U.S. Bancorp Reports 28 Percent Increase In Net Income For The First Quarter Of 2012

Average investment securities in the first quarter of 2012 were $15.1 billion (26.7 percent) higher year-over-year and $2.7 billion (3.9 percent) higher than the prior quarter. The increases over the prior year and linked quarter were primarily due to purchases of U.S. Treasury and government agency-backed securities.

AVERAGE DEPOSITS																			Table 5
($ in millions)															Percent				Percent
															Change				Change
			1Q				4Q				1Q				1Q12 vs				1Q12 vs
			2012				2011				2011				4Q11				1Q11
Noninterest-bearing deposits			$	63,583			$	63,640			$	44,189			(.1	)			43.9
Interest-bearing savings deposits
Interest checking				47,458				44,287				42,645			7.2				11.3
Money market savings				45,927				45,200				45,649			1.6				.6
Savings accounts				28,846				27,693				25,330			4.2				13.9
Total of savings deposits				122,231				117,180				113,624			4.3				7.6
Time certificates of deposit less
than $100,000				14,956				15,068				15,264			(.7	)			(2.0	)
Time deposits greater than $100,000				27,514				27,430				31,228			.3				(11.9	)
Total interest-bearing deposits				164,701				159,678				160,116			3.1				2.9
Total deposits			$	228,284			$	223,318			$	204,305			2.2				11.7

Average total deposits for the first quarter of 2012 were $24.0 billion (11.7 percent) higher than the first quarter of 2011. Average noninterest-bearing deposits increased $19.4 billion (43.9 percent) year-over-year, with growth in the average balances in a majority of the lines of business including Wholesale Banking, Wealth Management and Securities Services and Consumer and Small Business Banking. Average total savings deposits were $8.6 billion (7.6 percent) higher year-over-year, the result of growth in corporate and institutional trust balances, as well as an increase in Consumer and Small Business Banking average balances, partially offset by lower broker-dealer and government banking average balances. Average time certificates of deposit less than $100,000 were slightly lower, while time deposits greater than $100,000 were $3.7 billion (11.9 percent) lower than the first quarter of 2011, principally in corporate and institutional trust averages balances.

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