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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest Income        
Loans $ 2,869 $ 2,677 $ 5,468 $ 5,401
Loans held for sale 54 55 114 122
Investment securities 806 618 1,523 1,135
Other interest income 96 32 138 65
Total interest income 3,825 3,382 7,243 6,723
Interest Expense        
Deposits 177 82 257 167
Short-term borrowings 57 18 78 34
Long-term debt 156 145 300 322
Total interest expense 390 245 635 523
Net interest income 3,435 3,137 6,608 6,200
Provision for credit losses 311 (170) 423 (997)
Net interest income after provision for credit losses 3,124 3,307 6,185 7,197
Noninterest Income        
Credit and debit card revenue 399 396 737 732
Corporate payment products revenue 172 138 330 264
Merchant processing services 425 374 788 692
Trust and investment management fees 566 446 1,066 890
Deposit service charges 165 176 342 337
Treasury management fees 169 160 325 307
Commercial products revenue 290 280 556 560
Mortgage banking revenue 142 346 342 645
Investment products fees 59 60 121 115
Securities gains (losses), net 19 43 37 68
Other 142 200 300 390
Total noninterest income 2,548 2,619 4,944 5,000
Noninterest Expense        
Compensation 1,872 1,798 3,725 3,601
Employee benefits 374 337 770 721
Net occupancy and equipment 265 258 534 521
Professional services 111 108 225 206
Marketing and business development 106 90 186 138
Technology and communications 350 362 699 721
Postage, printing and supplies 69 65 141 134
Other intangibles 40 40 87 78
Merger and integration charges 197 0 197 0
Other 340 329 662 646
Total noninterest expense 3,724 3,387 7,226 6,766
Income before income taxes 1,948 2,539 3,903 5,431
Applicable income taxes 414 551 811 1,158
Net income 1,534 1,988 3,092 4,273
Net (income) loss attributable to noncontrolling interests (3) (6) (4) (11)
Net income attributable to U.S. Bancorp 1,531 1,982 3,088 4,262
Net income applicable to U.S. Bancorp common shareholders $ 1,464 $ 1,914 $ 2,930 $ 4,089
Earnings per common share $ 0.99 $ 1.29 $ 1.97 $ 2.73
Diluted earnings per common share $ 0.99 $ 1.28 $ 1.97 $ 2.73
Average common shares outstanding 1,486 1,489 1,485 1,495
Average diluted common shares outstanding 1,487 1,490 1,486 1,497