U.S. Bancorp Gives Davis 5.5% Pay Increase for 2013 Performance

U.S. Bancorp, the nation’s largest regional bank, gave Chief Executive Officer Richard Davis a 5.5 percent raise for his work last year.

Davis, 56, was awarded $10.7 million for his performance in 2013, compared with $10.1 million a year earlier, according to a Securities and Exchange Commission filing yesterday from the Minneapolis-based bank. That includes salary, cash bonus and a long-term incentive composed of restricted stock and options.

Davis’s salary was $1.1 million, little changed from 2012, according to the filing. His cash bonus declined to $2.6 million from $3.04 million, and his long-term incentive package rose to $7 million from $6 million.

Davis’s compensation for 2013 differs from the $10.8 million he received during the calendar year. That figure included pension benefits and other pay awarded in prior years and was down from $18.2 million a year earlier.

Net income at U.S. Bancorp (USB), the fifth-biggest commercial bank, increased 3.3 percent last year to a record $5.84 billion. Tom Joyce, a company spokesman, declined to elaborate on Davis’s income beyond what was disclosed in the filing.

To contact the reporter on this story: Elizabeth Dexheimer in New York at edexheimer@bloomberg.net

To contact the editor responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net

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