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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest Income        
Loans $ 5,862 $ 5,700 $ 17,335 $ 16,582
Loans held for sale 45 42 123 111
Investment securities 1,316 1,152 3,785 3,303
Other interest income 863 860 2,592 2,248
Total interest income 8,086 7,754 23,835 22,244
Interest Expense        
Deposits 3,004 2,580 8,916 6,024
Short-term borrowings 284 450 850 1,639
Long-term debt 663 488 1,926 1,296
Total interest expense 3,951 3,518 11,692 8,959
Net interest income 4,135 4,236 12,143 13,285
Provision for credit losses 557 515 1,678 1,763
Net interest income after provision for credit losses 3,578 3,721 10,465 11,522
Noninterest Income        
Card revenue 426 412 1,246 1,194
Corporate payment products revenue 203 198 582 577
Merchant processing services 440 427 1,295 1,250
Trust and investment management fees 667 627 1,957 1,838
Service charges 302 334 939 982
Commercial products revenue 397 354 1,159 1,046
Mortgage banking revenue 155 144 511 403
Investment products fees 84 70 243 206
Securities gains (losses), net (119) 0 (153) (29)
Other 143 198 434 530
Total noninterest income 2,698 2,764 8,213 7,997
Noninterest Expense        
Compensation and employee benefits 2,637 2,615 7,947 7,907
Net occupancy and equipment 317 313 929 950
Professional services 130 127 356 402
Marketing and business development 165 176 459 420
Technology and communications 524 511 1,540 1,536
Other intangibles 142 161 430 480
Merger and integration charges 0 284 155 838
Other 289 343 1,061 1,121
Total noninterest expense 4,204 4,530 12,877 13,654
Income before income taxes 2,072 1,955 5,801 5,865
Applicable income taxes 350 431 1,142 1,268
Net income 1,722 1,524 4,659 4,597
Net (income) loss attributable to noncontrolling interests (8) (1) (23) (15)
Net income attributable to U.S. Bancorp 1,714 1,523 4,636 4,582
Net income applicable to U.S. Bancorp common shareholders 1,601 1,412 4,328 4,285
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,601 $ 1,412 $ 4,328 $ 4,285
Earnings per common share (in dollars per share) $ 1.03 $ 0.91 $ 2.77 $ 2.79
Diluted earnings per common share (in dollars per share) $ 1.03 $ 0.91 $ 2.77 $ 2.79
Average common shares outstanding (in shares) 1,561 1,548 1,560 1,538
Average diluted common shares outstanding (in shares) 1,561 1,549 1,561 1,538