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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Income      
Loans $ 23,009 $ 22,324 $ 13,603
Loans held for sale 173 147 201
Investment securities 5,111 4,485 3,378
Other interest income 3,373 3,051 763
Total interest income 31,666 30,007 17,945
Interest Expense      
Deposits 11,688 8,775 1,872
Short-term borrowings 1,107 1,971 565
Long-term debt 2,582 1,865 780
Total interest expense 15,377 12,611 3,217
Net interest income 16,289 17,396 14,728
Provision for credit losses 2,238 2,275 1,977
Net interest income after provision for credit losses 14,051 15,121 12,751
Noninterest Income      
Card revenue 1,679 1,630 1,512
Corporate payment products revenue 773 759 698
Merchant processing services 1,714 1,659 1,579
Trust and investment management fees 2,660 2,459 2,209
Service charges 1,253 1,306 1,298
Commercial products revenue 1,523 1,372 1,105
Mortgage banking revenue 627 540 527
Investment products fees 330 279 235
Securities gains (losses), net (154) (145) 20
Other 641 758 273
Total noninterest income 11,046 10,617 9,456
Noninterest Expense      
Compensation and employee benefits 10,554 10,416 9,157
Net occupancy and equipment 1,246 1,266 1,096
Professional services 491 560 529
Marketing and business development 619 726 456
Technology and communications 2,074 2,049 1,726
Other intangibles 569 636 215
Merger and integration charges 155 1,009 329
Other 1,480 2,211 1,398
Total noninterest expense 17,188 18,873 14,906
Income before income taxes 7,909 6,865 7,301
Applicable income taxes 1,580 1,407 1,463
Net income (loss) 6,329 5,458 5,838
Net (income) loss attributable to noncontrolling interests (30) (29) (13)
Net income (loss) attributable to U.S. Bancorp 6,299 5,429 5,825
Net income applicable to U.S. Bancorp common shareholders 5,909 5,051 5,501
Net income applicable to U.S. Bancorp common shareholders, diluted $ 5,909 $ 5,051 $ 5,501
Earnings per common share (in dollars per share) $ 3.79 $ 3.27 $ 3.69
Diluted earnings per common share (in dollars per share) $ 3.79 $ 3.27 $ 3.69
Average common shares outstanding (in shares) 1,560 1,543 1,489
Average diluted common shares outstanding (in shares) 1,561 1,543 1,490