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USB 2013 Annual Report

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US Bank Annual Report
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  EXTENDING THE ADVANTAGE U.S. Bancorp   2013    Annual Report  National Wholesale Banking and Wealth Management & Securities Services International Payments and Corporate Trust Regional Consumer & Business Bankingand Wealth Management Corporate Trust offices in London and DublinWealth Management offices in New York City, Wilmington, Delaware, and Naples and Palm Beach, Florida    Sustainability   This annual report was printed at Hennegan, a company committed to sustaining a healthy and safe environment by exceeding regulatory and environmental requirements as defined by local, state and federal governments. Their environmental initiatives focus on:ã Reducing volatile organic compound emissions, energy and water use.ã Recycling chemical and paper waste.ã Sourcing environmentally preferable products. The paper utilized in this annual report is certified by SmartWood, a program of the Rainforest Alliance, to the FSC ®  standards and contains a minimum of 10 percent post-consumer recycled paper fibers. Corporate Profile U.S. Bancorp, with assets of $364 billion at December 31, 2013, is a diversified financial services holding company and the parent company of U.S. Bank, the nation’s fifth-largest commercial bank.In 2013, U.S. Bancorp was named Fortune magazine’s Most  Admired Superregional Bank for the third consecutive year.U.S. Bancorp is headquartered in Minneapolis, Minnesota, and is recognized for delivering consistent, industry-leading financial results, practicing prudent risk management, generating high levels of capital and developing innovative services and delivery channels.The Company offers a wide range of financial products and services through four major lines of business: Consumer and Small Business Banking, Wholesale Banking and Commercial Real Estate, Payment Services, and Wealth Management and Securities Services. U.S. Bancorp has 17.9 million customers and 67,000 employees.  Business Scope  Please see explanation on Page 19 regarding the risks and uncertainties that may affect the accuracy of forward-looking statements. EXTENDING  THE ADVANTAGE Ongoing investments, initiatives and prudent management practices have given U.S. Bancorp a competitive advantage, allowing the Company to operate from a position of strength, scale, growth and profitability. This position creates advantages for our shareholders and investors, our customers, our employees and our communities — and supports the recovery and strength of our nation’s economy.  We continue to manage, invest and innovate to further extend this advantage.  U.S. BANCORP 1  Enhanced Content   To see or experience enhanced content, download the Digimarc Discover App from the iTunes App Store or Google Play.Look for the smartphone symbol.Hold your mobile device about 3–5 inches away from and parallel to the page, with your phone’s screen facing you. Slowly move your phone toward the page, allowing your camera to focus on the image.  The Digimarc Discover App will automatically launch the enhanced content.  As a test, scan the photo above to launch usbank.com.If you are viewing this page on screen, the Digimarc links may not activate properly.  2 U.S. BANCORP   Net Income (Dollars in Millions) 6,0003,000009 10 11 12  13         2  ,        2        0        5 3  ,        3        1        7        4  ,        8        7        2        5  ,        6        4        7       5  ,      8      3      6   Return on Average Assets (In Percents) 2.01.0009101112  13   .        8        2        1  .        1        6        1  .        5        3        1  .        6        5       1  .      6      5   Net Interest Margin(taxable-equivalent basis) (In Percents) 4.002.00009 10 11 12  13         3  .        6        7        3  .        8        8        3  .        6        5        3  .        5        8       3  .      4      4    Average Assets (Dollars in Millions) 360,000180,000009 10 11 12  13         2        6        8  ,        3        6        0        2        8        5  ,        8        6        1        3        1        8  ,        2        6        4        3        4        2  ,        8        4        9       3      5      2  ,      6      8      0   Diluted EarningsPer Common Share (In Dollars) 3.501.75009101112  13   .        9        7        1  .        7        3        2  .        4        6 2  .        8        4       3  .      0      0   Return on Average Common Equity (In Percents) 2010009101112  13         8  .        2        1        2  .        7        1        5  .        8        1        6  .        2       1      5  .      8   Efficiency Ratio (a) (In Percents) 6030009 10 11 12  13         4        8  .        4        5        1  .        5        5        1  .        8        5        1  .        5       5      2  .      4    Average Shareholders’Equity (Dollars in Millions) 40,00020,000009 10 11 12  13         2        6  ,        3        0        7        2        8  ,        0        4        9        3        2  ,        2        0        0        3        7  ,        6        1        1       3      9  ,      9      1      7   Dividends Declared Per Common Share (In Dollars) 1.00.50009101112  13   .        2        0  .        2        0  .        5        0  .        7        8   .      8      8      5   Dividend Payout Ratio (In Percents) 3015009101112  13         2        0  .        6        1        1  .        5        2        0  .        2        2        7  .        4       2      9  .      3    Tier 1 Capital (In Percents) 126009101112  13         9  .        6        1        0  .        5        1        0  .        8        1        0  .        8       1      1  .      2    Total Risk-basedCapital (In Percents) 157.5009 10 11 12  13         1        2  .        9        1        3  .        3        1        3  .        3        1        3  .        1       1      3  .      2 (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). SELECTED FINANCIAL HIGHLIGHTS
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