US Bank 2015 Annual Report Download - page 5

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Years ended December 31 2015 2014
(Dollars and Shares in Millions, Except Per Share Data) 2015 2014 2013 v 2014 v 2013
Total net revenue (taxable-equivalent basis) ......................................... $20,306 $20,161 $19,602 .7% 2.9%
Noninterest expense ............................................................................ 10,931 10,715 10,274 2.0 4.3
Provision for credit losses .................................................................... 1,132 1,229 1,340 (7.9) (8.3)
Income taxes and taxable-equivalent adjustment .................................. 2,310 2,309 2,256 – 2.3
Net income ....................................................................................... 5,933 5,908 5,732 .4 3.1
Net (income) loss attributable to noncontrolling interests .................... (54) (57) 104 5.3 *
Net income attributable to U.S. Bancorp ........................................... $5,879 $5,851 $5,836 .5 .3
Net income applicable to U.S. Bancorp common shareholders ......... $5,608 $5,583 $5,552 .4 .6
Per Common Share
Earnings per share ................................................................................ $3.18 $3.10 $3.02 2.6% 2.6%
Diluted earnings per share .................................................................... 3.16 3.08 3.00 2.6 2.7
Dividends declared per share ................................................................ 1.010 .965 .885 4.7 9.0
Book value per share ............................................................................ 23.28 21.68 19.92 7.4 8.8
Market value per share ......................................................................... 42.67 44.95 40.40 (5.1) 11.3
Average common shares outstanding ................................................... 1,764 1,803 1,839 (2.2) (2.0)
Average diluted common shares outstanding ....................................... 1,772 1,813 1,849 (2.3) (1.9)
Financial Ratios
Return on average assets ..................................................................... 1.44% 1.54% 1.65%
Return on average common equity ....................................................... 14.0 14.7 15.8
Net interest margin (taxable-equivalent basis) ....................................... 3.05 3.23 3.44
Efciency ratio(a) .................................................................................... 53.8 53.2 52.4
Average Balances
Loans ................................................................................................ $250,459 $241,692 $227,474 3.6% 6.3%
Investment securities ............................................................................ 103,161 90,327 75,046 14.2 20.4
Earning assets ...................................................................................... 367,445 340,994 315,139 7.8 8.2
Assets ................................................................................................ 408,865 380,004 352,680 7.6 7.7
Deposits ............................................................................................... 287,151 266,640 250,457 7.7 6.5
Total U.S. Bancorp shareholders’ equity ............................................... 44,813 42,837 39,917 4.6 7.3
Period End Balances
Loans ................................................................................................ $260,849 $247,851 $235,235 5.2% 5.4%
Allowance for credit losses ................................................................... 4,306 4,375 4,537 (1.6) (3.6)
Investment securities ............................................................................ 105,587 101,043 79,855 4.5 26.5
Assets ................................................................................................ 421,853 402,529 364,021 4.8 10.6
Deposits ............................................................................................... 300,400 282,733 262,123 6.2 7.9
Total U.S. Bancorp shareholders’ equity ............................................... 46,131 43,479 41,113 6.1 5.8
Capital Ratios
Common equity tier 1 capital(b) .............................................................. 9.6% 9.7% 9.4%(c)
Tier 1 capital(b)....................................................................................... 11.3 11.3 11.2
Total risk-based capital(b) ....................................................................... 13.3 13.6 13.2
Leverage(b) ............................................................................................ 9.5 9.3 9.6
Common equity tier 1 capital to risk-weighted assets for the Basel III
transitional advanced approaches .................................................... 12.5 12.4
Common equity tier 1 capital to risk-weighted assets estimated for
the Basel III fully implemented standardized approach(c) .................... 9.1 9.0 8.8
Common equity tier 1 capital to risk-weighted assets estimated for
the Basel III fully implemented advanced approaches(c) ..................... 11.9 11.8
Tangible common equity to tangible assets(c) ......................................... 7.6 7.5 7.7
Tangible common equity to risk-weighted assets(c) ................................ 9.2 9.3 9.1
* 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, 2015 and 2014, calculated under the Basel III transitional standardized approach; December 31, 2013, calculated under Basel I.
(c) See Non-GAAP Financial Measures beginning on page 73.
FINANCIAL SUMMARY