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)
v 2017
Net interest income$12,919$12,3804.4%
Taxable-equivalent adjustment (a)116205(43.4)
Net interest income (taxable-equivalent basis) (b)13,03512,5853.6
Noninterest income9,6029,3173.1
Total net revenue22,63721,9023.4
Noninterest expense12,46412,790(2.5)
Provision for credit losses1,3791,390(.8)
Income taxes and taxable-equivalent adjustment 1,6701,46913.7
Net income7,1246,25313.9
Net (income) loss attributable to noncontrolling interests (28)(35)20.0
Net income attributable to U.S. Bancorp$7,096$6,21814.1
Net income applicable to U.S. Bancorp common shareholders $6,784$5,91314.7
Per common share
v 2017
Earnings per share$4.15$3.5317.6%
Diluted earnings per share4.143.5117.9
Dividends declared per share1.341.1615.5
Book value per share (c)28.0126.346.3
Market value per share45.7053.58(14.7)
Average common shares outstanding1,6341,677(2.6)
Average diluted common shares outstanding 1,6381,683(2.7)
Financial ratios
Return on average assets1.55%1.39%
Return on average common equity15.413.8
Net interest margin (taxable-equivalent basis) (a)3.143.10
Efficiency ratio (b)55.158.5
Average balances
v 2017
Investment securities (d)113,940111,8201.9
Earning assets415,067406,4212.1
Total U.S. Bancorp shareholders’ equity 49,76348,4662.7
Period end balances
v 2017
Allowance for credit losses4,4414,417.5
Investment securities112,165112,499(.3)
Total U.S. Bancorp shareholders’ equity51,02949,0404.1
Capital ratios
Basel III standardized approach:
Common equity tier 1 capital9.1%9.3%
Tier 1 capital10.710.8
Total risk-based capital12.612.9
Common equity tier 1 capital to risk-weighted assets for the Basel III advanced approaches11.812.0
Tangible common equity to tangible assets (b)7.87.6
Tangible common equity to risk-weighted assets (b)9.49.4
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