Performance & Financials
Financial Highlights
Net Income Attributable to U.S. Bancorp (in millions)
Diluted Earnings per Common Share
Dividends Declared per Common Share
Return on Average Assets
Return on Average Common Equity
Dividend Payout Ratio
Net Interest Margin (a)
Efficiency Ratio (b)
Common Equity Tier 1 Capital (c)
Average Assets (in millions)
Average U.S. Bancorp Shareholders’ Equity (in millions)
Total Risk-Based Capital (c)
Financial Summary
Year Ended December 31
(Dollars and Shares in Millions, Except Per Share Data) (accordion collapsed)
(Dollars and Shares in Millions, Except Per Share Data) (accordion collapsed)
2021 | 2020 | 2019 | 2021 v 2020 | 2020 v 2019 | |
---|---|---|---|---|---|
Net interest income | $12,494 | $12,825 | $13,052 | (2.6)% | (1.7)% |
Taxable-equivalent adjustment (a) | 106 | 99 | 103 | 7.1 | (3.9) |
Net interest income (taxable-equivalent basis) (b) | 12,600 | 12,924 | 13,155 | (2.5) | (1.8) |
Noninterest income | 10,227 | 10,401 | 9,831 | (1.7) | 5.8 |
Total net revenue | 22,827 | 23,325 | 22,986 | (2.1) | 1.5 |
Noninterest expense | 13,728 | 13,369 | 12,785 | 2.7 | 4.6 |
Provision for credit losses | (1,173) | 3,806 | 1,504 | * | * |
Income taxes and taxable-equivalent adjustment | 2,287 | 1,165 | 1,751 | 96.3 | (33.5) |
Net income | 7,985 | 4,985 | 6,946 | 60.2 | (28.2) |
Net (income) loss attributable to noncontrolling interests | (22) | (26) | (32) | 15.4 | 18.8 |
Net income attributable to U.S. Bancorp | $7,963 | $4,959 | $6,914 | 60.6 | (28.3) |
Net income applicable to U.S. Bancorp common shareholders | $7,605 | $4,621 | $6,583 | 64.6 | (29.8) |
Per common share (accordion collapsed)
2021 | 2020 | 2019 | 2021 v 2020 | 2020 v 2019 | |
---|---|---|---|---|---|
Earnings per share | $5.11 | $3.06 | $4.16 | 67.0% | (26.4)% |
Diluted earnings per share | 5.10 | 3.06 | 4.16 | 66.7 | (26.4) |
Dividends declared per share | 1.76 | 1.68 | 1.58 | 4.8 | 6.3 |
Book value per share (c) | 32.71 | 31.26 | 29.90 | 4.6 | 4.5 |
Market value per share | 56.17 | 46.59 | 59.29 | 20.6 | (21.4) |
Average common shares outstanding | 1,489 | 1,509 | 1,581 | (1.3) | (4.6) |
Average diluted common shares outstanding | 1,490 | 1,510 | 1,583 | (1.3) | (4.6) |
Financial ratios (accordion collapsed)
2021 | 2020 | 2019 | |
---|---|---|---|
Return on average assets | 1.43% | .93% | 1.45% |
Return on average common equity | 16.0 | 10.0 | 14.1 |
Net interest margin (taxable-equivalent basis) (a) | 2.49 | 2.68 | 3.06 |
Efficiency ratio (b) | 60.4 | 57.8 | 55.8 |
Average balances (accordion collapsed)
2021 | 2020 | 2019 | 2021 v 2020 | 2020 v 2019 | |
---|---|---|---|---|---|
Loans | $296,965 | $307,269 | $290,686 | (3.4)% | 5.7% |
Investment securities (d) | 154,702 | 125,954 | 117,150 | 22.8 | 7.5 |
Earning assets | 506,141 | 481,402 | 430,537 | 5.1 | 11.8 |
Assets | 556,532 | 531,207 | 475,653 | 4.8 | 11.7 |
Deposits | 434,281 | 398,615 | 346,812 | 8.9 | 14.9 |
Total U.S. Bancorp shareholders’ equity | 53,810 | 52,246 | 52,623 | 3.0 | (.7) |
Period end balances (accordion collapsed)
2021 | 2020 | 2019 | 2021 v 2020 | 2020 v 2019 | |
---|---|---|---|---|---|
Loans | $312,028 | $297,707 | $296,102 | 4.8% | .5% |
Allowance for credit losses | 6,155 | 8,010 | 4,491 | (23.2) | 78.4 |
Investment securities | 174,821 | 136,840 | 122,613 | 27.8 | 11.6 |
Assets | 573,284 | 553,905 | 495,426 | 3.5 | 11.8 |
Deposits | 456,083 | 429,770 | 361,916 | 6.1 | 18.7 |
Total U.S. Bancorp shareholders’ equity | 54,918 | 53,095 | 51,853 | 3.4 | 2.4 |
Capital ratios (accordion collapsed)
2021 | 2020 | 2019 | |
---|---|---|---|
Common equity tier 1 capital | 10.0% | 9.7% | 9.1% |
Tier 1 capital | 11.6 | 11.3 | 10.7 |
Total risk-based capital | 13.4 | 13.4 | 12.7 |
Leverage | 8.6 | 8.3 | 8.8 |
Total leverage exposure | 6.9 | 7.3 | 7.0 |
Tangible common equity to tangible assets (b) | 6.8 | 6.9 | 7.5 |
Tangible common equity to risk-weighted assets (b) | 9.2 | 9.5 | 9.3 |
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b) | 9.6 | 9.3 |