
Table 11		Line of Business Financial Performance


	Corporate and Commercial Banking								Consumer and Business Banking
Three Months Ended September 30 (Dollars in Millions)	2018		2017			Percent Change			2018		2017		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	739	$	735			.5	%	$	1,557	$	1,475		5.6	%
Noninterest income		201		219			(8.2	)		582		616		(5.5	)
Securities gains (losses), net		–		–			–			–		–		–
Total net revenue		940		954			(1.5	)		2,139		2,091		2.3
Noninterest expense		379		389			(2.6	)		1,283		1,232		4.1
Other intangibles		1		1			–			7		8		(12.5	)
Total noninterest expense		380		390			(2.6	)		1,290		1,240		4.0
Income before provision and income taxes		560		564			(.7	)		849		851		(.2	)
Provision for credit losses		35		(9	)		*			54		93		(41.9	)
Income before income taxes		525		573			(8.4	)		795		758		4.9
Income taxes and taxable-equivalent adjustment		131		209			(37.3	)		199		276		(27.9	)
Net income		394		364			8.2			596		482		23.7
Net (income) loss attributable to noncontrolling interests		–		–			–			–		–		–
Net income attributable to U.S. Bancorp	$	394	$	364			8.2		$	596	$	482		23.7
Average Balance Sheet
Commercial	$	74,828	$	73,825			1.4	%	$	9,985	$	10,119		(1.3	)%
Commercial real estate		18,529		20,111			(7.9	)		16,232		16,668		(2.6	)
Residential mortgages		6		6			–			58,624		56,111		4.5
Credit card		–		–			–			–		–		–
Other retail		1		–			*			53,742		53,830		(.2	)
Total loans, excluding covered loans		93,364		93,942			(.6	)		138,583		136,728		1.4
Covered loans		–		–			–			2,756		3,347		(17.7	)
Total loans		93,364		93,942			(.6	)		141,339		140,075		.9
Goodwill		1,647		1,647			–			3,631		3,632		–
Other intangible assets		10		13			(23.1	)		2,974		2,702		10.1
Assets		102,146		102,267			(.1	)		155,586		154,748		.5
Noninterest-bearing deposits		32,539		35,401			(8.1	)		28,005		28,389		(1.4	)
Interest checking		9,627		9,710			(.9	)		50,319		47,301		6.4
Savings products		40,356		45,138			(10.6	)		61,600		60,673		1.5
Time deposits		18,571		19,613			(5.3	)		13,634		12,888		5.8
Total deposits		101,093		109,862			(8.0	)		153,558		149,251		2.9
Total U.S. Bancorp shareholders’ equity		10,426		9,951			4.8			11,847		11,147		6.3

	Corporate and Commercial Banking								Consumer and Business Banking
Nine Months Ended September 30 (Dollars in Millions)	2018		2017			Percent Change			2018		2017		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	2,186	$	2,170			.7	%	$	4,587	$	4,337		5.8	%
Noninterest income		632		709			(10.9	)		1,741		1,792		(2.8	)
Securities gains (losses), net		–		(3	)		*			–		–		–
Total net revenue		2,818		2,876			(2.0	)		6,328		6,129		3.2
Noninterest expense		1,175		1,167			.7			3,863		3,731		3.5
Other intangibles		3		3			–			21		22		(4.5	)
Total noninterest expense		1,178		1,170			.7			3,884		3,753		3.5
Income before provision and income taxes		1,640		1,706			(3.9	)		2,444		2,376		2.9
Provision for credit losses		37		9			*			164		242		(32.2	)
Income before income taxes		1,603		1,697			(5.5	)		2,280		2,134		6.8
Income taxes and taxable-equivalent adjustment		401		618			(35.1	)		571		777		(26.5	)
Net income		1,202		1,079			11.4			1,709		1,357		25.9
Net (income) loss attributable to noncontrolling interests		–		–			–			–		–		–
Net income attributable to U.S. Bancorp	$	1,202	$	1,079			11.4		$	1,709	$	1,357		25.9
Average Balance Sheet
Commercial	$	74,781	$	73,179			2.2	%	$	9,811	$	9,979		(1.7	)%
Commercial real estate		18,782		20,739			(9.4	)		16,318		16,742		(2.5	)
Residential mortgages		6		7			(14.3	)		57,756		55,704		3.7
Credit card		–		–			–			–		–		–
Other retail		1		–			*			53,994		52,610		2.6
Total loans, excluding covered loans		93,570		93,925			(.4	)		137,879		135,035		2.1
Covered loans		–		–			–			2,900		3,531		(17.9	)
Total loans		93,570		93,925			(.4	)		140,779		138,566		1.6
Goodwill		1,647		1,647			–			3,632		3,632		–
Other intangible assets		11		14			(21.4	)		2,926		2,733		7.1
Assets		102,417		102,520			(.1	)		155,239		152,879		1.5
Noninterest-bearing deposits		33,438		36,256			(7.8	)		27,443		27,387		.2
Interest checking		9,556		9,506			.5			50,052		46,938		6.6
Savings products		42,227		46,556			(9.3	)		61,621		60,317		2.2
Time deposits		17,829		15,238			17.0			12,996		12,967		.2
Total deposits		103,050		107,556			(4.2	)		152,112		147,609		3.1
Total U.S. Bancorp shareholders’ equity		10,447		9,850			6.1			11,850		11,154		6.2

*	Not meaningful

(a)

Presented net of related rewards and rebate costs and certain partner payments of $539 million and $504 million for the three months ended September 30, 2018 and 2017, respectively, and $1.6 billion and $1.5 billion for the nine months ended September 30, 2018 and 2017, respectively.

(b)

Includes revenue generated from certain contracts with customers of $1.8 billion and $1.7 billion for the three months ended September 30, 2018 and 2017, respectively, and $5.5 billion and $5.2 billion for the nine months ended September 30, 2018 and 2017, respectively.


Wealth Management and Investment Services							Payment Services									Treasury and Corporate Support									Consolidated Company
2018		2017		Percent Change			2018			2017			Percent Change			2018			2017			Percent Change			2018			2017			Percent Change

	$ 281	$	252		11.5	%	$	619		$	614			.8	%	$	85		$	151			(43.7	)%	$	3,281		$	3,227			1.7	%
	444		411		8.0			911	(a)		851	(a)		7.1			270			234			15.4			2,408	(b)		2,331	(b)		3.3
	–		–		–			–			–			–			10			9			11.1			10			9			11.1
	725		663		9.4			1,530			1,465			4.4			365			394			(7.4	)		5,699			5,567			2.4
	429		403		6.5			713			676			5.5			199			254			(21.7	)		3,003			2,954			1.7
	4		5		(20.0	)		29			30			(3.3	)		–			–			–			41			44			(6.8	)
	433		408		6.1			742			706			5.1			199			254			(21.7	)		3,044			2,998			1.5
	292		255		14.5			788			759			3.8			166			140			18.6			2,655			2,569			3.3
	(3)		1		*			264			270			(2.2	)		(7	)		5			*			343			360			(4.7	)
	295		254		16.1			524			489			7.2			173			135			28.1			2,312			2,209			4.7
	74		92		(19.6	)		131			178			(26.4	)		(45	)		(115	)		60.9			490			640			(23.4	)
	221		162		36.4			393			311			26.4			218			250			(12.8	)		1,822			1,569			16.1
	–		–		–			–			–			–			(7	)		(6	)		(16.7	)		(7	)		(6	)		(16.7	)
	$ 221	$	162		36.4		$	393		$	311			26.4		$	211		$	244			(13.5	)	$	1,815		$	1,563			16.1

	$ 3,783	$	3,506		7.9	%	$	9,272		$	8,233			12.6	%	$	1,180		$	950			24.2	%	$	99,048		$	96,633			2.5	%
	529		517		2.3			–			–			–			4,252			4,325			(1.7	)		39,542			41,621			(5.0	)
	3,408		2,905		17.3			–			–			–			4			8			(50.0	)		62,042			59,030			5.1
	–		–		–			21,774			20,926			4.1			–			–			–			21,774			20,926			4.1
	1,763		1,780		(1.0	)		397			453			(12.4	)		–			6			*			55,903			56,069			(.3	)
	9,483		8,708		8.9			31,443			29,612			6.2			5,436			5,289			2.8			278,309			274,279			1.5
	–		–		–			–			–			–			–			–			–			2,756			3,347			(17.7	)
	9,483		8,708		8.9			31,443			29,612			6.2			5,436			5,289			2.8			281,065			277,626			1.2
	1,618		1,618		–			2,563			2,468			3.8			–			–			–			9,459			9,365			1.0
	61		79		(22.8	)		400			384			4.2			–			–			–			3,445			3,178			8.4
	12,663		11,657		8.6			37,128			35,019			6.0			149,393			146,939			1.7			456,916			450,630			1.4
	13,190		14,742		(10.5	)		1,064			1,029			3.4			2,394			2,403			(.4	)		77,192			81,964			(5.8	)
	9,351		11,016		(15.1	)		–			–			–			33			39			(15.4	)		69,330			68,066			1.9
	42,703		42,288		1.0			108			103			4.9			769			519			48.2			145,536			148,721			(2.1	)
	3,883		3,526		10.1			3			1			*			1,972			372			*			38,063			36,400			4.6
	69,127		71,572		(3.4	)		1,175			1,133			3.7			5,168			3,333			55.1			330,121			335,151			(1.5	)
	2,486		2,434		2.1			6,584			6,205			6.1			19,425			19,710			(1.4	)		50,768			49,447			2.7

Wealth Management and Investment Services							Payment Services									Treasury and Corporate Support									Consolidated Company
2018		2017		Percent Change			2018			2017			Percent Change			2018			2017			Percent Change			2018			2017			Percent Change

	$ 840	$	743		13.1	%	$	1,822		$	1,792			1.7	%	$	269		$	315			(14.6	)%	$	9,704		$	9,357			3.7	%
	1,305		1,221		6.9			2,662	(a)		2,499	(a)		6.5			739			679			8.8			7,079	(b)		6,900	(b)		2.6
	–		–		–			–			–			–			25			50			(50.0	)		25			47			(46.8	)
	2,145		1,964		9.2			4,484			4,291			4.5			1,033			1,044			(1.1	)		16,808			16,304			3.1
	1,304		1,197		8.9			2,117			1,983			6.8			605			682			(11.3	)		9,064			8,760			3.5
	12		15		(20.0	)		84			91			(7.7	)		–			–			–			120			131			(8.4	)
	1,316		1,212		8.6			2,201			2,074			6.1			605			682			(11.3	)		9,184			8,891			3.3
	829		752		10.2			2,283			2,217			3.0			428			362			18.2			7,624			7,413			2.8
	(2)		1		*			817			794			2.9			(5	)		9			*			1,011			1,055			(4.2	)
	831		751		10.7			1,466			1,423			3.0			433			353			22.7			6,613			6,358			4.0
	208		273		(23.8	)		367			518			(29.2	)		(196	)		(395	)		50.4			1,351			1,791			(24.6	)
	623		478		30.3			1,099			905			21.4			629			748			(15.9	)		5,262			4,567			15.2
	–		–		–			–			(13	)		*			(22	)		(18	)		(22.2	)		(22	)		(31	)		29.0
	$ 623	$	478		30.3		$	1,099		$	892			23.2		$	607		$	730			(16.8	)	$	5,240		$	4,536			15.5

	$ 3,727	$	3,358		11.0	%	$	8,866		$	7,942			11.6	%	$	1,110		$	889			24.9	%	$	98,295		$	95,347			3.1	%
	520		514		1.2			–			–			–			4,298			4,442			(3.2	)		39,918			42,437			(5.9	)
	3,256		2,777		17.2			–			–			–			5			8			(37.5	)		61,023			58,496			4.3
	–		–		–			21,428			20,801			3.0			–			–			–			21,428			20,801			3.0
	1,728		1,757		(1.7	)		410			466			(12.0	)		2			2			–			56,135			54,835			2.4
	9,231		8,406		9.8			30,704			29,209			5.1			5,415			5,341			1.4			276,799			271,916			1.8
	–		–		–			–			–			–			–			7			*			2,900			3,538			(18.0	)
	9,231		8,406		9.8			30,704			29,209			5.1			5,415			5,348			1.3			279,699			275,454			1.5
	1,619		1,617		.1			2,546			2,459			3.5			–			–			–			9,444			9,355			1.0
	66		83		(20.5	)		396			409			(3.2	)		–			–			–			3,399			3,239			4.9
	12,313		11,620		6.0			36,614			34,781			5.3			148,658			144,249			3.1			455,241			446,049			2.1
	14,106		14,860		(5.1	)		1,092			1,023			6.7			2,467			2,282			8.1			78,546			81,808			(4.0	)
	10,220		10,534		(3.0	)		–			–			–			37			43			(14.0	)		69,865			67,021			4.2
	42,531		42,629		(.2	)		106			101			5.0			738			518			42.5			147,223			150,121			(1.9	)
	3,825		4,188		(8.7	)		3			1			*			2,872			266			*			37,525			32,660			14.9
	70,682		72,211		(2.1	)		1,201			1,125			6.8			6,114			3,109			96.7			333,159			331,610			.5
	2,471		2,428		1.8			6,602			6,285			5.0			18,691			19,258			(2.9	)		50,061			48,975			2.2