US Bank 2009 Annual Report Download - page 21

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Table 1 Selected Financial Data
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data) 2009 2008 2007 2006 2005
Condensed Income Statement
Net interest income (taxable-equivalent basis) (a) . . . . . . . . $ 8,716 $ 7,866 $ 6,764 $ 6,790 $ 7,088
Noninterest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,403 7,789 7,281 6,938 6,257
Securities gains (losses), net . . . . . . . . . . . . . . . . . . . . . . (451) (978) 15 14 (106)
Total net revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,668 14,677 14,060 13,742 13,239
Noninterest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,281 7,348 6,907 6,229 5,919
Provision for credit losses . . . . . . . . . . . . . . . . . . . . . . . . 5,557 3,096 792 544 666
Income before taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 2,830 4,233 6,361 6,969 6,654
Taxable-equivalent adjustment . . . . . . . . . . . . . . . . . . . . . 198 134 75 49 33
Applicable income taxes . . . . . . . . . . . . . . . . . . . . . . . . . 395 1,087 1,883 2,112 2,082
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,237 3,012 4,403 4,808 4,539
Net income attributable to noncontrolling interests . . . . . . (32) (66) (79) (57) (50)
Net income attributable to U.S. Bancorp . . . . . . . . . . . . . $ 2,205 $ 2,946 $ 4,324 $ 4,751 $ 4,489
Net income applicable to U.S. Bancorp common
shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,803 $ 2,819 $ 4,258 $ 4,696 $ 4,483
Per Common Share
Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ .97 $ 1.62 $ 2.45 $ 2.64 $ 2.45
Diluted earnings per share . . . . . . . . . . . . . . . . . . . . . . . . $ .97 $ 1.61 $ 2.42 $ 2.61 $ 2.42
Dividends declared per share . . . . . . . . . . . . . . . . . . . . . . $ .200 $ 1.700 $ 1.625 $ 1.390 $ 1.230
Book value per share . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12.79 $ 10.47 $ 11.60 $ 11.44 $ 11.07
Market value per share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22.51 $ 25.01 $ 31.74 $ 36.19 $ 29.89
Average common shares outstanding . . . . . . . . . . . . . . . . 1,851 1,742 1,735 1,778 1,831
Average diluted common shares outstanding . . . . . . . . . . . 1,859 1,756 1,756 1,803 1,856
Financial Ratios
Return on average assets . . . . . . . . . . . . . . . . . . . . . . . . .82% 1.21% 1.93% 2.23% 2.21%
Return on average common equity . . . . . . . . . . . . . . . . . . 8.2 13.9 21.3 23.5 22.5
Net interest margin (taxable-equivalent basis) (a). . . . . . . . . 3.67 3.66 3.47 3.65 3.97
Efficiency ratio (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48.4 46.9 49.2 45.4 44.4
Average Balances
Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $185,805 $165,552 $147,348 $140,601 $131,610
Loans held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,820 3,914 4,298 3,663 3,290
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,809 42,850 41,313 39,961 42,103
Earning assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237,287 215,046 194,683 186,231 178,425
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268,360 244,400 223,621 213,512 203,198
Noninterest-bearing deposits . . . . . . . . . . . . . . . . . . . . . . 37,856 28,739 27,364 28,755 29,229
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,801 136,184 121,075 120,589 121,001
Short-term borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . 29,149 38,237 28,925 24,422 19,382
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,520 39,250 44,560 40,357 36,141
Total U.S. Bancorp shareholders’ equity . . . . . . . . . . . . . . . 26,307 22,570 20,997 20,710 19,953
Period End Balances
Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $195,408 $185,229 $153,827 $143,597 $136,462
Allowance for credit losses. . . . . . . . . . . . . . . . . . . . . . . . 5,264 3,639 2,260 2,256 2,251
Investment securities . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,768 39,521 43,116 40,117 39,768
Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 281,176 265,912 237,615 219,232 209,465
Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,242 159,350 131,445 124,882 124,709
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,580 38,359 43,440 37,602 37,069
Total U.S. Bancorp shareholders’ equity . . . . . . . . . . . . . . . 25,963 26,300 21,046 21,197 20,086
Capital ratios
Tier 1 capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.6% 10.6% 8.3% 8.8% 8.2%
Total risk-based capital . . . . . . . . . . . . . . . . . . . . . . . . 12.9 14.3 12.2 12.6 12.5
Leverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5 9.8 7.9 8.2 7.6
Tier 1 common equity to risk-weighted assets (c) . . . . . . . 6.8 5.1 5.6 6.0 6.4
Tangible common equity to tangible assets (c) . . . . . . . . . 5.3 3.3 4.8 5.2 5.6
Tangible common equity to risk-weighted assets (c) . . . . . 6.1 3.7 5.1 5.6 6.1
(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) See Non-Regulatory Capital Ratios on page 61.
U.S. BANCORP 19