U.S. Bancorp 2009 Annual Report

Financial Summary

Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data)
  2009     2008     2007   2009
v 2008
  2008
v 2007
Total net revenue (taxable-equivalent basis) $ 16,668 $ 14,677 $ 14,060 13.6 % 4.4 %
Noninterest expense 8,281 7,348 6,907 12.7 6.4
Provision for credit losses 5,557 3,096 792 79.5 *  
Income taxes and taxable-equivalent adjustments 593     1,221     1,958 (51.4 ) (37.6 )
Net Income   2,237     3,012     4,403 (25.7 ) (31.6 )
Net Income attributable to noncontrolling interests   (32 )   (66 )   (79 ) 51.5   16.5  
Net Income attributable to U.S. Bancorp $ 2,205   $ 2,946   $ 4,324 (25.2 ) (31.9 )
Net Income applicable to U.S. Bancorp common shareholders
$ 1,803   $ 2,819   $ 4,258 (36.0 ) (33.8 )

Per Common Share

Earnings per share $ .97 $ 1.62 $ 2.45 (40.1 )% (33.9 )%
Diluted earnings per share $ .97 $ 1.61 $ 2.42 (39.8 ) (33.5 )
Dividends declared per share $ .200 $ 1.700 $ 1.625 (88.2 ) 4.6
Book value per share $ 12.79 $ 10.47 $ 11.60 22.2   (9.7 )
Market value per share $ 22.51 $ 25.01 $ 31.74 (10.0 ) (21.2 )
Average common shares outstanding 1,851 1,742 1,735 6.3   .4  
Average diluted common shares outstanding 1,859 1,756 1,756 5.9    

Financial Ratios

Return on average assets .82 % 1.21 % 1.93 %
Return on average common equity 8.2 13.9 21.3
Net interest margin (taxable-equivalent basis) 3.67 3.66 3.47
Efficiency ratio (a) 48.4 46.9 49.2

Average Balances

Loans $ 185,805 $ 165,552 $ 147,348 12.2 % 12.4 %
Investment securities 42,809 42,850 41,313 (.1 ) 3.7  
Earning assets 237,287 215,046 194,683 10.3 10.5
Assets 268,360 244,400 223,621 9.8 9.3
Deposits 167,801 136,184 121,075 23.2 12.5  
Total U.S. Bancorp shareholders’ equity 26,307 22,570 20,997 16.6 7.5

Period End Balances

Loans $ 195,408 $ 185,229 $ 153,827 5.5 % 20.4 %
Allowance for credit losses 5,264 3,639 2,260 44.7   61.0
Investment securities 44,768 39,521 43,116 13.3   (8.3 )
Assets 281,176 265,912 237,615 5.7 11.9
Deposits 183,242 159,350 131,445 15.0 21.2
Total U.S. Bancorp shareholders’ equity 25,963 26,300 21,046 (1.3 ) 25.0  
Capital ratios
Tier 1 capital 9.6 % 10.6 % 8.3 %
Total risk-based capital 12.9 14.3 12.2
Leverage 8.5 9.8 7.9
Tier 1 common equity to risk-weighted assets(b) 6.8 5.1 5.6
Tangible common equity to tangible assets(b) 5.3 3.3 4.8
Tangible common equity to risk-weighted assets(b) 6.1 3.7 5.1

* 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-Regulatory Capital Ratios on page 61.