Summary
US BancORP (USB) filed its quarterly report for the period ending June 29, 2018, on August 2, 2018. The report primarily consists of information regarding legal proceedings, risk factors, and unregistered sales of equity securities, with detailed financial data presented through incorporated exhibits. Investors will find key financial metrics within the Computation of Ratio of Earnings to Fixed Charges exhibit. The company reported strong earnings for the second quarter and the first half of 2018, indicating a healthy ability to cover its fixed obligations. The ratio of earnings to fixed charges, both including and excluding interest on deposits, remains robust, suggesting financial stability and a solid capacity to service its debt and preferred stock dividends. While the filing incorporates previous disclosures on risk factors and legal proceedings, the core financial performance highlighted by the earnings to fixed charges ratio demonstrates operational strength for the reported periods.
Financial Highlights
34 data points| Revenue | $5.64B |
| Interest Expense | $751.00M |
| Net Income | $1.75B |
| EPS (Basic) | $1.02 |
| EPS (Diluted) | $1.02 |
| Shares Outstanding (Basic) | 1.64B |
| Shares Outstanding (Diluted) | 1.65B |
Key Highlights
- 1Net income attributable to U.S. Bancorp was $1,750 million for the three months ended June 30, 2018, and $3,425 million for the six months ended June 30, 2018.
- 2The company demonstrated a strong ability to cover its fixed charges, with a Ratio of Earnings to Fixed Charges (excluding interest on deposits) of 7.21 for the three months and 7.41 for the six months ended June 30, 2018.
- 3Even when including interest on deposits, the Ratio of Earnings to Fixed Charges was 3.81 for the three months and 3.95 for the six months ended June 30, 2018, indicating ample coverage.
- 4The Ratio of Earnings to Fixed Charges and Preferred Dividends also remained healthy, with figures of 6.10 and 6.16 (excluding interest on deposits) and 3.52 and 3.61 (including interest on deposits) for the respective periods.
- 5The filing incorporates by reference the company's Annual Report on Form 10-K for the year ended December 31, 2017, for detailed risk factors and prior period legal proceedings.
- 6Information regarding share repurchases during the second quarter of 2018 can be found in the 'Capital Management' section of the filing.
- 7The report includes standard CEO and CFO certifications for the period, affirming the accuracy of the financial disclosures.