Early Access

10-QPeriod: Q2 FY2014

US BANCORP \DE\ Quarterly Report for Q2 Ended Jun 30, 2014

Filed August 6, 2014For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

U.S. Bancorp's (USB) second quarter 2014 10-Q filing provides a snapshot of the company's financial health and operational activities during the period ending June 29, 2014. While the filing primarily incorporates information by reference to previous reports (10-K and other 10-Q sections), key financial metrics such as the Ratio of Earnings to Fixed Charges are presented. This ratio remains robust, indicating the company's ability to cover its fixed obligations comfortably. Investors should note that the bulk of detailed operational and risk factor discussions are deferred to the company's annual report and other parts of the interim filing. However, the presented data on earnings and fixed charges suggests financial stability. The inclusion of certifications from the CEO and CFO underscores the commitment to accurate financial reporting and compliance with regulatory standards like Sarbanes-Oxley.

Financial Highlights

36 data points
Beta

Revenue

$5.19B

Net Income

$1.50B

0.3% Net Margin

EPS (Diluted)

$0.78

Total Assets

$389.06B

Free Cash Flow

$1.11B

Financial Statements
Beta
Revenue$5.19B
Interest Expense$358.00M
Net Income$1.50B
EPS (Basic)$0.79
EPS (Diluted)$0.78
Shares Outstanding (Basic)1.81B
Shares Outstanding (Diluted)1.82B

Key Highlights

  • 1The Ratio of Earnings to Fixed Charges remains strong, with a ratio of 8.54 (excluding interest on deposits) and 6.30 (including interest on deposits) for the three months ended June 30, 2014.
  • 2For the six months ended June 30, 2014, the Ratio of Earnings to Fixed Charges was 8.12 (excluding interest on deposits) and 6.01 (including interest on deposits), indicating sustained earnings coverage.
  • 3Net income attributable to U.S. Bancorp for the three months ended June 30, 2014, was $1,495 million, and $2,892 million for the six months ended June 30, 2014.
  • 4The filing incorporates by reference Note 16 from Part I, Item 1 for information on Legal Proceedings.
  • 5Risk Factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2013, remain relevant.
  • 6Information regarding share repurchases during the second quarter of 2014 is available in the 'Capital Management' section of Part I, Item 2.
  • 7The filing includes required certifications from the CEO and CFO, affirming the accuracy of the financial statements and compliance with SEC regulations.

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