Stock Monitor: First Busey Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 02, 2018 / Active-Investors.com has just released a free earnings report on US Bancorp (NYSE: USB). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=USB. The Company posted its financial results on April 18, 2018, for the first quarter of the fiscal year 2018 (Q1 FY18). The Company's total net revenues grew 3.4% y-o-y. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, US Bancorp most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
During Q1 FY18, US Bancorp's net interest income increased 6.3% to $3.17 billion from $2.98 billion in the last year's same quarter. The Company's non-interest income grew to $2.27 billion in Q1 FY18 from $2.26 billion in Q1 FY17. For the reported quarter, the Company's total net revenues increased to $5.47 billion from $5.29 billion in Q1 FY17. However, the Company's net revenue numbers for the reported quarter missed market expectations of $5.53 billion.
The parent Company of US Bank National Association reported a net income attributable to common shareholders of $1.68 billion, or $0.96 per diluted share, in Q1 FY18 compared to $1.47 billion, or $0.82 per diluted share, in Q1 FY17. Excluding one-time expenses and benefits of $0.01 per diluted share, the Company's adjusted net income was $0.95 per diluted share in Q1 FY18, beating Wall Street's forecasts of $0.082 per diluted share.
The Minneapolis, Minnesota-based Company's non-interest expenses were $3.06 billion in Q1 FY18, $146 million, or 5.0%, higher than in Q1 FY17, primarily due to higher personnel expenses, occupancy costs, technology investment, seasonal marketing, and development expenses.
During the reported quarter, the Company's return on average common equity was 14.9% versus 13.3% in the year ago comparable period. The return on average assets stood at 1.50% in Q1 FY18 compared to 1.35% in Q1 FY17. The Company had book value per share of $26.54 as on March 31, 2018, up from $25.05 as on March 31, 2017. Moreover, the Company's efficiency ratio came in at 55.9% in Q1 FY18 compared to 55.3% in Q1 FY17.
As on March 31, 2018, the Company's common equity tier 1 risk-weighted assets ratio was 10.4% compared to 11.0% as on March 31, 2017. The Company's leverage ratio stood at 8.8% as on March 31, 2018, versus 9.1% as on March 31, 2017. Furthermore, the Company's total risk-based capital ratio stood at 12.5% as on March 31, 2018, versus 13.3% as on March 31, 2017.
Balance Sheet Analyzed
US Bancorp's average total assets were $334.58 billion in Q1 FY18 compared to $328.43 billion in Q1 FY17. The Company's average total loan portfolio stood at $279.39 billion in Q1 FY18 compared to $273.16 billion in Q1 FY17.
The Company's average total earnings assets increased to $411.85 billion in Q1 FY18 from $399.28 billion in the previous year's corresponding quarter. For Q1 FY18, the Company's yield on average earnings assets also improved to 3.75% from 3.48% in Q1 FY17. The Company's rate paid on interest-bearing liabilities were 0.81% during the first quarter of FY18 compared to 0.57% in Q1 FY17. Furthermore, the Company's net interest margin grew to 3.13% in Q1 FY18 from 3.06% in Q1 FY17.
For Q1 FY18, the Company's total non-performing assets balance stood at $1.20 billion, lower than $1.50 billion in Q1 FY17. The Company's non-performing assets to loans and other real estate ratio also improved to 0.43% at the end of Q1 FY18 from 0.55% at the close of prior year's same quarter.
Share Repurchase and Dividend
During Q1 FY18, the Company returned 68% of earnings to shareholders through dividends and share buybacks.
Stock Performance Snapshot
May 01, 2018 - At Tuesday's closing bell, US Bancorp's stock marginally rose 0.54%, ending the trading session at $50.72.
Volume traded for the day: 4.36 million shares.
Stock performance in the last month – up 2.09%
After yesterday's close, US Bancorp's market cap was at $84.14 billion.
Price to Earnings (P/E) ratio was at 16.28.
The stock has a dividend yield of 2.37%.
The stock is part of the Financial sector, categorized under the Regional - Midwest Banks industry. This sector was up 0.2% at the end of the session.
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