US Bank 2010 Annual Report Download - page 5

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U.S. BANCORP 3
FINANCIAL SUMMARY
Year Ended December 31 2010 2009
(Dollars and Shares in Millions, Except Per Share Data) 2010 2009 2008 v 2009 v 2008
Total net revenue (taxable-equivalent basis) ............................... $ 18,148 $ 16,668 $ 14,677 8.9% 13.6%
Noninterest expense ................................................................... 9,383 8,281 7,348 13.3 12.7
Provision for credit losses ........................................................... 4,356 5,557 3,096 (21.6) 79.5
Income taxes and taxable-equivalent adjustments ...................... 1,144 593 1,221 92.9 (51.4)
Net income .............................................................................. 3,265 2,237 3,012 46.0 (25.7)
Net income attributable to noncontrolling interests ................. 52 (32) (66) * 51.5
Net income attributable to U.S. Bancorp ................................. $ 3,317 $ 2,205 $ 2,946 50.4 (25.2)
Net income applicable to U.S. Bancorp
common shareholders.......................................................... $ 3,332 $ 1,803 $ 2,819 84.8 (36.0)
Per Common Share
Earnings per share ....................................................................... $ 1.74 $.97 $ 1.62 79.4% (40.1)%
Diluted earnings per share ........................................................... $ 1.73 $.97 $ 1.61 78.4 (39.8)
Dividends declared per share ....................................................... $.20 $.20 $ 1.70 — (88.2)
Book value per share .................................................................... $ 14.36 $ 12.79 $ 10.47 12.3 22.2
Market value per share ................................................................. $ 26.97 $ 22.51 $ 25.01 19.8 (10.0)
Average common shares outstanding .......................................... 1,912 1,851 1,742 3.3 6.3
Average diluted common shares outstanding .............................. 1,921 1,859 1,756 3.3 5.9
Financial Ratios
Return on average assets............................................................. 1.16% .82% 1.21%
Return on average common equity .............................................. 12.7 8.2 13.9
Net interest margin (taxable-equivalent basis) ............................. 3.88 3.67 3.66
Efficiency ratio(a) ........................................................................... 51.5 48.4 46.9
Average Balances
Loans ............................................................................................ $193,022 $185,805 $165,552 3.9% 12.2%
Investment securities ................................................................... 47,763 42,809 42,850 11.6 (.1)
Earning assets .............................................................................. 252,042 237,287 215,046 6.2 10.3
Assets ........................................................................................... 285,861 268,360 244,400 6.5 9.8
Deposits ....................................................................................... 184,721 167,801 136,184 10.1 23.2
Total U.S. Bancorp shareholders’ equity ...................................... 28,049 26,307 22,570 6.6 16.6
Period End Balances
Loans ............................................................................................ $197,061 $194,755 $184,955 1.2% 5.3%
Allowance for credit losses .......................................................... 5,531 5,264 3,639 5.1 44.7
Investment securities ................................................................... 52,978 44,768 39,521 18.3 13.3
Assets ........................................................................................... 307,786 281,176 265,912 9.5 5.7
Deposits ....................................................................................... 204,252 183,242 159,350 11.5 15.0
Total U.S. Bancorp shareholders’ equity ...................................... 29,519 25,963 26,300 13.7 (1.3)
Capital ratios
Tier 1 capital ............................................................................ 10.5% 9.6% 10.6%
Total risk-based capital ........................................................... 13.3 12.9 14.3
Leverage ................................................................................... 9.1 8.5 9.8
Tier 1 common equity to risk-weighted assets(b) ..................... 7.8 6.8 5.1
Tangible common equity to tangible assets(b) .......................... 6.0 5.3 3.3
Tangible common equity to risk-weighted assets(b) ................. 7.2 6.1 3.7
* Not meaningful
(a) 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).
(b) See Non-Regulatory Capital Ratios on page 60.