Summary
This 10-K filing for U.S. Bancorp for the fiscal year ended December 31, 2016, provides an overview of the company's business, competitive landscape, and extensive regulatory environment. As a large, well-established financial holding company, U.S. Bancorp offers a comprehensive suite of financial services, including lending, deposit-taking, cash management, capital markets, and trust and investment management services. The company operates a significant domestic branch network and has international operations, though these are noted as not significant. The filing also details the complex web of regulations governing U.S. Bancorp, including those stemming from the Dodd-Frank Act, Basel III capital and liquidity requirements, and consumer protection laws. The company is subject to rigorous supervisory oversight and capital planning requirements, including annual stress tests (CCAR). The report highlights that U.S. Bancorp received a 'Satisfactory' Community Reinvestment Act (CRA) rating in its most recent examination and is subject to ongoing scrutiny regarding its Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance. Investors should note the company's ongoing efforts to comply with evolving regulatory demands, which can impact business operations and profitability.
Financial Highlights
36 data points| Revenue | $21.31B |
| Interest Expense | $1.47B |
| Net Income | $5.89B |
| EPS (Basic) | $3.25 |
| EPS (Diluted) | $3.24 |
| Shares Outstanding (Basic) | 1.72B |
| Shares Outstanding (Diluted) | 1.72B |
Key Highlights
- 1U.S. Bancorp operates as a diversified financial services company with a broad range of products including lending, deposit services, cash management, capital markets, and trust and investment management.
- 2The company's operations are subject to extensive regulatory oversight from multiple agencies, including the Federal Reserve, OCC, FDIC, SEC, and CFPB.
- 3Significant regulatory changes, such as those from the Dodd-Frank Act and Basel III, continue to shape the financial services industry and impact U.S. Bancorp's capital and liquidity requirements.
- 4U.S. Bancorp is actively engaged in regulatory compliance, including the submission of annual capital plans and stress test results.
- 5The company reported a 'Satisfactory' Community Reinvestment Act (CRA) rating in its last examination.
- 6U.S. Bancorp has a significant domestic presence with 3,106 banking offices and 4,842 ATMs, primarily in the Midwest and West regions.
- 7The company announced an authorization to repurchase up to $2.6 billion of its common stock during the period from July 1, 2016, through June 30, 2017.