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Berkshire Hathaway Inc. Message Board

  • axpkocop axpkocop Jan 22, 2014 10:07 AM Flag

    USB-Earnings

    "U.S. Bancorp ( USB ) today reported net income of $1,456 million for the fourth quarter of 2013, or $.76 per diluted common share, compared with $1,420 million, or $.72 per diluted common share, in the fourth quarter of 2012.

    Highlights for the full year 2013 included:
    •Record full year 2013 net income of $5.8 billion, 3.3 percent higher than 2012 •Record full year diluted earnings per common share of $3.00, 5.6 percent higher than 2012
    •Industry-leading performance measures, including return on average assets of 1.65 percent, return on average common equity of 15.8 percent and efficiency ratio of 52.4 percent
    •Returned 71 percent of 2013 earning to shareholders through dividend and share buybacks."

    USB currently trades at 2 times book and is only growing at 5%? Appears pricey to me.

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    • I actually like USB. They've been able to do this while suffering a large drop in the mortgage business as all the banks have but without the reserve releases to help hide it. Probably the best deposit base there is, and noninterest bearing deposits have increased 9.1% yoy. That being said, profitability is currently somewhat overstated as chargeoffs to loans is in the .5-.6% range whereas over time it has typically been about 1%

 
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