maturity Period	26 days	15 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member]
Derivative [Line Items]
Notional Value, Assets	10,633	6,299
Fair Value, Assets	518	18
Derivative Asset Average Remaining Maturity Period	1 month 10 days	1 month 10 days
Notional Value, Liabilities	2,322	12,223
Fair Value, Liabilities	25	57
Derivative Liability Average Remaining Maturity Period	1 month 17 days	1 month 2 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member]
Derivative [Line Items]
Notional Value, Assets	2,225	2,435
Derivative Asset Average Remaining Maturity Period	29 days	26 days
Derivative Liability Average Remaining Maturity Period		0 years
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member]
Derivative [Line Items]
Notional Value, Assets	1,795	4,991
Fair Value, Assets	16	123
Derivative Asset Average Remaining Maturity Period	1 month 6 days	1 month 13 days
Notional Value, Liabilities	1,513	4
Fair Value, Liabilities	20
Derivative Liability Average Remaining Maturity Period	18 days	22 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative [Line Items]
Notional Value, Assets	1,837	618
Fair Value, Assets	15	4
Derivative Asset Average Remaining Maturity Period	11 days	11 days
Notional Value, Liabilities	1,187	1,383
Fair Value, Liabilities	3	6
Derivative Liability Average Remaining Maturity Period	11 days	4 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Equity Contracts [Member]
Derivative [Line Items]
Notional Value, Assets	28	31
Fair Value, Assets	1
Derivative Asset Average Remaining Maturity Period	2 years 4 months 17 days	2 years 9 months 18 days
Notional Value, Liabilities	43	27
Fair Value, Liabilities	1
Derivative Liability Average Remaining Maturity Period	1 year 11 months 19 days	2 years 5 months 16 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Credit Contracts [Member]
Derivative [Line Items]
Notional Value, Assets	1,216	1,056
Fair Value, Assets	3	3
Derivative Asset Average Remaining Maturity Period	4 years 5 months 9 days	4 years 6 months 22 days
Notional Value, Liabilities	2,047	1,947
Fair Value, Liabilities	$ 10	$ 10
Derivative Liability Average Remaining Maturity Period	2 years 11 months 12 days	3 years 1 month 10 days

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Netting Arrangements for Certain Financial Instruments

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Netting Arrangements for Certain Financial Instruments

Note  12 Netting Arrangements for Certain Financial Instruments

The majority of the Company’s derivative portfolio consists of bilateral over-the-counter trades. However, due to legislative changes effective during the first six months of 2013, certain interest rate swaps and credit contracts need to be centrally cleared through clearinghouses. In addition, a small portion of the Company’s derivative positions are exchange-traded. These are predominately U.S. Treasury futures or options on U.S. Treasury futures. Irrespective of how derivatives are traded, the Company’s derivative contracts include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. Securities used as collateral can be sold, re-pledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 11 for further discussion of the Company’s derivatives, including collateral arrangements.

As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.

Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. Under all transactions, the fair values of the securities are determined daily, and additional cash is obtained or refunded to counterparties where appropriate. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury securities or agency mortgage-backed securities. The securities loaned or borrowed are typically high-grade corporate bonds traded by the Company’s broker-dealer. The securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party.

The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all positions with the defaulting counterparty to be terminated and net settled with a single payment amount.

The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements with the clearinghouses. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or pledged. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions.

The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:

	Gross Recognized Assets		Gross Amounts Offset on the Consolidated Balance Sheet (a)			Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)								Financial Instruments (b)			Collateral Received (c)			Net Amount
June 30, 2013
Derivative assets (d)	$	2,035	$	(612	)	$	1,423	$	(170	)	$	–		$	1,253
Reverse repurchase agreements		104		–			104		(48	)		(55	)		1
Securities borrowed		596		–			596		(18	)		(562	)		16
Total	$	2,735	$	(612	)	$	2,123	$	(236	)	$	(617	)	$	1,270
December 31, 2012
Derivative assets (d)	$	1,546	$	(418	)	$	1,128	$	(148	)	$	–		$	980
Reverse repurchase agreements		363		–			363		(44	)		(319	)		–
Securities borrowed		368		–			368		–			(356	)		12
Total	$	2,277	$	(418	)	$	1,859	$	(192	)	$	(675	)	$	992

(a) Includes $96 million and $79 million of cash collateral related payables that were netted against derivative assets at June 30, 2013 and December 31, 2012, respectively.

(b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.

(d) Excludes $38 million and $260 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at June 30, 2013 and December 31, 2012, respectively.

	Gross Recognized Liabilities		Gross Amounts Offset on the Consolidated Balance Sheet (a)			Net Amounts Presented on the Consolidated Balance Sheet		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)								Financial Instruments (b)			Collateral Pledged (c)			Net Amount
June 30, 2013
Derivative liabilities (d)	$	1,956	$	(1,293	)	$	663	$	(170	)	$	–		$	493
Repurchase agreements		2,072		–			2,072		(48	)		(2,024	)		–
Securities loaned		24		–			24		(18	)		(6	)		–
Total	$	4,052	$	(1,293	)	$	2,759	$	(236	)	$	(2,030	)	$	493
December 31, 2012
Derivative liabilities (d)	$	2,178	$	(1,549	)	$	629	$	(148	)	$	–		$	481
Repurchase agreements		3,389		–			3,389		(44	)		(3,345	)		–
Securities loaned		–		–			–		–			–			–
Total	$	5,567	$	(1,549	)	$	4,018	$	(192	)	$	(3,345	)	$	481

(a) Includes $777 million and $1.2 billion of cash collateral related receivables that were netted against derivative liabilities at June 30, 2013 and December 31, 2012, respectively.

(b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.

(d) Excludes $275 million and $5 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at June 30, 2013 and December 31, 2012, respectively.

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Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 8 Earnings Per Share

The components of earnings per share were:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars and Shares in Millions, Except Per Share Data)	2013			2012			2013			2012
Net income attributable to U.S. Bancorp	$	1,484		$	1,415		$	2,912		$	2,753
Preferred dividends		(64	)		(64	)		(128	)		(110	)
Impact of preferred stock redemption (a)		(8	)		–			(8	)		–
Earnings allocated to participating stock awards		(7	)		(6	)		(13	)		(13	)
Net income applicable to U.S. Bancorp common shareholders	$	1,405		$	1,345		$	2,763		$	2,630
Average common shares outstanding		1,843			1,888			1,851			1,895
Net effect of the exercise and assumed purchase of stock awards		10			10			9			9
Average diluted common shares outstanding		1,853			1,898			1,860			1,904
Earnings per common share	$	.76		$	.71		$	1.49		$	1.39
Diluted earnings per common share	$	.76		$	.71		$	1.49		$	1.38

(a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

Options and warrants outstanding at June 30, 2013, to purchase 10 million and 11 million common shares for the three months and six months ended June 30, 2013, respectively, and outstanding at June 30, 2012, to purchase 23 million and 32 million common shares for the three months and six months ended June 30, 2012, respectively, were not included in the computation of diluted earnings per share because they were antidilutive. Convertible senior debentures outstanding at June 30, 2012, that could potentially be converted into shares of the Company’s common stock pursuant to specified formulas, were not included in the computation of dilutive earnings per share for both the three months and six months ended June 30, 2012, because they were antidilutive.

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Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Transfers And Servicing Of Financial Assets [Abstract]
Balance at beginning of period	$ 1,955	$ 1,737	$ 1,700	$ 1,519
Rights purchased	3	16	5	29
Rights capitalized	233	215	487	476
Changes in fair value of MSRs
Due to fluctuations in market interest rates	305	(239)	432	(175)
Due to revised assumptions or models	(3)	(18)	(9)	(17)
Other changes in fair value	(116)	(117)	(238)	(238)
Balance at end of period	$ 2,377	$ 1,594	$ 2,377	$ 1,594

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Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

Note  15 Subsequent Events

The Company has evaluated the impact of events that have occurred subsequent to June 30, 2013 through the date the consolidated financial statements were filed with the United States Securities and Exchange Commission. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.

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Fair Values of Assets and Liabilities

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Values of Assets and Liabilities

Note  13 Fair Values of Assets and Liabilities

The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, certain MLHFS and MSRs are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, and the risk of nonperformance.

The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 –Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury and exchange-traded instruments.

• Level 2 –Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.

• Level 3 –Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, certain debt securities and certain derivative contracts.

When the Company changes its valuation inputs for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. During the six months ended June 30, 2013 and 2012, there were no transfers of financial assets or financial liabilities between the hierarchy levels.

The Company has processes and controls in place to increase the reliability of estimates it makes in determining fair value measurements. Items quoted on an exchange are verified to the quoted price. Items provided by a third party pricing service are subject to price verification procedures as discussed in more detail in the specific valuation discussions provided in the section that follows. For fair value measurements modeled internally, the Company’s valuation models are subject to the Company’s Model Risk Governance Policy and Program, as maintained by the Company’s credit administration department. The purpose of model validation is to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use, and are subject to formal change control procedures. Under the Company’s Model Risk Governance Policy, models are required to be reviewed at least annually to ensure they are operating as intended. Inputs into the models are market observable inputs whenever available. When market observable inputs are not available, the inputs are developed based upon analysis of historical experience and evaluation of other relevant market data. Significant unobservable model inputs are subject to review by senior management in corporate functions, who are independent from the modeling. Significant unobservable model inputs are also compared to actual results, typically on a quarterly basis. Significant Level 3 fair value measurements are also subject to corporate-level review and are benchmarked to market transactions or other market data, when available. Additional discussion of processes and controls are provided in the valuation methodologies section that follows.

The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities at fair value and for estimating fair value for financial instruments not recorded at fair value as required under disclosure guidance related to the fair value of financial instruments. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the description includes information about the valuation models and key inputs to those models. During the six months ended June 30, 2013 and 2012, there were no significant changes to the valuation techniques used by the Company to measure fair value.

Cash and Due From Banks The carrying value of cash and due from banks approximate fair value and are classified within Level 1. Fair value is provided for disclosure purposes only.

Federal Funds Sold and Securities Purchased Under Resale Agreements The carrying value of federal funds sold and securities purchased under resale agreements approximate fair value because of the relatively short time between the origination of the instrument and its expected realization and are classified within Level 2. Fair value is provided for disclosure purposes only.

Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities are predominantly U.S. Treasury securities.

For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. The Company reviews the valuation methodologies utilized by the pricing service and, on a quarterly basis, reviews the security level prices provided by the pricing service against management’s expectation of fair value, based on changes in various benchmarks and market knowledge from recent trading activity. Additionally, each quarter, the Company validates the fair value provided by the pricing services by comparing them to recent observable market trades (where available), broker provided quotes, or other independent secondary pricing sources. Prices obtained from the pricing service are adjusted if they are found to be inconsistent with observable market data. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, municipal securities, corporate debt securities, agency debt securities and perpetual preferred securities.

The fair value of securities for which there are no market trades, or where trading is inactive as compared to normal market activity, are classified within Level 3 of the fair value hierarchy. The Company determines the fair value of these securities using a discounted cash flow methodology and incorporating observable market information, where available. These valuations are modeled by a unit within the Company’s treasury department. The valuations use assumptions regarding housing prices, interest rates and borrower performance. Inputs are refined and updated at least quarterly to reflect market developments and actual performance. The primary valuation drivers of these securities are the prepayment rates, default rates and default severities associated with the underlying collateral, as well as the discount rate used to calculate the present value of the projected cash flows. Level 3 fair values, including the assumptions used, are subject to review by senior management in corporate functions, who are independent from the modeling. The fair value measurements are also compared to fair values provided by third party pricing services, where available. Securities classified within Level 3 include non-agency mortgage-backed securities, non-agency commercial mortgage-backed securities, certain asset-backed securities, certain collateralized debt obligations and collateralized loan obligations and certain corporate debt securities.

Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue was a $146 million net loss and a $241 million net gain for the three months ended June 30, 2013 and 2012, respectively, and a $321 million net loss and a $260 million net gain for the six months ended June 30, 2013 and 2012, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.

Loans The loan portfolio includes adjustable and fixed-rate loans, the fair value of which was estimated using discounted cash flow analyses and other valuation techniques. The expected cash flows of loans considered historical prepayment experiences and estimated credit losses and were discounted using current rates offered to borrowers of similar credit characteristics. Generally, loan fair values reflect Level 3 information. Fair value is provided for disclosure purposes only, with the exception of impaired collateral-based loans that are measured at fair value on a non-recurring basis utilizing the underlying collateral fair value.

Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology. Accordingly, MSRs are classified within Level 3. The Company determines fair value by estimating the present value of the asset’s future cash flows using prepayment rates, discount rates, and other assumptions. The MSR valuations, as well as the assumptions used, are developed by the mortgage banking division and are subject to review by senior management in corporate functions, who are independent from the modeling. The MSR valuations and assumptions are validated through comparison to trade information and industry surveys when available, and are also compared to independent third party valuations each quarter. Risks inherent in MSR valuation include higher than expected prepayment rates and/or delayed receipt of cash flows. There is minimal market activity for MSRs, and, therefore the determination of fair value requires significant management judgment. Refer to Note 5 for further information on MSR valuation assumptions.

Derivatives The majority of derivatives held by the Company are executed over-the-counter and are valued using standard cash flow, Black-Derman-Toy and Monte Carlo valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. In addition, all derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk as well as external assessments of credit risk, where available. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market, and therefore the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy. The credit valuation adjustments for nonperformance risk are determined by the Company’s treasury department using credit assumptions provided by credit administration. The credit assumptions are compared to actual results quarterly and are recalibrated as appropriate.

The Company also has commitments to sell, purchase and originate mortgage loans that meet the accounting requirements of a derivative. These mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value, both of which are developed by the Company’s mortgage banking division. The closed loan percentages for the mortgage loan commitments are monitored on an on-going basis, as these percentages are also used for the Company’s economic hedging activities. The inherent MSR value for the commitments are generated by the same models used for the Company’s MSRs and thus are subject to the same processes and controls as described for the MSRs above.

Other Financial Instruments Other financial instruments include cost method equity investments and community development and tax-advantaged related assets and liabilities. The majority of the Company’s cost method equity investments are in Federal Home Loan Bank and Federal Reserve Bank stock, whose carrying amounts approximate their fair value and are classified within Level 2. Investments in private equity and other limited partnership funds are estimated using fund provided net asset values. These equity investments are classified within Level 3. Fair value is provided for disclosure purposes only.

Community development and tax-advantaged investments generate a return primarily through the realization of federal and state income tax credits, with a duration typically equal to the period that the tax credits are realized. Asset balances primarily represent the assets of the underlying community development and tax-advantaged entities the Company consolidated per applicable authoritative accounting guidance. Liabilities of the underlying consolidated entities were included in long-term debt. The carrying value of the asset balances are a reasonable estimate of fair value and are classified within Level 3. Refer to Note 4 for further information on community development and tax-advantaged related assets and liabilities. Fair value is provided for disclosure purposes only.

Deposit Liabilities The fair value of demand deposits, savings accounts and certain money market deposits is equal to the amount payable on demand. The fair value of fixed-rate certificates of deposit was estimated by discounting the contractual cash flow using current market rates. Deposit liabilities are classified within Level 2. Fair value is provided for disclosure purposes only.

Short-term Borrowings Federal funds purchased, securities sold under agreements to repurchase, commercial paper and other short-term funds borrowed have floating rates or short-term maturities. The fair value of short-term borrowings was determined by discounting contractual cash flows using current market rates. Short-term borrowings are classified within Level 2. Included in short-term borrowings is the Company’s obligation on securities sold short, which is required to be accounted for at fair value per applicable accounting guidance. Fair value for other short-term borrowings is provided for disclosure purposes only.

Long-term Debt The fair value for most long-term debt was determined by discounting contractual cash flows using current market rates. Junior subordinated debt instruments were valued using market quotes. Long-term debt is classified within Level 2. Fair value is provided for disclosure purposes only.

Loan Commitments, Letters of Credit and Guarantees The fair value of commitments, letters of credit and guarantees represents the estimated costs to terminate or otherwise settle the obligations with a third party. Other loan commitments, letters of credit and guarantees are not actively traded, and the Company estimates their fair value based on the related amount of unamortized deferred commitment fees adjusted for the probable losses for these arrangements. These arrangements are classified within Level 3. Fair value is provided for disclosure purposes only.

Significant Unobservable Inputs of Level 3 Assets and Liabilities

The following section provides information on the significant inputs used by the Company to determine the fair value measurements of Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. In addition, the following section includes a discussion of the sensitivity of the fair value measurements to changes in the significant inputs and a description of any interrelationships between these inputs for Level 3 assets and liabilities recorded at fair value on a recurring basis. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and other real estate owned. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved.

Available-For-Sale Investment Securities The significant unobservable inputs used in the fair value measurement of the Company’s modeled Level 3 available-for-sale investment securities are prepayment rates, probability of default and loss severities associated with the underlying collateral, as well as the discount margin used to calculate the present value of the projected cash flows. Increases in prepayment rates for Level 3 securities will typically result in higher fair values, as increased prepayment rates accelerate the receipt of expected cash flows and reduce exposure to credit losses. Increases in the probability of default and loss severities will result in lower fair values, as these increases reduce expected cash flows. Discount margin is the Company’s estimate of the current market spread above the respective benchmark rate. Higher discount margin will result in lower fair values, as it reduces the present value of the expected cash flows.

Prepayment rates generally move in the opposite direction of market interest rates. In the current environment, an increase in the probability of default will generally be accompanied with an increase in loss severity, as both are impacted by underlying collateral values. Discount margins are influenced by market expectations about the security’s collateral performance, and therefore may directionally move with probability and severity of default; however, discount margins are also impacted by broader market forces, such as competing investment yields, sector liquidity, economic news, and other macroeconomic factors.

The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at June 30, 2013:

	Minimum			Maximum			Average
Residential Prime Non-Agency Mortgage-Backed Securities (a)
Estimated lifetime prepayment rates		6	%		20	%		13	%
Lifetime probability of default rates		–			6			3
Lifetime loss severity rates		25			75			43
Discount margin		2			5			4
Residential Non-Prime Non-Agency Mortgage-Backed Securities (b)
Estimated lifetime prepayment rates		2	%		10	%		6	%
Lifetime probability of default rates		4			10			7
Lifetime loss severity rates		15			70			54
Discount margin		1			5			3
Other Asset-Backed Securities
Estimated lifetime prepayment rates		6	%		6	%		6	%
Lifetime probability of default rates		4			4			4
Lifetime loss severity rates		40			40			40
Discount margin		12			12			12

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the discount rate used to calculate the present value of the projected cash flows. Significant increases in either of these inputs in isolation would result in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would result in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and discount rate. Prepayment rates generally move in the opposite direction of market interest rates. Discount rates are generally impacted by changes in market return requirements.

The following table shows the significant valuation assumption ranges for MSRs at June 30, 2013:

	Minimum			Maximum			Average
Expected prepayment		10	%		24	%		13	%
Discount rate		10			14			10

Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to sell, purchase and originate mortgage loans that meet the requirements of a derivative, and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty.

The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to sell, purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would result in a larger derivative asset or liability. A significant increase in the inherent MSR value would result in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates.

The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to sell, purchase and originate mortgage loans at June 30, 2013:

	Minimum			Maximum			Average
Expected loan close rate		42	%		100	%		83	%
Inherent MSR value (basis points per loan)		44			221			120

The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would result in a lower fair value measurement. A significant decrease in the credit valuation adjustment would result in a higher fair value measurement. The credit valuation adjustment is impacted by changes in the Company’s assessment of the counterparty’s credit position. At June 30, 2013, the minimum, maximum and average credit valuation adjustment as a percentage of the derivative contract fair value prior to adjustment was 0 percent, 100 percent and 6 percent, respectively.

The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:

(Dollars in Millions)	Level 1		Level 2		Level 3		Netting			Total
June 30, 2013
Available-for-sale securities
U.S. Treasury and agencies	$	469	$	1,082	$	–	$	–		$	1,551
Mortgage-backed securities
Residential
Agency		–		29,956		–		–			29,956
Non-agency
Prime (a)		–		–		547		–			547
Non-prime (b)		–		–		319		–			319
Commercial
Agency		–		177		–		–			177
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		25		–		–			25
Other		–		572		40		–			612
Obligations of state and political subdivisions		–		5,945		–		–			5,945
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		698		9		–			707
Perpetual preferred securities		–		219		–		–			219
Other investments		227		16		–		–			243
Total available-for-sale		696		38,696		915		–			40,307
Mortgage loans held for sale		–		4,753		–		–			4,753
Mortgage servicing rights		–		–		2,377		–			2,377
Derivative assets		–		1,444		629		(612	)		1,461
Other assets		107		780		–		–			887
Total	$	803	$	45,673	$	3,921	$	(612	)	$	49,785
Derivative liabilities	$	–	$	2,025	$	206	$	(1,293	)	$	938
Short-term borrowings (c)		135		562		–		–			697
Total	$	135	$	2,587	$	206	$	(1,293	)	$	1,635
December 31, 2012
Available-for-sale securities
U.S. Treasury and agencies	$	491	$	735	$	–	$	–		$	1,226
Mortgage-backed securities
Residential
Agency		–		29,495		–		–			29,495
Non-agency
Prime (a)		–		–		624		–			624
Non-prime (b)		–		–		355		–			355
Commercial
Agency		–		193		–		–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		42		–		–			42
Other		–		577		15		–			592
Obligations of state and political subdivisions		–		6,455		–		–			6,455
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		722		9		–			731
Perpetual preferred securities		–		218		–		–			218
Other investments		187		15		–		–			202
Total available-for-sale		678		38,458		1,003		–			40,139
Mortgage loans held for sale		–		7,957		–		–			7,957
Mortgage servicing rights		–		–		1,700		–			1,700
Derivative assets		–		572		1,234		(418	)		1,388
Other assets		94		386		–		–			480
Total	$	772	$	47,373	$	3,937	$	(418	)	$	51,664
Derivative liabilities	$	–	$	2,128	$	55	$	(1,549	)	$	634
Short-term borrowings (c)		50		351		–		–			401
Total	$	50	$	2,479	$	55	$	(1,549	)	$	1,035

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended June 30:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Compre hensive Income (Loss)			Purch ases		Sales			Principal Payments			Issua nces			Settle ments			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	599	$	(2	)	$	(3	)	$	–	$	–		$	(47	)	$	–		$	–		$	547	$	(3	)
Non-prime (b)		350		(1	)		3			–		(20	)		(13	)		–			–			319		5
Asset-backed securities
Other		40		–			1			–		–			(1	)		–			–			40		1
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		998		(3	)(c)		1	(f)		–		(20	)		(61	)		–			–			915		3
Mortgage servicing rights		1,955		186	(d)		–			3		–			–			233	(g)		–			2,377		186	(d)
Net derivative assets and liabilities		986		(363	)(e)		–			–		(1	)		–			–			(199	)		423		(289	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	733	$	(1	)	$	21		$	–	$	–		$	(40	)	$	–		$	–		$	713	$	20
Non-prime (b)		806		(7	)		28			–		–			(31	)		–			–			796		28
Commercial non-agency		40		1			(2	)		–		–			(2	)		–			–			37		(1	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		119		5			–			–		(7	)		(15	)		–			–			102		–
Other		112		3			3			–		–			(6	)		–			–			112		3
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,819		1	(i)		50	(f)		–		(7	)		(94	)		–			–			1,769		50
Mortgage servicing rights		1,737		(374	)(d)		–			16		–			–			215	(g)		–			1,594		(374	)(d)
Net derivative assets and liabilities		1,089		876	(j)		–			–		(2	)		–			–			(603	)		1,360		(389	)(k)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Included in securities gains (losses).

(d) Included in mortgage banking revenue.

(e) Approximately $(207) million included in other noninterest income and $(156) million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(185) million included in other noninterest income and $(104) million included in mortgage banking revenue.

(i) Approximately $(13) million included in securities gains (losses) and $14 million included in interest income.

(j) Approximately $242 million included in other noninterest income and $634 million included in mortgage banking revenue.

(k) Approximately $102 million included in other noninterest income and $(491) million included in mortgage banking revenue.

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Compre hensive Income (Loss)			Purc hases		Sales			Principal Payments			Issua nces			Settle ments			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	624	$	(4	)	$	8		$	–	$	–		$	(81	)	$	–		$	–		$	547	$	8
Non-prime (b)		355		(8	)		17			–		(20	)		(25	)		–			–			319		18
Asset-backed securities
Other		15		1			1			25		–			(2	)		–			–			40		1
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,003		(11	)(c)		26	(f)		25		(20	)		(108	)		–			–			915		27
Mortgage servicing rights		1,700		185	(d)		–			5		–			–			487	(g)		–			2,377		185	(d)
Net derivative assets and liabilities		1,179		(216	)(e)		–			1		(2	)		–			–			(539	)		423		(627	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	803	$	(1	)	$	37		$	–	$	(48	)	$	(78	)	$	–		$	–		$	713	$	33
Non-prime (b)		802		(10	)		65			–		–			(61	)		–			–			796		65
Commercial non-agency		42		1			(2	)		–		–			(4	)		–			–			37		(2	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		120		10			(1	)		–		(7	)		(20	)		–			–			102		1
Other		117		6			4			–		–			(15	)		–			–			112		4
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,893		6	(i)		103	(f)		–		(55	)		(178	)		–			–			1,769		101
Mortgage servicing rights		1,519		(430	)(d)		–			29		–			–			476	(g)		–			1,594		(430	)(d)
Net derivative assets and liabilities		1,228		1,207	(j)		–			–		(2	)		–			–			(1,073	)		1,360		(850	)(k)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Approximately $(10) million included in securities gains (losses) and $(1) million included in interest income.

(d) Included in mortgage banking revenue.

(e) Approximately $(210) million included in other noninterest income and $(6) million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(273) million included in other noninterest income and $(354) million included in mortgage banking revenue.

(i) Approximately $(22) million included in securities gains (losses) and $28 million included in interest income.

(j) Approximately $220 million included in other noninterest income and $987 million included in mortgage banking revenue.

(k) Approximately $(1) million included in other noninterest income and $(849) million included in mortgage banking revenue.

The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets.

The following table summarizes the balances of assets measured at fair value on a nonrecurring basis:

	June 30, 2013								December 31, 2012
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans (a)	$	–	$	–	$	76	$	76	$	–	$	–	$	140	$	140
Other assets (b)		–		–		129		129		–		–		194		194

(a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.

The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios:

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in Millions)	2013		2012		2013		2012
Loans (a)	$	12	$	21	$	33	$	39
Other assets (b)		20		40		59		87

(a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.

Fair Value Option

The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity:

	June 30, 2013							December 31, 2012
(Dollars in Millions)	Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal			Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal
Total loans	$	4,753	$	4,776	$	(23	)	$	7,957	$	7,588	$	369
Nonaccrual loans		9		14		(5	)		8		13		(5	)
Loans 90 days or more past due		3		4		(1	)		2		3		(1	)

Disclosures about Fair Value of Financial Instruments

The following table summarizes the estimated fair value for financial instruments as of June 30, 2013 and December 31, 2012, and includes financial instruments that are not accounted for at fair value. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, insurance contracts and investments accounted for under the equity method are excluded.

The estimated fair values of the Company’s financial instruments are shown in the table below:

	June 30, 2013										December 31, 2012
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
(Dollars in Millions)			Level 1		Level 2		Level 3		Total				Level 1		Level 2		Level 3		Total
Financial Assets
Cash and due from banks	$	6,618	$	6,618	$	–	$	–	$	6,618	$	8,252	$	8,252	$	–	$	–	$	8,252
Federal funds sold and securities purchased under resale agreements		183		–		183		–		183		437		–		437		–		437
Investment securities held-to-maturity		34,668		3,174		31,228		112		34,514		34,389		2,984		31,845		123		34,952
Loans held for sale (a)		13		–		–		13		13		19		–		–		19		19
Loans (b)		223,587		–		–		224,714		224,714		218,765		–		–		220,354		220,354
Other financial instruments		2,045		–		1,184		880		2,064		7,367		–		1,228		6,157		7,385
Financial Liabilities
Deposits		251,568		–		251,681		–		251,681		249,183		–		249,594		–		249,594
Short-term borrowings (c)		25,482		–		25,438		–		25,438		25,901		–		25,917		–		25,917
Long-term debt		19,724		–		20,215		–		20,215		25,516		–		26,205		–		26,205

(a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.

(b) Excludes loans measured at fair value on a nonrecurring basis.

(c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

The fair value of unfunded commitments, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments and standby letters of credit was $397 million and $415 million at June 30, 2013 and December 31, 2012, respectively. The carrying value of other guarantees was $393 million and $452 million at June 30, 2013 and December 31, 2012, respectively.

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Jul. 31, 2013
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Trading Symbol	USB
Entity Registrant Name	US BANCORP \DE\
Entity Central Index Key	0000036104
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,839,266,111

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Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Derivative [Line Items]
Fair Value, Assets	$ 2,035	$ 1,546
Fair Value, Liabilities	1,956	2,178
Customer-Related Positions [Member]
Derivative [Line Items]
Notional Value, Assets	32,284	33,440
Fair Value, Assets	1,410	1,443
Notional Value, Liabilities	30,881	33,013
Fair Value, Liabilities	1,329	1,365
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	12,603	16,671
Fair Value, Assets	753	1,085
Derivative Asset Average Remaining Maturity Period	5 years 26 days	4 years 9 months 11 days
Notional Value, Liabilities	5,175	1,090
Fair Value, Liabilities	93	15
Derivative Liability Average Remaining Maturity Period	5 years 3 months 11 days	9 years 3 months 18 days
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	5,463	928
Fair Value, Assets	100	14
Derivative Asset Average Remaining Maturity Period	5 years 3 months 7 days	11 years 1 month 13 days
Notional Value, Liabilities	12,404	16,923
Fair Value, Liabilities	711	1,042
Derivative Liability Average Remaining Maturity Period	5 years 1 month 2 days	4 years 8 months 27 days
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member]
Derivative [Line Items]
Notional Value, Assets	3,548	3,046
Fair Value, Assets	27	16
Derivative Asset Average Remaining Maturity Period	4 years 7 months 13 days	5 years 2 months 27 days
Notional Value, Liabilities		28
Derivative Liability Average Remaining Maturity Period		4 years 5 months 1 day
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member]
Derivative [Line Items]
Notional Value, Assets	28	286
Derivative Asset Average Remaining Maturity Period	3 years 11 months 1 day	9 months
Notional Value, Liabilities	3,475	2,788
Fair Value, Liabilities	27	16
Derivative Liability Average Remaining Maturity Period	4 years 8 months 5 days	5 years 8 months 5 days
Customer-Related Positions [Member] | Foreign Exchange Contract [Member] | Options [Member] | Purchased [Member]
Derivative [Line Items]
Notional Value, Assets	245	323
Fair Value, Assets	4	6
Derivative Asset Average Remaining Maturity Period	5 months 27 days	6 months 18 days
Derivative Liability Average Remaining Maturity Period	0 years	0 years
Customer-Related Positions [Member] | Foreign Exchange Contract [Member] | Options [Member] | Written [Member]
Derivative [Line Items]
Notional Value, Liabilities	245	323
Fair Value, Liabilities	4	6
Derivative Liability Average Remaining Maturity Period	5 months 27 days	6 months 18 days
Customer-Related Positions [Member] | Foreign Exchange Contract [Member] | Forwards, Spots and Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	10,397	12,186
Fair Value, Assets	526	322
Derivative Asset Average Remaining Maturity Period	6 months 26 days	5 months 5 days
Notional Value, Liabilities	9,582	11,861
Fair Value, Liabilities	$ 494	$ 286
Derivative Liability Average Remaining Maturity Period	6 months 26 days	5 months 9 days

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Guarantees and Contingent Liabilities

6 Months Ended

Jun. 30, 2013

Commitments And Contingencies Disclosure [Abstract]

Guarantees and Contingent Liabilities

Note  14 Guarantees and Contingent Liabilities

Visa Restructuring and Card Association Litigation The Company’s payment services business issues and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Associations”) are defendants in antitrust lawsuits challenging the practices of the Card Associations (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount.

Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. On October 19, 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation, the largest of the remaining Visa Litigation matters. The settlement has not yet been finally approved by the court, is not yet binding, and has been challenged by some class members. At June 30, 2013, the carrying amount of the Company’s liability related to the Visa Litigation matters, net of its share of the escrow fundings, was $65 million and included the Company’s estimate of its share of the temporary reduction in interchange rates specified in the settlement agreement. The remaining Class B shares held by the Company will be eligible for conversion to Class A shares, and thereby become marketable, upon settlement of the Visa Litigation. These shares are excluded from the Company’s financial instruments disclosures included in Note 13.

Other Guarantees and Contingent Liabilities

The following table is a summary of other guarantees and contingent liabilities of the Company at June 30, 2013:

(Dollars in Millions)	Collateral Held		Carrying Amount		Maximum Potential Future Payments
Standby letters of credit	$	–	$	71	$	17,781
Third-party borrowing arrangements		–		–		22
Securities lending indemnifications		4,811		–		4,654
Asset sales		–		281		3,163	(a)
Merchant processing		912		81		85,940
Contingent consideration arrangements		–		12		14
Tender option bond program guarantee		4,876		–		4,755
Minimum revenue guarantees		–		13		14
Other		–		6		527

(a) The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.

Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder.

The Company currently processes card transactions in the United States, Canada, Europe, Mexico and Brazil through wholly-owned subsidiaries and joint ventures with other financial institutions. In the event a merchant was unable to fulfill product or services subject to delayed delivery, such as airline tickets, the Company could become financially liable for refunding tickets purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At June 30, 2013, the value of airline tickets purchased to be delivered at a future date was $7.8 billion. The Company held collateral of $759 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets.

Asset Sales The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representation and warranties to the GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the counterparty for losses. At June 30, 2013, the Company had reserved $190 million for potential losses from representation and warranty obligations, compared with $240 million at December 31, 2012. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s reserving methodology uses current information about investor repurchase requests, and assumptions about defect rate, concur rate, repurchase mix, and loss severity, based upon the Company’s most recent loss trends. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends, such as loan vintage, underwriting characteristics and macroeconomic trends.

The following table is a rollforward of the Company’s representation and warranty reserve:

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Millions)	2013			2012			2013			2012
Balance at beginning of period	$	233		$	202		$	240		$	160
Net realized losses		(16	)		(31	)		(39	)		(56	)
Change in reserve		(27	)		45			(11	)		112
Balance at end of period	$	190		$	216		$	190		$	216

As of June 30, 2013 and December 31, 2012, the Company had $64 million and $131 million, respectively, of unresolved representation and warranty claims from the GSEs. The Company does not have a significant amount of unresolved claims from investors other than the GSEs.

Litigation and Regulatory Matters The Company is subject to various litigation and regulatory matters that arise in the ordinary course of its business. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results from operations, potentially materially.

Certain federal and state governmental authorities reached settlement agreements in 2012 with five major financial institutions regarding their mortgage origination, servicing, and foreclosure activities. Those governmental authorities have had settlement discussions with other financial institutions, including the Company. The Company has not agreed to any settlement; however, if a settlement were reached it would likely include an agreement to comply with specified servicing standards, and settlement payments to governmental authorities as well as a monetary commitment that could be satisfied under various loan modification programs (in addition to the programs the Company already has in place).

The Company is currently subject to other investigations and examinations by government agencies and bank regulators concerning mortgage-related practices, including those related to origination practices for Federal Housing Administration insured residential home loans, compliance with underwriting guidelines relating to residential home loans sold to GSEs, and various practices related to lender-placed insurance. The Company is cooperating fully with these examinations and investigations, any of which could lead to administrative or legal proceedings or settlements involving remedies including fines, penalties, restitution or alterations in the Company’s business practices and in additional costs and expenses.

Due to their complex nature, it can be years before litigation and regulatory matters are resolved. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, is approximately $200 million. This estimate is subject to significant judgment and uncertainties and the matters underlying the estimate will change from time to time. Actual results may vary significantly from the current estimates.

For additional information on the nature of the Company’s guarantees and contingent liabilities, refer to Note 21 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

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Loans and Allowance for Credit Losses - Impaired Loans Average Recorded Investment and Interest Income (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	$ 7,349	$ 7,703	$ 7,455	$ 7,810
Interest Income Recognized	94	79	189	142
Commercial [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	381	506	386	538
Interest Income Recognized	9	2	19	5
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	975	1,338	1,015	1,431
Interest Income Recognized	10	10	21	17
Residential Mortgages [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	2,738	2,687	2,733	2,663
Interest Income Recognized	33	30	67	56
Credit Card [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	376	543	397	546
Interest Income Recognized	5	8	9	16
Other Retail [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	435	244	439	212
Interest Income Recognized	6	2	12	4
Total Impaired Loans, Excluding GNMA and Covered Loans [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	4,905	5,318	4,970	5,390
Interest Income Recognized	63	52	128	98
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	1,880	1,320	1,862	1,299
Interest Income Recognized	23	16	46	31
Covered Loans [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	564	1,065	623	1,121
Interest Income Recognized	$ 8	$ 11	$ 15	$ 13

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Loans and Allowance for Credit Losses - Summary of Impaired Loans by Portfolio Class (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	$ 7,241	$ 7,659
Unpaid Principal Balance	10,139	11,082
Valuation Allowance	738	838
Commitments to Lend Additional Funds	49	58
Commercial [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	384	404
Unpaid Principal Balance	1,030	1,200
Valuation Allowance	41	40
Commitments to Lend Additional Funds	24	39
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	918	1,077
Unpaid Principal Balance	1,832	2,251
Valuation Allowance	46	70
Commitments to Lend Additional Funds	10	4
Residential Mortgages [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	2,769	2,748
Unpaid Principal Balance	3,424	3,341
Valuation Allowance	374	415
Commitments to Lend Additional Funds	3
Credit Card [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	358	442
Unpaid Principal Balance	358	442
Valuation Allowance	114	153
Other Retail [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	427	443
Unpaid Principal Balance	461	486
Valuation Allowance	106	101
Commitments to Lend Additional Funds	4	3
Total Impaired Loans, Excluding GNMA and Covered Loans [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	4,856	5,114
Unpaid Principal Balance	7,105	7,720
Valuation Allowance	681	779
Commitments to Lend Additional Funds	41	46
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	1,851	1,778
Unpaid Principal Balance	1,851	1,778
Valuation Allowance	32	39
Covered Loans [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	534	767
Unpaid Principal Balance	1,183	1,584
Valuation Allowance	25	20
Commitments to Lend Additional Funds	$ 8	$ 12

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Derivative Instruments - Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Detail) (Asset and Liability Management Positions [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Cash Flow Hedges [Member] | Interest Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 33	$ (24)	$ 33	$ (23)
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings	(25)	(32)	(58)	(65)
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(17)		6	(6)
Net Investment Hedges [Member] | Non-derivative Debt Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		$ 37		$ 37