U.S. Bancorp (USB) 8-K Results of Operations and Financial Condition

Supplemental Consolidated Schedules

First Quarter2024

QUARTERLY CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
Interest Income
Loans	$5,712	$5,742	$5,700	$5,605	$5,277
Loans held for sale	37	36	42	38	31
Investment securities	1,175	1,182	1,152	1,077	1,074
Other interest income	840	803	860	806	582
Total interest income	7,764	7,763	7,754	7,526	6,964
Interest Expense
Deposits	2,884	2,751	2,580	1,939	1,505
Short-term borrowings	270	332	450	740	449
Long-term debt	625	569	488	432	376
Total interest expense	3,779	3,652	3,518	3,111	2,330
Net interest income	3,985	4,111	4,236	4,415	4,634
Provision for credit losses	553	512	515	821	427
Net interest income after provision for credit losses	3,432	3,599	3,721	3,594	4,207
Noninterest Income
Card revenue	392	436	412	422	360
Corporate payment products revenue	184	182	198	190	189
Merchant processing services	401	409	427	436	387
Trust and investment management fees	641	621	627	621	590
Service charges	315	324	334	324	324
Commercial products revenue	388	326	354	358	334
Mortgage banking revenue	166	137	144	131	128
Investment products fees	77	73	70	68	68
Securities gains (losses), net	2	(116)	—	3	(32)
Other	134	228	198	173	159
Total noninterest income	2,700	2,620	2,764	2,726	2,507
Noninterest Expense
Compensation and employee benefits	2,691	2,509	2,615	2,646	2,646
Net occupancy and equipment	296	316	313	316	321
Professional services	110	158	127	141	134
Marketing and business development	136	306	176	122	122
Technology and communications	507	513	511	522	503
Other intangibles	146	156	161	159	160
Merger and integration charges	155	171	284	310	244
Other	418	1,090	343	353	425
Total noninterest expense	4,459	5,219	4,530	4,569	4,555
Income before income taxes	1,673	1,000	1,955	1,751	2,159
Applicable income taxes	347	139	431	382	455
Net income	1,326	861	1,524	1,369	1,704
Net (income) loss attributable to noncontrolling interests	(7)	(14)	(1)	(8)	(6)
Net income attributable to U.S. Bancorp	$1,319	$847	$1,523	$1,361	$1,698
Net income applicable to U.S. Bancorp common shareholders	$1,209	$766	$1,412	$1,281	$1,592
Earnings per common share	$.78	$.49	$.91	$.84	$1.04
Diluted earnings per common share	$.78	$.49	$.91	$.84	$1.04
Dividends declared per common share	$.49	$.49	$.48	$.48	$.48
Average common shares outstanding	1,559	1,557	1,548	1,533	1,532
Average diluted common shares outstanding	1,559	1,558	1,549	1,533	1,532
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)	2.70	2.78	2.81	2.90	3.10
Return on average assets	.81	.52	.91	.81	1.03
Return on average common equity	10.0	6.4	11.9	10.9	14.1
Efficiency ratio	66.4	75.9	64.4	63.7	63.2

2

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
Assets	(Unaudited)		(Unaudited)	(Unaudited)	(Unaudited)
Cash and due from banks	$76,985	$61,192	$64,354	$70,642	$67,228
Investment securities
Held-to-maturity	82,948	84,045	85,342	86,938	88,462
Available-for-sale	72,426	69,706	67,207	69,221	65,491
Loans held for sale	2,080	2,201	2,336	2,361	2,381
Loans
Commercial	134,726	131,881	133,319	136,775	137,326
Commercial real estate	52,677	53,455	54,131	54,357	55,158
Residential mortgages	116,079	115,530	115,055	114,449	116,948
Credit card	27,844	28,560	27,080	26,626	25,489
Other retail	43,262	44,409	45,649	47,221	52,945
Total loans	374,588	373,835	375,234	379,428	387,866
Less allowance for loan losses	(7,514)	(7,379)	(7,218)	(7,164)	(7,020)
Net loans	367,074	366,456	368,016	372,264	380,846
Premises and equipment	3,537	3,623	3,616	3,695	3,735
Goodwill	12,479	12,489	12,472	12,486	12,560
Other intangible assets	6,031	6,084	6,435	6,634	6,883
Other assets	60,046	57,695	58,261	56,584	54,791
Total assets	$683,606	$663,491	$668,039	$680,825	$682,377
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$91,220	$89,989	$98,006	$104,996	$124,595
Interest-bearing	436,843	422,323	420,352	416,604	380,744
Total deposits	528,063	512,312	518,358	521,600	505,339
Short-term borrowings	17,102	15,279	21,900	32,334	56,875
Long-term debt	52,693	51,480	43,074	45,283	42,045
Other liabilities	29,715	28,649	31,129	28,124	24,664
Total liabilities	627,573	607,720	614,461	627,341	628,923
Shareholders' equity
Preferred stock	6,808	6,808	6,808	6,808	6,808
Common stock	21	21	21	21	21
Capital surplus	8,642	8,673	8,684	8,742	8,699
Retained earnings	74,473	74,026	74,023	73,355	72,807
Less treasury stock	(24,023)	(24,126)	(24,168)	(25,189)	(25,193)
Accumulated other comprehensive income (loss)	(10,353)	(10,096)	(12,255)	(10,718)	(10,153)
Total U.S. Bancorp shareholders' equity	55,568	55,306	53,113	53,019	52,989
Noncontrolling interests	465	465	465	465	465
Total equity	56,033	55,771	53,578	53,484	53,454
Total liabilities and equity	$683,606	$663,491	$668,039	$680,825	$682,377

3

CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
(Dollars in Millions, Unaudited)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
Assets
Investment securities	$161,236	$161,885	$163,236	$159,824	$166,125
Loans held for sale	2,002	2,154	2,661	2,569	2,461
Loans
Commercial
Commercial	126,602	126,884	130,415	133,697	131,227
Lease financing	4,165	4,212	4,305	4,388	4,456
Total commercial	130,767	131,096	134,720	138,085	135,683
Commercial real estate
Commercial mortgages	41,545	42,089	42,665	43,214	43,627
Construction and development	11,492	11,736	11,588	11,720	11,968
Total commercial real estate	53,037	53,825	54,253	54,934	55,595
Residential mortgages	115,639	115,196	114,627	117,606	116,287
Credit card	27,942	27,753	26,883	26,046	25,569
Other retail
Retail leasing	4,082	4,167	4,436	4,829	5,241
Home equity and second mortgages	12,983	12,977	12,809	12,753	12,774
Other	26,620	27,842	29,149	34,564	35,601
Total other retail	43,685	44,986	46,394	52,146	53,616
Total loans	371,070	372,856	376,877	388,817	386,750
Interest-bearing deposits with banks	50,903	47,532	53,100	51,972	43,305
Other earning assets	10,924	9,817	9,371	10,657	8,973
Total earning assets	596,135	594,244	605,245	613,839	607,614
Allowance for loan losses	(7,438)	(7,270)	(7,266)	(7,068)	(6,944)
Unrealized gain (loss) on investment securities	(7,121)	(8,806)	(8,241)	(7,356)	(7,519)
Other assets	72,333	73,280	74,261	73,597	72,296
Total assets	$653,909	$651,448	$663,999	$673,012	$665,447
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$84,787	$90,590	$97,524	$113,758	$129,741
Interest-bearing deposits
Interest checking	125,011	127,445	132,560	127,994	129,350
Money market savings	196,502	187,322	177,340	152,893	146,970
Savings accounts	41,645	44,728	50,138	58,993	68,827
Time deposits	55,116	52,697	54,729	43,627	35,436
Total interest-bearing deposits	418,274	412,192	414,767	383,507	380,583
Short-term borrowings	16,364	18,645	27,550	54,172	36,467
Long-term debt	52,713	48,863	43,826	42,771	41,024
Total interest-bearing liabilities	487,351	479,700	486,143	480,450	458,074
Other liabilities	25,640	26,379	26,049	24,517	24,500
Shareholders' equity
Preferred equity	6,808	6,808	6,808	6,808	6,808
Common equity	48,859	47,506	47,009	47,014	45,859
Total U.S. Bancorp shareholders' equity	55,667	54,314	53,817	53,822	52,667
Noncontrolling interests	464	465	466	465	465
Total equity	56,131	54,779	54,283	54,287	53,132
Total liabilities and equity	$653,909	$651,448	$663,999	$673,012	$665,447

4

CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)
		For the Three Months Ended March 31,
		2024				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	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	%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

5

CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)
		For the Three Months Ended
	March 31, 2024				December 31, 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	%	$161,885	$1,202	2.97	%		(.4)	%
Loans held for sale	2,002	37	7.32		2,154	36	6.69			(7.1)
Loans (b)
Commercial	130,767	2,180	6.70		131,096	2,210	6.69			(.3)
Commercial real estate	53,037	854	6.48		53,825	880	6.49			(1.5)
Residential mortgages	115,639	1,107	3.83		115,196	1,090	3.78			.4
Credit card	27,942	940	13.53		27,753	921	13.17			.7
Other retail	43,685	642	5.91		44,986	652	5.75			(2.9)
Total loans	371,070	5,723	6.20		372,856	5,753	6.13			(.5)
Interest-bearing deposits with banks	50,903	704	5.56		47,532	677	5.65			7.1
Other earning assets	10,924	137	5.05		9,817	127	5.12			11.3
Total earning assets	596,135	7,795	5.25		594,244	7,795	5.22			.3
Allowance for loan losses	(7,438)				(7,270)					(2.3)
Unrealized gain (loss) on investment securities	(7,121)				(8,806)					19.1
Other assets	72,333				73,280					(1.3)
Total assets	$653,909				$651,448					.4
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$84,787				$90,590					(6.4)	%
Interest-bearing deposits
Interest checking	125,011	362	1.17		127,445	369	1.15			(1.9)
Money market savings	196,502	1,914	3.92		187,322	1,813	3.84			4.9
Savings accounts	41,645	26	.25		44,728	29	.26			(6.9)
Time deposits	55,116	582	4.25		52,697	540	4.06			4.6
Total interest-bearing deposits	418,274	2,884	2.77		412,192	2,751	2.65			1.5
Short-term borrowings	16,364	271	6.66		18,645	333	7.09			(12.2)
Long-term debt	52,713	625	4.76		48,863	569	4.62			7.9
Total interest-bearing liabilities	487,351	3,780	3.12		479,700	3,653	3.02			1.6
Other liabilities	25,640				26,379					(2.8)
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	48,859				47,506					2.8
Total U.S. Bancorp shareholders' equity	55,667				54,314					2.5
Noncontrolling interests	464				465					(.2)
Total equity	56,131				54,779					2.5
Total liabilities and equity	$653,909				$651,448					.4
Net interest income		$4,015				$4,142
Gross interest margin			2.13	%			2.20	%
Gross interest margin without taxable-equivalent increments			2.11				2.18
Percent of Earning Assets
Interest income			5.25	%			5.22	%
Interest expense			2.55				2.44
Net interest margin			2.70	%			2.78	%
Net interest margin without taxable-equivalent increments			2.68	%			2.76	%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

6

LOAN PORTFOLIO
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
(Dollars in Millions) (Unaudited)	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total
Commercial
Commercial	$130,530	34.8	$127,676	34.2	$129,040	34.4	$132,374	34.9	$132,894	34.3
Lease financing	4,196	1.2	4,205	1.1	4,279	1.1	4,401	1.2	4,432	1.1
Total commercial	134,726	36.0	131,881	35.3	133,319	35.5	136,775	36.1	137,326	35.4
Commercial real estate
Commercial mortgages	41,157	11.0	41,934	11.2	42,473	11.3	42,775	11.3	43,549	11.2
Construction and
development	11,520	3.1	11,521	3.1	11,658	3.1	11,582	3.0	11,609	3.0
Total commercial
real estate	52,677	14.1	53,455	14.3	54,131	14.4	54,357	14.3	55,158	14.2
Residential mortgages
Residential mortgages	109,396	29.2	108,605	29.0	107,875	28.8	107,017	28.2	109,246	28.2
Home equity loans, first
liens	6,683	1.8	6,925	1.9	7,180	1.9	7,432	2.0	7,702	2.0
Total residential
mortgages	116,079	31.0	115,530	30.9	115,055	30.7	114,449	30.2	116,948	30.2
Credit card	27,844	7.4	28,560	7.6	27,080	7.2	26,626	7.0	25,489	6.6
Other retail
Retail leasing	4,137	1.1	4,135	1.1	4,271	1.2	4,637	1.2	5,017	1.3
Home equity and second
mortgages	12,932	3.5	13,056	3.5	12,879	3.4	12,799	3.4	12,720	3.3
Revolving credit	3,473	.9	3,668	1.0	3,766	1.0	3,797	1.0	3,720	.9
Installment	13,921	3.7	13,889	3.7	14,145	3.8	14,452	3.8	14,357	3.7
Automobile	8,799	2.3	9,661	2.6	10,588	2.8	11,536	3.0	17,131	4.4
Total other retail	43,262	11.5	44,409	11.9	45,649	12.2	47,221	12.4	52,945	13.6
Total loans	$374,588	100.0	$373,835	100.0	$375,234	100.0	$379,428	100.0	$387,866	100.0

7

Supplemental Business Line Schedules

First Quarter2024

WEALTH, CORPORATE, COMMERCIAL AND

INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING

PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,265		$1,304		$1,343		$1,427		$1,550
Noninterest Income
Card revenue	—		—		—		—		—
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	640		620		627		621		590
Service charges	135		128		129		135		129
Commercial products revenue	208		152		154		203		185
Mortgage banking revenue	—		—		—		—		—
Investment products fees	77		73		70		68		68
Securities gains (losses), net	—		—		—		—		—
Other	53		51		54		48		48
Total noninterest income	1,113		1,024		1,034		1,075		1,020
Total net revenue	2,378		2,328		2,377		2,502		2,570
Noninterest Expense
Compensation and employee benefits	567		534		543		544		532
Net occupancy and equipment	39		37		37		38		37
Other intangibles	52		55		57		57		61
Net shared services	513		491		495		549		516
Other	201		225		183		179		194
Total noninterest expense	1,372		1,342		1,315		1,367		1,340
Income before provision and income taxes	1,006		986		1,062		1,135		1,230
Provision for Credit Losses	138		70		128		162		(26)
Income before income taxes	868		916		934		973		1,256
Income taxes and taxable-equivalent adjustment	217		229		234		244		314
Net income	651		687		700		729		942
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$651		$687		$700		$729		$942
FINANCIAL RATIOS
Return on average assets	1.32	%	1.36	%	1.36	%	1.43	%	1.90	%
Net interest margin (taxable-equivalent basis)	2.83		2.89		2.93		3.09		3.43
Efficiency ratio	57.7		57.6		55.3		54.6		52.1

9

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$112,952		$113,294		$117,187		$120,875		$119,345
Commercial real estate	38,026		38,375		38,512		38,561		38,819
Residential mortgages	14,586		14,482		14,236		13,608		12,997
Credit card	—		—		—		—		—
Other retail	5,401		5,610		5,698		5,730		5,850
Total loans	170,965		171,761		175,633		178,774		177,011
Other Earning Assets	8,740		7,288		6,459		6,672		6,027
Total earning assets	179,705		179,049		182,092		185,446		183,038
Non-earning Assets
Goodwill	4,825		4,825		4,638		4,651		4,614
Other intangible assets	1,059		1,112		921		962		1,034
Other non-earning assets	13,496		15,368		16,190		14,134		12,496
Total non-earning assets	19,380		21,305		21,749		19,747		18,144
Total assets	199,085		200,354		203,841		205,193		201,182
Deposits
Noninterest-bearing deposits	58,446		62,057		66,042		73,683		82,403
Interest checking	49,720		50,189		52,102		49,598		51,638
Savings products	143,275		141,275		141,983		130,191		130,609
Time deposits	10,985		11,199		12,704		12,894		14,596
Total deposits	262,426		264,720		272,831		266,366		279,246
Other Interest-bearing Liabilities	15,159		13,837		12,842		13,353		12,898
Other Noninterest-bearing Liabilities	10,060		11,969		12,877		11,794		11,097
Total liabilities	287,645		290,526		298,550		291,513		303,241
Total U.S. Bancorp Shareholders' Equity	21,749		22,699		22,835		22,360		21,536
Noncontrolling Interests	—		—		—		—		—
Total Equity	21,749		22,699		22,835		22,360		21,536
NET INTEREST SPREADS (%)
Total earning assets	1.16		1.17		1.16		1.19		1.20
Total assets	.60		.57		.60		.72		.79
Total deposits	3.06		3.10		3.07		3.15		3.08
Total liabilities	3.04		3.09		3.05		3.11		3.04
CREDIT QUALITY
Net Charge-offs
Commercial	$51		$28		$42		$35		$9
Commercial real estate	13		71		49		12		(4)
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	1		—		1		—		—
Total net charge-offs	$65		$99		$92		$47		$5
Net Charge-off Ratios
Commercial	.18	%	.10	%	.14	%	.12	%	.03	%
Commercial real estate	.14		.73		.50		.12		(.04)
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	.07		—		.07		—		—
Total net charge-offs	.15	%	.23	%	.21	%	.11	%	.01	%
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Nonperforming Assets
Nonperforming loans	$1,292		$937		$830		$604		$599
Other nonperforming assets	1		1		1		—		—
Total nonperforming assets	$1,293		$938		$831		$604		$599

10

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
OTHER INFORMATION
Average Loan Balances
Commercial real estate division	$45,642	$46,288	$46,591	$46,816	$46,505
Global markets & specialized finance	14,088	14,585	14,997	15,316	15,233
Middle market	28,696	28,715	29,763	30,609	31,544
Wealth management	27,155	27,350	27,136	26,924	26,688
Corporate banking and other	55,384	54,823	57,146	59,109	57,041
Total	$170,965	$171,761	$175,633	$178,774	$177,011
Average Deposit Balances
Commercial real estate division	$15,180	$16,265	$16,471	$16,407	$17,370
Global markets & specialized finance	65,196	63,430	64,393	61,518	64,107
Middle market	39,831	39,890	40,414	41,394	44,918
Wealth management	38,104	37,833	37,005	37,131	39,155
Corporate banking and other	104,115	107,302	114,548	109,916	113,696
Total	$262,426	$264,720	$272,831	$266,366	$279,246
Total Noninterest Income
Trust and investment management fees
Wealth management	$165	$158	$157	$161	$159
U.S. Bancorp Asset Management	61	57	59	59	56
Global corporate trust & custody	262	258	259	251	235
Fund services	142	138	141	142	134
Other	10	9	11	8	6
Global capital markets	242	192	195	220	206
Treasury management	135	128	129	135	129
All other noninterest income	96	84	83	99	95
Total noninterest income	$1,113	$1,024	$1,034	$1,075	$1,020
Assets Under Management by Category *
Equity	$70,924	$66,344	$67,371	$63,958	$63,547
Fixed income	212,045	200,607	201,045	204,257	196,711
Money market	155,774	154,250	148,593	140,366	127,134
Other	33,421	33,134	31,212	30,674	32,244
Total	$472,164	$454,335	$448,221	$439,255	$419,636
* Amounts reported reflect end of month balances reported on a one month lag.

11

CONSUMER AND BUSINESS BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$2,014		$2,095		$2,206		$2,279		$2,341
Noninterest Income
Card revenue	3		3		4		2		2
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	1		1		—		—		—
Service charges	178		194		203		187		193
Commercial products revenue	6		5		5		7		7
Mortgage banking revenue	166		137		144		161		128
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	69		70		78		74		71
Total noninterest income	423		410		434		431		401
Total net revenue	2,437		2,505		2,640		2,710		2,742
Noninterest Expense
Compensation and employee benefits	560		553		577		589		586
Net occupancy and equipment	147		153		153		154		152
Other intangibles	67		72		75		74		71
Net shared services	654		675		684		760		722
Other	152		181		178		173		176
Total noninterest expense	1,580		1,634		1,667		1,750		1,707
Income before provision and income taxes	857		871		973		960		1,035
Provision for Credit Losses	55		49		8		15		7
Income before income taxes	802		822		965		945		1,028
Income taxes and taxable-equivalent adjustment	201		206		241		236		258
Net income	601		616		724		709		770
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$601		$616		$724		$709		$770
FINANCIAL RATIOS
Return on average assets	1.43	%	1.42	%	1.64	%	1.54	%	1.69	%
Net interest margin (taxable-equivalent basis)	5.17		5.26		5.47		5.39		5.60
Efficiency ratio	64.8		65.2		63.1		64.6		62.3

12

CONSUMER AND BUSINESS BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$3,915		$3,875		$4,134		$4,231		$3,857
Commercial real estate	12,034		12,303		12,554		12,835		13,002
Residential mortgages	100,918		100,574		100,246		103,847		103,134
Credit card	—		—		—		—		—
Other retail	38,066		39,148		40,387		46,083		47,416
Total loans	154,933		155,900		157,321		166,996		167,409
Other Earning Assets	1,879		2,170		2,688		2,512		2,179
Total earning assets	156,812		158,070		160,009		169,508		169,588
Non-earning Assets
Goodwill	4,325		4,328		4,515		4,531		4,493
Other intangible assets	4,696		4,926		5,155		5,393		5,594
Other non-earning assets	3,344		4,486		5,073		5,369		5,570
Total non-earning assets	12,365		13,740		14,743		15,293		15,657
Total assets	169,177		171,810		174,752		184,801		185,245
Deposits
Noninterest-bearing deposits	21,500		23,481		25,598		34,235		41,269
Interest checking	74,267		76,180		79,384		76,609		75,284
Savings products	92,674		89,481		84,216		80,514		83,900
Time deposits	36,402		34,605		32,679		25,796		17,613
Total deposits	224,843		223,747		221,877		217,154		218,066
Other Interest-bearing Liabilities	1,118		1,231		1,238		1,229		1,279
Other Noninterest-bearing Liabilities	2,117		2,288		2,420		2,630		2,725
Total liabilities	228,078		227,266		225,535		221,013		222,070
Total U.S. Bancorp Shareholders' Equity	14,848		15,368		15,760		16,385		16,565
Noncontrolling Interests	—		—		—		—		—
Total Equity	14,848		15,368		15,760		16,385		16,565
NET INTEREST SPREADS (%)
Total earning assets	1.33		1.33		1.32		1.33		1.40
Total assets	.96		.92		.90		.94		1.00
Total deposits	4.75		4.89		5.07		5.21		5.10
Total liabilities	4.71		4.85		5.02		5.15		5.04
CREDIT QUALITY
Net Charge-offs
Commercial	$14		$13		$17		$9		$9
Commercial real estate	1		—		(1)		—		—
Residential mortgages	—		(1)		(3)		(3)		(1)
Credit card	—		—		—		—		—
Other retail	53		52		44		27		34
Total net charge-offs	$68		$64		$57		$33		$42
Net Charge-off Ratios
Commercial	1.44	%	1.33	%	1.63	%	.85	%	.95	%
Commercial real estate	.03		—		(.03)		—		—
Residential mortgages	—		—		(.01)		(.01)		—
Credit card	—		—		—		—		—
Other retail	.56		.53		.43		.24		.29
Total net charge-offs	.18	%	.16	%	.14	%	.08	%	.10	%
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Nonperforming Assets
Nonperforming loans	$380		$387		$363		$392		$496
Other nonperforming assets	25		26		26		25		23
Total nonperforming assets	$405		$413		$389		$417		$519

13

CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing	$4,082	$4,167	$4,436	$4,829	$5,241
Home equity and second mortgages	10,471	10,421	10,238	10,107	10,058
Other	23,513	24,560	25,713	31,147	32,117
Total other retail	$38,066	$39,148	$40,387	$46,083	$47,416
Home equity first lien*	$6,107	$6,332	$6,573	$6,822	$7,079
Home equity loans	1,913	1,812	1,665	1,503	1,367
Home equity lines	8,558	8,609	8,573	8,604	8,691
Total home equity	$16,578	$16,753	$16,811	$16,929	$17,137
Net Charge-off Ratios (%)
Retail leasing	.49	.19	.18	.08	.08
Home equity and second mortgages	—	(.04)	.08	(.04)	—
Other	.82	.82	.62	.35	.42
Total other retail	.56	.53	.43	.24	.29
Retail Credit Production
Indirect loan/lease production volume	$1,569	$1,072	$1,090	$1,588	$1,665
Direct branch loan/line production volume	1,382	1,336	1,575	1,570	1,300
Other production volume	375	256	308	250	307
Total retail credit production volume	$3,326	$2,664	$2,973	$3,408	$3,272
Branch and ATM Data
# of branches	2,256	2,274	2,280	2,304	2,462
# of U.S. Bank ATMs	4,522	4,524	4,520	4,514	4,519
* Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles.

14

CONSUMER AND BUSINESS BANKING						Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024	December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales (a)	$69	$46		$70		$81		$44
Loan servicing	180	180		176		187		190
Mortgage servicing rights fair value changes
net of economic hedges (b)	(2)	4		(3)		(1)		(11)
Other changes in mortgage servicing rights fair value (c)	(81)	(93)		(99)		(106)		(95)
Total mortgage banking revenue	$166	$137		$144		$161		$128
Mortgage production volume	$7,129	$7,405		$9,493		$11,560		$9,889
Mortgage application volume	$12,531	$9,535		$12,947		$15,841		$16,077
Mortgages serviced for others (d)(e)	$232,907	$233,382		$232,263		$251,572		$245,617
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of March 31, 2024, was as follows:
(Dollars in Millions)		HFA (f)		Government		Conventional (g)		Total
Servicing portfolio (h)		$49,275		$25,961		$150,250		$225,486
Fair value		$809		$521		$2,132		$3,462
Value (bps) (i)		164		201		142		154
Weighted-average servicing fees (bps)		36		44		26		30
Multiple (value/servicing fees)		4.60		4.51		5.52		5.11
Weighted-average note rate		4.66	%	4.27	%	3.85	%	4.08	%
Weighted-average age (in years)		4.4		5.7		4.5		4.6
Weighted-average expected prepayment (constant prepayment rate)		10.2	%	10.7	%	8.8	%	9.3	%
Weighted-average expected life (in years)		7.2		6.6		7.1		7.1
Weighted-average option adjusted spread (j)		5.4	%	5.9	%	4.6	%	5.0	%
(a)Origination and sales revenue recorded based on estimated number of applications that will close. (b)Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes. (c)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. (d)Amounts reported reflect end of period balances. (e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset. (f)Represents Housing Finance Agency division. (g)Represents loans primarily sold to government-sponsored enterprises. (h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset. (i)Calculated as fair value divided by the servicing portfolio. (j)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.

15

PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$735		$709		$691		$646		$655
Noninterest Income
Card revenue	389		433		408		420		358
Corporate payment products revenue	184		182		198		190		189
Merchant processing services	401		409		427		436		387
Trust and investment management fees	—		—		—		—		—
Service charges	—		—		—		—		—
Commercial products revenue	—		—		—		—		—
Mortgage banking revenue	—		—		—		—		—
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	6		5		6		5		3
Total noninterest income	980		1,029		1,039		1,051		937
Total net revenue	1,715		1,738		1,730		1,697		1,592
Noninterest Expense
Compensation and employee benefits	248		236		236		235		232
Net occupancy and equipment	10		10		10		10		9
Other intangibles	27		29		29		28		28
Net shared services	507		506		510		481		470
Other	233		252		234		205		220
Total noninterest expense	1,025		1,033		1,019		959		959
Income before provision and income taxes	690		705		711		738		633
Provision for Credit Losses	359		461		399		314		220
Income before income taxes	331		244		312		424		413
Income taxes and taxable-equivalent adjustment	83		61		78		106		103
Net income	248		183		234		318		310
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$248		$183		$234		$318		$310
FINANCIAL RATIOS
Return on average assets	2.13	%	1.60	%	2.07	%	2.89	%	2.93	%
Net interest margin (taxable-equivalent basis)	7.40		7.02		7.04		6.82		7.13
Efficiency ratio	59.8		59.4		58.9		56.5		60.2

16

PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$11,705		$12,121		$11,899		$11,691		$11,183
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	27,942		27,753		26,883		26,046		25,569
Other retail	156		165		172		176		183
Total loans	39,803		40,039		38,954		37,913		36,935
Other Earning Assets	153		10		5		74		302
Total earning assets	39,956		40,049		38,959		37,987		37,237
Non-earning Assets
Goodwill	3,332		3,325		3,333		3,330		3,315
Other intangible assets	300		319		339		359		385
Other non-earning assets	3,228		1,680		2,143		2,452		1,921
Total non-earning assets	6,860		5,324		5,815		6,141		5,621
Total assets	46,816		45,373		44,774		44,128		42,858
Deposits
Noninterest-bearing deposits	2,791		2,772		2,796		3,179		3,184
Interest checking	—		—		—		—		—
Savings products	96		98		100		103		107
Time deposits	1		1		1		1		1
Total deposits	2,888		2,871		2,897		3,283		3,292
Other Interest-bearing Liabilities	304		253		308		457		304
Other Noninterest-bearing Liabilities	6,275		4,675		4,974		5,301		4,656
Total liabilities	9,467		7,799		8,179		9,041		8,252
Total U.S. Bancorp Shareholders' Equity	9,965		9,695		9,442		9,127		8,968
Noncontrolling Interests	—		—		—		—		—
Total Equity	9,965		9,695		9,442		9,127		8,968
NET INTEREST SPREADS (%)
Total earning assets	6.46		6.11		6.16		5.97		6.26
Total assets	4.73		4.80		4.72		4.49		4.89
Total deposits	5.99		5.94		5.89		5.74		5.17
Total liabilities	5.31		5.39		5.29		4.84		4.77
CREDIT QUALITY
Net Charge-offs
Commercial	$51		$44		$37		$35		$29
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	296		255		220		199		175
Other retail	1		1		1		1		1
Total net charge-offs	$348		$300		$258		$235		$205
Net Charge-off Ratios
Commercial	1.75	%	1.44	%	1.23	%	1.20	%	1.05	%
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	4.26		3.65		3.25		3.06		2.78
Other retail	2.58		2.40		2.31		2.28		2.22
Total net charge-offs	3.52	%	2.97	%	2.63	%	2.49	%	2.25	%
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Nonperforming Assets
Nonperforming loans	$—		$—		$—		$—		$1
Other nonperforming assets	—		—		—		—		—
Total nonperforming assets	$—		$—		$—		$—		$1

17

PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
OTHER INFORMATION
Total Noninterest Income
Retail payment solutions	$390	$436	$410	$422	$360
Corporate payment systems	188	184	201	193	191
Global merchant acquiring	402	409	428	436	386
Total	$980	$1,029	$1,039	$1,051	$937
Payment Volumes
Retail payment solutions (Issuing)
Credit card	$33,683	$35,604	$34,526	$34,924	$32,221
Debit and prepaid card	25,262	26,169	25,795	26,119	24,765
Total retail payment solutions	$58,945	$61,773	$60,321	$61,043	$56,986
Corporate payment systems (issuing)	$21,477	$21,012	$22,925	$22,126	$21,778
Merchant volume (acquiring)	$137,552	$135,727	$144,558	$145,376	$132,817
# of merchant transactions	1,930,302,342	2,002,532,119	2,094,366,023	2,040,006,881	1,817,229,245

18

TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1	$34	$28	$97	$122
Noninterest Income
Card revenue	—	—	—	—	—
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	—	—	—	—	—
Service charges	2	2	2	2	2
Commercial products revenue	174	169	195	148	142
Mortgage banking revenue	—	—	—	(30)	—
Investment products fees	—	—	—	—	—
Securities gains (losses), net	2	(116)	—	3	(32)
Other	6	102	60	46	37
Total noninterest income	184	157	257	169	149
Total net revenue	185	191	285	266	271
Noninterest Expense
Compensation and employee benefits	1,316	1,186	1,259	1,278	1,296
Net occupancy and equipment	100	116	113	114	123
Other intangibles	—	—	—	—	—
Net shared services	(1,674)	(1,672)	(1,689)	(1,790)	(1,708)
Other	740	1,580	846	891	838
Total noninterest expense	482	1,210	529	493	549
Income (loss) before provision and income taxes	(297)	(1,019)	(244)	(227)	(278)
Provision for Credit Losses	1	(68)	(20)	330	226
Income (loss) before income taxes	(298)	(951)	(224)	(557)	(504)
Income taxes and taxable-equivalent adjustment	(124)	(326)	(90)	(170)	(186)
Net income (loss)	(174)	(625)	(134)	(387)	(318)
Net (income) loss attributable to noncontrolling interests	(7)	(14)	(1)	(8)	(6)
Net income (loss) attributable to U.S. Bancorp	($181)	($639)	($135)	($395)	($324)
FINANCIAL RATIOS (%)
Return on average assets	nm	nm	nm	nm	nm
Net interest margin (taxable-equivalent basis)	nm	nm	nm	nm	nm
Efficiency ratio	nm	nm	nm	nm	nm

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TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$2,195	$1,806	$1,500	$1,288	$1,298
Commercial real estate	2,977	3,147	3,187	3,538	3,774
Residential mortgages	135	140	145	151	156
Credit card	—	—	—	—	—
Other retail	62	63	137	157	167
Total loans	5,369	5,156	4,969	5,134	5,395
Other Earning Assets	214,293	211,920	219,216	215,764	212,356
Total earning assets	219,662	217,076	224,185	220,898	217,751
Non-earning Assets
Goodwill	—	—	—	—	—
Other intangible assets	10	10	10	10	36
Other non-earning assets	19,159	16,825	16,437	17,982	18,375
Total non-earning assets	19,169	16,835	16,447	17,992	18,411
Total assets	238,831	233,911	240,632	238,890	236,162
Deposits
Noninterest-bearing deposits	2,050	2,280	3,088	2,661	2,885
Interest checking	1,024	1,076	1,074	1,787	2,428
Savings products	2,102	1,196	1,179	1,078	1,181
Time deposits	7,728	6,892	9,345	4,936	3,226
Total deposits	12,904	11,444	14,686	10,462	9,720
Other Interest-bearing Liabilities	52,496	52,187	56,988	81,904	63,010
Other Noninterest-bearing Liabilities	7,188	7,447	5,778	4,792	6,022
Total liabilities	72,588	71,078	77,452	97,158	78,752
Total U.S. Bancorp Shareholders' Equity	9,105	6,552	5,780	5,950	5,598
Noncontrolling Interests	464	465	466	465	465
Total Equity	9,569	7,017	6,246	6,415	6,063
NET INTEREST SPREADS (%)
Total earning assets	nm	nm	nm	nm	nm
Total assets	nm	nm	nm	nm	nm
Total deposits	nm	nm	nm	nm	nm
Total liabilities	nm	nm	nm	nm	nm
CREDIT QUALITY
Net Charge-offs
Commercial	$—	$—	($4)	$11	$—
Commercial real estate	7	—	1	14	121
Residential mortgages	—	—	—	117	—
Credit card	—	—	—	—	—
Other retail	—	—	16	192	—
Total net charge-offs	$7	$—	$13	$334	$121
Net Charge-off Ratios (%)
Commercial	nm	nm	nm	nm	nm
Commercial real estate	nm	nm	nm	nm	nm
Residential mortgages	nm	nm	nm	nm	nm
Credit card	nm	nm	nm	nm	nm
Other retail	nm	nm	nm	nm	nm
Total net charge-offs	nm	nm	nm	nm	nm
	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023	March 31, 2023
Nonperforming Assets
Nonperforming loans	$69	$125	$74	$45	$43
Other nonperforming assets	19	18	16	19	19
Total nonperforming assets	$88	$143	$90	$64	$62

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