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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income        
Loans $ 5,605 $ 2,869 $ 10,882 $ 5,468
Loans held for sale 38 54 69 114
Investment securities 1,077 806 2,151 1,523
Other interest income 806 96 1,388 138
Total interest income 7,526 3,825 14,490 7,243
Interest Expense        
Deposits 1,939 177 3,444 257
Short-term borrowings 740 57 1,189 78
Long-term debt 432 156 808 300
Total interest expense 3,111 390 5,441 635
Net interest income 4,415 3,435 9,049 6,608
Provision for credit losses 821 311 1,248 423
Net interest income after provision for credit losses 3,594 3,124 7,801 6,185
Noninterest Income        
Card revenue 422 399 782 737
Corporate payment products revenue 190 172 379 330
Merchant processing services 436 425 823 788
Trust and investment management fees 621 566 1,211 1,066
Service charges 324 334 648 667
Commercial products revenue 358 290 692 556
Mortgage banking revenue 131 142 259 342
Investment products fees 68 59 136 121
Securities gains (losses), net 3 19 (29) 37
Other 173 142 332 300
Total noninterest income 2,726 2,548 5,233 4,944
Noninterest Expense        
Compensation and employee benefits 2,646 2,246 5,292 4,495
Net occupancy and equipment 316 265 637 534
Professional services 141 111 275 225
Marketing and business development 122 106 244 186
Technology and communications 522 419 1,025 840
Other intangibles 159 40 319 87
Merger and integration charges 310 197 554 197
Other 353 340 778 662
Total noninterest expense 4,569 3,724 9,124 7,226
Income before income taxes 1,751 1,948 3,910 3,903
Applicable income taxes 382 414 837 811
Net income (loss) 1,369 1,534 3,073 3,092
Net (income) loss attributable to noncontrolling interests (8) (3) (14) (4)
Net income (loss) attributable to U.S. Bancorp 1,361 1,531 3,059 3,088
Net income applicable to U.S. Bancorp common shareholders $ 1,281 $ 1,464 $ 2,873 $ 2,930
Earnings per common share $ 0.84 $ 0.99 $ 1.87 $ 1.97
Diluted earnings per common share $ 0.84 $ 0.99 $ 1.87 $ 1.97
Average common shares outstanding 1,533 1,486 1,532 1,485
Average diluted common shares outstanding 1,533 1,487 1,533 1,486