Net income attributable to U.S. Bancorp was $1,428 million for the first quarter of 2013, 6.7 percent higher than the $1,338 million for the first quarter of 2012, and .6 percent higher than the $1,420 million for the fourth quarter of 2012. Diluted earnings per common share of $.73 in the first quarter of 2013 were $.06 higher than the first quarter of 2012 and $.01 higher than the previous quarter. Return on average assets and return on average common equity were 1.65 percent and 16.0 percent, respectively, for the first quarter of 2013, compared with 1.60 percent and 16.2 percent, respectively, for the first quarter of 2012 The provision for credit losses was lower than net charge-offs by $30 million in the first quarter of 2013, $25 million in the fourth quarter of 2012, and $90 million in the first quarter of 2012.
Highlights for the first quarter of 2013 included:
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Achieved industry-leading performance ratios, including:
Return on average assets of 1.65 percent
Return on average common equity of 16.0 percent
Efficiency ratio of 50.7 percent
Strong new lending activity of $57.3 billion during the first quarter, including:
$27.1 billion of new and renewed commercial and commercial real estate commitments
$2.3 billion of lines related to new credit card accounts
$27.9 billion of mortgage and other retail loan originations
Growth in average total loans of 5.8 percent over the first quarter of 2012 (8.0 percent excluding covered loans) and 1.0 percent on a linked quarter basis (1.4 percent excluding covered loans)
Growth in average total commercial loans of 14.3 percent over the first quarter of 2012 and 2.1 percent over the fourth quarter of 2012
Growth in average commercial and commercial real estate commitments of 11.9 percent year-over-year and 1.7 percent over the prior quarter
Significant growth in average deposits of 7.3 percent over the first quarter of 2012
Average noninterest-bearing deposits growth of 4.4 percent and average total savings deposits growth of 8.7 percent year-over-year
Growth in average total savings deposits of 6.4 percent over the fourth quarter, offsetting a linked quarter decline in noninterest-bearing deposits
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By GlobalDataNet interest income growth over the first quarter of 2012
Average earning assets growth of 4.6 percent year-over-year
Continued strong growth in lower cost core deposit funding on a year-over-year basis
Net interest margin of 3.48 percent for the first quarter of 2013, compared with 3.55 percent for the fourth quarter of 2012, and 3.60 percent for the first quarter of 2012
Positive operating leverage and an improved efficiency ratio on both a year-over-year and linked quarter basis
Lower net charge-offs on both a linked quarter and year-over-year basis. Provision for credit losses was $30 million less than net charge-offs
Net charge-offs were $35 million lower than the fourth quarter of 2012
Annualized net charge-offs to average total loans ratio declined to .79 percent
Allowance to period-end loans was 2.11 percent at March 31, 2013
Nonperforming assets declined on both a linked quarter and year-over-year basis
Nonperforming assets (excluding covered assets) decreased 2.8 percent from the fourth quarter of 2012 (9.9 percent including covered assets)
Allowance to nonperforming assets (excluding covered assets) was 221 percent at March 31, 2013, compared with 218 percent at December 31, 2012, and 199 percent at March 31, 2012
Capital generation continues to reinforce capital position; ratios at March 31, 2013 were:
Tier 1 capital ratio of 11.0 percent
Total risk based capital ratio of 13.2 percent
Tier 1 common equity to risk-weighted assets ratio of 9.1 percent
Tier 1 common equity ratio of approximately 8.2 percent using proposed rules for the Basel III standardized approach released June 2012
Returned 69 percent of first quarter earnings to shareholders through dividends and share buybacks
Repurchased 17 million shares of common stock during the first quarter
Received the Federal Reserve’s non-objection to our capital plan on March 14th, 2013
Announced a new share repurchase authorization of $2.25 billion, effective April 1st
Expect to recommend a second quarter dividend increase of 18 percent.
