17/07/2024 | Press release | Distributed by Public on 17/07/2024 10:49
2Q24 Key Financial Data
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2Q24 Highlights
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PROFITABILITY METRICS | 2Q24 | 1Q24 | 2Q23 |
•Net income of $1,622 million and diluted earnings per common share of $0.98, both as adjusted for a $26 million notable item for an increase in the Federal Deposit Insurance Corporation ("FDIC") special assessment
•Net interest income, linked quarter, increased 0.9% on a taxable-equivalent basis
•Average total loans increased 1.0% and average total deposits increased 2.2% on a linked quarter basis
•Noninterest income increased 2.4% from the second quarter of a year ago and increased 4.3% on a linked quarter basis, as adjusted
•Net revenue of $6,867 million, including $4,052 million of net interest income on a taxable-equivalent basis
•Noninterest expense decreased 1.7% year-over-year and 0.1% on a linked quarter basis, as adjusted
•Return on tangible common equity of 18.6%, return on average assets of 0.98%, and efficiency ratio of 60.7%, each as adjusted
•CET1 capital ratio of 10.3% at June 30, 2024, compared with 10.0% at March 31, 2024
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Return on average assets (%) | .97 | .81 | .81 | |
Return on average common equity (%) | 12.4 | 10.0 | 10.9 | |
Return on tangible common equity (%) (a) | 18.4 | 15.1 | 17.1 | |
Net interest margin (%) | 2.67 | 2.70 | 2.90 | |
Efficiency ratio (%) (a) | 61.0 | 66.4 | 63.7 | |
Tangible efficiency ratio (%) (a) | 59.0 | 64.2 | 61.5 | |
INCOME STATEMENT (b) | 2Q24 | 1Q24 | 2Q23 | |
Net interest income (taxable-equivalent basis) | $4,052 | $4,015 | $4,449 | |
Noninterest income | $2,815 | $2,700 | $2,726 | |
Net income attributable to U.S. Bancorp | $1,603 | $1,319 | $1,361 | |
Diluted earnings per common share | $.97 | $.78 | $.84 | |
Dividends declared per common share | $.49 | $.49 | $.48 | |
BALANCE SHEET (b) | 2Q24 | 1Q24 | 2Q23 | |
Average total loans | $374,685 | $371,070 | $388,817 | |
Average total deposits | $513,909 | $503,061 | $497,265 | |
Net charge-off ratio (%) | .58 | .53 | .67 | |
Book value per common share (period end) | $31.80 | $31.26 | $30.14 | |
Basel III standardized CET1 (%) (c) | 10.3 | 10.0 | 9.1 | |
(a) See Non-GAAP Financial Measures reconciliation on page 18
(b) Dollars in millions, except per share data
(c) CET1 = Common equity tier 1 capital ratio
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CEO Commentary |
Business and Other Highlights |
Notable Item Impacts 2Q24
($ in million, except per share data)
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Income Before Taxes | Net Income Attributable to U.S. Bancorp |
Diluted Earnings Per Common Share |
Reported | $2,085 | $1,603 | $.97 |
Notable items | 26 | 19 | .01 |
Adjusted | $2,111 | $1,622 | $.98 |
Notable Items | |||
($ in millions) | 2Q24 | 1Q24 | 2Q23 |
Balance sheet optimization | $- | $- | $22 |
Merger and integration charges | - | 155 | 310 |
FDIC special assessment | 26 | 110 | - |
Provision for credit losses | - | - | 243 |
Notable items | 26 | 265 | 575 |
Tax expense | (7) | (66) | (143) |
Notable items, net of tax expense | $19 | $199 | $432 |
Investor contact: George Andersen, 612.303.3620 | Media contact: Jeff Shelman,612.303.9933
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U.S. Bancorp Second Quarter 2024 Results
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INCOME STATEMENT HIGHLIGHTS | ||||||||||
($ in millions, except per share data) | ADJUSTED (a) (b) | |||||||||
Percent Change | Percent Change | |||||||||
2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 | 2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 | |
Net interest income | $4,023 | $3,985 | $4,415 | 1.0 | (8.9) | $4,023 | $3,985 | $4,415 | 1.0 | (8.9) |
Taxable-equivalent adjustment | 29 | 30 | 34 | (3.3) | (14.7) | 29 | 30 | 34 | (3.3) | (14.7) |
Net interest income (taxable-equivalent basis) | 4,052 | 4,015 | 4,449 | .9 | (8.9) | 4,052 | 4,015 | 4,449 | .9 | (8.9) |
Noninterest income | 2,815 | 2,700 | 2,726 | 4.3 | 3.3 | 2,815 | 2,700 | 2,748 | 4.3 | 2.4 |
Total net revenue | 6,867 | 6,715 | 7,175 | 2.3 | (4.3) | 6,867 | 6,715 | 7,197 | 2.3 | (4.6) |
Noninterest expense | 4,214 | 4,459 | 4,569 | (5.5) | (7.8) | 4,188 | 4,194 | 4,259 | (.1) | (1.7) |
Income before provision and income taxes | 2,653 | 2,256 | 2,606 | 17.6 | 1.8 | 2,679 | 2,521 | 2,938 | 6.3 | (8.8) |
Provision for credit losses | 568 | 553 | 821 | 2.7 | (30.8) | 568 | 553 | 578 | 2.7 | (1.7) |
Income before taxes | 2,085 | 1,703 | 1,785 | 22.4 | 16.8 | 2,111 | 1,968 | 2,360 | 7.3 | (10.6) |
Income taxes and taxable-equivalent adjustment | 474 | 377 | 416 | 25.7 | 13.9 | 481 | 443 | 559 | 8.6 | (14.0) |
Net income | 1,611 | 1,326 | 1,369 | 21.5 | 17.7 | 1,630 | 1,525 | 1,801 | 6.9 | (9.5) |
Net (income) loss attributable to noncontrolling interests | (8) | (7) | (8) | (14.3) | - | (8) | (7) | (8) | (14.3) | - |
Net income attributable to U.S. Bancorp | $1,603 | $1,319 | $1,361 | 21.5 | 17.8 | $1,622 | $1,518 | $1,793 | 6.9 | (9.5) |
Net income applicable to U.S. Bancorp common shareholders | $1,518 | $1,209 | $1,281 | 25.6 | 18.5 | $1,537 | $1,407 | $1,710 | 9.2 | (10.1) |
Diluted earnings per common share | $.97 | $.78 | $.84 | 24.4 | 15.5 | $.98 | $.90 | $1.12 | 8.9 | (12.5) |
INCOME STATEMENT HIGHLIGHTS | ||||||
($ in millions, except per share data) | ADJUSTED (c) (d) | |||||
YTD 2024 |
YTD 2023 |
Percent Change |
YTD 2024 |
YTD 2023 |
Percent Change |
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Net interest income | $8,008 | $9,049 | (11.5) | $8,008 | $9,049 | (11.5) |
Taxable-equivalent adjustment | 59 | 68 | (13.2) | 59 | 68 | (13.2) |
Net interest income (taxable-equivalent basis) | 8,067 | 9,117 | (11.5) | 8,067 | 9,117 | (11.5) |
Noninterest income | 5,515 | 5,233 | 5.4 | 5,515 | 5,255 | 4.9 |
Total net revenue | 13,582 | 14,350 | (5.4) | 13,582 | 14,372 | (5.5) |
Noninterest expense | 8,673 | 9,124 | (4.9) | 8,382 | 8,570 | (2.2) |
Income before provision and income taxes | 4,909 | 5,226 | (6.1) | 5,200 | 5,802 | (10.4) |
Provision for credit losses | 1,121 | 1,248 | (10.2) | 1,121 | 1,005 | 11.5 |
Income before taxes | 3,788 | 3,978 | (4.8) | 4,079 | 4,797 | (15.0) |
Income taxes and taxable-equivalent adjustment | 851 | 905 | (6.0) | 924 | 1,109 | (16.7) |
Net income | 2,937 | 3,073 | (4.4) | 3,155 | 3,688 | (14.5) |
Net (income) loss attributable to noncontrolling interests | (15) | (14) | (7.1) | (15) | (14) | (7.1) |
Net income attributable to U.S. Bancorp | $2,922 | $3,059 | (4.5) | $3,140 | $3,674 | (14.5) |
Net income applicable to U.S. Bancorp common shareholders | $2,727 | $2,873 | (5.1) | $2,944 | $3,483 | (15.5) |
Diluted earnings per common share | $1.75 | $1.87 | (6.4) | $1.89 | $2.27 | (16.7) |
U.S. Bancorp Second Quarter 2024 Results
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U.S. Bancorp Second Quarter 2024 Results
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NET INTEREST INCOME | ||||||||||||||||
(Taxable-equivalent basis; $ in millions) | Change | |||||||||||||||
2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Change | |||||||||
Components of net interest income | ||||||||||||||||
Income on earning assets | $ | 8,015 | $ | 7,795 | $ | 7,562 | $ | 220 | $ | 453 | $ | 15,810 | $ | 14,561 | $ | 1,249 |
Expense on interest-bearing liabilities | 3,963 | 3,780 | 3,113 | 183 | 850 | 7,743 | 5,444 | 2,299 | ||||||||
Net interest income | $ | 4,052 | $ | 4,015 | $ | 4,449 | $ | 37 | $ | (397) | $ | 8,067 | $ | 9,117 | $ | (1,050) |
Average yields and rates paid | ||||||||||||||||
Earning assets yield | 5.29 | % | 5.25 | % | 4.94 | % | .04 | % | .35 | % | 5.27 | % | 4.80 | % | .47 | % |
Rate paid on interest-bearing liabilities | 3.18 | 3.12 | 2.60 | .06 | .58 | 3.15 | 2.34 | .81 | ||||||||
Gross interest margin | 2.11 | % | 2.13 | % | 2.34 | % | (.02) | % | (.23) | % | 2.12 | % | 2.46 | % | (.34) | % |
Net interest margin | 2.67 | % | 2.70 | % | 2.90 | % | (.03) | % | (.23) | % | 2.68 | % | 3.00 | % | (.32) | % |
Average balances | ||||||||||||||||
Investment securities (a) | $ | 167,020 | $ | 161,236 | $ | 159,824 | $ | 5,784 | $ | 7,196 | $ | 164,128 | $ | 162,957 | $ | 1,171 |
Loans | 374,685 | 371,070 | 388,817 | 3,615 | (14,132) | 372,878 | 387,789 | (14,911) | ||||||||
Interest-bearing deposits with banks | 53,056 | 50,903 | 51,972 | 2,153 | 1,084 | 51,979 | 47,662 | 4,317 | ||||||||
Earning assets | 608,892 | 596,135 | 613,839 | 12,757 | (4,947) | 602,513 | 610,744 | (8,231) | ||||||||
Interest-bearing liabilities | 500,464 | 487,351 | 480,450 | 13,113 | 20,014 | 493,908 | 469,324 | 24,584 | ||||||||
(a) Excludes unrealized gain (loss) | ||||||||||||||||
U.S. Bancorp Second Quarter 2024 Results
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AVERAGE LOANS | ||||||||
($ in millions) | Percent Change | |||||||
2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Commercial | $130,162 | $126,602 | $133,697 | 2.8 | (2.6) | $128,382 | $132,469 | (3.1) |
Lease financing | 4,177 | 4,165 | 4,388 | .3 | (4.8) | 4,171 | 4,422 | (5.7) |
Total commercial | 134,339 | 130,767 | 138,085 | 2.7 | (2.7) | 132,553 | 136,891 | (3.2) |
Commercial mortgages | 40,871 | 41,545 | 43,214 | (1.6) | (5.4) | 41,208 | 43,420 | (5.1) |
Construction and development | 11,418 | 11,492 | 11,720 | (.6) | (2.6) | 11,455 | 11,843 | (3.3) |
Total commercial real estate | 52,289 | 53,037 | 54,934 | (1.4) | (4.8) | 52,663 | 55,263 | (4.7) |
Residential mortgages | 116,478 | 115,639 | 117,606 | .7 | (1.0) | 116,059 | 116,950 | (.8) |
Credit card | 28,349 | 27,942 | 26,046 | 1.5 | 8.8 | 28,145 | 25,809 | 9.1 |
Retail leasing | 4,185 | 4,082 | 4,829 | 2.5 | (13.3) | 4,134 | 5,034 | (17.9) |
Home equity and second mortgages | 13,053 | 12,983 | 12,753 | .5 | 2.4 | 13,018 | 12,763 | 2.0 |
Other | 25,992 | 26,620 | 34,564 | (2.4) | (24.8) | 26,306 | 35,079 | (25.0) |
Total other retail | 43,230 | 43,685 | 52,146 | (1.0) | (17.1) | 43,458 | 52,876 | (17.8) |
Total loans | $374,685 | $371,070 | $388,817 | 1.0 | (3.6) | $372,878 | $387,789 | (3.8) |
U.S. Bancorp Second Quarter 2024 Results
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AVERAGE DEPOSITS | ||||||||
($ in millions) | Percent Change | |||||||
2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Noninterest-bearing deposits | $83,418 | $84,787 | $113,758 | (1.6) | (26.7) | $84,102 | $121,705 | (30.9) |
Interest-bearing savings deposits | ||||||||
Interest checking | 125,709 | 125,011 | 127,994 | .6 | (1.8) | 125,360 | 128,668 | (2.6) |
Money market savings | 208,386 | 196,502 | 152,893 | 6.0 | 36.3 | 202,444 | 149,948 | 35.0 |
Savings accounts | 38,855 | 41,645 | 58,993 | (6.7) | (34.1) | 40,250 | 63,883 | (37.0) |
Total savings deposits | 372,950 | 363,158 | 339,880 | 2.7 | 9.7 | 368,054 | 342,499 | 7.5 |
Time deposits | 57,541 | 55,116 | 43,627 | 4.4 | 31.9 | 56,329 | 39,554 | 42.4 |
Total interest-bearing deposits | 430,491 | 418,274 | 383,507 | 2.9 | 12.3 | 424,383 | 382,053 | 11.1 |
Total deposits | $513,909 | $503,061 | $497,265 | 2.2 | 3.3 | $508,485 | $503,758 | .9 |
U.S. Bancorp Second Quarter 2024 Results
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NONINTEREST INCOME | ||||||||
($ in millions) | Percent Change | |||||||
2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Card revenue | $428 | $392 | $422 | 9.2 | 1.4 | $820 | $782 | 4.9 |
Corporate payment products revenue | 195 | 184 | 190 | 6.0 | 2.6 | 379 | 379 | - |
Merchant processing services | 454 | 401 | 436 | 13.2 | 4.1 | 855 | 823 | 3.9 |
Trust and investment management fees | 649 | 641 | 621 | 1.2 | 4.5 | 1,290 | 1,211 | 6.5 |
Service charges | 322 | 315 | 324 | 2.2 | (.6) | 637 | 648 | (1.7) |
Commercial products revenue | 374 | 388 | 358 | (3.6) | 4.5 | 762 | 692 | 10.1 |
Mortgage banking revenue | 190 | 166 | 161 | 14.5 | 18.0 | 356 | 289 | 23.2 |
Investment products fees | 82 | 77 | 68 | 6.5 | 20.6 | 159 | 136 | 16.9 |
Securities gains (losses), net | (36) | 2 | 3 | nm | nm | (34) | (29) | (17.2) |
Other | 157 | 134 | 165 | 17.2 | (4.8) | 291 | 324 | (10.2) |
Total before balance sheet optimization | 2,815 | 2,700 | 2,748 | 4.3 | 2.4 | 5,515 | 5,255 | 4.9 |
Balance sheet optimization | - | - | (22) | - | nm | - | (22) | nm |
Total noninterest income | $2,815 | $2,700 | $2,726 | 4.3 | 3.3 | $5,515 | $5,233 | 5.4 |
U.S. Bancorp Second Quarter 2024 Results
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NONINTEREST EXPENSE | ||||||||
($ in millions) | Percent Change | |||||||
2Q 2024 | 1Q 2024 | 2Q 2023 | 2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Compensation and employee benefits | $2,619 | $2,691 | $2,646 | (2.7) | (1.0) | $5,310 | $5,292 | .3 |
Net occupancy and equipment | 316 | 296 | 316 | 6.8 | - | 612 | 637 | (3.9) |
Professional services | 116 | 110 | 141 | 5.5 | (17.7) | 226 | 275 | (17.8) |
Marketing and business development | 158 | 136 | 122 | 16.2 | 29.5 | 294 | 244 | 20.5 |
Technology and communications | 509 | 507 | 522 | .4 | (2.5) | 1,016 | 1,025 | (.9) |
Other intangibles | 142 | 146 | 159 | (2.7) | (10.7) | 288 | 319 | (9.7) |
Other | 328 | 308 | 353 | 6.5 | (7.1) | 636 | 778 | (18.3) |
Total before notable items | 4,188 | 4,194 | 4,259 | (.1) | (1.7) | 8,382 | 8,570 | (2.2) |
Notable items | 26 | 265 | 310 | (90.2) | (91.6) | 291 | 554 | (47.5) |
Total noninterest expense | $4,214 | $4,459 | $4,569 | (5.5) | (7.8) | $8,673 | $9,124 | (4.9) |
U.S. Bancorp Second Quarter 2024 Results
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ALLOWANCE FOR CREDIT LOSSES | ||||||||||
($ in millions) | 2Q 2024 | % (a) | 1Q 2024 | % (a) | 4Q 2023 | % (a) | 3Q 2023 | % (a) | 2Q 2023 | % (a) |
Balance, beginning of period | $7,904 | $7,839 | $7,790 | $7,695 | $7,523 | |||||
Net charge-offs | ||||||||||
Total excluding optimization impact | 538 | .58 | 488 | .53 | 463 | .49 | 420 | .44 | 340 | .35 |
Balance sheet optimization impact | - | - | - | - | 309 | |||||
Total net charge-offs | 538 | .58 | 488 | .53 | 463 | .49 | 420 | .44 | 649 | .67 |
Provision for credit losses | ||||||||||
Total excluding optimization impact | 568 | 553 | 512 | 515 | 578 | |||||
Balance sheet optimization impact | - | - | - | - | 243 | |||||
Total provision for credit losses | 568 | 553 | 512 | 515 | 821 | |||||
Balance, end of period | $7,934 | $7,904 | $7,839 | $7,790 | $7,695 | |||||
Components | ||||||||||
Allowance for loan losses | $7,549 | $7,514 | $7,379 | $7,218 | $7,164 | |||||
Liability for unfunded credit commitments | 385 | 390 | 460 | 572 | 531 | |||||
Total allowance for credit losses | $7,934 | $7,904 | $7,839 | $7,790 | $7,695 | |||||
Allowance for credit losses as a percentage of | ||||||||||
Period-end loans (%) | 2.11 | 2.11 | 2.10 | 2.08 | 2.03 | |||||
Nonperforming loans (%) | 438 | 454 | 541 | 615 | 739 | |||||
Nonperforming assets (%) | 428 | 443 | 525 | 595 | 709 | |||||
(a)Annualized and calculated on average loan balances
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SUMMARY OF NET CHARGE-OFFS | ||||||||||
($ in millions) | 2Q 2024 | % (a) | 1Q 2024 | % (a) | 4Q 2023 | % (a) | 3Q 2023 | % (a) | 2Q 2023 | % (a) |
Net charge-offs | ||||||||||
Commercial | $135 | .42 | $109 | .35 | $78 | .24 | $86 | .26 | $87 | .26 |
Lease financing | 8 | .77 | 7 | .68 | 7 | .66 | 6 | .55 | 3 | .27 |
Total commercial | 143 | .43 | 116 | .36 | 85 | .26 | 92 | .27 | 90 | .26 |
Commercial mortgages | 35 | .34 | 15 | .15 | 75 | .71 | 49 | .46 | 26 | .24 |
Construction and development | 1 | .04 | 6 | .21 | (4) | (.14) | - | - | - | - |
Total commercial real estate | 36 | .28 | 21 | .16 | 71 | .52 | 49 | .36 | 26 | .19 |
Residential mortgages | (4) | (.01) | - | - | (1) | - | (3) | (.01) | 114 | .39 |
Credit card | 315 | 4.47 | 296 | 4.26 | 255 | 3.65 | 220 | 3.25 | 199 | 3.06 |
Retail leasing | 3 | .29 | 5 | .49 | 2 | .19 | 2 | .18 | 1 | .08 |
Home equity and second mortgages | (1) | (.03) | - | - | (1) | (.03) | 1 | .03 | (1) | (.03) |
Other | 46 | .71 | 50 | .76 | 52 | .74 | 59 | .80 | 220 | 2.55 |
Total other retail | 48 | .45 | 55 | .51 | 53 | .47 | 62 | .53 | 220 | 1.69 |
Total net charge-offs | $538 | .58 | $488 | .53 | $463 | .49 | $420 | .44 | $649 | .67 |
Gross charge-offs | $652 | $595 | $559 | $508 | $755 | |||||
Gross recoveries | $114 | $107 | $96 | $88 | $106 | |||||
(a) Annualized and calculated on average loan balances | ||||||||||
U.S. Bancorp Second Quarter 2024 Results
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U.S. Bancorp Second Quarter 2024 Results
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DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES | |||||
(Percent) | Jun 30 2024 | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | Jun 30 2023 |
Delinquent loan ratios - 90 days or more past due | |||||
Commercial | .06 | .08 | .09 | .05 | .04 |
Commercial real estate | .02 | - | .01 | - | - |
Residential mortgages | .15 | .12 | .12 | .11 | .08 |
Credit card | 1.30 | 1.42 | 1.31 | 1.17 | 1.02 |
Other retail | .14 | .15 | .15 | .13 | .12 |
Total loans | .19 | .19 | .19 | .15 | .12 |
Delinquent loan ratios - 90 days or more past due and nonperforming loans | |||||
Commercial | .48 | .49 | .37 | .24 | .21 |
Commercial real estate | 1.87 | 1.71 | 1.46 | 1.33 | .87 |
Residential mortgages | .28 | .26 | .25 | .25 | .26 |
Credit card | 1.30 | 1.42 | 1.31 | 1.17 | 1.02 |
Other retail | .47 | .47 | .46 | .41 | .39 |
Total loans | .67 | .66 | .57 | .49 | .40 |
ASSET QUALITY (a) | |||||
($ in millions) | |||||
Jun 30 2024 | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | Jun 30 2023 | |
Nonperforming loans | |||||
Commercial | $531 | $522 | $349 | $231 | $204 |
Lease financing | 25 | 27 | 27 | 25 | 27 |
Total commercial | 556 | 549 | 376 | 256 | 231 |
Commercial mortgages | 888 | 755 | 675 | 566 | 361 |
Construction and development | 71 | 145 | 102 | 155 | 113 |
Total commercial real estate | 959 | 900 | 777 | 721 | 474 |
Residential mortgages | 154 | 155 | 158 | 161 | 207 |
Credit card | - | - | - | - | - |
Other retail | 141 | 137 | 138 | 129 | 129 |
Total nonperforming loans | 1,810 | 1,741 | 1,449 | 1,267 | 1,041 |
Other real estate | 23 | 25 | 26 | 25 | 25 |
Other nonperforming assets | 19 | 20 | 19 | 18 | 19 |
Total nonperforming assets | $1,852 | $1,786 | $1,494 | $1,310 | $1,085 |
Accruing loans 90 days or more past due | $701 | $714 | $698 | $569 | $474 |
Nonperforming assets to loans plus ORE (%) | .49 | .48 | .40 | .35 | .29 |
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | |||||
U.S. Bancorp Second Quarter 2024 Results
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COMMON SHARES | |||||
(Millions) | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 |
Beginning shares outstanding | 1,560 | 1,558 | 1,557 | 1,533 | 1,533 |
Shares issued for stock incentive plans, | |||||
acquisitions and other corporate purposes | - | 3 | 1 | 24 | - |
Shares repurchased | - | (1) | - | - | - |
Ending shares outstanding | 1,560 | 1,560 | 1,558 | 1,557 | 1,533 |
CAPITAL POSITION | Preliminary Data | |||||||||
($ in millions) | Jun 30 2024 | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | Jun 30 2023 | |||||
Total U.S. Bancorp shareholders' equity | $56,420 | $55,568 | $55,306 | $53,113 | $53,019 | |||||
Basel III Standardized Approach (a) | ||||||||||
Common equity tier 1 capital | $46,239 | $45,239 | $44,947 | $44,655 | $42,944 | |||||
Tier 1 capital | 53,491 | 52,491 | 52,199 | 51,906 | 50,187 | |||||
Total risk-based capital | 62,926 | 62,203 | 61,921 | 61,737 | 60,334 | |||||
Common equity tier 1 capital ratio | 10.3 | % | 10.0 | % | 9.9 | % | 9.7 | % | 9.1 | % |
Tier 1 capital ratio | 11.9 | 11.6 | 11.5 | 11.2 | 10.6 | |||||
Total risk-based capital ratio | 14.0 | 13.7 | 13.7 | 13.4 | 12.7 | |||||
Leverage ratio | 8.1 | 8.1 | 8.1 | 7.9 | 7.5 | |||||
Tangible common equity to tangible assets (b) | 5.4 | 5.2 | 5.3 | 5.0 | 4.8 | |||||
Tangible common equity to risk-weighted assets (b) | 8.0 | 7.8 | 7.7 | 7.0 | 6.8 | |||||
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b) | 10.2 | 9.9 | 9.7 | 9.5 | 8.9 | |||||
(a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology
(b) See Non-GAAP Financial Measures reconciliation on page 18
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U.S. Bancorp Second Quarter 2024 Results
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Investor Conference Call |
About U.S. Bancorp |
Forward-looking Statements |
U.S. Bancorp Second Quarter 2024 Results
|
U.S. Bancorp Second Quarter 2024 Results
|
Non-GAAP Financial Measures |
CONSOLIDATED STATEMENT OF INCOME | ||||
(Dollars and Shares in Millions, Except Per Share Data) |
Three Months Ended June 30, |
Six Months Ended June 30, |
||
(Unaudited) | 2024 | 2023 | 2024 | 2023 |
Interest Income | ||||
Loans | $5,761 | $5,605 | $11,473 | $10,882 |
Loans held for sale | 41 | 38 | 78 | 69 |
Investment securities | 1,294 | 1,077 | 2,469 | 2,151 |
Other interest income | 889 | 806 | 1,729 | 1,388 |
Total interest income | 7,985 | 7,526 | 15,749 | 14,490 |
Interest Expense | ||||
Deposits | 3,028 | 1,939 | 5,912 | 3,444 |
Short-term borrowings | 296 | 740 | 566 | 1,189 |
Long-term debt | 638 | 432 | 1,263 | 808 |
Total interest expense | 3,962 | 3,111 | 7,741 | 5,441 |
Net interest income | 4,023 | 4,415 | 8,008 | 9,049 |
Provision for credit losses | 568 | 821 | 1,121 | 1,248 |
Net interest income after provision for credit losses | 3,455 | 3,594 | 6,887 | 7,801 |
Noninterest Income | ||||
Card revenue | 428 | 422 | 820 | 782 |
Corporate payment products revenue | 195 | 190 | 379 | 379 |
Merchant processing services | 454 | 436 | 855 | 823 |
Trust and investment management fees | 649 | 621 | 1,290 | 1,211 |
Service charges | 322 | 324 | 637 | 648 |
Commercial products revenue | 374 | 358 | 762 | 692 |
Mortgage banking revenue | 190 | 131 | 356 | 259 |
Investment products fees | 82 | 68 | 159 | 136 |
Securities gains (losses), net | (36) | 3 | (34) | (29) |
Other | 157 | 173 | 291 | 332 |
Total noninterest income | 2,815 | 2,726 | 5,515 | 5,233 |
Noninterest Expense | ||||
Compensation and employee benefits | 2,619 | 2,646 | 5,310 | 5,292 |
Net occupancy and equipment | 316 | 316 | 612 | 637 |
Professional services | 116 | 141 | 226 | 275 |
Marketing and business development | 158 | 122 | 294 | 244 |
Technology and communications | 509 | 522 | 1,016 | 1,025 |
Other intangibles | 142 | 159 | 288 | 319 |
Merger and integration charges | - | 310 | 155 | 554 |
Other | 354 | 353 | 772 | 778 |
Total noninterest expense | 4,214 | 4,569 | 8,673 | 9,124 |
Income before income taxes | 2,056 | 1,751 | 3,729 | 3,910 |
Applicable income taxes | 445 | 382 | 792 | 837 |
Net income | 1,611 | 1,369 | 2,937 | 3,073 |
Net (income) loss attributable to noncontrolling interests | (8) | (8) | (15) | (14) |
Net income attributable to U.S. Bancorp | $1,603 | $1,361 | $2,922 | $3,059 |
Net income applicable to U.S. Bancorp common shareholders | $1,518 | $1,281 | $2,727 | $2,873 |
Earnings per common share | $.97 | $.84 | $1.75 | $1.87 |
Diluted earnings per common share | $.97 | $.84 | $1.75 | $1.87 |
Dividends declared per common share | $.49 | $.48 | $.98 | $.96 |
Average common shares outstanding | 1,560 | 1,533 | 1,560 | 1,532 |
Average diluted common shares outstanding | 1,561 | 1,533 | 1,560 | 1,533 |
CONSOLIDATED ENDING BALANCE SHEET | |||
(Dollars in Millions) |
June 30, 2024 |
December 31, 2023 |
June 30, 2023 |
Assets | (Unaudited) | (Unaudited) | |
Cash and due from banks | $65,832 | $61,192 | $70,642 |
Investment securities | |||
Held-to-maturity | 81,486 | 84,045 | 86,938 |
Available-for-sale | 79,799 | 69,706 | 69,221 |
Loans held for sale | 2,582 | 2,201 | 2,361 |
Loans | |||
Commercial | 135,248 | 131,881 | 136,775 |
Commercial real estate | 51,887 | 53,455 | 54,357 |
Residential mortgages | 117,147 | 115,530 | 114,449 |
Credit card | 28,715 | 28,560 | 26,626 |
Other retail | 43,136 | 44,409 | 47,221 |
Total loans | 376,133 | 373,835 | 379,428 |
Less allowance for loan losses | (7,549) | (7,379) | (7,164) |
Net loans | 368,584 | 366,456 | 372,264 |
Premises and equipment | 3,570 | 3,623 | 3,695 |
Goodwill | 12,476 | 12,489 | 12,486 |
Other intangible assets | 5,757 | 6,084 | 6,634 |
Other assets | 59,972 | 57,695 | 56,584 |
Total assets | $680,058 | $663,491 | $680,825 |
Liabilities and Shareholders' Equity | |||
Deposits | |||
Noninterest-bearing | $86,756 | $89,989 | $104,996 |
Interest-bearing | 437,029 | 422,323 | 416,604 |
Total deposits | 523,785 | 512,312 | 521,600 |
Short-term borrowings | 16,557 | 15,279 | 32,334 |
Long-term debt | 52,720 | 51,480 | 45,283 |
Other liabilities | 30,111 | 28,649 | 28,124 |
Total liabilities | 623,173 | 607,720 | 627,341 |
Shareholders' equity | |||
Preferred stock | 6,808 | 6,808 | 6,808 |
Common stock | 21 | 21 | 21 |
Capital surplus | 8,688 | 8,673 | 8,742 |
Retained earnings | 75,231 | 74,026 | 73,355 |
Less treasury stock | (24,020) | (24,126) | (25,189) |
Accumulated other comprehensive income (loss) | (10,308) | (10,096) | (10,718) |
Total U.S. Bancorp shareholders' equity | 56,420 | 55,306 | 53,019 |
Noncontrolling interests | 465 | 465 | 465 |
Total equity | 56,885 | 55,771 | 53,484 |
Total liabilities and equity | $680,058 | $663,491 | $680,825 |
NON-GAAP FINANCIAL MEASURES | ||||||||||
(Dollars in Millions, Unaudited) |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
|||||
Total equity | $56,885 | $56,033 | $55,771 | $53,578 | $53,484 | |||||
Preferred stock | (6,808) | (6,808) | (6,808) | (6,808) | (6,808) | |||||
Noncontrolling interests | (465) | (465) | (465) | (465) | (465) | |||||
Goodwill (net of deferred tax liability) (1)
|
(11,449) | (11,459) | (11,480) | (11,470) | (11,493) | |||||
Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2,047) | (2,158) | (2,278) | (2,370) | (2,490) | |||||
Tangible common equity (a)
|
36,116 | 35,143 | 34,740 | 32,465 | 32,228 | |||||
Common equity tier 1 capital, determined in accordance with transitional regulatory
capital requirements related to the current expected credit losses methodology implementation
|
46,239 | 45,239 | 44,947 | 44,655 | 42,944 | |||||
Adjustments (2)
|
(433) | (433) | (866) | (867) | (866) | |||||
Common equity tier 1 capital, reflecting the full implementation | ||||||||||
of the current expected credit losses methodology (b)
|
45,806 | 44,806 | 44,081 | 43,788 | 42,078 | |||||
Total assets | 680,058 | 683,606 | 663,491 | 668,039 | 680,825 | |||||
Goodwill (net of deferred tax liability) (1)
|
(11,449) | (11,459) | (11,480) | (11,470) | (11,493) | |||||
Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2,047) | (2,158) | (2,278) | (2,370) | (2,490) | |||||
Tangible assets (c)
|
666,562 | 669,989 | 649,733 | 654,199 | 666,842 | |||||
Risk-weighted assets, determined in accordance with transitional regulatory capital
requirements related to the current expected credit losses methodology
implementation (d)
|
449,111 | * | 452,831 | 453,390 | 462,250 | 473,393 | ||||
Adjustments (3)
|
(368) | * | (368) | (736) | (736) | (735) | ||||
Risk-weighted assets, reflecting the full implementation of the current expected
credit losses methodology (e)
|
448,743 | * | 452,463 | 452,654 | 461,514 | 472,658 | ||||
Ratios * | ||||||||||
Tangible common equity to tangible assets (a)/(c)
|
5.4 | % | 5.2 | % | 5.3 | % | 5.0 | % | 4.8 | % |
Tangible common equity to risk-weighted assets (a)/(d)
|
8.0 | 7.8 | 7.7 | 7.0 | 6.8 | |||||
Common equity tier 1 capital to risk-weighted assets, reflecting the full
implementation of the current expected credit losses methodology (b)/(e)
|
10.2 | 9.9 | 9.7 | 9.5 | 8.9 | |||||
Three Months Ended | ||||||||||
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
||||||
Net income applicable to U.S. Bancorp common shareholders | $1,518 | $1,209 | $766 | $1,412 | $1,281 | |||||
Intangibles amortization (net-of-tax) | 113 | 115 | 123 | 127 | 126 | |||||
Net income applicable to U.S. Bancorp common shareholders, excluding
intangibles amortization
|
1,631 | 1,324 | 889 | 1,539 | 1,407 | |||||
Annualized net income applicable to U.S. Bancorp common shareholders,
excluding intangible amortization (f)
|
6,560 | 5,325 | 3,527 | 6,106 | 5,643 | |||||
Average total equity | 56,492 | 56,131 | 54,779 | 54,283 | 54,287 | |||||
Average preferred stock | (6,808) | (6,808) | (6,808) | (6,808) | (6,808) | |||||
Average noncontrolling interests | (463) | (464) | (465) | (466) | (465) | |||||
Average goodwill (net of deferred tax liability) (1)
|
(11,457) | (11,473) | (11,475) | (11,493) | (11,527) | |||||
Average intangible assets (net of deferred tax liability), other than mortgage
servicing rights
|
(2,087) | (2,208) | (2,295) | (2,418) | (2,530) | |||||
Average tangible common equity (g)
|
35,677 | 35,178 | 33,736 | 33,098 | 32,957 | |||||
Return on tangible common equity (f)/(g)
|
18.4 | % | 15.1 | % | 10.5 | % | 18.4 | % | 17.1 | % |
Net interest income | $4,023 | $3,985 | $4,111 | $4,236 | $4,415 | |||||
Taxable-equivalent adjustment (4)
|
29 | 30 | 31 | 32 | 34 | |||||
Net interest income, on a taxable-equivalent basis | 4,052 | 4,015 | 4,142 | 4,268 | 4,449 | |||||
Net interest income, on a taxable-equivalent basis (as calculated above) | 4,052 | 4,015 | 4,142 | 4,268 | 4,449 | |||||
Noninterest income | 2,815 | 2,700 | 2,620 | 2,764 | 2,726 | |||||
Less: Securities gains (losses), net | (36) | 2 | (116) | - | 3 | |||||
Total net revenue, excluding net securities gains (losses) (h)
|
6,903 | 6,713 | 6,878 | 7,032 | 7,172 | |||||
Noninterest expense (i)
|
4,214 | 4,459 | 5,219 | 4,530 | 4,569 | |||||
Less: Intangible amortization | 142 | 146 | 156 | 161 | 159 | |||||
Noninterest expense, excluding intangible amortization (j)
|
4,072 | 4,313 | 5,063 | 4,369 | 4,410 | |||||
Efficiency ratio (i)/(h)
|
61.0 | % | 66.4 | % | 75.9 | % | 64.4 | % | 63.7 | % |
Tangible efficiency ratio (j)/(h)
|
59.0 | 64.2 | 73.6 | 62.1 | 61.5 |
NON-GAAP FINANCIAL MEASURES | |||||
Three Months Ended | Six Months Ended | ||||
(Dollars and Shares in Millions, Except Per Share Data, Unaudited) |
June 30, 2024 |
March 31, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
Net income applicable to U.S. Bancorp common shareholders | $1,518 | $1,209 | $1,281 | $2,727 | $2,873 |
Less: Notable items, including the impact of earnings allocated to participating stock awards (1), (2)
|
(19) | (198) | (429) | (217) | (610) |
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a)
|
1,537 | 1,407 | 1,710 | 2,944 | 3,483 |
Average diluted common shares outstanding (b)
|
1,561 | 1,559 | 1,533 | 1,560 | 1,533 |
Diluted earnings per common share, excluding notable items (a)/(b)
|
$.98 | $.90 | $1.12 | $1.89 | $2.27 |
Net income attributable to U.S. Bancorp | $1,603 | ||||
Less: Notable items (1)
|
(19) | ||||
Net income attributable to U.S. Bancorp, excluding notable items | 1,622 | ||||
Annualized net income attributable to U.S. Bancorp, excluding notable items (c)
|
6,524 | ||||
Average assets (d)
|
665,504 | ||||
Return on average assets, excluding notable items (c)/(d)
|
.98 | % | |||
Net income applicable to U.S. Bancorp common shareholders | $1,518 | ||||
Intangibles amortization (net-of-tax) | 113 | ||||
Less: Notable items, including the impact of earnings allocated to participating stock awards (1)
|
(19) | ||||
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items | 1,650 | ||||
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization and notable items (e) | 6,636 | ||||
Average total equity | $56,492 | ||||
Average preferred stock | (6,808) | ||||
Average noncontrolling interests | (463) | ||||
Average goodwill (net of deferred tax liability) (3)
|
(11,457) | ||||
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2,087) | ||||
Average tangible common equity (f) | 35,677 | ||||
Return on tangible common equity, excluding notable items (e)/(f) | 18.6 | % | |||
Net interest income | $4,023 | ||||
Taxable-equivalent adjustment (4)
|
29 | ||||
Net interest income, on a taxable-equivalent basis | 4,052 | ||||
Net interest income, on a taxable-equivalent basis (as calculated above) | 4,052 | ||||
Noninterest income | 2,815 | ||||
Less: Securities gains (losses), net | (36) | ||||
Total net revenue, excluding net securities gains (losses) (g)
|
6,903 | ||||
Noninterest expense | 4,214 | ||||
Less: Notable items (1)
|
26 | ||||
Noninterest expense, excluding notable items (h)
|
4,188 | ||||
Efficiency ratio, excluding notable items (h)/(g)
|
60.7 | % | |||
Three Months Ended | |||||
June 30, 2023 |
|||||
Net charge-offs | $649 | ||||
Less: Notable items (5)
|
309 | ||||
Net charge-offs, excluding notable items | 340 | ||||
Annualized net charge-offs, excluding notable items (i)
|
1,364 | ||||
Average loan balances (j)
|
388,817 | ||||
Net charge-off ratio, excluding notable items (i)/(j)
|
.35 | % |
Business Line Schedules
Second Quarter 2024
|
WEALTH, CORPORATE, COMMERCIAL AND
INSTITUTIONAL BANKING
CONSUMER AND BUSINESS BANKING
PAYMENT SERVICES
TREASURY AND CORPORATE SUPPORT
|
LINE OF BUSINESS FINANCIAL PERFORMANCE | Preliminary data | |||||||
($ in millions) |
Net Income Attributable to U.S. Bancorp |
Percent Change | Net Income Attributable to U.S. Bancorp | |||||
Business Line |
2Q 2024 |
1Q 2024 |
2Q 2023 |
2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change |
Wealth, Corporate, Commercial and Institutional Banking |
$1,172 | $1,128 | $1,067 | 3.9 | 9.8 | $2,300 | $2,305 | (.2) |
Consumer and Business Banking | 512 | 484 | 709 | 5.8 | (27.8) | 996 | 1,496 | (33.4) |
Payment Services | 297 | 243 | 313 | 22.2 | (5.1) | 540 | 625 | (13.6) |
Treasury and Corporate Support | (378) | (536) | (728) | 29.5 | 48.1 | (914) | (1,367) | 33.1 |
Consolidated Company | $1,603 | $1,319 | $1,361 | 21.5 | 17.8 | $2,922 | $3,059 | (4.5) |
Income Before Provision and Taxes |
Percent Change |
Income Before Provision and Taxes |
||||||
2Q 2024 |
1Q 2024 |
2Q 2023 |
2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Wealth, Corporate, Commercial and Institutional Banking |
$1,663 | $1,645 | $1,585 | 1.1 | 4.9 | $3,308 | $3,209 | 3.1 |
Consumer and Business Banking | 713 | 700 | 962 | 1.9 | (25.9) | 1,413 | 2,019 | (30.0) |
Payment Services | 784 | 683 | 732 | 14.8 | 7.1 | 1,467 | 1,368 | 7.2 |
Treasury and Corporate Support | (507) | (772) | (673) | 34.3 | 24.7 | (1,279) | (1,370) | 6.6 |
Consolidated Company | $2,653 | $2,256 | $2,606 | 17.6 | 1.8 | $4,909 | $5,226 | (6.1) |
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | |||||||
($ in millions) | Percent Change | |||||||
2Q 2024 |
1Q 2024 |
2Q 2023 |
2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Condensed Income Statement | ||||||||
Net interest income (taxable-equivalent basis) | $1,906 | $1,904 | $1,894 | .1 | .6 | $3,810 | $3,857 | (1.2) |
Noninterest income | 1,131 | 1,113 | 1,071 | 1.6 | 5.6 | 2,244 | 2,090 | 7.4 |
Securities gains (losses), net | - | - | - | - | - | - | - | - |
Total net revenue | 3,037 | 3,017 | 2,965 | .7 | 2.4 | 6,054 | 5,947 | 1.8 |
Noninterest expense | 1,322 | 1,320 | 1,323 | .2 | (.1) | 2,642 | 2,620 | .8 |
Other intangibles | 52 | 52 | 57 | - | (8.8) | 104 | 118 | (11.9) |
Total noninterest expense | 1,374 | 1,372 | 1,380 | .1 | (.4) | 2,746 | 2,738 | .3 |
Income before provision and taxes | 1,663 | 1,645 | 1,585 | 1.1 | 4.9 | 3,308 | 3,209 | 3.1 |
Provision for credit losses | 100 | 141 | 162 | (29.1) | (38.3) | 241 | 135 | 78.5 |
Income before income taxes | 1,563 | 1,504 | 1,423 | 3.9 | 9.8 | 3,067 | 3,074 | (.2) |
Income taxes and taxable-equivalent adjustment |
391 | 376 | 356 | 4.0 | 9.8 | 767 | 769 | (.3) |
Net income | 1,172 | 1,128 | 1,067 | 3.9 | 9.8 | 2,300 | 2,305 | (.2) |
Net (income) loss attributable to noncontrolling interests |
- | - | - | - | - | - | - | - |
Net income attributable to U.S. Bancorp | $1,172 | $1,128 | $1,067 | 3.9 | 9.8 | $2,300 | $2,305 | (.2) |
Average Balance Sheet Data | ||||||||
Loans | $173,695 | $171,068 | $178,749 | 1.5 | (2.8) | $172,381 | $177,867 | (3.1) |
Other earning assets | 9,590 | 8,738 | 6,671 | 9.8 | 43.8 | 9,164 | 6,349 | 44.3 |
Goodwill | 4,824 | 4,825 | 4,651 | - | 3.7 | 4,825 | 4,633 | 4.1 |
Other intangible assets | 1,007 | 1,059 | 962 | (4.9) | 4.7 | 1,033 | 998 | 3.5 |
Assets | 203,201 | 199,192 | 205,169 | 2.0 | (1.0) | 201,196 | 203,168 | (1.0) |
Noninterest-bearing deposits | 57,299 | 58,580 | 73,512 | (2.2) | (22.1) | 57,939 | 77,816 | (25.5) |
Interest-bearing deposits | 216,293 | 207,841 | 195,333 | 4.1 | 10.7 | 212,068 | 197,372 | 7.4 |
Total deposits | 273,592 | 266,421 | 268,845 | 2.7 | 1.8 | 270,007 | 275,188 | (1.9) |
Total U.S. Bancorp shareholders' equity | 21,481 | 21,757 | 22,359 | (1.3) | (3.9) | 21,619 | 21,949 | (1.5) |
CONSUMER AND BUSINESS BANKING | Preliminary data | |||||||
($ in millions) | Percent Change | |||||||
2Q 2024 |
1Q 2024 |
2Q 2023 |
2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Condensed Income Statement | ||||||||
Net interest income (taxable-equivalent basis) | $1,922 | $1,879 | $2,295 | 2.3 | (16.3) | $3,801 | $4,684 | (18.9) |
Noninterest income | 413 | 423 | 431 | (2.4) | (4.2) | 836 | 831 | .6 |
Securities gains (losses), net | - | - | - | - | - | - | - | - |
Total net revenue | 2,335 | 2,302 | 2,726 | 1.4 | (14.3) | 4,637 | 5,515 | (15.9) |
Noninterest expense | 1,555 | 1,535 | 1,690 | 1.3 | (8.0) | 3,090 | 3,351 | (7.8) |
Other intangibles | 67 | 67 | 74 | - | (9.5) | 134 | 145 | (7.6) |
Total noninterest expense | 1,622 | 1,602 | 1,764 | 1.2 | (8.0) | 3,224 | 3,496 | (7.8) |
Income before provision and taxes | 713 | 700 | 962 | 1.9 | (25.9) | 1,413 | 2,019 | (30.0) |
Provision for credit losses | 30 | 54 | 16 | (44.4) | 87.5 | 84 | 23 | nm |
Income before income taxes | 683 | 646 | 946 | 5.7 | (27.8) | 1,329 | 1,996 | (33.4) |
Income taxes and taxable-equivalent adjustment |
171 | 162 | 237 | 5.6 | (27.8) | 333 | 500 | (33.4) |
Net income | 512 | 484 | 709 | 5.8 | (27.8) | 996 | 1,496 | (33.4) |
Net (income) loss attributable to noncontrolling interests |
- | - | - | - | - | - | - | - |
Net income attributable to U.S. Bancorp | $512 | $484 | $709 | 5.8 | (27.8) | $996 | $1,496 | (33.4) |
Average Balance Sheet Data | ||||||||
Loans | $154,857 | $154,832 | $167,002 | - | (7.3) | $154,845 | $167,214 | (7.4) |
Other earning assets | 2,278 | 1,879 | 2,512 | 21.2 | (9.3) | 2,078 | 2,346 | (11.4) |
Goodwill | 4,326 | 4,326 | 4,530 | - | (4.5) | 4,326 | 4,512 | (4.1) |
Other intangible assets | 4,734 | 4,696 | 5,393 | .8 | (12.2) | 4,714 | 5,492 | (14.2) |
Assets | 168,634 | 169,073 | 184,804 | (.3) | (8.7) | 168,854 | 185,032 | (8.7) |
Noninterest-bearing deposits | 20,900 | 21,375 | 34,120 | (2.2) | (38.7) | 21,137 | 37,616 | (43.8) |
Interest-bearing deposits | 202,967 | 199,298 | 180,239 | 1.8 | 12.6 | 201,131 | 177,227 | 13.5 |
Total deposits | 223,867 | 220,673 | 214,359 | 1.4 | 4.4 | 222,268 | 214,843 | 3.5 |
Total U.S. Bancorp shareholders' equity | 14,553 | 14,844 | 16,386 | (2.0) | (11.2) | 14,699 | 16,476 | (10.8) |
PAYMENT SERVICES | Preliminary data | |||||||
($ in millions) | Percent Change | |||||||
2Q 2024 |
1Q 2024 |
2Q 2023 |
2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Condensed Income Statement | ||||||||
Net interest income (taxable-equivalent basis) | $673 | $702 | $623 | (4.1) | 8.0 | $1,375 | $1,270 | 8.3 |
Noninterest income | 1,094 | 979 | 1,050 | 11.7 | 4.2 | 2,073 | 1,987 | 4.3 |
Securities gains (losses), net | - | - | - | - | - | - | - | - |
Total net revenue | 1,767 | 1,681 | 1,673 | 5.1 | 5.6 | 3,448 | 3,257 | 5.9 |
Noninterest expense | 960 | 971 | 913 | (1.1) | 5.1 | 1,931 | 1,833 | 5.3 |
Other intangibles | 23 | 27 | 28 | (14.8) | (17.9) | 50 | 56 | (10.7) |
Total noninterest expense | 983 | 998 | 941 | (1.5) | 4.5 | 1,981 | 1,889 | 4.9 |
Income before provision and taxes | 784 | 683 | 732 | 14.8 | 7.1 | 1,467 | 1,368 | 7.2 |
Provision for credit losses | 388 | 359 | 314 | 8.1 | 23.6 | 747 | 534 | 39.9 |
Income before income taxes | 396 | 324 | 418 | 22.2 | (5.3) | 720 | 834 | (13.7) |
Income taxes and taxable-equivalent adjustment |
99 | 81 | 105 | 22.2 | (5.7) | 180 | 209 | (13.9) |
Net income | 297 | 243 | 313 | 22.2 | (5.1) | 540 | 625 | (13.6) |
Net (income) loss attributable to noncontrolling interests |
- | - | - | - | - | - | - | - |
Net income attributable to U.S. Bancorp | $297 | $243 | $313 | 22.2 | (5.1) | $540 | $625 | (13.6) |
Average Balance Sheet Data | ||||||||
Loans | $40,832 | $39,803 | $37,913 | 2.6 | 7.7 | $40,318 | $37,426 | 7.7 |
Other earning assets | 115 | 153 | 74 | (24.8) | 55.4 | 134 | 187 | (28.3) |
Goodwill | 3,327 | 3,331 | 3,331 | (.1) | (.1) | 3,329 | 3,323 | .2 |
Other intangible assets | 281 | 300 | 359 | (6.3) | (21.7) | 291 | 372 | (21.8) |
Assets | 46,099 | 46,816 | 44,126 | (1.5) | 4.5 | 46,458 | 43,492 | 6.8 |
Noninterest-bearing deposits | 2,706 | 2,791 | 3,179 | (3.0) | (14.9) | 2,749 | 3,181 | (13.6) |
Interest-bearing deposits | 97 | 97 | 104 | - | (6.7) | 97 | 106 | (8.5) |
Total deposits | 2,803 | 2,888 | 3,283 | (2.9) | (14.6) | 2,846 | 3,287 | (13.4) |
Total U.S. Bancorp shareholders' equity | 9,941 | 9,965 | 9,127 | (.2) | 8.9 | 9,953 | 9,048 | 10.0 |
TREASURY AND CORPORATE SUPPORT | Preliminary data | |||||||
($ in millions) | Percent Change | |||||||
2Q 2024 |
1Q 2024 |
2Q 2023 |
2Q24 vs 1Q24 | 2Q24 vs 2Q23 |
YTD 2024 |
YTD 2023 |
Percent Change | |
Condensed Income Statement | ||||||||
Net interest income (taxable-equivalent basis) | ($449) | ($470) | ($363) | 4.5 | (23.7) | ($919) | ($694) | (32.4) |
Noninterest income | 213 | 183 | 171 | 16.4 | 24.6 | 396 | 354 | 11.9 |
Securities gains (losses), net | (36) | 2 | 3 | nm | nm | (34) | (29) | (17.2) |
Total net revenue | (272) | (285) | (189) | 4.6 | (43.9) | (557) | (369) | (50.9) |
Noninterest expense | 235 | 487 | 484 | (51.7) | (51.4) | 722 | 1,001 | (27.9) |
Other intangibles | - | - | - | - | - | - | - | - |
Total noninterest expense | 235 | 487 | 484 | (51.7) | (51.4) | 722 | 1,001 | (27.9) |
Income (loss) before provision and taxes | (507) | (772) | (673) | 34.3 | 24.7 | (1,279) | (1,370) | 6.6 |
Provision for credit losses | 50 | (1) | 329 | nm | (84.8) | 49 | 556 | (91.2) |
Income (loss) before income taxes | (557) | (771) | (1,002) | 27.8 | 44.4 | (1,328) | (1,926) | 31.0 |
Income taxes and taxable-equivalent adjustment |
(187) | (242) | (282) | 22.7 | 33.7 | (429) | (573) | 25.1 |
Net income | (370) | (529) | (720) | 30.1 | 48.6 | (899) | (1,353) | 33.6 |
Net (income) loss attributable to noncontrolling interests |
(8) | (7) | (8) | (14.3) | - | (15) | (14) | (7.1) |
Net income (loss) attributable to U.S. Bancorp | ($378) | ($536) | ($728) | 29.5 | 48.1 | ($914) | ($1,367) | 33.1 |
Average Balance Sheet Data | ||||||||
Loans | $5,301 | $5,367 | $5,153 | (1.2) | 2.9 | $5,334 | $5,282 | 1.0 |
Other earning assets | 222,224 | 214,295 | 215,765 | 3.7 | 3.0 | 218,259 | 214,073 | 2.0 |
Goodwill | - | - | - | - | - | - | - | - |
Other intangible assets | 9 | 10 | 10 | (10.0) | (10.0) | 10 | 23 | (56.5) |
Assets | 247,570 | 238,828 | 238,913 | 3.7 | 3.6 | 243,199 | 237,559 | 2.4 |
Noninterest-bearing deposits | 2,513 | 2,041 | 2,947 | 23.1 | (14.7) | 2,277 | 3,092 | (26.4) |
Interest-bearing deposits | 11,134 | 11,038 | 7,831 | .9 | 42.2 | 11,087 | 7,348 | 50.9 |
Total deposits | 13,647 | 13,079 | 10,778 | 4.3 | 26.6 | 13,364 | 10,440 | 28.0 |
Total U.S. Bancorp shareholders' equity | 10,054 | 9,101 | 5,950 | 10.5 | 69.0 | 9,578 | 5,775 | 65.9 |