U.S. Bancorp (Parent Company)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

U.S. Bancorp (Parent Company)

  NOTE 25   U.S. Bancorp (Parent Company)  

Condensed Balance Sheet    

At December 31 (Dollars in Millions)	2022		2021
Assets
Due from banks, principally interest-bearing	$	5,288	$	8,369
Available-for-sale investment securities		672		1,209
Investments in bank subsidiaries		59,202		51,432
Investments in nonbank subsidiaries		3,575		3,632
Advances to bank subsidiaries		9,100		9,600
Advances to nonbank subsidiaries		150		707
Other assets		1,101		898
Total assets	$	79,088	$	75,847
Liabilities and Shareholders’ Equity
Long-term debt	$	26,983	$	18,902
Other liabilities		1,339		2,027
Shareholders’ equity		50,766		54,918
Total liabilities and shareholders’ equity	$	79,088	$	75,847

Condensed Income Statement

Year Ended December 31 (Dollars in Millions)	2022			2021			2020
Income
Dividends from bank subsidiaries	$	4,750		$	7,000		$	1,500
Dividends from nonbank subsidiaries		105			2			24
Interest from subsidiaries		119			112			172
Other income		31			46			85
Total income		5,005			7,160			1,781
Expense
Interest expense		505			348			433
Other expense		162			154			140
Total expense		667			502			573
Income before income taxes and equity in undistributed income of subsidiaries		4,338			6,658			1,208
Applicable income taxes		(138	)		(53	)		(78	)
Income of parent company		4,476			6,711			1,286
Equity in undistributed income of subsidiaries		1,349			1,252			3,673
Net income attributable to U.S. Bancorp	$	5,825		$	7,963		$	4,959

Condensed Statement of Cash Flows

Year Ended December 31 (Dollars in Millions)	2022			2021			2020
Operating Activities
Net income attributable to U.S. Bancorp	$	5,825		$	7,963		$	4,959
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		(1,349	)		(1,252	)		(3,673	)
Other, net		(398	)		(85	)		907
Net cash provided by operating activities		4,078			6,626			2,193
Investing Activities
Proceeds from sales and maturities of investment securities		423			200			258
Investments in subsidiaries		(5,030	)		–			–
Net decrease in short-term advances to subsidiaries		557			411			347
Long-term advances to subsidiaries		(2,000	)		(7,000	)		–
Principal collected on long-term advances to subsidiaries		2,500			1,250			–
Cash paid for acquisition		(5,500	)		–			–
Other, net		(173	)		(269	)		379
Net cash provided by (used in) investing activities		(9,223	)		(5,408	)		984
Financing Activities
Net decrease in short-term borrowings		–			–			(8	)
Proceeds from issuance of long-term debt		8,150			1,300			2,750
Principal payments or redemption of long-term debt		(2,300	)		(3,000	)		(1,200	)
Proceeds from issuance of preferred stock		437			2,221			486
Proceeds from issuance of common stock		21			43			15
Repurchase of preferred stock		(1,100	)		(1,250	)		–
Repurchase of common stock		(69	)		(1,555	)		(1,672	)
Cash dividends paid on preferred stock		(299	)		(308	)		(300	)
Cash dividends paid on common stock		(2,776	)		(2,579	)		(2,552	)
Net cash provided by (used in) financing activities		2,064			(5,128	)		(2,481	)
Change in cash and due from banks		(3,081	)		(3,910	)		696
Cash and due from banks at beginning of year		8,369			12,279			11,583
Cash and due from banks at end of year	$	5,288		$	8,369		$	12,279

Transfer of funds (dividends, loans or advances) from bank subsidiaries to the Company is restricted. Federal law requires loans to the Company or its affiliates to be secured and generally limits loans to the Company or an individual affiliate to 10 percent of each bank’s unimpaired capital and surplus. In the aggregate, loans to the Company and all affiliates cannot exceed 20 percent of each bank’s unimpaired capital and surplus.

Dividend payments to the Company by its subsidiary banks are subject to regulatory review and statutory limitations and, in some instances, regulatory approval. In general, dividends by the Company’s bank subsidiaries to the parent company are limited by rules which compare dividends to net income for regulatorily-defined periods. Furthermore, dividends are restricted by minimum capital constraints for all national banks.