Summary
U.S. Bancorp's second quarter 2016 filing highlights a stable financial performance with a robust Ratio of Earnings to Fixed Charges, both when excluding and including interest on deposits. The company reported net income of $1.522 billion for the quarter, contributing to a year-to-date net income of $2.908 billion. Fixed charges, including interest on deposits, totaled $435 million for the quarter, indicating strong coverage ratios. A notable addition to the risk factors concerns the United Kingdom's potential withdrawal from the European Union (Brexit). Management acknowledges the uncertainty surrounding Brexit and its potential adverse effects on the company's businesses, financial condition, liquidity, and capital. This includes potential impacts on European operations, revenue, expenses, and employee mobility.
Financial Highlights
34 data points| Revenue | $5.45B |
| Interest Expense | $407.00M |
| Net Income | $1.52B |
| EPS (Basic) | $0.83 |
| EPS (Diluted) | $0.83 |
| Shares Outstanding (Basic) | 1.73B |
| Shares Outstanding (Diluted) | 1.73B |
Key Highlights
- 1Net income attributable to U.S. Bancorp was $1.522 billion for the three months ended June 30, 2016.
- 2Year-to-date net income attributable to U.S. Bancorp reached $2.908 billion.
- 3The Ratio of Earnings to Fixed Charges (excluding interest on deposits) stood at a strong 8.29 for the quarter.
- 4The Ratio of Earnings to Fixed Charges (including interest on deposits) was 5.74 for the quarter.
- 5A new risk factor has been added detailing the potential adverse effects of the United Kingdom's "Brexit" vote on the company's operations and financial performance.
- 6The company reported that the risks disclosed in its 2015 10-K have not materially changed, aside from the Brexit-related disclosure.