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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest Income        
Loans $ 3,603 $ 2,711 $ 9,071 $ 8,112
Loans held for sale 49 54 163 176
Investment securities 867 606 2,390 1,741
Other interest income 209 38 347 103
Total interest income 4,728 3,409 11,971 10,132
Interest Expense        
Deposits 534 78 791 245
Short-term borrowings 169 18 247 52
Long-term debt 198 142 498 464
Total interest expense 901 238 1,536 761
Net interest income 3,827 3,171 10,435 9,371
Provision for credit losses 362 (163) 785 (1,160)
Net interest income after provision for credit losses 3,465 3,334 9,650 10,531
Noninterest Income        
Credit and debit card revenue 391 393 1,128 1,125
Corporate payment products revenue 190 156 520 420
Merchant processing services 406 392 1,194 1,084
Trust and investment management fees 572 459 1,638 1,349
Deposit service charges 166 194 508 531
Treasury management fees 151 155 476 462
Commercial products revenue 285 277 841 837
Mortgage banking revenue 81 418 423 1,063
Investment products fees 56 62 177 177
Securities gains (losses), net 1 20 38 88
Other 170 167 470 557
Total noninterest income 2,469 2,693 7,413 7,693
Noninterest Expense        
Compensation 1,891 1,847 5,616 5,448
Employee benefits 369 336 1,139 1,057
Net occupancy and equipment 272 259 806 780
Professional services 131 126 356 332
Marketing and business development 126 99 312 237
Technology and communications 355 361 1,054 1,082
Postage, printing and supplies 72 69 213 203
Other intangibles 43 41 130 119
Merger and integration charges 42 0 239 0
Other 336 291 998 937
Total noninterest expense 3,637 3,429 10,863 10,195
Income before income taxes 2,297 2,598 6,200 8,029
Applicable income taxes 481 564 1,292 1,722
Net income 1,816 2,034 4,908 6,307
Net (income) loss attributable to noncontrolling interests (4) (6) (8) (17)
Net income attributable to U.S. Bancorp 1,812 2,028 4,900 6,290
Net income applicable to U.S. Bancorp common shareholders $ 1,718 $ 1,934 $ 4,648 $ 6,023
Earnings per common share $ 1.16 $ 1.3 $ 3.13 $ 4.04
Diluted earnings per common share $ 1.16 $ 1.3 $ 3.13 $ 4.04
Average common shares outstanding 1,486 1,483 1,485 1,491
Average diluted common shares outstanding 1,486 1,484 1,486 1,492