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usbancorp 1Q21 Key Financial Data PROFITABILITY METRICS 1Q21 4Q20 1Q20 Return on average assets ( % ) 1.69 1.10 .95 Return on average common equity ( % ) 19.0 12.1 9.7 • Return on tangible common equity ( % ) ( a ) 24.3 15.6 12.6 Net interest margin ( % ) 2.50 2.57 2.91 Efficiency ratio ( % ) ( a ) 62.1 58.8 58.0 INCOME STATEMENT ( b ) 1Q21 4Q20 1Q20 U.S. Bancorp Reports First Quarter 2021 Results • Net revenue of $ 5.5 billion and net income of $ 2.3 billion • Return on average assets of 1.69 % and return on average common equity of 19.0 % • Common Equity Tier 1 capital ratio of 9.9 % and strong levels of liquidity 1Q21 Highlights • Net income of $ 2,280 million and diluted earnings per common share of $ 1.45 Return on average assets of 1.69 % and return on average common equity of 19.0 % Net revenue of $ 5,470 million , including $ 3,089 million of net interest income and $ 2,381 million of noninterest income Average total earning assets growth of 11.2 % year - over - year Net interest income ( taxable - equivalent basis ) $ 3,089 $ 3,201 $ 3,247 Noninterest income $ 2,381 $ 2,550 $ 2,525 • Average total deposits growth of 17.5 % year - over - year Net income attributable to U.S. Bancorp $ 2,280 $ 1,519 $ 1,171 • Diluted earnings per common share $ 1.45 $ .95 $ .72 Dividends declared per common share $ .42 $ .42 $ .42 BALANCE SHEET ( b ) 1Q21 4Q20 1Q20 Average total loans $ 293,989 $ 302,308 $ 297,657 Average total deposits $ 426,364 Net charge - off ratio .31 % Book value per common share ( period end ) $ 30.53 Basel III standardized CET1 ( c ) 9.9 % $ 422,413 .58 % $ 31.26 9.7 % $ 362,804 .53 % $ 30.24 9.0 % Net charge - off ratio of 0.31 % in 1Q21 compared with 0.58 % in 4Q20 and 0.53 % in the 1Q20 Allowance for credit losses declined $ 1,050 million during the quarter given improving economic outlook and credit trends Nonperforming assets decreased 7.4 % on a linked quarter basis and increased 27.1 % year - over year CET1 capital ratio increased to 9.9 % at March 31 , 2021 , compared with 9.7 % at December 31 , 2020 ( a ) See Non - GAAP Financial Measures reconciliation on page 16 ( b ) Dollars in millions , except per share data ( c ) CET1 = Common equity tier 1 capital ratio CEO Commentary " A lot has changed in the last year , and our first quarter results were reflective of improving economic conditions and increasing consumer confidence and spending activity . Credit quality continues to perform better than we had expected - in fact , we incurred the bank's lowest net charge - off ratio in recent decades - and an improved outlook for future performance allowed us to release over a billion dollars in reserves for credit losses . Our payments businesses are well - positioned to take advantage of the cyclical recovery and renewed business and consumer activity . In a similar fashion , we will continue to invest in capabilities to create growth , as evidenced by our advances in digital , our alliance with State Farm and our acquisition of talech , an important small business payments capability . These investments will drive revenue growth and further efficiencies that will create value for our business , customers and shareholders . Although the pandemic has disrupted most aspects of personal and professional life for more than a year , our employees have dedicated themselves to service and our company's success . I appreciate their hard work and everything they continue to do to position us for better days ahead . " - Andy Cecere , Chairman , President and CEO , U.S. Bancorp In the Spotlight U.S. Bank Access Commitment U.S. Bank's Access Commitment is a long - term approach bringing the strengths of the Company to help build wealth while redefining how the bank serves diverse communities and provides more opportunities for diverse employees . The focus is on supporting businesses owned by people of color , helping individuals and communities of color advance economically and enhancing career opportunities for employees and prospective employees . This includes a new fund focused on businesses owned by women of color , a mortgage program focused on homeownership education , a focus on building sustained wealth , financial inclusion partnerships , supply chain financing focused on diverse businesses , customized employee leadership development , and a change to how U.S. Bank fills open positions . Most Ethical For the seventh consecutive year , U.S. Bank has been named one of the World's Most Ethical Companies by the Ethisphere Institute , a global leader in defining and advancing the standards of ethical business practices . Best in Class Mobile Banking The mobile check deposit feature of the U.S. Bank Mobile App has been recognized as best in class by Cornerstone Advisors in its 2021 Mobile Deposit Benchmark report . It was rated No. 1 in the industry for customer experience based on factors including deposit limits , real - time status updates , auto - capture functionality and more . Most Admired U.S. Bancorp was ranked No. 1 in the Superregional Banks category for the eleventh straight year in Fortune magazine's annual World's Most Admired Companies list . Fortune highlighted the following key U.S. Bancorp attributes that render success : Quality of Leadership , Value as a Long - term Investment , Soundness of Financial Position , and Wise Use of Corporate Assets . Investor contact : Jennifer Thompson , 612.303.0778 | Media contact : Jeff Shelman , 612.422.1423