Financial Summary

Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data)		   2012     2011     2010   2012 v 2011   2011 v 2010  
Total net revenue (taxable-equivalent basis) $ 20,288   $ 19,108   $ 18,148   6.2 % 5.3 %
Noninterest expense   10,456     9,911     9,383   5.5   5.6  
Provision for credit losses   1,882     2,343     4,356   (19.7)   (46.2)  
Income taxes and taxable-equivalent adjustments   2,460     2,066     1,144   19.1   80.6  
Net income   5,490     4,788     3,265   14.7   46.6  
Net (income) loss attributable to noncontrolling interests   157     84     52   86.9   61.5  
Net income attributable to U.S. Bancorp $ 5,647   $ 4,872   $ 3,317   15.9   46.9  
Net income applicable to U.S. Bancorp common shareholders
$
5,383		  
$
4,721		  
$
3,332		  
14.0		  
41.7		  
Per Common Share                        
Earnings per share $ 2.85   $ 2.47   $ 1.74   15.4 % 42.0 %
Diluted earnings per share $ 2.84   $ 2.46   $ 1.73   15.4   42.2  
Dividends declared per share   .78     .50     .20   56.0   *  
Book value per share   18.31     16.43     14.36   11.4   14.4  
Market value per share   31.94     27.05     26.97   18.1   .3  
Average common shares outstanding   1,887     1,914     1,912   (1.4)   .1  
Average diluted common shares outstanding   1,896     1,923     1,921   (1.4)   .1  
Financial Ratios                    
Return on average assets   1.65 %   1.53 %   1.16 %        
Return on average common equity   16.2     15.8     12.7          
Net interest margin (taxable-equivalent basis)   3.58     3.65     3.88          
Efficiency ratio(a)    51.5     51.8     51.5          
Average Balances                          
Loans $ 215,374   $ 201,427   $ 193,022   6.9 % 4.4 %
Investment securities   72,507     63,645     47,763   13.9   33.3  
Earning assets   306,270     283,290     252,042   8.1   12.4  
Assets   342,849     318,264     285,861   7.7   11.3  
Deposits   235,710     213,159     184,721   10.6   15.4  
Total U.S. Bancorp shareholders' equity   37,611     32,200     28,049   16.8   14.8  
Period End Balances                          
Loans $ 223,329   $ 209,835   $ 197,061   6.4 % 6.5 %
Allowance for credit losses   4,733     5,014     5,531   (5.6)   (9.3)  
Investment securities   74,528     70,814     52,978   5.2   33.7  
Assets   353,855     340,122     307,786   4.0   10.5  
Deposits   249,183     230,885     204,252   7.9   13.0  
Total U.S. Bancorp shareholders' equity   38,998     33,978     29,519   14,8   15.1  
Capital ratios                          
Tier 1 capital   10.8 %   10.8 %   10.5 %        
Total risk-based capital   13.1     13.3     13.3          
Leverage   9.2     9.1     9.1          
Tangible common equity to tangible assets(b)    7.2     6.6     6.0          
Tangible common equity to risk-weighted assets
using Basel I definition(b) 		   8.6     8.1     7.2          
Tier 1 common equity to risk-weighted assets
using Basel I definition(b) 		   9.0     8.6     7.8          
Tier 1 common equity to risk-weighted assets using
Basel III proposals published prior to June 2012(b) 		   –     8.2     7.3          
Tier 1 common equity to risk-weighted assets
approximated using proposed rules for the Basel III
standardized approach released June 2012(b) 		   8.1     –     –          
* Not meaningful
(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) See Non-GAAP Financial Measures beginning on page 65.