Performance

Review our financial highlights and financial summary below

Financial highlights

Net Income Attributable to U.S. Bancorp (in millions)

Diluted Earnings per Common Share

Dividends Declared per Common Share

Return on Average Assets

Return on Average Common Equity

Dividend Payout Ratio

Net Interest Margin (a)

Efficiency Ratio (b)

Common Equity Tier 1 Capital (c)

Average Assets (in millions)

Shareholders’ Equity (in millions)

Total Risk-Based Capital (c)

Financial summary

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)
2018 2017 2018
v 2017
Net interest income $12,919 $12,380 4.4%
Taxable-equivalent adjustment (a) 116 205 (43.4)
Net interest income (taxable-equivalent basis) (b) 13,035 12,585 3.6
Noninterest income 9,602 9,317 3.1
Total net revenue 22,637 21,902 3.4
Noninterest expense 12,464 12,790 (2.5)
Provision for credit losses 1,379 1,390 (.8)
Income taxes and taxable-equivalent adjustment 1,670 1,469 13.7
Net income 7,124 6,253 13.9
Net (income) loss attributable to noncontrolling interests (28) (35) 20.0
Net income attributable to U.S. Bancorp $7,096 $6,218 14.1
Net income applicable to U.S. Bancorp common shareholders $6,784 $5,913 14.7
Per common share
2018 2017 2018
v 2017
Earnings per share $4.15 $3.53 17.6%
Diluted earnings per share 4.14 3.51 17.9
Dividends declared per share 1.34 1.16 15.5
Book value per share (c) 28.01 26.34 6.3
Market value per share 45.70 53.58 (14.7)
Average common shares outstanding 1,634 1,677 (2.6)
Average diluted common shares outstanding 1,638 1,683 (2.7)
Financial ratios
2018 2017
Return on average assets 1.55% 1.39%
Return on average common equity 15.4 13.8
Net interest margin (taxable-equivalent basis) (a) 3.14 3.10
Efficiency ratio (b) 55.1 58.5
Average balances
2018 2017 2018
v 2017
Loans $280,701 $276,537 1.5%
Investment securities (d) 113,940 111,820 1.9
Earning assets 415,067 406,421 2.1
Assets 457,014 448,582 1.9
Deposits 333,462 333,514
Total U.S. Bancorp shareholders’ equity 49,763 48,466 2.7
Period end balances
2018 2017 2018
v 2017
Loans $286,810 $280,432 2.3%
Allowance for credit losses 4,441 4,417 .5
Investment securities 112,165 112,499 (.3)
Assets 467,374 462,040 1.2
Deposits 345,475 347,215 (.5)
Total U.S. Bancorp shareholders’ equity 51,029 49,040 4.1
Capital ratios
2018 2017
Basel III standardized approach:
Common equity tier 1 capital 9.1% 9.3%
Tier 1 capital 10.7 10.8
Total risk-based capital 12.6 12.9
Leverage 9.0 8.9
Common equity tier 1 capital to risk-weighted assets for the Basel III advanced approaches 11.8 12.0
Tangible common equity to tangible assets (b) 7.8 7.6
Tangible common equity to risk-weighted assets (b) 9.4 9.4
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented standardized approach (b) 9.1
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented advanced approaches (b) 11.6