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Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Business Segments Reporting Information Details

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


	Corporate and Commercial Banking						Consumer and Business Banking						Wealth Management and Investment Services
(Dollars in Millions)	2023			2022			2023			2022			2023			2022
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,019		$	799		$	2,196		$	1,580		$	482		$	370
Noninterest income		347			272			426			390			728			652
Total net revenue		1,366			1,071			2,622			1,970			1,210			1,022
Noninterest expense		636			471			1,801			1,401			670			539
Income (loss) before provision and income taxes		730			600			821			569			540			483
Provision for credit losses		150			98			24			(74	)		3			(4	)
Income (loss) before income taxes		580			502			797			643			537			487
Income taxes and taxable-equivalent adjustment		145			126			199			160			134			122
Net income (loss)		435			376			598			483			403			365
Net (income) loss attributable to noncontrolling interests		–			–			–			–			–			–
Net income (loss) attributable to U.S. Bancorp	$	435		$	376		$	598		$	483		$	403		$	365

Average Balance Sheet
Loans	$	151,123		$	123,245		$	169,704		$	140,747		$	24,568		$	22,285
Other earning assets		6,250			4,161			2,512			2,576			421			233
Goodwill		2,859			1,912			4,531			3,244			1,792			1,718
Other intangible assets		537			4			5,393			3,635			426			300
Assets		173,101			137,809			187,507			155,700			29,008			25,728

Noninterest-bearing deposits		51,242			59,226			35,489			30,492			21,199			25,194
Interest-bearing deposits		107,724			93,830			187,793			164,269			80,061			75,824
Total deposits		158,966			153,056			223,282			194,761			101,260			101,018

Total U.S. Bancorp shareholders’ equity		18,244			13,992			16,516			12,326			3,976			3,615

	Payment Services						Treasury and Corporate Support						Consolidated Company
(Dollars in Millions)	2023			2022			2023			2022			2023			2022
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	645		$	619		$	107		$	96		$	4,449		$	3,464
Noninterest income		1,051	(a)		993	(a)		174			241			2,726	(b)		2,548	(b)
Total net revenue		1,696			1,612			281			337			7,175	(c)		6,012	(c)
Noninterest expense		915			865			547			448			4,569			3,724
Income (loss) before provision and income taxes		781			747			(266	)		(111	)		2,606			2,288
Provision for credit losses		314			221			330			70			821			311
Income (loss) before income taxes		467			526			(596	)		(181	)		1,785			1,977
Income taxes and taxable-equivalent adjustment		117			132			(179	)		(97	)		416			443
Net income (loss)		350			394			(417	)		(84	)		1,369			1,534
Net (income) loss attributable to noncontrolling interests		–			–			(8	)		(3	)		(8	)		(3	)
Net income (loss) attributable to U.S. Bancorp	$	350		$	394		$	(425	)	$	(87	)	$	1,361		$	1,531

Average Balance Sheet
Loans	$	37,913		$	33,854		$	5,509		$	4,056		$	388,817		$	324,187
Other earning assets		74			1,023			215,765			204,581			225,022			212,574
Goodwill		3,330			3,318			–			–			12,512			10,192
Other intangible assets		359			437			9			–			6,724			4,376
Assets		44,127			41,014			239,269			219,660			673,012			579,911

Noninterest-bearing deposits		3,179			3,396			2,649			2,519			113,758			120,827
Interest-bearing deposits		104			167			7,825			1,599			383,507			335,689
Total deposits		3,283			3,563			10,474			4,118			497,265			456,516

Total U.S. Bancorp shareholders’ equity		9,127			8,113			5,959			11,120			53,822			49,166

(a)	Presented net of related rewards and rebate costs and certain partner payments of $760 million and $772 million for the three months ended June 30, 2023 and 2022, respectively.

(b)	Includes revenue generated from certain contracts with customers of $2.2 billion and $2.0 billion for the three months ended June 30, 2023 and 2022, respectively.

(c)

The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded $186 million and $188 million of revenue for the three months ended June 30, 2023 and 2022, respectively, primarily consisting of interest income on sales-type and direct financing leases.

Business segment results for the six months ended June 30 were as follows:


	Corporate and Commercial Banking						Consumer and Business Banking						Wealth Management and Investment Services
(Dollars in Millions)	2023			2022			2023			2022			2023			2022
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	2,099		$	1,546		$	4,480		$	3,063		$	999		$	662
Noninterest income		666			519			823			844			1,429			1,247
Total net revenue		2,765			2,065			5,303			3,907			2,428			1,909
Noninterest expense		1,249			915			3,568			2,807			1,335			1,092
Income (loss) before provision and income taxes		1,516			1,150			1,735			1,100			1,093			817
Provision for credit losses		126			104			31			(26	)		–			4
Income (loss) before income taxes		1,390			1,046			1,704			1,126			1,093			813
Income taxes and taxable-equivalent adjustment		348			262			426			280			273			204
Net income (loss)		1,042			784			1,278			846			820			609
Net (income) loss attributable to noncontrolling interests		–			–			–			–			–			–
Net income (loss) attributable to U.S. Bancorp	$	1,042		$	784		$	1,278		$	846		$	820		$	609

Average Balance Sheet
Loans	$	150,455		$	119,598		$	169,898		$	140,586		$	24,441		$	21,483
Other earning assets		5,949			4,417			2,346			3,475			401			237
Goodwill		2,842			1,912			4,511			3,253			1,790			1,739
Other intangible assets		564			4			5,493			3,406			434			283
Assets		171,389			132,899			187,715			156,320			28,808			25,062

Noninterest-bearing deposits		54,808			61,195			39,331			30,721			21,619			26,378
Interest-bearing deposits		106,326			90,509			184,632			163,123			83,656			75,007
Total deposits		161,134			151,704			223,963			193,844			105,275			101,385

Total U.S. Bancorp shareholders’ equity		17,776			13,862			16,608			12,270			4,040			3,604

	Payment Services						Treasury and Corporate Support						Consolidated Company
(Dollars in Millions)	2023			2022			2023			2022			2023			2022
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	1,299		$	1,241		$	240		$	152		$	9,117		$	6,664
Noninterest income		1,988	(a)		1,850	(a)		327			484			5,233	(b)		4,944	(b)
Total net revenue		3,287			3,091			567			636			14,350	(c)		11,608	(c)
Noninterest expense		1,828			1,711			1,144			701			9,124			7,226
Income (loss) before provision and income taxes		1,459			1,380			(577	)		(65	)		5,226			4,382
Provision for credit losses		534			351			557			(10	)		1,248			423
Income (loss) before income taxes		925			1,029			(1,134	)		(55	)		3,978			3,959
Income taxes and taxable-equivalent adjustment		232			258			(374	)		(137	)		905			867
Net income (loss)		693			771			(760	)		82			3,073			3,092
Net (income) loss attributable to noncontrolling interests		–			–			(14	)		(4	)		(14	)		(4	)
Net income (loss) attributable to U.S. Bancorp	$	693		$	771		$	(774	)	$	78		$	3,059		$	3,088

Average Balance Sheet
Loans	$	37,426		$	32,802		$	5,569		$	4,139		$	387,789		$	318,608
Other earning assets		187			1,023			214,072			205,558			222,955			214,710
Goodwill		3,325			3,321			–			–			12,468			10,225
Other intangible assets		372			450			22			–			6,885			4,143
Assets		43,493			39,762			237,846			224,620			669,251			578,663

Noninterest-bearing deposits		3,181			3,534			2,766			2,547			121,705			124,375
Interest-bearing deposits		106			164			7,333			2,174			382,053			330,977
Total deposits		3,287			3,698			10,099			4,721			503,758			455,352

Total U.S. Bancorp shareholders’ equity		9,048			8,065			5,776			13,503			53,248			51,304

(a)	Presented net of related rewards and rebate costs and certain partner payments of $1.5 billion and $1.4 billion for the six months ended June 30, 2023 and 2022, respectively.

(b)	Includes revenue generated from certain contracts with customers of $4.3 billion and $3.9 billion for the six months ended June 30, 2023 and 2022, respectively.

(c)

The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded $369 million and $392 million of revenue for the six months ended June 30, 2023 and 2022, respectively, primarily consisting of interest income on sales-type and direct financing leases.