| Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data) |
2010 | 2009 | 2008 | 2010 v 2009 |
2009 v 2008 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total net revenue (taxable-equivalent basis) | $ | 18,148 | $ | 16,668 | $ | 14,677 | 8.9 | % | 13.6 | % | |||
| Noninterest expense | 9,383 | 8,281 | 7,348 | 13.3 | 12.7 | ||||||||
| Provision for credit losses | 4,356 | 5,557 | 3,096 | (21.6) | 79.5 | ||||||||
| Income taxes and taxable-equivalent adjustments | 1,144 | 593 | 1,221 | 92.9 | (51.4) | ||||||||
| Net income | 3,265 | 2,237 | 3,012 | 46.0 | (25.7) | ||||||||
| Net income attributable to noncontrolling interests | 52 | (32) | (66) | * | 51.5 | ||||||||
| Net income attributable to U.S. Bancorp | $ | 3,317 | $ | 2,205 | $ | 2,946 | 50.4 | (25.2) | |||||
| Net income applicable to U.S. Bancorp common shareholders | $ | 3,332 | $ | 1,803 | $ | 2,819 | 84.8 | (36.0) | |||||
| Per Common Share | |||||||||||||
| Earnings per share | $ | 1.74 | $.97 | $ | 1.62 | 79.4 | % | (40.1) | % | ||||
| Diluted earnings per share | $ | 1.73 | $.97 | $ | 1.61 | 78.4 | (39.8) | ||||||
| Dividends declared per share | $.20 | $.20 | $ | 1.70 | — | (88.2) | |||||||
| Book value per share | $ | 14.36 | $ | 12.79 | $ | 10.47 | 12.3 | 22.2 | |||||
| Market value per share | $ | 26.97 | $ | 22.51 | $ | 25.01 | 19.8 | (10.0) | |||||
| Average common shares outstanding | 1,912 | 1,851 | 1,742 | 3.3 | 6.3 | ||||||||
| Average diluted common shares outstanding | 1,921 | 1,859 | 1,756 | 3.3 | 5.9 | ||||||||
| Financial Ratios | |||||||||||||
| Return on average assets | 1.16 | % | .82 | % | 1.21 | % | |||||||
| Return on average common equity | 12.7 | 8.2 | 13.9 | ||||||||||
| Net interest margin (taxable-equivalent basis) | 3.88 | 3.67 | 3.66 | ||||||||||
| Efficiency ratio(a) | 51.5 | 48.4 | 46.9 | ||||||||||
| Average Balances | |||||||||||||
| Loans | $ | 193,022 | $ | 185,805 | $ | 165,552 | 3.9 | % | 12.2 | % | |||
| Investment securities | 47,763 | 42,809 | 42,850 | 11.6 | (.1) | ||||||||
| Earning assets | 252,042 | 237,287 | 215,046 | 6.2 | 10.3 | ||||||||
| Assets | 285,861 | 268,360 | 244,400 | 6.5 | 9.8 | ||||||||
| Deposits | 184,721 | 167,801 | 136,184 | 10.1 | 23.2 | ||||||||
| Total U.S. Bancorp shareholders' equity | 28,049 | 26,307 | 22,570 | 6.6 | 16.6 | ||||||||
| Period End Balances | |||||||||||||
| Loans | $ | 197,061 | $ | 194,755 | $ | 184,955 | 1.2 | % | 5.3 | % | |||
| Allowance for credit losses | 5,531 | 5,264 | 3,639 | 5.1 | 44.7 | ||||||||
| Investment securities | 52,978 | 44,768 | 39,521 | 18.3 | 13.3 | ||||||||
| Assets | 307,786 | 281,176 | 265,912 | 9.5 | 5.7 | ||||||||
| Deposits | 204,252 | 183,242 | 159,350 | 11.5 | 15.0 | ||||||||
| Total U.S. Bancorp shareholders' equity | 29,519 | 25,963 | 26,300 | 13.7 | (1.3) | ||||||||
| Capital ratios | |||||||||||||
| Tier 1 capital | 10.5 | % | 9.6 | % | 10.6 | % | |||||||
| Total risk-based capital | 13.3 | 12.9 | 14.3 | ||||||||||
| Leverage | 9.1 | 8.5 | 9.8 | ||||||||||
| Tier 1 common equity to risk-weighted assets(b) | 7.8 | 6.8 | 5.1 | ||||||||||
| Tangible common equity to tangible assets(b) | 6.0 | 5.3 | 3.3 | ||||||||||
| Tangible common equity to risk-weighted assets(b) | 7.2 | 6.1 | 3.7 | ||||||||||
|
* 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-Regulatory Capital Ratios on page 60. |
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2010 Annual Report
