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Consolidated Statement of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Interest Income        
Loans $ 3,353 $ 3,049 $ 9,645 $ 8,728
Loans held for sale 36 40 108 104
Investment securities 661 568 1,927 1,653
Other interest income 73 47 182 131
Total interest income 4,123 3,704 11,862 10,616
Interest Expense        
Deposits 491 293 1,263 730
Short-term borrowings 104 39 265 96
Long-term debt 277 196 718 585
Total interest expense 872 528 2,246 1,411
Net interest income 3,251 3,176 9,616 9,205
Provision for credit losses 343 360 1,011 1,055
Net interest income after provision for credit losses 2,908 2,816 8,605 8,150
Noninterest Income        
Credit and debit card revenue 344 318 1,019 947
Corporate payment products revenue 169 150 481 427
Merchant processing services 392 377 1,142 1,112
ATM processing services 85 77 254 223
Trust and investment management fees 411 380 1,210 1,128
Deposit service charges 198 187 563 538
Treasury management fees 146 153 451 466
Commercial products revenue 216 240 670 730
Mortgage banking revenue 174 213 549 632
Investment products fees 47 42 140 128
Realized securities gains (losses), net 10 9 25 47
Other 226 194 600 569
Total noninterest income 2,418 2,340 7,104 6,947
Noninterest Expense        
Compensation 1,529 1,440 4,594 4,247
Employee benefits 294 268 923 843
Net occupancy and equipment 270 258 797 760
Professional services 96 104 274 305
Marketing and business development 106 92 314 291
Technology and communications 247 227 724 667
Postage, printing and supplies 84 82 244 244
Other intangibles 41 44 120 131
Other 377 483 1,194 1,403
Total noninterest expense 3,044 2,998 9,184 8,891
Income before income taxes 2,282 2,158 6,525 6,206
Applicable income taxes 460 589 1,263 1,639
Net income 1,822 1,569 5,262 4,567
Net (income) loss attributable to noncontrolling interests (7) (6) (22) (31)
Net income attributable to U.S. Bancorp 1,815 1,563 5,240 4,536
Net income applicable to U.S. Bancorp common shareholders $ 1,732 $ 1,485 $ 5,007 $ 4,302
Earnings per common share $ 1.06 $ 0.89 $ 3.05 $ 2.56
Diluted earnings per common share 1.06 0.88 3.04 2.55
Dividends declared per common share $ 0.37 $ 0.30 $ 0.97 $ 0.86
Average common shares outstanding 1,629 1,672 1,641 1,683
Average diluted common shares outstanding 1,633 1,678 1,645 1,689