US Bank 2011 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) 2011 2010 2009 2008 2007
Condensed Income Statement
Net interest income (taxable-equivalent basis) (a) ............................... $ 10,348 $ 9,788 $ 8,716 $ 7,866 $ 6,764
Noninterest income ............................................................. 8,791 8,438 8,403 7,789 7,281
Securities gains (losses), net .................................................... (31) (78) (451) (978) 15
Total net revenue ............................................................. 19,108 18,148 16,668 14,677 14,060
Noninterest expense ............................................................ 9,911 9,383 8,281 7,348 6,907
Provision for credit losses ...................................................... 2,343 4,356 5,557 3,096 792
Income before taxes ......................................................... 6,854 4,409 2,830 4,233 6,361
Taxable-equivalent adjustment ................................................. 225 209 198 134 75
Applicable income taxes ........................................................ 1,841 935 395 1,087 1,883
Net income ................................................................... 4,788 3,265 2,237 3,012 4,403
Net (income) loss attributable to noncontrolling interests .................... 84 52 (32) (66) (79)
Net income attributable to U.S. Bancorp ..................................... $ 4,872 $ 3,317 $ 2,205 $ 2,946 $ 4,324
Net income applicable to U.S. Bancorp common shareholders .............. $ 4,721 $ 3,332 $ 1,803 $ 2,819 $ 4,258
Per Common Share
Earnings per share .............................................................. $ 2.47 $ 1.74 $ .97 $ 1.62 $ 2.45
Diluted earnings per share ...................................................... 2.46 1.73 .97 1.61 2.42
Dividends declared per share ................................................... .500 .200 .200 1.700 1.625
Book value per share ........................................................... 16.43 14.36 12.79 10.47 11.60
Market value per share .......................................................... 27.05 26.97 22.51 25.01 31.74
Average common shares outstanding .......................................... 1,914 1,912 1,851 1,742 1,735
Average diluted common shares outstanding ................................... 1,923 1,921 1,859 1,756 1,756
Financial Ratios
Return on average assets ....................................................... 1.53% 1.16% .82% 1.21% 1.93%
Return on average common equity ............................................. 15.8 12.7 8.2 13.9 21.3
Net interest margin (taxable-equivalent basis) (a) ............................... 3.65 3.88 3.67 3.66 3.47
Efficiency ratio (b) ............................................................... 51.8 51.5 48.4 46.9 49.2
Net charge-offs as a percent of average loans outstanding .................... 1.41 2.17 2.08 1.10 .54
Average Balances
Loans ........................................................................... $201,427 $193,022 $185,805 $165,552 $147,348
Loans held for sale .............................................................. 4,873 5,616 5,820 3,914 4,298
Investment securities (c) ........................................................ 63,645 47,763 42,809 42,850 41,313
Earning assets .................................................................. 283,290 252,042 237,287 215,046 194,683
Assets ........................................................................... 318,264 285,861 268,360 244,400 223,621
Noninterest-bearing deposits ................................................... 53,856 40,162 37,856 28,739 27,364
Deposits ........................................................................ 213,159 184,721 167,801 136,184 121,075
Short-term borrowings .......................................................... 30,703 33,719 29,149 38,237 28,925
Long-term debt ................................................................. 31,684 30,835 36,520 39,250 44,560
Total U.S. Bancorp shareholders’ equity ........................................ 32,200 28,049 26,307 22,570 20,997
Period End Balances
Loans ........................................................................... $209,835 $197,061 $194,755 $184,955 $153,827
Investment securities ........................................................... 70,814 52,978 44,768 39,521 43,116
Assets ........................................................................... 340,122 307,786 281,176 265,912 237,615
Deposits ........................................................................ 230,885 204,252 183,242 159,350 131,445
Long-term debt ................................................................. 31,953 31,537 32,580 38,359 43,440
Total U.S. Bancorp shareholders’ equity ........................................ 33,978 29,519 25,963 26,300 21,046
Asset Quality
Nonperforming assets .......................................................... $ 3,774 $ 5,048 $ 5,907 $ 2,624 $ 690
Allowance for credit losses ..................................................... 5,014 5,531 5,264 3,639 2,260
Allowance for credit losses as a percentage of period-end loans ............... 2.39% 2.81% 2.70% 1.97% 1.47%
Capital Ratios
Tier 1 capital .................................................................... 10.8% 10.5% 9.6% 10.6% 8.3%
Total risk-based capital ......................................................... 13.3 13.3 12.9 14.3 12.2
Leverage ........................................................................ 9.1 9.1 8.5 9.8 7.9
Tier 1 common equity to risk-weighted assets using Basel I definition (d) ...... 8.6 7.8 6.8 5.1 5.6
Tier 1 common equity to risk-weighted assets using anticipated Basel III
definition (d) .................................................................. 8.2 7.3
Tangible common equity to tangible assets (d) ................................. 6.6 6.0 5.3 3.3 4.8
Tangible common equity to risk-weighted assets (d) ........................... 8.1 7.2 6.1 3.7 5.1
(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.
(d) See Non-GAAP Financial Measures beginning on page 62.
U.S. BANCORP 19