þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the fiscal year ended December 31, 2010 | ||
or
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||
o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware | 41-0255900 | |
(State or other jurisdiction
of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
Title of each class
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Name of each exchange on which registered
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Common Stock, $.01 par value per share | New York Stock Exchange | |
Depositary Shares (each representing 1/100th interest in a
share of Series A Non-Cumulative Perpetual Preferred Stock,
par value $1.00)
|
New York Stock Exchange | |
Depositary Shares (each representing 1/1,000th interest in
a share of Series B Non-Cumulative Preferred Stock, par
value $1.00)
|
New York Stock Exchange | |
Depositary Shares (each representing 1/1,000th interest in
a share of Series D Non-Cumulative Preferred Stock, par
value $1.00)
|
New York Stock Exchange |
Large accelerated
filer
þ
Non-accelerated filer o (Do not check if a smaller reporting company) |
Accelerated
filer
o
Smaller reporting company o |
Outstanding at
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Class
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January 31, 2011
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Common Stock, $.01 par value per share
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1,921,945,830 shares |
Document
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Parts Into Which Incorporated | |||||
1. |
Portions of the Annual Report to Shareholders for the Fiscal
Year Ended December 31, 2010
(2010 Annual Report) |
Parts I and II | ||||
2. | Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 19, 2011 (Proxy Statement) | Part III |
Item 1. | Business |
2
3
4
5
6
7
8
Item 1A. | Risk Factors |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | (Removed and Reserved) |
9
Closing
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Capital Securities or
|
|||||||
Date | Issuer | Preferred Stock | Other Securities | Covered Debt | ||||
12/29/05
|
USB Capital
VIII and U.S. Bancorp |
USB Capital VIIIs
$375,000,000 6.35% Trust Preferred Securities |
U.S. Bancorps $375,000,000
6.35% Income Capital Obligation Notes due 2065 |
U.S. Bancorps 5.875% junior
subordinated debentures due 2035, underlying the 5.875% trust preferred securities of USB Capital VII (CUSIP No. 903301208) |
||||
3/17/06
|
USB Capital
IX and U.S. Bancorp |
USB Capital IXs
$675,378,000 of 6.189% Fixed-to-Floating Rate Normal Income Trust Securities |
(i) U.S. Bancorps
Remarketed Junior Subordinated Notes and (ii) Stock Purchase Contract to Purchase U.S. Bancorps Series A Non-Cumulative Perpetual Preferred Stock |
U.S. Bancorps 5.875% junior
subordinated debentures due 2035, underlying the 5.875% trust preferred securities of USB Capital VII (CUSIP No. 903301208) |
||||
3/27/06
|
U.S. Bancorp |
U.S. Bancorps 40,000,000
Depositary Shares ($25 per Depositary Share) each representing a 1/1000 th interest in a share of Series B Non-Cumulative Preferred Stock |
Not Applicable |
U.S. Bancorps 5.875% junior
subordinated debentures due 2035, underlying the 5.875% trust preferred securities of USB Capital VII (CUSIP No. 903301208) |
||||
4/12/06
|
USB Capital
X and U.S. Bancorp |
USB Capital Xs
$500,000,000 6.50% Trust Preferred Securities |
U.S. Bancorps 6.50%
Income Capital Obligation Notes due 2066 |
U.S. Bancorps 5.875% junior
subordinated debentures due 2035, underlying the 5.875% trust preferred securities of USB Capital VII (CUSIP No. 903301208) |
||||
8/30/06
|
USB Capital
XI and U.S. Bancorp |
USB Capital XIs
$765,000,000 6.60% Trust Preferred Securities |
U.S. Bancorps 6.60%
Income Capital Obligation Notes due 2066 |
U.S. Bancorps 5.875% junior
subordinated debentures due 2035, underlying the 5.875% trust preferred securities of USB Capital VII (CUSIP No. 903301208) |
||||
12/22/06
|
USB Realty
Corp (a) and U.S. Bancorp |
USB Realty Corp.s
5,000 shares of Fixed- Floating-Rate Exchangeable Non-cumulative Perpetual Series A Preferred Stock exchangeable for shares of U.S. Bancorps Series C Non-cumulative Perpetual Preferred Stock (b) |
Not applicable |
U.S. Bancorps 6.60% junior
subordinated debentures due 2066, underlying 6.60% trust preferred securities of USB Capital XI (CUSIP No. 903300200) |
10
Closing
|
Capital Securities or
|
|||||||
Date | Issuer | Preferred Stock | Other Securities | Covered Debt | ||||
2/1/07
|
USB Capital
XII and U.S. Bancorp |
USB Capital XIIs
$535,000,000 6.30% Trust Preferred Securities |
U.S. Bancorps 6.30%
Income Capital Obligation Notes due 2067 |
U.S. Bancorps 5.875% junior
subordinated debentures due 2035, underlying the 5.875% trust preferred securities of USB Capital VII (CUSIP No. 903301208) |
||||
3/17/08
|
U.S. Bancorp |
U.S. Bancorps 20,000,000 Depositary Shares ($25 per
Depositary Share) each representing a
1/1000
th
interest in a share of Series D Non-Cumulative Perpetual Preferred Stock |
Not Applicable |
U.S. Bancorps 5.875% junior
subordinated debentures due 2035, underlying the 5.875% trust preferred securities of USB Capital VII (CUSIP No. 903301208) |
||||
6/10/10
|
U.S. Bancorp |
U.S. Bancorps 574,622 Depositary Shares ($1,000 per
Depositary Share) each representing a
1/100
th
interest in a share of Series A Non-Cumulative Perpetual Preferred Stock |
Not Applicable |
U.S. Bancorps 5.875% junior
subordinated debentures due 2035, underlying the 5.875% trust preferred securities of USB Capital VII (CUSIP No. 903301208) |
(a) | USB Realty Corp. is an indirect subsidiary of U.S. Bank National Association. | |
(b) | Under certain circumstances, upon the direction of the Office of the Comptroller of the Currency, each share of USB Realty Corp.s Series A Preferred Stock will be automatically exchanged for one share of the U.S. Bancorps Series C Non-cumulative Perpetual Preferred Stock. |
Item 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Total Number
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||||||||||||||||
of Shares
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Maximum Number
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|||||||||||||||
Purchased as
|
of Shares that May
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|||||||||||||||
Total Number
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Average
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Part of Publicly
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Yet Be Purchased
|
|||||||||||||
of Shares
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Price Paid
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Announced
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Under the
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|||||||||||||
Time Period
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Purchased | per Share | Programs | Programs | ||||||||||||
October 1-31
(a)
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8,100 | $ | 22.94 | 8,100 | 19,022,336 | |||||||||||
November 1-30
(a)
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964 | 24.87 | 964 | 19,021,372 | ||||||||||||
December 1-31
(b)
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171 | 22.10 | 171 | 19,999,829 | ||||||||||||
Total
|
9,235 | $ | 23.12 | 9,235 | 19,999,829 | |||||||||||
(a) | On December 9, 2008, the Company announced that the Board of Directors approved an authorization to repurchase 20 million shares of common stock through December 31, 2010. All shares purchased during October and November of 2010 were purchased under the publicly announced December 9, 2008 authorization. | |
(b) | On December 13, 2010, the Company announced that the Board of Directors approved an authorization to repurchase 20 million shares of common stock through December 31, 2011. The December 2010 authorization replaced the December 2008 authorization. All shares purchased during December of 2010 were purchased under the publicly announced December 13, 2010 authorization. |
11
Item 6. | Selected Financial Data |
Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
12
Item 10.
Directors,
Executive Officers and Corporate Governance
13
Table of Contents
14
Table of Contents
Item 11.
Executive
Compensation
Item 12.
Security
Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters
Number of Securities
Remaining Available for
Weighted-average
Future Issuance under
Number of Securities to
Exercise Price of
Equity Compensation
be Issued upon Exercise
Outstanding Options,
Plans (Excluding Securities
of Outstanding Options,
Warrants
Reflected in the First
Warrants and Rights
and Rights
Column)
(1)
87,572,874
$
26.65
68,908,298
3,745,529
$
23.18
91,318,403
$
25.87
68,908,298
(1)
No shares are available for granting future awards under the
U.S. Bancorp 2001 Stock Incentive Plan or the U.S. Bancorp 1998
Executive Stock Incentive Plan.
The 68,908,298 shares available under the Amended and
Restated 2007 Stock Incentive Plan are available for future
awards in the form of stock options, stock appreciation rights,
restricted stock, restricted stock units, performance awards or
other stock-based awards, except that only 23,408,818 of these
shares are available for future grants of awards other than
stock options or stock appreciation rights.
(2)
Includes shares underlying stock options, performance-based
restricted stock units (awarded to the members of the
Companys managing committee in 2010 and 2009 and
convertible into shares of the Companys common stock on a
one-for-one
basis), and restricted stock units (convertible into shares of
the Companys common stock on a
one-for-one
basis) under the Amended and Restated 2007 Stock Incentive Plan,
the U.S. Bancorp 2001 Stock Incentive Plan and the U.S. Bancorp
1998 Executive Stock Incentive Plan. Excludes
194,202 shares, with a weighted-average exercise price of
$18.87, underlying outstanding stock options and warrants
assumed by U.S. Bancorp in connection with acquisitions by
U.S. Bancorp. Of the excluded shares, 22,431 underlie stock
options granted under equity compensation plans of the former
U.S. Bancorp that were approved by the shareholders of the
former U.S. Bancorp.
(3)
Includes 2,513,904 shares of common stock issuable
pursuant to various current and former deferred compensation
plans of U.S. Bancorp and its predecessor entities. All of the
remaining identified shares
15
Table of Contents
underlie stock options granted to a broad-based employee
population pursuant to the U.S. Bancorp 2001 Employee Stock
Incentive Plan (2001 Stock Plan).
(4)
The weighted-average exercise price does not include any
assumed price at issuance of shares that may be issuable
pursuant to the deferred compensation plans.
Item 13.
Certain
Relationships and Related Transactions, and Director
Independence
16
Table of Contents
Item 14.
Principal
Accounting Fees and Services
Item 15.
Exhibits,
Financial Statement Schedules
1.
Financial
Statements
Report of Management
Report of Independent Registered Public Accounting Firm on the
Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm on
Internal Control Over Financial Reporting
U.S. Bancorp Consolidated Balance Sheet as of
December 31, 2010 and 2009
U.S. Bancorp Consolidated Statement of Income for each of
the three years in the period ended December 31, 2010
U.S. Bancorp Consolidated Statement of Shareholders
Equity for each of the three years in the period ended
December 31, 2010
U.S. Bancorp Consolidated Statement of Cash Flows for each
of the three years in the period ended December 31, 2010
Notes to Consolidated Financial Statements
U.S. Bancorp Consolidated Balance Sheet Five
Year Summary (Unaudited)
U.S. Bancorp Consolidated Statement of Income
Five Year Summary (Unaudited)
U.S. Bancorp Quarterly Consolidated Financial Data
(Unaudited)
U.S. Bancorp Consolidated Daily Average Balance Sheet and
Related Yields and Rates (Unaudited)
U.S. Bancorp Supplemental Financial Data (Unaudited)
2.
Financial
Statement Schedules
17
Table of Contents
3.
Exhibits
Exhibit
Number
(1)
3
.1
Restated Certificate of Incorporation, as amended. Filed as
Exhibit 3.1 to
Form 10-Q
for the quarterly period ended June 30, 2010.
(1)
3
.2
Amended and Restated Bylaws. Filed as Exhibit 3.2 to
Form 8-K
filed on January 20, 2010.
4
.1
[Pursuant to Item 601(b)(4)(iii)(A) of
Regulation S-K,
copies of instruments defining the rights of holders of
long-term debt are not filed. U.S. Bancorp agrees to furnish a
copy thereof to the SEC upon request.]
(1)(2)
10
.1(a)
U.S. Bancorp 2001 Stock Incentive Plan. Filed as
Exhibit 10.1 to
Form 10-K
for the year ended December 31, 2001.
(1)(2)
10
.1(b)
Amendment No. 1 to U.S. Bancorp 2001 Stock Incentive Plan.
Filed as Exhibit 10.2 to
Form 10-K
for the year ended December 31, 2002.
(1)(2)
10
.2(a)
U.S. Bancorp 1998 Executive Stock Incentive Plan. Filed as
Exhibit 10.3 to
Form 10-K
for the year ended December 31, 2002.
(1)(2)
10
.3(a)
Summary of U.S. Bancorp 1991 Executive Stock Incentive Plan.
Filed as Exhibit 10.4 to
Form 10-K
for the year ended December 31, 2002.
(1)(2)
10
.4(a)
U.S. Bancorp 2001 Employee Stock Incentive Plan. Filed as
Exhibit 10.5 to
Form 10-K
for the year ended December 31, 2002.
(1)(2)
10
.5(a)
Firstar Corporation 1999 Employee Stock Incentive Plan. Filed as
Exhibit 10.6 to
Form 10-K
for the year ended December 31, 2002.
(1)(2)
10
.6(a)
Firstar Corporation 1998 Employee Stock Incentive Plan. Filed as
Exhibit 10.7 to
Form 10-K
for the year ended December 31, 2002.
(1)(2)
10
.7(a)
U.S. Bancorp 2006 Executive Incentive Plan. Filed as
Exhibit 10.1 to
Form 8-K
filed on April 21, 2006.
(1)(2)
10
.8(a)
U.S. Bancorp Executive Deferral Plan, as amended. Filed as
Exhibit 10.7 to
Form 10-K
for the year ended December 31, 1999.
(1)(2)
10
.9(a)
Summary of Nonqualified Supplemental Executive Retirement Plan,
as amended, of the former U.S. Bancorp. Filed as
Exhibit 10.4 to
Form 10-K
for the year ended December 31, 2001.
(1)(2)
10
.10(a)
Form of Director Indemnification Agreement entered into with
former directors of the former U.S. Bancorp. Filed as
Exhibit 10.15 to
Form 10-K
for the year ended December 31, 1997.
(1)(2)
10
.11(a)
U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as
Exhibit 10.16 to
Form 10-K
for the year ended December 31, 2002.
(1)(2)
10
.11(b)
First, Second and Third Amendments of U.S. Bancorp Non-Qualified
Executive Retirement Plan. Filed as Exhibit 10.17 to
Form 10-K
for the year ended December 31, 2003.
(1)(2)
10
.11(c)
Fourth Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan. Filed as Exhibit 10.1 to
Form 8-K
filed on December 23, 2004.
(1)(2)
10
.11(d)
Appendix B-10
to U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed
as Exhibit 10.1 to
Form 10-Q
for the quarterly period ended March 31, 2005.
(1)(2)
10
.11(e)
Fifth Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan. Filed as Exhibit 10.2 to
Form 10-Q
for the quarterly period ended March 31, 2005.
(1)(2)
10
.11(f)
Sixth Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan. Filed as Exhibit 10.1 to
Form 8-K
filed on October 20, 2005.
(1)(2)
10
.11(g)
Seventh Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan. Filed as Exhibit 10.1(g) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.11(h)
Eighth Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan. Filed as Exhibit 10.1(h) to
Form 8-K
filed on January 7, 2009.
18
Table of Contents
Exhibit
Number
(1)(2)
10
.11(i)
Ninth Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan. Filed as Exhibit 10.1(i) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.11(j)
Tenth Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan. Filed as Exhibit 10.1(j) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.11(k)
Eleventh Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan. Filed as Exhibit 10.11(k) to
Form 10-K
for the year ended December 31, 2009.
(2)
10
.11(l)
Twelfth Amendment of U.S. Bancorp Non-Qualified Executive
Retirement Plan.
(1)(2)
10
.12(a)
U.S. Bancorp Executive Employees Deferred Compensation Plan.
Filed as Exhibit 10.18 to
Form 10-K
for the year ended December 31, 2003.
(1)(2)
10
.13(a)
U.S. Bancorp 2005 Executive Employees Deferred Compensation
Plan. Filed as Exhibit 10.2 to
Form 8-K
filed on December 21, 2005.
(1)(2)
10
.13(b)
First Amendment of U.S. Bancorp 2005 Executive Employees
Deferred Compensation Plan effective as of January 31,
2009. Filed as Exhibit 10.2(b) to
Form 8-K
filed on January 7, 2009.
(2)
10
.13(c)
Second Amendment of U.S. Bancorp 2005 Executive Employees
Deferred Compensation Plan effective as of January 1, 2010.
(1)(2)
10
.14(a)
U.S. Bancorp Outside Directors Deferred Compensation Plan. Filed
as Exhibit 10.19 to
Form 10-K
for the year ended December 31, 2003.
(1)(2)
10
.15(a)
U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan.
Filed as Exhibit 10.1 to
Form 8-K
filed on December 21, 2005.
(1)(2)
10
.15(b)
First Amendment of U.S. Bancorp 2005 Outside Directors Deferred
Compensation Plan effective as of January 31, 2009. Filed
as Exhibit 10.3(b) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.16(a)
Form of Executive Severance Agreement, effective
November 16, 2001, between U.S. Bancorp and certain
executive officers of U.S. Bancorp. Filed as Exhibit 10.12
to
Form 10-K
for the year ended December 31, 2001.
(1)(2)
10
.16(b)
Form of Amendment to Executive Severance Agreements for IRC
Section 409A Compliance dated as of December 31, 2008.
Filed as Exhibit 10.6(b) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.17(a)
Form of Executive Officer Stock Option Agreement with cliff and
performance vesting under U.S. Bancorp 2001 Stock Incentive
Plan. Filed as Exhibit 10.1 to
Form 10-Q
for the quarterly period ended September 30, 2004.
(1)(2)
10
.18(a)
Form of Executive Officer Stock Option Agreement with annual
vesting under U.S. Bancorp 2001 Stock Incentive Plan. Filed as
Exhibit 10.2 to
Form 10-Q
for the quarterly period ended September 30, 2004.
(1)(2)
10
.19(a)
Form of 2006 Executive Officer Stock Option Agreement with
annual vesting under U.S. Bancorp 2001 Stock Incentive Plan.
Filed as Exhibit 10.1 to
Form 8-K
filed on January 17, 2006.
(1)(2)
10
.20(a)
Form of Executive Officer Restricted Stock Award Agreement under
U.S. Bancorp 2001 Stock Incentive Plan. Filed as
Exhibit 10.3 to
Form 10-Q
for the quarterly period ended September 30, 2004.
(1)(2)
10
.21(a)
Form of Director Stock Option Agreement under U.S. Bancorp 2001
Stock Incentive Plan. Filed as Exhibit 10.4 to
Form 10-Q
for the quarterly period ended September 30, 2004.
(1)(2)
10
.22(a)
Form of Director Restricted Stock Unit Award Agreement under
U.S. Bancorp 2001 Stock Incentive Plan. Filed as
Exhibit 10.5 to
Form 10-Q
for the quarterly period ended September 30, 2004.
(1)(2)
10
.22(b)
Form of Amendment to Director Restricted Stock Unit Award
Agreements under U.S. Bancorp 2001 Stock Incentive Plan dated as
of December 31, 2008. Filed as Exhibit 10.5(b) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.23(a)
Form of Executive Officer Restricted Stock Unit Award Agreement
under U.S. Bancorp 2001 Stock Incentive Plan. Filed as
Exhibit 10.6 to
Form 10-Q
for the quarterly period ended September 30, 2004.
(1)(2)
10
.24(a)
Offer of Employment to Richard C. Hartnack. Filed as
Exhibit 10.3 to
Form 10-Q
for the quarterly period ended March 31, 2005.
19
Table of Contents
Exhibit
Number
(1)(2)
10
.25(a)
Employment Agreement dated May 7, 2001, with Pamela A.
Joseph. Filed as Exhibit 10.37 to
Form 10-K
for the year ended December 31, 2007.
(1)(2)
10
.25(b)
Amendment to Employment Agreement with Pamela A. Joseph dated as
of December 31, 2008. Filed as Exhibit 10.7(b) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.26(a)
U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan.
Filed as Exhibit 10.1 to
Form 8-K
filed on April 20, 2010.
(1)(2)
10
.27(a)
Form of 2007 Non-Qualified Stock Option Agreement for Executive
Officers under U.S. Bancorp Amended and Restated 2007 Stock
Incentive Plan. Filed as Exhibit 10.2 to
Form 8-K
filed on April 18, 2007.
(1)(2)
10
.28(a)
Form of Non-Qualified Stock Option Agreement for Executive
Officers under U.S. Bancorp Amended and Restated 2007 Stock
Incentive Plan to be used after December 31, 2008. Filed as
Exhibit 10.8(a) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.29(a)
Form of 2007 Restricted Stock Award Agreement for Executive
Officers under U.S. Bancorp Amended and Restated 2007 Stock
Incentive Plan. Filed as Exhibit 10.3 to
Form 8-K
filed on April 18, 2007.
(1)(2)
10
.30(a)
Form of Restricted Stock Award Agreement for Executive Officers
under U.S. Bancorp Amended and Restated 2007 Stock Incentive
Plan to be used after December 31, 2008. Filed as
Exhibit 10.9(a) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.31(a)
Form of 2008 Restricted Stock Unit Award Agreement for Executive
Officers under U.S. Bancorp Amended and Restated 2007 Stock
Incentive Plan. Filed as Exhibit 10.1 to
Form 8-K
filed on January 17, 2008.
(1)(2)
10
.32(a)
Form of Restricted Stock Unit Award Agreement for Executive
Officers under U.S. Bancorp Amended and Restated 2007 Stock
Incentive Plan to be used after December 31, 2008. Filed as
Exhibit 10.10(a) to
Form 8-K
filed on January 7, 2009.
(1)(2)
10
.33(a)
Form of Performance Restricted Stock Unit Award Agreement for
Executive Officers under U.S. Bancorp Amended and Restated
2007 Stock Incentive Plan to be used after December 31,
2008. Filed as Exhibit 10.1 to
Form 8-K
filed on March 6, 2009.
(1)(2)
10
.34(a)
Form of Performance Restricted Stock Unit Award Agreement for
Executive Officers (as approved February 14, 2011) under
U.S. Bancorp Amended and Restated 2007 Stock Incentive
Plan. Filed as Exhibit 10.1 to
Form 8-K
filed on February 16, 2011.
(1)(2)
10
.35(a)
Form of 2010 Retention Performance Restricted Stock Unit Award
Agreement for Executive Officers under U.S. Bancorp Amended and
Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1
to
Form 8-K
filed on February 18, 2010.
(1)(2)
10
.36(a)
Form of 2007 Restricted Stock Unit Award Agreement for
Non-Employee Directors under U.S. Bancorp Amended and
Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1
to
Form 10-Q/A
filed for the quarterly period ended September 30, 2007.
(1)(2)
10
.37(a)
Form of Restricted Stock Unit Award Agreement for Non-Employee
Directors under U.S. Bancorp Amended and Restated 2007 Stock
Incentive Plan to be used after December 31, 2008. Filed as
Exhibit 10.11(a) to
Form 8-K
filed on January 7, 2009.
12
Statement re: Computation of Ratio of Earnings to Fixed Charges.
13
2010 Annual Report, pages 18 through 141.
21
Subsidiaries of the Registrant.
23
Consent of Ernst & Young LLP.
24
Power of Attorney.
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.
20
Table of Contents
Exhibit
Number
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 Annual Report on
Form 10-K
of the Company for the year ended December 31, 2010,
formatted in Extensible Business Reporting Language:
(i) the Consolidated Balance Sheet, (ii) the
Consolidated Statement of Income, (iii) the Consolidated
Statement of Shareholders Equity, (iv) the
Consolidated Statement of Cash Flows and (v) the Notes to
Consolidated Financial Statements
(1)
Exhibit has been previously filed with the Securities and
Exchange Commission and is incorporated herein as an exhibit by
reference to the prior filing.
(2)
Management contracts or compensatory plans or
arrangements.
21
Table of Contents
By
Chairman, President, and Chief Executive Officer
(principal executive officer)
Vice Chairman and Chief Financial Officer
(principal financial officer)
Executive Vice President and Controller
(principal accounting officer)
22
Table of Contents
*
Lee R. Mitau, by signing his name hereto, does hereby sign
this document on behalf of each of the above named directors of
the registrant pursuant to powers of attorney duly executed by
such persons.
By:
23
Year Ended December 31 (Dollars in Millions) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Earnings
|
||||||||||||||||||||
1. Net income attributable to U.S. Bancorp
|
$ | 3,317 | $ | 2,205 | $ | 2,946 | $ | 4,324 | $ | 4,751 | ||||||||||
2. Applicable income taxes, including expense related to unrecognized tax positions
|
935 | 395 | 1,087 | 1,883 | 2,112 | |||||||||||||||
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2)
|
$ | 4,252 | $ | 2,600 | $ | 4,033 | $ | 6,207 | $ | 6,863 | ||||||||||
4. Fixed charges:
|
||||||||||||||||||||
a. Interest expense excluding interest on deposits*
|
$ | 1,651 | $ | 1,818 | $ | 2,805 | $ | 3,693 | $ | 3,133 | ||||||||||
b. Portion of rents representative of interest and amortization of debt expense
|
101 | 94 | 83 | 76 | 71 | |||||||||||||||
c. Fixed charges excluding interest on deposits (4a + 4b)
|
1,752 | 1,912 | 2,888 | 3,769 | 3,204 | |||||||||||||||
d. Interest on deposits
|
928 | 1,202 | 1,881 | 2,754 | 2,389 | |||||||||||||||
e. Fixed charges including interest on deposits (4c + 4d)
|
$ | 2,680 | $ | 3,114 | $ | 4,769 | $ | 6,523 | $ | 5,593 | ||||||||||
5. Amortization of interest capitalized
|
$ | | $ | | $ | | $ | | $ | | ||||||||||
6. Earnings excluding interest on deposits (3 + 4c + 5)
|
6,004 | 4,512 | 6,921 | 9,976 | 10,067 | |||||||||||||||
7. Earnings including interest on deposits (3 + 4e + 5)
|
6,932 | 5,714 | 8,802 | 12,730 | 12,456 | |||||||||||||||
8. Fixed charges excluding interest on deposits (4c)
|
1,752 | 1,912 | 2,888 | 3,769 | 3,204 | |||||||||||||||
9. Fixed charges including interest on deposits (4e)
|
2,680 | 3,114 | 4,769 | 6,523 | 5,593 | |||||||||||||||
|
||||||||||||||||||||
Ratio of Earnings to Fixed Charges
|
||||||||||||||||||||
10. Excluding interest on deposits (line 6/line 8)
|
3.43 | 2.36 | 2.40 | 2.65 | 3.14 | |||||||||||||||
11. Including interest on deposits (line 7/line 9)
|
2.59 | 1.83 | 1.85 | 1.95 | 2.23 | |||||||||||||||
* | Excludes interest expense related to unrecognized tax positions |
Year ended
December 31
|
||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Condensed Income Statement
|
||||||||||||||||||||
Net interest income (taxable-equivalent basis) (a)
|
$ | 9,788 | $ | 8,716 | $ | 7,866 | $ | 6,764 | $ | 6,790 | ||||||||||
Noninterest income
|
8,438 | 8,403 | 7,789 | 7,281 | 6,938 | |||||||||||||||
Securities gains (losses), net
|
(78 | ) | (451 | ) | (978 | ) | 15 | 14 | ||||||||||||
Total net revenue
|
18,148 | 16,668 | 14,677 | 14,060 | 13,742 | |||||||||||||||
Noninterest expense
|
9,383 | 8,281 | 7,348 | 6,907 | 6,229 | |||||||||||||||
Provision for credit losses
|
4,356 | 5,557 | 3,096 | 792 | 544 | |||||||||||||||
Income before taxes
|
4,409 | 2,830 | 4,233 | 6,361 | 6,969 | |||||||||||||||
Taxable-equivalent adjustment
|
209 | 198 | 134 | 75 | 49 | |||||||||||||||
Applicable income taxes
|
935 | 395 | 1,087 | 1,883 | 2,112 | |||||||||||||||
Net income
|
3,265 | 2,237 | 3,012 | 4,403 | 4,808 | |||||||||||||||
Net (income) loss attributable to noncontrolling interests
|
52 | (32 | ) | (66 | ) | (79 | ) | (57 | ) | |||||||||||
Net income attributable to U.S. Bancorp
|
$ | 3,317 | $ | 2,205 | $ | 2,946 | $ | 4,324 | $ | 4,751 | ||||||||||
Net income applicable to U.S. Bancorp common shareholders
|
$ | 3,332 | $ | 1,803 | $ | 2,819 | $ | 4,258 | $ | 4,696 | ||||||||||
Per Common Share
|
||||||||||||||||||||
Earnings per share
|
$ | 1.74 | $ | .97 | $ | 1.62 | $ | 2.45 | $ | 2.64 | ||||||||||
Diluted earnings per share
|
$ | 1.73 | $ | .97 | $ | 1.61 | $ | 2.42 | $ | 2.61 | ||||||||||
Dividends declared per share
|
$ | .200 | $ | .200 | $ | 1.700 | $ | 1.625 | $ | 1.390 | ||||||||||
Book value per share
|
$ | 14.36 | $ | 12.79 | $ | 10.47 | $ | 11.60 | $ | 11.44 | ||||||||||
Market value per share
|
$ | 26.97 | $ | 22.51 | $ | 25.01 | $ | 31.74 | $ | 36.19 | ||||||||||
Average common shares outstanding
|
1,912 | 1,851 | 1,742 | 1,735 | 1,778 | |||||||||||||||
Average diluted common shares outstanding
|
1,921 | 1,859 | 1,756 | 1,756 | 1,803 | |||||||||||||||
Financial Ratios
|
||||||||||||||||||||
Return on average assets
|
1.16 | % | .82 | % | 1.21 | % | 1.93 | % | 2.23 | % | ||||||||||
Return on average common equity
|
12.7 | 8.2 | 13.9 | 21.3 | 23.5 | |||||||||||||||
Net interest margin (taxable-equivalent basis) (a)
|
3.88 | 3.67 | 3.66 | 3.47 | 3.65 | |||||||||||||||
Efficiency ratio (b)
|
51.5 | 48.4 | 46.9 | 49.2 | 45.4 | |||||||||||||||
Average Balances
|
||||||||||||||||||||
Loans
|
$ | 193,022 | $ | 185,805 | $ | 165,552 | $ | 147,348 | $ | 140,601 | ||||||||||
Loans held for sale
|
5,616 | 5,820 | 3,914 | 4,298 | 3,663 | |||||||||||||||
Investment securities
|
47,763 | 42,809 | 42,850 | 41,313 | 39,961 | |||||||||||||||
Earning assets
|
252,042 | 237,287 | 215,046 | 194,683 | 186,231 | |||||||||||||||
Assets
|
285,861 | 268,360 | 244,400 | 223,621 | 213,512 | |||||||||||||||
Noninterest-bearing deposits
|
40,162 | 37,856 | 28,739 | 27,364 | 28,755 | |||||||||||||||
Deposits
|
184,721 | 167,801 | 136,184 | 121,075 | 120,589 | |||||||||||||||
Short-term borrowings
|
33,719 | 29,149 | 38,237 | 28,925 | 24,422 | |||||||||||||||
Long-term debt
|
30,835 | 36,520 | 39,250 | 44,560 | 40,357 | |||||||||||||||
Total U.S. Bancorp shareholders equity
|
28,049 | 26,307 | 22,570 | 20,997 | 20,710 | |||||||||||||||
Period End Balances
|
||||||||||||||||||||
Loans
|
$ | 197,061 | $ | 194,755 | $ | 184,955 | $ | 153,827 | $ | 143,597 | ||||||||||
Allowance for credit losses
|
5,531 | 5,264 | 3,639 | 2,260 | 2,256 | |||||||||||||||
Investment securities
|
52,978 | 44,768 | 39,521 | 43,116 | 40,117 | |||||||||||||||
Assets
|
307,786 | 281,176 | 265,912 | 237,615 | 219,232 | |||||||||||||||
Deposits
|
204,252 | 183,242 | 159,350 | 131,445 | 124,882 | |||||||||||||||
Long-term debt
|
31,537 | 32,580 | 38,359 | 43,440 | 37,602 | |||||||||||||||
Total U.S. Bancorp shareholders equity
|
29,519 | 25,963 | 26,300 | 21,046 | 21,197 | |||||||||||||||
Capital ratios
|
||||||||||||||||||||
Tier 1 capital
|
10.5 | % | 9.6 | % | 10.6 | % | 8.3 | % | 8.8 | % | ||||||||||
Total risk-based capital
|
13.3 | 12.9 | 14.3 | 12.2 | 12.6 | |||||||||||||||
Leverage
|
9.1 | 8.5 | 9.8 | 7.9 | 8.2 | |||||||||||||||
Tier 1 common equity to risk-weighted assets (c)
|
7.8 | 6.8 | 5.1 | 5.6 | 6.0 | |||||||||||||||
Tangible common equity to tangible assets (c)
|
6.0 | 5.3 | 3.3 | 4.8 | 5.2 | |||||||||||||||
Tangible common equity to risk-weighted assets (c)
|
7.2 | 6.1 | 3.7 | 5.1 | 5.6 | |||||||||||||||
(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) | See Non-Regulatory Capital Ratios on page 60. |
2010
|
2009
|
|||||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2008 | v 2009 | v 2008 | |||||||||||||||
Components of Net Interest Income
|
||||||||||||||||||||
Income on earning assets (taxable-equivalent basis)
|
$ | 12,375 | $ | 11,748 | $ | 12,630 | $ | 627 | $ | (882 | ) | |||||||||
Expense on interest-bearing liabilities (taxable-equivalent
basis)
|
2,587 | 3,032 | 4,764 | (445 | ) | (1,732 | ) | |||||||||||||
Net interest income (taxable-equivalent basis)
|
$ | 9,788 | $ | 8,716 | $ | 7,866 | $ | 1,072 | $ | 850 | ||||||||||
Net interest income, as reported
|
$ | 9,579 | $ | 8,518 | $ | 7,732 | $ | 1,061 | $ | 786 | ||||||||||
Average Yields and Rates Paid
|
||||||||||||||||||||
Earning assets yield (taxable-equivalent basis)
|
4.91 | % | 4.95 | % | 5.87 | % | (.04 | )% | (.92 | )% | ||||||||||
Rate paid on interest-bearing liabilities (taxable-equivalent
basis)
|
1.24 | 1.55 | 2.58 | (.31 | ) | (1.03 | )% | |||||||||||||
Gross interest margin (taxable-equivalent basis)
|
3.67 | % | 3.40 | % | 3.29 | % | .27 | % | .11 | % | ||||||||||
Net interest margin (taxable-equivalent basis)
|
3.88 | % | 3.67 | % | 3.66 | % | .21 | % | .01 | % | ||||||||||
Average Balances
|
||||||||||||||||||||
Investment securities
|
$ | 47,763 | $ | 42,809 | $ | 42,850 | $ | 4,954 | $ | (41 | ) | |||||||||
Loans
|
193,022 | 185,805 | 165,552 | 7,217 | 20,253 | |||||||||||||||
Earning assets
|
252,042 | 237,287 | 215,046 | 14,755 | 22,241 | |||||||||||||||
Interest-bearing liabilities
|
209,113 | 195,614 | 184,932 | 13,499 | 10,682 | |||||||||||||||
Net free funds (b)
|
42,929 | 41,673 | 30,114 | 1,256 | 11,559 | |||||||||||||||
(a) | Interest and rates are presented on a fully taxable-equivalent basis utilizing a federal tax rate of 35 percent. | |
(b) | Represents noninterest-bearing deposits, other noninterest-bearing liabilities and equity, allowance for loan losses and unrealized gain (loss) on available-for-sale securities less non-earning assets. |
2010 v 2009 | 2009 v 2008 | |||||||||||||||||||||||
(Dollars in Millions) | Volume | Yield/Rate | Total | Volume | Yield/Rate | Total | ||||||||||||||||||
Increase (Decrease) in
|
||||||||||||||||||||||||
Interest Income
|
||||||||||||||||||||||||
Investment securities
|
$ | 205 | $ | (212 | ) | $ | (7 | ) | $ | (2 | ) | $ | (388 | ) | $ | (390 | ) | |||||||
Loans held for sale
|
(10 | ) | (21 | ) | (31 | ) | 111 | (61 | ) | 50 | ||||||||||||||
Loans
|
||||||||||||||||||||||||
Commercial loans
|
(228 | ) | 131 | (97 | ) | (74 | ) | (554 | ) | (628 | ) | |||||||||||||
Commercial real estate
|
22 | 55 | 77 | 150 | (468 | ) | (318 | ) | ||||||||||||||||
Residential mortgage
|
182 | (126 | ) | 56 | 75 | (114 | ) | (39 | ) | |||||||||||||||
Retail loans
|
137 | 10 | 147 | 480 | (489 | ) | (9 | ) | ||||||||||||||||
Total loans, excluding covered loans
|
113 | 70 | 183 | 631 | (1,625 | ) | (994 | ) | ||||||||||||||||
Covered loans
|
327 | 80 | 407 | 534 | (17 | ) | 517 | |||||||||||||||||
Total loans
|
440 | 150 | 590 | 1,165 | (1,642 | ) | (477 | ) | ||||||||||||||||
Other earning assets
|
89 | (14 | ) | 75 | 7 | (72 | ) | (65 | ) | |||||||||||||||
Total earning assets
|
724 | (97 | ) | 627 | 1,281 | (2,163 | ) | (882 | ) | |||||||||||||||
Interest Expense
|
||||||||||||||||||||||||
Interest-bearing deposits
|
||||||||||||||||||||||||
Interest checking
|
7 | (8 | ) | (1 | ) | 46 | (219 | ) | (173 | ) | ||||||||||||||
Money market accounts
|
36 | (49 | ) | (13 | ) | 69 | (254 | ) | (185 | ) | ||||||||||||||
Savings accounts
|
42 | 8 | 50 | 24 | 27 | 51 | ||||||||||||||||||
Time certificates of deposit less than $100,000
|
(32 | ) | (126 | ) | (158 | ) | 149 | (160 | ) | (11 | ) | |||||||||||||
Time deposits greater than $100,000
|
(46 | ) | (106 | ) | (152 | ) | (5 | ) | (356 | ) | (361 | ) | ||||||||||||
Total interest-bearing deposits
|
7 | (281 | ) | (274 | ) | 283 | (962 | ) | (679 | ) | ||||||||||||||
Short-term borrowings
|
86 | (81 | ) | 5 | (272 | ) | (321 | ) | (593 | ) | ||||||||||||||
Long-term debt
|
(199 | ) | 23 | (176 | ) | (121 | ) | (339 | ) | (460 | ) | |||||||||||||
Total interest-bearing liabilities
|
(106 | ) | (339 | ) | (445 | ) | (110 | ) | (1,622 | ) | (1,732 | ) | ||||||||||||
Increase (decrease) in net interest income
|
$ | 830 | $ | 242 | $ | 1,072 | $ | 1,391 | $ | (541 | ) | $ | 850 | |||||||||||
(a) | This table shows the components of the change in net interest income by volume and rate on a taxable-equivalent basis utilizing a tax rate of 35 percent. This table does not take into account the level of noninterest-bearing funding, nor does it fully reflect changes in the mix of assets and liabilities. The change in interest not solely due to changes in volume or rates has been allocated on a pro-rata basis to volume and yield/rate. |
2010
|
2009
|
|||||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2008 | v 2009 | v 2008 | |||||||||||||||
Credit and debit card revenue
|
$ | 1,091 | $ | 1,055 | $ | 1,039 | 3.4 | % | 1.5 | % | ||||||||||
Corporate payment products revenue
|
710 | 669 | 671 | 6.1 | (.3 | ) | ||||||||||||||
Merchant processing services
|
1,253 | 1,148 | 1,151 | 9.1 | (.3 | ) | ||||||||||||||
ATM processing services
|
423 | 410 | 366 | 3.2 | 12.0 | |||||||||||||||
Trust and investment management fees
|
1,080 | 1,168 | 1,314 | (7.5 | ) | (11.1 | ) | |||||||||||||
Deposit service charges
|
710 | 970 | 1,081 | (26.8 | ) | (10.3 | ) | |||||||||||||
Treasury management fees
|
555 | 552 | 517 | .5 | 6.8 | |||||||||||||||
Commercial products revenue
|
771 | 615 | 492 | 25.4 | 25.0 | |||||||||||||||
Mortgage banking revenue
|
1,003 | 1,035 | 270 | (3.1 | ) | * | ||||||||||||||
Investment products fees and commissions
|
111 | 109 | 147 | 1.8 | (25.9 | ) | ||||||||||||||
Securities gains (losses), net
|
(78 | ) | (451 | ) | (978 | ) | 82.7 | 53.9 | ||||||||||||
Other
|
731 | 672 | 741 | 8.8 | (9.3 | ) | ||||||||||||||
Total noninterest income
|
$ | 8,360 | $ | 7,952 | $ | 6,811 | 5.1 | % | 16.8 | % | ||||||||||
* | Not meaningful |
2010
|
2009
|
|||||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2008 | v 2009 | v 2008 | |||||||||||||||
Compensation
|
$ | 3,779 | $ | 3,135 | $ | 3,039 | 20.5 | % | 3.2 | % | ||||||||||
Employee benefits
|
694 | 574 | 515 | 20.9 | 11.5 | |||||||||||||||
Net occupancy and equipment
|
919 | 836 | 781 | 9.9 | 7.0 | |||||||||||||||
Professional services
|
306 | 255 | 240 | 20.0 | 6.3 | |||||||||||||||
Marketing and business development
|
360 | 378 | 310 | (4.8 | ) | 21.9 | ||||||||||||||
Technology and communications
|
744 | 673 | 598 | 10.5 | 12.5 | |||||||||||||||
Postage, printing and supplies
|
301 | 288 | 294 | 4.5 | (2.0 | ) | ||||||||||||||
Other intangibles
|
367 | 387 | 355 | (5.2 | ) | 9.0 | ||||||||||||||
Other
|
1,913 | 1,755 | 1,216 | 9.0 | 44.3 | |||||||||||||||
Total noninterest expense
|
$ | 9,383 | $ | 8,281 | $ | 7,348 | 13.3 | % | 12.7 | % | ||||||||||
Efficiency ratio (a)
|
51.5 | % | 48.4 | % | 46.9 | % | ||||||||||||||
(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. |
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||
Percent
|
Percent
|
Percent
|
Percent
|
Percent
|
||||||||||||||||||||||||||||||||||||
At December 31 (Dollars in Millions) | Amount | of Total | Amount | of Total | Amount | of Total | Amount | of Total | Amount | of Total | ||||||||||||||||||||||||||||||
Commercial
|
||||||||||||||||||||||||||||||||||||||||
Commercial
|
$ | 42,272 | 21.5 | % | $ | 42,255 | 21.7 | % | $ | 49,759 | 26.9 | % | $ | 44,832 | 29.1 | % | $ | 40,640 | 28.3 | % | ||||||||||||||||||||
Lease financing
|
6,126 | 3.1 | 6,537 | 3.4 | 6,859 | 3.7 | 6,242 | 4.1 | 5,550 | 3.9 | ||||||||||||||||||||||||||||||
Total commercial
|
48,398 | 24.6 | 48,792 | 25.1 | 56,618 | 30.6 | 51,074 | 33.2 | 46,190 | 32.2 | ||||||||||||||||||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||||||||||||||||||||||
Commercial mortgages
|
27,254 | 13.8 | 25,306 | 13.0 | 23,434 | 12.7 | 20,146 | 13.1 | 19,711 | 13.7 | ||||||||||||||||||||||||||||||
Construction and development
|
7,441 | 3.8 | 8,787 | 4.5 | 9,779 | 5.3 | 9,061 | 5.9 | 8,934 | 6.2 | ||||||||||||||||||||||||||||||
Total commercial real estate
|
34,695 | 17.6 | 34,093 | 17.5 | 33,213 | 18.0 | 29,207 | 19.0 | 28,645 | 19.9 | ||||||||||||||||||||||||||||||
Residential Mortgages
|
||||||||||||||||||||||||||||||||||||||||
Residential mortgages
|
24,315 | 12.3 | 20,581 | 10.6 | 18,232 | 9.9 | 17,099 | 11.1 | 15,316 | 10.7 | ||||||||||||||||||||||||||||||
Home equity loans, first liens
|
6,417 | 3.3 | 5,475 | 2.8 | 5,348 | 2.9 | 5,683 | 3.7 | 5,969 | 4.1 | ||||||||||||||||||||||||||||||
Total residential mortgages
|
30,732 | 15.6 | 26,056 | 13.4 | 23,580 | 12.8 | 22,782 | 14.8 | 21,285 | 14.8 | ||||||||||||||||||||||||||||||
Retail
|
||||||||||||||||||||||||||||||||||||||||
Credit card
|
16,803 | 8.5 | 16,814 | 8.6 | 13,520 | 7.3 | 10,956 | 7.1 | 8,670 | 6.0 | ||||||||||||||||||||||||||||||
Retail leasing
|
4,569 | 2.3 | 4,568 | 2.3 | 5,126 | 2.8 | 5,969 | 3.9 | 6,960 | 4.9 | ||||||||||||||||||||||||||||||
Home equity and second mortgages
|
18,940 | 9.6 | 19,439 | 10.0 | 19,177 | 10.4 | 16,441 | 10.7 | 15,523 | 10.8 | ||||||||||||||||||||||||||||||
Other retail
|
||||||||||||||||||||||||||||||||||||||||
Revolving credit
|
3,472 | 1.8 | 3,506 | 1.8 | 3,205 | 1.7 | 2,731 | 1.8 | 2,563 | 1.8 | ||||||||||||||||||||||||||||||
Installment
|
5,459 | 2.8 | 5,455 | 2.8 | 5,525 | 3.0 | 5,246 | 3.4 | 4,478 | 3.1 | ||||||||||||||||||||||||||||||
Automobile
|
10,897 | 5.5 | 9,544 | 4.9 | 9,212 | 5.0 | 8,970 | 5.8 | 8,693 | 6.1 | ||||||||||||||||||||||||||||||
Student
|
5,054 | 2.5 | 4,629 | 2.4 | 4,603 | 2.5 | 451 | .3 | 590 | .4 | ||||||||||||||||||||||||||||||
Total other retail
|
24,882 | 12.6 | 23,134 | 11.9 | 22,545 | 12.2 | 17,398 | 11.3 | 16,324 | 11.4 | ||||||||||||||||||||||||||||||
Total retail
|
65,194 | 33.0 | 63,955 | 32.8 | 60,368 | 32.6 | 50,764 | 33.0 | 47,477 | 33.1 | ||||||||||||||||||||||||||||||
Total loans, excluding covered loans
|
179,019 | 90.8 | 172,896 | 88.8 | 173,779 | 94.0 | 153,827 | 100.0 | 143,597 | 100.0 | ||||||||||||||||||||||||||||||
Covered loans
|
18,042 | 9.2 | 21,859 | 11.2 | 11,176 | 6.0 | | | | | ||||||||||||||||||||||||||||||
Total loans
|
$ | 197,061 | 100.0 | % | $ | 194,755 | 100.0 | % | $ | 184,955 | 100.0 | % | $ | 153,827 | 100.0 | % | $ | 143,597 | 100.0 | % | ||||||||||||||||||||
December 31, 2010 | December 31, 2009 | |||||||||||||||
(Dollars in Millions) | Loans | Percent | Loans | Percent | ||||||||||||
Industry Group
|
||||||||||||||||
Consumer products and services
|
$ | 7,599 | 15.7 | % | $ | 8,197 | 16.8 | % | ||||||||
Financial services
|
5,785 | 12.0 | 5,123 | 10.5 | ||||||||||||
Healthcare
|
3,744 | 7.7 | 2,000 | 4.1 | ||||||||||||
Capital goods
|
3,696 | 7.7 | 3,806 | 7.8 | ||||||||||||
Commercial services and supplies
|
3,543 | 7.3 | 3,757 | 7.7 | ||||||||||||
Agriculture
|
2,539 | 5.3 | 3,415 | 7.0 | ||||||||||||
Property management and development
|
2,489 | 5.1 | 2,586 | 5.3 | ||||||||||||
Consumer staples
|
2,438 | 5.0 | 1,659 | 3.4 | ||||||||||||
Transportation
|
1,926 | 4.0 | 1,708 | 3.5 | ||||||||||||
Energy
|
1,788 | 3.7 | 1,122 | 2.3 | ||||||||||||
Paper and forestry products, mining and basic materials
|
1,738 | 3.6 | 1,952 | 4.0 | ||||||||||||
Private investors
|
1,712 | 3.5 | 1,757 | 3.6 | ||||||||||||
Information technology
|
1,543 | 3.2 | 878 | 1.8 | ||||||||||||
Other
|
7,858 | 16.2 | 10,832 | 22.2 | ||||||||||||
Total
|
$ | 48,398 | 100.0 | % | $ | 48,792 | 100.0 | % | ||||||||
Geography
|
||||||||||||||||
California
|
$ | 5,588 | 11.5 | % | $ | 6,685 | 13.7 | % | ||||||||
Colorado
|
1,974 | 4.1 | 1,903 | 3.9 | ||||||||||||
Illinois
|
2,457 | 5.1 | 3,611 | 7.4 | ||||||||||||
Minnesota
|
3,993 | 8.2 | 3,757 | 7.7 | ||||||||||||
Missouri
|
2,020 | 4.2 | 1,708 | 3.5 | ||||||||||||
Ohio
|
2,464 | 5.1 | 2,196 | 4.5 | ||||||||||||
Oregon
|
1,508 | 3.1 | 1,610 | 3.3 | ||||||||||||
Washington
|
2,259 | 4.7 | 2,196 | 4.5 | ||||||||||||
Wisconsin
|
2,144 | 4.4 | 2,098 | 4.3 | ||||||||||||
Iowa, Kansas, Nebraska, North Dakota, South Dakota
|
3,465 | 7.2 | 3,123 | 6.4 | ||||||||||||
Arkansas, Indiana, Kentucky, Tennessee
|
2,798 | 5.8 | 1,805 | 3.7 | ||||||||||||
Idaho, Montana, Wyoming
|
1,069 | 2.2 | 1,073 | 2.2 | ||||||||||||
Arizona, Nevada, Utah
|
1,741 | 3.6 | 2,000 | 4.1 | ||||||||||||
Total banking region
|
33,480 | 69.2 | 33,765 | 69.2 | ||||||||||||
Outside the Companys banking region
|
14,918 | 30.8 | 15,027 | 30.8 | ||||||||||||
Total
|
$ | 48,398 | 100.0 | % | $ | 48,792 | 100.0 | % | ||||||||
Down 100
|
Up 100
|
|||||||
LTROR (Dollars in Millions) | Basis Points | Basis Points | ||||||
Incremental benefit (expense)
|
$ | (25 | ) | $ | 25 | |||
Percent of 2010 net income
|
(.47 | )% | .47 | % | ||||
Down 100
|
Up 100
|
|||||||
Discount Rate (Dollars in Millions) | Basis Points | Basis Points | ||||||
Incremental benefit (expense)
|
$ | (77 | ) | $ | 66 | |||
Percent of 2010 net income
|
(1.44 | )% | 1.23 | % | ||||
December 31, 2010 | December 31, 2009 | |||||||||||||||
(Dollars in Millions) | Loans | Percent | Loans | Percent | ||||||||||||
Property Type
|
||||||||||||||||
Business owner occupied
|
$ | 11,416 | 32.9 | % | $ | 10,944 | 32.1 | % | ||||||||
Commercial property
|
||||||||||||||||
Industrial
|
1,530 | 4.4 | 1,500 | 4.4 | ||||||||||||
Office
|
3,783 | 10.9 | 3,580 | 10.5 | ||||||||||||
Retail
|
4,288 | 12.4 | 4,500 | 13.2 | ||||||||||||
Other commercial
|
3,551 | 10.2 | 3,614 | 10.6 | ||||||||||||
Homebuilders
|
||||||||||||||||
Condominiums
|
463 | 1.3 | 614 | 1.8 | ||||||||||||
Other residential
|
1,144 | 3.3 | 1,704 | 5.0 | ||||||||||||
Multi-family
|
6,130 | 17.7 | 5,625 | 16.5 | ||||||||||||
Hotel/motel
|
2,134 | 6.2 | 1,807 | 5.3 | ||||||||||||
Health care facilities
|
256 | .7 | 205 | .6 | ||||||||||||
Total
|
$ | 34,695 | 100.0 | % | $ | 34,093 | 100.0 | % | ||||||||
Geography
|
||||||||||||||||
California
|
$ | 7,515 | 21.6 | % | $ | 7,432 | 21.8 | % | ||||||||
Colorado
|
1,524 | 4.4 | 1,568 | 4.6 | ||||||||||||
Illinois
|
1,248 | 3.6 | 1,227 | 3.6 | ||||||||||||
Minnesota
|
1,805 | 5.2 | 1,739 | 5.1 | ||||||||||||
Missouri
|
1,558 | 4.5 | 1,568 | 4.6 | ||||||||||||
Ohio
|
1,402 | 4.0 | 1,364 | 4.0 | ||||||||||||
Oregon
|
1,809 | 5.2 | 1,773 | 5.2 | ||||||||||||
Washington
|
3,488 | 10.1 | 3,307 | 9.7 | ||||||||||||
Wisconsin
|
1,724 | 5.0 | 1,568 | 4.6 | ||||||||||||
Iowa, Kansas, Nebraska, North Dakota, South Dakota
|
2,205 | 6.4 | 2,216 | 6.5 | ||||||||||||
Arkansas, Indiana, Kentucky, Tennessee
|
1,634 | 4.7 | 1,602 | 4.7 | ||||||||||||
Idaho, Montana, Wyoming
|
1,185 | 3.4 | 1,227 | 3.6 | ||||||||||||
Arizona, Nevada, Utah
|
2,868 | 8.3 | 3,034 | 8.9 | ||||||||||||
Total banking region
|
29,965 | 86.4 | 29,625 | 86.9 | ||||||||||||
Outside the Companys banking region
|
4,730 | 13.6 | 4,468 | 13.1 | ||||||||||||
Total
|
$ | 34,695 | 100.0 | % | $ | 34,093 | 100.0 | % | ||||||||
December 31, 2010 | December 31, 2009 | |||||||||||||||
(Dollars in Millions) | Loans | Percent | Loans | Percent | ||||||||||||
Residential Mortgages
|
||||||||||||||||
California
|
$ | 3,339 | 10.9 | % | $ | 2,487 | 9.5 | % | ||||||||
Colorado
|
1,947 | 6.3 | 1,755 | 6.7 | ||||||||||||
Illinois
|
2,123 | 6.9 | 1,676 | 6.4 | ||||||||||||
Minnesota
|
2,457 | 8.0 | 2,216 | 8.5 | ||||||||||||
Missouri
|
1,643 | 5.4 | 1,467 | 5.6 | ||||||||||||
Ohio
|
1,824 | 5.9 | 1,682 | 6.5 | ||||||||||||
Oregon
|
1,246 | 4.1 | 1,065 | 4.1 | ||||||||||||
Washington
|
1,726 | 5.6 | 1,414 | 5.4 | ||||||||||||
Wisconsin
|
1,171 | 3.8 | 1,067 | 4.1 | ||||||||||||
Iowa, Kansas, Nebraska, North Dakota, South Dakota
|
1,522 | 5.0 | 1,393 | 5.4 | ||||||||||||
Arkansas, Indiana, Kentucky, Tennessee
|
2,431 | 7.9 | 1,947 | 7.5 | ||||||||||||
Idaho, Montana, Wyoming
|
688 | 2.2 | 601 | 2.3 | ||||||||||||
Arizona, Nevada, Utah
|
1,857 | 6.0 | 1,657 | 6.4 | ||||||||||||
Total banking region
|
23,974 | 78.0 | 20,427 | 78.4 | ||||||||||||
Outside the Companys banking region
|
6,758 | 22.0 | 5,629 | 21.6 | ||||||||||||
Total
|
$ | 30,732 | 100.0 | % | $ | 26,056 | 100.0 | % | ||||||||
Retail Loans
|
||||||||||||||||
California
|
$ | 7,656 | 11.7 | % | $ | 8,442 | 13.2 | % | ||||||||
Colorado
|
2,984 | 4.6 | 3,390 | 5.3 | ||||||||||||
Illinois
|
3,037 | 4.6 | 3,262 | 5.1 | ||||||||||||
Minnesota
|
5,940 | 9.1 | 6,396 | 10.0 | ||||||||||||
Missouri
|
2,725 | 4.2 | 2,942 | 4.6 | ||||||||||||
Ohio
|
3,974 | 6.1 | 3,837 | 6.0 | ||||||||||||
Oregon
|
2,592 | 4.0 | 2,878 | 4.5 | ||||||||||||
Washington
|
3,029 | 4.6 | 3,262 | 5.1 | ||||||||||||
Wisconsin
|
2,926 | 4.5 | 2,878 | 4.5 | ||||||||||||
Iowa, Kansas, Nebraska, North Dakota, South Dakota
|
3,277 | 5.0 | 3,581 | 5.6 | ||||||||||||
Arkansas, Indiana, Kentucky, Tennessee
|
4,110 | 6.3 | 4,285 | 6.7 | ||||||||||||
Idaho, Montana, Wyoming
|
1,606 | 2.5 | 1,791 | 2.8 | ||||||||||||
Arizona, Nevada, Utah
|
2,774 | 4.3 | 3,006 | 4.7 | ||||||||||||
Total banking region
|
46,630 | 71.5 | 49,950 | 78.1 | ||||||||||||
Outside the Companys banking region
|
18,564 | 28.5 | 14,005 | 21.9 | ||||||||||||
Total
|
$ | 65,194 | 100.0 | % | $ | 63,955 | 100.0 | % | ||||||||
Over One
|
||||||||||||||||
One Year
|
Through
|
Over Five
|
||||||||||||||
December 31, 2010 (Dollars in Millions) | or Less | Five Years | Years | Total | ||||||||||||
Commercial
|
$ | 20,697 | $ | 25,625 | $ | 2,076 | $ | 48,398 | ||||||||
Commercial real estate
|
10,684 | 17,252 | 6,759 | 34,695 | ||||||||||||
Residential mortgages
|
1,728 | 3,608 | 25,396 | 30,732 | ||||||||||||
Retail
|
25,679 | 24,303 | 15,212 | 65,194 | ||||||||||||
Covered loans
|
4,814 | 4,445 | 8,783 | 18,042 | ||||||||||||
Total loans
|
$ | 63,602 | $ | 75,233 | $ | 58,226 | $ | 197,061 | ||||||||
Total of loans due after one year with
|
||||||||||||||||
Predetermined interest rates
|
$ | 61,855 | ||||||||||||||
Floating interest rates
|
71,604 | |||||||||||||||
Available-for-Sale | Held-to-Maturity | |||||||||||||||||||||||||||||||
Weighted-
|
Weighted-
|
|||||||||||||||||||||||||||||||
Average
|
Weighted-
|
Average
|
Weighted-
|
|||||||||||||||||||||||||||||
Amortized
|
Fair
|
Maturity in
|
Average
|
Amortized
|
Fair
|
Maturity in
|
Average
|
|||||||||||||||||||||||||
December 31, 2010 (Dollars in Millions) | Cost | Value | Years | Yield (e) | Cost | Value | Years | Yield (e) | ||||||||||||||||||||||||
U.S. Treasury and Agencies
|
||||||||||||||||||||||||||||||||
Maturing in one year or less
|
$ | 836 | $ | 838 | .5 | 2.05 | % | $ | | $ | | | | % | ||||||||||||||||||
Maturing after one year through five years
|
1,671 | 1,646 | 2.7 | 1.21 | 103 | 102 | 3.3 | .88 | ||||||||||||||||||||||||
Maturing after five years through ten years
|
33 | 35 | 6.9 | 4.86 | | | | | ||||||||||||||||||||||||
Maturing after ten years
|
19 | 18 | 12.3 | 3.66 | 62 | 62 | 11.1 | 1.75 | ||||||||||||||||||||||||
Total
|
$ | 2,559 | $ | 2,537 | 2.1 | 1.55 | % | $ | 165 | $ | 164 | 6.2 | 1.21 | % | ||||||||||||||||||
Mortgage-Backed Securities (a)
|
||||||||||||||||||||||||||||||||
Maturing in one year or less
|
$ | 695 | $ | 696 | .6 | 2.11 | % | $ | | $ | | | | % | ||||||||||||||||||
Maturing after one year through five years
|
19,023 | 19,310 | 3.6 | 3.18 | 206 | 199 | 3.7 | 2.15 | ||||||||||||||||||||||||
Maturing after five years through ten years
|
17,451 | 17,421 | 6.0 | 2.80 | 554 | 552 | 6.1 | 3.10 | ||||||||||||||||||||||||
Maturing after ten years
|
2,625 | 2,573 | 12.6 | 1.44 | 100 | 100 | 13.6 | 1.27 | ||||||||||||||||||||||||
Total
|
$ | 39,794 | $ | 40,000 | 5.2 | 2.88 | % | $ | 860 | $ | 851 | 6.4 | 2.66 | % | ||||||||||||||||||
Asset-Backed Securities (a)
|
||||||||||||||||||||||||||||||||
Maturing in one year or less
|
$ | 3 | $ | 11 | .4 | 17.33 | % | $ | 100 | $ | 100 | .3 | .59 | % | ||||||||||||||||||
Maturing after one year through five years
|
348 | 357 | 4.0 | 8.30 | 69 | 69 | 2.4 | 1.05 | ||||||||||||||||||||||||
Maturing after five years through ten years
|
326 | 337 | 7.0 | 4.04 | 79 | 71 | 6.1 | .91 | ||||||||||||||||||||||||
Maturing after ten years
|
236 | 239 | 10.5 | 2.38 | 36 | 31 | 23.6 | .79 | ||||||||||||||||||||||||
Total
|
$ | 913 | $ | 944 | 6.7 | 5.28 | % | $ | 284 | $ | 271 | 5.4 | .81 | % | ||||||||||||||||||
Obligations of State and Political Subdivisions (b)
(c)
|
||||||||||||||||||||||||||||||||
Maturing in one year or less
|
$ | 4 | $ | 4 | .1 | 6.48 | % | $ | | $ | | .7 | 6.99 | % | ||||||||||||||||||
Maturing after one year through five years
|
835 | 831 | 3.8 | 5.94 | 6 | 7 | 3.9 | 8.09 | ||||||||||||||||||||||||
Maturing after five years through ten years
|
836 | 819 | 6.4 | 6.70 | 6 | 6 | 6.3 | 6.46 | ||||||||||||||||||||||||
Maturing after ten years
|
5,160 | 4,763 | 20.9 | 6.83 | 15 | 14 | 16.1 | 5.52 | ||||||||||||||||||||||||
Total
|
$ | 6,835 | $ | 6,417 | 17.1 | 6.71 | % | $ | 27 | $ | 27 | 11.0 | 6.32 | % | ||||||||||||||||||
Other Debt Securities
|
||||||||||||||||||||||||||||||||
Maturing in one year or less
|
$ | 6 | $ | 6 | .9 | 1.39 | % | $ | | $ | | | | % | ||||||||||||||||||
Maturing after one year through five years
|
92 | 82 | 1.4 | 6.61 | 15 | 12 | 2.5 | 1.24 | ||||||||||||||||||||||||
Maturing after five years through ten years
|
31 | 29 | 6.8 | 6.33 | 118 | 94 | 7.8 | 1.14 | ||||||||||||||||||||||||
Maturing after ten years
|
1,306 | 1,136 | 31.4 | 4.11 | | | | | ||||||||||||||||||||||||
Total
|
$ | 1,435 | $ | 1,253 | 28.8 | 4.30 | % | $ | 133 | $ | 106 | 7.2 | 1.15 | % | ||||||||||||||||||
Other Investments
|
$ | 319 | $ | 358 | 18.0 | 4.14 | % | $ | | $ | | | | % | ||||||||||||||||||
Total investment securities (d)
|
$ | 51,855 | $ | 51,509 | 7.4 | 3.41 | % | $ | 1,469 | $ | 1,419 | 6.3 | 2.07 | % | ||||||||||||||||||
(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 political 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 political 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 7.1 years at December 31, 2009, with a corresponding weighted-average yield of 4.00 percent. The weighted-average maturity of the held-to-maturity investment securities was 8.4 years at December 31, 2009, with a corresponding weighted-average yield of 5.10 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 securities are computed based on historical cost balances. Average yield and maturity calculations exclude equity securities that have no stated yield or maturity. |
2010 | 2009 | |||||||||||||||
Amortized
|
Percent
|
Amortized
|
Percent
|
|||||||||||||
December 31 (Dollars in Millions) | Cost | of Total | Cost | of Total | ||||||||||||
U.S. Treasury and agencies
|
$ | 2,724 | 5.1 | % | $ | 3,415 | 7.5 | % | ||||||||
Mortgage-backed securities
|
40,654 | 76.2 | 32,289 | 71.1 | ||||||||||||
Asset-backed securities
|
1,197 | 2.3 | 559 | 1.2 | ||||||||||||
Obligations of state and political subdivisions
|
6,862 | 12.9 | 6,854 | 15.1 | ||||||||||||
Other debt securities and investments
|
1,887 | 3.5 | 2,286 | 5.1 | ||||||||||||
Total investment securities
|
$ | 53,324 | 100.0 | % | $ | 45,403 | 100.0 | % | ||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||||||||||||||||||||||||||
Percent
|
Percent
|
Percent
|
Percent
|
Percent
|
||||||||||||||||||||||||||||||||||||||||
December 31 (Dollars in Millions) | Amount | of Total | Amount | of Total | Amount | of Total | Amount | of Total | Amount | of Total | ||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits
|
$ | 45,314 | 22.2 | % | $ | 38,186 | 20.8 | % | $ | 37,494 | 23.5 | % | $ | 33,334 | 25.4 | % | $ | 32,128 | 25.7 | % | ||||||||||||||||||||||||
Interest-bearing deposits
|
||||||||||||||||||||||||||||||||||||||||||||
Interest checking
|
43,183 | 21.2 | 38,436 | 21.0 | 32,254 | 20.2 | 28,996 | 22.1 | 24,937 | 20.0 | ||||||||||||||||||||||||||||||||||
Money market savings
|
46,855 | 22.9 | 40,848 | 22.3 | 26,137 | 16.4 | 24,301 | 18.5 | 26,220 | 21.0 | ||||||||||||||||||||||||||||||||||
Savings accounts
|
24,260 | 11.9 | 16,885 | 9.2 | 9,070 | 5.7 | 5,001 | 3.8 | 5,314 | 4.2 | ||||||||||||||||||||||||||||||||||
Total of savings deposits
|
114,298 | 56.0 | 96,169 | 52.5 | 67,461 | 42.3 | 58,298 | 44.4 | 56,471 | 45.2 | ||||||||||||||||||||||||||||||||||
Time certificates of deposit less than $100,000
|
15,083 | 7.4 | 18,966 | 10.4 | 18,425 | 11.7 | 14,160 | 10.8 | 13,859 | 11.1 | ||||||||||||||||||||||||||||||||||
Time deposits greater than $100,000
|
||||||||||||||||||||||||||||||||||||||||||||
Domestic
|
12,330 | 6.0 | 16,858 | 9.2 | 20,791 | 13.0 | 15,351 | 11.7 | 14,868 | 11.9 | ||||||||||||||||||||||||||||||||||
Foreign
|
17,227 | 8.4 | 13,063 | 7.1 | 15,179 | 9.5 | 10,302 | 7.8 | 7,556 | 6.1 | ||||||||||||||||||||||||||||||||||
Total interest-bearing deposits
|
158,938 | 77.8 | 145,056 | 79.2 | 121,856 | 76.5 | 98,111 | 74.6 | 92,754 | 74.3 | ||||||||||||||||||||||||||||||||||
Total deposits
|
$ | 204,252 | 100.0 | % | $ | 183,242 | 100.0 | % | $ | 159,350 | 100.0 | % | $ | 131,445 | 100.0 | % | $ | 124,882 | 100.0 | % | ||||||||||||||||||||||||
Time Deposits
|
||||||||||||
Certificates
|
Greater Than
|
|||||||||||
December 31, 2010 (Dollars in Millions) | Less Than $100,000 | $100,000 | Total | |||||||||
Three months or less
|
$ 1,790 | $ 19,625 | $ 21,415 | |||||||||
Three months through six months
|
1,597 | 1,309 | 2,906 | |||||||||
Six months through one year
|
3,095 | 1,609 | 4,704 | |||||||||
2012
|
4,239 | 2,745 | 6,984 | |||||||||
2013
|
1,704 | 1,239 | 2,943 | |||||||||
2014
|
1,546 | 1,359 | 2,905 | |||||||||
2015
|
1,107 | 1,367 | 2,474 | |||||||||
Thereafter
|
5 | 304 | 309 | |||||||||
Total
|
$ 15,083 | $ 29,557 | $ 44,640 | |||||||||
Residential
mortgages
|
Interest
|
Percent
|
||||||||||||||
(Dollars in Millions) | Only | Amortizing | Total | of Total | ||||||||||||
Consumer Finance
|
||||||||||||||||
Less than or equal to 80%
|
$ | 1,393 | $ | 4,772 | $ | 6,165 | 53.5 | % | ||||||||
Over 80% through 90%
|
494 | 2,356 | 2,850 | 24.7 | ||||||||||||
Over 90% through 100%
|
457 | 1,912 | 2,369 | 20.5 | ||||||||||||
Over 100%
|
| 147 | 147 | 1.3 | ||||||||||||
Total
|
$ | 2,344 | $ | 9,187 | $ | 11,531 | 100.0 | % | ||||||||
Other Retail
|
||||||||||||||||
Less than or equal to 80%
|
$ | 1,911 | $ | 15,870 | $ | 17,781 | 92.6 | % | ||||||||
Over 80% through 90%
|
56 | 656 | 712 | 3.7 | ||||||||||||
Over 90% through 100%
|
71 | 637 | 708 | 3.7 | ||||||||||||
Over 100%
|
| | | | ||||||||||||
Total
|
$ | 2,038 | $ | 17,163 | $ | 19,201 | 100.0 | % | ||||||||
Total Company
|
||||||||||||||||
Less than or equal to 80%
|
$ | 3,304 | $ | 20,642 | $ | 23,946 | 77.9 | % | ||||||||
Over 80% through 90%
|
550 | 3,012 | 3,562 | 11.6 | ||||||||||||
Over 90% through 100%
|
528 | 2,549 | 3,077 | 10.0 | ||||||||||||
Over 100%
|
| 147 | 147 | .5 | ||||||||||||
Total
|
$ | 4,382 | $ | 26,350 | $ | 30,732 | 100.0 | % | ||||||||
Home equity and
second mortgages
|
Percent
|
|||||||||||||||
(Dollars in Millions) | Lines | Loans | Total | of Total | ||||||||||||
Consumer
Finance (a)
|
||||||||||||||||
Less than or equal to 80%
|
$ | 1,059 | $ | 197 | $ | 1,256 | 49.7 | % | ||||||||
Over 80% through 90%
|
440 | 148 | 588 | 23.3 | ||||||||||||
Over 90% through 100%
|
328 | 237 | 565 | 22.4 | ||||||||||||
Over 100%
|
52 | 65 | 117 | 4.6 | ||||||||||||
Total
|
$ | 1,879 | $ | 647 | $ | 2,526 | 100.0 | % | ||||||||
Other Retail
|
||||||||||||||||
Less than or equal to 80%
|
$ | 11,623 | $ | 1,202 | $ | 12,825 | 78.1 | % | ||||||||
Over 80% through 90%
|
2,054 | 447 | 2,501 | 15.2 | ||||||||||||
Over 90% through 100%
|
665 | 359 | 1,024 | 6.3 | ||||||||||||
Over 100%
|
39 | 25 | 64 | .4 | ||||||||||||
Total
|
$ | 14,381 | $ | 2,033 | $ | 16,414 | 100.0 | % | ||||||||
Total Company
|
||||||||||||||||
Less than or equal to 80%
|
$ | 12,682 | $ | 1,399 | $ | 14,081 | 74.3 | % | ||||||||
Over 80% through 90%
|
2,494 | 595 | 3,089 | 16.3 | ||||||||||||
Over 90% through 100%
|
993 | 596 | 1,589 | 8.4 | ||||||||||||
Over 100%
|
91 | 90 | 181 | 1.0 | ||||||||||||
Total
|
$ | 16,260 | $ | 2,680 | $ | 18,940 | 100.0 | % | ||||||||
(a) | Consumer finance category includes credit originated and managed by the consumer finance division, as well as the majority of home equity and second mortgages with a loan-to-value greater than 100 percent that were originated in the branches. |
Interest
|
Percent of
|
|||||||||||||||
(Dollars in Millions) | Only | Amortizing | Total | Division | ||||||||||||
Sub-Prime
Borrowers
|
||||||||||||||||
Less than or equal to 80%
|
$ | 5 | $ | 958 | $ | 963 | 8.4 | % | ||||||||
Over 80% through 90%
|
3 | 489 | 492 | 4.3 | ||||||||||||
Over 90% through 100%
|
13 | 612 | 625 | 5.4 | ||||||||||||
Over 100%
|
| 49 | 49 | .4 | ||||||||||||
Total
|
$ | 21 | $ | 2,108 | $ | 2,129 | 18.5 | % | ||||||||
Other Borrowers
|
||||||||||||||||
Less than or equal to 80%
|
$ | 1,388 | $ | 3,814 | $ | 5,202 | 45.1 | % | ||||||||
Over 80% through 90%
|
491 | 1,867 | 2,358 | 20.5 | ||||||||||||
Over 90% through 100%
|
444 | 1,300 | 1,744 | 15.1 | ||||||||||||
Over 100%
|
| 98 | 98 | .8 | ||||||||||||
Total
|
$ | 2,323 | $ | 7,079 | $ | 9,402 | 81.5 | % | ||||||||
Total Consumer Finance
|
$ | 2,344 | $ | 9,187 | $ | 11,531 | 100.0 | % | ||||||||
Percent
|
||||||||||||||||
(Dollars in Millions) | Lines | Loans | Total | of Total | ||||||||||||
Sub-Prime
Borrowers
|
||||||||||||||||
Less than or equal to 80%
|
$ | 64 | $ | 117 | $ | 181 | 7.2 | % | ||||||||
Over 80% through 90%
|
43 | 84 | 127 | 5.0 | ||||||||||||
Over 90% through 100%
|
7 | 144 | 151 | 6.0 | ||||||||||||
Over 100%
|
34 | 52 | 86 | 3.4 | ||||||||||||
Total
|
$ | 148 | $ | 397 | $ | 545 | 21.6 | % | ||||||||
Other Borrowers
|
||||||||||||||||
Less than or equal to 80%
|
$ | 995 | $ | 80 | $ | 1,075 | 42.6 | % | ||||||||
Over 80% through 90%
|
397 | 64 | 461 | 18.2 | ||||||||||||
Over 90% through 100%
|
321 | 93 | 414 | 16.4 | ||||||||||||
Over 100%
|
18 | 13 | 31 | 1.2 | ||||||||||||
Total
|
$ | 1,731 | $ | 250 | $ | 1,981 | 78.4 | % | ||||||||
Total Consumer Finance
|
$ | 1,879 | $ | 647 | $ | 2,526 | 100.0 | % | ||||||||
At
December 31
|
||||||||||||||||||||
90 days or more past due excluding nonperforming loans | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
.15 | % | .25 | % | .15 | % | .08 | % | .06 | % | ||||||||||
Lease financing
|
.02 | | | | | |||||||||||||||
Total commercial
|
.13 | .22 | .13 | .07 | .05 | |||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Commercial mortgages
|
| | | .02 | .01 | |||||||||||||||
Construction and development
|
.01 | .07 | .36 | .02 | .01 | |||||||||||||||
Total commercial real estate
|
| .02 | .11 | .02 | .01 | |||||||||||||||
Residential Mortgages
|
1.63 | 2.80 | 1.55 | .86 | .42 | |||||||||||||||
Retail
|
||||||||||||||||||||
Credit card
|
1.86 | 2.59 | 2.20 | 1.94 | 1.75 | |||||||||||||||
Retail leasing
|
.05 | .11 | .16 | .10 | .03 | |||||||||||||||
Other retail
|
.49 | .57 | .45 | .37 | .24 | |||||||||||||||
Total retail
|
.81 | 1.07 | .82 | .68 | .49 | |||||||||||||||
Total loans, excluding covered loans
|
.61 | .88 | .56 | .38 | .24 | |||||||||||||||
Covered Loans
|
6.04 | 3.59 | 5.25 | | | |||||||||||||||
Total loans
|
1.11 | % | 1.19 | % | .84 | % | .38 | % | .24 | % | ||||||||||
At December 31
90 days or more past due including nonperforming loans |
2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Commercial
|
1.37 | % | 2.25 | % | .82 | % | .43 | % | .57 | % | ||||||||||
Commercial real estate
|
3.73 | 5.22 | 3.34 | 1.02 | .53 | |||||||||||||||
Residential mortgages (a)
|
3.70 | 4.59 | 2.44 | 1.10 | .59 | |||||||||||||||
Retail (b)
|
1.26 | 1.39 | .97 | .73 | .59 | |||||||||||||||
Total loans, excluding covered loans
|
2.19 | 2.87 | 1.57 | .74 | .57 | |||||||||||||||
Covered loans
|
12.94 | 9.76 | 8.55 | | | |||||||||||||||
Total loans
|
3.17 | % | 3.64 | % | 2.00 | % | .74 | % | .57 | % | ||||||||||
(a) | Delinquent loan ratios exclude loans 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. Including the guaranteed amounts, the ratio of residential mortgages 90 days or more past due including nonperforming loans was 12.28 percent, 12.86 percent, 6.95 percent, 3.78 percent, and 3.08 percent at December 31, 2010, 2009, 2008, 2007 and 2006, respectively. | |
(b) | Beginning in 2008, delinquent loan ratios exclude student loans that are guaranteed by the federal government. Including the guaranteed amounts, the ratio of retail loans 90 days or more past due including nonperforming loans was 1.60 percent, 1.57 percent, and 1.10 percent at December 31, 2010, 2009, and 2008, respectively. |
As a Percent of
|
|||||||||||||||||
Ending
|
|||||||||||||||||
Amount | Loan Balances | ||||||||||||||||
December 31
|
|
|
|||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Residential mortgages
|
|||||||||||||||||
30-89 days
|
$ | 456 | $ | 615 | 1.48 | % | 2.36 | % | |||||||||
90 days or more
|
500 | 729 | 1.63 | 2.80 | |||||||||||||
Nonperforming
|
636 | 467 | 2.07 | 1.79 | |||||||||||||
Total
|
$ | 1,592 | $ | 1,811 | 5.18 | % | 6.95 | % | |||||||||
Retail
|
|||||||||||||||||
Credit card
|
|||||||||||||||||
30-89 days
|
$ | 269 | $ | 400 | 1.60 | % | 2.38 | % | |||||||||
90 days or more
|
313 | 435 | 1.86 | 2.59 | |||||||||||||
Nonperforming
|
228 | 142 | 1.36 | .84 | |||||||||||||
Total
|
$ | 810 | $ | 977 | 4.82 | % | 5.81 | % | |||||||||
Retail leasing
|
|||||||||||||||||
30-89 days
|
$ | 17 | $ | 34 | .37 | % | .74 | % | |||||||||
90 days or more
|
2 | 5 | .05 | .11 | |||||||||||||
Nonperforming
|
| | | | |||||||||||||
Total
|
$ | 19 | $ | 39 | .42 | % | .85 | % | |||||||||
Home equity and second mortgages
|
|||||||||||||||||
30-89 days
|
$ | 175 | $ | 181 | .93 | % | .93 | % | |||||||||
90 days or more
|
148 | 152 | .78 | .78 | |||||||||||||
Nonperforming
|
36 | 32 | .19 | .17 | |||||||||||||
Total
|
$ | 359 | $ | 365 | 1.90 | % | 1.88 | % | |||||||||
Other retail
|
|||||||||||||||||
30-89 days
|
$ | 212 | $ | 256 | .85 | % | 1.10 | % | |||||||||
90 days or more
|
66 | 92 | .26 | .40 | |||||||||||||
Nonperforming
|
29 | 30 | .12 | .13 | |||||||||||||
Total
|
$ | 307 | $ | 378 | 1.23 | % | 1.63 | % | |||||||||
Consumer
|
|||||||||||||||||
Finance (a) | Other Retail | ||||||||||||||||
December 31 | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Residential mortgages
|
|||||||||||||||||
30-89 days
|
2.38 | % | 3.99 | % | .95 | % | 1.30 | % | |||||||||
90 days or more
|
2.26 | 4.00 | 1.24 | 2.02 | |||||||||||||
Nonperforming
|
2.99 | 3.04 | 1.52 | .98 | |||||||||||||
Total
|
7.63 | % | 11.03 | % | 3.71 | % | 4.30 | % | |||||||||
Retail
|
|||||||||||||||||
Credit card
|
|||||||||||||||||
30-89 days
|
| % | | % | 1.60 | % | 2.38 | % | |||||||||
90 days or more
|
| | 1.86 | 2.59 | |||||||||||||
Nonperforming
|
| | 1.36 | .84 | |||||||||||||
Total
|
| % | | % | 4.82 | % | 5.81 | % | |||||||||
Retail leasing
|
|||||||||||||||||
30-89 days
|
| % | | % | .37 | % | .74 | % | |||||||||
90 days or more
|
| | .05 | .11 | |||||||||||||
Nonperforming
|
| | | | |||||||||||||
Total
|
| % | | % | .42 | % | .85 | % | |||||||||
Home equity and second mortgages
|
|||||||||||||||||
30-89 days
|
1.98 | % | 2.54 | % | .76 | % | .70 | % | |||||||||
90 days or more
|
1.82 | 2.02 | .62 | .60 | |||||||||||||
Nonperforming
|
.20 | .20 | .19 | .16 | |||||||||||||
Total
|
4.00 | % | 4.76 | % | 1.57 | % | 1.46 | % | |||||||||
Other retail
|
|||||||||||||||||
30-89 days
|
4.42 | % | 5.17 | % | .77 | % | 1.00 | % | |||||||||
90 days or more
|
.68 | 1.17 | .25 | .37 | |||||||||||||
Nonperforming
|
| .16 | .12 | .13 | |||||||||||||
Total
|
5.10 | % | 6.50 | % | 1.14 | % | 1.50 | % | |||||||||
(a) | Consumer finance category includes credit originated and managed by the consumer finance division, as well as the majority of home equity and second mortgages with a loan-to-value greater than 100 percent that were originated in the branches. |
As a Percent of
|
|||||||||||||||||
Ending
|
|||||||||||||||||
Amount | Loan Balances | ||||||||||||||||
December 31
|
|||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2010 | 2009 | |||||||||||||
30-89 days
|
$ | 757 | $ | 1,195 | 4.19 | % | 5.46 | % | |||||||||
90 days or more
|
1,090 | 784 | 6.04 | 3.59 | |||||||||||||
Nonperforming
|
1,244 | 1,350 | 6.90 | 6.18 | |||||||||||||
Total
|
$ | 3,091 | $ | 3,329 | 17.13 | % | 15.23 | % | |||||||||
As a Percent of Performing TDRs | |||||||||||||||||||||||
December 31,
2010
|
Performing
|
30-89 Days
|
90 Days or more
|
Nonperforming
|
Total
|
||||||||||||||||||
(Dollars in Millions) | TDRs | Past Due | Past Due | TDRs | TDRs | ||||||||||||||||||
Commercial
|
$ | 77 | 6.7 | % | 2.8 | % | $ | 62 | (b) | $ | 139 | ||||||||||||
Commercial real estate
|
15 | | | 199 | (b) | 214 | |||||||||||||||||
Residential mortgages (a)
|
1,804 | 6.7 | 6.3 | 153 | 1,957 | ||||||||||||||||||
Credit card
|
224 | 10.9 | 7.7 | 228 | (c) | 452 | |||||||||||||||||
Other retail
|
87 | 9.9 | 6.0 | 27 | 114 | ||||||||||||||||||
Total
|
$ | 2,207 | 7.2 | % | 6.3 | % | $ | 669 | $ | 2,876 | |||||||||||||
(a) | Excludes loans purchased from GNMA mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, and loans in the trial period under HAMP or the Companys program where a legal modification of the loan is contingent on the customer successfully completing the trial modification period. | |
(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) and, for commercial, small business credit cards with a modified rate equal to 0 percent. | |
(c) | Represents consumer credit cards with a modified rate equal to 0 percent. |
As a Percent of
Ending
|
|||||||||||||||||
Amount | Loan Balances | ||||||||||||||||
December 31
|
|
||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Commercial
|
$ | 77 | $ | 35 | .16 | % | .07 | % | |||||||||
Commercial real estate
|
15 | 110 | .04 | .32 | |||||||||||||
Residential mortgages (a)
|
1,804 | 1,354 | 5.87 | 5.20 | |||||||||||||
Credit card
|
224 | 221 | 1.33 | 1.31 | |||||||||||||
Other retail
|
87 | 74 | .18 | .16 | |||||||||||||
Total
|
$ | 2,207 | $ | 1,794 | 1.12 | % | .92 | % | |||||||||
(a) | Excludes loans purchased from GNMA mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, and loans in the trial period under HAMP or the Companys program where a legal modification of the loan is contingent on the customer successfully completing the trial modification period. |
At December 31 (Dollars in Millions) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
$ | 519 | $ | 866 | $ | 290 | $ | 128 | $ | 196 | ||||||||||
Lease financing
|
78 | 125 | 102 | 53 | 40 | |||||||||||||||
Total commercial
|
597 | 991 | 392 | 181 | 236 | |||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Commercial mortgages
|
545 | 581 | 294 | 84 | 112 | |||||||||||||||
Construction and development
|
748 | 1,192 | 780 | 209 | 38 | |||||||||||||||
Total commercial real estate
|
1,293 | 1,773 | 1,074 | 293 | 150 | |||||||||||||||
Residential Mortgages
|
636 | 467 | 210 | 54 | 36 | |||||||||||||||
Retail
|
||||||||||||||||||||
Credit card
|
228 | 142 | 67 | 14 | 31 | |||||||||||||||
Retail leasing
|
| | | | | |||||||||||||||
Other retail
|
65 | 62 | 25 | 15 | 17 | |||||||||||||||
Total retail
|
293 | 204 | 92 | 29 | 48 | |||||||||||||||
Total nonperforming loans, excluding covered loans
|
2,819 | 3,435 | 1,768 | 557 | 470 | |||||||||||||||
Covered Loans
|
1,244 | 1,350 | 369 | | | |||||||||||||||
Total nonperforming loans
|
4,063 | 4,785 | 2,137 | 557 | 470 | |||||||||||||||
Other Real
Estate (b)(c)
|
511 | 437 | 190 | 111 | 95 | |||||||||||||||
Covered Other Real
Estate (c)
|
453 | 653 | 274 | | | |||||||||||||||
Other Assets
|
21 | 32 | 23 | 22 | 22 | |||||||||||||||
Total nonperforming assets
|
$ | 5,048 | $ | 5,907 | $ | 2,624 | $ | 690 | $ | 587 | ||||||||||
Total nonperforming assets, excluding covered assets
|
$ | 3,351 | $ | 3,904 | $ | 1,981 | $ | 690 | $ | 587 | ||||||||||
Excluding covered
assets:
|
||||||||||||||||||||
Accruing loans 90 days or more past due
|
$ | 1,094 | $ | 1,525 | $ | 967 | $ | 584 | $ | 349 | ||||||||||
Nonperforming loans to total loans
|
1.57 | % | 1.99 | % | 1.02 | % | .36 | % | .33 | % | ||||||||||
Nonperforming assets to total loans plus other real
estate (b)
|
1.87 | % | 2.25 | % | 1.14 | % | .45 | % | .41 | % | ||||||||||
Including covered
assets:
|
||||||||||||||||||||
Accruing loans 90 days or more past due
|
$ | 2,184 | $ | 2,309 | $ | 1,554 | $ | 584 | $ | 349 | ||||||||||
Nonperforming loans to total loans
|
2.06 | % | 2.46 | % | 1.16 | % | .36 | % | .33 | % | ||||||||||
Nonperforming assets to total loans plus other real
estate (b)
|
2.55 | % | 3.02 | % | 1.42 | % | .45 | % | .41 | % | ||||||||||
Net interest foregone on nonperforming loans
|
$ | 123 | $ | 169 | $ | 80 | $ | 41 | $ | 39 | ||||||||||
Commercial and
|
Retail and
|
|||||||||||
Commercial
|
Residential
|
|||||||||||
(Dollars in Millions) | Real Estate | Mortgages (e) | Total | |||||||||
Balance December 31, 2009
|
$ | 4,727 | $ | 1,180 | $ | 5,907 | ||||||
Additions to nonperforming assets
|
||||||||||||
New nonaccrual loans and foreclosed properties
|
3,654 | 1,112 | 4,766 | |||||||||
Advances on loans
|
193 | | 193 | |||||||||
Total additions
|
3,847 | 1,112 | 4,959 | |||||||||
Reductions in nonperforming assets
|
||||||||||||
Paydowns, payoffs
|
(2,254 | ) | (191 | ) | (2,445 | ) | ||||||
Net sales
|
(616 | ) | (378 | ) | (994 | ) | ||||||
Return to performing status
|
(529 | ) | (39 | ) | (568 | ) | ||||||
Charge-offs (d)
|
(1,579 | ) | (232 | ) | (1,811 | ) | ||||||
Total reductions
|
(4,978 | ) | (840 | ) | (5,818 | ) | ||||||
Net additions to (reductions in) nonperforming assets
|
(1,131 | ) | 272 | (859 | ) | |||||||
Balance December 31, 2010
|
$ | 3,596 | $ | 1,452 | $ | 5,048 | ||||||
(a) | Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due. | |
(b) | Excludes $575 million, $359 million, $209 million, $102 million and $83 million at December 31, 2010, 2009, 2008, 2007 and 2006, respectively, of foreclosed GNMA loans which continue to accrue interest. | |
(c) | Includes equity investments in entities whose only assets are other real estate owned. | |
(d) | Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the charge-off occurred. | |
(e) | Residential mortgage information excludes changes related to residential mortgages serviced by others. |
Year Ended December 31 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
1.80 | % | 1.60 | % | .53 | % | .24 | % | .15 | % | ||||||||||
Lease financing
|
1.47 | 2.82 | 1.36 | .61 | .46 | |||||||||||||||
Total commercial
|
1.76 | 1.75 | .63 | .29 | .18 | |||||||||||||||
Commercial Real Estate
|
||||||||||||||||||||
Commercial mortgages
|
1.23 | .42 | .15 | .06 | .01 | |||||||||||||||
Construction and development
|
6.32 | 5.35 | 1.48 | .11 | .01 | |||||||||||||||
Total commercial real estate
|
2.47 | 1.82 | .55 | .08 | .01 | |||||||||||||||
Residential Mortgages
|
1.97 | 2.00 | 1.01 | .28 | .19 | |||||||||||||||
Retail
|
||||||||||||||||||||
Credit card (a)
|
7.32 | 6.90 | 4.73 | 3.34 | 2.88 | |||||||||||||||
Retail leasing
|
.27 | .74 | .65 | .25 | .20 | |||||||||||||||
Home equity and second mortgages
|
1.72 | 1.75 | 1.01 | .46 | .33 | |||||||||||||||
Other retail
|
1.68 | 1.85 | 1.39 | .96 | .85 | |||||||||||||||
Total retail
|
3.03 | 2.95 | 1.92 | 1.17 | .92 | |||||||||||||||
Total loans, excluding covered loans
|
2.41 | 2.23 | 1.10 | .54 | .39 | |||||||||||||||
Covered Loans
|
.09 | .09 | .38 | | | |||||||||||||||
Total loans
|
2.17 | % | 2.08 | % | 1.10 | % | .54 | % | .39 | % | ||||||||||
(a) | Net charge-offs as a percent of average loans outstanding, excluding portfolio purchases where the acquired loans were recorded at fair value at the purchase date, were 7.99 percent and 7.14 percent for the years ended December 31, 2010 and 2009, respectively. |
As a Percent of
Ending
|
|||||||||||||||||
Amount | Loan Balances | ||||||||||||||||
December 31
|
|
||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Residential
|
|||||||||||||||||
Minnesota
|
$ | 28 | $ | 27 | .53 | % | .49 | % | |||||||||
California
|
21 | 15 | .34 | .27 | |||||||||||||
Illinois
|
16 | 8 | .57 | .29 | |||||||||||||
Nevada
|
11 | 3 | 1.49 | .37 | |||||||||||||
Missouri
|
10 | 7 | .39 | .26 | |||||||||||||
All other states
|
132 | 113 | .41 | .40 | |||||||||||||
Total residential
|
218 | 173 | .44 | .38 | |||||||||||||
Commercial
|
|||||||||||||||||
Nevada
|
58 | 73 | 3.93 | 3.57 | |||||||||||||
Oregon
|
26 | 28 | .74 | .81 | |||||||||||||
California
|
23 | 43 | .18 | .30 | |||||||||||||
Virginia
|
22 | 8 | 3.41 | 1.21 | |||||||||||||
Ohio
|
20 | | .48 | | |||||||||||||
All other states
|
144 | 112 | .24 | .19 | |||||||||||||
Total commercial
|
293 | 264 | .35 | .32 | |||||||||||||
Total OREO
|
$ | 511 | $ | 437 | .29 | % | .25 | % | |||||||||
Percent of
|
|||||||||||||||||
Average Loans | Average Loans | ||||||||||||||||
Year Ended
December 31
|
|
||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Consumer
Finance (a)
|
|||||||||||||||||
Residential mortgages
|
$ | 10,739 | $ | 9,973 | 3.63 | % | 3.80 | % | |||||||||
Home equity and second mortgages
|
2,479 | 2,457 | 5.28 | 6.43 | |||||||||||||
Other retail
|
603 | 571 | 3.65 | 5.78 | |||||||||||||
Other Retail
|
|||||||||||||||||
Residential mortgages
|
$ | 16,965 | $ | 14,508 | .92 | % | .76 | % | |||||||||
Home equity and second mortgages
|
16,806 | 16,878 | 1.19 | 1.07 | |||||||||||||
Other retail
|
23,393 | 22,285 | 1.62 | 1.75 | |||||||||||||
Total Company
|
|||||||||||||||||
Residential mortgages
|
$ | 27,704 | $ | 24,481 | 1.97 | % | 2.00 | % | |||||||||
Home equity and second mortgages
|
19,285 | 19,335 | 1.72 | 1.75 | |||||||||||||
Other retail
|
23,996 | 22,856 | 1.68 | 1.85 | |||||||||||||
(a) | Consumer finance category included credit originated and managed by the consumer finance division, as well as the majority of home equity and second mortgages with a loan-to-value greater than 100 percent that were originated in the branches. |
Percent of
|
|||||||||||||||||
Average Loans | Average Loans | ||||||||||||||||
Year Ended
December 31
|
|
||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | 2010 | 2009 | |||||||||||||
Residential mortgages
|
|||||||||||||||||
Sub-prime
borrowers
|
$ | 2,300 | $ | 2,674 | 6.39 | % | 6.02 | % | |||||||||
Other borrowers
|
8,439 | 7,299 | 2.88 | 2.99 | |||||||||||||
Total
|
$ | 10,739 | $ | 9,973 | 3.63 | % | 3.80 | % | |||||||||
Home equity and second
mortgages
|
|||||||||||||||||
Sub-prime
borrowers
|
$ | 575 | $ | 670 | 10.26 | % | 11.79 | % | |||||||||
Other borrowers
|
1,904 | 1,787 | 3.78 | 4.42 | |||||||||||||
Total
|
$ | 2,479 | $ | 2,457 | 5.28 | % | 6.43 | % | |||||||||
(Dollars in Millions) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Balance at beginning of year
|
$ | 5,264 | $ | 3,639 | $ | 2,260 | $ | 2,256 | $ | 2,251 | ||||||||||
Charge-Offs
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
784 | 769 | 282 | 154 | 121 | |||||||||||||||
Lease financing
|
134 | 227 | 113 | 63 | 51 | |||||||||||||||
Total commercial
|
918 | 996 | 395 | 217 | 172 | |||||||||||||||
Commercial real estate
|
||||||||||||||||||||
Commercial mortgages
|
333 | 103 | 34 | 16 | 11 | |||||||||||||||
Construction and development
|
538 | 516 | 139 | 10 | 1 | |||||||||||||||
Total commercial real estate
|
871 | 619 | 173 | 26 | 12 | |||||||||||||||
Residential mortgages
|
554 | 493 | 236 | 63 | 43 | |||||||||||||||
Retail
|
||||||||||||||||||||
Credit card
|
1,270 | 1,093 | 630 | 389 | 256 | |||||||||||||||
Retail leasing
|
25 | 47 | 41 | 23 | 25 | |||||||||||||||
Home equity and second mortgages
|
348 | 347 | 185 | 82 | 62 | |||||||||||||||
Other retail
|
490 | 504 | 344 | 232 | 193 | |||||||||||||||
Total retail
|
2,133 | 1,991 | 1,200 | 726 | 536 | |||||||||||||||
Covered loans (a)
|
20 | 12 | 5 | | | |||||||||||||||
Total charge-offs
|
4,496 | 4,111 | 2,009 | 1,032 | 763 | |||||||||||||||
Recoveries
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
48 | 30 | 27 | 52 | 61 | |||||||||||||||
Lease financing
|
43 | 40 | 26 | 28 | 27 | |||||||||||||||
Total commercial
|
91 | 70 | 53 | 80 | 88 | |||||||||||||||
Commercial real estate
|
||||||||||||||||||||
Commercial mortgages
|
13 | 2 | 1 | 4 | 8 | |||||||||||||||
Construction and development
|
13 | 3 | | | | |||||||||||||||
Total commercial real estate
|
26 | 5 | 1 | 4 | 8 | |||||||||||||||
Residential mortgages
|
8 | 4 | 2 | 2 | 2 | |||||||||||||||
Retail
|
||||||||||||||||||||
Credit card
|
70 | 62 | 65 | 69 | 36 | |||||||||||||||
Retail leasing
|
13 | 11 | 6 | 7 | 11 | |||||||||||||||
Home equity and second mortgages
|
17 | 9 | 7 | 8 | 12 | |||||||||||||||
Other retail
|
88 | 81 | 56 | 70 | 62 | |||||||||||||||
Total retail
|
188 | 163 | 134 | 154 | 121 | |||||||||||||||
Covered loans (a)
|
2 | 1 | | | | |||||||||||||||
Total recoveries
|
315 | 243 | 190 | 240 | 219 | |||||||||||||||
Net Charge-Offs
|
||||||||||||||||||||
Commercial
|
||||||||||||||||||||
Commercial
|
736 | 739 | 255 | 102 | 60 | |||||||||||||||
Lease financing
|
91 | 187 | 87 | 35 | 24 | |||||||||||||||
Total commercial
|
827 | 926 | 342 | 137 | 84 | |||||||||||||||
Commercial real estate
|
||||||||||||||||||||
Commercial mortgages
|
320 | 101 | 33 | 12 | 3 | |||||||||||||||
Construction and development
|
525 | 513 | 139 | 10 | 1 | |||||||||||||||
Total commercial real estate
|
845 | 614 | 172 | 22 | 4 | |||||||||||||||
Residential mortgages
|
546 | 489 | 234 | 61 | 41 | |||||||||||||||
Retail
|
||||||||||||||||||||
Credit card
|
1,200 | 1,031 | 565 | 320 | 220 | |||||||||||||||
Retail leasing
|
12 | 36 | 35 | 16 | 14 | |||||||||||||||
Home equity and second mortgages
|
331 | 338 | 178 | 74 | 50 | |||||||||||||||
Other retail
|
402 | 423 | 288 | 162 | 131 | |||||||||||||||
Total retail
|
1,945 | 1,828 | 1,066 | 572 | 415 | |||||||||||||||
Covered loans (a)
|
18 | 11 | 5 | | | |||||||||||||||
Total net charge-offs
|
4,181 | 3,868 | 1,819 | 792 | 544 | |||||||||||||||
Provision for credit losses
|
4,356 | 5,557 | 3,096 | 792 | 544 | |||||||||||||||
Net change for credit losses to be reimbursed by the FDIC
|
92 | | | | | |||||||||||||||
Acquisitions and other changes
|
| (64 | ) | 102 | 4 | 5 | ||||||||||||||
Balance at end of year
|
$ | 5,531 | $ | 5,264 | $ | 3,639 | $ | 2,260 | $ | 2,256 | ||||||||||
Components
|
||||||||||||||||||||
Allowance for loan losses, excluding losses to be reimbursed by
the FDIC
|
$ | 5,218 | $ | 5,079 | $ | 3,514 | $ | 2,058 | $ | 2,022 | ||||||||||
Allowance for credit losses to be reimbursed by the FDIC
|
92 | | | | | |||||||||||||||
Liability for unfunded credit commitments
|
221 | 185 | 125 | 202 | 234 | |||||||||||||||
Total allowance for credit losses
|
$ | 5,531 | $ | 5,264 | $ | 3,639 | $ | 2,260 | $ | 2,256 | ||||||||||
Allowance for Credit Losses as a Percentage of
|
||||||||||||||||||||
Period-end loans, excluding covered loans
|
3.03 | % | 3.04 | % | 2.09 | % | 1.47 | % | 1.57 | % | ||||||||||
Nonperforming loans, excluding covered loans
|
192 | 153 | 206 | 406 | 480 | |||||||||||||||
Nonperforming assets, excluding covered assets
|
162 | 135 | 184 | 328 | 384 | |||||||||||||||
Net charge-offs, excluding covered loans
|
130 | 136 | 201 | 285 | 415 | |||||||||||||||
Period-end loans
|
2.81 | % | 2.70 | % | 1.97 | % | 1.47 | % | 1.57 | % | ||||||||||
Nonperforming loans
|
136 | 110 | 170 | 406 | 480 | |||||||||||||||
Nonperforming assets
|
110 | 89 | 139 | 328 | 384 | |||||||||||||||
Net charge-offs
|
132 | 136 | 200 | 285 | 415 | |||||||||||||||
(a) | Relates to covered loan charge-offs and recoveries not reimbursable by the FDIC. |
Allowance Amount | Allowance as a Percent of Loans | ||||||||||||||||||||||||||||||||||||||||
December 31 (Dollars in Millions) | 2010 | 2009 | 2008 | 2007 | 2006 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||||||||||||||
Commercial
|
|||||||||||||||||||||||||||||||||||||||||
Commercial
|
$ | 992 | $ | 1,026 | $ | 782 | $ | 860 | $ | 665 | 2.35 | % | 2.43 | % | 1.57 | % | 1.92 | % | 1.64 | % | |||||||||||||||||||||
Lease financing
|
112 | 182 | 208 | 146 | 90 | 1.83 | 2.78 | 3.03 | 2.34 | 1.62 | |||||||||||||||||||||||||||||||
Total commercial
|
1,104 | 1,208 | 990 | 1,006 | 755 | 2.28 | 2.48 | 1.75 | 1.97 | 1.63 | |||||||||||||||||||||||||||||||
Commercial Real Estate
|
|||||||||||||||||||||||||||||||||||||||||
Commercial mortgages
|
929 | 548 | 258 | 150 | 126 | 3.41 | 2.17 | 1.10 | .74 | .64 | |||||||||||||||||||||||||||||||
Construction and development
|
362 | 453 | 191 | 108 | 74 | 4.86 | 5.16 | 1.95 | 1.19 | .83 | |||||||||||||||||||||||||||||||
Total commercial real estate
|
1,291 | 1,001 | 449 | 258 | 200 | 3.72 | 2.94 | 1.35 | .88 | .70 | |||||||||||||||||||||||||||||||
Residential Mortgage
|
820 | 672 | 524 | 131 | 58 | 2.67 | 2.58 | 2.22 | .58 | .27 | |||||||||||||||||||||||||||||||
Retail
|
|||||||||||||||||||||||||||||||||||||||||
Credit card
|
1,395 | 1,495 | 926 | 487 | 298 | 8.30 | 8.89 | 6.85 | 4.45 | 3.44 | |||||||||||||||||||||||||||||||
Retail leasing
|
11 | 30 | 49 | 17 | 15 | .24 | .66 | .96 | .28 | .22 | |||||||||||||||||||||||||||||||
Home equity and second mortgages
|
411 | 374 | 255 | 114 | 52 | 2.17 | 1.92 | 1.33 | .69 | .33 | |||||||||||||||||||||||||||||||
Other retail
|
385 | 467 | 372 | 247 | 177 | 1.55 | 2.02 | 1.65 | 1.42 | 1.08 | |||||||||||||||||||||||||||||||
Total retail
|
2,202 | 2,366 | 1,602 | 865 | 542 | 3.38 | 3.70 | 2.65 | 1.70 | 1.14 | |||||||||||||||||||||||||||||||
Covered loans
|
114 | 17 | 74 | | | .63 | .08 | .66 | | | |||||||||||||||||||||||||||||||
Total allocated allowance
|
5,531 | 5,264 | 3,639 | 2,260 | 1,555 | 2.81 | 2.70 | 1.97 | 1.47 | 1.08 | |||||||||||||||||||||||||||||||
Available for other factors
|
| | | | 701 | | | | | .49 | |||||||||||||||||||||||||||||||
Total allowance
|
$ | 5,531 | $ | 5,264 | $ | 3,639 | $ | 2,260 | $ | 2,256 | 2.81 | % | 2.70 | % | 1.97 | % | 1.47 | % | 1.57 | % | |||||||||||||||||||||
December 31, 2010 | December 31, 2009 | ||||||||||||||||||||||||||||||||
Down 200
|
Down 200
|
||||||||||||||||||||||||||||||||
Down 50 bps
|
Up 50 bps
|
bps
|
Up 200 bps
|
Down 50 bps
|
Up 50 bps
|
bps
|
Up 200 bps
|
||||||||||||||||||||||||||
Immediate | Immediate | Gradual* | Gradual | Immediate | Immediate | Gradual* | Gradual | ||||||||||||||||||||||||||
Net interest income
|
* | 1.64 | % | * | 3.14 | % | * | .43 | % | * | 1.00 | % | |||||||||||||||||||||
* | Given the current level of interest rates, a downward rate scenario can not be computed. |
| To convert fixed-rate debt, issued to finance the Company, from fixed-rate payments to floating-rate payments; |
| To convert the cash flows associated with floating-rate debt, issued to finance the Company, from floating-rate payments to fixed-rate payments; and |
| To mitigate changes in value of the Companys mortgage origination pipeline, funded mortgage loans held for sale and MSRs. |
Dominion
|
||||||||||||||||
Standard &
|
Bond
|
|||||||||||||||
Moodys | Poors | Fitch | Rating Service | |||||||||||||
U.S. Bancorp
|
||||||||||||||||
Short-term borrowings
|
F1+ | R-1 (middle | ) | |||||||||||||
Senior debt and medium-term notes
|
Aa3 | A+ | AA- | AA | ||||||||||||
Subordinated debt
|
A1 | A | A+ | AA (low | ) | |||||||||||
Preferred stock
|
A3 | BBB+ | A | A | ||||||||||||
Commercial paper
|
P-1 | A-1 | F1+ | R-1 (middle | ) | |||||||||||
U.S. Bank National Association
|
||||||||||||||||
Short-term time deposits
|
P-1 | A-1+ | F1+ | R-1 (high | ) | |||||||||||
Long-term time deposits
|
Aa2 | AA- | AA | AA (high | ) | |||||||||||
Bank notes
|
Aa2/P-1 | AA-/A-1+ | AA-/F1+ | AA (high | ) | |||||||||||
Subordinated debt
|
Aa3 | A+ | A+ | AA | ||||||||||||
Senior unsecured debt
|
Aa2 | AA- | AA- | AA (high | ) | |||||||||||
Commercial paper
|
P-1 | A-1+ | F1+ | R-1 (high | ) | |||||||||||
Payments Due By Period | ||||||||||||||||||||
Over One
|
Over Three
|
|||||||||||||||||||
One Year
|
Through
|
Through
|
Over Five
|
|||||||||||||||||
December 31, 2010 (Dollars in Millions) | or Less | Three Years | Five Years | Years | Total | |||||||||||||||
Contractual Obligations (a)
|
||||||||||||||||||||
Long-term debt (b)(c)
|
$ | 1,949 | $ | 10,369 | $ | 7,345 | $ | 11,874 | $ | 31,537 | ||||||||||
Operating leases
|
199 | 367 | 266 | 455 | 1,287 | |||||||||||||||
Purchase obligations
|
182 | 213 | 119 | 34 | 548 | |||||||||||||||
Benefit obligations (d)
|
40 | 81 | 85 | 220 | 426 | |||||||||||||||
Total
|
$ | 2,370 | $ | 11,030 | $ | 7,815 | $ | 12,583 | $ | 33,798 | ||||||||||
(a) | Unrecognized tax positions of $532 million at December 31, 2010, are excluded as the Company cannot make a reasonably reliable estimate of the period of cash settlement with the respective taxing authority. | |
(b) | In the banking industry, interest-bearing obligations are principally utilized to fund interest-bearing assets. As such, interest charges on related contractual obligations were excluded from reported amounts as the potential cash outflows would have corresponding cash inflows from interest-bearing assets. | |
(c) | Includes obligations under capital leases. | |
(d) | Amounts only include obligations related to the unfunded non-qualified pension plans and post-retirement medical plan. |
At December 31 (Dollars in Millions) | 2010 | 2009 | ||||||
U.S. Bancorp
|
||||||||
Tier 1 capital
|
$ | 25,947 | $ | 22,610 | ||||
As a percent of risk-weighted assets
|
10.5 | % | 9.6 | % | ||||
As a percent of adjusted quarterly average assets (leverage
ratio)
|
9.1 | % | 8.5 | % | ||||
Total risk-based capital
|
$ | 33,033 | $ | 30,458 | ||||
As a percent of risk-weighted assets
|
13.3 | % | 12.9 | % | ||||
Bank Subsidiaries
|
||||||||
U.S. Bank National Association
|
||||||||
Tier 1 capital
|
9.0 | % | 7.2 | % | ||||
Total risk-based capital
|
12.4 | 11.2 | ||||||
Leverage
|
7.7 | 6.3 | ||||||
U.S. Bank National Association ND
|
||||||||
Tier 1 capital
|
14.1 | % | 13.2 | % | ||||
Total risk-based capital
|
17.2 | 16.5 | ||||||
Leverage
|
13.7 | 12.8 | ||||||
Well-
|
||||||||
Bank Regulatory Capital Requirements | Minimum | Capitalized | ||||||
Tier 1 capital
|
4.0 | % | 6.0 | % | ||||
Total risk-based capital
|
8.0 | 10.0 | ||||||
Leverage
|
4.0 | 5.0 | ||||||
Three Months Ended December 31 | ||||||||
(Dollars and Shares in Millions, Except Per Share Data) | 2010 | 2009 | ||||||
Condensed Income Statement
|
||||||||
Net interest income (taxable-equivalent basis) (a)
|
$ | 2,499 | $ | 2,360 | ||||
Noninterest income
|
2,236 | 2,174 | ||||||
Securities gains (losses), net
|
(14 | ) | (158 | ) | ||||
Total net revenue
|
4,721 | 4,376 | ||||||
Noninterest expense
|
2,485 | 2,228 | ||||||
Provision for credit losses
|
912 | 1,388 | ||||||
Income before taxes
|
1,324 | 760 | ||||||
Taxable-equivalent adjustment
|
53 | 50 | ||||||
Applicable income taxes
|
315 | 108 | ||||||
Net income
|
956 | 602 | ||||||
Net income attributable to noncontrolling interests
|
18 | | ||||||
Net income attributable to U.S. Bancorp
|
$ | 974 | $ | 602 | ||||
Net income applicable to U.S. Bancorp common shareholders
|
$ | 951 | $ | 580 | ||||
Per Common Share
|
||||||||
Earnings per share
|
$ | .50 | $ | .30 | ||||
Diluted earnings per share
|
$ | .49 | $ | .30 | ||||
Dividends declared per share
|
$ | .05 | $ | .05 | ||||
Average common shares outstanding
|
1,914 | 1,908 | ||||||
Average diluted common shares outstanding
|
1,922 | 1,917 | ||||||
Financial Ratios
|
||||||||
Return on average assets
|
1.31 | % | .86 | % | ||||
Return on average common equity
|
13.7 | 9.6 | ||||||
Net interest margin (taxable-equivalent basis) (a)
|
3.83 | 3.83 | ||||||
Efficiency ratio
|
52.5 | 49.1 | ||||||
(a) | Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent. |
Wholesale Banking
and
|
Consumer and Small
|
|||||||||||||||||||||||
Commercial Real Estate | Business Banking | |||||||||||||||||||||||
Year Ended
December 31
|
Percent
|
Percent
|
||||||||||||||||||||||
(Dollars in Millions) | 2010 | 2009 | Change | 2010 | 2009 | Change | ||||||||||||||||||
Condensed Income Statement
|
||||||||||||||||||||||||
Net interest income (taxable-equivalent basis)
|
$ | 2,089 | $ | 1,997 | 4.6 | % | $ | 4,309 | $ | 4,009 | 7.5 | % | ||||||||||||
Noninterest income
|
1,151 | 984 | 17.0 | 2,738 | 2,962 | (7.6 | ) | |||||||||||||||||
Securities gains (losses), net
|
(1 | ) | (3 | ) | 66.7 | | | | ||||||||||||||||
Total net revenue
|
3,239 | 2,978 | 8.8 | 7,047 | 6,971 | 1.1 | ||||||||||||||||||
Noninterest expense
|
1,261 | 1,093 | 15.4 | 4,179 | 3,616 | 15.6 | ||||||||||||||||||
Other intangibles
|
16 | 25 | (36.0 | ) | 97 | 95 | 2.1 | |||||||||||||||||
Total noninterest expense
|
1,277 | 1,118 | 14.2 | 4,276 | 3,711 | 15.2 | ||||||||||||||||||
Income before provision and income taxes
|
1,962 | 1,860 | 5.5 | 2,771 | 3,260 | (15.0 | ) | |||||||||||||||||
Provision for credit losses
|
1,322 | 1,632 | (19.0 | ) | 1,620 | 1,877 | (13.7 | ) | ||||||||||||||||
Income before income taxes
|
640 | 228 | * | 1,151 | 1,383 | (16.8 | ) | |||||||||||||||||
Income taxes and taxable-equivalent adjustment
|
233 | 84 | * | 419 | 505 | (17.0 | ) | |||||||||||||||||
Net income
|
407 | 144 | * | 732 | 878 | (16.6 | ) | |||||||||||||||||
Net (income) loss attributable to noncontrolling interests
|
1 | | * | (3 | ) | | * | |||||||||||||||||
Net income attributable to U.S. Bancorp
|
$ | 408 | $ | 144 | * | $ | 729 | $ | 878 | (17.0 | ) | |||||||||||||
Average Balance Sheet
|
||||||||||||||||||||||||
Commercial
|
$ | 34,193 | $ | 39,415 | (13.2 | )% | $ | 6,402 | $ | 6,604 | (3.1 | )% | ||||||||||||
Commercial real estate
|
21,744 | 21,504 | 1.1 | 11,638 | 11,430 | 1.8 | ||||||||||||||||||
Residential mortgages
|
69 | 81 | (14.8 | ) | 27,256 | 23,993 | 13.6 | |||||||||||||||||
Retail
|
33 | 53 | (37.7 | ) | 44,996 | 44,402 | 1.3 | |||||||||||||||||
Total loans, excluding covered loans
|
56,039 | 61,053 | (8.2 | ) | 90,292 | 86,429 | 4.5 | |||||||||||||||||
Covered loans
|
1,966 | 317 | * | 9,534 | 10,124 | (5.8 | ) | |||||||||||||||||
Total loans
|
58,005 | 61,370 | (5.5 | ) | 99,826 | 96,553 | 3.4 | |||||||||||||||||
Goodwill
|
1,607 | 1,506 | 6.7 | 3,538 | 3,240 | 9.2 | ||||||||||||||||||
Other intangible assets
|
69 | 90 | (23.3 | ) | 1,907 | 1,677 | 13.7 | |||||||||||||||||
Assets
|
63,187 | 66,238 | (4.6 | ) | 114,272 | 110,203 | 3.7 | |||||||||||||||||
Noninterest-bearing deposits
|
18,279 | 17,451 | 4.7 | 15,540 | 14,249 | 9.1 | ||||||||||||||||||
Interest checking
|
11,295 | 11,840 | (4.6 | ) | 23,772 | 21,017 | 13.1 | |||||||||||||||||
Savings products
|
10,114 | 9,261 | 9.2 | 35,894 | 27,061 | 32.6 | ||||||||||||||||||
Time deposits
|
11,426 | 13,044 | (12.4 | ) | 25,816 | 26,648 | (3.1 | ) | ||||||||||||||||
Total deposits
|
51,114 | 51,596 | (.9 | ) | 101,022 | 88,975 | 13.5 | |||||||||||||||||
Total U.S. Bancorp shareholders equity
|
5,477 | 4,940 | 10.9 | 8,513 | 7,400 | 15.0 | ||||||||||||||||||
Wealth Management
and
|
Payment
|
Treasury and
|
Consolidated
|
|||||||||||||||||||||||||||||||||||||||||||||
Securities Services | Services | Corporate Support | Company | |||||||||||||||||||||||||||||||||||||||||||||
Percent
|
Percent
|
Percent
|
Percent
|
|||||||||||||||||||||||||||||||||||||||||||||
2010 | 2009 | Change | 2010 | 2009 | Change | 2010 | 2009 | Change | 2010 | 2009 | Change | |||||||||||||||||||||||||||||||||||||
$ | 320 | $ | 302 | 6.0 | % | $ | 1,339 | $ | 1,170 | 14.4 | % | $ | 1,731 | $ | 1,238 | 39.8 | % | $ | 9,788 | $ | 8,716 | 12.3 | % | |||||||||||||||||||||||||
1,101 | 1,187 | (7.2 | ) | 3,152 | 3,006 | 4.9 | 296 | 264 | 12.1 | 8,438 | 8,403 | .4 | ||||||||||||||||||||||||||||||||||||
| | | | | | (77 | ) | (448 | ) | 82.8 | (78 | ) | (451 | ) | 82.7 | |||||||||||||||||||||||||||||||||
1,421 | 1,489 | (4.6 | ) | 4,491 | 4,176 | 7.5 | 1,950 | 1,054 | 85.0 | 18,148 | 16,668 | 8.9 | ||||||||||||||||||||||||||||||||||||
1,000 | 867 | 15.3 | 1,695 | 1,508 | 12.4 | 881 | 810 | 8.8 | 9,016 | 7,894 | 14.2 | |||||||||||||||||||||||||||||||||||||
53 | 68 | (22.1 | ) | 201 | 199 | 1.0 | | | | 367 | 387 | (5.2 | ) | |||||||||||||||||||||||||||||||||||
1,053 | 935 | 12.6 | 1,896 | 1,707 | 11.1 | 881 | 810 | 8.8 | 9,383 | 8,281 | 13.3 | |||||||||||||||||||||||||||||||||||||
368 | 554 | (33.6 | ) | 2,595 | 2,469 | 5.1 | 1,069 | 244 | * | 8,765 | 8,387 | 4.5 | ||||||||||||||||||||||||||||||||||||
22 | 29 | (24.1 | ) | 1,334 | 1,994 | (33.1 | ) | 58 | 25 | * | 4,356 | 5,557 | (21.6 | ) | ||||||||||||||||||||||||||||||||||
346 | 525 | (34.1 | ) | 1,261 | 475 | * | 1,011 | 219 | * | 4,409 | 2,830 | 55.8 | ||||||||||||||||||||||||||||||||||||
126 | 191 | (34.0 | ) | 458 | 172 | * | (92 | ) | (359 | ) | 74.4 | 1,144 | 593 | 92.9 | ||||||||||||||||||||||||||||||||||
220 | 334 | (34.1 | ) | 803 | 303 | * | 1,103 | 578 | 90.8 | 3,265 | 2,237 | 46.0 | ||||||||||||||||||||||||||||||||||||
| | | (30 | ) | (25 | ) | (20.0 | ) | 84 | (7 | ) | * | 52 | (32 | ) | * | ||||||||||||||||||||||||||||||||
$ | 220 | $ | 334 | (34.1 | ) | $ | 773 | $ | 278 | * | $ | 1,187 | $ | 571 | * | $ | 3,317 | $ | 2,205 | 50.4 | ||||||||||||||||||||||||||||
$ | 1,040 | $ | 1,188 | (12.5 | )% | $ | 5,212 | $ | 4,677 | 11.4 | % | $ | 181 | $ | 943 | (80.8 | )% | $ | 47,028 | $ | 52,827 | (11.0 | )% | |||||||||||||||||||||||||
581 | 570 | 1.9 | | | | 306 | 247 | 23.9 | 34,269 | 33,751 | 1.5 | |||||||||||||||||||||||||||||||||||||
372 | 387 | (3.9 | ) | | | | 7 | 20 | (65.0 | ) | 27,704 | 24,481 | 13.2 | |||||||||||||||||||||||||||||||||||
1,640 | 1,537 | 6.7 | 17,406 | 16,017 | 8.7 | 14 | 14 | | 64,089 | 62,023 | 3.3 | |||||||||||||||||||||||||||||||||||||
3,633 | 3,682 | (1.3 | ) | 22,618 | 20,694 | 9.3 | 508 | 1,224 | (58.5 | ) | 173,090 | 173,082 | | |||||||||||||||||||||||||||||||||||
14 | | * | | | | 8,418 | 2,282 | * | 19,932 | 12,723 | 56.7 | |||||||||||||||||||||||||||||||||||||
3,647 | 3,682 | (1.0 | ) | 22,618 | 20,694 | 9.3 | 8,926 | 3,506 | * | 193,022 | 185,805 | 3.9 | ||||||||||||||||||||||||||||||||||||
1,516 | 1,513 | .2 | 2,348 | 2,354 | (.3 | ) | | (1 | ) | * | 9,009 | 8,612 | 4.6 | |||||||||||||||||||||||||||||||||||
201 | 258 | (22.1 | ) | 943 | 935 | .9 | 7 | 5 | 40.0 | 3,127 | 2,965 | 5.5 | ||||||||||||||||||||||||||||||||||||
5,860 | 5,988 | (2.1 | ) | 27,309 | 24,864 | 9.8 | 75,233 | 61,067 | 23.2 | 285,861 | 268,360 | 6.5 | ||||||||||||||||||||||||||||||||||||
5,501 | 5,308 | 3.6 | 634 | 539 | 17.6 | 208 | 309 | (32.7 | ) | 40,162 | 37,856 | 6.1 | ||||||||||||||||||||||||||||||||||||
4,983 | 3,914 | 27.3 | 119 | 84 | 41.7 | 15 | 11 | 36.4 | 40,184 | 36,866 | 9.0 | |||||||||||||||||||||||||||||||||||||
14,327 | 8,397 | 70.6 | 23 | 19 | 21.1 | 224 | 166 | 34.9 | 60,582 | 44,904 | 34.9 | |||||||||||||||||||||||||||||||||||||
6,146 | 5,904 | 4.1 | 1 | 1 | | 404 | 2,578 | (84.3 | ) | 43,793 | 48,175 | (9.1 | ) | |||||||||||||||||||||||||||||||||||
30,957 | 23,523 | 31.6 | 777 | 643 | 20.8 | 851 | 3,064 | (72.2 | ) | 184,721 | 167,801 | 10.1 | ||||||||||||||||||||||||||||||||||||
2,109 | 2,061 | 2.3 | 5,310 | 4,772 | 11.3 | 6,640 | 7,134 | (6.9 | ) | 28,049 | 26,307 | 6.6 | ||||||||||||||||||||||||||||||||||||
| Tangible common equity to tangible assets, |
| Tier 1 common equity to risk-weighted assets, and |
| Tangible common equity to risk-weighted assets. |
December 31 (Dollars in Millions) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Total equity
|
$ | 30,322 | $ | 26,661 | $ | 27,033 | $ | 21,826 | $ | 21,919 | ||||||||||
Preferred stock
|
(1,930 | ) | (1,500 | ) | (7,931 | ) | (1,000 | ) | (1,000 | ) | ||||||||||
Noncontrolling interests
|
(803 | ) | (698 | ) | (733 | ) | (780 | ) | (722 | ) | ||||||||||
Goodwill (net of deferred tax liability)
|
(8,337 | ) | (8,482 | ) | (8,153 | ) | (7,534 | ) | (7,423 | ) | ||||||||||
Intangible assets, other than mortgage servicing rights
|
(1,376 | ) | (1,657 | ) | (1,640 | ) | (1,581 | ) | (1,800 | ) | ||||||||||
Tangible common equity (a)
|
17,876 | 14,324 | 8,576 | 10,931 | 10,974 | |||||||||||||||
Tier 1 capital, determined in accordance with prescribed
regulatory requirements
|
25,947 | 22,610 | 24,426 | 17,539 | 17,036 | |||||||||||||||
Trust preferred securities
|
(3,949 | ) | (4,524 | ) | (4,024 | ) | (4,024 | ) | (3,639 | ) | ||||||||||
Preferred stock
|
(1,930 | ) | (1,500 | ) | (7,931 | ) | (1,000 | ) | (1,000 | ) | ||||||||||
Noncontrolling interests, less preferred stock not eligible for
Tier 1 capital
|
(692 | ) | (692 | ) | (693 | ) | (695 | ) | (694 | ) | ||||||||||
Tier 1 common equity (b)
|
19,376 | 15,894 | 11,778 | 11,820 | 11,703 | |||||||||||||||
Total assets
|
307,786 | 281,176 | 265,912 | 237,615 | 219,232 | |||||||||||||||
Goodwill (net of deferred tax liability)
|
(8,337 | ) | (8,482 | ) | (8,153 | ) | (7,534 | ) | (7,423 | ) | ||||||||||
Intangible assets, other than mortgage servicing rights
|
(1,376 | ) | (1,657 | ) | (1,640 | ) | (1,581 | ) | (1,800 | ) | ||||||||||
Tangible assets (c)
|
298,073 | 271,037 | 256,119 | 228,500 | 210,009 | |||||||||||||||
Risk-weighted assets, determined in accordance with prescribed
regulatory requirements (d)
|
247,619 | 235,233 | 230,628 | 212,592 | 194,659 | |||||||||||||||
Ratios
|
||||||||||||||||||||
Tangible common equity to tangible assets (a)/(c)
|
6.0 | % | 5.3 | % | 3.3 | % | 4.8 | % | 5.2 | % | ||||||||||
Tier 1 common equity to risk-weighted assets (b)/(d)
|
7.8 | 6.8 | 5.1 | 5.6 | 6.0 | |||||||||||||||
Tangible common equity to risk-weighted assets (a)/(d)
|
7.2 | 6.1 | 3.7 | 5.1 | 5.6 | |||||||||||||||
Consolidated Balance Sheet
At December 31
(Dollars in Millions)
2010
2009
$
14,487
$
6,206
1,469
47
51,509
44,721
8,371
4,772
48,398
48,792
34,695
34,093
30,732
26,056
65,194
63,955
179,019
172,896
18,042
21,859
197,061
194,755
(5,310
)
(5,079
)
191,751
189,676
2,487
2,263
8,954
9,011
3,213
3,406
25,545
21,074
$
307,786
$
281,176
$
45,314
$
38,186
129,381
115,135
29,557
29,921
204,252
183,242
32,557
31,312
31,537
32,580
9,118
7,381
277,464
254,515
1,930
1,500
21
21
8,294
8,319
27,005
24,116
(6,262
)
(6,509
)
(1,469
)
(1,484
)
29,519
25,963
803
698
30,322
26,661
$
307,786
$
281,176
Consolidated Statement of Income
Year Ended
December 31 (Dollars and Shares in Millions, Except Per
Share Data)
2010
2009
2008
$
10,145
$
9,564
$
10,051
246
277
227
1,601
1,606
1,984
166
91
156
12,158
11,538
12,418
928
1,202
1,881
548
539
1,066
1,103
1,279
1,739
2,579
3,020
4,686
9,579
8,518
7,732
4,356
5,557
3,096
5,223
2,961
4,636
1,091
1,055
1,039
710
669
671
1,253
1,148
1,151
423
410
366
1,080
1,168
1,314
710
970
1,081
555
552
517
771
615
492
1,003
1,035
270
111
109
147
13
147
42
(157
)
(1,000
)
(1,020
)
66
402
(78
)
(451
)
(978
)
731
672
741
8,360
7,952
6,811
3,779
3,135
3,039
694
574
515
919
836
781
306
255
240
360
378
310
744
673
598
301
288
294
367
387
355
1,913
1,755
1,216
9,383
8,281
7,348
4,200
2,632
4,099
935
395
1,087
3,265
2,237
3,012
52
(32
)
(66
)
$
3,317
$
2,205
$
2,946
$
3,332
$
1,803
$
2,819
$
1.74
$
.97
$
1.62
$
1.73
$
.97
$
1.61
$
.20
$
.20
$
1.70
1,912
1,851
1,742
1,921
1,859
1,756
Consolidated Statement of Shareholders
Equity
U.S. Bancorp
Shareholders
Total
Common
Other
U.S. Bancorp
Shares
Preferred
Common
Capital
Retained
Treasury
Comprehensive
Shareholders
Noncontrolling
Total
(Dollars and Shares
in Millions)
Outstanding
Stock
Stock
Surplus
Earnings
Stock
Income (Loss)
Equity
Interests
Equity
1,728
$
1,000
$
20
$
5,749
$
22,693
$
(7,480
)
$
(936
)
$
21,046
$
780
$
21,826
(4
)
3
(1
)
(1
)
2,946
2,946
66
3,012
(2,729
)
(2,729
)
(2,729
)
(722
)
(722
)
(722
)
(15
)
(15
)
(15
)
(117
)
(117
)
(117
)
1,020
1,020
1,020
(1,362
)
(1,362
)
(1,362
)
1,495
1,495
1,495
516
66
582
4
(123
)
(119
)
(119
)
(2,971
)
(2,971
)
(2,971
)
6,927
163
7,090
7,090
29
(83
)
917
834
834
(2
)
(91
)
(91
)
(91
)
(113
)
(113
)
1
1
1
(5
)
(5
)
(5
)
1,755
$
7,931
$
20
$
5,830
$
22,541
$
(6,659
)
$
(3,363
)
$
26,300
$
733
$
27,033
141
(141
)
2,205
2,205
32
2,237
2,359
2,359
2,359
(402
)
(402
)
(402
)
516
516
516
40
40
40
456
456
456
290
290
290
(1,239
)
(1,239
)
(1,239
)
4,225
32
4,257
(6,599
)
(6,599
)
(6,599
)
(139
)
(139
)
(139
)
168
(396
)
(228
)
(228
)
(375
)
(375
)
(375
)
158
1
2,553
154
2,708
2,708
(4
)
(4
)
(4
)
(62
)
(62
)
(5
)
(5
)
75
75
75
1,913
$
1,500
$
21
$
8,319
$
24,116
$
(6,509
)
$
(1,484
)
$
25,963
$
698
$
26,661
(72
)
(1
)
(73
)
(16
)
(89
)
3,317
3,317
(52
)
3,265
433
433
433
(66
)
(66
)
(66
)
(145
)
(145
)
(145
)
24
24
24
(75
)
(75
)
(75
)
(150
)
(150
)
(150
)
(5
)
(5
)
(5
)
3,333
(52
)
3,281
(89
)
(89
)
(89
)
(385
)
(385
)
(385
)
430
10
118
558
558
9
(134
)
263
129
129
(1
)
(16
)
(16
)
(16
)
(76
)
(76
)
249
249
99
99
99
1,921
$
1,930
$
21
$
8,294
$
27,005
$
(6,262
)
$
(1,469
)
$
29,519
$
803
$
30,322
Consolidated Statement of Cash Flows
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
3,317
$
2,205
$
2,946
4,356
5,557
3,096
229
220
218
367
387
355
(370
)
(545
)
(1,045
)
(2,023
)
(1,571
)
(804
)
(53,025
)
(52,720
)
(32,563
)
50,895
51,915
32,440
1,495
2,152
664
5,241
7,600
5,307
1,212
5,784
2,134
167
11
22
16,068
7,307
5,700
(1,010
)
(5
)
(1
)
(24,025
)
(15,119
)
(6,074
)
(6,322
)
(106
)
(14,776
)
1,829
2,741
123
(4,278
)
(4,332
)
(3,577
)
923
3,074
1,483
(936
)
(74
)
(1,353
)
(16,372
)
(719
)
(16,319
)
20,527
7,949
13,139
592
(4,448
)
(891
)
7,044
6,040
8,534
(8,394
)
(11,740
)
(16,546
)
(4
)
7,090
119
2,703
688
(6,599
)
(139
)
(89
)
(275
)
(68
)
(383
)
(1,025
)
(2,959
)
19,412
(7,534
)
8,987
8,281
(653
)
(2,025
)
6,206
6,859
8,884
$
14,487
$
6,206
$
6,859
$
424
$
344
$
1,965
2,631
3,153
4,891
1,384
600
307
$
(14
)
$
17,212
$
19,474
(907
)
(17,870
)
(18,824
)
$
(921
)
$
(658
)
$
650
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
2010
2009
Unrealized Losses
Unrealized Losses
Amortized
Unrealized
Other-than-
Fair
Amortized
Unrealized
Other-than-
Fair
(Dollars in Millions)
Cost
Gains
Temporary
Other
Value
Cost
Gains
Temporary
Other
Value
$
165
$
$
$
(1
)
$
164
$
$
$
$
$
847
(4
)
843
4
4
3
3
10
(5
)
5
157
13
(18
)
152
127
(1
)
(7
)
119
27
1
(1
)
27
32
2
(1
)
33
7
7
126
(27
)
99
11
11
$
1,469
$
14
$
(1
)
$
(63
)
$
1,419
$
47
$
2
$
$
(1
)
$
48
$
2,559
$
6
$
$
(28
)
$
2,537
$
3,415
$
10
$
$
(21
)
$
3,404
37,144
718
(159
)
37,703
29,147
495
(47
)
29,595
1,216
12
(86
)
(39
)
1,103
1,624
8
(110
)
(93
)
1,429
1,193
15
(243
)
(18
)
947
1,359
11
(297
)
(105
)
968
194
5
(2
)
197
141
6
147
47
3
50
14
(1
)
13
204
23
(2
)
(1
)
224
199
11
(5
)
205
709
23
(3
)
(9
)
720
360
12
(5
)
(10
)
357
6,835
3
(421
)
6,417
6,822
30
(159
)
6,693
6
6
6
6
1,109
(151
)
958
1,179
(301
)
878
456
41
(49
)
448
483
30
(90
)
423
183
17
(1
)
199
607
9
(13
)
603
$
51,855
$
866
$
(334
)
$
(878
)
$
51,509
$
45,356
$
622
$
(418
)
$
(839
)
$
44,721
(a)
Held-to-maturity
securities are carried at historical cost adjusted for
amortization of premiums and accretion of discounts and
credit-related
other-than-temporary
impairment.
(b)
Available-for-sale
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 or those
with underlying asset characteristics and/or credit enhancements
consistent with securities designated as prime.
(d)
Includes
securities covered under loss shaing agreements with the FDIC
with a fair value of $231 million at December 31,
2009. No securities were covered under loss sharing agreements
at December 31, 2010.
Table of Contents
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
1,292
$
1,295
$
1,666
309
311
318
$
1,601
$
1,606
$
1,984
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
21
$
150
$
43
(8
)
(3
)
(1
)
$
13
$
147
$
42
$
5
$
56
$
16
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
292
$
349
$
105
(124
)
292
225
105
66
127
261
(219
)
(286
)
(29
)
(6
)
(15
)
29
(54
)
284
$
139
$
292
$
349
(a)
Primarily
resulted from the exchange of certain SIVs for the underlying
investment securities.
(b)
Primarily
resulted from the sale of securities covered under loss sharing
agreements with the FDIC and the exchange of certain SIVs for
the underlying investment securities.
(c)
Primarily
represents changes in projected future cash flows on certain
investment securities.
Table of Contents
2010
2009
Losses
Other
Losses
Other
Recorded in
Gains
Recorded in
Gains
Year Ended December
31 (Dollars in Millions)
Earnings
(Losses)
Total
Earnings
(Losses)
Total
$
(2
)
$
$
(2
)
$
$
$
$
(2
)
$
$
(2
)
$
$
$
$
(5
)
$
(10
)
$
(15
)
$
(13
)
$
(182
)
$
(195
)
(63
)
(60
)
(123
)
(151
)
(304
)
(455
)
(1
)
(1
)
(2
)
(6
)
(1
)
(7
)
(17
)
(3
)
(20
)
(13
)
4
(9
)
(186
)
88
(98
)
(7
)
(7
)
(1
)
(1
)
(223
)
(223
)
(1
)
1
$
(89
)
$
(66
)
$
(155
)
$
(598
)
$
(402
)
$
(1,000
)
(a)
Prime
securities are those designated as such by the issuer or those
with underlying asset characteristics and/or credit enhancements
consistent with securities designated as prime.
Prime
Non-Prime
Minimum
Maximum
Average
Minimum
Maximum
Average
4
%
14
%
13
%
1
%
12
%
6
%
3
9
3
1
20
8
40
55
41
37
71
55
Year Ended
December 31 (Dollars in Millions)
2010
2009
$
335
$
299
19
94
72
148
(26
)
(49
)
(60
)
(30
)
(127
)
18
$
358
$
335
Table of Contents
Less
Than 12 Months
12 Months or Greater
Total
Fair
Unrealized
Fair
Unrealized
Fair
Unrealized
(Dollars in Millions)
Value
Losses
Value
Losses
Value
Losses
$
102
$
(1
)
$
$
$
102
$
(1
)
516
(4
)
516
(4
)
3
3
4
(5
)
4
(5
)
5
70
(18
)
75
(18
)
16
(8
)
16
(8
)
2
9
(1
)
11
(1
)
99
(27
)
99
(27
)
$
625
$
(5
)
$
201
$
(59
)
$
826
$
(64
)
$
1,549
$
(28
)
$
$
$
1,549
$
(28
)
11,540
(159
)
11
11,551
(159
)
23
933
(125
)
956
(125
)
79
(8
)
737
(253
)
816
(261
)
91
(2
)
91
(2
)
3
3
6
18
(1
)
11
(2
)
29
(3
)
113
(1
)
25
(11
)
138
(12
)
4,980
(271
)
1,040
(150
)
6,020
(421
)
6
6
15
937
(151
)
952
(151
)
71
(3
)
251
(46
)
322
(49
)
4
(1
)
4
(1
)
$
18,488
$
(473
)
$
3,952
$
(739
)
$
22,440
$
(1,212
)
(a)
Prime
securities are those designated as such by the issuer or those
with underlying asset characteristics and/or credit enhancements
consistent with securities designated as prime.
Table of Contents
(Dollars in Millions)
2010
2009
$
42,272
$
42,255
6,126
6,537
48,398
48,792
27,254
25,306
7,441
8,787
34,695
34,093
24,315
20,581
6,417
5,475
30,732
26,056
16,803
16,814
4,569
4,568
18,940
19,439
3,472
3,506
5,459
5,455
10,897
9,544
5,054
4,629
24,882
23,134
65,194
63,955
179,019
172,896
18,042
21,859
$
197,061
$
194,755
Table of Contents
2010
2009
Purchased
Purchased
Purchased
Purchased
impaired
nonimpaired
Other
impaired
nonimpaired
Other
December 31
(Dollars in Millions)
loans
loans
assets
Total
loans
loans
assets
Total
$
70
$
260
$
$
330
$
86
$
443
$
$
529
2,254
5,952
8,206
3,035
6,724
9,759
3,819
1,620
5,439
4,712
1,918
6,630
930
930
30
978
1,008
3,137
3,137
3,933
3,933
6,143
8,762
3,137
18,042
7,863
10,063
3,933
21,859
453
453
653
653
$
6,143
$
8,762
$
3,590
$
18,495
$
7,863
$
10,063
$
4,586
$
22,512
Year Ended December
31 (Dollars in Millions)
2010
2009
2008
$
2,845
$
2,719
$
356
2,774
(421
)
(358
)
(55
)
(27
)
(56
)
536
384
(43
)
(200
)
$
2,890
$
2,845
$
2,719
(a)
Primarily
relates to improvements in expected credit performance and
changes in variable rates.
Table of Contents
(Dollars in Millions)
2010
2009
2008
$
5,264
$
3,639
$
2,260
4,356
5,557
3,096
4,496
4,111
2,009
(315
)
(243
)
(190
)
4,181
3,868
1,819
92
(64
)
102
$
5,531
$
5,264
$
3,639
$
5,218
$
5,079
$
3,514
92
221
185
125
$
5,531
$
5,264
$
3,639
Total
Commercial
Loans,
Real
Residential
Credit
Other
Excluding
Covered
Total
(Dollars in Millions)
Commercial
Estate
Mortgages
Card
Retail
Covered Loans
Loans
Loans
$
1,208
$
1,001
$
672
$
1,495
$
871
$
5,247
$
17
$
5,264
723
1,135
694
1,100
681
4,333
23
4,356
918
871
554
1,270
863
4,476
20
4,496
(91
)
(26
)
(8
)
(70
)
(118
)
(313
)
(2
)
(315
)
827
845
546
1,200
745
4,163
18
4,181
92
92
$
1,104
$
1,291
$
820
$
1,395
$
807
$
5,417
$
114
$
5,531
$
38
$
55
$
$
$
$
93
$
$
93
320
223
30
573
573
1,066
1,235
500
1,172
777
4,750
28
4,778
1
1
86
87
$
1,104
$
1,291
$
820
$
1,395
$
807
$
5,417
$
114
$
5,531
$
295
$
801
$
$
$
$
1,096
$
$
1,096
1,957
452
114
2,523
2,523
48,103
33,834
28,775
16,351
48,277
175,340
11,899
187,239
60
60
6,143
6,203
$
48,398
$
34,695
$
30,732
$
16,803
$
48,391
$
179,019
$
18,042
(b)
$
197,061
(a)
Represents
commercial and commercial real estate loans that are greater
than $5 million and are classified as nonperforming or
TDRs.
(b)
Includes
expected reimbursements from the FDIC under loss sharing
agreements.
Table of Contents
Accruing
30-89 Days
90 Days or
December 31,
2010 (Dollars in Millions)
Current
Past Due
More Past Due
Nonperforming
Total
$
47,412
$
325
$
64
$
597
$
48,398
32,986
415
1
1,293
34,695
29,140
456
500
636
30,732
15,993
269
313
228
16,803
47,706
404
216
65
48,391
173,237
1,869
1,094
2,819
179,019
14,951
757
1,090
1,244
18,042
$
188,188
$
2,626
$
2,184
$
4,063
$
197,061
(Dollars in Millions)
2010
2009
$
2,150
$
2,943
669
492
2,819
3,435
1,244
1,350
$
4,063
$
4,785
$
176
$
468
53
299
$
123
$
169
Criticized
Special
Total
December 31,
2010 (Dollars in Millions)
Pass
Mention
Classified (a)
Criticized
Total
$
44,595
$
1,545
$
2,258
$
3,803
$
48,398
28,155
1,540
5,000
6,540
34,695
29,355
29
1,348
1,377
30,732
16,262
541
541
16,803
47,906
70
415
485
48,391
166,273
3,184
9,562
12,746
179,019
17,073
283
686
969
18,042
$
183,346
$
3,467
$
10,248
$
13,715
$
197,061
$
370,031
$
4,923
$
11,576
$
16,499
$
386,530
(a)
Classified
rating on consumer loans is primarily based on delinquency
status.
Table of Contents
2010
2009
2008
Recorded
Valuation
Recorded
Valuation
Recorded
Valuation
(Dollars in Millions)
Investment
Allowance
Investment
Allowance
Investment
Allowance
$
1,812
$
172
$
2,639
$
203
$
1,364
$
104
92
5
145
2
152
10
$
1,904
$
177
$
2,784
$
205
$
1,516
$
114
$
2,294
$
2,559
$
992
10
7
5
97
289
107
$
929
$
112
$
671
$
72
$
302
$
29
2,115
472
1,649
339
1,072
208
$
3,044
$
584
$
2,320
$
411
$
1,374
$
237
$
2,865
$
2,148
$
993
89
106
67
Period-end
Unpaid
Average
Interest
Recorded
Principal
Valuation
Recorded
Income
(Dollars in Millions)
Investment
Balance
Allowance
Investment
Recognized
$
596
$
1,631
$
59
$
693
$
8
1,308
2,659
118
1,601
2
2,440
2,877
334
2,297
72
452
798
218
418
11
152
189
32
150
6
$
4,948
$
8,154
$
761
$
5,159
$
99
Table of Contents
(Dollars in Millions)
2010
2009
$
11,294
$
11,797
334
322
(1,402
)
(1,539
)
189
218
$
10,415
$
10,798
(a)
The
accumulated allowance for uncollectible minimum lease payments
was $118 million and $198 million at December 31, 2010
and 2009, respectively.
(Dollars in Millions)
$
3,166
2,967
2,701
1,733
455
272
Table of Contents
Table of Contents
(Dollars in Millions)
2010
2009
$
516
$
460
3,073
2,923
2,791
2,643
88
82
50
21
6,518
6,129
(4,031
)
(3,866
)
$
2,487
$
2,263
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
1,749
$
1,194
$
1,462
65
101
52
639
848
515
(249
)
(15)
(592)
(367
)
(379)
(243)
$
1,837
$
1,749
$
1,194
(a)
Principally
reflects changes in discount rates and prepayment speed
assumptions, primarily arising from interest rate
changes.
(b)
Primarily
represents changes due to collection/realization of expected
cash flows over time (decay).
Down Scenario
Up Scenario
(Dollars in Millions)
50 bps
25 bps
25 bps
50 bps
$
6
$
(5
)
$
5
$
1
Table of Contents
2010
2009
(Dollars in Millions)
MRBP
Government
Conventional
Total
MRBP
Government
Conventional
Total
$
12,646
$
28,880
$
132,393
$
173,919
$
11,915
$
21,819
$
117,049
$
150,783
$
166
$
342
$
1,329
$
1,837
$
173
$
293
$
1,283
$
1,749
131
118
100
106
145
134
110
116
40
38
30
32
40
41
32
34
3.28
3.11
3.33
3.31
3.63
3.27
3.44
3.41
5.75
%
5.35
%
5.27
%
5.32
%
5.94
%
5.68
%
5.56
%
5.61
%
4.1
2.2
2.7
2.7
3.8
2.1
2.5
2.5
12.3
%
17.2
%
16.2
%
16.1
%
12.4
%
18.8
%
16.6
%
16.6
%
6.7
5.1
5.3
5.4
6.5
4.8
5.3
5.3
11.9
%
11.4
%
10.3
%
10.6
%
11.5
%
11.3
%
10.5
%
10.7
%
(a)
Value
is calculated as fair market value divided by the servicing
portfolio.
Estimated
Amortization
Balance
December 31
(Dollars in Millions)
Life (a)
Method (b)
2010
2009
(c)
$
8,954
$
9,011
9 years/8 years
SL/AC
421
473
13 years/5 years
SL/AC
283
383
(c)
1,837
1,749
15 years/6 years
SL/AC
200
222
9 years/5 years
SL/AC
472
579
$
12,167
$
12,417
(a)
Estimated
life represents the amortization period for assets subject to
the straight line method and the weighted average or life of the
underlying cash flows amortization period for intangibles
subject to accelerated methods. If more than one amortization
method is used for a category, the estimated life for each
method is calculated and reported separately.
(b)
AC
= accelerated methods generally based on cash flows
(c)
Goodwill
is evaluated for impairment, but not amortized. Mortgage
servicing rights are recorded at fair value, and are not
amortized.
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
102
$
117
$
136
102
103
67
49
62
68
114
105
84
$
367
$
387
$
355
(Dollars in Millions)
$
291
243
200
152
118
Table of Contents
Wholesale Banking
and
Consumer and
Small
Wealth Management
and
Payment
Treasury and
Consolidated
(Dollars in Millions)
Commercial Real
Estate
Business Banking
Securities Services
Services
Corporate Support
Company
$
1,475
$
3,283
$
1,512
$
2,301
$
$
8,571
130
243
3
46
422
18
18
$
1,605
$
3,526
$
1,515
$
2,365
$
$
9,011
9
5
14
(57
)
(57
)
(14
)
(14
)
$
1,605
$
3,535
$
1,463
$
2,351
$
$
8,954
(a)
Other
changes in goodwill include the effect of foreign exchange
translation.
2010
2009
2008
(Dollars in Millions)
Amount
Rate
Amount
Rate
Amount
Rate
$
776
.17
%
$
1,329
.11
%
$
2,369
.17
%
9,261
2.70
8,866
2.82
9,493
2.65
15,885
.20
14,608
.17
10,061
.22
6,635
.59
6,509
.48
12,060
1.87
$
32,557
.99
%
$
31,312
.98
%
$
33,983
1.48
%
$
2,180
10.09
%
$
2,457
8.22
%
$
3,834
5.19
%
9,211
2.75
8,915
2.84
11,982
3.07
15,349
.20
10,924
.32
10,532
1.91
6,979
.75
6,853
.89
11,889
3.16
$
33,719
1.65
%
$
29,149
1.89
%
$
38,237
2.99
%
$
6,034
$
6,352
$
9,681
9,261
9,154
15,198
15,981
14,608
11,440
8,700
9,550
17,642
Table of Contents
(Dollars in Millions)
Rate Type
Rate (a)
Maturity Date
2010
2009
Fixed
7.50%
2026
$
199
$
199
Floating
%
2035
24
Floating
%
2035
10
447
Floating
%
2036
64
64
Floating
%
2037
21
21
Fixed
1.125%-4.20%
2012-2015
8,280
4,880
Floating
.66%
2012
500
4,435
Fixed
5.54%-10.20%
2031-2067
3,985
4,559
(22
)
(91
)
13,037
14,538
Fixed
6.375%
2011
1,500
1,500
Fixed
6.30%
2014
963
963
Fixed
4.95%
2014
1,000
1,000
Fixed
4.80%
2015
500
500
Fixed
3.80%
2015
369
Fixed
4.375%
2017
1,348
1,348
Fixed
3.778%
2020
500
Floating
.57%
2014
550
550
Fixed
.50%-8.25%
2011-2026
4,101
4,234
Floating
.30%-.98%
2012-2017
4,332
6,833
Fixed
5.92%
2012
125
199
Floating
.04%-.51%
2012-2048
1,157
213
2,424
333
18,500
18,042
$
31,537
$
32,580
(a)
Weighted-average
interest rates of medium-term notes, Federal Home Loan Bank
advances and bank notes were 2.26 percent,
2.30 percent and .98 percent, respectively.
(b)
Other
includes debt related to consolidated community development and
tax-advantaged investment VIEs, debt issuance fees, and
unrealized gains and losses and deferred amounts relating to
derivative instruments.
Table of Contents
Parent
(Dollars in Millions)
Company
Consolidated
$
3
$
1,949
2,653
7,018
2,847
3,351
1,498
4,295
1,746
3,050
4,290
11,874
$
13,037
$
31,537
Table of Contents
Securities
Debentures
Earliest
Issuance Trust
(Dollars in Millions)
Issuance Date
Amount
Amount
Rate Type
Rate
Maturity Date
Redemption Date
December 2009
$
500
$
501
Fixed
6.63
December 2039
December 15, 2014
February 2007
535
536
Fixed
6.30
February 2067
February 15, 2012
August 2006
765
766
Fixed
6.60
September 2066
September 15, 2011
April 2006
500
501
Fixed
6.50
April 2066
April 12, 2011
March 2006
675
676
Fixed
5.54
April 2042
April 15, 2015
December 2005
375
387
Fixed
6.35
December 2065
December 29, 2010
August 2005
300
309
Fixed
5.88
August 2035
August 15, 2010
March 2005
275
284
Fixed
5.75
March 2035
March 9, 2010
March 2001
7
8
Fixed
10.18
June 2031
June 8, 2011
February 2001
17
17
Fixed
10.20
February 2031
February 22, 2011
$
3,949
$
3,985
2010
2009
Shares Issued
Liquidation
Carrying
Shares Issued
Liquidation
Carrying
December 31
(Dollars in Millions)
and Outstanding
Preference
Discount
Amount
and Outstanding
Preference
Discount
Amount
5,746
$
575
$
145
$
430
$
$
$
40,000
1,000
1,000
40,000
1,000
1,000
20,000
500
500
20,000
500
500
65,746
$
2,075
$
145
$
1,930
60,000
$
1,500
$
$
1,500
Table of Contents
(Dollars and Shares
in Millions)
Shares
Value
1
$
16
4
2
91
Table of Contents
Transactions
Balances
(Dollars in Millions)
Pre-tax
Tax-effect
Net-of-tax
Net-of-Tax
$
432
$
(163
)
$
269
$
(213
)
(66
)
25
(41
)
(145
)
56
(89
)
(408
)
24
(10
)
14
(39
)
(6
)
(75
)
29
(46
)
(150
)
58
(92
)
(803
)
$
20
$
(5
)
$
15
$
(1,469
)
$
2,131
$
(810
)
$
1,321
$
(393
)
(402
)
153
(249
)
516
(196
)
320
(319
)
40
(15
)
25
(53
)
(8
)
456
(173
)
283
290
(111
)
179
(711
)
$
3,031
$
(1,152
)
$
1,879
$
(1,484
)
$
(2,729
)
$
1,037
$
(1,692
)
$
(1,745
)
(722
)
274
(448
)
(639
)
(117
)
45
(72
)
(78
)
(15
)
6
(9
)
(11
)
1,020
(388
)
632
(1,357
)
519
(838
)
(890
)
$
(3,920
)
$
1,493
$
(2,427
)
$
(3,363
)
Table of Contents
December 31
(Dollars in Millions)
2010
2009
$
27,589
$
24,463
1,930
1,500
3,949
4,524
692
692
(8,337
)
(8,482
)
(1,097
)
(1,322
)
1,221
1,235
25,947
22,610
3,125
2,969
3,943
4,874
18
5
7,086
7,848
$
33,033
$
30,458
$
247,619
$
235,233
(a)
Includes the
impact of items included in other comprehensive income (loss),
such as unrealized gains (losses) on
available-for-sale
securities, accumulated net gains on cash flow hedges, pension
liability adjustments, etc.
(Dollars and Shares
in Millions, Except Per Share Data)
2010
2009
2008
$
3,317
$
2,205
$
2,946
(89
)
(228
)
(119
)
118
(14
)
(4
)
(154
)
(14
)
(6
)
(4
)
$
3,332
$
1,803
$
2,819
1,912
1,851
1,742
9
8
14
1,921
1,859
1,756
$
1.74
$
.97
$
1.62
$
1.73
$
.97
$
1.61
Table of Contents
Table of Contents
Pension Plans
Postretirement
Welfare Plan
(Dollars in Millions)
2010
2009
2010
2009
$
2,496
$
2,368
$
186
$
176
93
80
7
6
155
152
11
11
11
10
(35
)
309
49
(11
)
6
(124
)
(118
)
(25
)
(26
)
2
3
$
2,929
$
2,496
$
181
$
186
$
2,089
$
1,699
$
144
$
158
321
489
1
19
19
1
1
11
10
(124
)
(118
)
(25
)
(26
)
$
2,305
$
2,089
$
131
$
144
$
(624
)
$
(407
)
$
(50
)
$
(42
)
$
6
$
5
$
$
(24
)
(21
)
(606
)
(391
)
(50
)
(42
)
$
(624
)
$
(407
)
$
(50
)
$
(42
)
$
(1,398
)
$
(1,259
)
$
63
$
62
35
47
1
2
(1
)
(2
)
$
(1,363
)
$
(1,212
)
$
63
$
62
(a)
At
December 31, 2010 and 2009, the accumulated benefit
obligation for all pension plans was $2.7 billion and
$2.4 billion, respectively.
(Dollars in Millions)
2010
2009
$
2,895
$
2,464
2,265
2,052
2,698
2,349
2,265
2,052
Table of Contents
Pension Plans
Postretirement
Welfare Plan
(Dollars in Millions)
2010
2009
2008
2010
2009
2008
$
93
$
80
$
76
$
7
$
6
$
6
155
152
141
11
11
12
(215
)
(215
)
(224
)
(5
)
(5
)
(6
)
(12
)
(6
)
(6
)
64
49
32
(5
)
(7
)
(4
)
$
85
$
60
$
19
$
8
$
5
$
8
$
(203
)
$
230
$
(1,419
)
$
6
$
(11
)
$
35
64
49
32
(5
)
(7
)
(4
)
35
(12
)
(6
)
(6
)
$
(151
)
$
308
$
(1,393
)
$
1
$
(18
)
$
31
$
(236
)
$
248
$
(1,412
)
$
(7
)
$
(23
)
$
23
(a)
The
pretax estimated actuarial loss (gain) and prior service cost
(credit) for the pension plans that will be amortized from
accumulated other comprehensive income (loss) into net periodic
benefit cost in 2011 are $125 million and
$(9) million, respectively.
(b)
The
pretax estimated actuarial loss (gain) for the postretirement
welfare plan that will be amortized from accumulated other
comprehensive income (loss) into net periodic benefit cost in
2011 is $(6) million.
Pension Plans
Postretirement
Welfare Plan
(Dollars in Millions)
2010
2009
2010
2009
5.7
%
6.2
%
4.9
%
5.6
%
4.0
3.0
*
*
8.0
%
8.0
%
14.0
14.0
$
10
$
8
(9
)
(8
)
(a)
For
2010, the discount rates were developed using Towers
Watsons cash flow matching bond model with a modified
duration for the qualified pension plans, non-qualified pension
plans and postretirement welfare plan of 14.0, 11.0 and
7.7 years, respectively. For 2009, the discount rates were
developed using Towers Watsons cash flow matching bond
model with a modified duration for the qualified pension plans,
non-qualified pension plans and postretirement welfare plan of
13.4, 10.5 and 8.2 years, respectively.
(b)
Determined
on a liability weighted basis.
(c)
The
pre-65 and post-65 rates are assumed to decrease gradually to
5.5 percent by 2017 and 6.0 percent by 2015,
respectively, and remain at these levels thereafter.
*
Not
applicable
Table of Contents
Pension Plans
Postretirement
Welfare Plan
(Dollars in Millions)
2010
2009
2008
2010
2009
2008
6.2
%
6.4
%
6.3
%
5.6
%
6.3
%
6.1
%
8.5
8.5
8.9
3.5
3.5
3.5
3.0
3.0
3.2
*
*
*
8.0
%
7.0
%
8.0
%
14.0
21.0
9.0
$
$
1
$
1
(1
)
(1
)
(a)
See
footnote (a) in previous table (weighted average
assumptions used to determine the projected benefit
obligations).
(b)
With
the help of an independent pension consultant, a range of
potential expected rates of return, economic conditions,
historical performance relative to assumed rates of return and
asset allocation, and peer group LTROR information are used in
developing the plan assumptions for its expected long-term rates
of return on plan assets. The Company determined its 2010
expected long-term rates of return reflect current economic
conditions and plan assets.
(c)
Determined
on a liability weighted basis.
(d)
The
pre-65 and post-65 rates are assumed to decrease gradually to
5.5 percent by 2017 and 6.0 percent by 2015,
respectively, and remain at these levels thereafter.
*
Not
applicable
Table of Contents
Postretirement
Pension Plans
Welfare Plan
2010
2009
2010
2009
(Dollars in Millions)
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Level 1
Level 1
$
1,174
$
$
$
1,056
$
$
$
$
373
397
142
126
537
442
8
17
7
51
40
224
97
30
22
131
144
6
6
$
2,307
$
224
$
14
$
2,083
$
114
$
13
$
131
$
144
2010
2009
Debt
Debt
(Dollars in Millions)
Securities
Other
Securities
Other
$
7
$
6
$
$
9
3
1
(3
)
(2
)
(3
)
9
$
8
$
6
$
7
$
6
Pension
Postretirement
Medicare
(Dollars in Millions)
Plans
Welfare Plan (a)
Part D Subsidy
$
148
$
16
$
2
143
17
2
149
19
3
156
20
3
162
21
3
917
104
(a)
Net
of retiree contributions and before Medicare Part D
subsidy.
Table of Contents
Weighted-Average
Aggregate
Stock
Weighted-Average
Remaining
Intrinsic Value
Year Ended December
31
Options/Shares
Exercise Price
Contractual Term
(In millions)
88,379,469
$
26.49
5,417,631
23.98
(5,769,586
)
19.38
(2,404,809
)
27.03
85,622,705
$
26.80
5.5
$
15
57,542,065
$
28.28
4.4
$
(76
)
82,293,011
$
29.08
14,316,237
12.04
(1,085,328
)
19.98
(7,144,451
)
28.33
88,379,469
$
26.49
6.1
$
(352
)
50,538,048
$
27.52
4.5
$
(253
)
91,211,464
$
27.22
22,464,085
32.19
(28,528,238
)
25.27
(2,854,300
)
31.94
82,293,011
$
29.08
6.0
$
(335
)
43,787,801
$
26.11
4.0
$
(48
)
(a)
Options
cancelled includes both non-vested (i.e., forfeitures) and
vested options.
(b)
Outstanding
options include stock-based awards that may be forfeited in
future periods. The impact of the estimated forfeitures is
reflected in compensation expense.
2010
2009
2008
$
8.36
$
3.39
$
3.55
2.5
%
1.8
%
3.4
%
3.0
%
4.2
%
4.8
%
.47
.44
.19
5.5
5.5
5.0
(Dollars in Millions)
2010
2009
2008
$
61
$
74
$
67
35
3
262
112
22
651
13
1
99
Table of Contents
Outstanding Options
Exercisable Options
Weighted-
Average
Weighted-
Weighted-
Remaining
Average
Average
Contractual
Exercise
Exercise
Range of Exercise
Prices
Shares
Life (Years)
Price
Shares
Price
11,778,734
8.1
$
11.43
2,304,680
$
11.54
3,951,661
1.5
19.03
3,730,778
19.11
15,288,993
3.9
22.68
10,205,513
22.11
14,970,270
4.4
29.23
14,331,081
29.37
29,593,767
6.2
31.71
19,341,817
31.44
10,039,280
5.9
36.06
7,628,196
36.06
85,622,705
5.5
$
26.80
57,542,065
$
28.28
2010
2009
2008
Weighted-
Weighted-
Weighted-
Average Grant-
Average Grant-
Average Grant-
Year Ended December
31
Shares
Date Fair Value
Shares
Date Fair Value
Shares
Date Fair Value
6,788,203
$
16.68
2,420,535
$
32.42
2,368,085
$
31.45
4,398,660
24.05
5,435,363
12.09
1,132,239
32.24
(1,862,228
)
18.71
(869,898
)
31.84
(958,729
)
29.78
(513,608
)
20.00
(197,797
)
16.52
(121,060
)
32.69
8,811,027
(a)
$
19.74
6,788,203
$
16.68
2,420,535
$
32.42
(a)
Includes
maximum number of shares to be received by participants under
awards that are based on the achievement of certain future
performance criteria by the Company.
(Dollars in Millions)
2010
2009
2008
$
1,105
$
765
$
1,832
(339
)
(499
)
(958
)
766
266
874
200
175
300
(31
)
(46
)
(87
)
169
129
213
$
935
$
395
$
1,087
Table of Contents
(Dollars in Millions)
2010
2009
2008
$
1,470
$
921
$
1,435
110
84
138
(462
)
(421
)
(301
)
(214
)
(202
)
(173
)
18
(11
)
(24
)
13
24
12
$
935
$
395
$
1,087
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
440
$
283
$
296
116
31
49
30
145
8
(12
)
(63
)
(54
)
(7
)
(7
)
$
532
$
440
$
283
Table of Contents
(Dollars in Millions)
2010
2009
$
2,100
$
2,147
393
359
317
275
201
184
113
25
52
58
429
120
284
79
3,889
3,247
(2,269
)
(2,319
)
(407
)
(280
)
(311
)
(394
)
(139
)
(129
)
(113
)
(71
)
(176
)
(188
)
(3,415
)
(3,381
)
(50
)
(56
)
$
424
$
(190
)
Table of Contents
December 31,
2010
December 31,
2009
Asset
Liability
Asset
Liability
(Dollars in Millions)
Derivatives
Derivatives
Derivatives
Derivatives
$
1,799
$
2,174
$
1,582
$
1,854
(280
)
(1,163
)
(421
)
(995
)
$
1,519
$
1,011
$
1,161
$
859
(a)
Represents
netting of derivative asset and liability balances, and related
collateral, with the same counterparty subject to master netting
agreements. Authoritative accounting guidance permits the
netting of derivative receivables and payables when a legally
enforceable master netting agreement exists between the Company
and a derivative counterparty. A master netting agreement is an
agreement between two counterparties who have multiple
derivative contracts with each other that provide for the net
settlement of contracts through a single payment, in a single
currency, in the event of default on or termination of any one
contract. At December 31, 2010, the amount of cash and
money market investments collateral posted by counterparties
that was netted against derivative assets was $55 million and
the amount of cash collateral posted by the Company that was
netted against derivative liabilities was $936 million. At
December 31, 2009, the amount of cash collateral posted by
counterparties that was netted against derivative assets was
$116 million and the amount of cash collateral posted by
the Company that was netted against derivative liabilities was
$691 million.
Table of Contents
Asset Derivatives
Liability Derivatives
Weighted-Average
Weighted-Average
Remaining
Remaining
Notional
Fair
Maturity
Notional
Fair
Maturity
(Dollars in Millions)
Value
Value
In Years
Value
Value
In Years
$
1,800
$
72
55.75
$
$
891
70
6.17
445
6.17
4,788
688
5.03
512
3
.08
2,879
20
.10
6,312
79
.05
9,082
207
.07
6,002
51
.09
1,600
.06
6,321
23
.07
1,348
9
.07
2,250
3
10.22
158
1
.09
694
6
.09
61
3
1.60
650
2
3.22
1,183
7
2.71
3,235
70
32.71
1,950
32
20.52
1,864
272
6.81
8,363
556
3.58
536
15
.08
1,250
6
.07
9,862
190
.05
7,533
91
.11
1,260
3
.06
5,250
.06
2,546
9
.08
594
2
.09
113
1
.08
293
2
.08
27
2
1.58
29
1
.29
863
2
3.68
1,261
1
3.05
Table of Contents
Asset Derivatives
Liability Derivatives
Weighted-Average
Weighted-Average
Remaining
Remaining
Notional
Fair
Maturity
Notional
Fair
Maturity
(Dollars in Millions)
Value
Value
In Years
Value
Value
In Years
$
15,730
$
956
4.64
$
1,294
$
21
6.01
1,315
24
6.12
15,769
922
4.68
2,024
13
1.98
115
12
.36
472
12
.26
1,667
13
2.35
7,772
384
.74
7,694
360
.75
224
6
.40
224
6
.40
18,700
854
4.46
1,083
19
7.00
1,299
24
7.36
18,490
821
4.45
1,841
20
1.68
231
12
.85
477
12
.56
1,596
20
1.90
5,607
193
.46
5,563
184
.45
311
11
.64
311
11
.64
(a)
Reflects
the net of long and short positions.
Gains (Losses)
Recognized in Other Comprehensive Income (Loss)
Gains (Losses)
Reclassified from Other Comprehensive Income (Loss) into Earnings
Year Ended December
31 (Dollars in Millions)
2010
2009
2010
2009
$
(235
)
$
114
$
(148
)
$
(209
)
(25
)
(44
)
(a)
Gains
(Losses) reclassified from other comprehensive income (loss)
into interest income (expense) on long-term debt.
Table of Contents
Gains (Losses)
Recognized in
Earnings
Location of Gains
(Losses)
Year Ended December
31 (Dollars in Millions)
Recognized in
Earnings
2010
2009
Other noninterest income
$
(31
)
$
(27
)
Other noninterest income
(193
)
115
Mortgage banking revenue
831
184
Mortgage banking revenue
425
300
Commercial products revenue
(16
)
(46
)
Compensation expense
1
(22
)
Other noninterest income/expense
(6
)
29
Other noninterest income
201
(658
)
Other noninterest income
(196
)
696
Other noninterest income
1
(1
)
Commercial products revenue
49
49
Commercial products revenue
1
1
(a)
Gains
(Losses) on items hedged by interest rate contracts and foreign
exchange forward contracts, included in noninterest income
(expense), were $35 million and $193 million for the
year ended December 31, 2010, respectively, and
$25 million and $(114) million for the year ended
December 31, 2009, respectively. The ineffective portion
was immaterial for the years ended December 31, 2010 and
2009.
Table of Contents
Note 21
FAIR VALUES OF
ASSETS AND LIABILITIES
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 valued using third-party pricing services;
derivative contracts 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
residential MSRs, certain debt securities, including the
Companys SIV-related securities and non-agency
mortgaged-backed securities, and certain derivative contracts.
Table of Contents
Prime (a)
Non-prime
Minimum
Maximum
Average
Minimum
Maximum
Average
4
%
28
%
13
%
1
%
13
%
6
%
14
1
20
8
16
100
41
10
88
56
3
30
6
3
40
11
(a)
Prime
securities are those designated as such by the issuer or those
with underlying asset characteristics and/or credit enhancements
consistent with securities designated as prime.
Table of Contents
Table of Contents
(Dollars in Millions)
Level 1
Level 2
Level 3
Netting
Total
$
873
$
1,664
$
$
$
2,537
37,703
37,703
1,103
1,103
947
947
197
197
50
50
89
135
224
587
133
720
6,417
6,417
6
6
949
9
958
448
448
181
18
199
1,054
48,078
2,377
51,509
8,100
8,100
1,837
1,837
846
953
(280
)
1,519
470
470
$
1,054
$
57,494
$
5,167
$
(280
)
$
63,435
$
$
2,072
$
102
$
(1,163
)
$
1,011
470
470
$
$
2,542
$
102
$
(1,163
)
$
1,481
$
9
$
3,395
$
$
$
3,404
29,595
29,595
1,429
1,429
968
968
147
147
13
13
107
98
205
357
357
6,693
6,693
6
6
868
10
878
423
423
372
231
603
381
41,234
3,106
44,721
4,327
4,327
1,749
1,749
713
869
(421
)
1,161
247
247
$
381
$
46,521
$
5,724
$
(421
)
$
52,205
$
$
1,800
$
54
$
(995
)
$
859
256
256
$
$
2,056
$
54
$
(995
)
$
1,115
Table of Contents
Net Gains
Net Change in
(Losses)
Purchases,
Unrealized Gains
Net Gains
Included in
Sales, Principal
(Losses) Relating
Beginning
(Losses)
Other
Payments,
End
to Assets
of Period
Included in
Comprehensive
Issuances and
Transfers into
of Period
Still Held at
Year Ended
December 31 (Dollars in Millions)
Balance
Net Income
Income (Loss)
Settlements
Level 3
Balance
End of Period
$
1,429
$
2
$
82
$
(410
)
$
$
1,103
$
76
968
(47
)
146
(120
)
947
145
13
2
3
32
50
3
98
7
30
135
4
357
2
11
(237
)
133
12
10
(1
)
9
231
5
10
(246
)
3,106
(30
) (a)
252
(951
)
2,377
240
1,749
(616
) (b)
704
1,837
(616
) (b)
815
243
(c)
(207
)
851
(625
) (d)
$
183
$
(4
)
$
542
$
(1,540
)
$
2,248
$
1,429
$
358
1,022
(141
)
151
(197
)
133
968
29
17
(1
)
(1
)
(3
)
1
13
(1
)
86
(3
)
2
9
4
98
3
523
(180
)
101
(90
)
3
357
3
13
(3
)
10
2
(10
)
(4
)
243
231
(10
)
1,844
(330
) (e)
785
(1,825
)
2,632
3,106
382
1,194
(394
) (b)
949
1,749
(394
) (b)
1,698
(755
) (f)
(129
)
1
815
(1,328
) (g)
(a)
Approximately
$(91) million included in securities gains (losses) and
$61 million included in interest income.
(b)
Included
in mortgage banking revenue.
(c)
Approximately
$(552) million included in other noninterest income and
$795 million included in mortgage banking
revenue.
(d)
Approximately
$176 million included in other noninterest income and
$(801) million included in mortgage banking
revenue.
(e)
Approximately
$(361) million included in securities gains (losses) and
$31 million included in interest income.
(f)
Approximately
$(1.4) billion included in other noninterest income and
$611 million included in mortgage banking
revenue.
(g)
Approximately
$(630) million included in other noninterest income and
$(698) million included in mortgage banking
revenue.
Table of Contents
2010
2009
(Dollars in Millions)
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
$
$
$
$
$
$
276
$
$
276
404
1
405
235
5
240
812
812
183
183
1
1
3
3
4
9
13
(a)
Represents
the carrying value of loans held for sale for which adjustments
are based on what secondary markets are currently offering for
portfolios with similar characteristics.
(b)
Represents
the carrying value of loans for which adjustments are based on
the appraised value of the collateral, excluding loans fully
charged-off.
(c)
Represents
the fair value of foreclosed properties that were measured at
fair value based on the appraisal value of the collateral
subsequent to their initial acquisition.
(Dollars in Millions)
2010
2009
$
$
2
363
293
302
178
1
2
6
(a)
Represents
write-downs of loans which are based on the appraised value of
the collateral, excluding loans fully charged-off.
(b)
Represents
related losses of foreclosed properties that were measured at
fair value subsequent to their initial acquisition.
2010
2009
Carrying
Carrying
Fair Value
Aggregate
Amount Over
Fair Value
Aggregate
Amount Over
Carrying
Unpaid
(Under) Unpaid
Carrying
Unpaid
(Under) Unpaid
December 31
(Dollars in Millions)
Amount
Principal
Principal
Amount
Principal
Principal
$
8,100
$
8,034
$
66
$
4,327
$
4,264
$
63
11
18
(7
)
6
6
23
30
(7
)
Table of Contents
2010
2009
Carrying
Fair
Carrying
Fair
(Dollars in Millions)
Amount
Value
Amount
Value
$
14,487
$
14,487
$
6,206
$
6,206
1,469
1,419
47
48
4
4
29
29
267
267
416
416
191,751
192,058
189,676
184,157
204,252
204,799
183,242
183,504
32,557
32,839
31,312
31,674
31,537
31,981
32,580
32,808
(a)
Balance
excludes mortgages held for sale for which the fair value option
under applicable accounting guidance was elected.
Term
Less Than
Greater Than
(Dollars in Millions)
One Year
One Year
Total
$
19,991
$
48,156
$
68,147
15,571
15,571
58,901
58,901
9,452
16,171
25,623
99
1,264
1,363
9,361
10,037
19,398
366
100
466
(a)
Primarily
cancelable at the Companys discretion.
Table of Contents
Capitalized
Operating
(Dollars in Millions)
Leases
Leases
$
8
$
199
7
187
7
180
5
151
4
115
16
455
$
47
$
1,287
15
$
32
Table of Contents
Table of Contents
Table of Contents
December 31
(Dollars in Millions)
2010
2009
$
6,722
$
10,568
1,454
1,554
29,452
24,798
1,239
854
1,500
1,500
1,171
918
1,429
1,511
$
42,967
$
41,703
$
60
$
842
13,037
14,538
351
360
29,519
25,963
$
42,967
$
41,703
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
$
625
$
1,935
3
94
6
109
82
125
105
(299
)
(674
)
217
502
1,392
1
3
24
366
332
409
80
44
45
447
379
478
(230
)
123
914
(70
)
(197
)
(348
)
(160
)
320
1,262
3,477
1,885
1,684
$
3,317
$
2,205
$
2,946
Table of Contents
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
$
3,317
$
2,205
$
2,946
(3,477
)
(1,885
)
(1,684
)
130
703
466
(30
)
1,023
1,728
298
395
1,408
(63
)
(52
)
(684
)
(1,750
)
(186
)
(540
)
58
58
61
(253
)
(173
)
(19
)
(300
)
(800
)
(600
)
300
33
(29
)
(22
)
(1,677
)
(787
)
(396
)
(782
)
(392
)
86
4,250
5,031
3,784
(5,250
)
(1,054
)
(3,819
)
(4
)
7,090
119
2,703
688
(6,599
)
(139
)
(89
)
(275
)
(68
)
(383
)
(1,025
)
(2,959
)
(2,139
)
(1,750
)
4,802
(3,846
)
(1,514
)
6,134
10,568
12,082
5,948
$
6,722
$
10,568
$
12,082
Table of Contents
% Change
December 31
(Dollars in Millions)
2010
2009
2008
2007
2006
2010 v 2009
$
14,487
$
6,206
$
6,859
$
8,884
$
8,639
*
%
1,469
47
53
74
87
*
51,509
44,721
39,468
43,042
40,030
15.2
8,371
4,772
3,210
4,819
3,256
75.4
197,061
194,755
184,955
153,827
143,597
1.2
(5,310
)
(5,079
)
(3,514
)
(2,058
)
(2,022
)
(4.5
)
191,751
189,676
181,441
151,769
141,575
1.1
40,199
35,754
34,881
29,027
25,645
12.4
$
307,786
$
281,176
$
265,912
$
237,615
$
219,232
9.5
%
$
45,314
$
38,186
$
37,494
$
33,334
$
32,128
18.7
%
158,938
145,056
121,856
98,111
92,754
9.6
204,252
183,242
159,350
131,445
124,882
11.5
32,557
31,312
33,983
32,370
26,933
4.0
31,537
32,580
38,359
43,440
37,602
(3.2
)
9,118
7,381
7,187
8,534
7,896
23.5
277,464
254,515
238,879
215,789
197,313
9.0
29,519
25,963
26,300
21,046
21,197
13.7
803
698
733
780
722
15.0
30,322
26,661
27,033
21,826
21,919
13.7
$
307,786
$
281,176
$
265,912
$
237,615
$
219,232
9.5
%
Table of Contents
% Change
Year Ended
December 31 (Dollars in Millions)
2010
2009
2008
2007
2006
2010 v 2009
$
10,145
$
9,564
$
10,051
$
10,627
$
9,873
6.1
%
246
277
227
277
236
(11.2
)
1,601
1,606
1,984
2,095
2,001
(.3
)
166
91
156
137
153
82.4
12,158
11,538
12,418
13,136
12,263
5.4
928
1,202
1,881
2,754
2,389
(22.8
)
548
539
1,066
1,433
1,203
1.7
1,103
1,279
1,739
2,260
1,930
(13.8
)
2,579
3,020
4,686
6,447
5,522
(14.6
)
9,579
8,518
7,732
6,689
6,741
12.5
4,356
5,557
3,096
792
544
(21.6
)
5,223
2,961
4,636
5,897
6,197
76.4
1,091
1,055
1,039
958
809
3.4
710
669
671
638
562
6.1
1,253
1,148
1,151
1,108
966
9.1
423
410
366
327
313
3.2
1,080
1,168
1,314
1,339
1,235
(7.5
)
710
970
1,081
1,077
1,042
(26.8
)
555
552
517
472
441
.5
771
615
492
433
415
25.4
1,003
1,035
270
259
192
(3.1
)
111
109
147
146
150
1.8
(78
)
(451
)
(978
)
15
14
82.7
731
672
741
524
813
8.8
8,360
7,952
6,811
7,296
6,952
5.1
3,779
3,135
3,039
2,640
2,513
20.5
694
574
515
494
481
20.9
919
836
781
738
709
9.9
306
255
240
233
199
20.0
360
378
310
260
233
(4.8
)
744
673
598
561
545
10.5
301
288
294
283
265
4.5
367
387
355
376
355
(5.2
)
1,913
1,755
1,216
1,322
929
9.0
9,383
8,281
7,348
6,907
6,229
13.3
4,200
2,632
4,099
6,286
6,920
59.6
935
395
1,087
1,883
2,112
*
3,265
2,237
3,012
4,403
4,808
46.0
52
(32
)
(66
)
(79
)
(57
)
*
$
3,317
$
2,205
$
2,946
$
4,324
$
4,751
50.4
$
3,332
$
1,803
$
2,819
$
4,258
$
4,696
84.8
Table of Contents
2010
2009
First
Second
Third
Fourth
First
Second
Third
Fourth
(Dollars in
Millions, Except Per Share Data)
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
Quarter
$
2,505
$
2,515
$
2,560
$
2,565
$
2,350
$
2,345
$
2,373
$
2,496
44
47
71
84
63
71
87
56
410
394
400
397
434
402
374
396
34
39
46
47
20
22
23
26
2,993
2,995
3,077
3,093
2,867
2,840
2,857
2,974
236
229
231
232
324
314
299
265
128
137
149
134
143
131
138
127
277
272
273
281
353
341
313
272
641
638
653
647
820
786
750
664
2,352
2,357
2,424
2,446
2,047
2,054
2,107
2,310
1,310
1,139
995
912
1,318
1,395
1,456
1,388
1,042
1,218
1,429
1,534
729
659
651
922
258
266
274
293
256
259
267
273
168
178
191
173
154
168
181
166
292
320
318
323
258
278
300
312
105
108
105
105
102
104
103
101
264
267
267
282
294
304
293
277
207
199
160
144
226
250
256
238
137
145
139
134
137
142
141
132
161
205
197
208
129
144
157
185
200
243
310
250
233
308
276
218
25
30
27
29
28
27
27
27
(34
)
(21
)
(9
)
(14
)
(198
)
(19
)
(76
)
(158
)
135
170
131
295
169
90
168
245
1,918
2,110
2,110
2,222
1,788
2,055
2,093
2,016
861
946
973
999
786
764
769
816
180
172
171
171
155
140
134
145
227
226
229
237
211
208
203
214
58
73
78
97
52
59
63
81
60
86
108
106
56
80
137
105
185
186
186
187
155
157
175
186
74
75
74
78
74
72
72
70
97
91
90
89
91
95
94
107
394
522
476
521
291
554
406
504
2,136
2,377
2,385
2,485
1,871
2,129
2,053
2,228
824
951
1,154
1,271
646
585
691
710
161
199
260
315
101
100
86
108
663
752
894
956
545
485
605
602
6
14
14
18
(16
)
(14
)
(2
)
$
669
$
766
$
908
$
974
$
529
$
471
$
603
$
602
$
648
$
862
$
871
$
951
$
419
$
221
$
583
$
580
$
.34
$
.45
$
.46
$
.50
$
.24
$
.12
$
.31
$
.30
$
.34
$
.45
$
.45
$
.49
$
.24
$
.12
$
.30
$
.30
Table of Contents
Year Ended
December 31
2010
2009
Average
Yields
Average
Yields
(Dollars in Millions)
Balances
Interest
and Rates
Balances
Interest
and Rates
$
47,763
$
1,763
3.69
%
$
42,809
$
1,770
4.13
%
5,616
246
4.37
5,820
277
4.76
47,028
1,977
4.20
52,827
2,074
3.93
34,269
1,530
4.46
33,751
1,453
4.30
27,704
1,436
5.18
24,481
1,380
5.64
64,089
4,272
6.67
62,023
4,125
6.65
173,090
9,215
5.32
173,082
9,032
5.22
19,932
985
4.94
12,723
578
4.54
193,022
10,200
5.28
185,805
9,610
5.17
5,641
166
2.94
2,853
91
3.20
252,042
12,375
4.91
237,287
11,748
4.95
(5,399
)
(4,451
)
94
(1,594
)
39,124
37,118
$
285,861
$
268,360
$
40,162
$
37,856
40,184
77
.19
36,866
78
.21
39,679
132
.33
31,795
145
.46
20,903
121
.58
13,109
71
.54
16,628
303
1.82
17,879
461
2.58
27,165
295
1.08
30,296
447
1.48
144,559
928
.64
129,945
1,202
.93
33,719
556
1.65
29,149
551
1.89
30,835
1,103
3.58
36,520
1,279
3.50
209,113
2,587
1.24
195,614
3,032
1.55
7,787
7,869
1,742
4,445
26,307
21,862
28,049
26,307
750
714
28,799
27,021
$
285,861
$
268,360
$
9,788
$
8,716
3.67
%
3.40
%
3.59
3.32
4.91
%
4.95
%
1.03
1.28
3.88
%
3.67
%
3.80
%
3.59
%
*
Not
meaningful
(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.
Table of Contents
2008
2007
2006
2010 v 2009
% Change
Average
Yields
Average
Yields
Average
Yields
Average
Balances
Interest
and Rates
Balances
Interest
and Rates
Balances
Interest
and Rates
Balances
$
42,850
$
2,160
5.04
%
$
41,313
$
2,239
5.42
%
$
39,961
$
2,063
5.16
%
11.6
%
3,914
227
5.80
4,298
277
6.44
3,663
236
6.45
(3.5
)
54,307
2,702
4.98
47,812
3,143
6.57
45,440
2,969
6.53
(11.0
)
31,110
1,771
5.69
28,592
2,079
7.27
28,760
2,104
7.32
1.5
23,257
1,419
6.10
22,085
1,354
6.13
21,053
1,224
5.81
13.2
55,570
4,134
7.44
48,859
4,080
8.35
45,348
3,602
7.94
3.3
164,244
10,026
6.10
147,348
10,656
7.23
140,601
9,899
7.04
1,308
61
4.68
56.7
165,552
10,087
6.09
147,348
10,656
7.23
140,601
9,899
7.04
3.9
2,730
156
5.71
1,724
137
7.95
2,006
153
7.64
97.7
215,046
12,630
5.87
194,683
13,309
6.84
186,231
12,351
6.63
6.2
(2,527
)
(2,042
)
(2,052
)
(21.3
)
(2,068
)
(874
)
(1,007
)
*
33,949
31,854
30,340
5.4
$
244,400
$
223,621
$
213,512
6.5
$
28,739
$
27,364
$
28,755
6.1
31,137
251
.81
26,117
351
1.34
23,552
233
.99
9.0
26,300
330
1.25
25,332
651
2.57
26,667
569
2.13
24.8
5,929
20
.34
5,306
19
.35
5,599
19
.35
59.5
13,583
472
3.47
14,654
644
4.40
13,761
524
3.81
(7.0
)
30,496
808
2.65
22,302
1,089
4.88
22,255
1,044
4.69
(10.3
)
107,445
1,881
1.75
93,711
2,754
2.94
91,834
2,389
2.60
11.2
38,237
1,144
2.99
28,925
1,531
5.29
24,422
1,242
5.08
15.7
39,250
1,739
4.43
44,560
2,260
5.07
40,357
1,930
4.78
(15.6
)
184,932
4,764
2.58
167,196
6,545
3.91
156,613
5,561
3.55
6.9
7,405
7,352
7,202
(1.0
)
2,246
1,000
767
(60.8
)
20,324
19,997
19,943
20.3
22,570
20,997
20,710
6.6
754
712
232
5.0
23,324
21,709
20,942
6.6
$
244,400
$
223,621
$
213,512
6.5
%
$
7,866
$
6,764
$
6,790
3.29
%
2.93
%
3.08
%
3.23
2.89
3.05
5.87
%
6.84
%
6.63
%
2.21
3.37
2.98
3.66
%
3.47
%
3.65
%
3.60
%
3.43
%
3.62
%
Table of Contents
(a)
Defined
as total common shares less common stock held in treasury at
December 31.
(b)
Based
on number of common stock shareholders of record at
December 31.
2010
2009
Sales Price
Sales Price
Closing
Dividends
Closing
Dividends
High
Low
Price
Declared
High
Low
Price
Declared
$
26.84
$
22.53
$
25.88
$
.050
$
25.43
$
8.06
$
14.61
$
.050
28.43
22.06
22.35
.050
21.92
13.92
17.92
.050
24.56
20.44
21.62
.050
23.49
16.11
21.86
.050
27.30
21.58
26.97
.050
25.59
20.76
22.51
.050
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
Table of Contents
and Chief Executive Officer
1.
Executive
Committee
2.
Compensation and
Human Resources Committee
3.
Audit
Committee
4.
Community
Reinvestment and Public Policy Committee
5.
Governance
Committee
6.
Risk Management
Committee
Registration
|
||||
Form
|
Statement No. | Purpose | ||
S-3
|
333-150298 | Shelf Registration Statement | ||
S-8
|
333-01421 | First Bank System, Inc. 1994 Stock Incentive Plan and 1991 Stock Incentive Plan | ||
S-8
|
333-02623 | First Bank System, Inc. 1996 Stock Incentive Plan | ||
S-8
|
333-32635 | U.S. Bancorp 1997 Stock Incentive Plan | ||
S-8
|
333-51635 | U.S. Bancorp 1997 Stock Incentive Plan | ||
S-8
|
333-76887 | U.S. Bancorp 1997 Stock Incentive Plan | ||
S-8
|
333-82691 | Bank of Commerce 1989 and 1995 Stock Option Plans (as assumed by U.S. Bancorp) | ||
S-8
|
333-38846 | U.S. Bancorp 1999 Stock Incentive Plan | ||
S-8
|
333-47968 | Scripps Bank 1992 and 1995 Stock Option Plans and Scripps Bank 1998 Outside Directors Stock Option Plan | ||
S-8
|
333-48532 | Various benefit plans of Firstar Corporation in effect at the time of the merger with U.S. Bancorp | ||
S-8
|
333-65774 | Various stock options and incentive plans of Nova Corporation in effect at the time of the merger with U.S. Bancorp | ||
S-8
|
333-68450 | U.S. Bancorp 2001 Employee Stock Incentive Plan | ||
S-8
|
333-74036 | U.S. Bancorp 2001 Stock Incentive Plan | ||
S-8
|
333-100671 | U.S. Bancorp 401(k) Savings Plan | ||
S-8
|
333-142194 | Various benefit plans of U.S. Bancorp | ||
S-8
|
333-166193 | Various benefit plans of U.S. Bancorp |
/s/ Douglas M. Baker, Jr.
|
/s/ Jerry W. Levin
|
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|
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/s/ Y. Marc Belton
|
/s/ David B. OMaley
|
|||
|
||||
/s/ Victoria Buyniski Gluckman
|
/s/ Odell M. Owens, M.D., M.P.H.
|
|||
|
||||
/s/ Arthur D. Collins, Jr.
|
/s/ Richard G. Reiten
|
|||
|
||||
/s/ Joel W. Johnson
|
/s/ Craig D. Schnuck
|
|||
|
||||
/s/ Olivia F. Kirtley
|
/s/ Patrick T. Stokes
|
(1) | I have reviewed this Annual Report on Form 10-K 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
(5) | The registrants other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
/s/ Richard K. Davis | ||||
Richard K. Davis | ||||
Dated: February 28, 2011 | Chief Executive Officer |
(1) | I have reviewed this Annual Report on Form 10-K 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 registrants 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
(5) | The registrants other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting. |
/s/ Andrew Cecere | ||||
Andrew Cecere | ||||
Dated: February 28, 2011 | Chief Financial Officer |
(1) | The Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (the Form 10-K) 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-K fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/
Richard K. Davis
|
/s/
Andrew Cecere
|
|
Chief Executive Officer
|
Chief Financial Officer | |
|
||
Dated:
February 28, 2011
|