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U.S. Bancorp Reports Fourth Quarter And Full Year 2012 Earnings

Average investment securities in the fourth quarter of 2012 were $4.1 billion (5.9 percent) higher year-over-year and $.4 billion (.6 percent) higher than the prior quarter. The increases were primarily due to purchases of U.S. government agency-backed securities, net of prepayments and maturities.

AVERAGE DEPOSITS                               Table 5
($ in millions)         Percent   Percent      
Change Change
4Q 3Q 4Q 4Q12 vs 4Q12 vs Full Year Full Year Percent
2012   2012   2011   3Q12   4Q11   2012   2011   Change
Noninterest-bearing deposits $72,655 $68,127 $63,640 6.6 14.2 $67,241 $53,856 24.9
Interest-bearing savings deposits
Interest checking 45,168 43,207 44,287 4.5 2.0 45,433 42,827 6.1
Money market savings 49,545 47,530 45,200 4.2 9.6 46,874 45,119 3.9
Savings accounts 30,231   29,743   27,693 1.6 9.2 29,596   26,654 11.0
Total of savings deposits 124,944 120,480 117,180 3.7 6.6 121,903 114,600 6.4
Time certificates of deposit less
than $100,000 13,956 14,362 15,068 (2.8 ) (7.4 ) 14,509 15,237 (4.8 )
Time deposits greater than $100,000 32,292   36,312   27,430 (11.1 ) 17.7 32,057   29,466 8.8
Total interest-bearing deposits 171,192   171,154   159,678 -- 7.2 168,469   159,303 5.8
Total deposits $243,847   $239,281   $223,318 1.9 9.2 $235,710   $213,159 10.6

Average total deposits for the fourth quarter of 2012 were $20.5 billion (9.2 percent) higher than the fourth quarter of 2011. Average noninterest-bearing deposits increased $9.0 billion (14.2 percent) year-over-year, with growth in average balances in a majority of the lines of business, including Wholesale Banking and Commercial Real Estate, Wealth Management and Securities Services, and Consumer and Small Business Banking. Average total savings deposits were $7.8 billion (6.6 percent) higher year-over-year, the result of growth in Consumer and Small Business Banking and corporate trust balances, partially offset by lower government banking and broker-dealer average balances. Average time certificates of deposit less than $100,000 were $1.1 billion (7.4 percent) lower, while time deposits greater than $100,000 were $4.9 billion (17.7 percent) higher than the fourth quarter of 2011, principally in Wholesale Banking and Commercial Real Estate. Time deposits greater than $100,000 are managed as an alternative to other funding sources, such as wholesale borrowing, based largely on relative pricing.

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