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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Income        
Loans $ 5,761 $ 5,605 $ 11,473 $ 10,882
Loans held for sale 41 38 78 69
Investment securities 1,294 1,077 2,469 2,151
Other interest income 889 806 1,729 1,388
Total interest income 7,985 7,526 15,749 14,490
Interest Expense        
Deposits 3,028 1,939 5,912 3,444
Short-term borrowings 296 740 566 1,189
Long-term debt 638 432 1,263 808
Total interest expense 3,962 3,111 7,741 5,441
Net interest income 4,023 4,415 8,008 9,049
Provision for credit losses 568 821 1,121 1,248
Net interest income after provision for credit losses 3,455 3,594 6,887 7,801
Noninterest Income        
Card revenue 428 422 820 782
Corporate payment products revenue 195 190 379 379
Merchant processing services 454 436 855 823
Trust and investment management fees 649 621 1,290 1,211
Service charges 322 324 637 648
Commercial products revenue 374 358 762 692
Mortgage banking revenue 190 131 356 259
Investment products fees 82 68 159 136
Securities gains (losses), net (36) 3 (34) (29)
Other 157 173 291 332
Total noninterest income 2,815 2,726 5,515 5,233
Noninterest Expense        
Compensation and employee benefits 2,619 2,646 5,310 5,292
Net occupancy and equipment 316 316 612 637
Professional services 116 141 226 275
Marketing and business development 158 122 294 244
Technology and communications 509 522 1,016 1,025
Other intangibles 142 159 288 319
Merger and integration charges 0 310 155 554
Other 354 353 772 778
Total noninterest expense 4,214 4,569 8,673 9,124
Income before income taxes 2,056 1,751 3,729 3,910
Applicable income taxes 445 382 792 837
Net income 1,611 1,369 2,937 3,073
Net (income) loss attributable to noncontrolling interests (8) (8) (15) (14)
Net income attributable to U.S. Bancorp 1,603 1,361 2,922 3,059
Net income applicable to U.S. Bancorp common shareholders 1,518 1,281 2,727 2,873
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,518 $ 1,281 $ 2,727 $ 2,873
Earnings per common share (in dollars per share) $ 0.97 $ 0.84 $ 1.75 $ 1.87
Diluted earnings per common share (in dollars per share) $ 0.97 $ 0.84 $ 1.75 $ 1.87
Average common shares outstanding (in shares) 1,560 1,533 1,560 1,532
Average diluted common shares outstanding (in shares) 1,561 1,533 1,560 1,533