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U.S. Bancorp 2009 Annual Report U.S. B Anco Rp 20 09 a Nn Ua L Re

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U.S. Bancorp 2009 Annual Report U.S. B Anco Rp 20 09 a Nn Ua L Re (1,1) -1- 090314 USB_09AR_cover.indd 2/25/10 3:34:19 PM Quality Strength Leadership U.S. Bancorp U. S. B anco rp 2009 20 09 Annual Report Annual A nn ua l Re po rt 090314 USB_09AR_cover.indd 1 22/25/10/25/10 33:34:18:34:18 PPMM (1,1) -2- 090314 USB_09AR_cover.indd 2/25/10 3:34:47 PM U.S. Bancorp At A Glance Corporate I Ranking U.S. Bank is 5th largest U.S. commercial bank Asset size $281 billion Executive Offi ces U.S. Bancorp Deposits $183 billion 800 Nicollet Mall Loans $195 billion Minneapolis, MN 55 Customers 17.2 million Payment services and merchant processing International Common Stock T and Registrar Wholesale banking and trust services National BNY Mellon Shareow Consumer and business banking our transfer agent a and wealth management Regional paying agent and di Bank branches 3,002 plan administrator, a shareholder records ATMs 5,148 Inquiries related to s NYSE symbol USB stock transfers, cha At year-end December 31, 2009 lost stock certificate and dividend payme to the transfer agent Sustainability Corporate Profi le BNY Mellon Shareow P.O. Box 358015 This annual report was printed at U.S. Bancorp is a diversified financial services Pittsburgh, PA 1525 Hennegan, a company committed Phone: 888-778-13 to sustaining a healthy and safe holding company and the parent company of 201-680-6578 (inter environment by exceeding regulatory Internet: bnymellon. and environmental requirements as U.S. Bank National Association, the fi fth-largest defi ned by local, state and federal commercial bank in the United States. Our company For Registered or Ce government. Their environmental BNY Mellon Shareow initiatives focus on: is known for its prudent risk management, quality 500 Ross St., 6th Fl Pittsburgh, PA 1521 • Reducing volatile organic products and services, outstanding customer service compound (VOC) emissions, Telephone represent energy and water use. and its focus on the future. U.S. Bancorp also has weekdays from 8:00 • Recycling chemical and Central Time, and a paper waste. been recognized as one of the safest, most respected available 24 hours a • Sourcing environmentally and most trusted banks in the country. At year-end Specifi c information preferable products. available on BNY Me clicking on the Inves The paper utilized in this annual 2009, U.S. Bancorp had total assets of $281 billion. report is certifi ed by SmartWood We offer regional consumer and business banking Independent Aud to the FSC standards and contains Ernst & Young LLP s a minimum of 10% post-consumer and wealth management services, national wholesale independent auditor recycled paper fi bers. The narrative financial statements and financial sections contain banking and trust services and international payment 30% post-consumer recycled services to more than 17.2 million customers. Common Stock L paper fi bers. U.S. Bancorp is headquartered in Minneapolis, U.S. Bancorp comm traded on the New Y Minnesota, and employs more than 60,000 people. under the ticker sym Visit U.S. Bancorp online at usbank.com U.S. Bank, Member FDIC 009031490314 UUSB_09AR_cover.inddSB_09AR_cover.indd 2 2/25/10 3:34:47 PM In 2009, individuals, families and businesses of all sizes made the fl ight to quality to U.S. Bancorp as they sought the strength and stability of an organization operating on sound and prudent principles. During a devastating economic downturn, U.S. Bancorp demonstrated leadership with sound management, financial performance, customer relationships and commitment to our communities. Please see explanation on Page 17 regarding the risks and uncertainties that may affect the accuracy of forward-looking statements. U.S. BANCORP 1 0090314_USB_09AR_pg1_17.indd90314_USB_09AR_pg1_17.indd 1 22/26/10/26/10 110:54:540:54:54 AAMM Selected Financial Highlights Diluted Earnings Dividends Declared Net Income Per Common Share Per Common Share (Dollars in Millions) (In Dollars) (In Dollars) 5,000 3.00 2.00 4,751 2.61 4,489 4,324 1.700 2.42 2.42 1.625 1.390 1.230 2,500 2,946 1.50 1.00 1.61 2,205 .97 0 0 0 .200 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 Return on Return on Average Average Assets Common Equity Dividend Payout Ratio (In Percents) (In Percents) (In Percents) 2.4 25 110 23.5 2.23 2.21 104.9 22.5 21.3 1.93 66.3 1.2 12.5 13.9 55 1.21 52.7 50.2 .82 8.2 20.6 0 0 0 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 Net Interest Margin (Taxable-Equivalent Basis) Efficiency Ratio(a) Tier 1 Capital (In Percents) (In Percents) (In Percents) 4.50 50 12 48.4 49.2 46.9 45.4 10.6 44.4 3.97 9.6 3.67 3.66 3.65 3.47 8.8 8.3 8.2 2.25 25 6 0 0 0 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 Average Shareholders’ Total Risk-Based Average Assets Equity Capital (Dollars in Millions) (Dollars in Millions) (In Percents) 300,000 30,000 15 14.3 12.9 12.6 12.5 , 12.2 26,307 268,360 , 244,400 22,570 223,621 20,997 20,710 213,512 19,953 150,000 203,198 15,000 7.5 0 0 0 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 (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). 2 U.S. BANCORP 0090314_USB_09AR_pg1_17.indd90314_USB_09AR_pg1_17.indd 2 22/26/10/26/10 110:54:550:54:55 AAMM Financial Summary Year Ended December 31 2009 2008 (Dollars and Shares in Millions, Except Per Share Data) 2009 2008 2007 v 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 Effi ciency 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)
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