US Bank 2014 Annual Report Download - page 5

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FINANCIAL SUMMARY
U.S. BANCORP The power of potential
3
Year Ended December 31 2014 2013
(Dollars and Shares in Millions, Except Per Share Data) 2014 2013 2012 v 2013 v 2012
Total net revenue (taxable-equivalent basis) ............................................. $ 20,161 $ 19,602 $ 20,288 2.9% (3.4)%
Noninterest expense .................................................................................. 10,715 10,274 10,456 4.3 (1.7)
Provision for credit losses .......................................................................... 1,229 1,340 1,882 (8.3) (28.8)
Income taxes and taxable-equivalent adjustments .................................. 2,309 2,256 2,460 2.3 (8.3)
Net income ............................................................................................. 5,908 5,732 5,490 3.1 4.4
Net (income) loss attributable to noncontrolling interests .................. (57) 104 157 * (33.8)
Net income attributable to U.S.Bancorp .............................................. $ 5,851 $ 5,836 $ 5,647 .3 3.3
Net income applicable to U.S.Bancorp common shareholders .......... $ 5,583 $ 5,552 $ 5,383 .6 3.1
Per Common Share
Earnings per share ..................................................................................... $ 3.10 $ 3.02 $ 2.85 2.6% 6.0%
Diluted earnings per share ........................................................................ 3.08 3.00 2.84 2.7 5.6
Dividends declared per share .................................................................... .965 .885 .780 9.0 13.5
Book value per share ................................................................................. 21.68 19.92 18.31 8.8 8.8
Market value per share .............................................................................. 44.95 40.40 31.94 11.3 26.5
Average common shares outstanding ....................................................... 1,803 1,839 1,887 (2.0) (2.5)
Average diluted common shares outstanding........................................... 1,813 1,849 1,896 (1.9) (2.5)
Financial Ratios
Return on average assets .......................................................................... 1.54% 1.65% 1.65%
Return on average common equity............................................................ 14.7 15.8 16.2
Net interest margin (taxable-equivalent basis) ......................................... 3.23 3.44 3.58
Efficiency ratio (a) ......................................................................................... 53.2 52.4 51.5
Average Balances
Loans .......................................................................................................... $241,692 $227,474 $215,374 6.3% 5.6%
Investment securities ................................................................................. 90,327 75,046 72,501 20.4 3.5
Earning assets ............................................................................................ 340,994 315,139 306,270 8.2 2.9
Assets ......................................................................................................... 380,004 352,680 342,849 7.7 2.9
Deposits ...................................................................................................... 266,640 250,457 235,710 6.5 6.3
Total U.S.Bancorp shareholders’ equity ................................................... 42,837 39,917 37,611 7.3 6.1
Period End Balances
Loans .......................................................................................................... $247,851 $235,235 $223,329 5.4% 5.3%
Allowance for credit losses ........................................................................ 4,375 4,537 4,733 (3.6) (4.1)
Investment securities ................................................................................. 101,043 79,855 74,528 26.5 7.1
Assets ......................................................................................................... 402,529 364,021 353,855 10.6 2.9
Deposits ...................................................................................................... 282,733 262,123 249,183 7.9 5.2
Total U.S.Bancorp shareholders’ equity ................................................... 43,479 41,113 38,998 5.8 5.4
Capital Ratios
Common equity tier 1 capital (b) ................................................................. 9.7% 9.4%(c) 9.0%(c)
Tier 1 capital (b) ............................................................................................ 11.3 11.2 10.8
Total risk-based capital (b) .......................................................................... 13.6 13.2 13.1
Leverage (b) .................................................................................................. 9.3 9.6 9.2
Common equity tier 1 capital to risk-weighted assets for the Basel III
transitional advanced approaches ........................................................ 12.4
Common equity tier 1 capital to risk-weighted assets estimated for
the Basel III fully implemented standardized approach (c)(d) ................. 9.0 8.8 8.1
Common equity tier 1 capital to risk-weighted assets estimated for
the Basel III fully implemented advanced approaches (c)...................... 11.8
Tangible common equity to tangible assets (c) ........................................... 7.5 7.7 7.2
Tangible common equity to risk-weighted assets (c) ................................. 9.3 9.1 8.6
* 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) December 31, 2014, calculated under the Basel III transitional standardized approach; December 31, 2013 and 2012, calculated under Basel I.
(c) See Non-GAAP Financial Measures beginning on page 71.
(d) December 31, 2014 and 2013, calculated using final rules for the Basel III fully implemented standardized approach; December 31, 2012, calculated using proposed rules released June 2012.