Business Segments (Tables)

3 Months Ended

Mar. 31, 2020

Business Segments Reporting Information Details

Business segment results for the three months ended March 31 were as follows:


	Corporate and Commercial Banking				Consumer and Business Banking				Wealth Management and Investment Services
(Dollars in Millions)	2020		2019		2020		2019		2020		2019
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	797	$	778	$	1,541	$	1,581	$	283	$	293
Noninterest income		274		208		757		535		464		430
Securities gains (losses), net		–		–		–		–		–		–
Total net revenue		1,071		986		2,298		2,116		747		723
Noninterest expense		429		420		1,344		1,266		444		432
Other intangibles		–		1		4		5		3		3
Total noninterest expense		429		421		1,348		1,271		447		435
Income before provision and income taxes		642		565		950		845		300		288
Provision for credit losses		425		23		123		70		23		(3	)
Income before income taxes		217		542		827		775		277		291
Income taxes and taxable-equivalent adjustment		54		136		207		194		69		73
Net income		163		406		620		581		208		218
Net (income) loss attributable to noncontrolling interests		–		–		–		–		–		–
Net income attributable to U.S. Bancorp	$	163	$	406	$	620	$	581	$	208	$	218
Average Balance Sheet
Loans	$	103,397	$	98,702	$	146,704	$	141,795	$	10,594	$	9,818
Other earning assets		4,555		3,168		4,967		2,389		281		245
Goodwill		1,647		1,647		3,475		3,475		1,617		1,617
Other intangible assets		7		9		2,405		2,882		44		54
Assets		115,404		107,338		161,750		154,720		13,936		13,183

Noninterest-bearing deposits		29,329		30,211		27,986		26,574		13,184		13,275
Interest-bearing deposits		80,704		71,223		133,802		127,303		68,702		54,135
Total deposits		110,033		101,434		161,788		153,877		81,886		67,410

Total U.S. Bancorp shareholders’ equity		15,815		15,346		14,929		14,998		2,465		2,442


	Payment Services						Treasury and Corporate Support						Consolidated Company
(Dollars in Millions)	2020			2019			2020			2019			2020			2019
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	652		$	617		$	(26	)	$	17		$	3,247		$	3,286
Noninterest income		794	(a)		851	(a)		186			262			2,475	(b)		2,286	(b)
Securities gains (losses), net		–			–			50			5			50			5
Total net revenue		1,446			1,468			210			284			5,772	(c)		5,577	(c)
Noninterest expense		731			722			326			207			3,274			3,047
Other intangibles		35			31			–			–			42			40
Total noninterest expense		766			753			326			207			3,316			3,087
Income before provision and income taxes		680			715			(116	)		77			2,456			2,490
Provision for credit losses		262			286			160			1			993			377
Income before income taxes		418			429			(276	)		76			1,463			2,113
Income taxes and taxable-equivalent adjustment		105			107			(151	)		(105	)		284			405
Net income		313			322			(125	)		181			1,179			1,708
Net (income) loss attributable to noncontrolling interests		–			–			(8	)		(9	)		(8	)		(9	)
Net income attributable to U.S. Bancorp	$	313		$	322		$	(133	)	$	172		$	1,171		$	1,699
Average Balance Sheet
Loans	$	33,688		$	32,414		$	3,274		$	3,381		$	297,657		$	286,110
Other earning assets		399			448			139,863			127,134			150,065			133,384
Goodwill		2,811			2,814			144			–			9,694			9,553
Other intangible assets		535			513			28			–			3,019			3,458
Assets		38,562			38,615			165,155			149,543			494,807			463,399

Noninterest-bearing deposits		1,402			1,157			2,241			2,216			74,142			73,433
Interest-bearing Deposits		114			111			5,340			9,161			288,662			261,933
Total deposits		1,516			1,268			7,581			11,377			362,804			335,366

Total U.S. Bancorp shareholders’ equity		6,081			5,974			11,856			12,829			51,146			51,589

(a)	Presented net of related rewards and rebate costs and certain partner payments of $530 million and $529 million for the three months ended March 31, 2020 and 2019, respectively.

(b)	Includes revenue generated from certain contracts with customers of $1.7 billion for the three months ended March 31, 2020 and 2019 .

(c)

The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded $238 million and $239 million of revenue for the three months ended March 31, 2020 and 2019, respectively, primarily consisting of interest income on sales-type and direct financing leases.