Business Segments (Tables)

9 Months Ended

Sep. 30, 2022

Text Block [Abstract]

Business Segments Reporting Information Details

Business segment results for the three months ended September 30 were as follows:

	Corporate and Commercial Banking						Consumer and Business Banking						Wealth Management and Investment Services
(Dollars in Millions)	2022			2021			2022			2021			2022			2021
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	934		$	701		$	1,726		$	1,558		$	477		$	236
Noninterest income		256			254			336			714			652			558
Total net revenue		1,190			955			2,062			2,272			1,129			794
Nointerest expense		452			435			1,399			1,412			592			520
Income (loss) before provision and income taxes		738			520			663			860			537			274
Provision for credit losses		68			12			40			(27	)		3			2
Income (loss) before income taxes		670			508			623			887			534			272
Income taxes and taxable-equivalent adjustment		168			127			156			222			134			68
Net income (loss)		502			381			467			665			400			204
Net (income) loss attributable to noncontrolling interests		—			—			—			—			—			—
Net income (loss) attributable to U.S. Bancorp	$	502		$	381		$	467		$	665		$	400		$	204
Average Balance Sheet
Loans	$	131,614		$	102,800		$	142,986		$	140,468		$	22,871		$	18,452
Other earning assets		4,506			4,722			3,043			7,645			249			225
Goodwill		1,912			1,650			3,241			3,506			1,700			1,618
Other intangible assets		3			5			3,726			2,755			311			80
Assets		147,671			115,033			158,439			160,515			26,439			21,633
Noninterest-bearing deposits		53,388			63,565			31,083			33,401			23,852			24,542
Interest-bearing deposits		100,433			69,304			166,196			159,475			73,229			72,255
Total deposits		153,821			132,869			197,279			192,876			97,081			96,797
Total U.S. Bancorp shareholders’ equity		14,609			13,766			12,466			12,247			3,726			3,171
	Payment Services						Treasury and Corporate Support						Consolidated Company
(Dollars in Millions)	2022			2021			2022			2021			2022			2021
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	627		$	616		$	93		$	86		$	3,857		$	3,197
Noninterest income		995	(a)		946	(a)		230			221			2,469	(b)		2,693	(b)
Total net revenue		1,622			1,562			323			307			6,326	(c)		5,890	(c)
Noninterest expense		897			862			297			200			3,637			3,429
Income (loss) before provision and income taxes		725			700			26			107			2,689			2,461
Provision for credit losses		285			166			(34	)		(316	)		362			(163	)
Income (loss) before income taxes		440			534			60			423			2,327			2,624
Income taxes and taxable-equivalent adjustment		110			134			(57	)		39			511			590
Net income (loss)		330			400			117			384			1,816			2,034
Net (income) loss attributable to noncontrolling interests		—			—			(4	)		(6	)		(4	)		(6	)
Net income (loss) attributable to U.S. Bancorp	$	330		$	400		$	113		$	378		$	1,812		$	2,028
Average Balance Sheet
Loans	$	35,819		$	31,378		$	3,488		$	3,641		$	336,778		$	296,739
Other earning assets		392			5			196,698			193,989			204,888			206,586
Goodwill		3,292			3,168			—			—			10,145			9,942
Other intangible assets		405			495			—			—			4,445			3,335
Assets		42,090			37,170			214,125			219,095			588,764			553,446
Noninterest-bearing deposits		3,312			4,913			2,409			2,597			114,044			129,018
Interest-bearing deposits		171			150			2,696			1,285			342,725			302,469
Total deposits		3,483			5,063			5,105			3,882			456,769			431,487
Total U.S. Bancorp shareholders’ equity		8,257			7,561			10,762			17,528			49,820			54,273

(a) Presented net of related rewards and rebate costs and certain partner payments of $754 million and $652 million for the three months ended September 30, 2022 and 2021, respectively.

(b) Includes revenue generated from certain contracts with customers of $2.1 billion and $2.0 billion for the three months ended September 30, 2022 and 2021, respectively.

(c) The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangments, the Company recorded $190 million and $220 million of revenue for the three months ended September 30, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases.

Business segment results for the nine months ended September 30 were as follows:

	Corporate and Commercial Banking						Consumer and Business Banking						Wealth Management and Investment Services
(Dollars in Millions)	2022			2021			2022			2021			2022			2021
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	2,475		$	2,158		$	4,835		$	4,580		$	1,107		$	752
Noninterest income		774			788			1,191			1,915			1,900			1,639
Total net revenue		3,249			2,946			6,026			6,495			3,007			2,391
Nointerest expense		1,352			1,305			4,215			4,129			1,768			1,539
Income (loss) before provision and income taxes		1,897			1,641			1,811			2,366			1,239			852
Provision for credit losses		172			(32	)		12			(136	)		7			2
Income (loss) before income taxes		1,725			1,673			1,799			2,502			1,232			850
Income taxes and taxable-equivalent adjustment		432			419			450			626			309			213
Net income (loss)		1,293			1,254			1,349			1,876			923			637
Net (income) loss attributable to noncontrolling interests		—			—			—			—			—			—
Net income (loss) attributable to U.S. Bancorp	$	1,293		$	1,254		$	1,349		$	1,876		$	923		$	637
Average Balance Sheet
Loans	$	123,644		$	102,427		$	141,637		$	140,914		$	21,972		$	17,582
Other earning assets		4,447			4,485			3,330			8,606			253			247
Goodwill		1,912			1,648			3,248			3,487			1,726			1,618
Other intangible assets		4			5			3,514			2,693			292			69
Assets		137,874			114,525			157,311			162,013			25,563			20,743
Noninterest-bearing deposits		58,517			60,648			30,990			32,857			25,437			23,096
Interest-bearing deposits		93,762			70,406			166,806			156,052			71,852			76,464
Total deposits		152,279			131,054			197,796			188,909			97,289			99,560
Total U.S. Bancorp shareholders’ equity		14,114			13,984			12,361			12,352			3,647			3,099
	Payment Services						Treasury and Corporate Support						Consolidated Company
(Dollars in Millions)	2022			2021			2022			2021			2022			2021
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,868		$	1,840		$	236		$	120		$	10,521		$	9,450
Noninterest income		2,847	(a)		2,644	(a)		701			707			7,413	(b)		7,693	(b)
Total net revenue		4,715			4,484			937			827			17,934	(c)		17,143	(c)
Noninterest expense		2,626			2,488			902			734			10,863			10,195
Income (loss) before provision and income taxes		2,089			1,996			35			93			7,071			6,948
Provision for credit losses		636			216			(42	)		(1,210	)		785			(1,160	)
Income (loss) before income taxes		1,453			1,780			77			1,303			6,286			8,108
Income taxes and taxable-equivalent adjustment		364			446			(177	)		97			1,378			1,801
Net income (loss)		1,089			1,334			254			1,206			4,908			6,307
Net (income) loss attributable to noncontrolling interests		—			—			(8	)		(17	)		(8	)		(17	)
Net income (loss) attributable to U.S. Bancorp	$	1,089		$	1,334		$	246		$	1,189		$	4,900		$	6,290
Average Balance Sheet
Loans	$	33,820		$	30,353		$	3,658		$	3,738		$	324,731		$	295,014
Other earning assets		810			5			202,560			192,259			211,400			205,602
Goodwill		3,312			3,172			—			—			10,198			9,925
Other intangible assets		435			518			—			—			4,245			3,285
Assets		40,573			35,966			220,746			217,952			582,067			551,199
Noninterest-bearing deposits		3,459			5,068			2,490			2,593			120,893			124,262
Interest-bearing deposits		166			141			2,350			1,714			334,936			304,777
Total deposits		3,625			5,209			4,840			4,307			455,829			429,039
Total U.S. Bancorp shareholders’ equity		8,131			7,543			12,551			16,349			50,804			53,327

(a) Presented net of related rewards and rebate costs and certain partner payments of $2.2 billion and $1.8 billion for the nine months ended September 30, 2022 and 2021, respectively.

(b) Includes revenue generated from certain contracts with customers of $6.0 billion and $5.6 billion for the nine months ended September 30, 2022 and 2021, respectively.

(c) The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangments, the Company recorded $582 million and $686 million of revenue for the nine months ended September 30, 2022 and 2021, respectively, primarily consisting of interest income on sales-type and direct financing leases.