US Bank 2014 Annual Report Download - page 25

TABLE 1 SELECTED FINANCIAL DATA
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data) 2014 2013 2012 2011 2010
Condensed Income Statement
Net interest income (taxable-equivalent basis)(a) ................................... $ 10,997 $ 10,828 $ 10,969 $ 10,348 $ 9,788
Noninterest income ............................................................... 9,161 8,765 9,334 8,791 8,438
Securities gains (losses), net ...................................................... 3 9 (15) (31) (78)
Total net revenue............................................................... 20,161 19,602 20,288 19,108 18,148
Noninterest expense .............................................................. 10,715 10,274 10,456 9,911 9,383
Provision for credit losses ......................................................... 1,229 1,340 1,882 2,343 4,356
Income before taxes............................................................ 8,217 7,988 7,950 6,854 4,409
Taxable-equivalent adjustment .................................................... 222 224 224 225 209
Applicable income taxes........................................................... 2,087 2,032 2,236 1,841 935
Net income..................................................................... 5,908 5,732 5,490 4,788 3,265
Net (income) loss attributable to noncontrolling interests ...................... (57) 104 157 84 52
Net income attributable to U.S. Bancorp ....................................... $ 5,851 $ 5,836 $ 5,647 $ 4,872 $ 3,317
Net income applicable to U.S. Bancorp common shareholders ................. $ 5,583 $ 5,552 $ 5,383 $ 4,721 $ 3,332
Per Common Share
Earnings per share ................................................................ $ 3.10 $ 3.02 $ 2.85 $ 2.47 $ 1.74
Diluted earnings per share ........................................................ 3.08 3.00 2.84 2.46 1.73
Dividends declared per share ..................................................... .965 .885 .780 .500 .200
Book value per share .............................................................. 21.68 19.92 18.31 16.43 14.36
Market value per share ............................................................ 44.95 40.40 31.94 27.05 26.97
Average common shares outstanding ............................................. 1,803 1,839 1,887 1,914 1,912
Average diluted common shares outstanding ..................................... 1,813 1,849 1,896 1,923 1,921
Financial Ratios
Return on average assets ......................................................... 1.54% 1.65% 1.65% 1.53% 1.16%
Return on average common equity ................................................ 14.7 15.8 16.2 15.8 12.7
Net interest margin (taxable-equivalent basis)(a) ................................... 3.23 3.44 3.58 3.65 3.88
Efficiency ratio(b) ................................................................... 53.2 52.4 51.5 51.8 51.5
Net charge-offs as a percent of average loans outstanding ........................ .55 .64 .97 1.41 2.17
Average Balances
Loans ............................................................................. $241,692 $227,474 $215,374 $201,427 $193,022
Loans held for sale ................................................................ 3,148 5,723 7,847 4,873 5,616
Investment securities(c) ............................................................ 90,327 75,046 72,501 63,645 47,763
Earning assets .................................................................... 340,994 315,139 306,270 283,290 252,042
Assets............................................................................. 380,004 352,680 342,849 318,264 285,861
Noninterest-bearing deposits ..................................................... 73,455 69,020 67,241 53,856 40,162
Deposits .......................................................................... 266,640 250,457 235,710 213,159 184,721
Short-term borrowings............................................................ 30,252 27,683 28,549 30,703 33,719
Long-term debt ................................................................... 26,535 21,280 28,448 31,684 30,835
Total U.S. Bancorp shareholders’ equity ........................................... 42,837 39,917 37,611 32,200 28,049
Period End Balances
Loans ............................................................................. $247,851 $235,235 $223,329 $209,835 $197,061
Investment securities ............................................................. 101,043 79,855 74,528 70,814 52,978
Assets............................................................................. 402,529 364,021 353,855 340,122 307,786
Deposits .......................................................................... 282,733 262,123 249,183 230,885 204,252
Long-term debt ................................................................... 32,260 20,049 25,516 31,953 31,537
Total U.S. Bancorp shareholders’ equity ........................................... 43,479 41,113 38,998 33,978 29,519
Asset Quality
Nonperforming assets ............................................................ $ 1,808 $ 2,037 $ 2,671 $ 3,774 $ 5,048
Allowance for credit losses ........................................................ 4,375 4,537 4,733 5,014 5,531
Allowance for credit losses as a percentage of period-end loans .................. 1.77% 1.93% 2.12% 2.39% 2.81%
Capital Ratios
Common equity tier 1 capital(d) .................................................... 9.7% 9.4%(e) 9.0%(e) 8.6%(e) 7.8%(e)
Tier 1 capital(d) .................................................................... 11.3 11.2 10.8 10.8 10.5
Total risk-based capital(d) ......................................................... 13.6 13.2 13.1 13.3 13.3
Leverage(d) ........................................................................ 9.3 9.6 9.2 9.1 9.1
Common equity tier 1 capital to risk-weighted assets for the Basel III transitional
advanced approaches .......................................................... 12.4
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III
fully implemented standardized approach(e)(f) ................................... 9.0 8.8 8.1 8.2 7.3
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III
fully implemented advanced approaches(e) ..................................... 11.8
Tangible common equity to tangible assets(e) ...................................... 7.5 7.7 7.2 6.6 6.0
Tangible common equity to risk-weighted assets(e) ................................ 9.3 9.1 8.6 8.1 7.2
(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) December 31, 2014, calculated under the Basel III transitional standardized approach; all other periods calculated under Basel I.
(e) See Non-GAAP Financial Measures beginning on page 71.
(f) December 31, 2014 and 2013, calculated using final rules for the Basel III fully implemented standardized approach; December 31, 2012, calculated using proposed rules released June
2012; December 31, 2011 and 2010, calculated using proposed rules released prior to June 2012.
U.S. BANCORP The power of potential
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