US Bank 2007 Annual Report Download - page 55

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2007, compared with $21.2 billion at December 31, 2006. The
decrease was the result of share repurchases and dividends,
partially offset by corporate earnings.
On December 11, 2007, the Company increased its
dividend rate per common share by 6.25 percent, from $.40
per quarter to $.425 per quarter. On December 12, 2006,
the Company increased its dividend rate per common share
by 21.2 percent, from $.33 per quarter to $.40 per quarter.
On December 21, 2004, the Board of Directors
approved and announced an authorization to repurchase
150 million shares of common stock during the next
24 months. On August 3, 2006, the Company announced
that the Board of Directors approved an authorization to
repurchase 150 million shares of common stock through
December 31, 2008. This new authorization replaced the
December 21, 2004, share repurchase program. During
2006, the Company repurchased 62 million shares under the
2004 authorization and 28 million shares under the 2006
authorization. The average price paid for all shares
repurchased in 2006 was $31.35 per share. In 2007, the
Company repurchased 58 million shares under the 2006
authorization. The average price paid for shares repurchased
in 2007 was $34.84 per share. For a complete analysis of
activities impacting shareholders’ equity and capital
management programs, refer to Note 14 of the Notes to
Consolidated Financial Statements.
The following table provides a detailed analysis of all shares
repurchased under the 2006 authorization during the fourth
quarter of 2007:
Time Period
Total Number
of Shares
Purchased as
Part of the
Program
Average
Price Paid
per Share
Maximum Number
of Shares that May
Yet Be Purchased
Under the
Program
October . . . . . . 168,766 $32.74 64,320,188
November . . . . . 272 31.04 64,319,916
December . . . . . 58,439 31.97 64,261,477
Total . . . . . . 227,477 $32.54 64,261,477
U.S. BANCORP 53
Table 21 REGULATORY CAPITAL RATIOS
At December 31 (Dollars in Millions) 2007 2006
U.S. Bancorp
Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,539 $17,036
As a percent of risk-weighted assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3% 8.8%
As a percent of adjusted quarterly average assets (leverage ratio) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.9% 8.2%
Total risk-based capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,925 $24,495
As a percent of risk-weighted assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2% 12.6%
Tangible common equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,820 $11,703
As a percent of tangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1% 5.5%
Bank Subsidiaries
U.S. Bank National Association
Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5% 6.5%
Total risk-based capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.4 10.8
Leverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 6.1
U.S. Bank National Association ND
Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3% 12.9%
Total risk-based capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.8 16.7
Leverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.7 11.3
Bank Regulatory Capital Requirements Minimum
Well-
Capitalized
Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0% 6.0%
Total risk-based capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.0 10.0
Leverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0 5.0