US Bank 2015 Annual Report Download - page 29

TABLE 1 SELECTED FINANCIAL DATA
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data) 2015 2014 2013 2012 2011
Condensed Income Statement
Net interest income (taxable-equivalent basis)(a) .............................. $ 11,214 $ 10,997 $ 10,828 $ 10,969 $ 10,348
Noninterest income .................................................... 9,092 9,161 8,765 9,334 8,791
Securities gains (losses), net ............................................. – 3 9 (15) (31)
Total net revenue .................................................... 20,306 20,161 19,602 20,288 19,108
Noninterest expense ................................................... 10,931 10,715 10,274 10,456 9,911
Provision for credit losses ............................................... 1,132 1,229 1,340 1,882 2,343
Income before taxes ................................................. 8,243 8,217 7,988 7,950 6,854
Taxable-equivalent adjustment ........................................... 213 222 224 224 225
Applicable income taxes ................................................ 2,097 2,087 2,032 2,236 1,841
Net income ........................................................ 5,933 5,908 5,732 5,490 4,788
Net (income) loss attributable to noncontrolling interests .................... (54) (57) 104 157 84
Net income attributable to U.S. Bancorp ................................. $ 5,879 $ 5,851 $ 5,836 $ 5,647 $ 4,872
Net income applicable to U.S. Bancorp common shareholders ............... $ 5,608 $ 5,583 $ 5,552 $ 5,383 $ 4,721
Per Common Share
Earnings per share .................................................... $ 3.18 $ 3.10 $ 3.02 $ 2.85 $ 2.47
Diluted earnings per share .............................................. 3.16 3.08 3.00 2.84 2.46
Dividends declared per share ............................................ 1.010 .965 .885 .780 .500
Book value per share .................................................. 23.28 21.68 19.92 18.31 16.43
Market value per share ................................................. 42.67 44.95 40.40 31.94 27.05
Average common shares outstanding ..................................... 1,764 1,803 1,839 1,887 1,914
Average diluted common shares outstanding ............................... 1,772 1,813 1,849 1,896 1,923
Financial Ratios
Return on average assets ............................................... 1.44% 1.54% 1.65% 1.65% 1.53%
Return on average common equity ....................................... 14.0 14.7 15.8 16.2 15.8
Net interest margin (taxable-equivalent basis)(a) .............................. 3.05 3.23 3.44 3.58 3.65
Efficiency ratio(b) ....................................................... 53.8 53.2 52.4 51.5 51.8
Net charge-offs as a percent of average loans outstanding .................... .47 .55 .64 .97 1.41
Average Balances
Loans ............................................................... $250,459 $241,692 $227,474 $215,374 $201,427
Loans held for sale .................................................... 5,784 3,148 5,723 7,847 4,873
Investment securities(c) ................................................. 103,161 90,327 75,046 72,501 63,645
Earning assets ........................................................ 367,445 340,994 315,139 306,270 283,290
Assets .............................................................. 408,865 380,004 352,680 342,849 318,264
Noninterest-bearing deposits ............................................ 79,203 73,455 69,020 67,241 53,856
Deposits ............................................................ 287,151 266,640 250,457 235,710 213,159
Short-term borrowings ................................................. 27,960 30,252 27,683 28,549 30,703
Long-term debt ....................................................... 33,566 26,535 21,280 28,448 31,684
Total U.S. Bancorp shareholders’ equity ................................... 44,813 42,837 39,917 37,611 32,200
Period End Balances
Loans ............................................................... $260,849 $247,851 $235,235 $223,329 $209,835
Investment securities .................................................. 105,587 101,043 79,855 74,528 70,814
Assets .............................................................. 421,853 402,529 364,021 353,855 340,122
Deposits ............................................................ 300,400 282,733 262,123 249,183 230,885
Long-term debt ....................................................... 32,078 32,260 20,049 25,516 31,953
Total U.S. Bancorp shareholders’ equity ................................... 46,131 43,479 41,113 38,998 33,978
Asset Quality
Nonperforming assets .................................................. $ 1,523 $ 1,808 $ 2,037 $ 2,671 $ 3,774
Allowance for credit losses .............................................. 4,306 4,375 4,537 4,733 5,014
Allowance for credit losses as a percentage of period-end loans ................ 1.65% 1.77% 1.93% 2.12% 2.39%
Capital Ratios
Common equity tier 1 capital(d) ........................................... 9.6% 9.7% 9.4%(e) 9.0%(e) 8.6%(e)
Tier 1 capital(d) ........................................................ 11.3 11.3 11.2 10.8 10.8
Total risk-based capital(d) ............................................... 13.3 13.6 13.2 13.1 13.3
Leverage(d) ........................................................... 9.5 9.3 9.6 9.2 9.1
Common equity tier 1 capital to risk-weighted assets for the Basel III transitional
advanced approaches ............................................... 12.5 12.4
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully
implemented standardized approach(e)(f) .................................. 9.1 9.0 8.8 8.1 8.2
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully
implemented advanced approaches(e) ................................... 11.9 11.8
Tangible common equity to tangible assets(e) ............................... 7.6 7.5 7.7 7.2 6.6
Tangible common equity to risk-weighted assets(e) ........................... 9.2 9.3 9.1 8.6 8.1
(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, 2015 and 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 73.
(f) December 31, 2015, 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, calculated using proposed rules released prior to June 2012.
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