Table 11

Line of Business Financial Performance


	Wholesale Banking and Commercial Real Estate							Consumer and Small Business Banking
Three Months Ended June 30, (Dollars in Millions)	2015		2014		Percent Change			2015		2014		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	505	$	507		(.4	)%	$	1,147	$	1,182		(3.0	)%
Noninterest income		224		256		(12.5	)		631		680		(7.2	)
Securities gains (losses), net		–		–		–			–		–		–
Total net revenue		729		763		(4.5	)		1,778		1,862		(4.5	)
Noninterest expense		325		316		2.8			1,212		1,126		7.6
Other intangibles		1		1		–			10		8		25.0
Total noninterest expense		326		317		2.8			1,222		1,134		7.8
Income before provision and income taxes		403		446		(9.6	)		556		728		(23.6	)
Provision for credit losses		18		18		–			52		120		(56.7	)
Income before income taxes		385		428		(10.0	)		504		608		(17.1	)
Income taxes and taxable-equivalent adjustment		140		156		(10.3	)		183		221		(17.2	)
Net income		245		272		(9.9	)		321		387		(17.1	)
Net (income) loss attributable to noncontrolling interests		–		–		–			–		–		–
Net income attributable to U.S. Bancorp	$	245	$	272		(9.9	)	$	321	$	387		(17.1	)
Average Balance Sheet
Commercial	$	63,326	$	57,378		10.4	%	$	10,307	$	8,920		15.5	%
Commercial real estate		19,407		18,313		6.0			18,941		18,794		.8
Residential mortgages		8		11		(27.3	)		49,337		50,480		(2.3	)
Credit card		–		–		–			–		–		–
Other retail		3		4		(25.0	)		44,955		45,800		(1.8	)
Total loans, excluding covered loans		82,744		75,706		9.3			123,540		123,994		(.4	)
Covered loans		–		196		*			5,020		5,883		(14.7	)
Total loans		82,744		75,902		9.0			128,560		129,877		(1.0	)
Goodwill		1,647		1,609		2.4			3,682		3,533		4.2
Other intangible assets		21		21		–			2,564		2,689		(4.6	)
Assets		91,613		83,185		10.1			147,492		142,661		3.4
Noninterest-bearing deposits		35,226		30,904		14.0			25,853		22,937		12.7
Interest checking		7,472		11,336		(34.1	)		40,056		35,715		12.2
Savings products		27,063		17,242		57.0			53,640		49,125		9.2
Time deposits		15,463		18,303		(15.5	)		16,020		17,722		(9.6	)
Total deposits		85,224		77,785		9.6			135,569		125,499		8.0
Total U.S. Bancorp shareholders’ equity		8,114		7,489		8.3			10,809		11,370		(4.9	)


	Wholesale Banking and Commercial Real Estate							Consumer and Small Business Banking
Six Months Ended June 30, (Dollars in Millions)	2015		2014		Percent Change			2015		2014		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,003	$	1,004		(.1	)%	$	2,292	$	2,382		(3.8	)%
Noninterest income		444		498		(10.8	)		1,253		1,298		(3.5	)
Securities gains (losses), net		—		—		—			—		—		—
Total net revenue		1,447		1,502		(3.7	)		3,545		3,680		(3.7	)
Noninterest expense		656		625		5.0			2,398		2,243		6.9
Other intangibles		2		2		—			20		16		25.0
Total noninterest expense		658		627		4.9			2,418		2,259		7.0
Income before provision and income taxes		789		875		(9.8	)		1,127		1,421		(20.7	)
Provision for credit losses		75		5		*			64		253		(74.7	)
Income before income taxes		714		870		(17.9	)		1,063		1,168		(9.0	)
Income taxes and taxable-equivalent adjustment		260		317		(18.0	)		386		425		(9.2	)
Net income		454		553		(17.9	)		677		743		(8.9	)
Net (income) loss attributable to noncontrolling interests		—		—		—			—		—		—
Net income attributable to U.S. Bancorp	$	454	$	553		(17.9	)	$	677	$	743		(8.9	)
Average Balance Sheet
Commercial	$	63,019	$	55,871		12.8	%	$	9,979	$	8,628		15.7	%
Commercial real estate		19,300		18,141		6.4			19,070		18,709		1.9
Residential mortgages		8		12		(33.3	)		49,556		50,385		(1.6	)
Credit card		—		—		—			—		—		—
Other retail		3		4		(25.0	)		46,091		45,642		1.0
Total loans, excluding covered loans		82,330		74,028		11.2			124,696		123,364		1.1
Covered loans		—		220		*			5,091		5,966		(14.7	)
Total loans		82,330		74,248		10.9			129,787		129,330		.4
Goodwill		1,647		1,607		2.5			3,682		3,523		4.5
Other intangible assets		21		21		—			2,529		2,715		(6.9	)
Assets		91,027		81,376		11.9			147,018		142,175		3.4
Noninterest-bearing deposits		34,814		31,393		10.9			25,364		22,462		12.9
Interest checking		7,571		10,878		(30.4	)		39,540		35,303		12.0
Savings products		26,272		17,002		54.5			53,089		48,605		9.2
Time deposits		16,298		18,340		(11.1	)		16,484		18,213		(9.5	)
Total deposits		84,955		77,613		9.5			134,477		124,583		7.9
Total U.S. Bancorp shareholders’ equity		8,081		7,418		8.9			11,168		11,469		(2.6	)

*	Not meaningful

30	U.S. Bancorp


Wealth Management and Securities Services							Payment Services									Treasury and Corporate Support									Consolidated Company
2015		2014		Percent Change			2015			2014			Percent Change			2015			2014			Percent Change			2015			2014			Percent Change

$	91	$	96		(5.2	)%	$	459		$	418			9.8	%	$	568		$	541			5.0	%	$	2,770		$	2,744			.9	%
	372		347		7.2			850			832			2.2			195			329			(40.7	)		2,272			2,444			(7.0	)
	–		–		–			–			–			–			–			–			–			–			–			–
	463		443		4.5			1,309			1,250			4.7			763			870			(12.3	)		5,042			5,188			(2.8	)
	348		332		4.8			657			571			15.1			97			360			(73.1	)		2,639			2,705			(2.4	)
	7		8		(12.5	)		25			31			(19.4	)		–			–			–			43			48			(10.4	)
	355		340		4.4			682			602			13.3			97			360			(73.1	)		2,682			2,753			(2.6	)
	108		103		4.9			627			648			(3.2	)		666			510			30.6			2,360			2,435			(3.1	)
	1		6		(83.3	)		208			182			14.3			2			(2	)		*			281			324			(13.3	)
	107		97		10.3			419			466			(10.1	)		664			512			29.7			2,079			2,111			(1.5	)
	39		35		11.4			152			170			(10.6	)		68			20			*			582			602			(3.3	)
	68		62		9.7			267			296			(9.8	)		596			492			21.1			1,497			1,509			(.8	)
	–		–		–			(8	)		(9	)		11.1			(6	)		(5	)		(20.0	)		(14	)		(14	)		–
$	68	$	62		9.7		$	259		$	287			(9.8	)	$	590		$	487			21.1		$	1,483		$	1,495			(.8	)

$	2,256	$	1,922		17.4	%	$	7,083		$	6,522			8.6	%	$	281		$	278			1.1	%	$	83,253		$	75,020			11.0	%
	558		605		(7.8	)		–			–			–			3,540			2,785			27.1			42,446			40,497			4.8
	1,756		1,314		33.6			–			–			–			13			10			30.0			51,114			51,815			(1.4	)
	–		–		–			17,613			17,384			1.3			–			–			–			17,613			17,384			1.3
	1,509		1,446		4.4			602			678			(11.2	)		–			–			–			47,069			47,928			(1.8	)
	6,079		5,287		15.0			25,298			24,584			2.9			3,834			3,073			24.8			241,495			232,644			3.8
	1		6		(83.3	)		–			5			*			44			1,746			(97.5	)		5,065			7,836			(35.4	)
	6,080		5,293		14.9			25,298			24,589			2.9			3,878			4,819			(19.5	)		246,560			240,480			2.5
	1,567		1,566		.1			2,473			2,520			(1.9	)		–			–			–			9,369			9,228			1.5
	129		164		(21.3	)		403			491			(17.9	)		–			–			–			3,117			3,365			(7.4	)
	8,987		8,338		7.8			31,510			30,914			1.9			128,299			109,671			17.0			407,901			374,769			8.8
	13,776		15,687		(12.2	)		881			711			23.9			1,611			1,598			.8			77,347			71,837			7.7
	7,043		5,336		32.0			602			563			6.9			32			39			(17.9	)		55,205			52,989			4.2
	35,698		28,487		25.3			90			76			18.4			478			431			10.9			116,969			95,361			22.7
	3,498		4,236		(17.4	)		–			–			–			1,242			1,903			(34.7	)		36,223			42,164			(14.1	)
	60,015		53,746		11.7			1,573			1,350			16.5			3,363			3,971			(15.3	)		285,744			262,351			8.9
	2,304		2,286		.8			5,817			5,665			2.7			17,470			15,776			10.7			44,514			42,586			4.5


Wealth Management and Securities Services								Payment Services									Treasury and Corporate Support									Consolidated Company
2015			2014		Percent Change			2015			2014			Percent Change			2015			2014			Percent Change			2015			2014			Percent Change

$	179		$	192		(6.8	)%	$	926		$	834			11.0	%	$	1,122		$	1,038			8.1	%	$	5,522		$	5,450			1.3	%
	728			686		6.1			1,627			1,607			1.2			374			458			(18.3	)		4,426			4,547			(2.7	)
	—			—		—			—			—			—			—			5			*			—			5			*
	907			878		3.3			2,553			2,441			4.6			1,496			1,501			(.3	)		9,948			10,002			(.5	)
	701			665		5.4			1,249			1,141			9.5			257			526			(51.1	)		5,261			5,200			1.2
	14			17		(17.6	)		50			62			(19.4	)		—			—			—			86			97			(11.3	)
	715			682		4.8			1,299			1,203			8.0			257			526			(51.1	)		5,347			5,297			.9
	192			196		(2.0	)		1,254			1,238			1.3			1,239			975			27.1			4,601			4,705			(2.2	)
	(1	)		2		*			405			383			5.7			2			(13	)		*			545			630			(13.5	)
	193			194		(.5	)		849			855			(.7	)		1,237			988			25.2			4,056			4,075			(.5	)
	70			70		—			308			312			(1.3	)		91			30			*			1,115			1,154			(3.4	)
	123			124		(.8	)		541			543			(.4	)		1,146			958			19.6			2,941			2,921			.7
	—			—		—			(16	)		(18	)		11.1			(11	)		(11	)		—			(27	)		(29	)		6.9
$	123		$	124		(.8	)	$	525		$	525			—		$	1,135		$	947			19.9		$	2,914		$	2,892			.8

$	2,274		$	1,885		20.6	%	$	6,840		$	6,261			9.2	%	$	273		$	294			(7.1	)%	$	82,385		$	72,939			13.0	%
	573			610		(6.1	)		—			—			—			3,615			2,815			28.4			42,558			40,275			5.7
	1,692			1,293		30.9			—			—			—			13			10			30.0			51,269			51,700			(.8	)
	—			—		—			17,718			17,395			1.9			—			—			—			17,718			17,395			1.9
	1,480			1,460		1.4			614			687			(10.6	)		—			—			—			48,188			47,793			.8
	6,019			5,248		14.7			25,172			24,343			3.4			3,901			3,119			25.1			242,118			230,102			5.2
	1			7		(85.7	)		—			5			*			41			1,882			(97.8	)		5,133			8,080			(36.5	)
	6,020			5,255		14.6			25,172			24,348			3.4			3,942			5,001			(21.2	)		247,251			238,182			3.8
	1,567			1,566		.1			2,477			2,520			(1.7	)		—			—			—			9,373			9,216			1.7
	133			167		(20.4	)		414			500			(17.2	)		—			—			—			3,097			3,403			(9.0	)
	9,091			8,286		9.7			31,251			30,642			2.0			126,498			107,090			18.1			404,885			369,569			9.6
	13,256			15,208		(12.8	)		886			705			25.7			1,617			1,565			3.3			75,937			71,333			6.5
	7,196			5,380		33.8			595			552			7.8			31			39			(20.5	)		54,933			52,152			5.3
	33,537			27,800		20.6			89			73			21.9			478			430			11.2			113,465			93,910			20.8
	3,248			4,200		(22.7	)		—			—			—			1,757			1,780			(1.3	)		37,787			42,533			(11.2	)
	57,237			52,588		8.8			1,570			1,330			18.0			3,883			3,814			1.8			282,122			259,928			8.5
	2,302			2,291		.5			5,799			5,666			2.3			16,947			15,332			10.5			44,297			42,176			5.0