Table 11

Line of Business Financial Performance


	Corporate and Commercial Banking								Consumer and Business Banking
Three Months Ended March 31 (Dollars in Millions)	2019			2018		Percent Change			2019		2018		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	725		$	722		.4	%	$	1,568	$	1,512		3.7	%
Noninterest income		210			207		1.4			533		571		(6.7	)
Securities gains (losses), net		–			–		–			–		–		–
Total net revenue		935			929		.6			2,101		2,083		.9
Noninterest expense		411			396		3.8			1,286		1,296		(.8	)
Other intangibles		1			1		–			5		7		(28.6	)
Total noninterest expense		412			397		3.8			1,291		1,303		(.9	)
Income before provision and income taxes		523			532		(1.7	)		810		780		3.8
Provision for credit losses		(11	)		14		*			70		55		27.3
Income before income taxes		534			518		3.1			740		725		2.1
Income taxes and taxable-equivalent adjustment		134			130		3.1			185		181		2.2
Net income		400			388		3.1			555		544		2.0
Net (income) loss attributable to noncontrolling interests		–			–		–			–		–		–
Net income attributable to U.S. Bancorp	$	400		$	388		3.1		$	555	$	544		2.0
Average Balance Sheet
Commercial	$	77,761		$	74,755		4.0	%	$	9,451	$	9,651		(2.1	)%
Commercial real estate		18,644			19,131		(2.5	)		16,005		16,419		(2.5	)
Residential mortgages		6			6		–			61,906		57,049		8.5
Credit card		–			–		–			–		–		–
Other retail		–			–		–			54,395		54,925		(1.0	)
Total loans, excluding covered loans		96,411			93,892		2.7			141,757		138,044		2.7
Covered loans		–			–		–			–		3,048		*
Total loans		96,411			93,892		2.7			141,757		141,092		.5
Goodwill		1,647			1,647		–			3,475		3,632		(4.3	)
Other intangible assets		9			12		(25.0	)		2,882		2,871		.4
Assets		105,144			102,582		2.5			154,743		155,488		(.5	)
Noninterest-bearing deposits		29,979			34,278		(12.5	)		26,570		27,210		(2.4	)
Interest checking		11,753			9,491		23.8			51,149		49,299		3.8
Savings products		41,145			43,926		(6.3	)		61,395		61,292		.2
Time deposits		18,195			16,522		10.1			14,798		12,570		17.7
Total deposits		101,072			104,217		(3.0	)		153,912		150,371		2.4
Total U.S. Bancorp shareholders’ equity		10,439			10,416		.2			11,747		11,842		(.8	)

*	Not meaningful

(a)

Presented net of related rewards and rebate costs and certain partner payments of $529 million and $534 million for the three months ended March 31, 2019 and 2018, respectively.

(b)

Includes revenue generated from certain contracts with customers of $1.7 billion and $1.8 billion for the three months ended March 31, 2019 and 2018, respectively.


Wealth Management and Investment Services							Payment Services									Treasury and Corporate Support									Consolidated Company
2019		2018		Percent Change			2019			2018			Percent Change			2019			2018			Percent Change			2019			2018			Percent Change

	$ 288	$	275		4.7	%	$	622		$	611			1.8	%	$	83		$	77			7.8	%	$	3,286		$	3,197			2.8	%
	430		431		(.2	)		853	(a)		848	(a)		.6			260			210			23.8			2,286	(b)		2,267	(b)		.8
	–		–		–			–			–			–			5			5			–			5			5			–
	718		706		1.7			1,475			1,459			1.1			348			292			19.2			5,577			5,469			2.0
	435		423		2.8			728			708			2.8			187			193			(3.1	)		3,047			3,016			1.0
	3		4		(25.0	)		31			27			14.8			–			–			–			40			39			2.6
	438		427		2.6			759			735			3.3			187			193			(3.1	)		3,087			3,055			1.0
	280		279		.4			716			724			(1.1	)		161			99			62.6			2,490			2,414			3.1
	(3)		1		*			286			272			5.1			35			(1	)		*			377			341			10.6
	283		278		1.8			430			452			(4.9	)		126			100			26.0			2,113			2,073			1.9
	71		70		1.4			108			113			(4.4	)		(93	)		(103	)		9.7			405			391			3.6
	212		208		1.9			322			339			(5.0	)		219			203			7.9			1,708			1,682			1.5
	–		–		–			–			–			–			(9	)		(7	)		(28.6	)		(9	)		(7	)		(28.6	)
	$ 212	$	208		1.9		$	322		$	339			(5.0	)	$	210		$	196			7.1		$	1,699		$	1,675			1.4

	$ 3,921	$	3,661		7.1	%	$	9,441		$	8,354			13.0	%	$	1,386		$	1,044			32.8	%	$	101,960		$	97,465			4.6	%
	504		511		(1.4	)		–			–			–			4,317			4,305			.3			39,470			40,366			(2.2	)
	3,670		3,113		17.9			–			–			–			–			6			*			65,582			60,174			9.0
	–		–		–			22,597			21,284			6.2			–			–			–			22,597			21,284			6.2
	1,730		1,699		1.8			376			424			(11.3	)		–			3			*			56,501			57,051			(1.0	)
	9,825		8,984		9.4			32,414			30,062			7.8			5,703			5,358			6.4			286,110			276,340			3.5
	–		–		–			–			–			–			–			–			–			–			3,048			*
	9,825		8,984		9.4			32,414			30,062			7.8			5,703			5,358			6.4			286,110			279,388			2.4
	1,617		1,619		(.1	)		2,814			2,542			10.7			–			–			–			9,553			9,440			1.2
	54		70		(22.9	)		513			396			29.5			–			–			–			3,458			3,349			3.3
	13,187		12,026		9.7			38,618			36,161			6.8			151,707			148,031			2.5			463,399			454,288			2.0
	13,293		14,361		(7.4	)		1,157			1,127			2.7			2,434			2,506			(2.9	)		73,433			79,482			(7.6	)
	9,175		11,525		(20.4	)		–			–			–			100			43			*			72,177			70,358			2.6
	41,127		41,747		(1.5	)		109			103			5.8			872			687			26.9			144,648			147,755			(2.1	)
	3,806		3,700		2.9			2			3			(33.3	)		8,307			4,190			98.3			45,108			36,985			22.0
	67,401		71,333		(5.5	)		1,268			1,233			2.8			11,713			7,426			57.7			335,366			334,580			.2
	2,515		2,451		2.6			7,024			6,621			6.1			19,864			17,495			13.5			51,589			48,825			5.7