US Bank 2008 Annual Report Download - page 5

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U.S. BANCORP 3
Financial
summary
Year Ended December 31 2008 2007
(Dollars and Shares in Millions, Except Per Share Data) 2008 2007 2006 v 2007 v 2006
Total net revenue (taxable-equivalent basis) ............................... $ 14,677 $ 14,060 $ 13,742 4.4% 2.3%
Noninterest expense ................................................................... 7,414 6,986 6,286 6.1 11.1
Provision for credit losses ........................................................... 3,096 792 544 * 45.6
Income taxes and taxable-equivalent adjustments ...................... 1,221 1,958 2,161 (37.6) (9.4)
Net income .............................................................................. $ 2,946 $ 4,324 $ 4,751 (31.9) (9.0)
Net income applicable to common equity ............................... $ 2,823 $ 4,264 $ 4,703 (33.8) (9.3)
Per Common Share
Earnings per share ....................................................................... $ 1.62 $ 2.46 $ 2.64 (34.1)% (6.8)%
Diluted earnings per share ........................................................... 1.61 2.43 2.61 (33.7) (6.9)
Dividends declared per share ....................................................... 1.700 1.625 1.390 4.6 16.9
Book value per share .................................................................... 10.47 11.60 11.44 (9.7) 1.4
Market value per share ................................................................. 25.01 31.74 36.19 (21.2) (12.3)
Average common shares outstanding .......................................... 1,742 1,735 1,778 .4 (2.4)
Average diluted common shares outstanding .............................. 1,757 1,758 1,804 (.1) (2.5)
Financial Ratios
Return on average assets............................................................. 1.21% 1.93% 2.23%
Return on average common equity .............................................. 13.9 21.3 23.6
Net interest margin (taxable-equivalent basis) ............................. 3.66 3.47 3.65
Effi ciency ratio(a) ........................................................................... 47.4 49.7 45.8
Tangible common equity .............................................................. 3.2 4.7 5.2
Tangible common equity, excluding accumulated other
comprehensive income (loss) ................................................... 4.5 5.2 5.5
Average Balances
Loans ............................................................................................ $165,552 $147,348 $140,601 12.4% 4.8%
Investment securities ................................................................... 42,850 41,313 39,961 3.7 3.4
Earning assets .............................................................................. 215,046 194,683 186,231 10.5 4.5
Assets ........................................................................................... 244,400 223,621 213,512 9.3 4.7
Deposits ....................................................................................... 136,184 121,075 120,589 12.5 .4
Total shareholders’ equity ............................................................ 22,570 20,997 20,710 7.5 1.4
Period End Balances
Loans ............................................................................................ $185,229 $153,827 $143,597 20.4% 7.1%
Allowance for credit losses .......................................................... 3,639 2,260 2,256 61.0 .2
Investment securities ................................................................... 39,521 43,116 40,117 (8.3) 7.5
Assets ........................................................................................... 265,912 237,615 219,232 11.9 8.4
Deposits ....................................................................................... 159,350 131,445 124,882 21.2 5.3
Shareholders’ equity .................................................................... 26,300 21,046 21,197 25.0 (.7)
Regulatory capital ratios
Tier 1 capital ............................................................................ 10.6% 8.3% 8.8%
Total risk-based capital ........................................................... 14.3 12.2 12.6
Leverage ................................................................................... 9.8 7.9 8.2
(a) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income excluding securities gains (losses), net.
* Not meaningful
F