10-KPeriod: FY2011

US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2011

Filed February 23, 2012For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

U.S. Bancorp's 2011 10-K filing highlights its position as a diversified financial services company with a broad range of lending, depository, and investment management services. The company operates through a significant network of 3,085 banking offices across the Midwest and West regions of the United States, supported by 62,529 employees. While the company operates in a highly competitive landscape, it emphasizes its ability to attract and retain talent as a key factor in its continued success. The filing also details the significant impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the company's regulatory environment. U.S. Bancorp, as a financial holding company, is subject to enhanced prudential standards, increased capital and liquidity requirements, and new consumer protection regulations. The company's robust capital position, with a consolidated total capital ratio of 13.3% and a Tier 1 capital ratio of 10.8% at year-end 2011, positions it to navigate these evolving regulatory demands. The company also provided insights into its equity compensation plans and ongoing share repurchase programs.

Financial Highlights

40 data points
Beta

Net Income

$4.87B

EPS (Diluted)

$2.46

Total Assets

$340.12B

Cash & Equivalents

$13.96B

Free Cash Flow

$9.82B

Financial Statements
Beta
Interest Expense$2.52B
Net Income$4.87B
EPS (Basic)$2.47
EPS (Diluted)$2.46
Shares Outstanding (Basic)1.91B
Shares Outstanding (Diluted)1.92B

Key Highlights

  • 1U.S. Bancorp operates as a diversified financial services company with a substantial presence, including 3,085 banking offices and 5,053 ATMs across the U.S.
  • 2The company employed 62,529 people as of December 31, 2011, indicating a significant workforce.
  • 3The filing extensively discusses the impact of the Dodd-Frank Act, including new regulations, enhanced prudential standards, and increased capital and liquidity requirements.
  • 4U.S. Bancorp maintained strong capital ratios, with a consolidated total capital ratio of 13.3% and a Tier 1 capital ratio of 10.8% as of December 31, 2011.
  • 5The company's leverage ratio was 9.1% at December 31, 2011.
  • 6U.S. Bancorp's banking subsidiaries, U.S. Bank National Association and U.S. Bank National Association ND, received 'outstanding' and 'satisfactory' CRA ratings, respectively.
  • 7The company had an active share repurchase program in place during the fourth quarter of 2011, repurchasing 5,773,065 shares.

Frequently Asked Questions

U.S. Bancorp operates as a multi-state financial services holding company offering a full spectrum of services including lending, depository services, cash management, trust and investment management, credit card services, merchant processing, and mortgage banking. Its strategy involves leveraging its extensive network of banking offices and ATMs to serve individuals and businesses across its domestic markets, with a focus on providing competitive products and services.

The Dodd-Frank Act significantly alters the regulatory landscape for U.S. Bancorp. It introduces enhanced prudential standards for large bank holding companies, including stricter capital and liquidity requirements, risk management protocols, and stress testing. The Act also impacts interchange fees, consumer mortgage regulation, and other areas, necessitating significant compliance efforts and potentially affecting the company's operational flexibility and costs.

As of December 31, 2011, U.S. Bancorp reported strong capital ratios. Its consolidated total capital ratio stood at 13.3%, and its Tier 1 capital ratio was 10.8%. The leverage ratio was 9.1%. These figures indicate that the company met and exceeded the minimum regulatory capital requirements, positioning it well to absorb potential losses and meet future regulatory demands.

The filing states that there are no legal proceedings to report for U.S. Bancorp. Additionally, there are no unresolved staff comments noted in the filing.