Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

Business segment results for the three months ended June 30 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)	$	1,906	$	1,894	$	1,922		$	2,295		$	673		$	623
Noninterest income	1,131		1,071		413			431			1,094		(a)	1,050		(a)
Total net revenue	3,037		2,965		2,335			2,726			1,767			1,673
Noninterest expense	1,374		1,380		1,622			1,764			983			941
Income (loss) before provision and income taxes	1,663		1,585		713			962			784			732
Provision for credit losses	100		162		30			16			388			314
Income (loss) before income taxes	1,563		1,423		683			946			396			418
Income taxes and taxable-equivalent adjustment	391		356		171			237			99			105
Net income (loss)	1,172		1,067		512			709			297			313
Net (income) loss attributable to noncontrolling interests	—		—		—			—			—			—
Net income (loss) attributable to U.S. Bancorp	$	1,172	$	1,067	$	512		$	709		$	297		$	313

Average Balance Sheet
Loans	$	173,695	$	178,749	$	154,857		$	167,002		$	40,832		$	37,913
Other earning assets	9,590		6,671		2,278			2,512			115			74
Goodwill	4,824		4,651		4,326			4,530			3,327			3,331
Other intangible assets	1,007		962		4,734			5,393			281			359
Assets	203,201		205,169		168,634			184,804			46,099			44,126
Noninterest-bearing deposits	57,299		73,512		20,900			34,120			2,706			3,179
Interest-bearing deposits	216,293		195,333		202,967			180,239			97			104
Total deposits	273,592		268,845		223,867			214,359			2,803			3,283
Total U.S. Bancorp shareholders’ equity	21,481		22,359		14,553			16,386			9,941			9,127

	Treasury and Corporate Support				Consolidated Company
(Dollars in Millions)	2024		2023		2024			2023
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	(449)	$	(363)	$	4,052		$	4,449
Noninterest income	177		174		2,815		(b)	2,726		(b)
Total net revenue	(272)		(189)		6,867		(c)	7,175		(c)
Noninterest expense	235		484		4,214			4,569
Income (loss) before provision and income taxes	(507)		(673)		2,653			2,606
Provision for credit losses	50		329		568			821
Income (loss) before income taxes	(557)		(1,002)		2,085			1,785
Income taxes and taxable-equivalent adjustment	(187)		(282)		474			416
Net income (loss)	(370)		(720)		1,611			1,369
Net (income) loss attributable to noncontrolling interests	(8)		(8)		(8)			(8)
Net income (loss) attributable to U.S. Bancorp	$	(378)	$	(728)	$	1,603		$	1,361

Average Balance Sheet
Loans	$	5,301	$	5,153	$	374,685		$	388,817
Other earning assets	222,224		215,765		234,207			225,022
Goodwill	—		—		12,477			12,512
Other intangible assets	9		10		6,031			6,724
Assets	247,570		238,913		665,504			673,012
Noninterest-bearing deposits	2,513		2,947		83,418			113,758
Interest-bearing deposits	11,134		7,831		430,491			383,507
Total deposits	13,647		10,778		513,909			497,265
Total U.S. Bancorp shareholders’ equity	10,054		5,950		56,029			53,822

(a)Presented net of related rewards and rebate costs and certain partner payments of $776 million and $760 million for the three months ended June 30, 2024 and 2023, respectively.

(b)Includes revenue generated from certain contracts with customers of $2.3 billion and $2.2 billion for the three months ended June 30, 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 $195 million and $186 million of revenue for the three months ended June 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.

Business segment results for the six months ended June 30 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)	$	3,810	$	3,857	$	3,801		$	4,684		$	1,375		$	1,270
Noninterest income	2,244		2,090		836			831			2,073		(a)	1,987		(a)
Total net revenue	6,054		5,947		4,637			5,515			3,448			3,257
Noninterest expense	2,746		2,738		3,224			3,496			1,981			1,889
Income (loss) before provision and income taxes	3,308		3,209		1,413			2,019			1,467			1,368
Provision for credit losses	241		135		84			23			747			534
Income (loss) before income taxes	3,067		3,074		1,329			1,996			720			834
Income taxes and taxable-equivalent adjustment	767		769		333			500			180			209
Net income (loss)	2,300		2,305		996			1,496			540			625
Net (income) loss attributable to noncontrolling interests	—		—		—			—			—			—
Net income (loss) attributable to U.S. Bancorp	$	2,300	$	2,305	$	996		$	1,496		$	540		$	625

Average Balance Sheet
Loans	$	172,381	$	177,867	$	154,845		$	167,214		$	40,318		$	37,426
Other earning assets	9,164		6,349		2,078			2,346			134			187
Goodwill	4,825		4,633		4,326			4,512			3,329			3,323
Other intangible assets	1,033		998		4,714			5,492			291			372
Assets	201,196		203,168		168,854			185,032			46,458			43,492
Noninterest-bearing deposits	57,939		77,816		21,137			37,616			2,749			3,181
Interest-bearing deposits	212,068		197,372		201,131			177,227			97			106
Total deposits	270,007		275,188		222,268			214,843			2,846			3,287
Total U.S. Bancorp shareholders’ equity	21,619		21,949		14,699			16,476			9,953			9,048

	Treasury and Corporate Support				Consolidated Company
(Dollars in Millions)	2024		2023		2024			2023
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	(919)	$	(694)	$	8,067		$	9,117
Noninterest income	362		325		5,515		(b)	5,233		(b)
Total net revenue	(557)		(369)		13,582		(c)	14,350		(c)
Noninterest expense	722		1,001		8,673			9,124
Income (loss) before provision and income taxes	(1,279)		(1,370)		4,909			5,226
Provision for credit losses	49		556		1,121			1,248
Income (loss) before income taxes	(1,328)		(1,926)		3,788			3,978
Income taxes and taxable-equivalent adjustment	(429)		(573)		851			905
Net income (loss)	(899)		(1,353)		2,937			3,073
Net (income) loss attributable to noncontrolling interests	(15)		(14)		(15)			(14)
Net income (loss) attributable to U.S. Bancorp	$	(914)	$	(1,367)	$	2,922		$	3,059

Average Balance Sheet
Loans	$	5,334	$	5,282	$	372,878		$	387,789
Other earning assets	218,259		214,073		229,635			222,955
Goodwill	—		—		12,480			12,468
Other intangible assets	10		23		6,048			6,885
Assets	243,199		237,559		659,707			669,251
Noninterest-bearing deposits	2,277		3,092		84,102			121,705
Interest-bearing deposits	11,087		7,348		424,383			382,053
Total deposits	13,364		10,440		508,485			503,758
Total U.S. Bancorp shareholders’ equity	9,578		5,775		55,849			53,248

(a)Presented net of related rewards and rebate costs and certain partner payments of $1.5 billion for both the six months ended June 30, 2024 and 2023.

(b)Includes revenue generated from certain contracts with customers of $4.5 billion and $4.3 billion for the six months ended June 30, 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 $382 million and $369 million of revenue for the six months ended June 30, 2024 and 2023, respectively, primarily consisting of interest income on sales-type and direct financing leases.