Financial Summary
Years ended December 31
(Dollars and Shares in Millions, Except Per Share Data)
2015 2014 2015
v 2014
Total net revenue
(taxable-equivalent basis)
$20,306 $20,161 .7%
Noninterest expense 10,931 10,715 2.0
Provision for credit losses 1,132 1,229 (7.9)
Income taxes and
taxable-equivalent adjustment
2,310 2,309 -
Net income 5,933 5,908 .4
Net (income) loss
attributable to
noncontrolling interests
(54) (57) 5.3
Net income attributable to
U.S. Bancorp
$5,879 $5,851 .5
Net income applicable to U.S. Bancorp
common shareholders
$5,608 $5,583 .4
2015 2014 2015
v 2014
Earnings per share $3.18 $3.10 2.6%
Diluted earnings per share 3.16 3.08 2.6
Dividends declared per share 1.010 .965 4.7
Book value per share 23.28 21.68 7.4
Market value per share 42.67 44.95 (5.1)
Average common shares outstanding 1,764 1,803 (2.2)
Average diluted common shares
outstanding
1,772 1,813 (2.3)
2015 2014 2015
v 2014
Return on average assets 1.44% 1.54%
Return on average common equity 14.0 14.7
Net interest margin
(taxable-equivalent basis)
3.05 3.23
Efficiency ratio (a) 53.8 53.2
2015 2014 2015
v 2014
Loans $250,459 $241,692 3.6%
Investment securities 103,161 90,327 14.2
Earning assets 367,445 340,994 7.8
Assets 408,865 380,004 7.6
Deposits 287,151 266,640 7.7
Total U.S. Bancorp shareholders'
equity
44,813 42,837 4.6
2015 2014 2015
v 2014
Loans $260,849 $247,851 5.2%
Allowance for credit losses 4,306 4,375 (1.6)
Investment securities 105,587 101,043 4.5
Assets 421,853 402,529 4.8
Deposits 300,400 282,733 6.2
Total U.S. Bancorp shareholders'
equity
46,131 43,479 6.1
2015 2014 2015
v 2014
Common equity tier 1 capital (b) 9.6% 9.7%
Tier 1 capital (b) 11.3 11.3
Total risk-based capital (b) 13.3 13.6
Leverage (b) 9.5 9.3
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
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
Tangible common equity to risk-weighted assets (c) 9.2 9.3

(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 traditional standardized approach.

(c)See Non-GAAP Financial Measures beginning on page 73 of our 2015 Annual Report.

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