U.S. Bancorp (Parent Company)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]


NOTE 24						U.S. Bancorp (Parent Company)

Condensed Balance Sheet


At December 31 (Dollars in Millions)	2024		2023
Assets
Due from banks, principally interest-bearing	$	9,377	$	11,585
Available-for-sale investment securities	649		662
Investments in bank subsidiaries	63,680		61,495
Investments in nonbank subsidiaries	4,031		3,884
Advances to bank subsidiaries	16,100		12,100
Advances to nonbank subsidiaries	401		159
Other assets	945		974
Total assets	$	95,183	$	90,859
Liabilities and Shareholders’ Equity
Long-term debt	$	35,257	$	34,332
Other liabilities	1,348		1,221
Shareholders’ equity	58,578		55,306
Total liabilities and shareholders’ equity	$	95,183	$	90,859

Condensed Income Statement


Year Ended December 31 (Dollars in Millions)	2024		2023		2022
Income
Dividends from bank subsidiaries	$	4,800	$	4,869	$	4,750
Dividends from nonbank subsidiaries	11		11		105
Interest from subsidiaries	1,224		606		119
Other income	24		51		31
Total income	6,059		5,537		5,005
Expense
Interest expense	1,663		1,336		505
Other expense	178		137		162
Total expense	1,841		1,473		667
Income before income taxes and equity in undistributed income of subsidiaries	4,218		4,064		4,338
Applicable income taxes	(95)		(170)		(138)
Income of parent company	4,313		4,234		4,476
Equity in undistributed income of subsidiaries	1,986		1,195		1,349
Net income attributable to U.S. Bancorp	$	6,299	$	5,429	$	5,825

Condensed Statement of Cash Flows


Year Ended December 31 (Dollars in Millions)	2024		2023		2022
Operating Activities
Net income attributable to U.S. Bancorp	$	6,299	$	5,429	$	5,825
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries	(1,986)		(1,195)		(1,349)
Other, net	385		83		(398)
Net cash provided by operating activities	4,698		4,317		4,078
Investing Activities
Proceeds from sales and maturities of investment securities	11		25		423
Investments in subsidiaries	—		—		(5,030)
Net (increase) decrease in short-term advances to subsidiaries	(242)		(9)		557
Long-term advances to subsidiaries	(5,500)		(7,500)		(2,000)
Principal collected on long-term advances to subsidiaries	1,500		4,500		2,500
Cash paid for acquisition	—		—		(5,500)
Other, net	16		172		(173)
Net cash used in investing activities	(4,215)		(2,812)		(9,223)
Financing Activities
Proceeds from issuance of long-term debt	6,516		8,150		8,150
Principal payments or redemption of long-term debt	(5,618)		(936)		(2,300)
Proceeds from issuance of preferred stock	—		—		437
Proceeds from issuance of common stock	32		951		21
Repurchase of preferred stock	—		—		(1,100)
Repurchase of common stock	(173)		(62)		(69)
Cash dividends paid on preferred stock	(356)		(341)		(299)
Cash dividends paid on common stock	(3,092)		(2,970)		(2,776)
Net cash provided by (used in) financing activities	(2,691)		4,792		2,064
Change in cash and due from banks	(2,208)		6,297		(3,081)
Cash and due from banks at beginning of year	11,585		5,288		8,369
Cash and due from banks at end of year	$	9,377	$	11,585	$	5,288

Transfer of funds (dividends, loans or advances) from bank subsidiaries to the Company is restricted. Federal law requires loans to the Company or its affiliates to be secured and generally limits loans to the Company or an individual affiliate to 10 percent of each bank’s unimpaired capital and surplus. In the aggregate, loans to the Company and all affiliates cannot exceed 20 percent of each bank’s unimpaired capital and surplus.

Dividend payments to the Company by its subsidiary bank are subject to regulatory review and statutory limitations and, in some instances, regulatory approval. In general, dividends by the Company’s bank subsidiary to the parent company are limited by rules which compare dividends to net income for regulatorily-defined periods. Furthermore, dividends are restricted by minimum capital constraints for all national banks.