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)
2020201920182020
v 2019
2019
v 2018
Net interest income$12,825$13,052$12,919(1.7)%1.0%
Taxable-equivalent adjustment (a)99103116(3.9)(11.2)
Net interest income (taxable-equivalent basis) (b)12,92413,15513,035(1.8).9
Noninterest income10,4019,8319,6025.82.4
Total net revenue23,32522,98622,6371.51.5
Noninterest expense13,36912,78512,4644.62.6
Provision for credit losses 3,8061,5041,379153.19.1
Income taxes and taxable-equivalent adjustment 1,1651,7511,670(33.5)4.9
Net income4,9856,9467,124(28.2)(2.5)
Net (income) loss attributable to noncontrolling interests(26)(32)(28)18.8(14.3)
Net income attributable to U.S. Bancorp$4,959$6,914$7,096(28.3)(2.6)
Net income applicable to U.S. Bancorp common shareholders $4,621$6,583$6,784(29.8)(3.0)
Per common share
2020201920182020
v 2019
2019
v 2018
Earnings per share$3.06$4.16$4.15(26.4)%.2%
Diluted earnings per share3.064.164.14(26.4).5
Dividends declared per share1.681.581.346.317.9
Book value per share (c)31.2629.9028.014.56.7
Market value per share46.5959.2945.70(21.4)29.7
Average common shares outstanding1,5091,5811,634(4.6)(3.2)
Average diluted common shares outstanding 1,5101,5831,638(4.6)(3.4)
Financial ratios
202020192018
Return on average assets.93%1.45%1.55%
Return on average common equity10.014.115.4
Net interest margin (taxable-equivalent basis) (a)2.683.063.14
Efficiency ratio (b)57.855.855.1
Average balances
2020201920182020
v 2019
2019
v 2018
Loans$307,269$290,686$280,7015.7%3.6%
Investment securities (d)125,954117,150113,9407.52.8
Earning assets481,402430,537415,06711.83.7
Assets531,207475,653457,01411.74.1
Deposits398,615346,812333,46214.94.0
Total U.S. Bancorp shareholders’ equity52,24652,62349,763(.7)5.7
Period end balances
2020201920182020
v 2019
2019
v 2018
Loans$297,707$296,102$286,810.5%3.2%
Allowance for credit losses8,0104,4914,44178.41.1
Investment securities136,840122,613112,16511.69.3
Assets553,905495,426467,37411.86.0
Deposits429,770361,916345,47518.74.8
Total U.S. Bancorp shareholders’ equity53,09551,85351,0292.41.6
Capital ratios
202020192018
Basel III standardized approach:
Common equity tier 1 capital9.7%9.1%9.1%
Tier 1 capital11.310.710.7
Total risk-based capital13.412.712.6
Leverage8.38.89.0
Total leverage exposure7.37.07.2
Tangible common equity to tangible assets (b)6.97.57.8
Tangible common equity to risk-weighted assets (b)9.59.39.4
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)9.3