Performance

Review our Financial Highlights and Financial Summary below.

Financial Highlights

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

2016
$5,888
2015
$5,879
2014
$5,851
2013
$5,836
2012
$5,647

Diluted Earnings per Common Share

2016
$3.24
2015
$3.16
2014
$3.08
2013
$3.00
2012
$2.84

Dividends Declared per Common Share

2016
$1.070
2015
$1.010
2014
$.965
2013
$.885
2012
$.780

Return on Average Assets

2016
1.36%
2015
1.44%
2014
1.54%
2013
1.65%
2012
1.65%

Return on Average Common Equity

2016
13.4%
2015
14.0%
2014
14.7%
2013
15.8%
2012
16.2%

Dividend Payout Ratio

2016
32.9%
2015
31.8%
2014
31.1%
2013
29.3%
2012
27.4%

Net Interest Margin (TEB*)

2016
3.01%
2015
3.05%
2014
3.23%
2013
3.44%
2012
3.58%

Efficiency Ratio (a)

2016
54.9%
2015
53.8%
2014
53.2%
2013
52.4%
2012
51.5%

Common Equity Tier 1 Capital (b)

2016
9.4%
2015
9.6%
2014
9.7%
2013
9.4%
2012
9.0%

Average Assets (in millions)

2016
$433,313
2015
$408,865
2014
$380,004
2013
$352,680
2012
$342,849

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

2016
$47,339
2015
$44,813
2014
$42,837
2013
$39,917
2012
$37,611

Total Risk-Based Capital (b)

2016
13.2%
2015
13.3%
2014
13.6%
2013
13.2%
2012
13.1%

* Taxable-equivalent basis.

(a) See Non-GAAP Financial Measures beginning on page 66 of our 2016 Annual Report.

(b) December 31, 2016, 2015 and 2014, calculated under the Basel III transitional standardized approach; all other periods calculated under Basel I.

Financial Summary

Years ended December 31
(Dollars and Shares in Millions, Except Per Share Data)
2016 2015 2016
v 2015
Net interest income $11,528 $11,001 4.8%
Taxable-equivalent adjustment (a) 203 213 (4.7)
Net interest income (taxable-equivalent basis) (c) 11,731 11,214 4.6
Noninterest income 9,577 9,092 5.3
Total net revenue 21,308 20,306 4.9
Noninterest expense 11,676 10,931 6.8
Provision for credit losses 1,324 1,132 17.0
Income taxes and taxable-equivalent adjustment 2,364 2,310 2.3
Net income 5,944 5,933 .2
Net (income) loss attributable to noncontrolling interests (56) (54) (3.7)
Net income attributable to U.S. Bancorp $5,888 $5,879 .2
Net income applicable to U.S. Bancorp common shareholders $5,589 $5,608 (.3)
Per Common Share
Per Common Share 2016 2015 2016
v 2015
Earnings per share $3.25 $3.18 2.2%
Diluted earnings per share 3.24 3.16 2.5
Dividends declared per share 1.070 1.010 5.9
Book value per share 24.63 23.28 5.8
Market value per share 51.37 42.67 20.4
Average common shares outstanding 1,718 1,764 (2.6)
Average diluted common shares outstanding 1,724 1,772 (2.7)
Financial Ratios
Financial Ratios 2016 2015  
Return on average assets 1.36% 1.44%
Return on average common equity 13.4 14.0
Net interest margin (taxable-equivalent basis) (a) 3.01 3.05
Efficiency ratio (a) 54.9 53.8
Average Balances
Average Balances 2016 2015 2016
v 2015
Loans $267,811 $250,459 6.9%
Investment securities (b) 107,922 103,161 4.6
Earning assets 389,877 367,445 6.1
Assets 433,313 408,865 6.0
Deposits 312,810 287,151 8.9
Total U.S. Bancorp shareholders' equity 47,339 44,813 5.6
Period End Balances
Period End Balances 2016 2015 2016
v 2015
Loans $273,207 $260,849 4.7%
Allowance for credit losses 4,357 4,306 1.2
Investment securities 109,275 105,587 3.5
Assets 445,964 421,853 5.7
Deposits 334,590 300,400 11.4
Total U.S. Bancorp shareholders' equity 47,298 46,131 2.5
Capital Ratios
Capital Ratios 2016 2015  
Basel III transitional standardized approach:
Common equity tier 1 capital 9.4% 9.6%
Tier 1 capital 11.0 11.3
Total risk-based capital 13.2 13.3
Leverage 9.0 9.5
Common equity tier 1 capital to risk-weighted assets for the Basel III transitional advanced approaches 12.2 12.5
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented standardized approach (c) 9.1 9.1
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented advanced approaches (c) 11.7 11.9
Tangible common equity to tangible assets (c) 7.5 7.6
Tangible common equity to risk-weighted assets (c) 9.2 9.2

(a) Utilizes a tax rate of 35 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

(b) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

(c) See Non-GAAP Financial Measures beginning on page 66 of our 2016 Annual Report.