Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Business segment results for the years ended December 31 were as follows:


	Wealth, Corporate, Commercial and Institutional Banking				Consumer and Business Banking						Payment Services
(Dollars in Millions)	2023		2022		2023			2022			2023			2022
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	6,129	$	5,213	$	8,331		$	6,764		$	2,702		$	2,504
Noninterest income	4,143		3,561		1,662			1,536			4,056		(a)	3,794		(a)
Total net revenue	10,272		8,774		9,993			8,300			6,758			6,298
Noninterest expense	5,183		4,135		6,964			5,779			3,772			3,525
Income (loss) before provision and income taxes	5,089		4,639		3,029			2,521			2,986			2,773
Provision for credit losses	334		154		79			75			1,394			980
Income (loss) before income taxes	4,755		4,485		2,950			2,446			1,592			1,793
Income taxes and taxable-equivalent adjustment	1,190		1,122		738			612			398			449
Net income (loss)	3,565		3,363		2,212			1,834			1,194			1,344
Net (income) loss attributable to noncontrolling interests	—		—		—			—			—			—
Net income (loss) attributable to U.S. Bancorp	$	3,565	$	3,363	$	2,212		$	1,834		$	1,194		$	1,344

Average Balance Sheet
Loans	$	175,780	$	150,512	$	161,862		$	144,441		$	38,471		$	34,627
Other earning assets	6,615		4,771		2,388			3,117			97			634
Goodwill	4,682		3,634		4,466			3,250			3,327			3,305
Other intangible assets	1,007		365		5,265			3,784			350			423
Assets	202,642		169,554		179,103			160,174			44,292			41,072
Noninterest-bearing deposits	70,977		82,671		31,082			31,719			2,981			3,410
Interest-bearing deposits	199,780		175,345		189,148			163,190			103			162
Total deposits	270,757		258,016		220,230			194,909			3,084			3,572
Total U.S. Bancorp shareholders’ equity	22,362		18,159		16,016			12,678			9,310			8,233

	Treasury and Corporate Support				Consolidated Company
(Dollars in Millions)	2023		2022		2023			2022
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	365	$	365	$	17,527		$	14,846
Noninterest income	756		565		10,617		(b)	9,456		(b)
Total net revenue	1,121		930		28,144			24,302
Noninterest expense	2,954		1,467		18,873			14,906
Income (loss) before provision and income taxes	(1,833)		(537)		9,271			9,396
Provision for credit losses	468		768		2,275			1,977
Income (loss) before income taxes	(2,301)		(1,305)		6,996			7,419
Income taxes and taxable-equivalent adjustment	(788)		(602)		1,538			1,581
Net income (loss)	(1,513)		(703)		5,458			5,838
Net (income) loss attributable to noncontrolling interests	(29)		(13)		(29)			(13)
Net income (loss) attributable to U.S. Bancorp	$	(1,542)	$	(716)	$	5,429		$	5,825

Average Balance Sheet
Loans	$	5,162	$	3,993	$	381,275		$	333,573
Other earning assets	214,824		203,248		223,924			211,770
Goodwill	—		—		12,475			10,189
Other intangible assets	17		5		6,639			4,577
Assets	237,403		221,349		663,440			592,149
Noninterest-bearing deposits	2,728		2,594		107,768			120,394
Interest-bearing deposits	8,864		3,293		397,895			341,990
Total deposits	11,592		5,887		505,663			462,384
Total U.S. Bancorp shareholders’ equity	5,972		11,346		53,660			50,416

(a)Presented net of related rewards and rebate costs and certain partner payments of $3.0 billion and $2.9 billion for 2023 and 2022, respectively.

(b)Includes revenue generated from certain contracts with customers of $8.8 billion and $8.0 billion for 2023 and 2022, respectively.