Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

Business segment results for the three months ended March 31 were as follows:


	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

(a)Presented net of related rewards and rebate costs and certain partner payments of $739 million and $717 million for the three months ended March 31, 2024 and 2023, respectively.

(b)Includes revenue generated from certain contracts with customers of $2.2 billion and $2.1 billion for the three months ended March 31, 2024 and 2023, respectively.

(c)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded $187 million and $183 million of revenue for the three months ended March 31, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.