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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest Income    
Loans $ 5,277 $ 2,599
Loans held for sale 31 60
Investment securities 1,074 717
Other interest income 582 42
Total interest income 6,964 3,418
Interest Expense    
Deposits 1,505 80
Short-term borrowings 449 21
Long-term debt 376 144
Total interest expense 2,330 245
Net interest income 4,634 3,173
Provision for credit losses 427 112
Net interest income after provision for credit losses 4,207 3,061
Noninterest Income    
Card revenue 360 338
Corporate payment products revenue 189 158
Merchant processing services 387 363
Trust and investment management fees 590 500
Service charges 324 333
Commercial products revenue 334 266
Mortgage banking revenue 128 200
Investment products fees 68 62
Securities gains (losses), net (32) 18
Other 159 158
Total noninterest income 2,507 2,396
Noninterest Expense    
Compensation and employee benefits 2,646 2,249
Net occupancy and equipment 321 269
Professional services 134 114
Marketing and business development 122 80
Technology and communications 503 421
Other intangibles 160 47
Merger and integration charges 244  
Other 425 322
Total noninterest expense 4,555 3,502
Income before income taxes 2,159 1,955
Applicable income taxes 455 397
Net income (loss) 1,704 1,558
Net (income) loss attributable to noncontrolling interests (6) (1)
Net income (loss) attributable to U.S. Bancorp 1,698 1,557
Net income applicable to U.S. Bancorp common shareholders $ 1,592 $ 1,466
Earnings per common share $ 1.04 $ 0.99
Diluted earnings per common share $ 1.04 $ 0.99
Average common shares outstanding 1,532 1,485
Average diluted common shares outstanding 1,532 1,486