Table of Contents
US BANCORP \DE\YesYesfalseQ30000036104--12-31http://fasb.org/us-gaap/2023#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2023#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2023#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2023#FeesAndCommissionsMortgageBankingAndServicinghttp://fasb.org/us-gaap/2023#ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTaxhttp://fasb.org/us-gaap/2023#ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTaxhttp://fasb.org/us-gaap/2023#ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTaxhttp://fasb.org/us-gaap/2023#ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTaxhttp://fasb.org/us-gaap/2023#NoninterestIncomehttp://fasb.org/us-gaap/2023#NoninterestIncomehttp://fasb.org/us-gaap/2023#NoninterestIncomehttp://fasb.org/us-gaap/2023#NoninterestIncomeIncludes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.The weighted-average maturity of total held-to-maturity investment securities was 9.2 years at December 31, 2022, with a corresponding weighted-average yield of 2.18 percent. The weighted-average maturity of total available-for-sale investment securities was 7.4 years at December 31, 2022, with a corresponding weighted-average yield of 2.94 percent.Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.Amortized cost excludes portfolio level basis adjustments of $(95) million.At September 30, 2023, $558 million of loans 30–89 days past due and $2.0 billion of loans 90 days or more past due purchased and that could be purchased from Government National Mortgage Association (“GNMA”) mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $647 million and $2.2 billion at December 31, 2022, respectively.Substantially all nonperforming loans at September 30, 2023 and December 31, 2022, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $5 million and $4 million for the three months ended September 30, 2023 and 2022, respectively, and $12 million for the nine months ended September 30, 2023 and 2022.The par value of all shares issued and outstanding at September 30, 2023 and December 31, 2022, was $1.00 per share.Classified rating on consumer loans primarily based on delinquency status.Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.At September 30, 2023, $263 million of loans 30-89 days past due and $64 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing administration or guaranteed by the United States Department of Veterans Affairs, were classified as current.Represents loans receiving a payment delay and term extension for three months ended September 30, 2023. Includes $7 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction, payment delay and term extension for the nine months ended September 30, 2023.Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to note 13.Includes $91 million of charge-offs in the first quarter of 2023 related to uncollectible amounts on acquired loans.Includes $192 million of charge-offs related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans.At September 30, 2023, $2.0 billion of GNMA loans 90 days or more past due and $963 million of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.2 billion and $1.0 billion at December 31, 2022, respectively.Determined based on the relative fair value of the related mortgage loans serviced.Determined based on the relative fair value of the related mortgage loans.Represents allowance for credit deteriorated and charged-off loans acquired from MUB.Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings.Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income. Includes an immaterial amount of revolving converted to term loans.Includes $126 million of total loans receiving a payment delay and term extension, $9 million of total loans receiving an interest rate reduction and term extension and $2 million of total loans receiving an interest rate reduction, payment delay and term extension for three months ended September 30, 2023. Includes $268 million of total loans receiving a payment delay and term extension, $14 million of total loans receiving an interest rate reduction and term extension and $7 million of total loans receiving an interest rate reduction, payment delay and term extension for nine months ended September 30, 2023.Represents $3.5 billion of noninterest-bearing additional cash held by MUB upon close of the acquisition to be delivered to MUFG on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the acquisition date, per authoritative accounting guidance.Includes $117 million of charge-offs related to balance sheet repositioning and capital management actions taken in the second quarter of 2023.Percent of class total amounts expressed as a percent of total residential mortgage loan balances. 0000036104 2023-01-01 2023-09-30 0000036104 2023-07-01 2023-09-30 0000036104 2022-07-01 2022-09-30 0000036104 2022-01-01 2022-09-30 0000036104 2023-09-30 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Table of Contents
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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form
10-Q
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from (not applicable)
Commission file number
1-6880
U.S. BANCORP
(Exact name of registrant as specified in its charter)
 
Delaware
 
41-0255900
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices, including zip code)
651-466-3000
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
 
Trading
symbols
 
Name of each exchange
on which registered
Common Stock, $.01 par value per share
  USB   New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrA   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrH   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrP   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series L
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrQ   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series M
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrR   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series O
Non-Cumulative
Perpetual Preferred Stock, par value $1.00)
  USB PrS   New York Stock Exchange
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024
  USB/24B   New York Stock Exchange
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.
YES ☑ NO ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
YES ☑ NO ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in
Rule 12b-2
of the Exchange Act.
 
Large accelerated filer    Accelerated filer ☐
Non-accelerated
filer ☐
  
Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).
YES ☐ NO
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
Class    Outstanding as of October 31, 2023
Common Stock, $0.01 Par Value    1,557,012,406
 
shares
 
 

Table of Contents
Table of Contents and
Form 10-Q
Cross Reference Index
 
Part I — Financial Information
    
       4  
       4  
       5  
       7  
       32  
       33  
       33  
       9  
       9  
       10  
       21  
       21  
       21  
       21  
       23  
       24  
       26  
       27  
       34  
Part II — Other Information
    
       82  
       82  
       82  
       82  
       83  
       84  
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
This quarterly report on
Form 10-Q
contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:
 
 
Deterioration in general business and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;
 
 
Turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital;
 
 
Increases in Federal Deposit Insurance Corporation (“FDIC”) assessments due to bank failures;
 
 
Actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions;
 
 
Changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to recent developments affecting the banking sector;
 
 
Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
 
U.S. Bancorp  
1

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Changes in interest rates;
 
 
Increases in unemployment rates;
 
 
Deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans;
 
 
Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;
 
 
Impacts of current, pending or future litigation and governmental proceedings;
 
 
Increased competition from both banks and
non-banks;
 
 
Effects of climate change and related physical and transition risks;
 
 
Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;
 
 
Breaches in data security;
 
 
Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties;
 
 
Failures to safeguard personal information;
 
 
Impacts of pandemics, including the
COVID-19
pandemic, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events;
 
 
Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
 
 
Failure to execute on strategic or operational plans;
 
 
Effects of mergers and acquisitions and related integration;
 
 
Effects of critical accounting policies and judgments;
 
 
Effects of changes in or interpretations of tax laws and regulations;
 
 
Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and
 
 
The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form
10-K
for the year ended December 31, 2022, and subsequent filings with the Securities and Exchange Commission.
In addition, U.S. Bancorp’s acquisition of MUFG Union Bank, N.A. (“MUB”) presents risks and uncertainties, including, among others: the risk that the cost savings, any revenue synergies and other anticipated benefits of the acquisition may not be realized or may take longer than anticipated to be realized; and the possibility that the combination of MUB with U.S. Bancorp, including the integration of MUB, may be more costly or difficult to complete than anticipated or have unanticipated adverse results.
In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
 
2
  U.S. Bancorp

Table of Contents
 Table 1
 
  Selected Financial Data
 
    Three Months Ended September 30      Nine Months Ended September 30  
(Dollars and Shares in Millions, Except Per Share Data)   2023     2022     Percent
Change
     2023      2022      Percent
Change
 
Condensed Income Statement
 
   
 
        
Net interest income
  $ 4,236     $ 3,827       10.7    $ 13,285      $ 10,435        27.3
Taxable-equivalent adjustment (a)
    32       30       6.7        100        86        16.3  
Net interest income (taxable-equivalent basis) (b)
    4,268       3,857       10.7        13,385        10,521        27.2  
Noninterest income
    2,764       2,469       11.9        7,997        7,413        7.9  
Total net revenue
    7,032       6,326       11.2        21,382        17,934        19.2  
Noninterest expense
    4,530       3,637       24.6        13,654        10,863        25.7  
Provision for credit losses
    515       362       42.3        1,763        785        *  
Income before taxes
    1,987       2,327       (14.6      5,965        6,286        (5.1
Income taxes and taxable-equivalent adjustment
    463       511       (9.4      1,368        1,378        (.7
Net income
    1,524       1,816       (16.1      4,597        4,908        (6.3
Net (income) loss attributable to noncontrolling interests
    (1     (4     75.0        (15      (8      (87.5
Net income attributable to U.S. Bancorp
  $ 1,523     $ 1,812       (15.9    $ 4,582      $ 4,900        (6.5
Net income applicable to U.S. Bancorp common shareholders
  $ 1,412     $ 1,718       (17.8    $ 4,285      $ 4,648        (7.8
Per Common Share
 
   
 
        
Earnings per share
  $ .91     $ 1.16       (21.6 )%     $ 2.79      $ 3.13        (10.9 )% 
Diluted earnings per share
    .91       1.16       (21.6      2.79        3.13        (10.9
Dividends declared per share
    .48       .48              1.44        1.40        2.9  
Book value per share (c)
    29.74       27.39       8.6           
Market value per share
    33.06       40.32       (18.0         
Average common shares outstanding
    1,548       1,486       4.2        1,538        1,485        3.6  
Average diluted common shares outstanding
    1,549       1,486       4.2        1,538        1,486        3.5  
Financial Ratios
     
 
        
Return on average assets
    .91     1.22  
 
     .92      1.13   
Return on average common equity
    11.9       15.8    
 
     12.3        14.1     
Net interest margin (taxable-equivalent basis) (a)
    2.81       2.83    
 
     2.94        2.62     
Efficiency ratio (b)
    64.4       57.5    
 
     63.8        60.7     
Net charge-offs as a percent of average loans outstanding
    .44       .19    
 
     .50        .20     
Average Balances
 
   
 
        
Loans
  $ 376,877     $ 336,778       11.9    $ 384,112      $ 324,731        18.3
Loans held for sale
    2,661       3,499       (23.9      2,564        4,214        (39.2
Investment securities (d)
    163,236       164,851       (1.0      163,051        170,267        (4.2
Earning assets
    605,245       541,666       11.7        608,891        536,131        13.6  
Assets
    663,999       588,764       12.8        667,481        582,067        14.7  
Noninterest-bearing deposits
    97,524       114,044       (14.5      113,556        120,893        (6.1
Deposits
    512,291       456,769       12.2        506,633        455,829        11.1  
Short-term borrowings
    27,550       29,034       (5.1      39,364        23,825        65.2  
Long-term debt
    43,826       31,814       37.8        42,551        32,055        32.7  
Total U.S. Bancorp shareholders’ equity
    53,817       49,820       8.0        53,440        50,804        5.2  
 
     September 30,
2023
    December 31,
2022
                            
Period End Balances
 
   
 
        
Loans
  $ 375,234     $ 388,213       (3.3 )%          
Investment securities
    152,549       161,650       (5.6         
Assets
    668,039       674,805       (1.0         
Deposits
    518,358       524,976       (1.3         
Long-term debt
    43,074       39,829       8.1           
Total U.S. Bancorp shareholders’ equity
    53,113       50,766       4.6           
Asset Quality
     
 
        
Nonperforming assets
  $ 1,310     $ 1,016       28.9         
Allowance for credit losses
    7,790       7,404       5.2           
Allowance for credit losses as a percentage of
period-end
loans
    2.08     1.91  
 
        
Capital Ratios
     
 
        
Common equity tier 1 capital
    9.7     8.4  
 
        
Tier 1 capital
    11.2       9.8    
 
        
Total risk-based capital
    13.4       11.9    
 
        
Leverage
    7.9       7.9    
 
        
Total leverage exposure
    6.4       6.4    
 
        
Tangible common equity to tangible assets (b)
    5.0       4.5    
 
        
Tangible common equity to risk-weighted assets (b)
    7.0       6.0    
 
        
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)
    9.5       8.1    
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
*
Not meaningful
(a)
Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes. 
(b)
See
Non-GAAP
Financial Measures beginning on page 32. 
(c)
Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period. 
(d)
Excludes unrealized gains and losses on
available-for-sale
investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from
available-for-sale
to
held-to-maturity. 
 
U.S. Bancorp  
3

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Management’s Discussion and Analysis
 
OVERVIEW
Earnings Summary
U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $1.5 billion for the third quarter of 2023, or $0.91 per diluted common share, compared with $1.8 billion, or $1.16 per diluted common share, for the third quarter of 2022. Return on average assets and return on average common equity were 0.91 percent and 11.9 percent, respectively, for the third quarter of 2023, compared with 1.22 percent and 15.8 percent, respectively, for the third quarter of 2022. The results for the third quarter of 2023 included the impact of $284 million of merger and integration-related charges associated with the acquisition of MUFG Union Bank, N.A. (“MUB”), which decreased diluted earnings per common share by $0.14.
Total net revenue for the third quarter of 2023 was $706 million (11.2 percent) higher than the third quarter of 2022, reflecting a 10.7 percent increase in net interest income and an 11.9 percent increase in noninterest income. The increase in net interest income from the third quarter of 2022 was primarily due to the impacts of rising interest rates on earning assets and the MUB acquisition. The increase in noninterest income reflected higher commercial products revenue, mortgage banking revenue, payment services revenue and trust and investment management fees.
Noninterest expense in the third quarter of 2023 was $893 million (24.6 percent) higher than the third quarter of 2022, reflecting merger and integration charges and operating expenses related to the MUB acquisition, including core deposit intangible amortization expense, as well as increases in compensation and employee benefits expense to support business growth.
The provision for credit losses for the third quarter of 2023 of $515 million was $153 million (42.3 percent) higher than the third quarter of 2022, driven by normalizing credit losses and commercial real estate credit quality. Net charge-offs in the third quarter of 2023 were $420 million, compared with $162 million in the third quarter of 2022. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
Net income attributable to U.S. Bancorp for the first nine months of 2023 was $4.6 billion, or $2.79 per diluted common share, compared with $4.9 billion, or $3.13 per diluted common share, for the first nine months of 2022. Return on average assets and return on average common equity were 0.92 percent and 12.3 percent, respectively, for the first nine months of 2023, compared with 1.13 percent and 14.1 percent, respectively, for the first nine months of 2022. The results for the first nine months of 2023 included the impact of $838 million of merger and integration-related charges, $243 million of provision for credit losses and an additional $22 million of losses related to balance sheet repositioning and capital management actions. Combined, these items decreased diluted earnings per common share by $0.53.
Total net revenue for the first nine months of 2023 was $3.4 billion (19.2 percent) higher than the first nine months of 2022, reflecting a 27.3 percent increase in net interest income (27.2 percent on a taxable-equivalent basis) and a 7.9 percent increase in noninterest income. The increase in net interest income from the first nine months of 2022 was primarily due to the impacts of rising interest rates on earning assets and the MUB acquisition. The increase in noninterest income reflected higher commercial products revenue, trust and investment management fees and payment services revenue, partially offset by losses on securities.
Noninterest expense in the first nine months of 2023 was $2.8 billion (25.7 percent) higher than the first nine months of 2022, reflecting merger and integration charges and operating expenses related to the MUB acquisition, including core deposit intangible amortization expense, as well as increases in compensation and employee benefits expense to support business growth.
The provision for credit losses for the first nine months of 2023 of $1.8 billion was $978 million higher than the first nine months of 2022, driven by the impacts of balance sheet repositioning and capital management actions, normalizing credit losses and increased economic uncertainty. Net charge-offs in the first nine months of 2023 were $1.4 billion, compared with $485 million in the first nine months of 2022. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and
 
4
  U.S. Bancorp

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other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
MUFG Union Bank Acquisition
 On December 1, 2022, the Company acquired MUB’s core regional banking franchise from Mitsubishi UFJ Financial Group, Inc. (“MUFG”). Pursuant to the terms of the Share Purchase Agreement, the Company acquired all of the issued and outstanding shares of common stock of MUB for a purchase price consisting of $5.5 billion in cash and approximately 44 million shares of the Company’s common stock. The Company also received additional MUB cash of $3.5 billion upon completion of the acquisition, which is required to be repaid to MUFG on or prior to the fifth anniversary date of the completion of the purchase. On August 3, 2023, the Company completed a debt/equity conversion with MUFG. As a result, the Company repaid $936 million of its debt obligation from the proceeds of the issuance of 24 million shares of common stock of the Company to an affiliate of MUFG (the “Debt/Equity Conversion”). After the Debt/Equity Conversion, the Company had a remaining repayment obligation of $2.6 billion. On May 26, 2023, the Company merged MUB into U.S. Bank National Association (“USBNA”), the Company’s primary banking subsidiary. The Company’s results for the third quarter and first nine months of 2023 reflect the full financial results of the acquired business.
STATEMENT OF INCOME ANALYSIS
Net Interest Income
Net interest income, on a taxable-equivalent basis, was $4.3 billion in the third quarter and $13.4 billion in the first nine months of 2023, representing increases of $411 million (10.7 percent) and $2.9 billion (27.2 percent), respectively, compared with the same periods of 2022. The increases were primarily due to the impact of rising interest rates on earning assets and the acquisition of MUB. Average earning assets for the third quarter and first nine months of 2023 were $63.6 billion (11.7 percent) and $72.8 billion (13.6 percent) higher, respectively, than the same periods of 2022, reflecting increases in loans and interest-bearing deposits with banks, partially offset by a decrease in investment securities. The net interest margin, on a taxable-equivalent basis, in the third quarter and first nine months of 2023 was 2.81 percent and 2.94 percent, respectively, compared with 2.83 percent and 2.62 percent in the third quarter and first nine months of 2022, respectively. The decrease in net interest margin in the third quarter of 2023, compared with the third quarter of 2022, was primarily due to the impact of deposit mix and pricing, partially offset by the impact of higher rates on earning assets and the acquisition of MUB. The increase in net interest margin in the first nine months of 2023, compared with the same period of the 2022, was primarily due to the impact of higher rates on earning assets and the acquisition of MUB, partially offset by the impact of deposit mix and pricing. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” table for further information on net interest income.
Average total loans in the third quarter and first nine months of 2023 were $40.1 billion (11.9 percent) and $59.4 billion (18.3 percent) higher, respectively, than the same periods of 2022. The increases were driven by growth in the Company’s legacy loan portfolio as well as balances from the MUB acquisition. Increases in residential mortgages, commercial real estate loans, commercial loans and credit card loans were partially offset by lower other retail loans. The increase in residential mortgages was driven by the impact related to the MUB acquisition, along with
on-balance
sheet loan activities and slower refinancing activity, partially offset by the impact of a sale of residential mortgages in the second quarter of 2023 as part of balance sheet repositioning and capital management actions. The increase in commercial loans was primarily due to higher utilization driven by working capital needs of corporate customers, slower payoffs given higher volatility in the capital markets, as well as core growth and the impact related to the MUB acquisition. The increase in commercial real estate loans was driven by the impact of the MUB acquisition, while the increase in credit cards loans was primarily driven by higher spend volume and lower payment rates. The decrease in other retail loans was driven by lower auto loans primarily due to balance sheet repositioning and capital management actions, along with lower installment loans and lower retail leasing balances, partially offset by higher home equity and second mortgages.
Average investment securities in the third quarter and first nine months of 2023 were $1.6 billion (1.0 percent) and $7.2 billion (4.2 percent) lower, respectively, than the same periods of 2022, driven by balance sheet repositioning and liquidity management in connection with the acquisition of MUB. The decrease from the prior year reflected sales of investment securities, partially offset by the impact of acquired MUB investment securities.
Average total deposits for the third quarter and first nine months of 2023 were $55.5 billion (12.2 percent) and $50.8 billion (11.1 percent) higher, respectively, than the same periods of 2022. Average total savings deposits for the third quarter and first nine months of 2023 were
 
U.S. Bancorp  
5

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 Table 2
 
  Noninterest Income
 
     Three Months Ended
September 30
     Nine Months Ended
September 30
 
(Dollars in Millions)    2023      2022      Percent
Change
     2023      2022      Percent
Change
 
Card revenue
   $ 412      $ 391        5.4    $ 1,194      $ 1,128        5.9
Corporate payment products revenue
     198        190        4.2        577        520        11.0  
Merchant processing services
     427        406        5.2        1,250        1,194        4.7  
Trust and investment management fees
     627        572        9.6        1,838        1,638        12.2  
Service charges
     334        317        5.4        982        984        (.2
Commercial products revenue
     354        285        24.2        1,046        841        24.4  
Mortgage banking revenue
     144        81        77.8        403        423        (4.7
Investment products fees
     70        56        25.0        206        177        16.4  
Securities gains (losses), net
            1        *        (29      38        *  
Other
     198        170        16.5        530        470        12.8  
Total noninterest income
   $ 2,764      $ 2,469        11.9    $ 7,997      $ 7,413        7.9
 
*
Not meaningful
 
$53.5 billion (17.5 percent) and $42.7 billion (14.0 percent) higher, respectively, than the same periods of 2022, driven by increases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances, including the impact of the MUB acquisition. Average time deposits for the third quarter and first nine months of 2023 were $18.5 billion (51.2 percent) and $15.4 billion (52.6 percent) higher, respectively, than the same periods of the prior year, mainly due to the acquisition of MUB and increases in Consumer and Business Banking balances, partially offset by decreases in Wealth, Corporate, Commercial and Institutional Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Average noninterest-bearing deposits for the third quarter and first nine months of 2023 were $16.5 billion (14.5 percent) and $7.3 billion (6.1 percent) lower, respectively, than the same periods of 2022, driven by decreases in Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by the impact of the MUB acquisition. Average noninterest-bearing deposits further decreased in the third quarter of 2023, compared with the third quarter of 2022, due to decreases in Consumer and Business Banking balances.
Provision for Credit Losses
The provision for credit losses was $515 million in the third quarter and $1.8 billion in the first nine months of 2023, representing increases of $153 million (42.3 percent) and $978 million, respectively, from the same periods of 2022. The increases were driven by normalizing credit losses, commercial real estate credit quality and increased economic uncertainty. The provision for credit losses further increased in the first nine months of 2023, compared with the same period of the prior year, due to the impact of balance sheet repositioning and capital management actions taken in the second quarter of 2023. Net charge-offs increased $258 million in the third quarter and $957 million in the first nine months of 2023, compared with the same periods of 2022, reflecting higher charge-offs in most loan categories consistent with normalizing credit conditions and adverse conditions in commercial real estate. In addition, net charge-offs were higher in the first nine months of 2023, compared with the first nine months of the prior year, due to charge-offs related to balance sheet repositioning and capital management actions, along with charge-offs in the first quarter of 2023 related to the uncollectible amount of acquired loans, which were considered purchased credit deteriorated as of the date of the MUB acquisition. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
Noninterest Income
Noninterest income was $2.8 billion in the third quarter and $8.0 billion in the first nine months of 2023, representing increases of $295 million (11.9 percent) and $584 million (7.9 percent), respectively, compared with the same periods of 2022. The increases over the prior year reflected stronger commercial products revenue, trust and investment management fees, payment services revenue and other noninterest income. The increase in noninterest income in the first nine months of 2023, compared with the same period of the prior year, was partially offset by losses on the sale of securities. Commercial products revenue increased primarily due to higher trading revenue, commercial loan fees, corporate bond fees and the acquisition of MUB. Trust and investment management fees increased primarily due to the acquisition of MUB and core business growth. Payment services revenue increased due to higher card revenue driven by higher spend volume and favorable rates, and increased merchant processing
 
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 Table 3
 
  Noninterest Expense
 
    Three Months Ended
September 30
            Nine Months Ended
September 30
 
(Dollars in Millions)   2023     2022     Percent
Change
            2023     2022     Percent
Change
 
Compensation and employee benefits
  $ 2,615     $ 2,260       15.7      
 
   $ 7,907     $ 6,755       17.1
Net occupancy and equipment
    313       272       15.1        
 
     950       806       17.9  
Professional services
    127       131       (3.1      
 
     402       356       12.9  
Marketing and business development
    176       126       39.7        
 
     420       312       34.6  
Technology and communications
    511       427       19.7        
 
     1,536       1,267       21.2  
Other intangibles
    161       43       *        
 
     480       130       *  
Other
    343       336       2.1    
 
 
 
     1,121       998       12.3  
Total before merger and integration charges
    4,246       3,595       18.1        
 
     12,816       10,624       20.6  
Merger and integration charges
    284       42       *    
 
 
 
     838       239       *  
Total noninterest expense
  $ 4,530     $ 3,637       24.6      
 
   $ 13,654     $ 10,863       25.7
Efficiency ratio (a)
    64.4     57.5  
 
 
 
 
 
 
 
     63.8     60.7  
 
 
 
 
*
Not meaningful      
(a)
See
Non-GAAP
Financial Measures beginning on page 32.      
 
services revenue and corporate payment products revenue due to higher spend volume. Noninterest income further increased in the third quarter of 2023, compared with the third quarter of 2022, mainly due to higher mortgage banking revenue driven by higher gain on sale margins and increases in mortgage servicing rights (“MSRs”) valuations, net of hedging activities.
Noninterest Expense
Noninterest expense was $4.5 billion in the third quarter and $13.7 billion in the first nine months of 2023, representing increases of $893 million (24.6 percent) and $2.8 billion (25.7 percent), respectively, over the same periods of 2022. The increases from the prior year reflected the impact of merger and integration charges, as well as operating expenses related to the MUB acquisition, higher compensation and employee benefits expense and higher other intangibles expense. Compensation and employee benefits expense increased primarily due to MUB expense as well as merit increases and hiring to support business growth. Other intangibles expense increased primarily due to the core deposit intangible created as a result of the MUB acquisition.
On May 11, 2023, the FDIC released a proposed rule that would impose special assessments to recover the losses to the deposit insurance fund resulting from the recent failures of other banking institutions. The Company expects the special assessments would be tax deductible. Although the proposal could change and the timing of accounting recognition is still under consideration, if the final rule is issued as proposed, the Company estimates it would recognize additional noninterest expense of approximately $650 million ($500 million
net-of-tax),
representing a potential 10 basis point reduction in the Company’s common equity tier 1 capital ratio, upon finalization of the rule.
Income Tax Expense
The provision for income taxes was $431 million (an effective rate of 22.0 percent) for the third quarter and $1.3 billion (an effective rate of 21.6 percent) for the first nine months of 2023, compared with $481 million (an effective rate of 20.9 percent) and $1.3 billion (an effective rate of 20.8 percent) for the same periods of 2022, respectively. For further information on income taxes, refer to Note 12 of the Notes to Consolidated Financial Statements.
BALANCE SHEET ANALYSIS
Loans
The Company’s loan portfolio was $375.2 billion at September 30, 2023, compared with $388.2 billion at December 31, 2022, a decrease of $13.0 billion (3.3 percent). The decrease was driven by lower other retail loans, commercial loans, commercial real estate loans and residential mortgages, partially offset by higher credit card loans.
Other retail loans decreased $9.2 billion (16.8 percent) at September 30, 2023, compared with December 31, 2022, primarily due to decreases in auto loans and retail leasing balances. The decrease in auto loans was primarily driven by a sale of indirect auto loans as part of balance sheet repositioning and capital management actions taken in the second quarter of 2023.
Commercial loans decreased $2.4 billion (1.7 percent) at September 30, 2023, compared with December 31, 2022, primarily due to decreased demand as corporate customers accessed the capital markets.
Commercial real estate loans decreased $1.4 billion (2.4 percent) at September 30, 2023, compared with December 31, 2022, primarily due to payoffs exceeding a reduced level of new originations.
Residential mortgages held in the loan portfolio decreased $790 million (0.7 percent) at September 30, 2023, compared with December 31, 2022, driven by a sale of residential mortgages in the second quarter of 2023 as part of balance sheet repositioning and capital management actions, partially offset by originations.
 
U.S. Bancorp  
7

Table of Contents
Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.
Credit card loans increased $785 million (3.0 percent) at September 30, 2023, compared with December 31, 2022, primarily driven by higher spend volume and lower payment rates.
The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability, credit risk, liquidity needs, and capital implications. If the Company’s intent or ability to hold an existing portfolio loan changes, it is transferred to loans held for sale.
Loans Held for Sale
Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $2.3 billion at September 30, 2023, compared with $2.2 billion at December 31, 2022. The increase in loans held for sale was principally due to a higher level of mortgage loan closings in the third quarter of 2023, compared with the fourth quarter of 2022. Almost all of the residential mortgage loans the Company originates or purchases for sale follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets, in particular in government agency transactions and to government-sponsored enterprises (“GSEs”).
Investment Securities
Investment securities totaled $152.5 billion at September 30, 2023, compared with $161.7 billion at December 31, 2022. The $9.1 billion (5.6 percent) decrease was primarily due to $7.9 billion of net investment sales and maturities along with a $1.0 billion unfavorable change in net unrealized gains (losses) on
available-for-sale
investment securities.
The Company’s
available-for-sale
investment securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. At September 30, 2023, the Company’s net unrealized losses on
available-for-sale
investment securities were $9.5 billion ($7.1 billion
net-of-tax),
compared with $8.5 billion ($6.4 billion
net-of-tax)
at December 31, 2022. The unfavorable change in net unrealized gains (losses) was primarily due to decreases in the fair value of mortgage-backed and state and political securities as a result of changes in interest rates. Gross unrealized losses on
available-for-sale
investment securities totaled $9.6 billion at September 30, 2023, compared with $8.6 billion at December 31, 2022. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of the underlying collateral, the existence of any government or agency guarantees, and market conditions. At September 30, 2023, the Company had no plans to sell securities with unrealized losses, and believed it is more likely than not that it would not be required to sell such securities before recovery of their amortized cost.
 
 Table 4
 
  Investment Securities
 
    September 30, 2023      December 31, 2022  
(Dollars in Millions)   Amortized
Cost
     Fair Value      Weighted-
Average
Maturity in
Years
     Weighted-
Average
Yield (e)
     Amortized
Cost
     Fair Value      Weighted-
Average
Maturity in
Years
     Weighted-
Average
Yield (e)
 
Held-to-maturity
                                
 
                                   
U.S. Treasury and agencies
  $ 1,345      $ 1,283        2.5        2.85    $ 1,344      $ 1,293        3.3        2.85
Mortgage-backed securities (a)
    83,997        69,076        9.5        2.19        87,396        76,581        9.3        2.17  
Total
held-to-maturity
  $ 85,342      $ 70,359        9.4        2.20    $ 88,740      $ 77,874        9.2        2.18
Available-for-sale
                                
 
                                   
U.S. Treasury and agencies
  $ 21,286      $ 18,707        6.1        2.69    $ 24,801      $ 22,033        7.1        2.43
Mortgage-backed securities (a)
    37,609        32,562        6.7        3.07        40,803        36,423        6.6        2.83  
Asset-backed securities (a)
    6,923        6,868        1.6        5.20        4,356        4,323        1.3        4.59  
Obligations of state and political subdivisions (b) (c)
    11,028