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Consolidated Statement of Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Interest Income        
Loans $ 3,582 $ 3,197 $ 7,122 $ 6,292
Loans held for sale 34 39 59 72
Investment securities 745 653 1,450 1,266
Other interest income 90 59 171 109
Total interest income 4,451 3,948 8,802 7,739
Interest Expense        
Deposits 762 427 1,457 772
Short-term borrowings 91 86 184 161
Long-term debt 293 238 597 441
Total interest expense 1,146 751 2,238 1,374
Net interest income 3,305 3,197 6,564 6,365
Provision for credit losses 365 327 742 668
Net interest income after provision for credit losses 2,940 2,870 5,822 5,697
Noninterest Income        
Credit and debit card revenue 365 351 669 675
Corporate payment products revenue 167 158 329 312
Merchant processing services 404 387 782 750
Trust and investment management fees 415 401 814 799
Deposit service charges 227 273 444 534
Treasury management fees 153 155 299 305
Commercial products revenue 249 234 468 454
Mortgage banking revenue 189 191 358 375
Investment products fees 47 47 92 93
Realized securities gains (losses), net 17 10 22 15
Other 257 207 504 374
Total noninterest income 2,490 2,414 4,781 4,686
Noninterest Expense        
Compensation 1,574 1,542 3,133 3,065
Employee benefits 314 299 647 629
Net occupancy and equipment 281 262 558 527
Professional services 106 95 201 178
Marketing and business development 111 111 200 208
Technology and communications 270 242 527 477
Postage, printing and supplies 73 80 145 160
Other intangibles 42 40 82 79
Other 382 414 747 817
Total noninterest expense 3,153 3,085 6,240 6,140
Income before income taxes 2,277 2,199 4,363 4,243
Applicable income taxes 449 441 827 803
Net income 1,828 1,758 3,536 3,440
Net (income) loss attributable to noncontrolling interests (7) (8) (16) (15)
Net income attributable to U.S. Bancorp 1,821 1,750 3,520 3,425
Net income applicable to U.S. Bancorp common shareholders $ 1,741 $ 1,678 $ 3,354 $ 3,275
Earnings per common share $ 1.09 $ 1.02 $ 2.10 $ 1.99
Diluted earnings per common share $ 1.09 $ 1.02 $ 2.10 $ 1.98
Average common shares outstanding 1,590 1,642 1,596 1,647
Average diluted common shares outstanding 1,592 1,646 1,599 1,651