US Bank 2013 Annual Report Download - page 23

TABLE 1 Selected Financial Data
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data) 2013 2012 2011 2010 2009
Condensed Income Statement
Net interest income (taxable-equivalent basis) (a) ................................. $ 10,828 $ 10,969 $ 10,348 $ 9,788 $ 8,716
Noninterest income ................................................................ 8,765 9,334 8,791 8,438 8,403
Securities gains (losses), net ...................................................... 9 (15) (31) (78) (451)
Total net revenue ............................................................... 19,602 20,288 19,108 18,148 16,668
Noninterest expense ............................................................... 10,274 10,456 9,911 9,383 8,281
Provision for credit losses ......................................................... 1,340 1,882 2,343 4,356 5,557
Income before taxes ............................................................ 7,988 7,950 6,854 4,409 2,830
Taxable-equivalent adjustment .................................................... 224 224 225 209 198
Applicable income taxes .......................................................... 2,032 2,236 1,841 935 395
Net income ...................................................................... 5,732 5,490 4,788 3,265 2,237
Net (income) loss attributable to noncontrolling interests ....................... 104 157 84 52 (32)
Net income attributable to U.S. Bancorp ........................................ $ 5,836 $ 5,647 $ 4,872 $ 3,317 $ 2,205
Net income applicable to U.S. Bancorp common shareholders ................ $ 5,552 $ 5,383 $ 4,721 $ 3,332 $ 1,803
Per Common Share
Earnings per share ................................................................ $ 3.02 $ 2.85 $ 2.47 $ 1.74 $ .97
Diluted earnings per share ........................................................ 3.00 2.84 2.46 1.73 .97
Dividends declared per share ..................................................... .885 .780 .500 .200 .200
Book value per share .............................................................. 19.92 18.31 16.43 14.36 12.79
Market value per share ............................................................ 40.40 31.94 27.05 26.97 22.51
Average common shares outstanding ............................................. 1,839 1,887 1,914 1,912 1,851
Average diluted common shares outstanding ..................................... 1,849 1,896 1,923 1,921 1,859
Financial Ratios
Return on average assets ......................................................... 1.65% 1.65% 1.53% 1.16% .82%
Return on average common equity ................................................ 15.8 16.2 15.8 12.7 8.2
Net interest margin (taxable-equivalent basis) (a) ................................. 3.44 3.58 3.65 3.88 3.67
Efficiency ratio (b) ................................................................. 52.4 51.5 51.8 51.5 48.4
Net charge-offs as a percent of average loans outstanding ....................... .64 .97 1.41 2.17 2.08
Average Balances
Loans .............................................................................. $227,474 $215,374 $201,427 $193,022 $185,805
Loans held for sale ................................................................ 5,723 7,847 4,873 5,616 5,820
Investment securities (c) ........................................................... 75,046 72,501 63,645 47,763 42,809
Earning assets ..................................................................... 315,139 306,270 283,290 252,042 237,287
Assets ............................................................................. 352,680 342,849 318,264 285,861 268,360
Noninterest-bearing deposits ...................................................... 69,020 67,241 53,856 40,162 37,856
Deposits ........................................................................... 250,457 235,710 213,159 184,721 167,801
Short-term borrowings ............................................................. 27,683 28,549 30,703 33,719 29,149
Long-term debt .................................................................... 21,280 28,448 31,684 30,835 36,520
Total U.S. Bancorp shareholders’ equity .......................................... 39,917 37,611 32,200 28,049 26,307
Period End Balances
Loans .............................................................................. $235,235 $223,329 $209,835 $197,061 $194,755
Investment securities .............................................................. 79,855 74,528 70,814 52,978 44,768
Assets ............................................................................. 364,021 353,855 340,122 307,786 281,176
Deposits ........................................................................... 262,123 249,183 230,885 204,252 183,242
Long-term debt .................................................................... 20,049 25,516 31,953 31,537 32,580
Total U.S. Bancorp shareholders’ equity .......................................... 41,113 38,998 33,978 29,519 25,963
Asset Quality
Nonperforming assets ............................................................. $ 2,037 $ 2,671 $ 3,774 $ 5,048 $ 5,907
Allowance for credit losses ........................................................ 4,537 4,733 5,014 5,531 5,264
Allowance for credit losses as a percentage of period-end loans ................. 1.93% 2.12% 2.39% 2.81% 2.70%
Capital Ratios
Tier 1 capital ....................................................................... 11.2% 10.8% 10.8% 10.5% 9.6%
Total risk-based capital ............................................................ 13.2 13.1 13.3 13.3 12.9
Leverage .......................................................................... 9.6 9.2 9.1 9.1 8.5
Tangible common equity to tangible assets (d) ................................... 7.7 7.2 6.6 6.0 5.3
Tangible common equity to risk-weighted assets using Basel I definition (d) ..... 9.1 8.6 8.1 7.2 6.1
Tier 1 common equity to risk-weighted assets using Basel I definition (d) ......... 9.4 9.0 8.6 7.8 6.8
Common equity tier 1 to risk-weighted assets estimated using final rules for the
Basel III standardized approach (d) ............................................ 8.8––––
Common equity tier 1 to risk-weighted assets approximated using proposed
rules for the Basel III standardized approach released June 2012 (d) .......... – 8.1 – – –
Common equity tier 1 to risk-weighted assets approximated using proposed
rules for the Basel III standardized approach released prior to June
2012 (d) ......................................................................... – – 8.2 7.3 –
(a) Presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.
(b) 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).
(c) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value
from available-for-sale to held-to-maturity.
(d) See Non-GAAP Financial Measures beginning on page 65.
U.S. BANCORP 21