Business Segments (Tables)

3 Months Ended

Mar. 31, 2021

Text Block [Abstract]

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)	2021			2020			2021			2020			2021			2020
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	666		$	784		$	1,625		$	1,531		$	204		$	284
Noninterest income		259			271			617			757			492			466
Total net revenue		925			1,055			2,242			2,288			696			750
Noninterest expense		406			443			1,388			1,336			459			449
Other intangibles		–			–			3			4			2			3
Total noninterest expense		406			443			1,391			1,340			461			452
Income (loss) before provision and income taxes		519			612			851			948			235			298
Provision for credit losses		(40	)		424			(44	)		123			7			23
Income (loss) before income taxes		559			188			895			825			228			275
Income taxes and taxable-equivalent adjustment		140			47			224			206			57			69
Net income (loss)		419			141			671			619			171			206
Net (income) loss attributable to noncontrolling interests		–			–			–			–			–			–
Net income (loss) attributable to U.S. Bancorp	$	419		$	141		$	671		$	619		$	171		$	206
Average Balance Sheet
Loans	$	94,872		$	103,368		$	153,177		$	146,718		$	12,443		$	10,608
Other earning assets		4,308			4,555			10,203			4,967			279			281
Goodwill		1,647			1,647			3,475			3,574			1,619			1,617
Other intangible assets		5			7			2,491			2,411			42			44
Assets		107,022			115,308			175,541			161,886			15,662			13,950
Noninterest-bearing deposits		51,020			29,370			39,186			27,866			20,277			13,232
Interest-bearing deposits		67,750			80,657			166,876			133,718			71,629			68,842
Total deposits		118,770			110,027			206,062			161,584			91,906			82,074
Total U.S. Bancorp shareholders’ equity		13,074			14,182			13,453			13,422			2,634			2,571
	Payment Services						Treasury and Corporate Support						Consolidated Company
(Dollars in Millions)	2021			2020			2021			2020			2021			2020
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	628		$	661		$	(34	)	$	(13	)	$	3,089		$	3,247
Noninterest income		785	(a)		794	(a)		228			237			2,381	(b)		2,525	(b)
Total net revenue		1,413			1,455			194			224			5,470	(c)		5,772	(c)
Noninterest expense		782			754			306			292			3,341			3,274
Other intangibles		33			35			–			–			38			42
Total noninterest expense		815			789			306			292			3,379			3,316
Income (loss) before provision and income taxes		598			666			(112	)		(68	)		2,091			2,456
Provision for credit losses		(41	)		262			(709	)		161			(827	)		993
Income (loss) before income taxes		639			404			597			(229	)		2,918			1,463
Income taxes and taxable-equivalent adjustment		160			101			52			(139	)		633			284
Net income (loss)		479			303			545			(90	)		2,285			1,179
Net (income) loss attributable to noncontrolling interests		–			–			(5	)		(8	)		(5	)		(8	)
Net income (loss) attributable to U.S. Bancorp	$	479		$	303		$	540		$	(98	)	$	2,280		$	1,171
Average Balance Sheet
Loans	$	29,630		$	33,688		$	3,867		$	3,275		$	293,989		$	297,657
Other earning assets		5			6			188,927			140,256			203,722			150,065
Goodwill		3,173			2,856			–			–			9,914			9,694
Other intangible assets		544			557			–			–			3,082			3,019
Assets		35,095			38,285			215,414			165,378			548,734			494,807
Noninterest-bearing deposits		5,264			1,471			2,605			2,203			118,352			74,142
Interest-bearing deposits		132			114			1,625			5,331			308,012			288,662
Total deposits		5,396			1,585			4,230			7,534			426,364			362,804
Total U.S. Bancorp shareholders’ equity		7,480			7,619			16,088			13,352			52,729			51,146

(a) Presented net of related rewards and rebate costs and certain partner payments of $535 million and $530 million for the three months ended March 31, 2021 and 2020, respectively.

(b) Includes revenue generated from certain contracts with customers of $1.7 billion for the three months ended March 31, 2021 and 2020.

(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 $228 million and $238 million of revenue for the three months ended March 31, 2021 and 2020, respectively, primarily consisting of interest income on sales-type and direct financing leases.