Attached files
| file | filename |
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| 8-K - FORM 8-K - US BANCORP \DE\ | d216788d8k.htm |
| EX-99.1 - EX-99.1 - US BANCORP \DE\ | d216788dex991.htm |
 U.S.
Bancorp 2Q16 Earnings
Conference Call Richard K. Davis Chairman and CEO July 15, 2016 Kathy Rogers Vice Chairman and CFO Exhibit 99.2 |
 2 U.S. BANCORP | Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:
This presentation contains forward-looking statements about U.S. Bancorp.
Statements that are not historical or current facts, including statements
about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future
revenue and expenses and the future plans and prospects of U.S.
Bancorp. Forward-looking statements involve inherent risks and
uncertainties, and important factors could cause actual results to differ materially
from those anticipated. A reversal or slowing of the current
economic recovery or another severe contraction could adversely affect U.S.
Bancorp’s revenues and the values of its assets and liabilities.
Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Stress in the commercial real estate markets, as well as a downturn in the residential real estate markets, could cause credit losses and deterioration in asset
values. In addition, U.S. Bancorp’s business and financial
performance is likely to be negatively impacted by recently enacted and future legislation and regulation. U.S. Bancorp’s results could also be adversely affected by deterioration in general business and economic conditions;
changes in interest rates; deterioration in the credit quality of its
loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in its investment securities portfolio; legal and regulatory developments; litigation; increased competition from both
banks and non-banks; changes in customer behavior and preferences;
breaches in data security; effects of mergers and acquisitions and
related integration; effects of critical accounting policies and judgments; and
management’s ability to effectively manage credit risk, market risk,
operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk
and reputational risk. For discussion of these and other risks that may
cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2015, on file with the Securities and Exchange Commission, including the sections entitled
“Risk Factors” and “Corporate Risk Profile” contained
in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. However, factors other than these also could adversely affect U.S.
Bancorp’s results, and the reader should not consider these factors
to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future
events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided within or in the appendix of the presentation. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other
companies. |
 2Q16
Highlights •
Record net income of $1.5 billion; $0.83 per diluted common share
– Notable items related to equity investments, legal and regulatory matters and charitable
contributions combined to increase diluted EPS by $0.01
• Record revenue, net income and diluted earnings per share on both a reported as well
as a core basis • Average loans grew 1.6% vs. 1Q16 and 8.1% vs. 2Q15 – Loan growth of 6.5% vs. 2Q15 excluding student loans* and the credit card portfolio acquisition
at the end of 4Q15 • Average deposits grew 3.9% vs. 1Q16 and 7.6% vs. 2Q15 • Payments-related fee revenue grew 8.8% vs. 1Q16 and 4.9% vs. 2Q15 driven by an
increase in credit and debit card revenue including the impact of recent portfolio
acquisitions
• Commercial products fee growth of 20.8% vs. 1Q16 and 11.2% vs. 2Q15 • Nonperforming assets decreased 2.7% linked quarter • Returned 77% of earnings to shareholders through dividends and share buybacks * Student loans were carried in held for sale in the second quarter of 2015. 3 U.S. BANCORP | |
 Notable
Items $ in millions
2Q16 1Q16 2Q15 Revenue Items Visa Europe gain 180 $ - $ - $ Expense Items Foundation contribution 40 - - Legal and regulatory matters accrual 110 - - Net pretax effect - gain / (loss) 30 $ - $ - $ After tax gain / (loss) 22 $ - $ - $ Net income to common 22 $ - $ - $ Diluted EPS 0.01 $ - $ - $ 4 U.S. BANCORP | |
 Performance
Ratios Return on Average Common Equity
and Return on Average Assets
Efficiency Ratio and Net Interest Margin Return on Avg Common Equity Return on Avg Assets Efficiency Ratio Net Interest Margin Excludes notable items Efficiency ratio 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)
14.3% 14.1% 13.7% 13.0% 13.8% 1.46% 1.44% 1.41% 1.32% 1.43% 1.0% 1.5% 2.0% 2.5% 3.0% 8% 11% 14% 17% 20% 2Q15 3Q15 4Q15 1Q16 2Q16 53.2% 53.9% 53.9% 54.6% 54.9% 54.0 % 3.03% 3.04% 3.06% 3.06% 3.02% 1.6% 2.2% 2.8% 3.4% 4.0% 48% 52% 56% 60% 64% 2Q15 3Q15 4Q15 1Q16 2Q16 5 U.S. BANCORP | |
 Revenue
Growth * Notable item: 2Q16 Visa Europe sale gain $180
million Taxable-equivalent basis
Year-Over-Year Change
(2.8%) 3.1% 0.8% 2.7% 8.1% $ in millions 4.5% excluding 2Q16 notable item* $5,042 $5,147 $5,211 $5,037 $5,448 $180 4,000 4,500 5,000 5,500 6,000 2Q15 3Q15 4Q15 1Q16 2Q16 6 U.S. BANCORP | |
 Loan and
Deposit Growth Year-Over-Year Growth
Average Balances 200 230 260 290 320 2Q15 3Q15 4Q15 1Q16 2Q16 Loans Deposits 6.5% * 4.2% $256.7 5.8% $262.3 8.1% $266.6 2.5%
$246.6 2.7% $250.5 6.9% $294.5 6.3% $295.9 7.6% $307.4 8.9% $285.7 6.9% $289.7 $ in billions 3.8% * 4.0% * * Adjusted for credit card portfolio acquisition and student loan classification
5.2% * 7 U.S. BANCORP | |
 8 U.S. BANCORP | Credit Quality Net Charge-offs Nonperforming Assets Net Charge-offs (Left Scale) NCOs to Avg Loans (Right Scale) Nonperforming Assets (Left Scale) NPAs to Loans plus ORE (Right Scale) $ in millions |
    9 U.S. BANCORP | Energy Credit Loans by Segment $ in millions, ending balances 2Q16 1Q16 2Q15 2Q16 1Q16 2Q15 Loans $3,024 $3,417 $3,255 (12%) (7%) $265,497 $261,105 $245,384 2% 8% Commitments $11,329 $11,931 $12,459 (5%) (9%) $552,312 $544,426 $505,151 1% 9% Nonperforming Assets $222 $276 $1 (20%) NM $1,450 $1,443 $1,575 - (8%) NPAs/Loans +OREO % 7.34% 8.08% 0.03% 0.55% 0.55% 0.64% %Change vs. 2Q15 Energy %Change vs. 1Q16 %Change vs. 2Q15 All Other %Change vs. 1Q16 Energy 2Q16 1Q16 2Q15 Reserves $265 $310 $88 (15%) 201% Reserves to Loans % 8.8% 9.1% 2.7% Criticized Commitments 3,658 4,167 1,409 (12%) 160% Total Criticized/Commitments 32% 35% 11% Investment Grade % Total Loans 19% Total Commitments 45% Unfunded Commitments 54% %Change vs. 1Q16 %Change vs. 2Q15 |
 10 U.S. BANCORP | Earnings Summary Taxable-equivalent basis $ and shares in millions, except per-share data Notable Items 2Q16 1Q16 2Q15 vs 1Q16 vs 2Q15 2Q16 vs 1Q16 vs 2Q15 Net Interest Income 2,896 $ 2,888 $ 2,770 $ 0.3 4.5 - $ 0.3 4.5 Noninterest Income 2,552 2,149 2,272 18.8 12.3 180 10.4 4.4 Net Revenue 5,448 5,037 5,042 8.2 8.1 180 4.6 4.5 Noninterest Expense 2,992 2,749 2,682 (8.8) (11.6) 150 (3.4) (6.0) Operating Income 2,456 2,288 2,360 7.3 4.1 30 6.0 2.8 Net Charge-offs 317 315 296 (0.6) (7.1) - (0.6) (7.1) Excess Provision 10 15 (15) 33.3 NM - 33.3 NM Income before Taxes 2,129 1,958 2,079 8.7 2.4 30 7.2 1.0 Applicable Income Taxes 593 557 582 (6.5) (1.9) 8 (5.0) (0.5) Noncontrolling Interests (14) (15) (14) 6.7 - - 6.7 - Net Income 1,522 1,386 1,483 9.8 2.6 22 8.2 1.1 Preferred Dividends/Other 87 57 66 (52.6) (31.8) - (52.6) (31.8) NI to Common 1,435 $ 1,329 $ 1,417 $ 8.0 1.3 22 $ 6.3 (0.3) Diluted EPS 0.83 $ 0.76 $ 0.80 $ 9.2 3.8 $0.01 7.9 2.5 Average Diluted Shares 1,731 1,743 1,779 0.7 2.7 % B/(W) Reported Excl Notable Items % B/(W) |
 11 U.S. BANCORP | Net Interest Income Net Interest Income Key Points vs. 2Q15 • Average earning assets grew $18.9 billion, or 5.2% • Net interest margin lower 1 bp (3.02% vs. 3.03%) – Due to lower average rates on new securities purchases and lower reinvestment rates on maturing securities, partially offset by higher rates on new loans vs. 1Q16 • Average earning assets grew $7.2 billion, or 1.9% • Net interest margin lower 4 bps (3.02% vs. 3.06%) – Primarily reflected the loan portfolio mix as well as lower average rates on new securities purchases and lower reinvestment rates on maturing securities Year-Over-Year Change 0.9% 2.7% 2.6% 4.9% 4.5% $ in millions Taxable-equivalent basis |
 12 U.S. BANCORP | Noninterest Income Noninterest Income Key Points vs. 2Q15 • Noninterest income increased $280 million, or 12.3% (4.4% excluding the Visa Europe sale) – Higher credit and debit card revenue (11.3% increase) due to higher transaction volumes including acquired portfolios – Higher trust and investment management fees (7.2% increase) reflecting lower money market fee waivers – Higher commercial products revenue (11.2% increase) driven by higher bond underwriting fees, foreign currency customer activity and other capital markets activity as a result of market volatility – Higher other income due to the impact of the Visa Europe sale gain vs. 1Q16 • Noninterest income increased $403 million, or 18.8% (10.4% excluding the Visa Europe sale) – Higher credit and debit card revenue (11.3% increase) primarily due to seasonally higher transaction volumes – Higher merchant processing revenue (8.0% increase) due to seasonally higher transaction volumes – Higher mortgage banking revenue (27.3% increase) mainly due to seasonally higher production volumes – Higher trust and investment fees (5.6% increase) due to account growth, improved market conditions and lower money market fee waivers – Higher commercial products revenue (20.8% increase) due to higher bond underwriting fees and capital markets volume – Higher other income primarily due to the Visa Europe sale gain Year-Over-Year Change (7.0%) 3.7% (1.3%) (0.2%) 12.3% $2,552 $2,272 $2,326 $2,340 $2,149 All Other Mortgage Service Charges Trust and Inv Mgmt Payments * Adjusted for notable item: 2Q16 Visa Europe sale gain $180 million Payments = credit and debit card, corporate payment products and merchant processing
Service charges = deposit service charges, treasury management and ATM
processing $ in millions
4.4% adjusted* |
 13 U.S. BANCORP | Noninterest Expense Noninterest Expense Key Points vs. 2Q15 • Noninterest expense increased $310 million, or 11.6% (6.0% increase excluding notable expense items) – Higher compensation (6.8% increase) reflecting the impact of merit increases and higher variable compensation – Higher professional services expense (14.2% increase) primarily due to compliance-related matters – Higher marketing and business development expense (excluding the notable charitable contribution) reflecting brand advertising – Lower employee benefits expense mainly due to lower pension costs vs. 1Q16 • Noninterest expense increased $243 million, or 8.8% (3.4% increase excluding the notable expense items) – Higher professional services expense (23.5% increase) principally due to higher costs related to compliance-related matters – Higher marketing and business development expense (excluding the notable charitable contribution) reflecting brand advertising – Higher compensation expense (2.2% increase) due to merit increases and higher variable compensation – Lower employee benefits expense (7.3% decrease) driven by seasonally lower payroll tax expense Year-Over-Year Change (2.6%) 6.2% 0.2% 3.2% 11.6% $2,992 $2,682 $2,775 $2,809 $2,749 All Other Tech and Communications Prof Svcs, Marketing and PPS Occupancy and Equipment Compensation and Benefits Notable items: 2Q16 related to accruals for legal and regulatory matters $110 million and charitable contribution $40 million
$ in millions |
 14 U.S. BANCORP | Capital Position * RWA = risk-weighted assets $ in billions 2Q16 1Q16 4Q15 3Q15 2Q15 Total U.S. Bancorp shareholders' equity 47.4 $ 46.7 $ 46.1 $ 45.1 $ 44.5 $ Standardized Approach Basel III transitional standardized approach Common equity tier 1 capital ratio 9.5% 9.5% 9.6% 9.6% 9.5% Tier 1 capital ratio 11.1% 11.1% 11.3% 11.1% 11.0% Total risk-based capital ratio 13.4% 13.1% 13.3% 13.1% 13.1% Leverage ratio 9.3% 9.3% 9.5% 9.3% 9.2% Common equity tier 1 capital to RWA* estimated for the Basel III fully implemented standardized approach 9.3% 9.2% 9.1% 9.2% 9.2% Advanced Approaches Common equity tier 1 capital to RWA for the Basel III transitional advanced approaches 12.3% 12.3% 12.5% 13.0% 12.9% Common equity tier 1 capital to RWA estimated for the Basel III fully implemented advanced approaches 12.0% 11.9% 11.9% 12.4% 12.4% Tangible common equity ratio 7.6% 7.7% 7.6% 7.7% 7.5% Tangible common equity as a % of RWA 9.3% 9.3% 9.2% 9.3% 9.2% |
 15 U.S. BANCORP | Appendix |
 16 U.S. BANCORP | Average Loans Average Loans Key Points vs. 2Q15 • Average total loans increased by $20.0 billion, or 8.1% (6.5% growth excluding the student loans and the Fidelity portfolio acquisition at end of 4Q15) • Average total commercial loans increased $8.9 billion, or 10.7% • Average residential mortgage loans increased $4.4 billion or 8.6% vs. 1Q16 • Average total loans increased by $4.3 billion, or 1.6% • Average total commercial loans increased $2.3 billion, or 2.6% • Average residential mortgage loans increased $1.3 billion or 2.4% Year-Over-Year Growth 2.5% 2.7% 4.2% 5.8% 8.1% Covered Commercial CRE Res Mtg Retail Credit Card $266.6 $246.6 $250.5 $256.7 $262.3 4.0%* $ in billions 3.8%* 5.2%* * Excluding student loans, which were transferred to held for sale at the end of 1Q15 and returned to held for investment during 3Q15 and the
acquisition of the Fidelity credit card portfolio at the end of 4Q15
|
 17 U.S. BANCORP | Average Deposits Average Deposits Key Points vs. 2Q15 • Average total deposits increased by $21.6 billion, or 7.6% • Average low-cost deposits (NIB, interest checking, money market and savings) increased by $23.7 billion, or 9.5% vs. 1Q16 • Average total deposits increased by $11.5 billion, or 3.9% • Average low-cost deposits increased by $11.0 billion, or 4.2% Year-Over-Year Growth 8.9% 6.9% 6.9% 6.3% 7.6% Time Money Market Checking and Savings Noninterest-bearing $285.7 $289.7 $294.5 $295.9 $307.4 $ in billions |
 18 U.S. BANCORP | Credit Quality – Commercial Loans Average Loans and Net Charge-offs Ratios Key Statistics Key Points • Average linked quarter loan growth of 2.6% and year-over-year loan growth of 10.7% demonstrates continued
momentum with customers
• Net charge-offs increased year-over-year but remained flat linked quarter and at historically low levels
• Nonperforming loans increased year-over-year primarily due to weakness in energy, but remained flat
quarter-over-quarter •
Line utilization remained relatively stable
2Q15 1Q16 2Q16 Average Loans $83,253 $89,820 $92,154 30-89 Delinquencies 0.23% 0.21% 0.22% 90+ Delinquencies 0.05% 0.05% 0.05% Nonperforming Loans 0.11% 0.52% 0.53% $ in millions 20% 24% 28% 32% 36% Revolving Line Utilization Trend $83,253 $84,704 $86,803 $89,820 $92,154 0.20% 0.33% 0.29% 0.37% 0.34% 0.0% 0.5% 1.0% 1.5% 2.0% 0 25,000 50,000 75,000 100,000 2Q15 3Q15 4Q15 1Q16 2Q16 Average Loans Net Charge -offs Ratio |
 19 U.S. BANCORP | A&D Construction $770 Credit Quality – Commercial Real Estate Average Loans and Net Charge-offs Ratios Key Statistics Key Points • Average loans increased 1.3% year-over-year • Nonperforming loans remained at historically low levels • Recoveries within the CRE portfolio continued to offset loan charge-offs $ in millions Investor $20,930 Owner Occupied $11,020 Multi-family $3,698 Retail $972 Residential Construction $2,220 Office $1,034 Other $2,344 * TDR = troubled debt restructuring 2Q15 1Q16 2Q16 Average Loans $42,446 $42,401 $42,988 30-89 Delinquencies 0.12% 0.19% 0.11% 90+ Delinquencies 0.05% 0.04% 0.03% Nonperforming Loans 0.41% 0.24% 0.24% Performing TDRs* $240 $212 $185 |
 20 U.S. BANCORP | Credit Quality – Residential Mortgage Average Loans and Net Charge-offs Ratios Key Statistics Key Points • Originations continued to be high credit quality (weighted average FICO 758, weighted average LTV 69%)
• 88% of the balances have been originated since the beginning of 2009; the origination quality metrics and
performance to date have significantly outperformed prior vintages with similar
seasoning $ in millions
2Q15 1Q16 2Q16 Average Loans $51,114 $54,208 $55,501 30-89 Delinquencies 0.38% 0.24% 0.28% 90+ Delinquencies 0.30% 0.31% 0.27% 1.50% 1.23% 1.12% *Excludes GNMA loans, whose repayments are insured by the FHA or guaranteed by the Department of VA ($1,572 million in 2Q16)
Nonperforming Loans |
 21 U.S. BANCORP | Credit Quality – Credit Card Average Loans and Net Charge-offs Ratios Key Statistics Key Points • Year-over-year growth in average loans of 14.3% driven, in part, by Fidelity portfolio acquisition at the end of 4Q15
• Origination strength was driven by high credit quality accounts with a commitment weighted average FICO of 758
$ in millions 2Q15 1Q16 2Q16 Average Loans $17,613 $20,244 $20,140 30-89 Delinquencies 1.16% 1.09% 1.15% 90+ Delinquencies 1.03% 1.10% 0.98% Nonperforming Loans 0.09% 0.04% 0.02% |
 22 U.S. BANCORP | Credit Quality – Home Equity Average Loans and Net Charge-offs Ratios Key Statistics Key Points • High-quality originations (weighted average FICO on commitments was 766, weighted average CLTV 72%)
originated primarily through the retail branch network to existing bank customers on
their primary residences •
Net charge-offs ratio continued to decline, due to strong recoveries, on a linked
quarter and year-over-year basis $ in millions
2Q15 1Q16 2Q16 Average Loans $15,958 $16,368 $16,394 30-89 Delinquencies 0.36% 0.39% 0.36% 90+ Delinquencies 0.25% 0.26% 0.24% 0.98% 0.80% 0.78% Subprime: 1% Wtd Avg LTV*: 89% NCO: (2.25%) Prime: 97% Wtd Avg LTV*: 72% NCO: (0.05%) Other: 2% Wtd Avg LTV*: 70% NCO: 2.19% *LTV at origination Nonperforming Loans |
 23 U.S. BANCORP | Credit Quality – Retail Leasing Average Loans and Net Charge-offs Ratios Key Statistics Key Points • Continued high-quality originations (weighted average FICO 785) support the portfolio’s stable credit profile
• Delinquencies, nonperforming loans, and net charge-offs remained at very low levels
$ in millions 2Q15 1Q16 2Q16 Average Loans $5,696 $5,179 $5,326 30-89 Delinquencies 0.17% 0.17% 0.18% 90+ Delinquencies 0.00% 0.02% 0.00% 0.04% 0.04% 0.04% Nonperforming Loans * Manheim Used Vehicle Value Index source: www.manheimconsulting.com, January 1995 = 100, quarter value = average monthly ending values |
 24 U.S. BANCORP | Credit Quality – Other Retail Average Loans and Net Charge-offs Ratios Key Statistics Key Points • Overall growth continued to be driven by auto loans and installment, which were up 6.9% and 12.7%
year-over-year, respectively
• Delinquency rates, nonperforming loans, and net charge-offs remained stable $ in millions 2Q15 1Q16 2Q16 Average Loans $25,415 $29,550 $29,748 30-89 Delinquencies 0.48% 0.42% 0.47% 90+ Delinquencies 0.10% 0.10% 0.10% 0.07% 0.08% 0.09% Nonperforming Loans |
 25 U.S. BANCORP | Credit Quality – Auto Loans Average Loans and Net Charge-offs Ratios Key Statistics Key Points • Continued growth in auto loans driven by high-quality originations in the indirect channel (weighted average FICO 772)
• Net charge-offs seasonally improved on a linked quarter basis $ in millions 2Q15 1Q16 2Q16 Average Loans $15,609 $16,623 $16,690 30-89 Delinquencies 0.35% 0.39% 0.48% 90+ Delinquencies 0.02% 0.02% 0.03% 0.04% 0.07% 0.08% Direct: 6% Wtd Avg FICO: 748 NCO: 0.18% Indirect: 94% Wtd Avg FICO: 766 NCO: 0.32% Auto loans are included in Other Retail category Nonperforming Loans |
 26 U.S. BANCORP | Non-GAAP Financial Measures * Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
(1) Includes goodwill related to certain investments in unconsolidated financial
institutions per prescribed regulatory requirements. (2) Includes net
losses on cash flow hedges included in accumulated other comprehensive income (loss) and other adjustments. (3) Includes higher risk-weighting for unfunded loan commitments, investment securities, residential mortgages, mortgage servicing rights and
other adjustments. (4) Primarily reflects higher risk-weighting for
mortgage servicing rights. June 30,
March 31, December 31, September 30, June 30, (Dollars in Millions, Unaudited) 2016 2016 2015 2015 2015 Total equity $48,029 $47,393 $46,817 $45,767 $45,231 Preferred stock (5,501) (5,501) (5,501) (4,756) (4,756) Noncontrolling interests (639) (638) (686) (692) (694) Goodwill (net of deferred tax liability) (1) (8,246) (8,270) (8,295) (8,324) (8,350) Intangible assets, other than mortgage servicing rights (796) (820) (838) (779) (744) Tangible common equity (a) 32,847 32,164 31,497 31,216 30,687 Tangible common equity (as calculated above) 32,847 32,164 31,497 31,216 30,687 Adjustments (2) 133 99 67 118 125 Common equity tier 1 capital estimated for the Basel III fully implemented standardized and advanced approaches (b) 32,980 32,263 31,564 31,334 30,812 Total assets 438,463 428,638 421,853 415,943 419,075 Goodwill (net of deferred tax liability) (1) (8,246) (8,270) (8,295) (8,324) (8,350) Intangible assets, other than mortgage servicing rights (796) (820) (838) (779) (744) Tangible assets (c) 429,421 419,548 412,720 406,840 409,981 Risk-weighted assets, determined in accordance with prescribed transitional standardized approach regulatory requirements (d) 351,462 * 346,227 341,360 336,227 333,177 Adjustments (3) 3,079 * 3,485 3,892 3,532 3,532 Risk-weighted assets estimated for the Basel III fully implemented
standardized approach (e)
354,541 * 349,712 345,252 339,759 336,709 Risk-weighted assets, determined in accordance with prescribed transitional advanced approaches regulatory requirements 271,495 * 267,309 261,668 248,048 245,038 Adjustments (4) 3,283 * 3,707 4,099 3,723 3,721 Risk-weighted assets estimated for the Basel III fully implemented
advanced approaches (f)
274,778 * 271,016 265,767 251,771 248,759 Ratios * Tangible common equity to tangible assets (a)/(c) 7.6 %
7.7 % 7.6 % 7.7 % 7.5 % Tangible common equity to risk-weighted assets (a)/(d) 9.3 9.3 9.2 9.3 9.2 Common equity tier 1 capital to risk-weighted assets estimated for the
Basel III fully implemented standardized approach (b)/(e)
9.3 9.2 9.1 9.2 9.2 Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented advanced approaches (b)/(f) 12.0 11.9 11.9 12.4 12.4 |
 U.S.
Bancorp 2Q16 Earnings
Conference Call July 15, 2016 |