Performance & Financials

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)

Average U.S. Bancorp Shareholders’ Equity (in millions)

Total Risk-Based Capital (c)

Financial Summary

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)
2019201820172019
v 2018
2018
v 2017
Net interest income$13,052$12,919$12,3801.0%4.4%
Taxable-equivalent adjustment (a)103116205(11.2)(43.4)
Net interest income (taxable-equivalent basis) (b)13,15513,03512,585.93.6
Noninterest income9,8319,6029,3172.43.1
Total net revenue22,98622,63721,9021.53.4
Noninterest expense12,78512,46412,7902.6(2.5)
Provision for credit losses1,5041,3791,3909.1(.8)
Income taxes and taxable-equivalent adjustment 1,7511,6701,4694.913.7
Net income6,9467,1246,253(2.5)13.9
Net (income) loss attributable to noncontrolling interests(32)(28)(35)(14.3)20.0
Net income attributable to U.S. Bancorp$6,914$7,096$6,218(2.6)14.1
Net income applicable to U.S. Bancorp common shareholders $6,583$6,784$5,913(3.0)14.7
Per common share
2019201820172019
v 2018
2018
v 2017
Earnings per share$4.16$4.15$3.53.2%17.6%
Diluted earnings per share4.164.143.51.517.9
Dividends declared per share1.581.341.1617.915.5
Book value per share (c)29.9028.0126.346.76.3
Market value per share59.2945.7053.5829.7(14.7)
Average common shares outstanding1,5811,6341,677(3.2)(2.6)
Average diluted common shares outstanding 1,5831,6381,683(3.4)(2.7)
Financial ratios
201920182017
Return on average assets1.45%1.55%1.39%
Return on average common equity14.115.413.8
Net interest margin (taxable-equivalent basis) (a)3.063.143.10
Efficiency ratio (b)55.855.158.5
Average balances
2019201820172019
v 2018
2018
v 2017
Loans$290,686$280,701$276,5373.6%1.5%
Investment securities (d)117,150113,940111,8202.81.9
Earning assets430,537415,067406,4213.72.1
Assets475,653457,014448,5824.11.9
Deposits346,812333,462333,5144.0
Total U.S. Bancorp shareholders’ equity52,62349,76348,4665.72.7
Period end balances
2019201820172019
v 2018
2018
v 2017
Loans$296,102$286,810$280,4323.2%2.3%
Allowance for credit losses4,4914,4414,4171.1.5
Investment securities122,613112,165112,4999.3(.3)
Assets495,426467,374462,0406.01.2
Deposits361,916345,475347,2154.8(.5)
Total U.S. Bancorp shareholders’ equity51,85351,02949,0401.64.1
Capital ratios
201920182017
Basel III standardized approach:
Common equity tier 1 capital9.1%9.1%9.3%
Tier 1 capital10.710.710.8
Total risk-based capital12.712.612.9
Leverage8.89.08.9
Tangible common equity to tangible assets (b)7.57.87.6
Tangible common equity to risk-weighted assets (b)9.39.49.4