US Bank 2011 Annual Report Download - page 5

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U.S. BANCORP 3
Year Ended December 31 2011 2010
(Dollars and Shares in Millions, Except Per Share Data) 2011 2010 2009 v 2010 v 2009
Total net revenue (taxable-equivalent basis) ............................... $ 19,108 $ 18,148 $ 16,668 5.3% 8.9%
Noninterest expense ................................................................... 9,911 9,383 8,281 5.6 13.3
Provision for credit losses ........................................................... 2,343 4,356 5,557 (46.2) (21.6)
Income taxes and taxable-equivalent adjustments ...................... 2,066 1,144 593 80.6 92.9
Net income .............................................................................. 4,788 3,265 2,237 46.6 46.0
Net (income) loss attributable to noncontrolling interests ........ 84 52 (32) 61.5 *
Net income attributable to U.S. Bancorp ................................. $ 4,872 $ 3,317 $ 2,205 46.9 50.4
Net income applicable to U.S. Bancorp
common shareholders.......................................................... $ 4,721 $ 3,332 $ 1,803 41.7 84.8
Per Common Share
Earnings per share ....................................................................... $ 2.47 $ 1.74 $ .97 42.0% 79.4%
Diluted earnings per share ........................................................... 2.46 1.73 .97 42.2 78.4
Dividends declared per share ....................................................... .50 .20 .20 * –
Book value per share .................................................................... 16.43 14.36 12.79 14.4 12.3
Market value per share ................................................................. 27.05 26.97 22.51 .3 19.8
Average common shares outstanding .......................................... 1,914 1,912 1,851 .1 3.3
Average diluted common shares outstanding .............................. 1,923 1,921 1,859 .1 3.3
Financial Ratios
Return on average assets............................................................. 1.53% 1.16% .82%
Return on average common equity .............................................. 15.8 12.7 8.2
Net interest margin (taxable-equivalent basis) ............................. 3.65 3.88 3.67
Effi ciency ratio(a) ........................................................................... 51.8 51.5 48.4
Average Balances
Loans ............................................................................................ $201,427 $193,022 $185,805 4.4% 3.9%
Investment securities ................................................................... 63,645 47,763 42,809 33.3 11.6
Earning assets .............................................................................. 283,290 252,042 237,287 12.4 6.2
Assets ........................................................................................... 318,264 285,861 268,360 11.3 6.5
Deposits ....................................................................................... 213,159 184,721 167,801 15.4 10.1
Total U.S. Bancorp shareholders’ equity ...................................... 32,200 28,049 26,307 14.8 6.6
Period End Balances
Loans ............................................................................................ $209,835 $197,061 $194,755 6.5% 1.2%
Allowance for credit losses .......................................................... 5,014 5,531 5,264 (9.3) 5.1
Investment securities ................................................................... 70,814 52,978 44,768 33.7 18.3
Assets ........................................................................................... 340,122 307,786 281,176 10.5 9.5
Deposits ....................................................................................... 230,885 204,252 183,242 13.0 11.5
Total U.S. Bancorp shareholders’ equity ...................................... 33,978 29,519 25,963 15.1 13.7
Capital ratios
Tier 1 capital ............................................................................ 10.8% 10.5% 9.6%
Total risk-based capital ........................................................... 13.3 13.3 12.9
Leverage ................................................................................... 9.1 9.1 8.5
Tier 1 common equity to risk-weighted assets
using Basel I defi nition (b)....................................................... 8.6 7.8 6.8
Tier 1 common equity to risk-weighted assets
using anticipated Basel III defi nition (b) .................................. 8.2 7.3
Tangible common equity to tangible assets(b) .......................... 6.6 6.0 5.3
Tangible common equity to risk-weighted assets(b) ................. 8.1 7.2 6.1
* Not meaningful
(a) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income excluding net securities gains (losses).
(b) See Non-GAAP Financial Measures beginning on page 62.
Financial Summary