U.S. Bancorp CEO Richard Davis took home 2 percent less in total compensation in 2009 than he did the previous year.
Davis received $6.6 million in total compensation in 2009, compared with $6.8 million in 2008.
The cut in compensation came as U.S. Bancorp's profit dipped in the year as customers continue to default in droves on loans. However, U.S. Bancorp remained solidly profitable and repaid money it received from the government's $700 billion bailout program.
Davis' base salary rose 2 percent to $915,491 in 2009 from $900,034 a year earlier. He also received a $677,588 performance-based cash bonus last year after declining one in 2008.
U.S. Bancorp also provided Davis with $35,376 in perks and benefits during the year, more than double the $15,596 he received in 2008.
Despite those increases, his total compensation dropped because he received less stock options and restricted stock awards in 2009. Last year he received awards that were valued at $5 million when they were given, compared with $5.9 million in 2008.
Those awards though currently carry little value because U.S. Bancorp's stock price is about 1 percent below the base price of the options that were awarded in October.
Like nearly all banks, U.S. Bancorp faced mounting loan losses throughout the year as more customers fell behind on repaying debt. U.S. Bancorp set aside $5.26 billion for defaults during the fourth quarter.
For the full year, it reported a profit of $1.8 billion, down from $2.82 billion in 2008.
U.S. Bancorp was still strong enough to turn a big profit and repay $6.6 billion in government bailout money in 2009. The Minneapolis-based bank was one of the first large banks to pay back money it received in late 2008 as the credit crisis worsened and threatened to derail the banking system.
The AP's executive pay calculation aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC, which reflect the size of the accounting charge taken for the executives compensation in the previous fiscal year.
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