CEO Pay Watch U.S. Bancorp

Richard Davis, chairman, president, CEO

Total compensation: $9,311,164 for year ended Dec. 31

Salary: $1,100,042

Non-equity incentive pay: $3,044,350

Other compensation: $17,572

Exercised stock options: $2,476,745

Value realized on vesting shares: $2,672,455

New stock options: 294,696

Total 2012 return to shareholders: 20.8 percent

Note: Total compensation for Davis rose 41.4 percent compared with last year, mostly because of the $2.5 million in previously issued stock options he exercised in 2012, after exercising no options in 2011.

Minneapolis-based U.S. Bancorp, the fifth-largest U.S. bank in total assets, had another strong year financially. It posted record net revenue of $20.3 billion, a 6.2 percent increase over 2011, and record net income of $5.6 billion, a 15.9 percent increase over 2011.

It also did better than its peer group in industry measures, such as return on average assets and on average common equity.

Davis and other executives exceeded financial goals for the year, but not by as much as in 2011. So annual bonuses came in a little less than awards in 2011. Davis’ $3 million bonus for 2012 was 4.9 percent less than in 2011.

The board’s compensation committee awarded Davis a 12.8 percent increase in 2012 base salary of $1.1 million “to demonstrate the committee’s approval of his leadership.” In 2011 he did not receive a base salary increase. The committee also approved a 9.1 percent increase in the value of his long-term incentive awards for 2012.

Patrick Kennedy