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Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest Income        
Loans $ 5,700 $ 3,603 $ 16,582 $ 9,071
Loans held for sale 42 49 111 163
Investment securities 1,152 867 3,303 2,390
Other interest income 860 209 2,248 347
Total interest income 7,754 4,728 22,244 11,971
Interest Expense        
Deposits 2,580 534 6,024 791
Short-term borrowings 450 169 1,639 247
Long-term debt 488 198 1,296 498
Total interest expense 3,518 901 8,959 1,536
Net interest income 4,236 3,827 13,285 10,435
Provision for credit losses 515 362 1,763 785
Net interest income after provision for credit losses 3,721 3,465 11,522 9,650
Noninterest Income        
Card revenue 412 391 1,194 1,128
Corporate payment products revenue 198 190 577 520
Merchant processing services 427 406 1,250 1,194
Trust and investment management fees 627 572 1,838 1,638
Service charges 334 317 982 984
Commercial products revenue 354 285 1,046 841
Mortgage banking revenue 144 81 403 423
Investment products fees 70 56 206 177
Securities gains (losses), net 0 1 (29) 38
Other 198 170 530 470
Total noninterest income 2,764 2,469 7,997 7,413
Noninterest Expense        
Compensation and employee benefits 2,615 2,260 7,907 6,755
Net occupancy and equipment 313 272 950 806
Professional services 127 131 402 356
Marketing and business development 176 126 420 312
Technology and communications 511 427 1,536 1,267
Other intangibles 161 43 480 130
Merger and integration charges 284 42 838 239
Other 343 336 1,121 998
Total noninterest expense 4,530 3,637 13,654 10,863
Income before income taxes 1,955 2,297 5,865 6,200
Applicable income taxes 431 481 1,268 1,292
Net income (loss) 1,524 1,816 4,597 4,908
Net (income) loss attributable to noncontrolling interests (1) (4) (15) (8)
Net income (loss) attributable to U.S. Bancorp 1,523 1,812 4,582 4,900
Net income applicable to U.S. Bancorp common shareholders $ 1,412 $ 1,718 $ 4,285 $ 4,648
Earnings per common share $ 0.91 $ 1.16 $ 2.79 $ 3.13
Diluted earnings per common share $ 0.91 $ 1.16 $ 2.79 $ 3.13
Average common shares outstanding 1,548 1,486 1,538 1,485
Average diluted common shares outstanding 1,549 1,486 1,538 1,486