QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 41-0255900 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||
Common Stock, $.01 par value per share | USB | New York Stock Exchange | ||||||||
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrA | New York Stock Exchange | ||||||||
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrH | New York Stock Exchange | ||||||||
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrP | New York Stock Exchange | ||||||||
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrQ | New York Stock Exchange | ||||||||
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrR | New York Stock Exchange | ||||||||
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrS | New York Stock Exchange | ||||||||
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024 | USB/24B | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Class | Outstanding as of | |||||||
Common Stock, |
Part I — Financial Information | ||||||||
U.S. Bancorp | 1 |
2 | U.S. Bancorp |
Selected Financial Data |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | ||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||
Net interest income | $ | 4,236 | $ | 3,827 | 10.7 | % | $ | 13,285 | $ | 10,435 | 27.3 | % | ||||||||||||
Taxable-equivalent adjustment (a) | 32 | 30 | 6.7 | 100 | 86 | 16.3 | ||||||||||||||||||
Net interest income (taxable-equivalent basis) (b) | 4,268 | 3,857 | 10.7 | 13,385 | 10,521 | 27.2 | ||||||||||||||||||
Noninterest income | 2,764 | 2,469 | 11.9 | 7,997 | 7,413 | 7.9 | ||||||||||||||||||
Total net revenue | 7,032 | 6,326 | 11.2 | 21,382 | 17,934 | 19.2 | ||||||||||||||||||
Noninterest expense | 4,530 | 3,637 | 24.6 | 13,654 | 10,863 | 25.7 | ||||||||||||||||||
Provision for credit losses | 515 | 362 | 42.3 | 1,763 | 785 | * | ||||||||||||||||||
Income before taxes | 1,987 | 2,327 | (14.6 | ) | 5,965 | 6,286 | (5.1 | ) | ||||||||||||||||
Income taxes and taxable-equivalent adjustment | 463 | 511 | (9.4 | ) | 1,368 | 1,378 | (.7 | ) | ||||||||||||||||
Net income | 1,524 | 1,816 | (16.1 | ) | 4,597 | 4,908 | (6.3 | ) | ||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (1 | ) | (4 | ) | 75.0 | (15 | ) | (8 | ) | (87.5 | ) | |||||||||||||
Net income attributable to U.S. Bancorp | $ | 1,523 | $ | 1,812 | (15.9 | ) | $ | 4,582 | $ | 4,900 | (6.5 | ) | ||||||||||||
Net income applicable to U.S. Bancorp common shareholders | $ | 1,412 | $ | 1,718 | (17.8 | ) | $ | 4,285 | $ | 4,648 | (7.8 | ) | ||||||||||||
Per Common Share | ||||||||||||||||||||||||
Earnings per share | $ | .91 | $ | 1.16 | (21.6 | )% | $ | 2.79 | $ | 3.13 | (10.9 | )% | ||||||||||||
Diluted earnings per share | .91 | 1.16 | (21.6 | ) | 2.79 | 3.13 | (10.9 | ) | ||||||||||||||||
Dividends declared per share | .48 | .48 | — | 1.44 | 1.40 | 2.9 | ||||||||||||||||||
Book value per share (c) | 29.74 | 27.39 | 8.6 | |||||||||||||||||||||
Market value per share | 33.06 | 40.32 | (18.0 | ) | ||||||||||||||||||||
Average common shares outstanding | 1,548 | 1,486 | 4.2 | 1,538 | 1,485 | 3.6 | ||||||||||||||||||
Average diluted common shares outstanding | 1,549 | 1,486 | 4.2 | 1,538 | 1,486 | 3.5 | ||||||||||||||||||
Financial Ratios | ||||||||||||||||||||||||
Return on average assets | .91 | % | 1.22 | % | .92 | % | 1.13 | % | ||||||||||||||||
Return on average common equity | 11.9 | 15.8 | 12.3 | 14.1 | ||||||||||||||||||||
Net interest margin (taxable-equivalent basis) (a) | 2.81 | 2.83 | 2.94 | 2.62 | ||||||||||||||||||||
Efficiency ratio (b) | 64.4 | 57.5 | 63.8 | 60.7 | ||||||||||||||||||||
Net charge-offs as a percent of average loans outstanding | .44 | .19 | .50 | .20 | ||||||||||||||||||||
Average Balances | ||||||||||||||||||||||||
Loans | $ | 376,877 | $ | 336,778 | 11.9 | % | $ | 384,112 | $ | 324,731 | 18.3 | % | ||||||||||||
Loans held for sale | 2,661 | 3,499 | (23.9 | ) | 2,564 | 4,214 | (39.2 | ) | ||||||||||||||||
Investment securities (d) | 163,236 | 164,851 | (1.0 | ) | 163,051 | 170,267 | (4.2 | ) | ||||||||||||||||
Earning assets | 605,245 | 541,666 | 11.7 | 608,891 | 536,131 | 13.6 | ||||||||||||||||||
Assets | 663,999 | 588,764 | 12.8 | 667,481 | 582,067 | 14.7 | ||||||||||||||||||
Noninterest-bearing deposits | 97,524 | 114,044 | (14.5 | ) | 113,556 | 120,893 | (6.1 | ) | ||||||||||||||||
Deposits | 512,291 | 456,769 | 12.2 | 506,633 | 455,829 | 11.1 | ||||||||||||||||||
Short-term borrowings | 27,550 | 29,034 | (5.1 | ) | 39,364 | 23,825 | 65.2 | |||||||||||||||||
Long-term debt | 43,826 | 31,814 | 37.8 | 42,551 | 32,055 | 32.7 | ||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 53,817 | 49,820 | 8.0 | 53,440 | 50,804 | 5.2 | ||||||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||
Period End Balances | ||||||||||||||||||||||||
Loans | $ | 375,234 | $ | 388,213 | (3.3 | )% | ||||||||||||||||||
Investment securities | 152,549 | 161,650 | (5.6 | ) | ||||||||||||||||||||
Assets | 668,039 | 674,805 | (1.0 | ) | ||||||||||||||||||||
Deposits | 518,358 | 524,976 | (1.3 | ) | ||||||||||||||||||||
Long-term debt | 43,074 | 39,829 | 8.1 | |||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 53,113 | 50,766 | 4.6 | |||||||||||||||||||||
Asset Quality | ||||||||||||||||||||||||
Nonperforming assets | $ | 1,310 | $ | 1,016 | 28.9 | % | ||||||||||||||||||
Allowance for credit losses | 7,790 | 7,404 | 5.2 | |||||||||||||||||||||
Allowance for credit losses as a percentage of period-end loans | 2.08 | % | 1.91 | % | ||||||||||||||||||||
Capital Ratios | ||||||||||||||||||||||||
Common equity tier 1 capital | 9.7 | % | 8.4 | % | ||||||||||||||||||||
Tier 1 capital | 11.2 | 9.8 | ||||||||||||||||||||||
Total risk-based capital | 13.4 | 11.9 | ||||||||||||||||||||||
Leverage | 7.9 | 7.9 | ||||||||||||||||||||||
Total leverage exposure | 6.4 | 6.4 | ||||||||||||||||||||||
Tangible common equity to tangible assets (b) | 5.0 | 4.5 | ||||||||||||||||||||||
Tangible common equity to risk-weighted assets (b) | 7.0 | 6.0 | ||||||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b) | 9.5 | 8.1 |
Three Months Ended March 31 | ||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | 2024 | 2023 | Percent Change | |||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||
Net interest income | $ | 3,985 | $ | 4,634 | (14.0) | % | ||||||||||||||
Taxable-equivalent adjustment(a) | 30 | 34 | (11.8) | |||||||||||||||||
Net interest income (taxable-equivalent basis)(b) | 4,015 | 4,668 | (14.0) | |||||||||||||||||
Noninterest income | 2,700 | 2,507 | 7.7 | |||||||||||||||||
Total net revenue | 6,715 | 7,175 | (6.4) | |||||||||||||||||
Noninterest expense | 4,459 | 4,555 | (2.1) | |||||||||||||||||
Provision for credit losses | 553 | 427 | 29.5 | |||||||||||||||||
Income before taxes | 1,703 | 2,193 | (22.3) | |||||||||||||||||
Income taxes and taxable-equivalent adjustment | 377 | 489 | (22.9) | |||||||||||||||||
Net income | 1,326 | 1,704 | (22.2) | |||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (7) | (6) | (16.7) | |||||||||||||||||
Net income attributable to U.S. Bancorp | $ | 1,319 | $ | 1,698 | (22.3) | |||||||||||||||
Net income applicable to U.S. Bancorp common shareholders | $ | 1,209 | $ | 1,592 | (24.1) | |||||||||||||||
Per Common Share | ||||||||||||||||||||
Earnings per share | $ | .78 | $ | 1.04 | (25.0) | |||||||||||||||
Diluted earnings per share | .78 | 1.04 | (25.0) | |||||||||||||||||
Dividends declared per share | .49 | .48 | 2.1 | |||||||||||||||||
Book value per share(c) | 31.26 | 30.12 | 3.8 | |||||||||||||||||
Market value per share | 44.70 | 36.05 | 24.0 | |||||||||||||||||
Average common shares outstanding | 1,559 | 1,532 | 1.8 | |||||||||||||||||
Average diluted common shares outstanding | 1,559 | 1,532 | 1.8 | |||||||||||||||||
Financial Ratios | ||||||||||||||||||||
Return on average assets | .81 | % | 1.03 | % | ||||||||||||||||
Return on average common equity | 10.0 | 14.1 | ||||||||||||||||||
Net interest margin (taxable-equivalent basis)(a) | 2.70 | 3.10 | ||||||||||||||||||
Efficiency ratio(b) | 66.4 | 63.2 | ||||||||||||||||||
Net charge-offs as a percent of average loans outstanding | .53 | .39 | ||||||||||||||||||
Average Balances | ||||||||||||||||||||
Loans | $ | 371,070 | $ | 386,750 | (4.1) | % | ||||||||||||||
Loans held for sale | 2,002 | 2,461 | (18.7) | |||||||||||||||||
Investment securities(d) | 161,236 | 166,125 | (2.9) | |||||||||||||||||
Earning assets | 596,135 | 607,614 | (1.9) | |||||||||||||||||
Assets | 653,909 | 665,447 | (1.7) | |||||||||||||||||
Noninterest-bearing deposits | 84,787 | 129,741 | (34.6) | |||||||||||||||||
Deposits | 503,061 | 510,324 | (1.4) | |||||||||||||||||
Short-term borrowings | 16,364 | 36,467 | (55.1) | |||||||||||||||||
Long-term debt | 52,713 | 41,024 | 28.5 | |||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 55,667 | 52,667 | 5.7 | |||||||||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||
Period End Balances | ||||||||||||||||||||
Loans | $ | 374,588 | $ | 373,835 | .2 | |||||||||||||||
Investment securities | 155,374 | 153,751 | 1.1 | |||||||||||||||||
Assets | 683,606 | 663,491 | 3.0 | |||||||||||||||||
Deposits | 528,063 | 512,312 | 3.1 | |||||||||||||||||
Long-term debt | 52,693 | 51,480 | 2.4 | |||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 55,568 | 55,306 | .5 | |||||||||||||||||
Asset Quality | ||||||||||||||||||||
Nonperforming assets | $ | 1,786 | $ | 1,494 | 19.5 | |||||||||||||||
Allowance for credit losses | 7,904 | 7,839 | .8 | |||||||||||||||||
Allowance for credit losses as a percentage of period-end loans | 2.11 | % | 2.10 | % | ||||||||||||||||
Capital Ratios | ||||||||||||||||||||
Common equity tier 1 capital | 10.0 | % | 9.9 | % | ||||||||||||||||
Tier 1 capital | 11.6 | 11.5 | ||||||||||||||||||
Total risk-based capital | 13.7 | 13.7 | ||||||||||||||||||
Leverage | 8.1 | 8.1 | ||||||||||||||||||
Total leverage exposure | 6.6 | 6.6 | ||||||||||||||||||
Tangible common equity to tangible assets(b) | 5.2 | 5.3 | ||||||||||||||||||
Tangible common equity to risk-weighted assets(b) | 7.8 | 7.7 | ||||||||||||||||||
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology(b) | 9.9 | 9.7 |
U.S. Bancorp | 3 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | ||||||||||||||||||
Card revenue | $ | 412 | $ | 391 | 5.4 | % | $ | 1,194 | $ | 1,128 | 5.9 | % | ||||||||||||
Corporate payment products revenue | 198 | 190 | 4.2 | 577 | 520 | 11.0 | ||||||||||||||||||
Merchant processing services | 427 | 406 | 5.2 | 1,250 | 1,194 | 4.7 | ||||||||||||||||||
Trust and investment management fees | 627 | 572 | 9.6 | 1,838 | 1,638 | 12.2 | ||||||||||||||||||
Service charges | 334 | 317 | 5.4 | 982 | 984 | (.2 | ) | |||||||||||||||||
Commercial products revenue | 354 | 285 | 24.2 | 1,046 | 841 | 24.4 | ||||||||||||||||||
Mortgage banking revenue | 144 | 81 | 77.8 | 403 | 423 | (4.7 | ) | |||||||||||||||||
Investment products fees | 70 | 56 | 25.0 | 206 | 177 | 16.4 | ||||||||||||||||||
Securities gains (losses), net | — | 1 | * | (29 | ) | 38 | * | |||||||||||||||||
Other | 198 | 170 | 16.5 | 530 | 470 | 12.8 | ||||||||||||||||||
Total noninterest income | $ | 2,764 | $ | 2,469 | 11.9 | % | $ | 7,997 | $ | 7,413 | 7.9 | % |
4 | U.S. Bancorp |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | ||||||||||||||||||||||
Compensation and employee benefits | $ | 2,615 | $ | 2,260 | 15.7 | % | $ | 7,907 | $ | 6,755 | 17.1 | % | ||||||||||||||||
Net occupancy and equipment | 313 | 272 | 15.1 | 950 | 806 | 17.9 | ||||||||||||||||||||||
Professional services | 127 | 131 | (3.1 | ) | 402 | 356 | 12.9 | |||||||||||||||||||||
Marketing and business development | 176 | 126 | 39.7 | 420 | 312 | 34.6 | ||||||||||||||||||||||
Technology and communications | 511 | 427 | 19.7 | 1,536 | 1,267 | 21.2 | ||||||||||||||||||||||
Other intangibles | 161 | 43 | * | 480 | 130 | * | ||||||||||||||||||||||
Other | 343 | 336 | 2.1 | 1,121 | 998 | 12.3 | ||||||||||||||||||||||
Total before merger and integration charges | 4,246 | 3,595 | 18.1 | 12,816 | 10,624 | 20.6 | ||||||||||||||||||||||
Merger and integration charges | 284 | 42 | * | 838 | 239 | * | ||||||||||||||||||||||
Total noninterest expense | $ | 4,530 | $ | 3,637 | 24.6 | % | $ | 13,654 | $ | 10,863 | 25.7 | % | ||||||||||||||||
Efficiency ratio (a) | 64.4 | % | 57.5 | % | 63.8 | % | 60.7 | % |
TABLE 2 | Noninterest Income |
Three Months Ended March 31 | |||||||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | Percent Change | ||||||||||||||||||||||||||
Card revenue | $ | 392 | $ | 360 | 8.9 | % | |||||||||||||||||||||||
Corporate payment products revenue | 184 | 189 | (2.6) | ||||||||||||||||||||||||||
Merchant processing services | 401 | 387 | 3.6 | ||||||||||||||||||||||||||
Trust and investment management fees | 641 | 590 | 8.6 | ||||||||||||||||||||||||||
Service charges | 315 | 324 | (2.8) | ||||||||||||||||||||||||||
Commercial products revenue | 388 | 334 | 16.2 | ||||||||||||||||||||||||||
Mortgage banking revenue | 166 | 128 | 29.7 | ||||||||||||||||||||||||||
Investment products fees | 77 | 68 | 13.2 | ||||||||||||||||||||||||||
Securities gains (losses), net | 2 | (32) | * | ||||||||||||||||||||||||||
Other | 134 | 159 | (15.7) | ||||||||||||||||||||||||||
Total noninterest income | $ | 2,700 | $ | 2,507 | 7.7 | % |
TABLE 3 | Noninterest Expense |
Three Months Ended March 31 | ||||||||||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | Percent Change | |||||||||||||||||||||||||||||
Compensation and employee benefits | $ | 2,691 | $ | 2,646 | 1.7 | % | ||||||||||||||||||||||||||
Net occupancy and equipment | 296 | 321 | (7.8) | |||||||||||||||||||||||||||||
Professional services | 110 | 134 | (17.9) | |||||||||||||||||||||||||||||
Marketing and business development | 136 | 122 | 11.5 | |||||||||||||||||||||||||||||
Technology and communications | 507 | 503 | .8 | |||||||||||||||||||||||||||||
Other intangibles | 146 | 160 | (8.8) | |||||||||||||||||||||||||||||
Other | 418 | 425 | (1.6) | |||||||||||||||||||||||||||||
Total before merger and integration charges | 4,304 | 4,311 | (.2) | |||||||||||||||||||||||||||||
Merger and integration charges | 155 | 244 | (36.5) | |||||||||||||||||||||||||||||
Total noninterest expense | $ | 4,459 | $ | 4,555 | (2.1) | % | ||||||||||||||||||||||||||
Efficiency ratio(a) | 66.4 | % | 63.2 | % |
U.S. Bancorp | 5 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Amortized Cost | Fair Value | Weighted- Average Maturity in Years | Weighted- Average Yield (e) | Amortized Cost | Fair Value | Weighted- Average Maturity in Years | Weighted- Average Yield (e) | ||||||||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 1,345 | $ | 1,283 | 2.5 | 2.85 | % | $ | 1,344 | $ | 1,293 | 3.3 | 2.85 | % | ||||||||||||||||||
Mortgage-backed securities (a) | 83,997 | 69,076 | 9.5 | 2.19 | 87,396 | 76,581 | 9.3 | 2.17 | ||||||||||||||||||||||||
Total held-to-maturity | $ | 85,342 | $ | 70,359 | 9.4 | 2.20 | % | $ | 88,740 | $ | 77,874 | 9.2 | 2.18 | % | ||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 21,286 | $ | 18,707 | 6.1 | 2.69 | % | $ | 24,801 | $ | 22,033 | 7.1 | 2.43 | % | ||||||||||||||||||
Mortgage-backed securities (a) | 37,609 | 32,562 | 6.7 | 3.07 | 40,803 | 36,423 | 6.6 | 2.83 | ||||||||||||||||||||||||
Asset-backed securities (a) | 6,923 | 6,868 | 1.6 | 5.20 | 4,356 | 4,323 | 1.3 | 4.59 | ||||||||||||||||||||||||
Obligations of state and political subdivisions (b) (c) | 11,028 | 9,066 | 14.9 | 3.77 | 11,484 | 10,125 | 13.6 | 3.76 | ||||||||||||||||||||||||
Other | 4 | 4 | 1.7 | 1.89 | 6 | 6 | .1 | 1.99 | ||||||||||||||||||||||||
Total available-for-sale | $ | 76,850 | $ | 67,207 | 7.3 | 3.26 | % | $ | 81,450 | $ | 72,910 | 7.4 | 2.94 | % |
6 | U.S. Bancorp |
TABLE 4 | Investment Securities |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(Dollars in Millions) | Amortized Cost | Fair Value | Weighted- Average Maturity in Years | Weighted- Average Yield (e) | Amortized Cost | Fair Value | Weighted- Average Maturity in Years | Weighted- Average Yield (e) | ||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 1,345 | $ | 1,303 | 2.0 | 2.85 | % | $ | 1,345 | $ | 1,310 | 2.3 | 2.85 | % | ||||||||||||
Mortgage-backed securities(a) | 81,502 | 69,745 | 8.9 | 2.21 | 82,692 | 72,770 | 8.8 | 2.21 | ||||||||||||||||||
Other | 101 | 101 | 2.8 | 2.79 | 8 | 8 | 2.8 | 2.56 | ||||||||||||||||||
Total held-to-maturity | $ | 82,948 | $ | 71,149 | 8.8 | 2.22 | % | $ | 84,045 | $ | 74,088 | 8.7 | 2.22 | % | ||||||||||||
Available-for-Sale | ||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 23,722 | $ | 21,518 | 5.5 | 2.60 | % | $ | 21,768 | $ | 19,542 | 5.9 | 2.19 | % | ||||||||||||
Mortgage-backed securities(a) | 38,501 | 34,777 | 6.5 | 3.33 | 36,895 | 33,427 | 6.3 | 3.09 | ||||||||||||||||||
Asset-backed securities(a) | 6,218 | 6,204 | 2.4 | 5.31 | 6,713 | 6,724 | 2.2 | 5.33 | ||||||||||||||||||
Obligations of state and political subdivisions(b)(c) | 10,826 | 9,787 | 11.2 | 3.75 | 10,867 | 9,989 | 9.9 | 3.75 | ||||||||||||||||||
Other | 140 | 140 | 2.4 | 4.92 | 24 | 24 | 1.7 | 4.51 | ||||||||||||||||||
Total available-for-sale(d) | $ | 79,407 | $ | 72,426 | 6.5 | 3.33 | % | $ | 76,267 | $ | 69,706 | 6.3 | 3.12 | % |
U.S. Bancorp | 7 |
8 | U.S. Bancorp |
U.S. Bancorp | 9 |
Residential Mortgages (Dollars in Millions) | Interest Only | Amortizing | Total | Percent of Total | ||||||||||
Loan-to-Value | ||||||||||||||
Less than or equal to 80% | $ | 13,777 | $ | 85,892 | $ | 99,669 | 85.9 | % | ||||||
Over 80% through 90% | 377 | 7,357 | 7,734 | 6.7 | ||||||||||
Over 90% through 100% | 42 | 1,418 | 1,460 | 1.2 | ||||||||||
Over 100% | 10 | 548 | 558 | .5 | ||||||||||
No LTV available | 1 | 8 | 9 | — | ||||||||||
Loans purchased from GNMA mortgage pools(a) | — | 6,649 | 6,649 | 5.7 | ||||||||||
Total | $ | 14,207 | $ | 101,872 | $ | 116,079 | 100.0 | % |
Home Equity and Second Mortgages (Dollars in Millions) | Lines | Loans | Total | Percent of Total | ||||||||||
Loan-to-Value / Combined Loan-to-Value | ||||||||||||||
Less than or equal to 80% | $ | 10,043 | $ | 1,920 | $ | 11,963 | 92.5 | % | ||||||
Over 80% through 90% | 623 | 142 | 765 | 5.9 | ||||||||||
Over 90% through 100% | 107 | 21 | 128 | 1.0 | ||||||||||
Over 100% | 41 | 7 | 48 | .4 | ||||||||||
No LTV/CLTV available | 27 | 1 | 28 | .2 | ||||||||||
Total | $ | 10,841 | $ | 2,091 | $ | 12,932 | 100.0 | % |
Residential Mortgages (Dollars in Millions) | Interest Only | Amortizing | Total | Percent of Total | ||||||||||||
Loan-to-Value | ||||||||||||||||
Less than or equal to 80% | $ | 13,974 | $ | 86,231 | $ | 100,205 | 87.1 | % | ||||||||
Over 80% through 90% | 210 | 6,264 | 6,474 | 5.6 | ||||||||||||
Over 90% through 100% | 12 | 931 | 943 | .8 | ||||||||||||
Over 100% | 13 | 528 | 541 | .5 | ||||||||||||
No LTV available | 1 | 12 | 13 | — | ||||||||||||
Loans purchased from GNMA mortgage pools (a) | — | 6,879 | 6,879 | 6.0 | ||||||||||||
Total | $ | 14,210 | $ | 100,845 | $ | 115,055 | 100.0 | % |
Home Equity and Second Mortgages (Dollars in Millions) | Lines | Loans | Total | Percent of Total | ||||||||||||
Loan-to-Value Loan-to-Value | ||||||||||||||||
Less than or equal to 80% | $ | 10,461 | $ | 1,787 | $ | 12,248 | 95.1 | % | ||||||||
Over 80% through 90% | 411 | 73 | 484 | 3.8 | ||||||||||||
Over 90% through 100% | 54 | 14 | 68 | .5 | ||||||||||||
Over 100% | 40 | 6 | 46 | .4 | ||||||||||||
No LTV/CLTV available | 32 | 1 | 33 | .2 | ||||||||||||
Total | $ | 10,998 | $ | 1,881 | $ | 12,879 | 100.0 | % |
Junior Liens Behind | ||||||||||||
(Dollars in Millions) | Company Owned or Serviced First Lien | Third Party First Lien | Total | |||||||||
Total | $ | 3,054 | $ | 7,121 | $ | 10,175 | ||||||
Percent 30 – 89 days past due | .52 | % | .42 | % | .45 | % | ||||||
Percent 90 days or more past due | .05 | % | .08 | % | .07 | % | ||||||
Weighted-average CLTV | 71 | % | 68 | % | 69 | % | ||||||
Weighted-average credit score | 784 | 785 | 785 |
Percent of Total(a) | |||||||
of Total (a) | |||||||
Credit score > 660 | 85 | % | |||||
Credit score < 660 | 15 | ||||||
No credit score | — |
U.S. Bancorp |
TABLE 5 | Delinquent Loan Ratios as a Percent of Ending Loan Balances |
90 days or more past due | March 31, 2024 | December 31, 2023 | ||||||
Commercial | ||||||||
Commercial | .08 | % | .09 | % | ||||
Lease financing | — | — | ||||||
Total commercial | .08 | .09 | ||||||
Commercial Real Estate | ||||||||
Commercial mortgages | — | — | ||||||
Construction and development | .02 | .03 | ||||||
Total commercial real estate | — | .01 | ||||||
Residential Mortgages(a) | .12 | .12 | ||||||
Credit Card | 1.42 | 1.31 | ||||||
Other Retail | ||||||||
Retail leasing | .05 | .05 | ||||||
Home equity and second mortgages | .27 | .26 | ||||||
Other | .11 | .11 | ||||||
Total other retail | .15 | .15 | ||||||
Total loans | .19 | % | .19 | % | ||||
90 days or more past due and nonperforming loans | March 31, 2024 | December 31, 2023 | ||||||
Commercial | .49 | % | .37 | % | ||||
Commercial real estate | 1.71 | 1.46 | ||||||
Residential mortgages(a) | .26 | .25 | ||||||
Credit card | 1.42 | 1.31 | ||||||
Other retail | .47 | .46 | ||||||
Total loans | .66 | % | .57 | % |
90 days or more past due | September 30, 2023 | December 31, 2022 | ||||||
Commercial | ||||||||
Commercial | .05 | % | .07 | % | ||||
Lease financing | — | — | ||||||
Total commercial | .05 | .07 | ||||||
Commercial Real Estate | ||||||||
Commercial mortgages | — | — | ||||||
Construction and development | .01 | .03 | ||||||
Total commercial real estate | — | .01 | ||||||
Residential Mortgages (a) | .11 | .08 | ||||||
Credit Card | 1.17 | .88 | ||||||
Other Retail | ||||||||
Retail leasing | .05 | .04 | ||||||
Home equity and second mortgages | .25 | .28 | ||||||
Other | .09 | .08 | ||||||
Total other retail | .13 | .12 | ||||||
Total loans | .15 | % | .13 | % | ||||
90 days or more past due and nonperforming loans | September 30, 2023 | December 31, 2022 | ||||||
Commercial | .24 | % | .19 | % | ||||
Commercial real estate | 1.33 | .62 | ||||||
Residential mortgages (a) | .25 | .36 | ||||||
Credit card | 1.17 | .88 | ||||||
Other retail | .41 | .37 | ||||||
Total loans | .49 | % | .38 | % |
U.S. Bancorp | 11 |
Amount | As a Percent of Ending Loan Balances | |||||||||||||||||||||||||
(Dollars in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Residential Mortgages(a) | ||||||||||||||||||||||||||
30-89 days | $ | 143 | $ | 169 | .12 | % | .15 | % | ||||||||||||||||||
90 days or more | 145 | 136 | .12 | .12 | ||||||||||||||||||||||
Nonperforming | 155 | 158 | .13 | .14 | ||||||||||||||||||||||
Total | $ | 443 | $ | 463 | .38 | .40 | ||||||||||||||||||||
Credit Card | ||||||||||||||||||||||||||
30-89 days | $ | 390 | $ | 406 | 1.40 | 1.42 | ||||||||||||||||||||
90 days or more | 396 | 375 | 1.42 | 1.31 | ||||||||||||||||||||||
Nonperforming | — | — | — | — | ||||||||||||||||||||||
Total | $ | 786 | $ | 781 | 2.82 | 2.73 | ||||||||||||||||||||
Other Retail | ||||||||||||||||||||||||||
Retail Leasing | ||||||||||||||||||||||||||
30-89 days | $ | 21 | $ | 25 | .51 | .60 | ||||||||||||||||||||
90 days or more | 2 | 2 | .05 | .05 | ||||||||||||||||||||||
Nonperforming | 8 | 8 | .19 | .19 | ||||||||||||||||||||||
Total | $ | 31 | $ | 35 | .75 | .85 | ||||||||||||||||||||
Home Equity and Second Mortgages | ||||||||||||||||||||||||||
30-89 days | $ | 71 | $ | 77 | .55 | .59 | ||||||||||||||||||||
90 days or more | 35 | 34 | .27 | .26 | ||||||||||||||||||||||
Nonperforming | 112 | 113 | .87 | .87 | ||||||||||||||||||||||
Total | $ | 218 | $ | 224 | 1.69 | 1.72 | ||||||||||||||||||||
Other(b) | ||||||||||||||||||||||||||
30-89 days | $ | 144 | $ | 176 | .55 | .65 | ||||||||||||||||||||
90 days or more | 29 | 31 | .11 | .11 | ||||||||||||||||||||||
Nonperforming | 17 | 17 | .06 | .06 | ||||||||||||||||||||||
Total | $ | 190 | $ | 224 | .73 | .82 |
Amount | As a Percent of Ending Loan Balances | |||||||||||||||||||
(Dollars in Millions) | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Residential Mortgages (a) | ||||||||||||||||||||
30-89 days | $ | 131 | $ | 201 | .11 | % | .17 | % | ||||||||||||
90 days or more | 122 | 95 | .11 | .08 | ||||||||||||||||
Nonperforming | 161 | 325 | .14 | .28 | ||||||||||||||||
Total | $ | 414 | $ | 621 | .36 | .54 | ||||||||||||||
Credit Card | ||||||||||||||||||||
30-89 days | $ | 365 | $ | 283 | 1.35 | 1.08 | ||||||||||||||
90 days or more | 316 | 231 | 1.17 | .88 | ||||||||||||||||
Nonperforming | — | 1 | — | — | ||||||||||||||||
Total | $ | 681 | $ | 515 | 2.51 | 1.96 | ||||||||||||||
Other Retail | ||||||||||||||||||||
Retail Leasing | ||||||||||||||||||||
30-89 days | $ | 22 | $ | 27 | .52 | .49 | ||||||||||||||
90 days or more | 2 | 2 | .05 | .04 | ||||||||||||||||
Nonperforming | 8 | 8 | .19 | .14 | ||||||||||||||||
Total | $ | 32 | $ | 37 | .75 | .67 | ||||||||||||||
Home Equity and Second Mortgages | ||||||||||||||||||||
30-89 days | $ | 65 | $ | 65 | .50 | .51 | ||||||||||||||
90 days or more | 32 | 36 | .25 | .28 | ||||||||||||||||
Nonperforming | 104 | 110 | .81 | .86 | ||||||||||||||||
Total | $ | 201 | $ | 211 | 1.56 | 1.64 | ||||||||||||||
Other (b) | ||||||||||||||||||||
30-89 days | $ | 167 | $ | 217 | .59 | .59 | ||||||||||||||
90 days or more | 26 | 28 | .09 | .08 | ||||||||||||||||
Nonperforming | 17 | 21 | .06 | .06 | ||||||||||||||||
Total | $ | 210 | $ | 266 | .74 | .73 |
12 | U.S. Bancorp |
U.S. Bancorp | 13 |
TABLE 6 |
(Dollars in Millions) | March 31, 2024 | December 31, 2023 | ||||||
Commercial | ||||||||
Commercial | $ | 522 | $ | 349 | ||||
Lease financing | 27 | 27 | ||||||
Total commercial | 549 | 376 | ||||||
Commercial Real Estate | ||||||||
Commercial mortgages | 755 | 675 | ||||||
Construction and development | 145 | 102 | ||||||
Total commercial real estate | 900 | 777 | ||||||
Residential Mortgages(b) | 155 | 158 | ||||||
Credit Card | — | — | ||||||
Other Retail | ||||||||
Retail leasing | 8 | 8 | ||||||
Home equity and second mortgages | 112 | 113 | ||||||
Other | 17 | 17 | ||||||
Total other retail | 137 | 138 | ||||||
Total nonperforming loans(1) | 1,741 | 1,449 | ||||||
Other Real Estate(c) | 25 | 26 | ||||||
Other Assets | 20 | 19 | ||||||
Total nonperforming assets | $ | 1,786 | $ | 1,494 | ||||
Accruing loans 90 days or more past due(b) | $ | 714 | $ | 698 | ||||
Period-end loans(2) | $ | 374,588 | $ | 373,835 | ||||
Nonperforming loans to total loans(1)/(2) | .46 | % | .39 | % | ||||
Nonperforming assets to total loans plus other real estate(c) | .48 | % | .40 | % |
(Dollars in Millions) | September 30, 2023 | December 31, 2022 | ||||||
Commercial | ||||||||
Commercial | $231 | $139 | ||||||
Lease financing | 25 | 30 | ||||||
Total commercial | 256 | 169 | ||||||
Commercial Real Estate | ||||||||
Commercial mortgages | 566 | 251 | ||||||
Construction and development | 155 | 87 | ||||||
Total commercial real estate | 721 | 338 | ||||||
Residential Mortgages (b) | 161 | 325 | ||||||
Credit Card | — | 1 | ||||||
Other Retail | ||||||||
Retail leasing | 8 | 8 | ||||||
Home equity and second mortgages | 104 | 110 | ||||||
Other | 17 | 21 | ||||||
Total other retail | 129 | 139 | ||||||
Total nonperforming loans (1) | 1,267 | 972 | ||||||
Other Real Estate (c) | 25 | 23 | ||||||
Other Assets | 18 | 21 | ||||||
Total nonperforming assets | $1,310 | $1,016 | ||||||
Accruing loans 90 days or more past due (b) | $569 | $491 | ||||||
Period-end loans (2) | $375,234 | $388,213 | ||||||
Nonperforming loans to total loans (1)/(2) | .34 | % | .25 | % | ||||
Nonperforming assets to total loans plus other real estate (c) | .35 | % | .26 | % |
(Dollars in Millions) | Commercial and Commercial Real Estate | Residential Mortgages, Credit Card and Other Retail | Total | ||||||||
Balance December 31, 2023 | $ | 1,155 | $ | 339 | $ | 1,494 | |||||
Additions to nonperforming assets | |||||||||||
New nonaccrual loans and foreclosed properties | 528 | 50 | 578 | ||||||||
Advances on loans | 6 | — | 6 | ||||||||
Total additions | 534 | 50 | 584 | ||||||||
Reductions in nonperforming assets | |||||||||||
Paydowns, payoffs | (73) | (16) | (89) | ||||||||
Net sales | — | (8) | (8) | ||||||||
Return to performing status | (66) | (25) | (91) | ||||||||
Charge-offs(d) | (100) | (4) | (104) | ||||||||
Total reductions | (239) | (53) | (292) | ||||||||
Net additions to (reductions in) nonperforming assets | 295 | (3) | 292 | ||||||||
Balance March 31, 2024 | $ | 1,450 | $ | 336 | $ | 1,786 |
(Dollars in Millions) | Commercial and Commercial Real Estate | Residential Mortgages, Credit Card and Other Retail | Total | |||||||||
Balance December 31, 2022 | $ | 509 | $ | 507 | $ | 1,016 | ||||||
Additions to nonperforming assets | ||||||||||||
New nonaccrual loans and foreclosed properties | 982 | 124 | 1,106 | |||||||||
Advances on loans | 45 | 1 | 46 | |||||||||
Total additions | 1,027 | 125 | 1,152 | |||||||||
Reductions in nonperforming assets | ||||||||||||
Paydowns, payoffs | (311 | ) | (98 | ) | (409 | ) | ||||||
Net sales | (26 | ) | (18 | ) | (44 | ) | ||||||
Return to performing status | (24 | ) | (176 | ) | (200 | ) | ||||||
Charge-offs (d) | (197 | ) | (8 | ) | (205 | ) | ||||||
Total reductions | (558 | ) | (300 | ) | (858 | ) | ||||||
Net additions to (reductions in) nonperforming assets | 469 | (175 | ) | 294 | ||||||||
Balance September 30, 2023 | $ | 978 | $ | 332 | $ | 1,310 |
14 |
Net Charge-offs as a Percent of Average Loans Outstanding |
Three Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | Three Months Ended March 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | Average Loan Balance | Net Charge-offs | Percent | Average Loan Balance | Net Charge-offs | Percent | (Dollars in Millions) | Average Loan Balance | Net Charge-offs | Percent | Average Loan Balance | Net Charge-offs | Percent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 130,415 | $ | 86 | .26 | % | $ | 123,745 | $ | 24 | .08 | % | $ | 126,602 | $ | 109 | .35 | .35 | % | $ | 131,227 | $ | 42 | .13 | .13 | % | ||||||||||||||||||||||||||||||||||||||||||
Lease financing | 4,305 | 6 | .55 | 4,774 | 3 | .25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 134,720 | 92 | .27 | 128,519 | 27 | .08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 42,665 | 49 | .46 | 30,002 | (6 | ) | (.08 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and development | 11,588 | — | — | 10,008 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 54,253 | 49 | .36 | 40,010 | (6 | ) | (.06 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 114,627 | (3 | ) | (.01 | ) | 84,018 | (5 | ) | (.02 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit card | 26,883 | 220 | 3.25 | 24,105 | 119 | 1.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential Mortgages | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Card | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail leasing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail leasing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail leasing | 4,436 | 2 | .18 | 6,259 | 1 | .06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and second mortgages | 12,809 | 1 | .03 | 11,142 | (2 | ) | (.07 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 29,149 | 59 | .80 | 42,725 | 28 | .26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other retail | 46,394 | 62 | .53 | 60,126 | 27 | .18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 376,877 | $ | 420 | .44 | % | $ | 336,778 | $ | 162 | .19 | % | Total loans | $ | 371,070 | $ | 488 | .53 | .53 | % | $ | 386,750 | $ | 373 | .39 | .39 | % | |||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | Average Loan Balance | Net Charge-offs | Percent | Average Loan Balance | Net Charge-offs | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 131,777 | $ | 215 | .22 | % | $ | 115,832 | $ | 78 | .09 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease financing | 4,382 | 14 | .43 | 4,891 | 11 | .30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | 136,159 | 229 | .22 | 120,723 | 89 | .10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgages | 43,165 | 190 | .59 | 29,506 | (8 | ) | (.04 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and development | 11,758 | 2 | .02 | 10,035 | 3 | .04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 54,923 | 192 | .47 | 39,541 | (5 | ) | (.02 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 116,167 | 110 | .13 | 80,589 | (20 | ) | (.03 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit card | 26,171 | 594 | 3.03 | 22,907 | 349 | 2.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other retail | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail leasing | 4,832 | 4 | .11 | 6,689 | 2 | .04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity and second mortgages | 12,779 | (1 | ) | (.01 | ) | 10,757 | (7 | ) | (.09 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 33,081 | 314 | 1.27 | 43,525 | 77 | .24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other retail | 50,692 | 317 | .84 | 60,971 | 72 | .16 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | 384,112 | $ | 1,442 | .50 | % | $ | 324,731 | $ | 485 | .20 | % |
U.S. Bancorp | 15 |
16 | U.S. Bancorp |
March 31, 2024 | December 31, 2023 | |||||||
United States unemployment rate for the three months ending(a) | ||||||||
March 31, 2024 | 3.8 | % | 3.9 | % | ||||
December 31, 2024 | 4.0 | 4.0 | ||||||
United States real gross domestic product for the three months ending(b) | ||||||||
March 31, 2024 | 2.9 | % | 2.2 | % | ||||
December 31, 2024 | 1.5 | 1.3 |
September 30, 2023 | December 31, 2022 | |||||||
United States unemployment rate for the three months ending (a) | ||||||||
September 30, 2023 | 3.6 | % | 4.1 | % | ||||
December 31, 2023 | 3.7 | 4.2 | ||||||
December 31, 2024 | 4.2 | 3.9 | ||||||
United States real gross domestic product for the three months ending (b) | ||||||||
September 30, 2023 | 2.1 | % | .8 | % | ||||
December 31, 2023 | 1.6 | 1.0 | ||||||
December 31, 2024 | 1.5 | 2.5 |
(b)Reflects year-over-year growth rates. |
U.S. Bancorp |
Summary of Allowance for Credit Losses |
Three Months Ended March 31 | ||||||||||||||
(Dollars in Millions) | 2024 | 2023 | ||||||||||||
Balance at beginning of period | $ | 7,839 | $ | 7,404 | ||||||||||
Change in accounting principle(a) | — | (62) | ||||||||||||
Allowance for acquired credit losses(b) | — | 127 | ||||||||||||
Charge-Offs | ||||||||||||||
Commercial | ||||||||||||||
Commercial | 129 | 56 | ||||||||||||
Lease financing | 10 | 7 | ||||||||||||
Total commercial | 139 | 63 | ||||||||||||
Commercial real estate | ||||||||||||||
Commercial mortgages | 28 | 121 | ||||||||||||
Construction and development | 6 | 2 | ||||||||||||
Total commercial real estate | 34 | 123 | ||||||||||||
Residential mortgages | 4 | 4 | ||||||||||||
Credit card | 337 | 215 | ||||||||||||
Other retail | ||||||||||||||
Retail leasing | 8 | 5 | ||||||||||||
Home equity and second mortgages | 4 | 2 | ||||||||||||
Other | 69 | 57 | ||||||||||||
Total other retail | 81 | 64 | ||||||||||||
Total charge-offs(c) | 595 | 469 | ||||||||||||
Recoveries | ||||||||||||||
Commercial | ||||||||||||||
Commercial | 20 | 14 | ||||||||||||
Lease financing | 3 | 2 | ||||||||||||
Total commercial | 23 | 16 | ||||||||||||
Commercial real estate | ||||||||||||||
Commercial mortgages | 13 | 6 | ||||||||||||
Construction and development | — | — | ||||||||||||
Total commercial real estate | 13 | 6 | ||||||||||||
Residential mortgages | 4 | 5 | ||||||||||||
Credit card | 41 | 40 | ||||||||||||
Other retail | ||||||||||||||
Retail leasing | 3 | 4 | ||||||||||||
Home equity and second mortgages | 4 | 3 | ||||||||||||
Other | 19 | 22 | ||||||||||||
Total other retail | 26 | 29 | ||||||||||||
Total recoveries | 107 | 96 | ||||||||||||
Net Charge-Offs | ||||||||||||||
Commercial | ||||||||||||||
Commercial | 109 | 42 | ||||||||||||
Lease financing | 7 | 5 | ||||||||||||
Total commercial | 116 | 47 | ||||||||||||
Commercial real estate | ||||||||||||||
Commercial mortgages | 15 | 115 | ||||||||||||
Construction and development | 6 | 2 | ||||||||||||
Total commercial real estate | 21 | 117 | ||||||||||||
Residential mortgages | — | (1) | ||||||||||||
Credit card | 296 | 175 | ||||||||||||
Other retail | ||||||||||||||
Retail leasing | 5 | 1 | ||||||||||||
Home equity and second mortgages | — | (1) | ||||||||||||
Other | 50 | 35 | ||||||||||||
Total other retail | 55 | 35 | ||||||||||||
Total net charge-offs | 488 | 373 | ||||||||||||
Provision for credit losses | 553 | 427 | ||||||||||||
Balance at end of period | $ | 7,904 | $ | 7,523 | ||||||||||
Components | ||||||||||||||
Allowance for loan losses | $ | 7,514 | $ | 7,020 | ||||||||||
Liability for unfunded credit commitments | 390 | 503 | ||||||||||||
Total allowance for credit losses(1) | $ | 7,904 | $ | 7,523 | ||||||||||
Period-end loans(2) | $ | 374,588 | $ | 387,866 | ||||||||||
Nonperforming loans(3) | 1,741 | 1,139 | ||||||||||||
Allowance for Credit Losses as a Percentage of | ||||||||||||||
Period-end loans(1)/(2) | 2.11 | % | 1.94 | % | ||||||||||
Nonperforming loans(1)/(3) | 454 | 660 | ||||||||||||
Nonperforming and accruing loans 90 days or more past due | 322 | 461 | ||||||||||||
Nonperforming assets | 443 | 637 | ||||||||||||
Annualized net charge-offs | 403 | 497 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Balance at beginning of period | $ | 7,695 | $ | 6,255 | $ | 7,404 | $ | 6,155 | ||||||||||||
Change in accounting principle (a) | — | — | (62 | ) | — | |||||||||||||||
Allowance for acquired credit losses (b) | — | — | 127 | — | ||||||||||||||||
Charge-Offs | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial | 102 | 51 | 261 | 146 | ||||||||||||||||
Lease financing | 8 | 5 | 22 | 18 | ||||||||||||||||
Total commercial | 110 | 56 | 283 | 164 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Commercial mortgages | 51 | — | 203 | 1 | ||||||||||||||||
Construction and development | — | — | 2 | 9 | ||||||||||||||||
Total commercial real estate | 51 | — | 205 | 10 | ||||||||||||||||
Residential mortgages | 1 | 2 | 126 | 9 | ||||||||||||||||
Credit card | 259 | 161 | 716 | 481 | ||||||||||||||||
Other retail | ||||||||||||||||||||
Retail leasing | 5 | 5 | 13 | 14 | ||||||||||||||||
Home equity and second mortgages | 5 | 2 | 10 | 7 | ||||||||||||||||
Other | 77 | 49 | 379 | 146 | ||||||||||||||||
Total other retail | 87 | 56 | 402 | 167 | ||||||||||||||||
Total charge-offs (c) | 508 | 275 | 1,732 | 831 | ||||||||||||||||
Recoveries | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial | 16 | 27 | 46 | 68 | ||||||||||||||||
Lease financing | 2 | 2 | 8 | 7 | ||||||||||||||||
Total commercial | 18 | 29 | 54 | 75 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Commercial mortgages | 2 | 6 | 13 | 9 | ||||||||||||||||
Construction and development | — | — | — | 6 | ||||||||||||||||
Total commercial real estate | 2 | 6 | 13 | 15 | ||||||||||||||||
Residential mortgages | 4 | 7 | 16 | 29 | ||||||||||||||||
Credit card | 39 | 42 | 122 | 132 | ||||||||||||||||
Other retail | ||||||||||||||||||||
Retail leasing | 3 | 4 | 9 | 12 | ||||||||||||||||
Home equity and second mortgages | 4 | 4 | 11 | 14 | ||||||||||||||||
Other | 18 | 21 | 65 | 69 | ||||||||||||||||
Total other retail | 25 | 29 | 85 | 95 | ||||||||||||||||
Total recoveries | 88 | 113 | 290 | 346 | ||||||||||||||||
Net Charge-Offs | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial | 86 | 24 | 215 | 78 | ||||||||||||||||
Lease financing | 6 | 3 | 14 | 11 | ||||||||||||||||
Total commercial | 92 | 27 | 229 | 89 | ||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Commercial mortgages | 49 | (6 | ) | 190 | (8 | ) | ||||||||||||||
Construction and development | — | — | 2 | 3 | ||||||||||||||||
Total commercial real estate | 49 | (6 | ) | 192 | (5 | ) | ||||||||||||||
Residential mortgages | (3 | ) | (5 | ) | 110 | (20 | ) | |||||||||||||
Credit card | 220 | 119 | 594 | 349 | ||||||||||||||||
Other retail | ||||||||||||||||||||
Retail leasing | 2 | 1 | 4 | 2 | ||||||||||||||||
Home equity and second mortgages | 1 | (2 | ) | (1 | ) | (7 | ) | |||||||||||||
Other | 59 | 28 | 314 | 77 | ||||||||||||||||
Total other retail | 62 | 27 | 317 | 72 | ||||||||||||||||
Total net charge-offs | 420 | 162 | 1,442 | 485 | ||||||||||||||||
Provision for credit losses | 515 | 362 | 1,763 | 785 | ||||||||||||||||
Balance at end of period | $ | 7,790 | $ | 6,455 | $ | 7,790 | $ | 6,455 | ||||||||||||
Components | ||||||||||||||||||||
Allowance for loan losses | $ | 7,218 | $ | 6,017 | ||||||||||||||||
Liability for unfunded credit commitments | 572 | 438 | ||||||||||||||||||
Total allowance for credit losses (1) | $ | 7,790 | $ | 6,455 | ||||||||||||||||
Period-end loans (2) | $ | 375,234 | $ | 342,708 | ||||||||||||||||
Nonperforming loans (3) | 1,267 | 630 | ||||||||||||||||||
Allowance for Credit Losses as a Percentage of | ||||||||||||||||||||
Period-end loans (1)/(2) | 2.08 | % | 1.88 | % | ||||||||||||||||
Nonperforming loans (1)/(3) | 615 | 1,025 | ||||||||||||||||||
Nonperforming and accruing loans 90 days or more past due | 424 | 631 | ||||||||||||||||||
Nonperforming assets | 595 | 953 | ||||||||||||||||||
Annualized net charge-offs | 468 | 1,004 |
18 | U.S. Bancorp |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Down 50 bps Immediate | Up 50 bps Immediate | Down 200 bps Gradual | Up 200 bps Gradual | Down 50 bps Immediate | Up 50 bps Immediate | Down 200 bps Gradual | Up 200 bps Gradual | |||||||||||||||||||||||||
Net interest income | (.40 | )% | .70 | % | (.63 | )% | 1.34 | % | (.58 | )% | .95 | % | (2.02 | )% | 1.44 | % |
U.S. Bancorp | 19 |
TABLE 9 | Sensitivity of Net Interest Income |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Down 50 bps Immediate | Up 50 bps Immediate | Down 200 bps Gradual | Up 200 bps Gradual | Down 50 bps Immediate | Up 50 bps Immediate | Down 200 bps Gradual | Up 200 bps Gradual | |||||||||||||||||||
Net interest income | .32 | % | .21 | % | 1.03 | % | (.33) | % | (.19) | % | .71 | % | (.15) | % | .91 | % |
20 | U.S. Bancorp |
Three Months Ended March 31 (Dollars in Millions) | 2024 | 2023 | ||||||
Average | $ | 3 | $ | 5 | ||||
High | 4 | 6 | ||||||
Low | 2 | 4 | ||||||
Period-end | 3 | 5 |
Nine Months Ended September 30 (Dollars in Millions) | 2023 | 2022 | ||||||
Average | $ | 4 | $ | 2 | ||||
High | 7 | 4 | ||||||
Low | 3 | 1 | ||||||
Period-end | 3 | 3 |
Three Months Ended March 31 (Dollars in Millions) | 2024 | 2023 | ||||||
Average | $ | 9 | $ | 12 | ||||
High | 12 | 16 | ||||||
Low | 7 | 10 | ||||||
Period-end | 10 | 14 |
Nine Months Ended September 30 (Dollars in Millions) | 2023 | 2022 | ||||||
Average | $ | 11 | $ | 9 | ||||
High | 16 | 18 | ||||||
Low | 6 | 6 | ||||||
Period-end | 7 | 17 |
Three Months Ended March 31 (Dollars in Millions) | 2024 | 2023 | ||||||
Residential Mortgage Loans Held For Sale and Related Hedges | ||||||||
Average | $ | 1 | $ | 1 | ||||
High | 2 | 1 | ||||||
Low | 1 | — | ||||||
Mortgage Servicing Rights and Related Hedges | ||||||||
Average | $ | 3 | $ | 8 | ||||
High | 3 | 12 | ||||||
Low | 2 | 4 |
Nine Months Ended September 30 (Dollars in Millions) | 2023 | 2022 | ||||||
Residential Mortgage Loans Held For Sale and Related Hedges | ||||||||
Average | $ | 1 | $ | 2 | ||||
High | 2 | 5 | ||||||
Low | — | 1 | ||||||
Mortgage Servicing Rights and Related Hedges | ||||||||
Average | $ | 8 | $ | 8 | ||||
High | 12 | 20 | ||||||
Low | 2 | 3 |
U.S. Bancorp | 21 |
(Dollars in millions) | September 30, 2023 | December 31, 2022 | ||||||
Cash held at the Federal Reserve Bank and other central banks | $ | 56,450 | $ | 45,171 | ||||
Available investment securities | 32,892 | 132,052 | ||||||
Borrowing capacity from the Federal Reserve Bank and FHLB | 221,039 | 125,682 | ||||||
Total available liquidity | $ | 310,381 | $ | 302,905 |
(Dollars in Millions) | March 31, 2024 | December 31, 2023 | ||||||
Cash held at the Federal Reserve Bank and other central banks | $ | 68,945 | $ | 52,403 | ||||
Available investment securities | 52,359 | 34,220 | ||||||
Borrowing capacity from the Federal Reserve Bank and FHLB | 177,811 | 215,763 | ||||||
Total available liquidity | $ | 299,115 | $ | 302,386 |
22 | U.S. Bancorp |
(Dollars in Millions) | September 30, 2023 | December 31, 2022 | ||||||
Basel III standardized approach: | ||||||||
Common equity tier 1 capital | $ | 44,655 | $ | 41,560 | ||||
Tier 1 capital | 51,906 | 48,813 | ||||||
Total risk-based capital | 61,737 | 59,015 | ||||||
Risk-weighted assets | 462,250 | 496,500 | ||||||
Common equity tier 1 capital as a percent of risk-weighted assets (a) | 9.7 | % | 8.4 | % | ||||
Tier 1 capital as a percent of risk-weighted assets | 11.2 | 9.8 | ||||||
Total risk-based capital as a percent of risk-weighted assets | 13.4 | 11.9 | ||||||
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) | 7.9 | 7.9 | ||||||
Tier 1 capital as a percent of total on- andoff-balance sheet leverage exposure (total leverage exposure ratio) | 6.4 | 6.4 |
TABLE 10 | Regulatory Capital Ratios |
(Dollars in Millions) | March 31, 2024 | December 31, 2023 | ||||||
Basel III standardized approach: | ||||||||
Common equity tier 1 capital | $ | 45,239 | $ | 44,947 | ||||
Tier 1 capital | 52,491 | 52,199 | ||||||
Total risk-based capital | 62,203 | 61,921 | ||||||
Risk-weighted assets | 452,831 | 453,390 | ||||||
Common equity tier 1 capital as a percent of risk-weighted assets(a) | 10.0 | % | 9.9 | % | ||||
Tier 1 capital as a percent of risk-weighted assets | 11.6 | 11.5 | ||||||
Total risk-based capital as a percent of risk-weighted assets | 13.7 | 13.7 | ||||||
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio) | 8.1 | 8.1 | ||||||
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio) | 6.6 | 6.6 |
U.S. Bancorp | 23 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (In Millions) | |||||||||||||
January | 99,347 | (a) | $ | 40.94 | 9,347 | $ | 1,313 | ||||||||||
February | 816 | 42.50 | 816 | 1,313 | |||||||||||||
March | 1,165,104 | 41.99 | 1,165,104 | 1,264 | |||||||||||||
Total | 1,265,267 | (a) | $ | 41.90 | 1,175,267 | $ | 1,264 |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (In Millions) | ||||||||||||
July | 256,644 | (a) | $ | 35.15 | 6,644 | $ | 1,331 | |||||||||
August | 4,099 | 36.95 | 4,099 | 1,331 | ||||||||||||
September | 338 | 35.31 | 338 | 1,331 | ||||||||||||
Total | 261,081 | (a) | $ | 35.18 | 11,081 | $ | 1,331 |
24 | U.S. Bancorp |
U.S. Bancorp | 25 |
Line of Business Financial Performance |
Wealth, Corporate, Commercial and Institutional Banking | Consumer and Business Banking | Payment Services | |||||||||||||||||||||||||||
Three Months Ended March 31 (Dollars in Millions) | 2024 | 2023 | Percent Change | 2024 | 2023 | Percent Change | 2024 | 2023 | Percent Change | ||||||||||||||||||||
Condensed Income Statement | |||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 1,265 | $ | 1,550 | (18.4) | % | $ | 2,014 | $ | 2,341 | (14.0) | % | $ | 735 | $ | 655 | 12.2 | % | |||||||||||
Noninterest income | 1,113 | 1,020 | 9.1 | 423 | 401 | 5.5 | 980 | 937 | 4.6 | ||||||||||||||||||||
Total net revenue | 2,378 | 2,570 | (7.5) | 2,437 | 2,742 | (11.1) | 1,715 | 1,592 | 7.7 | ||||||||||||||||||||
Noninterest expense | 1,372 | 1,340 | 2.4 | 1,580 | 1,707 | (7.4) | 1,025 | 959 | 6.9 | ||||||||||||||||||||
Income (loss) before provision and income taxes | 1,006 | 1,230 | (18.2) | 857 | 1,035 | (17.2) | 690 | 633 | 9.0 | ||||||||||||||||||||
Provision for credit losses | 138 | (26) | * | 55 | 7 | * | 359 | 220 | 63.2 | ||||||||||||||||||||
Income (loss) before income taxes | 868 | 1,256 | (30.9) | 802 | 1,028 | (22.0) | 331 | 413 | (19.9) | ||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | 217 | 314 | (30.9) | 201 | 258 | (22.1) | 83 | 103 | (19.4) | ||||||||||||||||||||
Net income (loss) | 651 | 942 | (30.9) | 601 | 770 | (21.9) | 248 | 310 | (20.0) | ||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | 651 | $ | 942 | (30.9) | $ | 601 | $ | 770 | (21.9) | $ | 248 | $ | 310 | (20.0) | ||||||||||||||
Average Balance Sheet | |||||||||||||||||||||||||||||
Loans | $ | 170,965 | $ | 177,011 | (3.4) | $ | 154,993 | $ | 167,409 | (7.5) | $ | 39,803 | $ | 36,935 | 7.8 | ||||||||||||||
Goodwill | 4,825 | 4,614 | 4.6 | 4,325 | 4,493 | (3.7) | 3,332 | 3,315 | .5 | ||||||||||||||||||||
Other intangible assets | 1,059 | 1,034 | 2.4 | 4,696 | 5,594 | (16.1) | 300 | 385 | (22.1) | ||||||||||||||||||||
Assets | 199,085 | 201,182 | (1.0) | 169,177 | 185,245 | (8.7) | 46,816 | 42,858 | 9.2 | ||||||||||||||||||||
Noninterest-bearing deposits | 58,446 | 82,403 | (29.1) | 21,500 | 41,269 | (47.9) | 2,791 | 3,184 | (12.3) | ||||||||||||||||||||
Interest-bearing deposits | 203,980 | 196,843 | 3.6 | 203,343 | 176,797 | 15.0 | 97 | 108 | (10.2) | ||||||||||||||||||||
Total deposits | 262,426 | 279,246 | (6.0) | 224,843 | 218,066 | 3.1 | 2,888 | 3,292 | (12.3) | ||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 21,749 | 21,536 | 1.0 | 14,848 | 16,565 | (10.4) | 9,965 | 8,968 | 11.1 | ||||||||||||||||||||
Treasury and Corporate Support | Consolidated Company | ||||||||||||||||||||||||||||
Three Months Ended March 31 (Dollars in Millions) | 2024 | 2023 | Percent Change | 2024 | 2023 | Percent Change | |||||||||||||||||||||||
Condensed Income Statement | |||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 1 | $ | 122 | (99.2) | % | $ | 4,015 | $ | 4,668 | (14.0) | % | |||||||||||||||||
Noninterest income | 184 | 149 | 23.5 | 2,700 | 2,507 | 7.7 | |||||||||||||||||||||||
Total net revenue | 185 | 271 | (31.7) | 6,715 | 7,175 | (6.4) | |||||||||||||||||||||||
Noninterest expense | 482 | 549 | (12.2) | 4,459 | 4,555 | (2.1) | |||||||||||||||||||||||
Income (loss) before provision and income taxes | (297) | (278) | (6.8) | 2,256 | 2,620 | (13.9) | |||||||||||||||||||||||
Provision for credit losses | 1 | 226 | (99.6) | 553 | 427 | 29.5 | |||||||||||||||||||||||
Income (loss) before income taxes | (298) | (504) | 40.9 | 1,703 | 2,193 | (22.3) | |||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | (124) | (186) | (33.3) | 377 | 489 | (22.9) | |||||||||||||||||||||||
Net income (loss) | (174) | (318) | 45.3 | 1,326 | 1,704 | (22.2) | |||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (7) | (6) | (16.7) | (7) | (6) | (16.7) | |||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | (181) | $ | (324) | 44.1 | $ | 1,319 | $ | 1,698 | (22.3) | |||||||||||||||||||
Average Balance Sheet | |||||||||||||||||||||||||||||
Loans | $ | 5,369 | $ | 5,395 | (.5) | $ | 371,070 | $ | 386,750 | (4.1) | |||||||||||||||||||
Goodwill | — | — | — | 12,482 | 12,422 | .5 | |||||||||||||||||||||||
Other intangible assets | 10 | 36 | (72.2) | 6,065 | 7,049 | (14.0) | |||||||||||||||||||||||
Assets | 238,831 | 236,162 | 1.1 | 653,909 | 665,447 | (1.7) | |||||||||||||||||||||||
Noninterest-bearing deposits | 2,050 | 2,885 | (28.9) | 84,787 | 129,741 | (34.6) | |||||||||||||||||||||||
Interest-bearing deposits | 10,854 | 6,835 | 58.8 | 418,274 | 380,583 | 9.9 | |||||||||||||||||||||||
Total deposits | 12,904 | 9,720 | 32.8 | 503,061 | 510,324 | (1.4) | |||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 9,105 | 5,598 | 62.6 | 55,667 | 52,667 | 5.7 |
Wealth, Corporate, Commercial and Institutional Banking | Consumer and Business Banking | Payment Services | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30 (Dollars in Millions) | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | |||||||||||||||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 1,472 | $ | 1,439 | 2.3 | % | $ | 2,045 | $ | 1,693 | 20.8 | % | $ | 692 | $ | 629 | 10.0 | % | ||||||||||||||||||||||||||||||
Noninterest income | 1,031 | 906 | 13.8 | 430 | 332 | 29.5 | 1,039 | 994 | 4.5 | |||||||||||||||||||||||||||||||||||||||
Total net revenue | 2,503 | 2,345 | 6.7 | 2,475 | 2,025 | 22.2 | 1,731 | 1,623 | 6.7 | |||||||||||||||||||||||||||||||||||||||
Noninterest expense | 1,258 | 1,014 | 24.1 | 1,734 | 1,405 | 23.4 | 967 | 892 | 8.4 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before provision and income taxes | 1,245 | 1,331 | (6.5 | ) | 741 | 620 | 19.5 | 764 | 731 | 4.5 | ||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 128 | 71 | 80.3 | 8 | 41 | (80.5 | ) | 399 | 285 | 40.0 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 1,117 | 1,260 | (11.3 | ) | 733 | 579 | 26.6 | 365 | 446 | (18.2 | ) | |||||||||||||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | 279 | 315 | (11.4 | ) | 183 | 145 | 26.2 | 91 | 112 | (18.8 | ) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | 838 | 945 | (11.3 | ) | 550 | 434 | 26.7 | 274 | 334 | (18.0 | ) | |||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | 838 | $ | 945 | (11.3 | ) | $ | 550 | $ | 434 | 26.7 | $ | 274 | $ | 334 | (18.0 | ) | |||||||||||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 175,579 | $ | 154,473 | 13.7 | $ | 157,357 | $ | 142,640 | 10.3 | $ | 38,954 | $ | 35,819 | 8.8 | |||||||||||||||||||||||||||||||||
Goodwill | 4,638 | 3,612 | 28.4 | 4,515 | 3,241 | 39.3 | 3,333 | 3,292 | 1.2 | |||||||||||||||||||||||||||||||||||||||
Other intangible assets | 921 | 314 | * | 5,154 | 3,726 | 38.3 | 339 | 405 | (16.3 | ) | ||||||||||||||||||||||||||||||||||||||
Assets | 203,784 | 174,077 | 17.1 | 174,788 | 158,057 | 10.6 | 44,774 | 42,053 | 6.5 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 66,083 | 77,471 | (14.7 | ) | 25,590 | 30,829 | (17.0 | ) | 2,796 | 3,312 | (15.6 | ) | ||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 206,622 | 178,080 | 16.0 | 196,374 | 161,778 | 21.4 | 101 | 171 | (40.9 | ) | ||||||||||||||||||||||||||||||||||||||
Total deposits | 272,705 | 255,551 | 6.7 | 221,964 | 192,607 | 15.2 | 2,897 | 3,483 | (16.8 | ) | ||||||||||||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 22,831 | 18,334 | 24.5 | 15,763 | 12,431 | 26.8 | 9,442 | 8,255 | 14.4 | |||||||||||||||||||||||||||||||||||||||
Treasury and Corporate Support | Consolidated Company | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30 (Dollars in Millions) | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | ||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 59 | $ | 96 | (38.5 | )% | $ | 4,268 | $ | 3,857 | 10.7 | % | ||||||||||||||||||||||||||||||||||||
Noninterest income | 264 | 237 | 11.4 | 2,764 | 2,469 | 11.9 | ||||||||||||||||||||||||||||||||||||||||||
Total net revenue | 323 | 333 | (3.0 | ) | 7,032 | 6,326 | 11.2 | |||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 571 | 326 | 75.2 | 4,530 | 3,637 | 24.6 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before provision and income taxes | (248 | ) | 7 | * | 2,502 | 2,689 | (7.0 | ) | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | (20 | ) | (35 | ) | 42.9 | 515 | 362 | 42.3 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (228 | ) | 42 | * | 1,987 | 2,327 | (14.6 | ) | ||||||||||||||||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | (90 | ) | (61 | ) | (47.5 | ) | 463 | 511 | (9.4 | ) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | (138 | ) | 103 | * | 1,524 | 1,816 | (16.1 | ) | ||||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (1 | ) | (4 | ) | 75.0 | (1 | ) | (4 | ) | 75.0 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | (139 | ) | $ | 99 | * | $ | 1,523 | $ | 1,812 | (15.9 | ) | ||||||||||||||||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 4,987 | $ | 3,846 | 29.7 | $ | 376,877 | $ | 336,778 | 11.9 | ||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | — | 12,486 | 10,145 | 23.1 | ||||||||||||||||||||||||||||||||||||||||||
Other intangible assets | 11 | — | * | 6,425 | 4,445 | 44.5 | ||||||||||||||||||||||||||||||||||||||||||
Assets | 240,653 | 214,577 | 12.2 | 663,999 | 588,764 | 12.8 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,055 | 2,432 | 25.6 | 97,524 | 114,044 | (14.5 | ) | |||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 11,670 | 2,696 | * | 414,767 | 342,725 | 21.0 | ||||||||||||||||||||||||||||||||||||||||||
Total deposits | 14,725 | 5,128 | * | 512,291 | 456,769 | 12.2 | ||||||||||||||||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 5,781 | 10,800 | (46.5 | ) | 53,817 | 49,820 | 8.0 |
Wealth, Corporate, Commercial and Institutional Banking | Consumer and Business Banking | Payment Services | ||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30 (Dollars in Millions) | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | |||||||||||||||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 4,691 | $ | 3,650 | 28.5 | % | $ | 6,413 | $ | 4,752 | 35.0 | % | $ | 1,991 | $ | 1,870 | 6.5 | % | ||||||||||||||||||||||||||||||
Noninterest income | 3,122 | 2,672 | 16.8 | 1,256 | 1,177 | 6.7 | 3,027 | 2,844 | 6.4 | |||||||||||||||||||||||||||||||||||||||
Total net revenue | 7,813 | 6,322 | 23.6 | 7,669 | 5,929 | 29.3 | 5,018 | 4,714 | 6.4 | |||||||||||||||||||||||||||||||||||||||
Noninterest expense | 3,844 | 3,020 | 27.3 | 5,295 | 4,210 | 25.8 | 2,795 | 2,601 | 7.5 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before provision and income taxes | 3,969 | 3,302 | 20.2 | 2,374 | 1,719 | 38.1 | 2,223 | 2,113 | 5.2 | |||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 264 | 180 | 46.7 | 30 | 15 | * | 933 | 636 | 46.7 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 3,705 | 3,122 | 18.7 | 2,344 | 1,704 | 37.6 | 1,290 | 1,477 | (12.7 | ) | ||||||||||||||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | 927 | 781 | 18.7 | 586 | 426 | 37.6 | 322 | 370 | (13.0 | ) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,778 | 2,341 | 18.7 | 1,758 | 1,278 | 37.6 | 968 | 1,107 | (12.6 | ) | ||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | 2,778 | $ | 2,341 | 18.7 | $ | 1,758 | $ | 1,278 | 37.6 | $ | 968 | $ | 1,107 | (12.6 | ) | ||||||||||||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 177,081 | $ | 145,594 | 21.6 | $ | 163,905 | $ | 141,276 | 16.0 | $ | 37,942 | $ | 33,820 | 12.2 | |||||||||||||||||||||||||||||||||
Goodwill | 4,634 | 3,638 | 27.4 | 4,512 | 3,248 | 38.9 | 3,328 | 3,312 | .5 | |||||||||||||||||||||||||||||||||||||||
Other intangible assets | 972 | 295 | * | 5,378 | 3,515 | 53.0 | 361 | 435 | (17.0 | ) | ||||||||||||||||||||||||||||||||||||||
Assets | 203,358 | 163,392 | 24.5 | 181,595 | 156,904 | 15.7 | 43,928 | 40,536 | 8.4 | |||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 74,003 | 84,200 | (12.1 | ) | 33,638 | 30,722 | 9.5 | 3,052 | 3,459 | (11.8 | ) | |||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 198,702 | 169,892 | 17.0 | 185,476 | 162,528 | 14.1 | 104 | 166 | (37.3 | ) | ||||||||||||||||||||||||||||||||||||||
Total deposits | 272,705 | 254,092 | 7.3 | 219,114 | 193,250 | 13.4 | 3,156 | 3,625 | (12.9 | ) | ||||||||||||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 22,246 | 17,758 | 25.3 | 16,236 | 12,324 | 31.7 | 9,181 | 8,129 | 12.9 | |||||||||||||||||||||||||||||||||||||||
Treasury and Corporate Support | Consolidated Company | |||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30 (Dollars in Millions) | 2023 | 2022 | Percent Change | 2023 | 2022 | Percent Change | ||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 290 | $ | 249 | 16.5 | % | $ | 13,385 | $ | 10,521 | 27.2 | % | ||||||||||||||||||||||||||||||||||||
Noninterest income | 592 | 720 | (17.8 | ) | 7,997 | 7,413 | 7.9 | |||||||||||||||||||||||||||||||||||||||||
Total net revenue | 882 | 969 | (9.0 | ) | 21,382 | 17,934 | 19.2 | |||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 1,720 | 1,032 | 66.7 | 13,654 | 10,863 | 25.7 | ||||||||||||||||||||||||||||||||||||||||||
Income (loss) before provision and income taxes | (838 | ) | (63 | ) | * | 7,728 | 7,071 | 9.3 | ||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | 536 | (46 | ) | * | 1,763 | 785 | * | |||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (1,374 | ) | (17 | ) | * | 5,965 | 6,286 | (5.1 | ) | |||||||||||||||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | (467 | ) | (199 | ) | * | 1,368 | 1,378 | (.7 | ) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | (907 | ) | 182 | * | 4,597 | 4,908 | (6.3 | ) | ||||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (15 | ) | (8 | ) | (87.5 | ) | (15 | ) | (8 | ) | (87.5 | ) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | (922 | ) | $ | 174 | * | $ | 4,582 | $ | 4,900 | (6.5 | ) | ||||||||||||||||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||
Loans | $ | 5,184 | $ | 4,041 | 28.3 | $ | 384,112 | $ | 324,731 | 18.3 | ||||||||||||||||||||||||||||||||||||||
Goodwill | — | — | — | 12,474 | 10,198 | 22.3 | ||||||||||||||||||||||||||||||||||||||||||
Other intangible assets | 19 | — | * | 6,730 | 4,245 | 58.5 | ||||||||||||||||||||||||||||||||||||||||||
Assets | 238,600 | 221,235 | 7.8 | 667,481 | 582,067 | 14.7 | ||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,863 | 2,512 | 14.0 | 113,556 | 120,893 | (6.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 8,795 | 2,350 | * | 393,077 | 334,936 | 17.4 | ||||||||||||||||||||||||||||||||||||||||||
Total deposits | 11,658 | 4,862 | * | 506,633 | 455,829 | 11.1 | ||||||||||||||||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 5,777 | 12,593 | (54.1 | ) | 53,440 | 50,804 | 5.2 |
26 |
(Dollars in Millions) | March 31, 2024 | December 31, 2023 | ||||||
Total equity | $ | 56,033 | $ | 55,771 | ||||
Preferred stock | (6,808) | (6,808) | ||||||
Noncontrolling interests | (465) | (465) | ||||||
Goodwill (net of deferred tax liability)(a) | (11,459) | (11,480) | ||||||
Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2,158) | (2,278) | ||||||
Tangible common equity(1) | 35,143 | 34,740 | ||||||
Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the CECL methodology implementation | 45,239 | 44,947 | ||||||
Adjustments(b) | (433) | (866) | ||||||
Common equity tier 1 capital, reflecting the full implementation of the CECL methodology(2) | 44,806 | 44,081 | ||||||
Total assets | 683,606 | 663,491 | ||||||
Goodwill (net of deferred tax liability)(a) | (11,459) | (11,480) | ||||||
Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2,158) | (2,278) | ||||||
Tangible assets(3) | 669,989 | 649,733 | ||||||
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company(4) | 452,831 | 453,390 | ||||||
Adjustments(c) | (368) | (736) | ||||||
Risk-weighted assets, reflecting the full implementation of the CECL methodology(5) | 452,463 | 452,654 | ||||||
Ratios | ||||||||
Tangible common equity to tangible assets(1)/(3) | 5.2 | % | 5.3 | % | ||||
Tangible common equity to risk-weighted assets(1)/(4) | 7.8 | 7.7 | ||||||
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the CECL methodology(2)/(5) | 9.9 | 9.7 |
(Dollars in Millions) | September 30, 2023 | December 31, 2022 | ||||||
Total equity | $ | 53,578 | $ | 51,232 | ||||
Preferred stock | (6,808 | ) | (6,808 | ) | ||||
Noncontrolling interests | (465 | ) | (466 | ) | ||||
Goodwill (net of deferred tax liability) (1) | (11,470 | ) | (11,395 | ) | ||||
Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2,370 | ) | (2,792 | ) | ||||
Tangible common equity (a) | 32,465 | 29,771 | ||||||
Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the CECL methodology implementation | 44,655 | 41,560 | ||||||
Adjustments (2) | (867 | ) | (1,299 | ) | ||||
Common equity tier 1 capital, reflecting the full implementation of the CECL methodology (b) | 43,788 | 40,261 | ||||||
Total assets | 668,039 | 674,805 | ||||||
Goodwill (net of deferred tax liability) (1) | (11,470 | ) | (11,395 | ) | ||||
Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2,370 | ) | (2,792 | ) | ||||
Tangible assets (c) | 654,199 | 660,618 | ||||||
Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the CECL methodology implementation (d) | 462,250 | 496,500 | ||||||
Adjustments (3) | (736 | ) | (620 | ) | ||||
Risk-weighted assets, reflecting the full implementation of the CECL methodology (e) | 461,514 | 495,880 | ||||||
Ratios | ||||||||
Tangible common equity to tangible assets (a)/(c) | 5.0 | % | 4.5 | % | ||||
Tangible common equity to risk-weighted assets (a)/(d) | 7.0 | 6.0 | ||||||
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the CECL methodology (b)/(e) | 9.5 | 8.1 |
U.S. Bancorp | 27 |
Three Months Ended March 31 | ||||||||||||||
(Dollars in Millions) | 2024 | 2023 | ||||||||||||
Net interest income | $ | 3,985 | $ | 4,634 | ||||||||||
Taxable-equivalent adjustment(a) | 30 | 34 | ||||||||||||
Net interest income, on a taxable-equivalent basis | 4,015 | 4,668 | ||||||||||||
Net interest income, on a taxable-equivalent basis (as calculated above) | 4,015 | 4,668 | ||||||||||||
Noninterest income | 2,700 | 2,507 | ||||||||||||
Less: Securities gains (losses), net | 2 | (32) | ||||||||||||
Total net revenue, excluding net securities gains (losses)(1) | 6,713 | 7,207 | ||||||||||||
Noninterest expense(2) | 4,459 | 4,555 | ||||||||||||
Efficiency ratio(1)/(2) | 66.4 | % | 63.2 | % |
(Dollars in Millions) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Net interest income | $ | 4,236 | $ | 3,827 | $ | 13,285 | $ | 10,435 | ||||||||||||
Taxable-equivalent adjustment (4) | 32 | 30 | 100 | 86 | ||||||||||||||||
Net interest income, on a taxable-equivalent basis | 4,268 | 3,857 | 13,385 | 10,521 | ||||||||||||||||
Net interest income, on a taxable-equivalent basis (as calculated above) | 4,268 | 3,857 | 13,385 | 10,521 | ||||||||||||||||
Noninterest income | 2,764 | 2,469 | 7,997 | 7,413 | ||||||||||||||||
Less: Securities gains (losses), net | — | 1 | (29 | ) | 38 | |||||||||||||||
Total net revenue, excluding net securities gains (losses) (f) | 7,032 | 6,325 | 21,411 | 17,896 | ||||||||||||||||
Noninterest expense (g) | 4,530 | 3,637 | 13,654 | 10,863 | ||||||||||||||||
Efficiency ratio (g)/(f) | 64.4 | % | 57.5 | % | 63.8 | % | 60.7 | % | ||||||||||||
Net charge-offs | $ | 1,442 | ||||||||||||||||||
Less: Notable items (5) | 400 | |||||||||||||||||||
Net charge-offs, excluding notable items | 1,042 | |||||||||||||||||||
Annualized net charge-offs, excluding notable items (h) | 1,393 | |||||||||||||||||||
Average loan balances (i) | 384,112 | |||||||||||||||||||
Net charge-off ratio, excluding notable items (h)/(i) | .36 | % |
28 | U.S. Bancorp |
(Dollars in Millions) | March 31, 2024 | December 31, 2023 | ||||||
(Unaudited) | ||||||||
Assets | ||||||||
Cash and due from banks | $ | 76,985 | $ | 61,192 | ||||
Investment securities | ||||||||
Held-to-maturity (fair value $71,149 and $74,088, respectively) | 82,948 | 84,045 | ||||||
Available-for-sale ($356 and $338 pledged as collateral, respectively)(a) | 72,426 | 69,706 | ||||||
Loans held for sale (including $1,885 and $2,011 of mortgage loans carried at fair value, respectively) | 2,080 | 2,201 | ||||||
Loans | ||||||||
Commercial | 134,726 | 131,881 | ||||||
Commercial real estate | 52,677 | 53,455 | ||||||
Residential mortgages | 116,079 | 115,530 | ||||||
Credit card | 27,844 | 28,560 | ||||||
Other retail | 43,262 | 44,409 | ||||||
Total loans | 374,588 | 373,835 | ||||||
Less allowance for loan losses | (7,514) | (7,379) | ||||||
Net loans | 367,074 | 366,456 | ||||||
Premises and equipment | 3,537 | 3,623 | ||||||
Goodwill | 12,479 | 12,489 | ||||||
Other intangible assets | 6,031 | 6,084 | ||||||
Other assets (including $4,878 and $3,548 of trading securities at fair value pledged as collateral, respectively)(a) | 60,046 | 57,695 | ||||||
Total assets | $ | 683,606 | $ | 663,491 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Deposits | ||||||||
Noninterest-bearing | $ | 91,220 | $ | 89,989 | ||||
Interest-bearing (including $4,668 and $2,818 of time deposits carried at fair value, respectively) | 436,843 | 422,323 | ||||||
Total deposits | 528,063 | 512,312 | ||||||
Short-term borrowings | 17,102 | 15,279 | ||||||
Long-term debt | 52,693 | 51,480 | ||||||
Other liabilities | 29,715 | 28,649 | ||||||
Total liabilities | 627,573 | 607,720 | ||||||
Shareholders’ equity | ||||||||
Preferred stock | 6,808 | 6,808 | ||||||
Common stock, $.01 par value per share, authorized: 4,000,000,000 shares; issued: 3/31/24 and 12/31/23—2,125,725,742 shares | 21 | 21 | ||||||
Capital surplus | 8,642 | 8,673 | ||||||
Retained earnings | 74,473 | 74,026 | ||||||
Less cost of common stock in treasury: 3/31/24—565,322,411 shares; 12/31/23—567,732,687 shares | (24,023) | (24,126) | ||||||
Accumulated other comprehensive income (loss) | (10,353) | (10,096) | ||||||
Total U.S. Bancorp shareholders’ equity | 55,568 | 55,306 | ||||||
Noncontrolling interests | 465 | 465 | ||||||
Total equity | 56,033 | 55,771 | ||||||
Total liabilities and equity | $ | 683,606 | $ | 663,491 |
(Dollars in Millions) | September 30, 2023 | December 31, 2022 | ||||||
(Unaudited) | ||||||||
Assets | ||||||||
Cash and due from banks | $ | 64,354 | $ | 53,542 | ||||
Investment securities | ||||||||
Held-to-maturity | 85,342 | 88,740 | ||||||
Available-for-sale | 67,207 | 72,910 | ||||||
Loans held for sale (including $2,263 and $1,849 of mortgage loans carried at fair value, respectively) | 2,336 | 2,200 | ||||||
Loans | ||||||||
Commercial | 133,319 | 135,690 | ||||||
Commercial real estate | 54,131 | 55,487 | ||||||
Residential mortgages | 115,055 | 115,845 | ||||||
Credit card | 27,080 | 26,295 | ||||||
Other retail | 45,649 | 54,896 | ||||||
Total loans | 375,234 | 388,213 | ||||||
Less allowance for loan losses | (7,218 | ) | (6,936 | ) | ||||
Net loans | 368,016 | 381,277 | ||||||
Premises and equipment | 3,616 | 3,858 | ||||||
Goodwill | 12,472 | 12,373 | ||||||
Other intangible assets | 6,435 | 7,155 | ||||||
Other assets (including $2,585 and $702 of trading securities at fair value pledged as collateral, respectively) (a) | 58,261 | 52,750 | ||||||
Total assets | $ | 668,039 | $ | 674,805 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Deposits | ||||||||
Noninterest-bearing | $ | 98,006 | $ | 137,743 | ||||
Interest-bearing (including $444 of time deposits carried at fair value at September 30, 2023) | 420,352 | 387,233 | ||||||
Total deposits | 518,358 | 524,976 | ||||||
Short-term borrowings | 21,900 | 31,216 | ||||||
Long-term debt | 43,074 | 39,829 | ||||||
Other liabilities | 31,129 | 27,552 | ||||||
Total liabilities | 614,461 | 623,573 | ||||||
Shareholders’ equity | ||||||||
Preferred stock | 6,808 | 6,808 | ||||||
Common stock, par value $0.01 a share—authorized: 4,000,000,000 shares; issued: 9/30/23 and 12/31/22—2,125,725,742 shares | 21 | 21 | ||||||
Capital surplus | 8,684 | 8,712 | ||||||
Retained earnings | 74,023 | 71,901 | ||||||
Less cost of common stock in treasury: 9/30/23—568,744,300 shares; 12/31/22—594,747,484 shares | (24,168 | ) | (25,269 | ) | ||||
Accumulated other comprehensive income (loss) | (12,255 | ) | (11,407 | ) | ||||
Total U.S. Bancorp shareholders’ equity | 53,113 | 50,766 | ||||||
Noncontrolling interests | 465 | 466 | ||||||
Total equity | 53,578 | 51,232 | ||||||
Total liabilities and equity | $ | 668,039 | $ | 674,805 |
U.S. Bancorp | 29 |
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited) | Three Months Ended March 31 | |||||||||||||
2024 | 2023 | |||||||||||||
Interest Income | ||||||||||||||
Loans | $ | 5,712 | $ | 5,277 | ||||||||||
Loans held for sale | 37 | 31 | ||||||||||||
Investment securities | 1,175 | 1,074 | ||||||||||||
Other interest income | 840 | 582 | ||||||||||||
Total interest income | 7,764 | 6,964 | ||||||||||||
Interest Expense | ||||||||||||||
Deposits | 2,884 | 1,505 | ||||||||||||
Short-term borrowings | 270 | 449 | ||||||||||||
Long-term debt | 625 | 376 | ||||||||||||
Total interest expense | 3,779 | 2,330 | ||||||||||||
Net interest income | 3,985 | 4,634 | ||||||||||||
Provision for credit losses | 553 | 427 | ||||||||||||
Net interest income after provision for credit losses | 3,432 | 4,207 | ||||||||||||
Noninterest Income | ||||||||||||||
Card revenue | 392 | 360 | ||||||||||||
Corporate payment products revenue | 184 | 189 | ||||||||||||
Merchant processing services | 401 | 387 | ||||||||||||
Trust and investment management fees | 641 | 590 | ||||||||||||
Service charges | 315 | 324 | ||||||||||||
Commercial products revenue | 388 | 334 | ||||||||||||
Mortgage banking revenue | 166 | 128 | ||||||||||||
Investment products fees | 77 | 68 | ||||||||||||
Securities gains (losses), net | 2 | (32) | ||||||||||||
Other | 134 | 159 | ||||||||||||
Total noninterest income | 2,700 | 2,507 | ||||||||||||
Noninterest Expense | ||||||||||||||
Compensation and employee benefits | 2,691 | 2,646 | ||||||||||||
Net occupancy and equipment | 296 | 321 | ||||||||||||
Professional services | 110 | 134 | ||||||||||||
Marketing and business development | 136 | 122 | ||||||||||||
Technology and communications | 507 | 503 | ||||||||||||
Other intangibles | 146 | 160 | ||||||||||||
Merger and integration charges | 155 | 244 | ||||||||||||
Other | 418 | 425 | ||||||||||||
Total noninterest expense | 4,459 | 4,555 | ||||||||||||
Income before income taxes | 1,673 | 2,159 | ||||||||||||
Applicable income taxes | 347 | 455 | ||||||||||||
Net income | 1,326 | 1,704 | ||||||||||||
Net (income) loss attributable to noncontrolling interests | (7) | (6) | ||||||||||||
Net income attributable to U.S. Bancorp | $ | 1,319 | $ | 1,698 | ||||||||||
Net income applicable to U.S. Bancorp common shareholders | $ | 1,209 | $ | 1,592 | ||||||||||
Earnings per common share | $ | .78 | $ | 1.04 | ||||||||||
Diluted earnings per common share | $ | .78 | $ | 1.04 | ||||||||||
Average common shares outstanding | 1,559 | 1,532 | ||||||||||||
Average diluted common shares outstanding | 1,559 | 1,532 |
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
Interest Income | ||||||||||||||||||||||||
Loans | $ | 5,700 | $ | 3,603 | $ | 16,582 | $ | 9,071 | ||||||||||||||||
Loans held for sale | 42 | 49 | 111 | 163 | ||||||||||||||||||||
Investment securities | 1,152 | 867 | 3,303 | 2,390 | ||||||||||||||||||||
Other interest income | 860 | 209 | 2,248 | 347 | ||||||||||||||||||||
Total interest income | 7,754 | 4,728 | 22,244 | 11,971 | ||||||||||||||||||||
Interest Expense | ||||||||||||||||||||||||
Deposits | 2,580 | 534 | 6,024 | 791 | ||||||||||||||||||||
Short-term borrowings | 450 | 169 | 1,639 | 247 | ||||||||||||||||||||
Long-term debt | 488 | 198 | 1,296 | 498 | ||||||||||||||||||||
Total interest expense | 3,518 | 901 | 8,959 | 1,536 | ||||||||||||||||||||
Net interest income | 4,236 | 3,827 | 13,285 | 10,435 | ||||||||||||||||||||
Provision for credit losses | 515 | 362 | 1,763 | 785 | ||||||||||||||||||||
Net interest income after provision for credit losses | 3,721 | 3,465 | 11,522 | 9,650 | ||||||||||||||||||||
Noninterest Income | ||||||||||||||||||||||||
Card revenue | 412 | 391 | 1,194 | 1,128 | ||||||||||||||||||||
Corporate payment products revenue | 198 | 190 | 577 | 520 | ||||||||||||||||||||
Merchant processing services | 427 | 406 | 1,250 | 1,194 | ||||||||||||||||||||
Trust and investment management fees | 627 | 572 | 1,838 | 1,638 | ||||||||||||||||||||
Service charges | 334 | 317 | 982 | 984 | ||||||||||||||||||||
Commercial products revenue | 354 | 285 | 1,046 | 841 | ||||||||||||||||||||
Mortgage banking revenue | 144 | 81 | 403 | 423 | ||||||||||||||||||||
Investment products fees | 70 | 56 | 206 | 177 | ||||||||||||||||||||
Securities gains (losses), net | — | 1 | (29 | ) | 38 | |||||||||||||||||||
Other | 198 | 170 | 530 | 470 | ||||||||||||||||||||
Total noninterest income | 2,764 | 2,469 | 7,997 | 7,413 | ||||||||||||||||||||
Noninterest Expense | ||||||||||||||||||||||||
Compensation and employee benefits | 2,615 | 2,260 | 7,907 | 6,755 | ||||||||||||||||||||
Net occupancy and equipment | 313 | 272 | 950 | 806 | ||||||||||||||||||||
Professional services | 127 | 131 | 402 | 356 | ||||||||||||||||||||
Marketing and business development | 176 | 126 | 420 | 312 | ||||||||||||||||||||
Technology and communications | 511 | 427 | 1,536 | 1,267 | ||||||||||||||||||||
Other intangibles | 161 | 43 | 480 | 130 | ||||||||||||||||||||
Merger and integration charges | 284 | 42 | 838 | 239 | ||||||||||||||||||||
Other | 343 | 336 | 1,121 | 998 | ||||||||||||||||||||
Total noninterest expense | 4,530 | 3,637 | 13,654 | 10,863 | ||||||||||||||||||||
Income before income taxes | 1,955 | 2,297 | 5,865 | 6,200 | ||||||||||||||||||||
Applicable income taxes | 431 | 481 | 1,268 | 1,292 | ||||||||||||||||||||
Net income | 1,524 | 1,816 | 4,597 | 4,908 | ||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (1 | ) | (4 | ) | (15 | ) | (8 | ) | ||||||||||||||||
Net income attributable to U.S. Bancorp | $ | 1,523 | $ | 1,812 | $ | 4,582 | $ | 4,900 | ||||||||||||||||
Net income applicable to U.S. Bancorp common shareholders | $ | 1,412 | $ | 1,718 | $ | 4,285 | $ | 4,648 | ||||||||||||||||
Earnings per common share | $ | .91 | $ | 1.16 | $ | 2.79 | $ | 3.13 | ||||||||||||||||
Diluted earnings per common share | $ | .91 | $ | 1.16 | $ | 2.79 | $ | 3.13 | ||||||||||||||||
Average common shares outstanding | 1,548 | 1,486 | 1,538 | 1,485 | ||||||||||||||||||||
Average diluted common shares outstanding | 1,549 | 1,486 | 1,538 | 1,486 |
30 | U.S. Bancorp |
(Dollars in Millions) (Unaudited) | Three Months Ended March 31 | |||||||||||||
2024 | 2023 | |||||||||||||
Net income | $ | 1,326 | $ | 1,704 | ||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||
Changes in unrealized gains (losses) on investment securities available-for-sale | (171) | 1,305 | ||||||||||||
Changes in unrealized gains (losses) on derivative hedges | (343) | 204 | ||||||||||||
Foreign currency translation | 6 | (1) | ||||||||||||
Changes in unrealized gains (losses) on retirement plans | — | 1 | ||||||||||||
Reclassification to earnings of realized (gains) losses | 161 | 158 | ||||||||||||
Income taxes related to other comprehensive income (loss) | 90 | (413) | ||||||||||||
Total other comprehensive income (loss) | (257) | 1,254 | ||||||||||||
Comprehensive income (loss) | 1,069 | 2,958 | ||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | (7) | (6) | ||||||||||||
Comprehensive income (loss) attributable to U.S. Bancorp | $ | 1,062 | $ | 2,952 |
(Dollars in Millions) (Unaudited) | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Net income | $ | 1,524 | $ | 1,816 | $ | 4,597 | $ | 4,908 | ||||||||||||
Other Comprehensive Income (Loss) | ||||||||||||||||||||
Changes in unrealized gains (losses) on investment securities available-for-sale | (1,881 | ) | (2,810 | ) | (1,036 | ) | (14,325 | ) | ||||||||||||
Changes in unrealized gains (losses) on derivative hedges | (349 | ) | (232 | ) | (610 | ) | (134 | ) | ||||||||||||
Foreign currency translation | 3 | (8 | ) | 21 | (11 | ) | ||||||||||||||
Changes in unrealized gains (losses) on retirement plans | (1 | ) | — | — | — | |||||||||||||||
Reclassification to earnings of realized (gains) losses | 170 | 186 | 475 | 337 | ||||||||||||||||
Income taxes related to other comprehensive income (loss) | 521 | 725 | 302 | 3,576 | ||||||||||||||||
Total other comprehensive income (loss) | (1,537 | ) | (2,139 | ) | (848 | ) | (10,557 | ) | ||||||||||||
Comprehensive income (loss) | (13 | ) | (323 | ) | 3,749 | (5,649 | ) | |||||||||||||
Comprehensive (income) loss attributable to noncontrolling interests | (1 | ) | (4 | ) | (15 | ) | (8 | ) | ||||||||||||
Comprehensive income (loss) attributable to U.S. Bancorp | $ | (14 | ) | $ | (327 | ) | $ | 3,734 | $ | (5,657 | ) |
U.S. Bancorp | 31 |
U.S. Bancorp Shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited) | Common Shares Outstanding | Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total U.S. Bancorp Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Bancorp Shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited) | Common Shares Outstanding | Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total U.S. Bancorp Shareholders’ Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2022 | 1,486 | $ | 6,808 | $ | 21 | $ | 8,555 | $ | 70,772 | $ | (27,190 | ) | $ | (10,361 | ) | $ | 48,605 | $ | 464 | $ | 49,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in accounting principle(a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 1,812 | 1,812 | 4 | 1,816 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (2,139 | ) | (2,139 | ) | (2,139 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | (85 | ) | (85 | ) | (85 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($.48 per share) | (717 | ) | (717 | ) | (717 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common and treasury stock | (1 | ) | 2 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (4 | ) | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net other changes in noncontrolling interests | — | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock grants | 36 | 36 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance September 30, 2022 | 1,486 | $ | 6,808 | $ | 21 | $ | 8,590 | $ | 71,782 | $ | (27,188 | ) | $ | (12,500 | ) | $ | 47,513 | $ | 465 | $ | 47,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2023 | 1,533 | $ | 6,808 | $ | 21 | $ | 8,742 | $ | 73,355 | $ | (25,189 | ) | $ | (10,718 | ) | $ | 53,019 | $ | 465 | $ | 53,484 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 1,523 | 1,523 | 1 | 1,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (1,537 | ) | (1,537 | ) | (1,537 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends (b) | (102 | ) | (102 | ) | (102 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($.48 per share) | (753 | ) | (753 | ) | (753 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common and treasury stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common and treasury stock | 24 | (99 | ) | 1,022 | 923 | 923 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock grants | 41 | 41 | 41 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock grants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock grants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance September 30, 2023 | 1,557 | $ | 6,808 | $ | 21 | $ | 8,684 | $ | 74,023 | $ | (24,168 | ) | $ | (12,255 | ) | $ | 53,113 | $ | 465 | $ | 53,578 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2021 | 1,484 | $ | 6,371 | $ | 21 | $ | 8,539 | $ | 69,201 | $ | (27,271 | ) | $ | (1,943 | ) | $ | 54,918 | $ | 469 | $ | 55,387 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 4,900 | 4,900 | 8 | 4,908 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (10,557 | ) | (10,557 | ) | (10,557 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends (c) | (228 | ) | (228 | ) | (228 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($1.40 per share) | (2,091 | ) | (2,091 | ) | (2,091 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock | 437 | 437 | 437 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($.49 per share) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common and treasury stock | 3 | (120 | ) | 138 | 18 | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (1 | ) | (55 | ) | (55 | ) | (55 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (8 | ) | (8 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net other changes in noncontrolling interests | — | (4 | ) | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock grants | 171 | 171 | 171 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance September 30, 2022 | 1,486 | $ | 6,808 | $ | 21 | $ | 8,590 | $ | 71,782 | $ | (27,188 | ) | $ | (12,500 | ) | $ | 47,513 | $ | 465 | $ | 47,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2022 | 1,531 | $ | 6,808 | $ | 21 | $ | 8,712 | $ | 71,901 | $ | (25,269 | ) | $ | (11,407 | ) | $ | 50,766 | $ | 466 | $ | 51,232 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Change in accounting principle (d) | 46 | 46 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 4,582 | 4,582 | 15 | 4,597 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | (848 | ) | (848 | ) | (848 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends (e) | (273 | ) | (273 | ) | (273 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends ($1.44 per share) | (2,233 | ) | (2,233 | ) | (2,233 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common and treasury stock | 27 | (215 | ) | 1,146 | 931 | 931 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | (1 | ) | (45 | ) | (45 | ) | (45 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | (15 | ) | (15 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net other changes in noncontrolling interests | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock grants | 187 | 187 | 187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance September 30, 2023 | 1,557 | $ | 6,808 | $ | 21 | $ | 8,684 | $ | 74,023 | $ | (24,168 | ) | $ | (12,255 | ) | $ | 53,113 | $ | 465 | $ | 53,578 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option and restricted stock grants | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2024 |
(a)Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings. Upon adoption, the Company reduced its allowance for credit losses and increased retained earnings net of deferred taxes through a cumulative-effect adjustment. (b)Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,462.428, $339.357, $662.50, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively. (c)Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,667.221, $390.264, $662.50, $343.75, $234.375, $250.00, $231.25, and $281.25, respectively. |
32 | U.S. Bancorp |
(Dollars in Millions) (Unaudited) | Three Months Ended March 31 | |||||||
2024 | 2023 | |||||||
Operating Activities | ||||||||
Net income attributable to U.S. Bancorp | $ | 1,319 | $ | 1,698 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for credit losses | 553 | 427 | ||||||
Depreciation and amortization of premises and equipment | 90 | 97 | ||||||
Amortization of intangibles | 146 | 160 | ||||||
(Gain) loss on sale of loans held for sale | (36) | 7 | ||||||
(Gain) loss on sale of securities and other assets | (9) | 32 | ||||||
Loans originated for sale, net of repayments | (4,674) | (7,024) | ||||||
Proceeds from sales of loans held for sale | 4,740 | 6,728 | ||||||
Other, net | 532 | (1,283) | ||||||
Net cash provided by operating activities | 2,661 | 842 | ||||||
Investing Activities | ||||||||
Proceeds from sales of available-for-sale investment securities | 172 | 7,720 | ||||||
Proceeds from maturities of held-to-maturity investment securities | 1,301 | 1,317 | ||||||
Proceeds from maturities of available-for-sale investment securities | 1,412 | 1,407 | ||||||
Purchases of held-to-maturity investment securities | (93) | (924) | ||||||
Purchases of available-for-sale investment securities | (4,851) | (217) | ||||||
Net (increase) decrease in loans outstanding | (1,128) | 165 | ||||||
Proceeds from sales of loans | 36 | 257 | ||||||
Purchases of loans | (296) | (339) | ||||||
Net increase in securities purchased under agreements to resell | (1,274) | (1,531) | ||||||
Other, net | (232) | (2,912) | ||||||
Net cash (used in) provided by investing activities | (4,953) | 4,943 | ||||||
Financing Activities | ||||||||
Net increase (decrease) in deposits | 15,751 | (19,237) | ||||||
Net increase in short-term borrowings | 1,823 | 24,876 | ||||||
Proceeds from issuance of long-term debt | 3,565 | 3,701 | ||||||
Principal payments or redemption of long-term debt | (2,172) | (1,594) | ||||||
Proceeds from issuance of common stock | 13 | 6 | ||||||
Repurchase of common stock | (49) | (44) | ||||||
Cash dividends paid on preferred stock | (76) | (67) | ||||||
Cash dividends paid on common stock | (770) | (740) | ||||||
Net cash provided by financing activities | 18,085 | 6,901 | ||||||
Change in cash and due from banks | 15,793 | 12,686 | ||||||
Cash and due from banks at beginning of period | 61,192 | 53,542 | ||||||
Cash and due from banks at end of period(a) | $ | 76,985 | $ | 66,228 |
(Dollars in Millions) (Unaudited) | Nine Months Ended September 30 | |||||||
2023 | 2022 | |||||||
Operating Activities | ||||||||
Net income attributable to U.S. Bancorp | $ | 4,582 | $ | 4,900 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for credit losses | 1,763 | 785 | ||||||
Depreciation and amortization of premises and equipment | 288 | 255 | ||||||
Amortization of intangibles | 480 | 130 | ||||||
(Gain) loss on sale of loans held for sale | 26 | 136 | ||||||
(Gain) loss on sale of securities and other assets | 9 | (173 | ) | |||||
Loans originated for sale, net of repayments | (21,637 | ) | (26,357 | ) | ||||
Proceeds from sales of loans held for sale | 21,164 | 28,701 | ||||||
Other, net | 1,356 | 5,854 | ||||||
Net cash provided by operating activities | 8,031 | 14,231 | ||||||
Investing Activities | ||||||||
Proceeds from sales of available-for-sale | 8,135 | 15,392 | ||||||
Proceeds from maturities of held-to-maturity | 4,742 | 4,148 | ||||||
Proceeds from maturities of available-for-sale | 4,828 | 12,407 | ||||||
Purchases of held-to-maturity | (924 | ) | (6,941 | ) | ||||
Purchases of available-for-sale | (4,857 | ) | (19,377 | ) | ||||
Net decrease ( ) in loans outstanding | 2,946 | (30,380 | ) | |||||
Proceeds from sales of loans | 5,622 | 3,050 | ||||||
Purchases of loans | (900 | ) | (1,932 | ) | ||||
Net increase in securities purchased under agreements to resell | (1,731 | ) | (37 | ) | ||||
Other, net | (736 | ) | (3,407 | ) | ||||
Net cash provided by (used in) investing activities | 17,125 | (27,077 | ) | |||||
Financing Activities | ||||||||
Net (decrease) increase in deposits | (6,245 | ) | 15,065 | |||||
Net (decrease) increase in short-term borrowings | (9,887 | ) | 13,270 | |||||
Proceeds from issuance of long-term debt | 7,254 | 5,631 | ||||||
Principal payments or redemption of long-term debt | (3,906 | ) | (5,398 | ) | ||||
Proceeds from issuance of preferred stock | — | 437 | ||||||
Proceeds from issuance of common stock | 942 | 16 | ||||||
Repurchase of preferred stock | — | (1,100 | ) | |||||
Repurchase of common stock | (45 | ) | (55 | ) | ||||
Cash dividends paid on preferred stock | (238 | ) | (213 | ) | ||||
Cash dividends paid on common stock | (2,219 | ) | (2,060 | ) | ||||
Net cash (used in) provided by financing activities | (14,344 | ) | 25,593 | |||||
Change in cash and due from banks | 10,812 | 12,747 | ||||||
Cash and due from banks at beginning of period | 53,542 | 28,905 | ||||||
Cash and due from banks at end of period | $ | 64,354 | $ | 41,652 |
U.S. Bancorp | 33 |
Basis of Presentation |
Accounting Changes |
34 | U.S. Bancorp |
December 1, 2022 (Dollars in Millions) | ||||
Acquisition consideration | ||||
Cash | $ | 5,500 | ||
Market value of shares of common stock | 2,014 | |||
Total consideration transferred at acquisition close date | 7,514 | |||
Discounted liability to MUFG (a) | 2,944 | |||
Total | $ | 10,458 | ||
Fair Value of MUB assets and liabilities | ||||
Assets | ||||
Cash and due from banks | $ | 17,754 | ||
Investment securities | 22,725 | |||
Loans held for sale | 2,220 | |||
Loans | 53,395 | |||
Less allowance for loan losses | (463 | ) | ||
Net loans | 52,932 | |||
Premises and equipment | 646 | |||
Other intangible assets (excluding goodwill) | 2,808 | |||
Other assets | 4,764 | |||
Total assets | $ | 103,849 | ||
Liabilities | ||||
Deposits | $ | 86,110 | ||
Short-term borrowings | 4,777 | |||
Long-term debt | 2,584 | |||
Other liabilities | 2,246 | |||
Total liabilities | 95,717 | |||
Less: Net assets | $ | 8,132 | ||
Goodwill | $ | 2,326 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(Dollars in Millions) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||
Held-to-Maturity | ||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 1,345 | $ | — | $ | (42) | $ | 1,303 | $ | 1,345 | $ | — | $ | (35) | $ | 1,310 | ||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
Residential agency | 79,805 | — | (11,736) | 68,069 | 80,997 | 6 | (9,929) | 71,074 | ||||||||||||||||||
Commercial agency | 1,697 | — | (21) | 1,676 | 1,695 | 6 | (5) | 1,696 | ||||||||||||||||||
Other | 101 | — | — | 101 | 8 | — | — | 8 | ||||||||||||||||||
Total held-to-maturity | $ | 82,948 | $ | — | $ | (11,799) | $ | 71,149 | $ | 84,045 | $ | 12 | $ | (9,969) | $ | 74,088 | ||||||||||
Available-for-Sale | ||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 23,722 | $ | 11 | $ | (2,215) | $ | 21,518 | $ | 21,768 | $ | 8 | $ | (2,234) | $ | 19,542 | ||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
Residential agency | 29,798 | 84 | (2,395) | 27,487 | 28,185 | 104 | (2,211) | 26,078 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||||
Agency | 8,696 | — | (1,412) | 7,284 | 8,703 | — | (1,360) | 7,343 | ||||||||||||||||||
Non-agency | 7 | — | (1) | 6 | 7 | — | (1) | 6 | ||||||||||||||||||
Asset-backed securities | 6,218 | 11 | (25) | 6,204 | 6,713 | 25 | (14) | 6,724 | ||||||||||||||||||
Obligations of state and political subdivisions | 10,826 | 23 | (1,062) | 9,787 | 10,867 | 36 | (914) | 9,989 | ||||||||||||||||||
Other | 140 | — | — | 140 | 24 | — | — | 24 | ||||||||||||||||||
Total available-for-sale, excluding portfolio level basis adjustments | 79,407 | 129 | (7,110) | 72,426 | 76,267 | 173 | (6,734) | 69,706 | ||||||||||||||||||
Portfolio level basis adjustments(a) | 88 | — | (88) | — | 335 | — | (335) | — | ||||||||||||||||||
Total available-for-sale | $ | 79,495 | $ | 129 | $ | (7,198) | $ | 72,426 | $ | 76,602 | $ | 173 | $ | (7,069) | $ | 69,706 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 1,345 | $ | — | $ | (62 | ) | $ | 1,283 | $ | 1,344 | $ | — | $ | (51 | ) | $ | 1,293 | ||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
Residential agency | 82,297 | — | (14,851 | ) | 67,446 | 85,693 | 2 | (10,810 | ) | 74,885 | ||||||||||||||||||||||
Commercial agency | 1,700 | — | (70 | ) | 1,630 | 1,703 | 1 | (8 | ) | 1,696 | ||||||||||||||||||||||
Total held-to-maturity | $ | 85,342 | $ | — | $ | (14,983 | ) | $ | 70,359 | $ | 88,740 | $ | 3 | $ | (10,869 | ) | $ | 77,874 | ||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 21,286 | $ | — | $ | (2,579 | ) | $ | 18,707 | $ | 24,801 | $ | 1 | $ | (2,769 | ) | $ | 22,033 | ||||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||||||||
Residential agency | 28,891 | 2 | (3,279 | ) | 25,614 | 32,060 | 8 | (2,797 | ) | 29,271 | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Agency | 8,711 | — | (1,769 | ) | 6,942 | 8,736 | — | (1,591 | ) | 7,145 | ||||||||||||||||||||||
Non-agency | 7 | — | (1 | ) | 6 | 7 | — | — | 7 | |||||||||||||||||||||||
Asset-backed securities | 6,923 | 8 | (63 | ) | 6,868 | 4,356 | 5 | (38 | ) | 4,323 | ||||||||||||||||||||||
Obligations of state and political subdivisions | 11,028 | 10 | (1,972 | ) | 9,066 | 11,484 | 12 | (1,371 | ) | 10,125 | ||||||||||||||||||||||
Other | 4 | — | — | 4 | 6 | — | — | 6 | ||||||||||||||||||||||||
Total available-for-sale, | 76,850 | 20 | (9,663 | ) | 67,207 | 81,450 | 26 | (8,566 | ) | 72,910 | ||||||||||||||||||||||
Portfolio level basis adjustments (a) | (95 | ) | — | 95 | — | — | — | — | — | |||||||||||||||||||||||
Total available-for-sale | $ | 76,755 | $ | 20 | $ | (9,568 | ) | $ | 67,207 | $ | 81,450 | $ | 26 | $ | (8,566 | ) | $ | 72,910 |
Three Months Ended March 31 | ||||||||
(Dollars in Millions) | 2024 | 2023 | ||||||
Taxable | $ | 1,099 | $ | 994 | ||||
Non-taxable | 76 | 80 | ||||||
Total interest income from investment securities | $ | 1,175 | $ | 1,074 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Taxable | $ | 1,074 | $ | 793 | $ | 3,067 | $ | 2,171 | ||||||||||||
Non-taxable | 78 | 74 | 236 | 219 | ||||||||||||||||
Total interest income from investment securities | $ | 1,152 | $ | 867 | $ | 3,303 | $ | 2,390 |
U.S. Bancorp | 35 |
Three Months Ended March 31 | ||||||||
(Dollars in Millions) | 2024 | 2023 | ||||||
Realized gains | $ | 3 | $ | 60 | ||||
Realized losses | (1) | (92) | ||||||
Net realized gains (losses) | $ | 2 | $ | (32) | ||||
Income tax (benefit) on net realized gains (losses) | $ | 1 | $ | (8) |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Realized gains | $ | — | $ | 1 | $ | 65 | $ | 78 | ||||||||||||
Realized losses | — | — | (94 | ) | (40 | ) | ||||||||||||||
Net realized gains (losses) | $ | — | $ | 1 | $ | (29 | ) | $ | 38 | |||||||||||
Income tax on net realized gains (losses) | $ | — | $ | — | $ | (7 | ) | $ | 9 |
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||
(Dollars in Millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||
U.S. Treasury and agencies | $ | 1,219 | $ | (6) | $ | 17,077 | $ | (2,209) | $ | 18,296 | $ | (2,215) | ||||||||
Mortgage-backed securities | ||||||||||||||||||||
Residential agency | 1,580 | (9) | 20,617 | (2,386) | 22,197 | (2,395) | ||||||||||||||
Commercial | ||||||||||||||||||||
Agency | — | — | 7,284 | (1,412) | 7,284 | (1,412) | ||||||||||||||
Non-agency | — | — | 7 | (1) | 7 | (1) | ||||||||||||||
Asset-backed securities | 2,942 | (5) | 1,806 | (20) | 4,748 | (25) | ||||||||||||||
Obligations of state and political subdivisions | 1,121 | (9) | 7,707 | (1,053) | 8,828 | (1,062) | ||||||||||||||
Other | 115 | — | 4 | — | 119 | — | ||||||||||||||
Total investment securities | $ | 6,977 | $ | (29) | $ | 54,502 | $ | (7,081) | $ | 61,479 | $ | (7,110) |
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
(Dollars in Millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. Treasury and agencies | $ | 672 | $ | (8 | ) | $ | 16,568 | $ | (2,571 | ) | $ | 17,240 | $ | (2,579 | ) | |||||||||
Mortgage-backed securities | ||||||||||||||||||||||||
Residential agency | 3,085 | (56 | ) | 22,385 | (3,223 | ) | 25,470 | (3,279 | ) | |||||||||||||||
Commercial | ||||||||||||||||||||||||
Agency | — | — | 6,942 | (1,769 | ) | 6,942 | (1,769 | ) | ||||||||||||||||
Non-agency | 6 | (1 | ) | — | — | 6 | (1 | ) | ||||||||||||||||
Asset-backed securities | 5,929 | (63 | ) | — | — | 5,929 | (63 | ) | ||||||||||||||||
Obligations of state and political subdivisions | 1,813 | (129 | ) | 7,001 | (1,843 | ) | 8,814 | (1,972 | ) | |||||||||||||||
Other | — | — | 4 | — | 4 | — | ||||||||||||||||||
Total investment securities | $ | 11,505 | $ | (257 | ) | $ | 52,900 | $ | (9,406 | ) | $ | 64,405 | $ | (9,663 | ) |
36 | U.S. Bancorp |
(Dollars in Millions) | Amortized Cost | Fair Value | Weighted- Average Maturity in Years | Weighted- Average Yield (e) | ||||||||||||
Held-to-maturity | ||||||||||||||||
U.S. Treasury and Agencies | ||||||||||||||||
Maturing in one year or less | $ | 50 | $ | 49 | .6 | 2.67 | % | |||||||||
Maturing after one year through five years | 1,295 | 1,234 | 2.6 | 2.85 | ||||||||||||
Maturing after five years through ten years | — | — | — | — | ||||||||||||
Maturing after ten years | — | — | — | — | ||||||||||||
Total | $ | 1,345 | $ | 1,283 | 2.5 | 2.85 | % | |||||||||
Mortgage-Backed Securities (a) | ||||||||||||||||
Maturing in one year or less | $ | 20 | $ | 19 | .7 | 4.67 | % | |||||||||
Maturing after one year through five years | 1,347 | 1,318 | 2.6 | 4.59 | ||||||||||||
Maturing after five years through ten years | 57,099 | 47,115 | 9.3 | 2.17 | ||||||||||||
Maturing after ten years | 25,531 | 20,624 | 10.3 | 2.12 | ||||||||||||
Total | $ | 83,997 | $ | 69,076 | 9.5 | 2.19 | % | |||||||||
Total held-to-maturity | $ | 85,342 | $ | 70,359 | 9.4 | 2.20 | % | |||||||||
Available-for-sale | ||||||||||||||||
U.S. Treasury and Agencies | ||||||||||||||||
Maturing in one year or less | $ | 9 | $ | 9 | .2 | 5.24 | % | |||||||||
Maturing after one year through five years | 6,376 | 6,049 | 3.4 | 3.16 | ||||||||||||
Maturing after five years through ten years | 13,089 | 11,361 | 6.7 | 2.55 | ||||||||||||
Maturing after ten years | 1,812 | 1,288 | 11.0 | 2.02 | ||||||||||||
Total | $ | 21,286 | $ | 18,707 | 6.1 | 2.69 | % | |||||||||
Mortgage-Backed Securities (a) | ||||||||||||||||
Maturing in one year or less | $ | 135 | $ | 131 | .8 | 2.52 | % | |||||||||
Maturing after one year through five years | 8,571 | 7,846 | 3.1 | 2.45 | ||||||||||||
Maturing after five years through ten years | 27,049 | 23,053 | 7.6 | 3.24 | ||||||||||||
Maturing after ten years | 1,854 | 1,532 | 10.9 | 3.49 | ||||||||||||
Total | $ | 37,609 | $ | 32,562 | 6.7 | 3.07 | % | |||||||||
Asset-Backed Securities (a) | ||||||||||||||||
Maturing in one year or less | $ | 1,714 | $ | 1,683 | .2 | 4.25 | % | |||||||||
Maturing after one year through five years | 4,731 | 4,706 | 1.7 | 5.35 | ||||||||||||
Maturing after five years through ten years | 478 | 479 | 5.5 | 7.07 | ||||||||||||
Maturing after ten years | — | — | — | — | ||||||||||||
Total | $ | 6,923 | $ | 6,868 | 1.6 | 5.20 | % | |||||||||
Obligations of State and Political | ||||||||||||||||
Subdivisions (c) (d) | ||||||||||||||||
Maturing in one year or less | $ | 36 | $ | 36 | .6 | 7.96 | % | |||||||||
Maturing after one year through five years | 381 | 378 | 3.3 | 5.74 | ||||||||||||
Maturing after five years through ten years | 507 | 472 | 7.8 | 4.43 | ||||||||||||
Maturing after ten years | 10,104 | 8,180 | 15.8 | 3.65 | ||||||||||||
Total | $ | 11,028 | $ | 9,066 | 14.9 | 3.77 | % | |||||||||
Other | ||||||||||||||||
Maturing in one year or less | $ | — | $ | — | — | — | % | |||||||||
Maturing after one year through five years | 4 | 4 | 1.7 | 1.89 | ||||||||||||
Maturing after five years through ten years | — | — | — | — | ||||||||||||
Maturing after ten years | — | — | — | — | ||||||||||||
Total | $ | 4 | $ | 4 | 1.7 | 1.89 | % | |||||||||
Total available-for-sale | $ | 76,850 | $ | 67,207 | 7.3 | 3.26 | % |
(Dollars in Millions) | Amortized Cost | Fair Value | Weighted- Average Maturity in Years | Weighted-Average Yield(e) | ||||||||||
Held-to-Maturity | ||||||||||||||
U.S. Treasury and agencies | ||||||||||||||
Maturing in one year or less | $ | 50 | $ | 50 | 0.1 | 2.67 | % | |||||||
Maturing after one year through five years | 1,295 | 1,253 | 2.1 | 2.85 | ||||||||||
Maturing after five years through ten years | — | — | — | — | ||||||||||
Maturing after ten years | — | — | — | — | ||||||||||
Total | $ | 1,345 | $ | 1,303 | 2.0 | 2.85 | % | |||||||
Mortgage-backed securities(a) | ||||||||||||||
Maturing in one year or less | $ | 22 | $ | 22 | 0.7 | 4.44 | % | |||||||
Maturing after one year through five years | 1,286 | 1,273 | 2.6 | 4.52 | ||||||||||
Maturing after five years through ten years | 74,832 | 64,221 | 8.9 | 2.19 | ||||||||||
Maturing after ten years | 5,362 | 4,229 | 10.2 | 1.92 | ||||||||||
Total | $ | 81,502 | $ | 69,745 | 8.9 | 2.21 | % | |||||||
Other | ||||||||||||||
Maturing in one year or less | $ | 16 | $ | 16 | 1.0 | 3.24 | % | |||||||
Maturing after one year through five years | 85 | 85 | 3.1 | 2.70 | ||||||||||
Maturing after five years through ten years | — | — | — | — | ||||||||||
Maturing after ten years | — | — | — | — | ||||||||||
Total | $ | 101 | $ | 101 | 2.8 | 2.79 | % | |||||||
Total held-to-maturity(b) | $ | 82,948 | $ | 71,149 | 8.8 | 2.22 | % | |||||||
Available-for-Sale | ||||||||||||||
U.S. Treasury and agencies | ||||||||||||||
Maturing in one year or less | $ | 11 | $ | 11 | 0.3 | 5.35 | % | |||||||
Maturing after one year through five years | 13,391 | 12,738 | 3.7 | 2.92 | ||||||||||
Maturing after five years through ten years | 8,608 | 7,445 | 7.1 | 2.20 | ||||||||||
Maturing after ten years | 1,712 | 1,324 | 10.6 | 2.02 | ||||||||||
Total | $ | 23,722 | $ | 21,518 | 5.5 | 2.60 | % | |||||||
Mortgage-backed securities(a) | ||||||||||||||
Maturing in one year or less | $ | 95 | $ | 92 | 0.8 | 2.16 | % | |||||||
Maturing after one year through five years | 8,877 | 8,408 | 3.3 | 3.25 | ||||||||||
Maturing after five years through ten years | 28,399 | 25,324 | 7.3 | 3.35 | ||||||||||
Maturing after ten years | 1,130 | 953 | 10.9 | 3.45 | ||||||||||
Total | $ | 38,501 | $ | 34,777 | 6.5 | 3.33 | % | |||||||
Asset-backed securities(a) | ||||||||||||||
Maturing in one year or less | $ | 10 | $ | 10 | 0.9 | 7.57 | % | |||||||
Maturing after one year through five years | 5,150 | 5,133 | 1.7 | 4.95 | ||||||||||
Maturing after five years through ten years | 1,058 | 1,061 | 5.8 | 7.05 | ||||||||||
Maturing after ten years | — | — | — | — | ||||||||||
Total | $ | 6,218 | $ | 6,204 | 2.4 | 5.31 | % | |||||||
Obligations of state and political subdivisions(c)(d) | ||||||||||||||
Maturing in one year or less | $ | 137 | $ | 138 | 0.3 | 5.91 | % | |||||||
Maturing after one year through five years | 2,441 | 2,425 | 2.9 | 4.65 | ||||||||||
Maturing after five years through ten years | 1,666 | 1,605 | 7.2 | 3.85 | ||||||||||
Maturing after ten years | 6,582 | 5,619 | 15.5 | 3.34 | ||||||||||
Total | $ | 10,826 | $ | 9,787 | 11.2 | 3.75 | % | |||||||
Other | ||||||||||||||
Maturing in one year or less | $ | — | $ | — | — | — | % | |||||||
Maturing after one year through five years | 140 | 140 | 2.4 | 4.92 | ||||||||||
Maturing after five years through ten years | — | — | — | — | ||||||||||
Maturing after ten years | — | — | — | — | ||||||||||
Total | $ | 140 | $ | 140 | 2.4 | 4.92 | % | |||||||
Total available-for-sale(b)(f) | $ | 79,407 | $ | 72,426 | 6.5 | 3.33 | % |
37 |
NOTE 4 | Loans and Allowance for Credit Losses |
March 31, 2024 | December 31, 2023 | |||||||||||||
(Dollars in Millions) | Amount | Percent of Total | Amount | Percent of Total | ||||||||||
Commercial | ||||||||||||||
Commercial | $ | 130,530 | 34.8 | % | $ | 127,676 | 34.2 | % | ||||||
Lease financing | 4,196 | 1.2 | 4,205 | 1.1 | ||||||||||
Total commercial | 134,726 | 36.0 | 131,881 | 35.3 | ||||||||||
Commercial Real Estate | ||||||||||||||
Commercial mortgages | 41,157 | 11.0 | 41,934 | 11.2 | ||||||||||
Construction and development | 11,520 | 3.1 | 11,521 | 3.1 | ||||||||||
Total commercial real estate | 52,677 | 14.1 | 53,455 | 14.3 | ||||||||||
Residential Mortgages | ||||||||||||||
Residential mortgages | 109,396 | 29.2 | 108,605 | 29.0 | ||||||||||
Home equity loans, first liens | 6,683 | 1.8 | 6,925 | 1.9 | ||||||||||
Total residential mortgages | 116,079 | 31.0 | 115,530 | 30.9 | ||||||||||
Credit Card | 27,844 | 7.4 | 28,560 | 7.6 | ||||||||||
Other Retail | ||||||||||||||
Retail leasing | 4,137 | 1.1 | 4,135 | 1.1 | ||||||||||
Home equity and second mortgages | 12,932 | 3.5 | 13,056 | 3.5 | ||||||||||
Revolving credit | 3,473 | .9 | 3,668 | 1.0 | ||||||||||
Installment | 13,921 | 3.7 | 13,889 | 3.7 | ||||||||||
Automobile | 8,799 | 2.3 | 9,661 | 2.6 | ||||||||||
Total other retail | 43,262 | 11.5 | 44,409 | 11.9 | ||||||||||
Total loans | $ | 374,588 | 100.0 | % | $ | 373,835 | 100.0 | % |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Dollars in Millions) | Amount | Percent of Total | Amount | Percent of Total | ||||||||||||||||
Commercial | ||||||||||||||||||||
Commercial | $ | 129,040 | 34.4 | % | $ | 131,128 | 33.8 | % | ||||||||||||
Lease financing | 4,279 | 1.1 | 4,562 | 1.2 | ||||||||||||||||
Total commercial | 133,319 | 35.5 | 135,690 | 35.0 | ||||||||||||||||
Commercial Real Estate | ||||||||||||||||||||
Commercial mortgages | 42,473 | 11.3 | 43,765 | 11.3 | ||||||||||||||||
Construction and development | 11,658 | 3.1 | 11,722 | 3.0 | ||||||||||||||||
Total commercial real estate | 54,131 | 14.4 | 55,487 | 14.3 | ||||||||||||||||
Residential Mortgages | ||||||||||||||||||||
Residential mortgages | 107,875 | 28.8 | 107,858 | 27.8 | ||||||||||||||||
Home equity loans, first liens | 7,180 | 1.9 | 7,987 | 2.0 | ||||||||||||||||
Total residential mortgages | 115,055 | 30.7 | 115,845 | 29.8 | ||||||||||||||||
Credit Card | 27,080 | 7.2 | 26,295 | 6.8 | ||||||||||||||||
Other Retail | ||||||||||||||||||||
Retail leasing | 4,271 | 1.2 | 5,519 | 1.4 | ||||||||||||||||
Home equity and second mortgages | 12,879 | 3.4 | 12,863 | 3.3 | ||||||||||||||||
Revolving credit | 3,766 | 1.0 | 3,983 | 1.0 | ||||||||||||||||
Installment | 14,145 | 3.8 | 14,592 | 3.8 | ||||||||||||||||
Automobile | 10,588 | 2.8 | 17,939 | 4.6 | ||||||||||||||||
Total other retail | 45,649 | 12.2 | 54,896 | 14.1 | ||||||||||||||||
Total loans | $ | 375,234 | 100.0 | % | $ | 388,213 | 100.0 | % |
38 | U.S. Bancorp |
U.S. Bancorp | 39 |
Three Months Ended March 31 (Dollars in Millions) | Commercial | Commercial Real Estate | Residential Mortgages | Credit Card | Other Retail | Total Loans | ||||||||||||||
2024 | ||||||||||||||||||||
Balance at beginning of period | $ | 2,119 | $ | 1,620 | $ | 827 | $ | 2,403 | $ | 870 | $ | 7,839 | ||||||||
Add | ||||||||||||||||||||
Provision for credit losses | 156 | 30 | 16 | 318 | 33 | 553 | ||||||||||||||
Deduct | ||||||||||||||||||||
Loans charged-off | 139 | 34 | 4 | 337 | 81 | 595 | ||||||||||||||
Less recoveries of loans charged-off | (23) | (13) | (4) | (41) | (26) | (107) | ||||||||||||||
Net loan charge-offs (recoveries) | 116 | 21 | — | 296 | 55 | 488 | ||||||||||||||
Balance at end of period | $ | 2,159 | $ | 1,629 | $ | 843 | $ | 2,425 | $ | 848 | $ | 7,904 | ||||||||
2023 | ||||||||||||||||||||
Balance at beginning of period | $ | 2,163 | $ | 1,325 | $ | 926 | $ | 2,020 | $ | 970 | $ | 7,404 | ||||||||
Add | ||||||||||||||||||||
Change in accounting principle(a) | — | — | (31) | (27) | (4) | (62) | ||||||||||||||
Allowance for acquired credit losses(b) | — | 127 | — | — | — | 127 | ||||||||||||||
Provision for credit losses | 64 | 24 | 51 | 294 | (6) | 427 | ||||||||||||||
Deduct | ||||||||||||||||||||
Loans charged-off | 63 | 123 | 4 | 215 | 64 | 469 | ||||||||||||||
Less recoveries of loans charged-off | (16) | (6) | (5) | (40) | (29) | (96) | ||||||||||||||
Net loan charge-offs (recoveries) | 47 | 117 | (1) | 175 | 35 | 373 | ||||||||||||||
Balance at end of period | $ | 2,180 | $ | 1,359 | $ | 947 | $ | 2,112 | $ | 925 | $ | 7,523 | ||||||||
Three Months Ended September 30 (Dollars in Millions) | Commercial | Commercial Real Estate | Residential Mortgages | Credit Card | Other Retail | Total Loans | ||||||||||||||||||
2023 | ||||||||||||||||||||||||
Balance at beginning of period | $2,209 | $1,473 | $899 | $2,185 | $929 | $7,695 | ||||||||||||||||||
Add | ||||||||||||||||||||||||
Provision for credit losses | (14 | ) | 266 | (49 | ) | 285 | 27 | 515 | ||||||||||||||||
Deduct | ||||||||||||||||||||||||
Loans charged-off | 110 | 51 | 1 | 259 | 87 | 508 | ||||||||||||||||||
Less recoveries of loans charged-off | (18 | ) | (2 | ) | (4 | ) | (39 | ) | (25 | ) | (88 | ) | ||||||||||||
Net loan charge-offs (recoveries) | 92 | 49 | (3 | ) | 220 | 62 | 420 | |||||||||||||||||
Balance at end of period | $2,103 | $1,690 | $853 | $2,250 | $894 | $7,790 | ||||||||||||||||||
2022 | ||||||||||||||||||||||||
Balance at beginning of period | $1,896 | $973 | $658 | $1,746 | $982 | $6,255 | ||||||||||||||||||
Add | ||||||||||||||||||||||||
Provision for credit losses | 97 | (7 | ) | 38 | 222 | 12 | 362 | |||||||||||||||||
Deduct | ||||||||||||||||||||||||
Loans charged-off | 56 | — | 2 | 161 | 56 | 275 | ||||||||||||||||||
Less recoveries of loans charged-off | (29 | ) | (6 | ) | (7 | ) | (42 | ) | (29 | ) | (113 | ) | ||||||||||||
Net loan charge-offs (recoveries) | 27 | (6 | ) | (5 | ) | 119 | 27 | 162 | ||||||||||||||||
Balance at end of period | $1,966 | $972 | $701 | $1,849 | $967 | $6,455 |
Nine Months Ended September 30 (Dollars in Millions) | Commercial | Commercial Real Estate | Residential Mortgages | Credit Card | Other Retail | Total Loans | ||||||||||||||||||
2023 | ||||||||||||||||||||||||
Balance at beginning of period | $2,163 | $1,325 | $926 | $2,020 | $970 | $7,404 | ||||||||||||||||||
Add | ||||||||||||||||||||||||
Change in accounting principle (a) | — | — | (31 | ) | (27 | ) | (4 | ) | (62 | ) | ||||||||||||||
Allowance for acquired credit losses (b) | — | 127 | — | — | — | 127 | ||||||||||||||||||
Provision for credit losses | 169 | 430 | 68 | 851 | 245 | 1,763 | ||||||||||||||||||
Deduct | ||||||||||||||||||||||||
Loans charged-off | 283 | 205 | 126 | 716 | 402 | 1,732 | ||||||||||||||||||
Less recoveries of loans charged-off | (54 | ) | (13 | ) | (16 | ) | (122 | ) | (85 | ) | (290 | ) | ||||||||||||
Net loan charge-offs (recoveries) | 229 | 192 | 110 | 594 | 317 | 1,442 | ||||||||||||||||||
Balance at end of period | $2,103 | $1,690 | $853 | $2,250 | $894 | $7,790 | ||||||||||||||||||
2022 | ||||||||||||||||||||||||
Balance at beginning of period | $1,849 | $1,123 | $565 | $1,673 | $945 | $6,155 | ||||||||||||||||||
Add | ||||||||||||||||||||||||
Provision for credit losses | 206 | (156 | ) | 116 | 525 | 94 | 785 | |||||||||||||||||
Deduct | ||||||||||||||||||||||||
Loans charged-off | 164 | 10 | 9 | 481 | 167 | 831 | ||||||||||||||||||
Less recoveries of loans charged-off | (75 | ) | (15 | ) | (29 | ) | (132 | ) | (95 | ) | (346 | ) | ||||||||||||
Net loan charge-offs (recoveries) | 89 | (5 | ) | (20 | ) | 349 | 72 | 485 | ||||||||||||||||
Balance at end of period | $1,966 | $972 | $701 | $1,849 | $967 | $6,455 |
Three Months Ended March 31 (Dollars in Millions) | Commercial | Commercial Real Estate(a) | Residential Mortgages | Credit Card(b) | Other Retail | Total Loans | ||||||||||||||
2024 | ||||||||||||||||||||
Originated in 2024 | $ | — | $ | 5 | $ | — | $ | — | $ | 2 | $ | 7 | ||||||||
Originated in 2023 | 26 | 4 | — | — | 10 | 40 | ||||||||||||||
Originated in 2022 | 18 | 24 | — | — | 14 | 56 | ||||||||||||||
Originated in 2021 | 8 | — | — | — | 11 | 19 | ||||||||||||||
Originated in 2020 | 4 | — | — | — | 8 | 12 | ||||||||||||||
Originated prior to 2020 | 10 | 1 | 4 | — | 11 | 26 | ||||||||||||||
Revolving | 73 | — | — | 337 | 25 | 435 | ||||||||||||||
Total charge-offs | $ | 139 | $ | 34 | $ | 4 | $ | 337 | $ | 81 | $ | 595 | ||||||||
2023 | ||||||||||||||||||||
Originated in 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Originated in 2022 | 6 | 88 | — | — | 10 | 104 | ||||||||||||||
Originated in 2021 | 4 | — | — | — | 11 | 15 | ||||||||||||||
Originated in 2020 | 4 | — | — | — | 6 | 10 | ||||||||||||||
Originated in 2019 | 5 | 3 | 1 | — | 7 | 16 | ||||||||||||||
Originated prior to 2019 | 11 | 32 | 3 | — | 8 | 54 | ||||||||||||||
Revolving | 33 | — | — | 215 | 22 | 270 | ||||||||||||||
Total charge-offs | $ | 63 | $ | 123 | $ | 4 | $ | 215 | $ | 64 | $ | 469 | ||||||||
(Dollars in Millions) | Commercial | Commercial Real Estate (a) | Residential Mortgages (b) | Credit Card | Other Retail (c) | Total Loans | ||||||||||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||
Originated in 2023 | $22 | $20 | $— | $— | $5 | $47 | ||||||||||||||||||
Originated in 2022 | 11 | — | — | — | 17 | 28 | ||||||||||||||||||
Originated in 2021 | 17 | 27 | — | — | 13 | 57 | ||||||||||||||||||
Originated in 2020 | 4 | — | — | — | 6 | 10 | ||||||||||||||||||
Originated in 2019 | 4 | — | — | — | 6 | 10 | ||||||||||||||||||
Originated prior to 2019 | 10 | 4 | 1 | — | 13 | 28 | ||||||||||||||||||
Revolving | 42 | — | — | 259 | 27 | 328 | ||||||||||||||||||
Total charge-offs | $110 | $51 | $1 | $259 | $87 | $508 | ||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||
Originated in 2023 | $29 | $20 | $— | $— | $51 | $100 | ||||||||||||||||||
Originated in 2022 | 51 | 88 | — | — | 116 | 255 | ||||||||||||||||||
Originated in 2021 | 25 | 44 | 5 | — | 70 | 144 | ||||||||||||||||||
Originated in 2020 | 14 | — | 8 | — | 31 | 53 | ||||||||||||||||||
Originated in 2019 | 11 | 3 | 16 | — | 26 | 56 | ||||||||||||||||||
Originated prior to 2019 | 38 | 50 | 97 | — | 26 | 211 | ||||||||||||||||||
Revolving | 115 | — | — | 716 | 54 | 885 | ||||||||||||||||||
Revolving converted to term | — | — | — | — | 28 | 28 | ||||||||||||||||||
Total charge-offs | $283 | $205 | $126 | $716 | $402 | $1,732 |
40 | U.S. Bancorp |
Accruing | |||||||||||||||||
(Dollars in Millions) | Current | 30-89 Days Past Due | 90 Days or More Past Due | Nonperforming(b) | Total | ||||||||||||
March 31, 2024 | |||||||||||||||||
Commercial | $ | 133,763 | $ | 309 | $ | 105 | $ | 549 | $ | 134,726 | |||||||
Commercial real estate | 51,753 | 22 | 2 | 900 | 52,677 | ||||||||||||
Residential mortgages(a) | 115,636 | 143 | 145 | 155 | 116,079 | ||||||||||||
Credit card | 27,058 | 390 | 396 | — | 27,844 | ||||||||||||
Other retail | 42,823 | 236 | 66 | 137 | 43,262 | ||||||||||||
Total loans | $ | 371,033 | $ | 1,100 | $ | 714 | $ | 1,741 | $ | 374,588 | |||||||
December 31, 2023 | |||||||||||||||||
Commercial | $ | 130,925 | $ | 464 | $ | 116 | $ | 376 | $ | 131,881 | |||||||
Commercial real estate | 52,619 | 55 | 4 | 777 | 53,455 | ||||||||||||
Residential mortgages(a) | 115,067 | 169 | 136 | 158 | 115,530 | ||||||||||||
Credit card | 27,779 | 406 | 375 | — | 28,560 | ||||||||||||
Other retail | 43,926 | 278 | 67 | 138 | 44,409 | ||||||||||||
Total loans | $ | 370,316 | $ | 1,372 | $ | 698 | $ | 1,449 | $ | 373,835 |
Accruing | ||||||||||||||||||||
(Dollars in Millions) | Current | 30-89 Days Past Due | 90 Days or More Past Due | Nonperforming (b) | Total | |||||||||||||||
September 30, 2023 | ||||||||||||||||||||
Commercial | $ | 132,678 | $315 | $70 | $256 | $133,319 | ||||||||||||||
Commercial real estate | 53,369 | 40 | 1 | 721 | 54,131 | |||||||||||||||
Residential mortgages (a) | 114,641 | 131 | 122 | 161 | 115,055 | |||||||||||||||
Credit card | 26,399 | 365 | 316 | — | 27,080 | |||||||||||||||
Other retail | 45,206 | 254 | 60 | 129 | 45,649 | |||||||||||||||
Total loans | $ | 372,293 | $1,105 | $569 | $1,267 | $375,234 | ||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Commercial | $ | 135,077 | $350 | $94 | $169 | $135,690 | ||||||||||||||
Commercial real estate | 55,057 | 87 | 5 | 338 | 55,487 | |||||||||||||||
Residential mortgages (a) | 115,224 | 201 | 95 | 325 | 115,845 | |||||||||||||||
Credit card | 25,780 | 283 | 231 | 1 | 26,295 | |||||||||||||||
Other retail | 54,382 | 309 | 66 | 139 | 54,896 | |||||||||||||||
Total loans | $ | 385,520 | $1,230 | $491 | $972 | $388,213 |
U.S. Bancorp |
42 | U.S. Bancorp |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||
Criticized | Criticized | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Pass | Special Mention | Classified(a) | Total Criticized | Total | Pass | Special Mention | Classified(a) | Total Criticized | Total | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||
Originated in 2024 | $ | 12,040 | $ | 118 | $ | 323 | $ | 441 | $ | 12,481 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Originated in 2023 | 38,505 | 513 | 1,008 | 1,521 | 40,026 | 43,023 | 827 | 856 | 1,683 | 44,706 | ||||||||||||||||||||||
Originated in 2022 | 35,074 | 298 | 791 | 1,089 | 36,163 | 40,076 | 274 | 632 | 906 | 40,982 | ||||||||||||||||||||||
Originated in 2021 | 8,307 | 180 | 117 | 297 | 8,604 | 9,219 | 117 | 154 | 271 | 9,490 | ||||||||||||||||||||||
Originated in 2020 | 2,866 | 70 | 117 | 187 | 3,053 | 3,169 | 92 | 71 | 163 | 3,332 | ||||||||||||||||||||||
Originated prior to 2020 | 4,902 | 8 | 149 | 157 | 5,059 | 5,303 | 30 | 209 | 239 | 5,542 | ||||||||||||||||||||||
Revolving(b) | 27,819 | 298 | 1,223 | 1,521 | 29,340 | 26,213 | 362 | 1,254 | 1,616 | 27,829 | ||||||||||||||||||||||
Total commercial | 129,513 | 1,485 | 3,728 | 5,213 | 134,726 | 127,003 | 1,702 | 3,176 | 4,878 | 131,881 | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Originated in 2024 | 1,472 | 59 | 637 | 696 | 2,168 | — | — | — | — | — | ||||||||||||||||||||||
Originated in 2023 | 8,149 | 460 | 1,845 | 2,305 | 10,454 | 8,848 | 465 | 2,206 | 2,671 | 11,519 | ||||||||||||||||||||||
Originated in 2022 | 11,087 | 856 | 1,251 | 2,107 | 13,194 | 11,831 | 382 | 1,141 | 1,523 | 13,354 | ||||||||||||||||||||||
Originated in 2021 | 8,546 | 544 | 431 | 975 | 9,521 | 9,235 | 500 | 385 | 885 | 10,120 | ||||||||||||||||||||||
Originated in 2020 | 3,465 | 36 | 140 | 176 | 3,641 | 3,797 | 51 | 87 | 138 | 3,935 | ||||||||||||||||||||||
Originated prior to 2020 | 10,168 | 91 | 899 | 990 | 11,158 | 10,759 | 458 | 619 | 1,077 | 11,836 | ||||||||||||||||||||||
Revolving | 2,468 | 4 | 69 | 73 | 2,541 | 2,613 | 6 | 70 | 76 | 2,689 | ||||||||||||||||||||||
Revolving converted to term | — | — | — | — | — | 2 | — | — | — | 2 | ||||||||||||||||||||||
Total commercial real estate | 45,355 | 2,050 | 5,272 | 7,322 | 52,677 | 47,085 | 1,862 | 4,508 | 6,370 | 53,455 | ||||||||||||||||||||||
Residential mortgages(c) | ||||||||||||||||||||||||||||||||
Originated in 2024 | 2,127 | — | — | — | 2,127 | — | — | — | — | — | ||||||||||||||||||||||
Originated in 2023 | 9,414 | — | 4 | 4 | 9,418 | 9,734 | — | 5 | 5 | 9,739 | ||||||||||||||||||||||
Originated in 2022 | 29,117 | — | 18 | 18 | 29,135 | 29,146 | — | 17 | 17 | 29,163 | ||||||||||||||||||||||
Originated in 2021 | 36,061 | — | 16 | 16 | 36,077 | 36,365 | — | 16 | 16 | 36,381 | ||||||||||||||||||||||
Originated in 2020 | 14,542 | — | 14 | 14 | 14,556 | 14,773 | — | 9 | 9 | 14,782 | ||||||||||||||||||||||
Originated prior to 2020 | 24,510 | — | 256 | 256 | 24,766 | 25,202 | — | 262 | 262 | 25,464 | ||||||||||||||||||||||
Revolving | — | — | — | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||
Total residential mortgages | 115,771 | — | 308 | 308 | 116,079 | 115,221 | — | 309 | 309 | 115,530 | ||||||||||||||||||||||
Credit card(d) | 27,448 | — | 396 | 396 | 27,844 | 28,185 | — | 375 | 375 | 28,560 | ||||||||||||||||||||||
Other retail | ||||||||||||||||||||||||||||||||
Originated in 2024 | 1,837 | — | — | — | 1,837 | — | — | — | — | — | ||||||||||||||||||||||
Originated in 2023 | 4,875 | — | 6 | 6 | 4,881 | 5,184 | — | 4 | 4 | 5,188 | ||||||||||||||||||||||
Originated in 2022 | 5,228 | — | 11 | 11 | 5,239 | 5,607 | — | 12 | 12 | 5,619 | ||||||||||||||||||||||
Originated in 2021 | 9,401 | — | 14 | 14 | 9,415 | 10,398 | — | 15 | 15 | 10,413 | ||||||||||||||||||||||
Originated in 2020 | 3,946 | — | 7 | 7 | 3,953 | 4,541 | — | 9 | 9 | 4,550 | ||||||||||||||||||||||
Originated prior to 2020 | 3,656 | — | 19 | 19 | 3,675 | 4,008 | — | 20 | 20 | 4,028 | ||||||||||||||||||||||
Revolving | 13,386 | — | 106 | 106 | 13,492 | 13,720 | — | 104 | 104 | 13,824 | ||||||||||||||||||||||
Revolving converted to term | 722 | — | 48 | 48 | 770 | 735 | — | 52 | 52 | 787 | ||||||||||||||||||||||
Total other retail | 43,051 | — | 211 | 211 | 43,262 | 44,193 | — | 216 | 216 | 44,409 | ||||||||||||||||||||||
Total loans | $ | 361,138 | $ | 3,535 | $ | 9,915 | $ | 13,450 | $ | 374,588 | $ | 361,687 | $ | 3,564 | $ | 8,584 | $ | 12,148 | $ | 373,835 | ||||||||||||
Total outstanding commitments | $ | 763,786 | $ | 5,147 | $ | 11,915 | $ | 17,062 | $ | 780,848 | $ | 762,869 | $ | 5,053 | $ | 10,470 | $ | 15,523 | $ | 778,392 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Criticized | Criticized | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | Pass | Special Mention | Classified (a) | Total Criticized | Total | Pass | Special Mention | Classified (a) | Total Criticized | Total | ||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||
Originated in 2023 | $ 35,634 | $ 725 | $ 710 | $ 1,435 | $ 37,069 | $ — | $ — | $ — | $ — | $ — | ||||||||||||||||||||||||||||||||||
Originated in 2022 | 45,120 | 502 | 293 | 795 | 45,915 | 61,229 | 245 | 315 | 560 | 61,789 | ||||||||||||||||||||||||||||||||||
Originated in 2021 | 10,681 | 82 | 176 | 258 | 10,939 | 26,411 | 159 | 78 | 237 | 26,648 | ||||||||||||||||||||||||||||||||||
Originated in 2020 | 3,476 | 47 | 157 | 204 | 3,680 | 7,049 | 68 | 138 | 206 | 7,255 | ||||||||||||||||||||||||||||||||||
Originated in 2019 | 1,653 | 5 | 113 | 118 | 1,771 | 3,962 | 51 | 210 | 261 | 4,223 | ||||||||||||||||||||||||||||||||||
Originated prior to 2019 | 4,293 | 42 | 110 | 152 | 4,445 | 8,986 | 64 | 129 | 193 | 9,179 | ||||||||||||||||||||||||||||||||||
Revolving (b) | 28,020 | 346 | 1,134 | 1,480 | 29,500 | 25,888 | 344 | 364 | 708 | 26,596 | ||||||||||||||||||||||||||||||||||
Total commercial | 128,877 | 1,749 | 2,693 | 4,442 | 133,319 | 133,525 | 931 | 1,234 | 2,165 | 135,690 | ||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||
Originated in 2023 | 7,676 | 367 | 1,749 | 2,116 | 9,792 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Originated in 2022 | 12,594 | 211 | 1,339 | 1,550 | 14,144 | 14,527 | 206 | 519 | 725 | 15,252 | ||||||||||||||||||||||||||||||||||
Originated in 2021 | 9,951 | 303 | 386 | 689 | 10,640 | 13,565 | 171 | 99 | 270 | 13,835 | ||||||||||||||||||||||||||||||||||
Originated in 2020 | 4,088 | 41 | 112 | 153 | 4,241 | 6,489 | 97 | 117 | 214 | 6,703 | ||||||||||||||||||||||||||||||||||
Originated in 2019 | 5,149 | 105 | 381 | 486 | 5,635 | 6,991 | 251 | 304 | 555 | 7,546 | ||||||||||||||||||||||||||||||||||
Originated prior to 2019 | 6,596 | 53 | 369 | 422 | 7,018 | 9,639 | 138 | 875 | 1,013 | 10,652 | ||||||||||||||||||||||||||||||||||
Revolving | 2,627 | 3 | 31 | 34 | 2,661 | 1,489 | — | 10 | 10 | 1,499 | ||||||||||||||||||||||||||||||||||
Total commercial real estate | 48,681 | 1,083 | 4,367 | 5,450 | 54,131 | 52,700 | 863 | 1,924 | 2,787 | 55,487 | ||||||||||||||||||||||||||||||||||
Residential mortgages (c) | ||||||||||||||||||||||||||||||||||||||||||||
Originated in 2023 | 8,056 | — | 1 | 1 | 8,057 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Originated in 2022 | 29,113 | — | 9 | 9 | 29,122 | 28,452 | — | — | — | 28,452 | ||||||||||||||||||||||||||||||||||
Originated in 2021 | 36,675 | 1 | 9 | 10 | 36,685 | 39,527 | — | 7 | 7 | 39,534 | ||||||||||||||||||||||||||||||||||
Originated in 2020 | 14,995 | — | 10 | 10 | 15,005 | 16,556 | — | 8 | 8 | 16,564 | ||||||||||||||||||||||||||||||||||
Originated in 2019 | 5,981 | — | 17 | 17 | 5,998 | 7,222 | — | 18 | 18 | 7,240 | ||||||||||||||||||||||||||||||||||
Originated prior to 2019 | 19,937 | 1 | 250 | 251 | 20,188 | 23,658 | — | 397 | 397 | 24,055 | ||||||||||||||||||||||||||||||||||
Total residential mortgages | 114,757 | 2 | 296 | 298 | 115,055 | 115,415 | — | 430 | 430 | 115,845 | ||||||||||||||||||||||||||||||||||
Credit card (d) | 26,765 | — | 315 | 315 | 27,080 | 26,063 | — | 232 | 232 | 26,295 | ||||||||||||||||||||||||||||||||||
Other retail | ||||||||||||||||||||||||||||||||||||||||||||
Originated in 2023 | 4,033 | — | 1 | 1 | 4,034 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Originated in 2022 | 5,990 | — | 9 | 9 | 5,999 | 9,563 | — | 6 | 6 | 9,569 | ||||||||||||||||||||||||||||||||||
Originated in 2021 | 11,274 | — | 14 | 14 | 11,288 | 15,352 | — | 12 | 12 | 15,364 | ||||||||||||||||||||||||||||||||||
Originated in 2020 | 5,212 | — | 9 | 9 | 5,221 | 7,828 | — | 11 | 11 | 7,839 | ||||||||||||||||||||||||||||||||||
Originated in 2019 | 2,012 | — | 8 | 8 | 2,020 | 3,418 | — | 13 | 13 | 3,431 | ||||||||||||||||||||||||||||||||||
Originated prior to 2019 | 2,422 | — | 14 | 14 | 2,436 | 3,689 | — | 31 | 31 | 3,720 | ||||||||||||||||||||||||||||||||||
Revolving | 13,748 | — | 98 | 98 | 13,846 | 14,029 | — | 98 | 98 | 14,127 | ||||||||||||||||||||||||||||||||||
Revolving converted to term | 756 | — | 49 | 49 | 805 | 800 | — | 46 | 46 | 846 | ||||||||||||||||||||||||||||||||||
Total other retail | 45,447 | — | 202 | 202 | 45,649 | 54,679 | — | 217 | 217 | 54,896 | ||||||||||||||||||||||||||||||||||
Total loans | $364,527 | $2,834 | $7,873 | $10,707 | $ 375,234 | $382,382 | $1,794 | $4,037 | $5,831 | $388,213 | ||||||||||||||||||||||||||||||||||
Total outstanding commitments | $765,095 | $3,866 | $9,635 | $13,501 | $778,596 | $772,804 | $2,825 | $5,041 | $7,866 | $780,670 |
(c)At March 31, 2024, $1.8 billion of GNMA loans 90 days or more past due and $1.4 billion of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.0 billion and $1.2 billion at December 31, 2023, respectively. (d)Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans. |
U.S. Bancorp | 43 |
Three Months Ended March 31 (Dollars in Millions) | Interest Rate Reduction | Payment Delay | Term Extension | Multiple Modifications(a) | Total Modifications | Percent of Class Total | ||||||||||||||
2024 | ||||||||||||||||||||
Commercial | $ | 25 | $ | — | $ | 328 | $ | — | $ | 353 | .3 | % | ||||||||
Commercial real estate | — | — | 282 | 50 | 332 | .6 | ||||||||||||||
Residential mortgages(b) | — | 20 | 5 | 2 | 27 | — | ||||||||||||||
Credit card | 126 | — | — | — | 126 | .5 | ||||||||||||||
Other retail | 3 | 1 | 38 | — | 42 | .1 | ||||||||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 154 | 21 | 653 | 52 | 880 | .2 | ||||||||||||||
Loans purchased from GNMA mortgage pools(b) | 1 | 490 | 68 | 93 | 652 | .6 | ||||||||||||||
Total loans | $ | 155 | $ | 511 | $ | 721 | $ | 145 | $ | 1,532 | .4 | % | ||||||||
2023 | ||||||||||||||||||||
Commercial | $ | 114 | $ | — | $ | 68 | $ | — | $ | 182 | .1 | % | ||||||||
Commercial real estate | — | — | 12 | 28 | 40 | .1 | ||||||||||||||
Residential mortgages(b) | — | 130 | 10 | 12 | 152 | .1 | ||||||||||||||
Credit card | 94 | — | — | — | 94 | .4 | ||||||||||||||
Other retail | 2 | 11 | 63 | 2 | 78 | .1 | ||||||||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 210 | 141 | 153 | 42 | 546 | .1 | ||||||||||||||
Loans purchased from GNMA mortgage pools(b) | — | 243 | 63 | 47 | 353 | .3 | ||||||||||||||
Total loans | $ | 210 | $ | 384 | $ | 216 | $ | 89 | $ | 899 | .2 | % | ||||||||
(Dollars in Millions) | Interest Rate Reduction | Payment Delay | Term Extension | Multiple Modifications (a) | Total Modifications | Percent of Class Total | ||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 16 | $ | — | $ | 98 | $ | — | $ | 114 | .1 | % | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 426 | 9 | 435 | .8 | ||||||||||||||||||||||||||||||||||
Residential mortgages (b) | — | 58 | 6 | 1 | 65 | .1 | ||||||||||||||||||||||||||||||||||
Credit card | 117 | — | — | — | 117 | .4 | ||||||||||||||||||||||||||||||||||
Other retail | 2 | 12 | 39 | — | 53 | .1 | ||||||||||||||||||||||||||||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 135 | 70 | 569 | 10 | 784 | .2 | ||||||||||||||||||||||||||||||||||
Loans purchased from GNMA mortgage pools (b) | — | 455 | 75 | 127 | 657 | .6 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 135 | $ | 525 | $ | 644 | $ | 137 | $ | 1,441 | .4 | % | ||||||||||||||||||||||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 36 | $ | — | $ | 213 | $ | — | $ | 249 | .2 | % | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 527 | 9 | 536 | 1.0 | ||||||||||||||||||||||||||||||||||
Residential mortgages (b) | — | 221 | 21 | 17 | 259 | .2 | ||||||||||||||||||||||||||||||||||
Credit card | 268 | 1 | — | — | 269 | 1.0 | ||||||||||||||||||||||||||||||||||
Other retail | 6 | 20 | 113 | 2 | 141 | .3 | ||||||||||||||||||||||||||||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 310 | 242 | 874 | 28 | 1,454 | .4 | ||||||||||||||||||||||||||||||||||
Loans purchased from GNMA mortgage pools (b) | — | 1,020 | 211 | 261 | 1,492 | 1.3 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 310 | $ | 1,262 | $ | 1,085 | $ | 289 | $ | 2,946 | .8 | % |
(b)Percent of class total amounts expressed as a percent of total residential mortgage loan balances. |
44 | U.S. Bancorp |
Three Months Ended March 31 | Weighted-Average Interest Rate Reduction | Weighted-Average Months of Term Extension | |||||||||
2024 | |||||||||||
Commercial(a) | 19.3 | % | 7 | ||||||||
Commercial real estate | 4.3 | 9 | |||||||||
Residential mortgages | 2.5 | 84 | |||||||||
Credit card | 16.4 | — | |||||||||
Other retail | 9.3 | 4 | |||||||||
Loans purchased from GNMA mortgage pools | .4 | 114 | |||||||||
2023 | |||||||||||
Commercial | 2.4 | % | 5 | ||||||||
Commercial real estate | 5.0 | 6 | |||||||||
Residential mortgages | 1.2 | 120 | |||||||||
Credit card | 16.0 | — | |||||||||
Other retail | 6.6 | 151 | |||||||||
Loans purchased from GNMA mortgage pools | .7 | 66 | |||||||||
(Dollars in Millions) | Weighted-Average Interest Rate Reduction | Weighted-Average Months of Term Extension | ||||||
Three Months Ended September 30, 2023 | ||||||||
Commercial | 21.5 | % | 13 | |||||
Commercial real estate | — | 11 | ||||||
Residential mortgages | .9 | 99 | ||||||
Credit card | 15.4 | — | ||||||
Other retail | 9.1 | 2 | ||||||
Loans purchased from GNMA mortgage pools | .5 | 121 | ||||||
Nine Months Ended September 30, 2023 | ||||||||
Commercial | 21.0 | % | 10 | |||||
Commercial real estate | — | 10 | ||||||
Residential mortgages | 1.3 | 109 | ||||||
Credit card | 15.1 | — | ||||||
Other retail | 7.8 | 4 | ||||||
Loans purchased from GNMA mortgage pools | .6 | 98 |
(Dollars in Millions) | Current | 30-89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||
Commercial | $ | 498 | $ | 16 | $ | 83 | $ | 597 | ||||||
Commercial real estate | 712 | 2 | 281 | 995 | ||||||||||
Residential mortgages(a) | 1,509 | 17 | 15 | 1,541 | ||||||||||
Credit card | 275 | 67 | 34 | 376 | ||||||||||
Other retail | 130 | 18 | 7 | 155 | ||||||||||
Total loans | $ | 3,124 | $ | 120 | $ | 420 | $ | 3,664 |
U.S. Bancorp | 45 |
(Dollars in Millions) | Current | 30-89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||
Commercial | $ | 146 | $ | 6 | $ | 30 | $ | 182 | ||||||
Commercial real estate | 6 | — | 34 | 40 | ||||||||||
Residential mortgages(a) | 319 | 3 | 10 | 332 | ||||||||||
Credit card | 56 | 28 | 10 | 94 | ||||||||||
Other retail | 64 | 3 | 2 | 69 | ||||||||||
Total loans | $ | 591 | $ | 40 | $ | 86 | $ | 717 |
(Dollars in Millions) | Current | 30-89 Days Past Due | 90 Days or More Past Due | Total | ||||||||||||
Commercial | $ | 223 | $ | 11 | $ | 14 | $ | 248 | ||||||||
Commercial real estate | 347 | 1 | 189 | 537 | ||||||||||||
Residential mortgages (a) | 1,089 | 15 | 14 | 1,118 | ||||||||||||
Credit card | 192 | 54 | 22 | 268 | ||||||||||||
Other retail | 106 | 15 | 7 | 128 | ||||||||||||
Total loans | $ | 1,957 | $ | 96 | $ | 246 | $ | 2,299 |
(Dollars in Millions) | Interest Rate Reduction | Payment Delay | Term Extension | Multiple Modifications(a) | ||||||||||
Three Months Ended March 31, 2024 | ||||||||||||||
Commercial | $ | 6 | $ | — | $ | — | $ | — | ||||||
Residential mortgages | — | 5 | 3 | 2 | ||||||||||
Credit card | 29 | — | — | — | ||||||||||
Other retail | — | 1 | 6 | — | ||||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 35 | 6 | 9 | 2 | ||||||||||
Loans purchased from GNMA mortgage pools | — | 77 | 31 | 42 | ||||||||||
Total loans | $ | 35 | $ | 83 | $ | 40 | $ | 44 | ||||||
(Dollars in Millions) | Interest Rate Reduction | Payment Delay | Term Extension | Multiple Modifications (a) | ||||||||||||
Three Months Ended September 30, 2023 | ||||||||||||||||
Commercial | $ | 2 | $ | — | $ | — | $ | — | ||||||||
Residential mortgages | — | 4 | 1 | — | ||||||||||||
Credit card | 10 | — | — | — | ||||||||||||
Other retail | — | — | 4 | — | ||||||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 12 | 4 | 5 | — | ||||||||||||
Loans purchased from GNMA mortgage pools | — | 20 | 9 | 6 | ||||||||||||
Total loans | $ | 12 | $ | 24 | $ | 14 | $ | 6 | ||||||||
Nine Months Ended September 30, 2023 | ||||||||||||||||
Commercial | $ | 3 | $ | — | $ | — | $ | — | ||||||||
Residential mortgages | — | 5 | 1 | 1 | ||||||||||||
Credit card | 15 | — | — | — | ||||||||||||
Other retail | — | — | 5 | — | ||||||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 18 | 5 | 6 | 1 | ||||||||||||
Loans purchased from GNMA mortgage pools | — | 23 | 10 | 7 | ||||||||||||
Total loans | $ | 18 | $ | 28 | $ | 16 | $ | 8 |
(Dollars in Millions) | Number of Loans | Pre-Modification Outstanding Loan Balance | Post-Modification Outstanding Loan Balance | |||||||||
Three Months Ended September 30, 2022 | ||||||||||||
Commercial | 552 | $ | 34 | $ | 35 | |||||||
Commercial real estate | 24 | 23 | 23 | |||||||||
Residential mortgages | 283 | 84 | 85 | |||||||||
Credit card | 11,632 | 63 | 64 | |||||||||
Other retail | 479 | 14 | 13 | |||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 12,970 | 218 | 220 | |||||||||
Loans purchased from GNMA mortgage pools | 421 | 61 | 62 | |||||||||
Total loans | 13,391 | $ | 279 | $ | 282 | |||||||
Nine Months Ended September 30, 2022 | ||||||||||||
Commercial | 1,567 | $ | 122 | $ | 108 | |||||||
Commercial real estate | 61 | 45 | 42 | |||||||||
Residential mortgages | 1,489 | 418 | 417 | |||||||||
Credit card | 29,667 | 161 | 163 | |||||||||
Other retail | 1,963 | 75 | 70 | |||||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 34,747 | 821 | 800 | |||||||||
Loans purchased from GNMA mortgage pools | 1,164 | 163 | 167 | |||||||||
Total loans | 35,911 | $ | 984 | $ | 967 |
(Dollars in Millions) | Number of Loans | Amount Defaulted | ||||||
Three Months Ended September 30, 2022 | ||||||||
Commercial | 186 | $ | 15 | |||||
Commercial real estate | 5 | 6 | ||||||
Residential mortgages | 67 | 8 | ||||||
Credit card | 2,117 | 11 | ||||||
Other retail | 73 | 1 | ||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 2,448 | 41 | ||||||
Loans purchased from GNMA mortgage pools | 113 | 17 | ||||||
Total loans | 2,561 | $ | 58 | |||||
Nine Months Ended September 30, 2022 | ||||||||
Commercial | 575 | $ | 21 | |||||
Commercial real estate | 10 | 8 | ||||||
Residential mortgages | 180 | 18 | ||||||
Credit card | 5,478 | 29 | ||||||
Other retail | 216 | 3 | ||||||
Total loans, excluding loans purchased from GNMA mortgage pools | 6,459 | 79 | ||||||
Loans purchased from GNMA mortgage pools | 282 | 42 | ||||||
Total loans | 6,741 | $ | 121 |
46 | U.S. Bancorp |
Accounting for Transfers and Servicing of Financial Assets and Variable | ||||||
Interest Entities |
(Dollars in Millions) | March 31, 2024 | December 31, 2023 | ||||||
Investment carrying amount | $ | 7,259 | $ | 6,659 | ||||
Unfunded capital and other commitments | 4,104 | 3,619 | ||||||
Maximum exposure to loss | 8,959 | 9,002 |
(Dollars in Millions) | September 30, 2023 | December 31, 2022 | ||||||
Investment carrying amount | $ | 6,488 | $ | 5,452 | ||||
Unfunded capital and other commitments | 3,186 | 2,416 | ||||||
Maximum exposure to loss | 10,058 | 9,761 |
U.S. Bancorp | 47 |
Mortgage Servicing Rights |
Three Months Ended March 31 | ||||||||
(Dollars in Millions) | 2024 | 2023 | ||||||
Balance at beginning of period | $ | 3,377 | $ | 3,755 | ||||
Rights purchased | — | 1 | ||||||
Rights capitalized | 55 | 96 | ||||||
Rights sold(a) | — | 1 | ||||||
Changes in fair value of MSRs | ||||||||
Due to fluctuations in market interest rates(b) | 103 | (38) | ||||||
Due to revised assumptions or models(c) | 8 | 5 | ||||||
Other changes in fair value(d) | (81) | (96) | ||||||
Balance at end of period | $ | 3,462 | $ | 3,724 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Balance at beginning of period | $ | 3,633 | $ | 3,707 | $ | 3,755 | $ | 2,953 | ||||||||||||
Rights purchased | 1 | 1 | 3 | 7 | ||||||||||||||||
Rights capitalized | 106 | 134 | 301 | 473 | ||||||||||||||||
Rights sold (a) | (292 | ) | — | (440 | ) | 1 | ||||||||||||||
Changes in fair value of MSRs | ||||||||||||||||||||
Due to fluctuations in market interest rates (b) | 219 | 153 | 265 | 810 | ||||||||||||||||
Due to revised assumptions or models (c) | 16 | (5 | ) | — | (26 | ) | ||||||||||||||
Other changes in fair value (d) | (101 | ) | (121 | ) | (302 | ) | (349 | ) | ||||||||||||
Balance at end of period | $ | 3,582 | $ | 3,869 | $ | 3,582 | $ | 3,869 |
(b)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (c)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (d)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies. |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | Down 100 bps | Down 50 bps | Down 25 bps | Up 25 bps | Up 50 bps | Up 100 bps | Down 100 bps | Down 50 bps | Down 25 bps | Up 25 bps | Up 50 bps | Up 100 bps | ||||||||||||||||||||||||||
MSR portfolio | $ | (349) | $ | (163) | $ | (78) | $ | 71 | $ | 136 | $ | 248 | $ | (370) | $ | (173) | $ | (84) | $ | 77 | $ | 147 | $ | 268 | ||||||||||||||
Derivative instrument hedges | 369 | 165 | 77 | (71) | (137) | (258) | 381 | 178 | 86 | (79) | (152) | (289) | ||||||||||||||||||||||||||
Net sensitivity | $ | 20 | $ | 2 | $ | (1) | $ | — | $ | (1) | $ | (10) | $ | 11 | $ | 5 | $ | 2 | $ | (2) | $ | (5) | $ | (21) |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | Down 100 bps | Down 50 bps | Down 25 bps | Up 25 bps | Up 50 bps | Up 100 bps | Down 100 bps | Down 50 bps | Down 25 bps | Up 25 bps | Up 50 bps | Up 100 bps | ||||||||||||||||||||||||||||||||||||||||
MSR portfolio | $ | (264 | ) | $ | (120 | ) | $ | (57 | ) | $ | 51 | $ | 96 | $ | 172 | $ | (334 | ) | $ | (153 | ) | $ | (73 | ) | $ | 66 | $ | 125 | $ | 224 | ||||||||||||||||||||||
Derivative instrument hedges | 262 | 117 | 55 | (49 | ) | (93 | ) | (169 | ) | 337 | 153 | 73 | (67 | ) | (127 | ) | (236 | ) | ||||||||||||||||||||||||||||||||||
Net sensitivity | $ | (2 | ) | $ | (3 | ) | $ | (2 | ) | $ | 2 | $ | 3 | $ | 3 | $ | 3 | $ | — | $ | — | $ | (1 | ) | $ | (2 | ) | $ | (12 | ) |
48 | U.S. Bancorp |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(Dollars in Millions) | HFA | Government | Conventional(d) | Total | HFA | Government | Conventional(d) | Total | ||||||||||||||||||
Servicing portfolio(a) | $ | 49,275 | $ | 25,961 | $ | 150,250 | $ | 225,486 | $ | 48,286 | $ | 25,996 | $ | 151,056 | $ | 225,338 | ||||||||||
Fair value | $ | 809 | $ | 521 | $ | 2,132 | $ | 3,462 | $ | 769 | $ | 507 | $ | 2,101 | $ | 3,377 | ||||||||||
Value (bps)(b) | 164 | 201 | 142 | 154 | 159 | 195 | 139 | 150 | ||||||||||||||||||
Weighted-average servicing fees (bps) | 36 | 44 | 26 | 30 | 36 | 44 | 26 | 30 | ||||||||||||||||||
Multiple (value/servicing fees) | 4.60 | 4.51 | 5.52 | 5.11 | 4.45 | 4.41 | 5.41 | 5.00 | ||||||||||||||||||
Weighted-average note rate | 4.66 | % | 4.27 | % | 3.85 | % | 4.08 | % | 4.56 | % | 4.23 | % | 3.81 | % | 4.02 | % | ||||||||||
Weighted-average age (in years) | 4.4 | 5.7 | 4.5 | 4.6 | 4.3 | 5.5 | 4.3 | 4.4 | ||||||||||||||||||
Weighted-average expected prepayment (constant prepayment rate) | 10.2 | % | 10.7 | % | 8.8 | % | 9.3 | % | 10.5 | % | 11.1 | % | 9.1 | % | 9.6 | % | ||||||||||
Weighted-average expected life (in years) | 7.2 | 6.6 | 7.1 | 7.1 | 7.2 | 6.5 | 7.0 | 7.0 | ||||||||||||||||||
Weighted-average option adjusted spread(c) | 5.4 | % | 5.9 | % | 4.6 | % | 5.0 | % | 5.4 | % | 5.9 | % | 4.6 | % | 4.9 | % |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||
(Dollars in Millions) | HFA | Government | Conventional (d) | Total | HFA | Government | Conventional (d) | Total | ||||||||||||||||||||||||||||
Servicing portfolio (a) | $ | 46,729 | $ | 25,756 | $ | 151,691 | $ | 224,176 | $ | 44,071 | $ | 23,141 | $ | 172,541 | $ | 239,753 | ||||||||||||||||||||
Fair value | $ | 795 | $ | 539 | $ | 2,248 | $ | 3,582 | $ | 725 | $ | 454 | $ | 2,576 | $ | 3,755 | ||||||||||||||||||||
Value (bps) (b) | 170 | 209 | 148 | 160 | 165 | 196 | 149 | 157 | ||||||||||||||||||||||||||||
Weighted-average servicing fees (bps) | 36 | 44 | 26 | 30 | 36 | 42 | 27 | 30 | ||||||||||||||||||||||||||||
Multiple (value/servicing fees) | 4.74 | 4.76 | 5.77 | 5.34 | 4.56 | 4.69 | 5.52 | 5.20 | ||||||||||||||||||||||||||||
Weighted-average note rate | 4.43 | % | 4.16 | % | 3.75 | % | 3.94 | % | 4.16 | % | 3.81 | % | 3.52 | % | 3.67 | % | ||||||||||||||||||||
Weighted-average age (in years) | 4.3 | 5.5 | 4.1 | 4.3 | 4.0 | 5.7 | 3.7 | 3.9 | ||||||||||||||||||||||||||||
Weighted-average expected prepayment (constant prepayment rate) | 8.8 | % | 9.4 | % | 7.7 | % | 8.1 | % | 7.4 | % | 8.5 | % | 7.8 | % | 7.8 | % | ||||||||||||||||||||
Weighted-average expected life (in years) | 7.9 | 7.2 | 7.5 | 7.5 | 8.8 | 7.6 | 7.5 | 7.7 | ||||||||||||||||||||||||||||
Weighted-average option adjusted spread (c) | 5.4 | % | 5.9 | % | 4.6 | % | 4.9 | % | 7.6 | % | 6.9 | % | 5.1 | % | 5.8 | % |
NOTE 7 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||
(Dollars in Millions) | Shares Issued and Outstanding | Liquidation Preference | Discount | Carrying Amount | Shares Issued and Outstanding | Liquidation Preference | Discount | Carrying Amount | ||||||||||||||||||||||||||||
Series A | 12,510 | $ | 1,251 | $ | 145 | $ | 1,106 | 12,510 | $ | 1,251 | $ | 145 | $ | 1,106 | ||||||||||||||||||||||
Series B | 40,000 | 1,000 | — | 1,000 | 40,000 | 1,000 | — | 1,000 | ||||||||||||||||||||||||||||
Series J | 40,000 | 1,000 | 7 | 993 | 40,000 | 1,000 | 7 | 993 | ||||||||||||||||||||||||||||
Series K | 23,000 | 575 | 10 | 565 | 23,000 | 575 | 10 | 565 | ||||||||||||||||||||||||||||
Series L | 20,000 | 500 | 14 | 486 | 20,000 | 500 | 14 | 486 | ||||||||||||||||||||||||||||
Series M | 30,000 | 750 | 21 | 729 | 30,000 | 750 | 21 | 729 | ||||||||||||||||||||||||||||
Series N | 60,000 | 1,500 | 8 | 1,492 | 60,000 | 1,500 | 8 | 1,492 | ||||||||||||||||||||||||||||
Series O | 18,000 | 450 | 13 | 437 | 18,000 | 450 | 13 | 437 | ||||||||||||||||||||||||||||
Total preferred stock (a) | 243,510 | $ | 7,026 | $ | 218 | $ | 6,808 | 243,510 | $ | 7,026 | $ | 218 | $ | 6,808 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(Dollars in Millions) | Shares Issued and Outstanding | Liquidation Preference | Discount | Carrying Amount | Shares Issued and Outstanding | Liquidation Preference | Discount | Carrying Amount | ||||||||||||||||||
Series A | 12,510 | $ | 1,251 | $ | 145 | $ | 1,106 | 12,510 | $ | 1,251 | $ | 145 | $ | 1,106 | ||||||||||||
Series B | 40,000 | 1,000 | — | 1,000 | 40,000 | 1,000 | — | 1,000 | ||||||||||||||||||
Series J | 40,000 | 1,000 | 7 | 993 | 40,000 | 1,000 | 7 | 993 | ||||||||||||||||||
Series K | 23,000 | 575 | 10 | 565 | 23,000 | 575 | 10 | 565 | ||||||||||||||||||
Series L | 20,000 | 500 | 14 | 486 | 20,000 | 500 | 14 | 486 | ||||||||||||||||||
Series M | 30,000 | 750 | 21 | 729 | 30,000 | 750 | 21 | 729 | ||||||||||||||||||
Series N | 60,000 | 1,500 | 8 | 1,492 | 60,000 | 1,500 | 8 | 1,492 | ||||||||||||||||||
Series O | 18,000 | 450 | 13 | 437 | 18,000 | 450 | 13 | 437 | ||||||||||||||||||
Total preferred stock(a) | 243,510 | $ | 7,026 | $ | 218 | $ | 6,808 | 243,510 | $ | 7,026 | $ | 218 | $ | 6,808 |
49 |
NOTE 8 | Accumulated Other Comprehensive Income (Loss) |
Three Months Ended March 31 (Dollars in Millions) | Unrealized Gains (Losses) on Investment Securities Available-for- Sale | Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity | Unrealized Gains (Losses) on Derivative Hedges | Unrealized Gains (Losses) on Retirement Plans | Foreign Currency Translation | Total | ||||||||||||||
2024 | ||||||||||||||||||||
Balance at beginning of period | $ | (5,151) | $ | (3,537) | $ | (242) | $ | (1,138) | $ | (28) | $ | (10,096) | ||||||||
Changes in unrealized gains (losses) | (171) | — | (343) | — | — | (514) | ||||||||||||||
Foreign currency translation adjustment(a) | — | — | — | — | 6 | 6 | ||||||||||||||
Reclassification to earnings of realized (gains) losses | (2) | 114 | 49 | — | — | 161 | ||||||||||||||
Applicable income taxes | 45 | (29) | 75 | — | (1) | 90 | ||||||||||||||
Balance at end of period | $ | (5,279) | $ | (3,452) | $ | (461) | $ | (1,138) | $ | (23) | $ | (10,353) | ||||||||
2023 | ||||||||||||||||||||
Balance at beginning of period | $ | (6,378) | $ | (3,933) | $ | (114) | $ | (939) | $ | (43) | $ | (11,407) | ||||||||
Changes in unrealized gains (losses) | 1,305 | — | 204 | 1 | — | 1,510 | ||||||||||||||
Foreign currency translation adjustment(a) | — | — | — | — | (1) | (1) | ||||||||||||||
Reclassification to earnings of realized (gains) losses | 32 | 121 | 7 | (2) | — | 158 | ||||||||||||||
Applicable income taxes | (328) | (31) | (54) | — | — | (413) | ||||||||||||||
Balance at end of period | $ | (5,369) | $ | (3,843) | $ | 43 | $ | (940) | $ | (44) | $ | (10,153) |
Three Months Ended September 30 (Dollars in Millions) | Unrealized Gains (Losses) on Investment Securities Available-For- Sale | Unrealized Gains (Losses) on Investment Securities Transferred From Available- For-Sale toHeld-To-Maturity | Unrealized Gains (Losses) on Derivative Hedges | Unrealized Gains (Losses) on Retirement Plans | Foreign Currency Translation | Total | ||||||||||||||||||
2023 | ||||||||||||||||||||||||
Balance at beginning of period | $ | (5,716 | ) | $ | (3,737 | ) | $ | (294 | ) | $ | (941 | ) | $ | (30 | ) | $ | (10,718 | ) | ||||||
Changes in unrealized gains (losses) | (1,881 | ) | — | (349 | ) | (1 | ) | — | (2,231 | ) | ||||||||||||||
Foreign currency translation adjustment (a) | — | — | — | — | 3 | 3 | ||||||||||||||||||
Reclassification to earnings of realized (gains) losses | — | 144 | 28 | (2 | ) | — | 170 | |||||||||||||||||
Applicable income taxes | 474 | (37 | ) | 82 | 2 | — | 521 | |||||||||||||||||
Balance at end of period | $ | (7,123 | ) | $ | (3,630 | ) | $ | (533 | ) | $ | (942 | ) | $ | (27 | ) | $ | (12,255 | ) | ||||||
2022 | ||||||||||||||||||||||||
Balance at beginning of period | $ | (7,058 | ) | $ | (1,890 | ) | $ | 4 | $ | (1,378 | ) | $ | (39 | ) | $ | (10,361 | ) | |||||||
Changes in unrealized gains (losses) | (2,810 | ) | — | (232 | ) | — | — | (3,042 | ) | |||||||||||||||
Transfer of securities from available-for-sale held-to-maturity | 3,032 | (3,032 | ) | — | — | — | — | |||||||||||||||||
Foreign currency translation adjustment (a) | — | — | — | — | (8 | ) | (8 | ) | ||||||||||||||||
Reclassification to earnings of realized (gains) losses | (1 | ) | 147 | 8 | 32 | — | 186 | |||||||||||||||||
Applicable income taxes | (56 | ) | 730 | 57 | (8 | ) | 2 | 725 | ||||||||||||||||
Balance at end of period | $ | (6,893 | ) | $ | (4,045 | ) | $ | (163 | ) | $ | (1,354 | ) | $ | (45 | ) | $ | (12,500 | ) |
(a)Represents the impact |
Nine Months Ended September 30 (Dollars in Millions) | Unrealized Gains (Losses) on Investment Securities Available-For- Sale | Unrealized Gains (Losses) on Investment Securities Transferred From Available- For-Sale to Held-To-Maturity | Unrealized Gains (Losses) on Derivative Hedges | Unrealized Gains (Losses) on Retirement Plans | Foreign Currency Translation | Total | ||||||||||||||||||
2023 | ||||||||||||||||||||||||
Balance at beginning of period | $ | (6,378 | ) | $ | (3,933 | ) | $ | (114 | ) | $ | (939 | ) | $ | (43 | ) | $ | (11,407 | ) | ||||||
Changes in unrealized gains (losses) | (1,036 | ) | — | (610 | ) | — | — | (1,646 | ) | |||||||||||||||
Foreign currency translation adjustment (a) | — | — | — | — | 21 | 21 | ||||||||||||||||||
Reclassification to earnings of realized (gains) losses | 29 | 406 | 46 | (6 | ) | — | 475 | |||||||||||||||||
Applicable income taxes | 262 | (103 | ) | 145 | 3 | (5 | ) | 302 | ||||||||||||||||
Balance at end of period | $ | (7,123 | ) | $ | (3,630 | ) | $ | (533 | ) | $ | (942 | ) | $ | (27 | ) | $ | (12,255 | ) | ||||||
2022 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 540 | $ | (935 | ) | $ | (85 | ) | $ | (1,426 | ) | $ | (37 | ) | $ | (1,943 | ) | |||||||
Changes in unrealized gains (losses) | (14,325 | ) | — | (134 | ) | — | — | (14,459 | ) | |||||||||||||||
Transfer of securities from available-for-sale held-to-maturity | 4,413 | (4,413 | ) | — | — | — | — | |||||||||||||||||
Foreign currency translation adjustment (a) | — | — | — | — | (11 | ) | (11 | ) | ||||||||||||||||
Reclassification to earnings of realized (gains) losses | (38 | ) | 250 | 29 | 96 | — | 337 | |||||||||||||||||
Applicable income taxes | 2,517 | 1,053 | 27 | (24 | ) | 3 | 3,576 | |||||||||||||||||
Balance at end of period | $ | (6,893 | ) | $ | (4,045 | ) | $ | (163 | ) | $ | (1,354 | ) | $ | (45 | ) | $ | (12,500 | ) |
Impact to Net Income | |||||||||||||||||
Three Months Ended March 31 | Affected Line Item in the Consolidated Statement of Income | ||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | |||||||||||||||
Unrealized gains (losses) on investment securities available-for-sale | |||||||||||||||||
Realized gains (losses) on sale of investment securities | $ | 2 | $ | (32) | Securities gains (losses), net | ||||||||||||
(1) | 8 | Applicable income taxes | |||||||||||||||
1 | (24) | Net-of-tax | |||||||||||||||
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity | |||||||||||||||||
Amortization of unrealized gains (losses) | (114) | (121) | Interest income | ||||||||||||||
29 | 31 | Applicable income taxes | |||||||||||||||
(85) | (90) | Net-of-tax | |||||||||||||||
Unrealized gains (losses) on derivative hedges | |||||||||||||||||
Realized gains (losses) on derivative hedges | (49) | (7) | Net interest income | ||||||||||||||
13 | 1 | Applicable income taxes | |||||||||||||||
(36) | (6) | Net-of-tax | |||||||||||||||
Unrealized gains (losses) on retirement plans | |||||||||||||||||
Actuarial gains (losses) and prior service cost (credit) amortization | — | 2 | Other noninterest expense | ||||||||||||||
— | — | Applicable income taxes | |||||||||||||||
— | 2 | Net-of-tax | |||||||||||||||
Total impact to net income | $ | (120) | $ | (118) |
Impact to Net Income | ||||||||||||||||||||||
Three Months Ended September 30 | Nine Months Ended September 30 | Affected Line Item in the Consolidated Statement of Income | ||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Unrealized gains (losses) on investment securities available-for-sale | ||||||||||||||||||||||
Realized gains (losses) on sale of investment securities | $ | — | $ | 1 | $ | (29 | ) | $ | 38 | Securities gains (losses), net | ||||||||||||
— | — | 7 | (9 | ) | Applicable income taxes | |||||||||||||||||
— | 1 | (22) | 29 | Net-of-tax | ||||||||||||||||||
Unrealized gains (losses) on investment securities transferred from available-for-sale held-to-maturity | ||||||||||||||||||||||
Amortization of unrealized gains (losses) | (144 | ) | (147 | ) | (406 | ) | (250 | ) | Interest income | |||||||||||||
37 | 37 | 103 | 63 | Applicable income taxes | ||||||||||||||||||
(107 | ) | (110 | ) | (303 | ) | (187 | ) | Net-of-tax | ||||||||||||||
Unrealized gains (losses) on derivative hedges | ||||||||||||||||||||||
Realized gains (losses) on derivative hedges | (28 | ) | (8 | ) | (46 | ) | (29 | ) | Net interest income | |||||||||||||
8 | 2 | 12 | 7 | Applicable income taxes | ||||||||||||||||||
(20 | ) | (6 | ) | (34 | ) | (22 | ) | Net-of-tax | ||||||||||||||
Unrealized gains (losses) on retirement plans | ||||||||||||||||||||||
Actuarial gains (losses) and prior service cost (credit) amortization | 2 | (32 | ) | 6 | (96 | ) | Other noninterest expense | |||||||||||||||
(1) | 8 | (2 | ) | 24 | Applicable income taxes | |||||||||||||||||
1 | (24 | ) | 4 | (72 | ) | Net-of-tax | ||||||||||||||||
Total impact to net income | $ | (126 | ) | $ | (139 | ) | $ | (355 | ) | $ | (252 | ) |
U.S. Bancorp |
NOTE 9 | Earnings Per Share |
Three Months Ended March 31 | |||||||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | 2024 | 2023 | |||||||||||||||||||||
Net income attributable to U.S. Bancorp | $ | 1,319 | $ | 1,698 | |||||||||||||||||||
Preferred dividends | (102) | (98) | |||||||||||||||||||||
Earnings allocated to participating stock awards | (8) | (8) | |||||||||||||||||||||
Net income applicable to U.S. Bancorp common shareholders | $ | 1,209 | $ | 1,592 | |||||||||||||||||||
Average common shares outstanding | 1,559 | 1,532 | |||||||||||||||||||||
Average diluted common shares outstanding | 1,559 | 1,532 | |||||||||||||||||||||
Earnings per common share | $ | .78 | $ | 1.04 | |||||||||||||||||||
Diluted earnings per common share | $ | .78 | $ | 1.04 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(Dollars and Shares in Millions, Except Per Share Data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Net income attributable to U.S. Bancorp | $ | 1,523 | $ | 1,812 | $ | 4,582 | $ | 4,900 | ||||||||||||
Preferred dividends | (102 | ) | (85 | ) | (273 | ) | (228 | ) | ||||||||||||
Earnings allocated to participating stock awards | (9 | ) | (9 | ) | (24 | ) | (24 | ) | ||||||||||||
Net income applicable to U.S. Bancorp common shareholders | $ | 1,412 | $ | 1,718 | $ | 4,285 | $ | 4,648 | ||||||||||||
Average common shares outstanding | 1,548 | 1,486 | 1,538 | 1,485 | ||||||||||||||||
Net effect of the exercise and assumed purchase of stock awards | 1 | — | — | 1 | ||||||||||||||||
Average diluted common shares outstanding | 1,549 | 1,486 | 1,538 | 1,486 | ||||||||||||||||
Earnings per common share | $ | .91 | $ | 1.16 | $ | 2.79 | $ | 3.13 | ||||||||||||
Diluted earnings per common share | $ | .91 | $ | 1.16 | $ | 2.79 | $ | 3.13 |
Employee Benefits |
Three Months Ended March 31 | ||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | ||||||||||||||||||
Service cost | $ | 55 | $ | 56 | ||||||||||||||||
Interest cost | 94 | 93 | ||||||||||||||||||
Expected return on plan assets | (146) | (137) | ||||||||||||||||||
Prior service cost (credit) amortization | (1) | — | ||||||||||||||||||
Actuarial loss (gain) amortization | 2 | 1 | ||||||||||||||||||
Net periodic benefit cost(a) | $ | 4 | $ | 13 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
Pension Plans | Postretirement Welfare Plans | Pension Plans | Postretirement Welfare Plans | |||||||||||||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Service cost | $ | 56 | $ | 69 | $ | — | $ | — | $ | 168 | $ | 206 | $ | — | $ | — | ||||||||||||||||||||
Interest cost | 93 | 62 | 1 | — | 278 | 185 | 2 | — | ||||||||||||||||||||||||||||
Expected return on plan assets | (137 | ) | (119 | ) | (1 | ) | — | (410 | ) | (358 | ) | (2 | ) | — | ||||||||||||||||||||||
Prior service cost (credit) amortization | — | (1 | ) | (1 | ) | — | (1 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||||||||||||||||
Actuarial loss (gain) amortization | 1 | 35 | (2 | ) | (2 | ) | 3 | 105 | (6 | ) | (5 | ) | ||||||||||||||||||||||||
Net periodic benefit cost (a) | $ | 13 | $ | 46 | $ | (3 | ) | $ | (2 | ) | $ | 38 | $ | 136 | $ | (8 | ) | $ | (7 | ) |
Three Months Ended March 31 | |||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | |||||||||||||||||||||
Federal | |||||||||||||||||||||||
Current | $ | 180 | $ | 397 | |||||||||||||||||||
Deferred | 133 | (32) | |||||||||||||||||||||
Federal income tax | 313 | 365 | |||||||||||||||||||||
State | |||||||||||||||||||||||
Current | 21 | 96 | |||||||||||||||||||||
Deferred | 13 | (6) | |||||||||||||||||||||
State income tax | 34 | 90 | |||||||||||||||||||||
Total income tax provision | $ | 347 | $ | 455 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Federal | ||||||||||||||||||||
Current | $ | 416 | $ | 427 | $ | 1,076 | $ | 1,052 | ||||||||||||
Deferred | (51 | ) | (51 | ) | (50 | ) | (46 | ) | ||||||||||||
Federal income tax | 365 | 376 | 1,026 | 1,006 | ||||||||||||||||
State | ||||||||||||||||||||
Current | 62 | 150 | 277 | 328 | ||||||||||||||||
Deferred | 4 | (45 | ) | (35 | ) | (42 | ) | |||||||||||||
State income tax | 66 | 105 | 242 | 286 | ||||||||||||||||
Total income tax provision | $ | 431 | $ | 481 | $ | 1,268 | $ | 1,292 |
U.S. Bancorp | 51 |
Three Months Ended March 31 | |||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | |||||||||||||||||||||
Tax at statutory rate | $ | 351 | $ | 453 | |||||||||||||||||||
State income tax, at statutory rates, net of federal tax benefit | 81 | 102 | |||||||||||||||||||||
Tax effect of | |||||||||||||||||||||||
Tax credits and benefits, net of related expenses | (61) | (77) | |||||||||||||||||||||
Exam resolutions | (65) | — | |||||||||||||||||||||
Tax-exempt income | (31) | (34) | |||||||||||||||||||||
Other items | 72 | 11 | |||||||||||||||||||||
Applicable income taxes | $ | 347 | $ | 455 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Tax at statutory rate | $ | 411 | $ | 482 | $ | 1,232 | $ | 1,302 | ||||||||||||
State income tax, at statutory rates, net of federal tax benefit | 85 | 91 | 270 | 259 | ||||||||||||||||
Tax effect of | ||||||||||||||||||||
Tax credits and benefits, net of related expenses | (96 | ) | (79 | ) | (236 | ) | (231 | ) | ||||||||||||
Tax-exempt income | (40 | ) | (30 | ) | (115 | ) | (87 | ) | ||||||||||||
Other items | 71 | 17 | 117 | 49 | ||||||||||||||||
Applicable income taxes | $ | 431 | $ | 481 | $ | 1,268 | $ | 1,292 |
52 | U.S. Bancorp |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||||||
(Dollars in Millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Fair value hedges | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Receive fixed/pay floating swaps | $ | 13,800 | $ | — | $ | — | $ | 12,100 | $ | — | $ | 16 | ||||||||
Pay fixed/receive floating swaps | 19,631 | — | — | 24,139 | — | — | ||||||||||||||
Cash flow hedges | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Receive fixed/pay floating swaps | 24,400 | — | — | 18,400 | — | — | ||||||||||||||
Net investment hedges | ||||||||||||||||||||
Foreign exchange forward contracts | 901 | 4 | — | 854 | — | 10 | ||||||||||||||
Other economic hedges | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Futures and forwards | ||||||||||||||||||||
Buy | 4,764 | 6 | 6 | 5,006 | 29 | 5 | ||||||||||||||
Sell | 2,371 | 2 | 8 | 4,501 | 7 | 34 | ||||||||||||||
Options | ||||||||||||||||||||
Purchased | 6,660 | 217 | — | 6,085 | 237 | — | ||||||||||||||
Written | 2,571 | 19 | 60 | 3,696 | 14 | 75 | ||||||||||||||
Receive fixed/pay floating swaps | 8,395 | 37 | 1 | 7,029 | 9 | 3 | ||||||||||||||
Pay fixed/receive floating swaps | 2,964 | — | — | 3,801 | — | — | ||||||||||||||
Foreign exchange forward contracts | 721 | 1 | 1 | 734 | 2 | 5 | ||||||||||||||
Equity contracts | 246 | 6 | — | 227 | 2 | — | ||||||||||||||
Credit contracts | 2,933 | 1 | 6 | 2,620 | 1 | — | ||||||||||||||
Other(a) | 2,988 | 11 | 148 | 2,136 | 11 | 93 | ||||||||||||||
Total | $ | 93,345 | $ | 304 | $ | 230 | $ | 91,328 | $ | 312 | $ | 241 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||||||||||||||
(Dollars in Millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||
Receive fixed/pay floating swaps | $ | 9,550 | $ | — | $ | — | $ | 17,400 | $ | — | $ | 9 | ||||||||||||||||
Pay fixed/receive floating swaps | 19,264 | — | — | 5,542 | — | — | ||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||
Receive fixed/pay floating swaps | 23,700 | — | — | 14,300 | — | — | ||||||||||||||||||||||
Net investment hedges | ||||||||||||||||||||||||||||
Foreign exchange forward contracts | 824 | 5 | 1 | 778 | — | — | ||||||||||||||||||||||
Other economic hedges | ||||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||
Futures and forwards | ||||||||||||||||||||||||||||
Buy | 2,945 | 4 | 15 | 3,546 | 10 | 18 | ||||||||||||||||||||||
Sell | 4,851 | 26 | 7 | 7,522 | 20 | 38 | ||||||||||||||||||||||
Options | ||||||||||||||||||||||||||||
Purchased | 7,385 | 329 | — | 11,434 | 346 | — | ||||||||||||||||||||||
Written | 3,707 | 12 | 100 | 7,849 | 7 | 148 | ||||||||||||||||||||||
Receive fixed/pay floating swaps | 5,055 | — | 1 | 9,215 | — | 3 | ||||||||||||||||||||||
Pay fixed/receive floating swaps | 4,595 | — | — | 9,616 | — | — | ||||||||||||||||||||||
Foreign exchange forward contracts | 622 | 2 | 1 | 962 | 2 | 6 | ||||||||||||||||||||||
Equity contracts | 209 | — | 7 | 361 | — | 10 | ||||||||||||||||||||||
Credit contracts | 1,425 | — | — | 330 | — | — | ||||||||||||||||||||||
Other (a) | 2,767 | 11 | 121 | 1,908 | 11 | 190 | ||||||||||||||||||||||
Total | $ | 86,899 | $ | 389 | $ | 253 | $ | 90,763 | $ | 396 | $ | 422 |
U.S. Bancorp |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||||||||||||||
(Dollars in Millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||
Receive fixed/pay floating swaps | $ | 354,783 | $ | 146 | $ | 7,358 | $ | 301,690 | $ | 309 | $ | 5,689 | ||||||||||||||||
Pay fixed/receive floating swaps | 326,646 | 2,763 | 116 | 316,133 | 2,323 | 206 | ||||||||||||||||||||||
Other (a) | 82,379 | 13 | 50 | 40,261 | 3 | 16 | ||||||||||||||||||||||
Options | ||||||||||||||||||||||||||||
Purchased | 112,927 | 1,583 | — | 103,489 | 1,794 | 5 | ||||||||||||||||||||||
Written | 107,595 | 1 | 1,622 | 99,923 | 6 | 1,779 | ||||||||||||||||||||||
Futures | ||||||||||||||||||||||||||||
Buy | — | — | — | 3,623 | — | 4 | ||||||||||||||||||||||
Sell | — | — | — | 2,376 | 8 | — | ||||||||||||||||||||||
Foreign exchange rate contracts | ||||||||||||||||||||||||||||
Forwards, spots and swaps | 114,004 | 2,523 | 2,202 | 134,666 | 3,010 | 2,548 | ||||||||||||||||||||||
Options | ||||||||||||||||||||||||||||
Purchased | 806 | 29 | — | 954 | 22 | — | ||||||||||||||||||||||
Written | 806 | — | 29 | 954 | — | 22 | ||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||
Swaps | 2,063 | 61 | 56 | — | — | — | ||||||||||||||||||||||
Options | ||||||||||||||||||||||||||||
Purchased | 2,811 | 128 | 128 | — | — | — | ||||||||||||||||||||||
Credit contracts | 13,769 | 1 | 7 | 10,765 | 1 | 8 | ||||||||||||||||||||||
Total | $ | 1,118,589 | $ | 7,248 | $ | 11,568 | $ | 1,014,834 | $ | 7,476 | $ | 10,277 |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||||||
(Dollars in Millions) | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Receive fixed/pay floating swaps | $ | 373,670 | $ | 391 | $ | 5,291 | $ | 363,375 | $ | 791 | $ | 4,395 | ||||||||
Pay fixed/receive floating swaps | 338,302 | 2,182 | 183 | 330,539 | 1,817 | 280 | ||||||||||||||
Other(a) | 79,395 | 15 | 48 | 82,209 | 17 | 51 | ||||||||||||||
Options | ||||||||||||||||||||
Purchased | 94,801 | 889 | 2 | 102,423 | 1,026 | 18 | ||||||||||||||
Written | 90,927 | 4 | 1,034 | 97,690 | 20 | 1,087 | ||||||||||||||
Foreign exchange rate contracts | ||||||||||||||||||||
Forwards, spots and swaps | 109,255 | 2,036 | 1,789 | 121,119 | 2,252 | 1,942 | ||||||||||||||
Options | ||||||||||||||||||||
Purchased | 785 | 16 | — | 1,532 | 28 | — | ||||||||||||||
Written | 785 | — | 16 | 1,532 | — | 28 | ||||||||||||||
Commodity contracts | ||||||||||||||||||||
Swaps | 3,303 | 141 | 133 | 2,498 | 116 | 110 | ||||||||||||||
Options | ||||||||||||||||||||
Purchased | 2,464 | 178 | 1 | 1,936 | 151 | — | ||||||||||||||
Written | 2,464 | 1 | 177 | 1,936 | — | 151 | ||||||||||||||
Futures | ||||||||||||||||||||
Sell | 5 | 1 | 1 | — | — | — | ||||||||||||||
Credit contracts | 12,576 | — | 4 | 13,053 | 1 | 6 | ||||||||||||||
Total | $ | 1,108,732 | $ | 5,854 | $ | 8,679 | $ | 1,119,842 | $ | 6,219 | $ | 8,068 |
54 | U.S. Bancorp |
Gains (Losses) Recognized in Other Comprehensive Income (Loss) | Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | |||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
Asset and Liability Management Positions | ||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||
Interest rate contracts | $ | (255) | $ | 151 | $ | (36) | $ | (6) | ||||||||||||||||||
Net investment hedges | ||||||||||||||||||||||||||
Foreign exchange forward contracts | 69 | (3) | — | — | ||||||||||||||||||||||
Non-derivative debt instruments | 34 | (18) | — | — |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
Gains (Losses) Recognized in Other Comprehensive Income (Loss) | Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | Gains (Losses) Recognized in Other Comprehensive Income (Loss) | Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings | |||||||||||||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Asset and Liability Management Positions | ||||||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (259 | ) | $ | (173 | ) | $ | (20 | ) | $ | (6 | ) | $ | (453 | ) | $ | (100 | ) | $ | (34 | ) | $ | (22 | ) | ||||||||||||
Net investment hedges | ||||||||||||||||||||||||||||||||||||
Foreign exchange forward contracts | 15 | 37 | — | — | 6 | 63 | — | — | ||||||||||||||||||||||||||||
Non-derivative debt instruments | 24 | 56 | — | — | 7 | 139 | — | — |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||||
Interest Income | Interest Expense | Interest Income | Interest Expense | |||||||||||||||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||||||||||||||||
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | $ | 7,754 | $ | 4,728 | $ | 3,518 | $ | 901 | $ | 22,244 | $ | 11,971 | $ | 8,959 | $ | 1,536 | ||||||||||||||||||||||
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | ||||||||||||||||||||||||||||||||||||||
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded | ||||||||||||||||||||||||||||||||||||||
Asset and Liability Management Positions | ||||||||||||||||||||||||||||||||||||||
Asset and Liability Management Positions | ||||||||||||||||||||||||||||||||||||||
Asset and Liability Management Positions | ||||||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||||
Interest rate contract derivatives | ||||||||||||||||||||||||||||||||||||||
Interest rate contract derivatives | ||||||||||||||||||||||||||||||||||||||
Interest rate contract derivatives | 428 | 180 | (359 | ) | 457 | 584 | 511 | (230 | ) | 491 | ||||||||||||||||||||||||||||
Hedged items | (431 | ) | (179 | ) | 359 | (460 | ) | (589 | ) | (510 | ) | 232 | (495 | ) | ||||||||||||||||||||||||
Hedged items | ||||||||||||||||||||||||||||||||||||||
Hedged items | ||||||||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||||||||||||||||
Interest rate contract derivatives | (21 | ) | — | 7 | 8 | (21 | ) | — | 25 | 29 | ||||||||||||||||||||||||||||
Interest rate contract derivatives | ||||||||||||||||||||||||||||||||||||||
Interest rate contract derivatives |
Carrying Amount of the Hedged Assets and Liabilities | Cumulative Hedging Adjustment (a) | |||||||||||||||||||
(Dollars in Millions) | September 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | ||||||||||||||||
Line Item in the Consolidated Balance Sheet | ||||||||||||||||||||
Available-for-sale | $ | 10,222 | $ | 4,937 | $ | (1,017 | ) | $ | (552 | ) | ||||||||||
Long-term debt | 9,176 | 17,190 | (327 | ) | (142 | ) |
Carrying Amount of the Hedged Assets and Liabilities | Cumulative Hedging Adjustment | |||||||||||||
(Dollars in Millions) | March 31, 2024 | December 31, 2023 | March 31, 2024 | December 31, 2023 | ||||||||||
Line Item in the Consolidated Balance Sheet | ||||||||||||||
Available-for-sale investment securities(a) | $ | 18,981 | $ | 23,924 | $ | (474) | $ | (93) | ||||||
Long-term debt | 13,683 | 12,034 | (97) | (32) |
U.S. Bancorp | 55 |
(Dollars in Millions) | Location of Gains (Losses) Recognized in Earnings | 2024 | 2023 | |||||||||||||||||
Asset and Liability Management Positions | ||||||||||||||||||||
Other economic hedges | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Futures and forwards | Mortgage banking revenue | $ | (12) | $ | 7 | |||||||||||||||
Purchased and written options | Mortgage banking revenue | 39 | (2) | |||||||||||||||||
Swaps | Mortgage banking revenue/Interest expense | (86) | 58 | |||||||||||||||||
Foreign exchange forward contracts | Other noninterest income | 4 | (5) | |||||||||||||||||
Equity contracts | Compensation expense | — | (3) | |||||||||||||||||
Credit contracts | Commercial products revenue | (2) | — | |||||||||||||||||
Other | Other noninterest income | (75) | (2) | |||||||||||||||||
Customer-Related Positions | ||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||
Swaps | Commercial products revenue | 131 | 52 | |||||||||||||||||
Purchased and written options | Commercial products revenue | (47) | — | |||||||||||||||||
Futures | Commercial products revenue | — | (1) | |||||||||||||||||
Foreign exchange rate contracts | ||||||||||||||||||||
Forwards, spots and swaps | Commercial products revenue | 24 | 28 | |||||||||||||||||
Commodity contracts | ||||||||||||||||||||
Swaps | Commercial products revenue | 2 | — | |||||||||||||||||
Purchased and written options | Commercial products revenue | 2 | — | |||||||||||||||||
Credit contracts | Commercial products revenue | (1) | — |
Location of Gains (Losses) Recognized in Earnings | Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Asset and Liability Management Positions | ||||||||||||||||||||||||
Other economic hedges | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||
Futures and forwards | Mortgage banking revenue | $ | 18 | $ | 142 | $ | 56 | $ | 439 | |||||||||||||||
Purchased and written options | Mortgage banking revenue | 74 | (28 | ) | 89 | (69 | ) | |||||||||||||||||
Swaps | Mortgage banking revenue/Other noninterest income/Interest e xpense | | (241 | ) | (118 | ) | (221 | ) | (569 | ) | ||||||||||||||
Foreign exchange forward contracts | Other noninterest income | 8 | 12 | (5 | ) | 13 | ||||||||||||||||||
Equity contracts | Compensation expense | (1 | ) | (1 | ) | (4 | ) | (4 | ) | |||||||||||||||
Credit contracts | Commer c ialproducts revenu e | 3 | — | 3 | — | |||||||||||||||||||
Other | Other noninterest income | 1 | (154 | ) | — | (154 | ) | |||||||||||||||||
Customer-Related Positions | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||
Swaps | Commercial products revenue | 103 | 26 | 198 | 73 | |||||||||||||||||||
Purchased and written options | Commercial products revenue | 7 | 6 | 7 | 10 | |||||||||||||||||||
Futures | Commercial products revenue | — | 7 | (1 | ) | 31 | ||||||||||||||||||
Foreign exchange rate contracts | ||||||||||||||||||||||||
Forwards, spots and swaps | Commercial products revenue | 19 | 40 | 118 | 75 | |||||||||||||||||||
Purchased and written options | Commercial products revenue | — | — | — | 1 | |||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||
Swaps | Commercial products revenue | 3 | — | 5 | — | |||||||||||||||||||
Credit contracts | Commercial products revenue | — | (1 | ) | (1 | ) | 21 |
Netting Arrangements for Certain Financial Instruments and Securities | |||||||
Financing Activities |
56 | U.S. Bancorp |
(Dollars in Millions) | Overnight and Continuous | Less Than 30 Days | 30-89 Days | Greater Than 90 Days | Total | |||||||||||||||
September 30, 2023 | ||||||||||||||||||||
Repurchase agreements | ||||||||||||||||||||
U.S. Treasury and agencies | $ | 1,777 | $— | $— | $— | $ | 1,777 | |||||||||||||
Residential agency mortgage-backed securities | 291 | — | — | — | 291 | |||||||||||||||
Corporate debt securities | 598 | — | — | — | 598 | |||||||||||||||
Total repurchase agreements | 2,666 | — | — | — | 2,666 | |||||||||||||||
Securities loaned | ||||||||||||||||||||
Corporate debt securities | 212 | — | — | — | 212 | |||||||||||||||
Total securities loaned | 212 | — | — | — | 212 | |||||||||||||||
Gross amount of recognized liabilities | $ | 2,878 | $— | $— | $— | $ | 2,878 | |||||||||||||
December 31, 2022 | ||||||||||||||||||||
Repurchase agreements | ||||||||||||||||||||
U.S. Treasury and agencies | $ | 147 | $— | $— | $— | $ | 147 | |||||||||||||
Residential agency mortgage-backed securities | 846 | — | — | — | 846 | |||||||||||||||
Corporate debt securities | 439 | — | — | — | 439 | |||||||||||||||
Total repurchase agreements | 1,432 | — | — | — | 1,432 | |||||||||||||||
Securities loaned | ||||||||||||||||||||
Corporate debt securities | 120 | — | — | — | 120 | |||||||||||||||
Total securities loaned | 120 | — | — | — | 120 | |||||||||||||||
Gross amount of recognized liabilities | $ | 1,552 | $— | $— | $— | $ | 1,552 |
(Dollars in Millions) | Overnight and Continuous | Less Than 30 Days | 30-89 Days | Greater Than 90 Days | Total | ||||||||||||
March 31, 2024 | |||||||||||||||||
Repurchase agreements | |||||||||||||||||
U.S. Treasury and agencies | $ | 3,598 | $ | — | $ | — | $ | — | $ | 3,598 | |||||||
Residential agency mortgage-backed securities | 355 | — | — | — | 355 | ||||||||||||
Corporate debt securities | 838 | — | — | — | 838 | ||||||||||||
Asset-backed securities | 18 | 64 | — | — | 82 | ||||||||||||
Total repurchase agreements | 4,809 | 64 | — | — | 4,873 | ||||||||||||
Securities loaned | |||||||||||||||||
Corporate debt securities | 328 | — | — | — | 328 | ||||||||||||
Total securities loaned | 328 | — | — | — | 328 | ||||||||||||
Gross amount of recognized liabilities | $ | 5,137 | $ | 64 | $ | — | $ | — | $ | 5,201 | |||||||
December 31, 2023 | |||||||||||||||||
Repurchase agreements | |||||||||||||||||
U.S. Treasury and agencies | $ | 2,375 | $ | — | $ | — | $ | — | $ | 2,375 | |||||||
Residential agency mortgage-backed securities | 338 | — | — | — | 338 | ||||||||||||
Corporate debt securities | 821 | — | — | — | 821 | ||||||||||||
Asset-backed securities | — | 45 | — | — | 45 | ||||||||||||
Total repurchase agreements | 3,534 | 45 | — | — | 3,579 | ||||||||||||
Securities loaned | |||||||||||||||||
Corporate debt securities | 290 | — | — | — | 290 | ||||||||||||
Total securities loaned | 290 | — | — | — | 290 | ||||||||||||
Gross amount of recognized liabilities | $ | 3,824 | $ | 45 | $ | — | $ | — | $ | 3,869 |
U.S. Bancorp | 57 |
Gross Recognized Assets | Gross Amounts Offset on the Consolidated Balance Sheet(a) | Net Amounts Presented on the Consolidated Balance Sheet | Gross Amounts Not Offset on the Consolidated Balance Sheet | Net Amount | ||||||||||||||||
(Dollars in Millions) | Financial Instruments(b) | Collateral Received(c) | ||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||
Derivative assets(d) | $ | 6,128 | $ | (3,485) | $ | 2,643 | $ | (110) | $ | (2) | $ | 2,531 | ||||||||
Reverse repurchase agreements | 3,786 | — | 3,786 | (401) | (3,385) | — | ||||||||||||||
Securities borrowed | 1,843 | — | 1,843 | — | (1,777) | 66 | ||||||||||||||
Total | $ | 11,757 | $ | (3,485) | $ | 8,272 | $ | (511) | $ | (5,164) | $ | 2,597 | ||||||||
December 31, 2023 | ||||||||||||||||||||
Derivative assets(d) | $ | 6,504 | $ | (3,666) | $ | 2,838 | $ | (141) | $ | (3) | $ | 2,694 | ||||||||
Reverse repurchase agreements | 2,513 | — | 2,513 | (568) | (1,941) | 4 | ||||||||||||||
Securities borrowed | 1,802 | — | 1,802 | (14) | (1,717) | 71 | ||||||||||||||
Total | $ | 10,819 | $ | (3,666) | $ | 7,153 | $ | (723) | $ | (3,661) | $ | 2,769 |
Gross Recognized Assets | Gross Amounts Offset on the Consolidated Balance Sheet (a) | Net Amounts Presented on the Consolidated Balance Sheet | Gross Amounts Not Offset on the Consolidated Balance Sheet | Net Amount | ||||||||||||||||||||
(Dollars in Millions) | Financial Instruments (b) | Collateral Received (c) | ||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||
Derivative assets (d) | $ | 7,613 | $ | (4,515 | ) | $ | 3,098 | $ | (785 | ) | $ | — | $ | 2,313 | ||||||||||
Reverse repurchase agreements | 1,838 | — | 1,838 | (591 | ) | (1,245 | ) | 2 | ||||||||||||||||
Securities borrowed | 1,694 | — | 1,694 | — | (1,634 | ) | 60 | |||||||||||||||||
Total | $ | 11,145 | $ | (4,515 | ) | $ | 6,630 | $ | (1,376 | ) | $ | (2,879 | ) | $ | 2,375 | |||||||||
December 31, 2022 | ||||||||||||||||||||||||
Derivative assets (d) | $ | 7,852 | $ | (5,427 | ) | $ | 2,425 | $ | (231 | ) | $ | (80 | ) | $ | 2,114 | |||||||||
Reverse repurchase agreements | 107 | — | 107 | (102 | ) | (5 | ) | — | ||||||||||||||||
Securities borrowed | 1,606 | — | 1,606 | — | (1,548 | ) | 58 | |||||||||||||||||
Total | $ | 9,565 | $ | (5,427 | ) | $ | 4,138 | $ | (333 | ) | $ | (1,633 | ) | $ | 2,172 |
Gross Recognized Liabilities | Gross Amounts Offset on the Consolidated Balance Sheet(a) | Net Amounts Presented on the Consolidated Balance Sheet | Gross Amounts Not Offset on the Consolidated Balance Sheet | Net Amount | ||||||||||||||||
(Dollars in Millions) | Financial Instruments(b) | Collateral Pledged(c) | ||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||
Derivative liabilities(d) | $ | 8,761 | $ | (3,984) | $ | 4,777 | $ | (110) | $ | — | $ | 4,667 | ||||||||
Repurchase agreements | 4,873 | — | 4,873 | (401) | (4,471) | 1 | ||||||||||||||
Securities loaned | 328 | — | 328 | — | (322) | 6 | ||||||||||||||
Total | $ | 13,962 | $ | (3,984) | $ | 9,978 | $ | (511) | $ | (4,793) | $ | 4,674 | ||||||||
December 31, 2023 | ||||||||||||||||||||
Derivative liabilities(d) | $ | 8,217 | $ | (3,720) | $ | 4,497 | $ | (141) | $ | — | $ | 4,356 | ||||||||
Repurchase agreements | 3,579 | — | 3,579 | (568) | (3,008) | 3 | ||||||||||||||
Securities loaned | 290 | — | 290 | (14) | (270) | 6 | ||||||||||||||
Total | $ | 12,086 | $ | (3,720) | $ | 8,366 | $ | (723) | $ | (3,278) | $ | 4,365 |
58 |
Gross Recognized Liabilities | Gross Amounts Offset on the Consolidated Balance Sheet (a) | Net Amounts Presented on the Consolidated Balance Sheet | Gross Amounts Not Offset on the Consolidated Balance Sheet | Net Amount | ||||||||||||||||||||
(Dollars in Millions) | Financial Instruments (b) | Collateral Pledged (c) | ||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||
Derivative liabilities (d) | $ | 11,698 | $ | (4,307 | ) | $ | 7,391 | $ | (785 | ) | $ | — | $ | 6,606 | ||||||||||
Repurchase agreements | 2,666 | — | 2,666 | (591 | ) | (2,071 | ) | 4 | ||||||||||||||||
Securities loaned | 212 | — | 212 | — | (208 | ) | 4 | |||||||||||||||||
Total | $ | 14,576 | $ | (4,307 | ) | $ | 10,269 | $ | (1,376 | ) | $ | (2,279 | ) | $ | 6,614 | |||||||||
December 31, 2022 | ||||||||||||||||||||||||
Derivative liabilities (d) | $ | 10,506 | $ | (4,551 | ) | $ | 5,955 | $ | (231 | ) | $ | — | $ | 5,724 | ||||||||||
Repurchase agreements | 1,432 | — | 1,432 | (102 | ) | (1,325 | ) | 5 | ||||||||||||||||
Securities loaned | 120 | — | 120 | — | (118 | ) | 2 | |||||||||||||||||
Total | $ | 12,058 | $ | (4,551 | ) | $ | 7,507 | $ | (333 | ) | $ | (1,443 | ) | $ | 5,731 |
Fair Values of Assets and Liabilities |
U.S. Bancorp | 59 |
60 | U.S. Bancorp |
Minimum | Maximum | Weighted- Average (a) | ||||||||||
Expected prepayment | 6 | % | 16 | % | 8 | % | ||||||
Option adjusted spread | 4 | 11 | 5 |
Minimum | Maximum | Weighted- Average(a) | |||||||||
Expected prepayment | 7 | % | 22 | % | 9 | % | |||||
Option adjusted spread | 4 | 11 | 5 |
Minimum | Maximum | Weighted- Average(a) | |||||||||
Expected loan close rate | 10 | % | 100 | % | 76 | % | |||||
Inherent MSR value (basis points per loan) | 55 | 184 | 103 |
Minimum | Maximum | Weighted- Average (a) | ||||||||||
Expected loan close rate | 35 | % | 100 | % | 79 | % | ||||||
Inherent MSR value (basis points per loan) | 58 | 194 | 118 |
U.S. Bancorp |
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Netting | Total | (Dollars in Millions) | Level 1 | Level 2 | Level 3 | Netting | Total | ||||||||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||||
March 31, 2024 | |||||||||||||||||||||||||||||||||||||
Available-for-sale | Available-for-sale securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 14,112 | $ | 4,595 | $ | — | $ | — | $ | 18,707 | |||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
Residential agency | — | 25,614 | — | — | 25,614 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||
Agency | — | 6,942 | — | — | 6,942 | ||||||||||||||||||||||||||||||||
Non-agency | — | 6 | — | — | 6 | ||||||||||||||||||||||||||||||||
Asset-backed securities | — | 6,868 | — | — | 6,868 | ||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | — | 9,066 | — | — | 9,066 | ||||||||||||||||||||||||||||||||
Other | — | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||
Total available-for-sale | 14,112 | 53,095 | — | — | 67,207 | ||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | 2,263 | — | — | 2,263 | ||||||||||||||||||||||||||||||||
Mortgage servicing rights | — | — | 3,582 | — | 3,582 | ||||||||||||||||||||||||||||||||
Derivative assets | 4 | 6,253 | 1,380 | (4,515 | ) | 3,122 | |||||||||||||||||||||||||||||||
Other assets | 406 | 2,006 | — | — | 2,412 | ||||||||||||||||||||||||||||||||
Total | $ | 14,522 | $ | 63,617 | $ | 4,962 | $ | (4,515 | ) | $ | 78,586 | ||||||||||||||||||||||||||
Time deposits | $ | — | $ | 444 | $ | — | $ | — | $ | 444 | |||||||||||||||||||||||||||
Derivative liabilities | — | 6,685 | 5,136 | (4,307 | ) | 7,514 | |||||||||||||||||||||||||||||||
Short-term borrowings and other liabilities (a) | 309 | 1,644 | — | — | 1,953 | ||||||||||||||||||||||||||||||||
Total | $ | 309 | $ | 8,773 | $ | 5,136 | $ | (4,307 | ) | $ | 9,911 | ||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||
Available-for-sale | Available-for-sale securities | ||||||||||||||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 13,723 | $ | 8,310 | $ | — | $ | — | $ | 22,033 | |||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | ||||||||||||||||||||||||||||||||||||
Residential agency | — | 29,271 | — | — | 29,271 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | ||||||||||||||||||||||||||||||||||||
Agency | — | 7,145 | — | — | 7,145 | ||||||||||||||||||||||||||||||||
Non-agency | — | 7 | — | — | 7 | ||||||||||||||||||||||||||||||||
Asset-backed securities | — | 4,323 | — | — | 4,323 | ||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | — | 10,124 | 1 | — | 10,125 | ||||||||||||||||||||||||||||||||
Other | — | 6 | — | — | 6 | ||||||||||||||||||||||||||||||||
Total available-for-sale | 13,723 | 59,186 | 1 | — | 72,910 | ||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | 1,849 | — | — | 1,849 | ||||||||||||||||||||||||||||||||
Mortgage servicing rights | — | — | 3,755 | — | 3,755 | ||||||||||||||||||||||||||||||||
Derivative assets | 9 | 6,608 | 1,255 | (5,427 | ) | 2,445 | |||||||||||||||||||||||||||||||
Other assets | 248 | 1,756 | — | — | 2,004 | ||||||||||||||||||||||||||||||||
Total | $ | 13,980 | $ | 69,399 | $ | 5,011 | $ | (5,427 | ) | $ | 82,963 | ||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||||||||||
Derivative liabilities | $ | 4 | $ | 6,241 | $ | 4,454 | $ | (4,551 | ) | $ | 6,148 | ||||||||||||||||||||||||||
Short-term borrowings and other liabilities (a) | 125 | 1,564 | — | — | 1,689 | ||||||||||||||||||||||||||||||||
Total | $ | 129 | $ | 7,805 | $ | 4,454 | $ | (4,551 | ) | $ | 7,837 |
62 | U.S. Bancorp |
Three Months Ended March 31 (Dollars in Millions) | Beginning of Period Balance | Net Gains (Losses) Included in Net Income | Purchases | Sales | Issuances | Settlements | End of Period Balance | Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | ||||||||||||||||||||||||||||||||||||
2024 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 3,377 | $ | 30 | (a) | $ | — | $ | — | $ | 55 | (c) | $ | — | $ | 3,462 | $ | 30 | (a) | |||||||||||||||||||||||||
Net derivative assets and liabilities | (1,885) | (1,683) | (b) | 378 | (2) | — | 831 | (2,361) | (181) | (d) | ||||||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | ||||||||||||||||||||||||||||
Total available-for-sale | 1 | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | 3,755 | (129) | (a) | 1 | 1 | 96 | (c) | — | 3,724 | (129) | (a) | |||||||||||||||||||||||||||||||||
Net derivative assets and liabilities | (3,199) | (316) | (e) | 423 | (12) | — | 839 | (2,265) | 529 | (f) |
(Dollars in Millions) | Beginning of Period Balance | Net Gains (Losses) Included in Net Income | Net Gains (Losses) Included in Other Comprehensive Income (Loss) | Purchases | Sales | Principal Payments | Issuances | Settlements | End of Period Balance | Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | ||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 3,633 | $ | 134 | $ | — | $ | 1 | $ | (292 | ) | $ | — | $ | 106 | (c) | $ | — | $ | 3,582 | $ | 134 | (a) | |||||||||||||||||
Net derivative assets and liabilities | (3,419 | ) | (1,315 | ) (b) | — | 25 | (9 | ) | — | — | 962 | (3,756 | ) | (693 | ) (d) | |||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | ||||||||||||||||||||
Total available-for-sale | 1 | — | — | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||
Mortgage servicing rights | 3,707 | 27 | | — | 1 | — | — | 134 | (c) | — | 3,869 | 27 | (a) | |||||||||||||||||||||||||||
Net derivative assets and liabilities | (2,175 | ) | (2,398 | ) (e) | — | 259 | (29 | ) | — | 11 | 456 | (3,876 | ) | (1,978 | ) (f) |
(Dollars in Millions) | Beginning of Period Balance | Net Gains (Losses) Included in Net Income | Net Gains (Losses) Included in Other Comprehensive Income (Loss) | Purchases | Sales | Principal Payments | Issuances | Settlements | End of Period Balance | Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period | ||||||||||||||||||||||||||||||
2023 | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||
Obligations of state and political subdivisions | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Total available-for-sale | 1 | — | — | — | — | (1 | ) | — | — | — | — | |||||||||||||||||||||||||||||
Mortgage servicing rights | 3,755 | (37 | ) (a) | — | 3 | (440) | — | 301 | (c) | — | 3,582 | (37 | ) (a) | |||||||||||||||||||||||||||
Net derivative assets and liabilities | (3,199 | ) | (3,558 | ) (b) | — | 430 | (28) | — | — | 2,599 | (3,756 | ) | (1,925 | ) (d) | ||||||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 7 | $ | — | $ | (3 | ) | $ | — | $ | (4 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Obligations of state and political subdivisions | 1 | — | — | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||||||||
Total available-for-sale | 8 | — | (3 | ) | — | (4 | ) | — | — | — | 1 | — | ||||||||||||||||||||||||||||
Mortgage servicing rights | 2,953 | 435 | — | 7 | 1 | — | 473 | (c) | — | 3,869 | 435 | |||||||||||||||||||||||||||||
Net derivative assets and liabilities | 799 | (5,759 | ) (e) | — | 351 | (30 | ) | — | 11 | 752 | (3,876 | ) | (4,240 | ) (f) |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Loans(a) | $ | — | $ | — | $ | 268 | $ | 268 | $ | — | $ | — | $ | 354 | $ | 354 | ||||||||||
Other assets(b) | — | — | 23 | 23 | — | — | 27 | 27 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Loans (a) | $ | — | $ | — | $ | 173 | $ | 173 | $ | — | $ | — | $ | 97 | $ | 97 | ||||||||||||||||
Other assets (b) | — | — | 24 | 24 | — | — | 21 | 21 |
(b)Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. |
Three Months Ended March 31 | ||||||||||||||
(Dollars in Millions) | 2024 | 2023 | ||||||||||||
Loans(a) | $ | 67 | $ | 142 | ||||||||||
Other assets(b) | 2 | 1 |
Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
Loans (a) | $ | 71 | $ | 2 | $ | 281 | $ | 35 | ||||||||
Other assets (b) | 1 | 1 | 2 | 12 |
U.S. Bancorp |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||
(Dollars in Millions) | Fair Value Carrying Amount | Contractual Principal Outstanding | Carrying Amount Over (Under) Contractual Principal Outstanding | Fair Value Carrying Amount | Contractual Principal Outstanding | Carrying Amount Over (Under) Contractual Principal Outstanding | ||||||||||||||
Total loans(a) | $ | 1,885 | $ | 1,880 | $ | 5 | $ | 2,011 | $ | 1,994 | $ | 17 | ||||||||
Time deposits | 4,668 | 4,680 | (12) | 2,818 | 2,822 | (4) |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
(Dollars in Millions) | Fair Value Carrying Amount | Contractual Principal Outstanding | Carrying Amount Over (Under) Contractual Principal Outstanding | Fair Value Carrying Amount | Contractual Principal Outstanding | Carrying Amount Over (Under) Contractual Principal Outstanding | ||||||||||||||||||||||
Total loans (a) | $ | 2,263 | $ | 2,266 | $ | (3 | ) | $ | 1,849 | $ | 1,848 | $ | 1 | |||||||||||||||
Time deposits | 444 | 445 | (1 | ) | — | — | — |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 76,985 | $ | 76,985 | $ | — | $ | — | $ | 76,985 | $ | 61,192 | $ | 61,192 | $ | — | $ | — | $ | 61,192 | ||||||||||||
Federal funds sold and securities purchased under resale agreements | 3,788 | — | 3,788 | — | 3,788 | 2,543 | — | 2,543 | — | 2,543 | ||||||||||||||||||||||
Investment securities held-to-maturity | 82,948 | 1,303 | 69,846 | — | 71,149 | 84,045 | 1,310 | 72,778 | — | 74,088 | ||||||||||||||||||||||
Loans held for sale(a) | 195 | — | — | 195 | 195 | 190 | — | — | 190 | 190 | ||||||||||||||||||||||
Loans | 367,074 | — | — | 358,357 | 358,357 | 366,456 | — | — | 362,849 | 362,849 | ||||||||||||||||||||||
Other(b) | 2,140 | — | 1,588 | 552 | 2,140 | 2,377 | — | 1,863 | 514 | 2,377 | ||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||
Time deposits(c) | 51,395 | — | 51,568 | — | 51,568 | 49,455 | — | 49,607 | — | 49,607 | ||||||||||||||||||||||
Short-term borrowings(d) | 14,843 | — | 14,549 | — | 14,549 | 12,976 | — | 12,729 | — | 12,729 | ||||||||||||||||||||||
Long-term debt | 52,693 | — | 50,805 | — | 50,805 | 51,480 | — | 49,697 | — | 49,697 | ||||||||||||||||||||||
Other(e) | 5,176 | — | 1,341 | 3,835 | 5,176 | 5,432 | — | 1,406 | 4,026 | 5,432 |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||
Financial Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 64,354 | $ | 64,354 | $ | — | $ | — | $ | 64,354 | $ | 53,542 | $ | 53,542 | $ | — | $ | — | $ | 53,542 | ||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 1,847 | — | 1,847 | — | 1,847 | 356 | — | 356 | — | 356 | ||||||||||||||||||||||||||||||||||||||||||
Investment securities held-to-maturity | 85,342 | 1,283 | 69,076 | — | 70,359 | 88,740 | 1,293 | 76,581 | — | 77,874 | ||||||||||||||||||||||||||||||||||||||||||
Loans held for sale (a) | 73 | — | — | 73 | 73 | 351 | — | — | 351 | 351 | ||||||||||||||||||||||||||||||||||||||||||
Loans | 368,016 | — | — | 356,814 | 356,814 | 381,277 | — | — | 368,874 | 368,874 | ||||||||||||||||||||||||||||||||||||||||||
Other (b) | 2,369 | — | 1,710 | 659 | 2,369 | 2,962 | — | 2,224 | 738 | 2,962 | ||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits (c) | 53,100 | — | 52,934 | — | 52,934 | 32,946 | — | 32,338 | — | 32,338 | ||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings (d) | 19,947 | — | 19,612 | — | 19,612 | 29,527 | — | 29,145 | — | 29,145 | ||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 43,074 | — | 40,377 | — | 40,377 | 39,829 | — | 37,622 | — | 37,622 | ||||||||||||||||||||||||||||||||||||||||||
Other (d) | 5,196 | — | 1,314 | 3,882 | 5,196 | 5,137 | — | 1,500 | 3,637 | 5,137 |
(b)Includes investments in Federal Reserve Bank and Federal Home Loan Bank stock and tax-advantaged investments. (c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected. (d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. (e)Includes operating lease liabilities and liabilities related to tax-advantaged investments. |
U.S. Bancorp |
NOTE 15 | Guarantees and Contingent Liabilities |
(Dollars in Millions) | Collateral Held | Carrying Amount | Maximum Potential Future Payments | |||||||||||
Standby letters of credit | $ | — | $ | 21 | $ | 11,114 | ||||||||
Securities lending indemnifications | 9,173 | — | 8,985 | |||||||||||
Asset sales | — | 99 | 9,881 | (a) | ||||||||||
Merchant processing | 802 | 64 | 140,347 | |||||||||||
Tender option bond program guarantee | 476 | — | 466 | |||||||||||
Other | — | 21 | 2,935 |
(Dollars in Millions) | Collateral Held | Carrying Amount | Maximum Potential Future Payments | |||||||||
Standby letters of credit | $ | — | $ | 22 | $ | 10,707 | ||||||
Third party borrowing arrangements | — | — | 11 | |||||||||
Securities lending indemnifications | 8,360 | — | 8,123 | |||||||||
Asset sales | — | 99 | 8,631 | (a) | ||||||||
Merchant processing | 883 | 82 | 148,691 | |||||||||
Tender option bond program guarantee | 941 | — | 997 | |||||||||
Other | — | 21 | 1,947 |
U.S. Bancorp | 65 |
U.S. Bancorp |
NOTE 16 | Business Segments |
U.S. Bancorp | 67 |
Wealth, Corporate, Commercial and Institutional Banking | Consumer and Business Banking | Payment Services | ||||||||||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 1,472 | $ | 1,439 | $ | 2,045 | $ | 1,693 | $ | 692 | $ | 629 | ||||||||||||||||||||
Noninterest income | 1,031 | 906 | 430 | 332 | 1,039 | (a) | 994 | (a) | ||||||||||||||||||||||||
Total net revenue | 2,503 | 2,345 | 2,475 | 2,025 | 1,731 | 1,623 | ||||||||||||||||||||||||||
Noninterest expense | 1,258 | 1,014 | 1,734 | 1,405 | 967 | 892 | ||||||||||||||||||||||||||
Income (loss) before provision and income taxes | 1,245 | 1,331 | 741 | 620 | 764 | 731 | ||||||||||||||||||||||||||
Provision for credit losses | 128 | 71 | 8 | 41 | 399 | 285 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 1,117 | 1,260 | 733 | 579 | 365 | 446 | ||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | 279 | 315 | 183 | 145 | 91 | 112 | ||||||||||||||||||||||||||
Net income (loss) | 838 | 945 | 550 | 434 | 274 | 334 | ||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | 838 | $ | 945 | $ | 550 | $ | 434 | $ | 274 | $ | 334 | ||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||
Loans | $ | 175,579 | $ | 154,473 | $ | 157,357 | $ | 142,640 | $ | 38,954 | $ | 35,819 | ||||||||||||||||||||
Other earning assets | 6,458 | 4,737 | 2,688 | 3,043 | 5 | 392 | ||||||||||||||||||||||||||
Goodwill | 4,638 | 3,612 | 4,515 | 3,241 | 3,333 | 3,292 | ||||||||||||||||||||||||||
Other intangible assets | 921 | 314 | 5,154 | 3,726 | 339 | 405 | ||||||||||||||||||||||||||
Assets | 203,784 | 174,077 | 174,788 | 158,057 | 44,774 | 42,053 | ||||||||||||||||||||||||||
Noninterest-bearing deposits | 66,083 | 77,471 | 25,590 | 30,829 | 2,796 | 3,312 | ||||||||||||||||||||||||||
Interest-bearing deposits | 206,622 | 178,080 | 196,374 | 161,778 | 101 | 171 | ||||||||||||||||||||||||||
Total deposits | 272,705 | 255,551 | 221,964 | 192,607 | 2,897 | 3,483 | ||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 22,831 | 18,334 | 15,763 | 12,431 | 9,442 | 8,255 | ||||||||||||||||||||||||||
Treasury and Corporate Support | Consolidated Company | |||||||||||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 59 | $ | 96 | $ | 4,268 | $ | 3,857 | ||||||||||||||||||||||||
Noninterest income | 264 | 237 | 2,764 | (b) | 2,469 | (b) | ||||||||||||||||||||||||||
Total net revenue | 323 | 333 | 7,032 | (c) | 6,326 | (c) | ||||||||||||||||||||||||||
Noninterest expense | 571 | 326 | 4,530 | 3,637 | ||||||||||||||||||||||||||||
Income (loss) before provision and income taxes | (248 | ) | 7 | 2,502 | 2,689 | |||||||||||||||||||||||||||
Provision for credit losses | (20 | ) | (35 | ) | 515 | 362 | ||||||||||||||||||||||||||
Income (loss) before income taxes | (228 | ) | 42 | 1,987 | 2,327 | |||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | (90 | ) | (61 | ) | 463 | 511 | ||||||||||||||||||||||||||
Net income (loss) | (138 | ) | 103 | 1,524 | 1,816 | |||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (1 | ) | (4 | ) | (1 | ) | (4 | ) | ||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | (139 | ) | $ | 99 | $ | 1,523 | $ | 1,812 | |||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||
Loans | $ | 4,987 | $ | 3,846 | $ | 376,877 | $ | 336,778 | ||||||||||||||||||||||||
Other earning assets | 219,217 | 196,716 | 228,368 | 204,888 | ||||||||||||||||||||||||||||
Goodwill | — | — | 12,486 | 10,145 | ||||||||||||||||||||||||||||
Other intangible assets | 11 | — | 6,425 | 4,445 | ||||||||||||||||||||||||||||
Assets | 240,653 | 214,577 | 663,999 | 588,764 | ||||||||||||||||||||||||||||
Noninterest-bearing deposits | 3,055 | 2,432 | 97,524 | 114,044 | ||||||||||||||||||||||||||||
Interest-bearing deposits | 11,670 | 2,696 | 414,767 | 342,725 | ||||||||||||||||||||||||||||
Total deposits | 14,725 | 5,128 | 512,291 | 456,769 | ||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 5,781 | 10,800 | 53,817 | 49,820 |
Wealth, Corporate, Commercial and Institutional Banking | Consumer and Business Banking | Payment Services | ||||||||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 1,265 | $ | 1,550 | $ | 2,014 | $ | 2,341 | $ | 735 | $ | 655 | ||||||||||||||||||||
Noninterest income | 1,113 | 1,020 | 423 | 401 | 980 | (a) | 937 | (a) | ||||||||||||||||||||||||
Total net revenue | 2,378 | 2,570 | 2,437 | 2,742 | 1,715 | 1,592 | ||||||||||||||||||||||||||
Noninterest expense | 1,372 | 1,340 | 1,580 | 1,707 | 1,025 | 959 | ||||||||||||||||||||||||||
Income (loss) before provision and income taxes | 1,006 | 1,230 | 857 | 1,035 | 690 | 633 | ||||||||||||||||||||||||||
Provision for credit losses | 138 | (26) | 55 | 7 | 359 | 220 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 868 | 1,256 | 802 | 1,028 | 331 | 413 | ||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | 217 | 314 | 201 | 258 | 83 | 103 | ||||||||||||||||||||||||||
Net income (loss) | 651 | 942 | 601 | 770 | 248 | 310 | ||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | 651 | $ | 942 | $ | 601 | $ | 770 | $ | 248 | $ | 310 | ||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||
Loans | $ | 170,965 | $ | 177,011 | $ | 154,933 | $ | 167,409 | $ | 39,803 | $ | 36,935 | ||||||||||||||||||||
Other earning assets | 8,740 | 6,027 | 1,879 | 2,179 | 153 | 302 | ||||||||||||||||||||||||||
Goodwill | 4,825 | 4,614 | 4,325 | 4,493 | 3,332 | 3,315 | ||||||||||||||||||||||||||
Other intangible assets | 1,059 | 1,034 | 4,696 | 5,594 | 300 | 385 | ||||||||||||||||||||||||||
Assets | 199,085 | 201,182 | 169,177 | 185,245 | 46,816 | 42,858 | ||||||||||||||||||||||||||
Noninterest-bearing deposits | 58,446 | 82,403 | 21,500 | 41,269 | 2,791 | 3,184 | ||||||||||||||||||||||||||
Interest-bearing deposits | 203,980 | 196,843 | 203,343 | 176,797 | 97 | 108 | ||||||||||||||||||||||||||
Total deposits | 262,426 | 279,246 | 224,843 | 218,066 | 2,888 | 3,292 | ||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 21,749 | 21,536 | 14,848 | 16,565 | 9,965 | 8,968 | ||||||||||||||||||||||||||
Treasury and Corporate Support | Consolidated Company | |||||||||||||||||||||||||||||||
(Dollars in Millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 1 | $ | 122 | $ | 4,015 | $ | 4,668 | ||||||||||||||||||||||||
Noninterest income | 184 | 149 | 2,700 | (b) | 2,507 | (b) | ||||||||||||||||||||||||||
Total net revenue | 185 | 271 | 6,715 | (c) | 7,175 | (c) | ||||||||||||||||||||||||||
Noninterest expense | 482 | 549 | 4,459 | 4,555 | ||||||||||||||||||||||||||||
Income (loss) before provision and income taxes | (297) | (278) | 2,256 | 2,620 | ||||||||||||||||||||||||||||
Provision for credit losses | 1 | 226 | 553 | 427 | ||||||||||||||||||||||||||||
Income (loss) before income taxes | (298) | (504) | 1,703 | 2,193 | ||||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | (124) | (186) | 377 | 489 | ||||||||||||||||||||||||||||
Net income (loss) | (174) | (318) | 1,326 | 1,704 | ||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (7) | (6) | (7) | (6) | ||||||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | (181) | $ | (324) | $ | 1,319 | $ | 1,698 | ||||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||
Loans | $ | 5,369 | $ | 5,395 | $ | 371,070 | $ | 386,750 | ||||||||||||||||||||||||
Other earning assets | 214,293 | 212,356 | 225,065 | 220,864 | ||||||||||||||||||||||||||||
Goodwill | — | — | 12,482 | 12,422 | ||||||||||||||||||||||||||||
Other intangible assets | 10 | 36 | 6,065 | 7,049 | ||||||||||||||||||||||||||||
Assets | 238,831 | 236,162 | 653,909 | 665,447 | ||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,050 | 2,885 | 84,787 | 129,741 | ||||||||||||||||||||||||||||
Interest-bearing deposits | 10,854 | 6,835 | 418,274 | 380,583 | ||||||||||||||||||||||||||||
Total deposits | 12,904 | 9,720 | 503,061 | 510,324 | ||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 9,105 | 5,598 | 55,667 | 52,667 |
Wealth, Corporate, Commercial and Institutional Banking | Consumer and Business Banking | Payment Services | ||||||||||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 4,691 | $ | 3,650 | $ | 6,413 | $ | 4,752 | $ | 1,991 | $ | 1,870 | ||||||||||||||||||||
Noninterest income | 3,122 | 2,672 | 1,256 | 1,177 | 3,027 | (a) | 2,844 | (a) | ||||||||||||||||||||||||
Total net revenue | 7,813 | 6,322 | 7,669 | 5,929 | 5,018 | 4,714 | ||||||||||||||||||||||||||
Noninterest expense | 3,844 | 3,020 | 5,295 | 4,210 | 2,795 | 2,601 | ||||||||||||||||||||||||||
Income (loss) before provision and income taxes | 3,969 | 3,302 | 2,374 | 1,719 | 2,223 | 2,113 | ||||||||||||||||||||||||||
Provision for credit losses | 264 | 180 | 30 | 15 | 933 | 636 | ||||||||||||||||||||||||||
Income (loss) before income taxes | 3,705 | 3,122 | 2,344 | 1,704 | 1,290 | 1,477 | ||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | 927 | 781 | 586 | 426 | 322 | 370 | ||||||||||||||||||||||||||
Net income (loss) | 2,778 | 2,341 | 1,758 | 1,278 | 968 | 1,107 | ||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | 2,778 | $ | 2,341 | $ | 1,758 | $ | 1,278 | $ | 968 | $ | 1,107 | ||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||
Loans | $ | 177,081 | $ | 145,594 | $ | 163,905 | $ | 141,276 | $ | 37,942 | $ | 33,820 | ||||||||||||||||||||
Other earning assets | 6,386 | 4,682 | 2,462 | 3,330 | 126 | 810 | ||||||||||||||||||||||||||
Goodwill | 4,634 | 3,638 | 4,512 | 3,248 | 3,328 | 3,312 | ||||||||||||||||||||||||||
Other intangible assets | 972 | 295 | 5,378 | 3,515 | 361 | 435 | ||||||||||||||||||||||||||
Assets | 203,358 | 163,392 | 181,595 | 156,904 | 43,928 | 40,536 | ||||||||||||||||||||||||||
Noninterest-bearing deposits | 74,003 | 84,200 | 33,638 | 30,722 | 3,052 | 3,459 | ||||||||||||||||||||||||||
Interest-bearing deposits | 198,702 | 169,892 | 185,476 | 162,528 | 104 | 166 | ||||||||||||||||||||||||||
Total deposits | 272,705 | 254,092 | 219,114 | 193,250 | 3,156 | 3,625 | ||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 22,246 | 17,758 | 16,236 | 12,324 | 9,181 | 8,129 | ||||||||||||||||||||||||||
Treasury and Corporate Support | Consolidated Company | |||||||||||||||||||||||||||||||
(Dollars in Millions) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||
Condensed Income Statement | ||||||||||||||||||||||||||||||||
Net interest income (taxable-equivalent basis) | $ | 290 | $ | 249 | $ | 13,385 | $ | 10,521 | ||||||||||||||||||||||||
Noninterest income | 592 | 720 | 7,997 | (b) | 7,413 | (b) | ||||||||||||||||||||||||||
Total net revenue | 882 | 969 | 21,382 | (c) | 17,934 | (c) | ||||||||||||||||||||||||||
Noninterest expense | 1,720 | 1,032 | 13,654 | 10,863 | ||||||||||||||||||||||||||||
Income (loss) before provision and income taxes | (838 | ) | (63 | ) | 7,728 | 7,071 | ||||||||||||||||||||||||||
Provision for credit losses | 536 | (46 | ) | 1,763 | 785 | |||||||||||||||||||||||||||
Income (loss) before income taxes | (1,374 | ) | (17 | ) | 5,965 | 6,286 | ||||||||||||||||||||||||||
Income taxes and taxable-equivalent adjustment | (467 | ) | (199 | ) | 1,368 | 1,378 | ||||||||||||||||||||||||||
Net income (loss) | (907 | ) | 182 | 4,597 | 4,908 | |||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (15 | ) | (8 | ) | (15 | ) | (8 | ) | ||||||||||||||||||||||||
Net income (loss) attributable to U.S. Bancorp | $ | (922 | ) | $ | 174 | $ | 4,582 | $ | 4,900 | |||||||||||||||||||||||
Average Balance Sheet | ||||||||||||||||||||||||||||||||
Loans | $ | 5,184 | $ | 4,041 | $ | 384,112 | $ | 324,731 | ||||||||||||||||||||||||
Other earning assets | 215,805 | 202,578 | 224,779 | 211,400 | ||||||||||||||||||||||||||||
Goodwill | — | — | 12,474 | 10,198 | ||||||||||||||||||||||||||||
Other intangible assets | 19 | — | 6,730 | 4,245 | ||||||||||||||||||||||||||||
Assets | 238,600 | 221,235 | 667,481 | 582,067 | ||||||||||||||||||||||||||||
Noninterest-bearing deposits | 2,863 | 2,512 | 113,556 | 120,893 | ||||||||||||||||||||||||||||
Interest-bearing deposits | 8,795 | 2,350 | 393,077 | 334,936 | ||||||||||||||||||||||||||||
Total deposits | 11,658 | 4,862 | 506,633 | 455,829 | ||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 5,777 | 12,593 | 53,440 | 50,804 |
U.S. Bancorp |
Subsequent Events |
U.S. Bancorp |
For the Three Months Ended March 31 | |||||||||||||||||||||||
2024 | 2023 | 2024 v 2023 | |||||||||||||||||||||
(Dollars in Millions) (Unaudited) | Average Balances | Interest | Yields and Rates | Average Balances | Interest | Yields and Rates | % Change Average Balances | ||||||||||||||||
Assets | |||||||||||||||||||||||
Investment securities | $ | 161,236 | $ | 1,194 | 2.96 | % | $ | 166,125 | $ | 1,094 | 2.64 | % | (2.9) | % | |||||||||
Loans held for sale | 2,002 | 37 | 7.32 | 2,461 | 31 | 5.10 | (18.7) | ||||||||||||||||
Loans(b) | |||||||||||||||||||||||
Commercial | 130,767 | 2,180 | 6.70 | 135,683 | 1,997 | 5.96 | (3.6) | ||||||||||||||||
Commercial real estate | 53,037 | 854 | 6.48 | 55,595 | 803 | 5.86 | (4.6) | ||||||||||||||||
Residential mortgages | 115,639 | 1,107 | 3.83 | 116,287 | 1,050 | 3.62 | (.6) | ||||||||||||||||
Credit card | 27,942 | 940 | 13.53 | 25,569 | 800 | 12.69 | 9.3 | ||||||||||||||||
Other retail | 43,685 | 642 | 5.91 | 53,616 | 642 | 4.86 | (18.5) | ||||||||||||||||
Total loans | 371,070 | 5,723 | 6.20 | 386,750 | 5,292 | 5.53 | (4.1) | ||||||||||||||||
Interest-bearing deposits with banks | 50,903 | 704 | 5.56 | 43,305 | 488 | 4.57 | 17.5 | ||||||||||||||||
Other earning assets | 10,924 | 137 | 5.05 | 8,973 | 94 | 4.23 | 21.7 | ||||||||||||||||
Total earning assets | 596,135 | 7,795 | 5.25 | 607,614 | 6,999 | 4.65 | (1.9) | ||||||||||||||||
Allowance for loan losses | (7,438) | (6,944) | 7.1 | ||||||||||||||||||||
Unrealized gain (loss) on investment securities | (7,121) | (7,519) | (5.3) | ||||||||||||||||||||
Other assets | 72,333 | 72,296 | .1 | ||||||||||||||||||||
Total assets | $ | 653,909 | $ | 665,447 | (1.7) | ||||||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||
Noninterest-bearing deposits | $ | 84,787 | $ | 129,741 | (34.6) | % | |||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||
Interest checking | 125,011 | 362 | 1.17 | 129,350 | 283 | .89 | (3.4) | ||||||||||||||||
Money market savings | 196,502 | 1,914 | 3.92 | 146,970 | 979 | 2.70 | 33.7 | ||||||||||||||||
Savings accounts | 41,645 | 26 | .25 | 68,827 | 13 | .07 | (39.5) | ||||||||||||||||
Time deposits | 55,116 | 582 | 4.25 | 35,436 | 230 | 2.64 | 55.5 | ||||||||||||||||
Total interest-bearing deposits | 418,274 | 2,884 | 2.77 | 380,583 | 1,505 | 1.60 | 9.9 | ||||||||||||||||
Short-term borrowings | |||||||||||||||||||||||
Federal funds purchased | 368 | 5 | 5.11 | 904 | 10 | 4.44 | (59.3) | ||||||||||||||||
Securities sold under agreements to repurchase | 4,847 | 57 | 4.69 | 2,481 | 19 | 3.11 | 95.4 | ||||||||||||||||
Commercial paper | 7,612 | 75 | 3.98 | 8,251 | 54 | 2.67 | (7.7) | ||||||||||||||||
Other short-term borrowings(c) | 3,537 | 134 | 15.28 | 24,831 | 367 | 6.00 | (85.8) | ||||||||||||||||
Total short-term borrowings | 16,364 | 271 | 6.66 | 36,467 | 450 | 5.01 | (55.1) | ||||||||||||||||
Long-term debt | 52,713 | 625 | 4.76 | 41,024 | 376 | 3.71 | 28.5 | ||||||||||||||||
Total interest-bearing liabilities | 487,351 | 3,780 | 3.12 | 458,074 | 2,331 | 2.06 | 6.4 | ||||||||||||||||
Other liabilities | 25,640 | 24,500 | 4.7 | ||||||||||||||||||||
Shareholders’ equity | |||||||||||||||||||||||
Preferred equity | 6,808 | 6,808 | — | ||||||||||||||||||||
Common equity | 48,859 | 45,859 | 6.5 | ||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 55,667 | 52,667 | 5.7 | ||||||||||||||||||||
Noncontrolling interests | 464 | 465 | (.2) | ||||||||||||||||||||
Total equity | 56,131 | 53,132 | 5.6 | ||||||||||||||||||||
Total liabilities and equity | $ | 653,909 | $ | 665,447 | (1.7) | ||||||||||||||||||
Net interest income | $ | 4,015 | $ | 4,668 | |||||||||||||||||||
Gross interest margin | 2.13 | % | 2.59 | % | |||||||||||||||||||
Gross interest margin without taxable-equivalent increments | 2.11 | % | 2.57 | % | |||||||||||||||||||
Percent of Earning Assets | |||||||||||||||||||||||
Interest income | 5.25 | % | 4.65 | % | |||||||||||||||||||
Interest expense | 2.55 | 1.55 | |||||||||||||||||||||
Net interest margin | 2.70 | % | 3.10 | % | |||||||||||||||||||
Net interest margin without taxable-equivalent increments | 2.68 | % | 3.08 | % |
For the Three Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 v 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) (Unaudited) | Average Balances | Interest | Yields and Rates | Average Balances | Interest | Yields and Rates | % Change Average Balances | |||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | $ | 163,236 | $ | 1,172 | 2.87 | % | $ | 164,851 | $ | 888 | 2.15 | % | (1.0 | )% | ||||||||||||||||||||||||||||||||||||||
Loans held for sale | 2,661 | 42 | 6.28 | 3,499 | 49 | 5.61 | (23.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loans (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 134,720 | 2,254 | 6.64 | 128,519 | 1,230 | 3.80 | 4.8 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 54,253 | 854 | 6.25 | 40,010 | 428 | 4.25 | 35.6 | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 114,627 | 1,078 | 3.76 | 84,018 | 687 | 3.27 | 36.4 | |||||||||||||||||||||||||||||||||||||||||||||
Credit card | 26,883 | 886 | 13.07 | 24,105 | 676 | 11.13 | 11.5 | |||||||||||||||||||||||||||||||||||||||||||||
Other retail | 46,394 | 642 | 5.49 | 60,126 | 592 | 3.91 | (22.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | 376,877 | 5,714 | 6.02 | 336,778 | 3,613 | 4.26 | 11.9 | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 53,100 | 742 | 5.55 | 29,130 | 151 | 2.05 | 82.3 | |||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 9,371 | 118 | 5.01 | 7,408 | 58 | 3.16 | 26.5 | |||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 605,245 | 7,788 | 5.12 | 541,666 | 4,759 | 3.50 | 11.7 | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (7,266 | ) | (5,885 | ) | (23.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | (8,241 | ) | (6,862 | ) | (20.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 74,261 | 59,845 | 24.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 663,999 | $ | 588,764 | 12.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 97,524 | $ | 114,044 | (14.5 | )% | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest checking | 132,560 | 370 | 1.11 | 113,364 | 54 | .19 | 16.9 | |||||||||||||||||||||||||||||||||||||||||||||
Money market savings | 177,340 | 1,638 | 3.66 | 125,389 | 350 | 1.11 | 41.4 | |||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 50,138 | 25 | .19 | 67,782 | 2 | .01 | (26.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 54,729 | 547 | 3.97 | 36,190 | 128 | 1.41 | 51.2 | |||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 414,767 | 2,580 | 2.47 | 342,725 | 534 | .62 | 21.0 | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 277 | 4 | 5.07 | 442 | 2 | 2.01 | (37.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 2,919 | 32 | 4.36 | 2,130 | 7 | 1.25 | 37.0 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | 7,558 | 73 | 3.85 | 7,301 | 18 | .99 | 3.5 | |||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 16,796 | 343 | 8.09 | 19,161 | 143 | 2.96 | (12.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total short-term borrowings | 27,550 | 452 | 6.50 | 29,034 | 170 | 2.33 | (5.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 43,826 | 488 | 4.42 | 31,814 | 198 | 2.47 | 37.8 | |||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 486,143 | 3,520 | 2.87 | 403,573 | 902 | .89 | 20.5 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 26,049 | 20,863 | 24.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred equity | 6,808 | 6,808 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common equity | 47,009 | 43,012 | 9.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 53,817 | 49,820 | 8.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 466 | 464 | .4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 54,283 | 50,284 | 8.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 663,999 | $ | 588,764 | 12.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 4,268 | $ | 3,857 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross interest margin | 2.25 | % | 2.61 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross interest margin without taxable-equivalent increments | 2.23 | % | 2.59 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Percent of Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 5.12 | % | 3.50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 2.31 | .67 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 2.81 | % | 2.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin without taxable-equivalent increments | 2.79 | % | 2.81 | % |
For the Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 v 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in Millions) (Unaudited) | Average Balances | Interest | Yields and Rates | Average Balances | Interest | Yields and Rates | % Change Average Balances | |||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | $ | 163,051 | $ | 3,364 | 2.75 | % | $ | 170,267 | $ | 2,449 | 1.92 | % | (4.2 | )% | ||||||||||||||||||||||||||||||||||||||
Loans held for sale | 2,564 | 111 | 5.77 | 4,214 | 163 | 5.17 | (39.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Loans (b) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 136,159 | 6,452 | 6.33 | 120,723 | 2,653 | 2.94 | 12.8 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 54,923 | 2,504 | 6.09 | 39,541 | 1,053 | 3.56 | 38.9 | |||||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 116,167 | 3,215 | 3.69 | 80,589 | 1,937 | 3.21 | 44.1 | |||||||||||||||||||||||||||||||||||||||||||||
Credit card | 26,171 | 2,508 | 12.81 | 22,907 | 1,827 | 10.66 | 14.2 | |||||||||||||||||||||||||||||||||||||||||||||
Other retail | 50,692 | 1,947 | 5.13 | 60,971 | 1,629 | 3.57 | (16.9 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Total loans | 384,112 | 16,626 | 5.78 | 324,731 | 9,099 | 3.74 | 18.3 | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 49,495 | 1,904 | 5.14 | 30,030 | 222 | .99 | 64.8 | |||||||||||||||||||||||||||||||||||||||||||||
Other earning assets | 9,669 | 344 | 4.76 | 6,889 | 125 | 2.43 | 40.4 | |||||||||||||||||||||||||||||||||||||||||||||
Total earning assets | 608,891 | 22,349 | 4.90 | 536,131 | 12,058 | 3.00 | 13.6 | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (7,094 | ) | (5,766 | ) | (23.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | (7,708 | ) | (6,229 | ) | (23.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 73,392 | 57,931 | 26.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 667,481 | $ | 582,067 | 14.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 113,556 | $ | 120,893 | (6.1 | )% | ||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest checking | 129,980 | 965 | .99 | 115,095 | 83 | .10 | 12.9 | |||||||||||||||||||||||||||||||||||||||||||||
Money market savings | 159,178 | 3,841 | 3.23 | 122,943 | 523 | .57 | 29.5 | |||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 59,251 | 61 | .14 | 67,632 | 6 | .01 | (12.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 44,668 | 1,157 | 3.46 | 29,266 | 179 | .82 | 52.6 | |||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 393,077 | 6,024 | 2.05 | 334,936 | 791 | .32 | 17.4 | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 475 | 16 | 4.63 | 770 | 4 | .65 | (38.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 2,873 | 84 | 3.91 | 2,035 | 9 | .62 | 41.2 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | 7,880 | 193 | 3.27 | 6,691 | 22 | .44 | 17.8 | |||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 28,136 | 1,351 | 6.42 | 14,329 | 213 | 1.99 | 96.4 | |||||||||||||||||||||||||||||||||||||||||||||
Total short-term borrowings | 39,364 | 1,644 | 5.58 | 23,825 | 248 | 1.40 | 65.2 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 42,551 | 1,296 | 4.07 | 32,055 | 498 | 2.07 | 32.7 | |||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 474,992 | 8,964 | 2.52 | 390,816 | 1,537 | .53 | 21.5 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 25,028 | 19,088 | 31.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred equity | 6,808 | 6,746 | .9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common equity | 46,632 | 44,058 | 5.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total U.S. Bancorp shareholders’ equity | 53,440 | 50,804 | 5.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests | 465 | 466 | (.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 53,905 | 51,270 | 5.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 667,481 | $ | 582,067 | 14.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 13,385 | $ | 10,521 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross interest margin | 2.38 | % | 2.47 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross interest margin without taxable-equivalent increments | 2.36 | % | 2.45 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Percent of Earning Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 4.90 | % | 3.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 1.96 | .38 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 2.94 | % | 2.62 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin without taxable-equivalent increments | 2.92 | % | 2.60 | % |
70 | U.S. Bancorp |
3.1 | |||||||||||
3.2 | |||||||||||
10.1 | |||||||||||
10.2 | |||||||||||
10.3 | |||||||||||
10.4 | |||||||||||
10.5 | |||||||||||
10.6 | |||||||||||
31.1 | |||||||||||
31.2 | |||||||||||
32 | |||||||||||
101 | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended | ||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101). |
U.S. Bancorp | 71 |
U.S. BANCORP | ||||||||||||
By: | ||||||||||||
/s/ | ||||||||||||
STARK | ||||||||||||
Dated: | Lisa R. Stark Controller (Principal Accounting Officer and Duly Authorized Officer) |
72 | U.S. Bancorp |