10-Q 1 usb-20240331.htm 10-Q usb-20240331
US BANCORP \DE\false2024Q1000003610412/31http://fasb.org/us-gaap/2023#AccountingStandardsUpdate202202Member00000361042024-01-012024-03-310000036104us-gaap:CommonStockMember2024-01-012024-03-310000036104us-gaap:SeriesAPreferredStockMember2024-01-012024-03-310000036104us-gaap:SeriesBPreferredStockMember2024-01-012024-03-310000036104usb:SeriesKPreferredStockMember2024-01-012024-03-310000036104usb:SeriesLPreferredStockMember2024-01-012024-03-310000036104usb:SeriesMPreferredStockMember2024-01-012024-03-310000036104usb:SeriesOPreferredStockMember2024-01-012024-03-310000036104usb:SeriesXMember2024-01-012024-03-3100000361042024-04-30xbrli:shares00000361042024-03-31iso4217:USD00000361042023-12-310000036104us-gaap:AssetPledgedAsCollateralWithRightMember2024-03-310000036104us-gaap:AssetPledgedAsCollateralWithRightMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-12-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000036104usb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-31iso4217:USDxbrli:shares00000361042023-01-012023-03-310000036104us-gaap:CommonStockMember2022-12-310000036104us-gaap:PreferredStockMember2022-12-310000036104us-gaap:AdditionalPaidInCapitalMember2022-12-310000036104us-gaap:RetainedEarningsMember2022-12-310000036104us-gaap:TreasuryStockCommonMember2022-12-310000036104us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000036104us-gaap:ParentMember2022-12-310000036104us-gaap:NoncontrollingInterestMember2022-12-3100000361042022-12-3100000361042022-01-012022-12-310000036104srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-12-310000036104srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ParentMember2022-12-310000036104srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310000036104us-gaap:RetainedEarningsMember2023-01-012023-03-310000036104us-gaap:ParentMember2023-01-012023-03-310000036104us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000036104us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000036104us-gaap:CommonStockMember2023-01-012023-03-310000036104us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000036104us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000036104us-gaap:CommonStockMember2023-03-310000036104us-gaap:PreferredStockMember2023-03-310000036104us-gaap:AdditionalPaidInCapitalMember2023-03-310000036104us-gaap:RetainedEarningsMember2023-03-310000036104us-gaap:TreasuryStockCommonMember2023-03-310000036104us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000036104us-gaap:ParentMember2023-03-310000036104us-gaap:NoncontrollingInterestMember2023-03-3100000361042023-03-310000036104us-gaap:CommonStockMember2023-12-310000036104us-gaap:PreferredStockMember2023-12-310000036104us-gaap:AdditionalPaidInCapitalMember2023-12-310000036104us-gaap:RetainedEarningsMember2023-12-310000036104us-gaap:TreasuryStockCommonMember2023-12-310000036104us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000036104us-gaap:ParentMember2023-12-310000036104us-gaap:NoncontrollingInterestMember2023-12-310000036104us-gaap:RetainedEarningsMember2024-01-012024-03-310000036104us-gaap:ParentMember2024-01-012024-03-310000036104us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000036104us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000036104us-gaap:CommonStockMember2024-01-012024-03-310000036104us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000036104us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000036104us-gaap:CommonStockMember2024-03-310000036104us-gaap:PreferredStockMember2024-03-310000036104us-gaap:AdditionalPaidInCapitalMember2024-03-310000036104us-gaap:RetainedEarningsMember2024-03-310000036104us-gaap:TreasuryStockCommonMember2024-03-310000036104us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000036104us-gaap:ParentMember2024-03-310000036104us-gaap:NoncontrollingInterestMember2024-03-310000036104us-gaap:SeriesAPreferredStockMember2023-01-012023-03-310000036104us-gaap:SeriesBPreferredStockMember2023-01-012023-03-310000036104usb:SeriesJPreferredStockMember2023-01-012023-03-310000036104usb:SeriesKPreferredStockMember2023-01-012023-03-310000036104usb:SeriesLPreferredStockMember2023-01-012023-03-310000036104usb:SeriesMPreferredStockMember2023-01-012023-03-310000036104usb:SeriesNPreferredStockMember2023-01-012023-03-310000036104usb:SeriesOPreferredStockMember2023-01-012023-03-310000036104usb:SeriesJPreferredStockMember2024-01-012024-03-310000036104usb:SeriesNPreferredStockMember2024-01-012024-03-310000036104us-gaap:USTreasuryAndGovernmentMember2024-03-310000036104us-gaap:USTreasuryAndGovernmentMember2023-12-310000036104us-gaap:AgencySecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:AgencySecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:AgencySecuritiesMember2024-03-310000036104us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:AgencySecuritiesMember2023-12-310000036104us-gaap:OtherDebtSecuritiesMember2024-03-310000036104us-gaap:OtherDebtSecuritiesMember2023-12-310000036104usb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000036104usb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:AssetBackedSecuritiesMember2024-03-310000036104us-gaap:AssetBackedSecuritiesMember2023-12-310000036104us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000036104us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000036104usb:ExcludingPortfolioLevelBasisAdjustmentsMember2024-03-310000036104usb:ExcludingPortfolioLevelBasisAdjustmentsMember2023-12-310000036104us-gaap:AssetPledgedAsCollateralMember2024-03-310000036104us-gaap:AssetPledgedAsCollateralMember2023-12-310000036104us-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:USTreasuryAndGovernmentMember2024-01-012024-03-31xbrli:pure0000036104us-gaap:MortgageBackedSecuritiesMember2024-03-310000036104us-gaap:MortgageBackedSecuritiesMember2024-01-012024-03-310000036104us-gaap:OtherDebtSecuritiesMember2024-01-012024-03-310000036104us-gaap:AssetBackedSecuritiesMember2024-01-012024-03-310000036104us-gaap:USStatesAndPoliticalSubdivisionsMember2024-01-012024-03-3100000361042023-01-012023-12-310000036104us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000036104us-gaap:CommercialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLeaseFinancingLoanMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLeaseFinancingLoanMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:RealEstateLoanMember2023-12-310000036104us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000036104us-gaap:ConstructionLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:ResidentialMortgagesLoanMember2024-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:ResidentialMortgagesLoanMember2023-12-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:ResidentialHomeEquityFirstLiensLoanMember2024-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:ResidentialHomeEquityFirstLiensLoanMember2023-12-310000036104usb:ConsumerRetailLeasingLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:ConsumerRetailLeasingLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104usb:ConsumerHomeEquityAndSecondMortgagesLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:ConsumerHomeEquityAndSecondMortgagesLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:ConsumerRevolvingCreditLoanMember2024-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:ConsumerRevolvingCreditLoanMember2023-12-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:ConsumerInstallmentLoanMember2024-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:ConsumerInstallmentLoanMember2023-12-310000036104us-gaap:AutomobileLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:AutomobileLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:FederalHomeLoanBankAdvancesMember2024-03-310000036104us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-01-012024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-01-012024-03-310000036104usb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2022-12-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000036104us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2022-12-310000036104usb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000036104srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2022-12-310000036104us-gaap:CommercialRealEstateMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310000036104srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000036104srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2022-12-310000036104srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-01-012023-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-01-012023-03-310000036104usb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-03-310000036104usb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104usb:ResidentialMortgagesAndOtherRetailLoansSecuredBy14FamilyPropertiesMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:ResidentialMortgagesLoansAndJuniorLiensSecuredBy14FamilyPropertiesMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberusb:FirstLienMember2024-03-310000036104usb:OtherRetailLoansNotSecuredBy14FamilyPropertiesMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2024-03-310000036104us-gaap:FinancialAssetNotPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:NonperformingFinancingReceivableMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000036104us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000036104us-gaap:FinancialAssetNotPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:NonperformingFinancingReceivableMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:FinancialAssetNotPastDueMember2024-03-310000036104usb:FinancingReceivables30To89DaysPastDueMember2024-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000036104us-gaap:NonperformingFinancingReceivableMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-12-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-12-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-12-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310000036104us-gaap:FinancialAssetNotPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104usb:FinancingReceivables30To89DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:NonperformingFinancingReceivableMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000036104us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000036104us-gaap:FinancialAssetNotPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104usb:FinancingReceivables30To89DaysPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:NonperformingFinancingReceivableMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:FinancialAssetNotPastDueMember2023-12-310000036104usb:FinancingReceivables30To89DaysPastDueMember2023-12-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000036104us-gaap:NonperformingFinancingReceivableMember2023-12-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMember2024-01-012024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMember2023-01-012023-03-310000036104us-gaap:GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember2024-03-310000036104us-gaap:GovernmentGuaranteedMortgageLoansUponForeclosureReceivableMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMemberus-gaap:PassMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:CriticizedMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMemberus-gaap:PassMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:CriticizedMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-12-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CriticizedMember2024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2023-12-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2023-12-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CriticizedMember2023-12-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-03-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:SubstandardMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:CriticizedMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-12-310000036104usb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:SubstandardMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:CriticizedMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:PassMember2024-03-310000036104us-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000036104us-gaap:SubstandardMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000036104us-gaap:CriticizedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-03-310000036104us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:PassMember2023-12-310000036104us-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000036104us-gaap:SubstandardMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000036104us-gaap:CriticizedMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-12-310000036104usb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-03-310000036104usb:OtherRetailLoansMemberus-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:SubstandardMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:CriticizedMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104usb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-12-310000036104usb:OtherRetailLoansMemberus-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:SubstandardMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:CriticizedMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000036104us-gaap:PassMember2024-03-310000036104us-gaap:SpecialMentionMember2024-03-310000036104us-gaap:SubstandardMember2024-03-310000036104us-gaap:CriticizedMember2024-03-310000036104us-gaap:PassMember2023-12-310000036104us-gaap:SpecialMentionMember2023-12-310000036104us-gaap:SubstandardMember2023-12-310000036104us-gaap:CriticizedMember2023-12-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-01-012024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-12-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2023-01-012023-12-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:ContractualInterestRateReductionMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-01-012024-03-310000036104us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-01-012024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-01-012024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:MultipleModificationMemberusb:CommercialLoanAndLeaseFinancingLoanMember2024-01-012024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ContractualInterestRateReductionMember2024-01-012024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2024-01-012024-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberusb:MultipleModificationMember2024-01-012024-03-310000036104us-gaap:ContractualInterestRateReductionMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104us-gaap:PaymentDeferralMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104us-gaap:ExtendedMaturityMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104usb:MultipleModificationMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-01-012024-03-310000036104us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-01-012024-03-310000036104us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-01-012024-03-310000036104usb:MultipleModificationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2024-01-012024-03-310000036104usb:OtherRetailLoansMemberus-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104us-gaap:PaymentDeferralMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104usb:OtherRetailLoansMemberus-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104usb:MultipleModificationMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000036104us-gaap:ContractualInterestRateReductionMemberusb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2024-01-012024-03-310000036104us-gaap:PaymentDeferralMemberusb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2024-01-012024-03-310000036104us-gaap:ExtendedMaturityMemberusb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2024-01-012024-03-310000036104usb:MultipleModificationMemberusb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2024-01-012024-03-310000036104usb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2024-01-012024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:ContractualInterestRateReductionMember2024-01-012024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:PaymentDeferralMember2024-01-012024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:ExtendedMaturityMember2024-01-012024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:MultipleModificationMember2024-01-012024-03-310000036104us-gaap:ContractualInterestRateReductionMember2024-01-012024-03-310000036104us-gaap:PaymentDeferralMember2024-01-012024-03-310000036104us-gaap:ExtendedMaturityMember2024-01-012024-03-310000036104usb:MultipleModificationMember2024-01-012024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:ContractualInterestRateReductionMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-01-012023-03-310000036104us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-01-012023-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-01-012023-03-310000036104us-gaap:CommercialPortfolioSegmentMemberusb:MultipleModificationMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-01-012023-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ContractualInterestRateReductionMember2023-01-012023-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityMember2023-01-012023-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberusb:MultipleModificationMember2023-01-012023-03-310000036104us-gaap:ContractualInterestRateReductionMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104us-gaap:PaymentDeferralMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104us-gaap:ExtendedMaturityMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104usb:MultipleModificationMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104us-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-01-012023-03-310000036104us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-01-012023-03-310000036104us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-01-012023-03-310000036104usb:MultipleModificationMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-01-012023-03-310000036104usb:OtherRetailLoansMemberus-gaap:ContractualInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104us-gaap:PaymentDeferralMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104usb:OtherRetailLoansMemberus-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104usb:MultipleModificationMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000036104us-gaap:ContractualInterestRateReductionMemberusb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2023-01-012023-03-310000036104us-gaap:PaymentDeferralMemberusb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2023-01-012023-03-310000036104us-gaap:ExtendedMaturityMemberusb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2023-01-012023-03-310000036104usb:MultipleModificationMemberusb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2023-01-012023-03-310000036104usb:LoansExcludingLoansPurchasedFromGovernmentNationalMortgageAssociationMortgagePoolsMember2023-01-012023-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:ContractualInterestRateReductionMember2023-01-012023-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:PaymentDeferralMember2023-01-012023-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:ExtendedMaturityMember2023-01-012023-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:MultipleModificationMember2023-01-012023-03-310000036104us-gaap:ContractualInterestRateReductionMember2023-01-012023-03-310000036104us-gaap:PaymentDeferralMember2023-01-012023-03-310000036104us-gaap:ExtendedMaturityMember2023-01-012023-03-310000036104usb:MultipleModificationMember2023-01-012023-03-310000036104usb:PaymentDeferralAndExtendedMaturityMember2024-01-012024-03-310000036104us-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-03-310000036104usb:ContractualInterestRateReductionExtendedMaturityAndPaymentDeferralMember2024-01-012024-03-310000036104usb:PaymentDeferralAndExtendedMaturityMember2023-01-012023-03-310000036104us-gaap:ExtendedMaturityAndInterestRateReductionMember2023-01-012023-03-310000036104usb:ContractualInterestRateReductionExtendedMaturityAndPaymentDeferralMember2023-01-012023-03-310000036104usb:TrialModificationsMember2024-01-012024-03-310000036104us-gaap:CreditCardReceivablesMember2024-03-310000036104us-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:FinancingReceivables30To89DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000036104us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMemberusb:CommercialLoanAndLeaseFinancingLoanMember2023-03-310000036104us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-03-310000036104us-gaap:FinancialAssetNotPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMember2023-03-310000036104us-gaap:FinancialAssetNotPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104usb:FinancingReceivables30To89DaysPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusb:OtherRetailLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104us-gaap:FinancialAssetNotPastDueMember2023-03-310000036104usb:FinancingReceivables30To89DaysPastDueMember2023-03-310000036104us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberusb:FinancingReceivables30To89DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberusb:ResidentialMortgagesLoanAndHomeEquityFirstLiensLoanMemberus-gaap:ConsumerPortfolioSegmentMember2023-03-310000036104usb:VariableInterestEntityNotPrimaryBeneficiaryCommunityDevelopmentAndTaxAdvantagedInvestmentsMember2024-03-310000036104usb:VariableInterestEntityNotPrimaryBeneficiaryCommunityDevelopmentAndTaxAdvantagedInvestmentsMember2023-12-310000036104usb:VariableInterestEntityNotPrimaryBeneficiaryPrivateInvestmentFundsAndPartnershipsMember2024-03-310000036104usb:VariableInterestEntityNotPrimaryBeneficiaryPrivateInvestmentFundsAndPartnershipsMember2023-12-310000036104us-gaap:SeniorNotesMemberusb:VariableInterestEntityNotPrimaryBeneficiarySecuritizationVehiclesMember2024-03-310000036104us-gaap:SeniorNotesMemberusb:VariableInterestEntityNotPrimaryBeneficiarySecuritizationVehiclesMember2023-12-310000036104srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-03-310000036104srt:MaximumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-03-310000036104srt:MinimumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-12-310000036104srt:MaximumMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-12-310000036104usb:VariableInterestEntityPrimaryBeneficiaryCommunityDevelopmentAndTaxAdvantagedInvestmentsMember2024-03-310000036104usb:VariableInterestEntityPrimaryBeneficiaryCommunityDevelopmentAndTaxAdvantagedInvestmentsMember2023-12-310000036104usb:VariableInterestEntityPrimaryBeneficiaryTenderOptionBondProgramMember2024-03-310000036104usb:VariableInterestEntityPrimaryBeneficiaryTenderOptionBondProgramMember2023-12-310000036104usb:DownScenarioMemberus-gaap:ServicingContractsMember2024-03-310000036104us-gaap:ServicingContractsMemberusb:UpScenarioMember2024-03-310000036104usb:DownScenarioMemberus-gaap:ServicingContractsMember2023-12-310000036104us-gaap:ServicingContractsMemberusb:UpScenarioMember2023-12-310000036104usb:DownScenarioMemberus-gaap:DerivativeMember2024-03-310000036104usb:UpScenarioMemberus-gaap:DerivativeMember2024-03-310000036104usb:DownScenarioMemberus-gaap:DerivativeMember2023-12-310000036104usb:UpScenarioMemberus-gaap:DerivativeMember2023-12-310000036104usb:NetSensitivityMemberusb:DownScenarioMember2024-03-310000036104usb:NetSensitivityMemberusb:UpScenarioMember2024-03-310000036104usb:NetSensitivityMemberusb:DownScenarioMember2023-12-310000036104usb:NetSensitivityMemberusb:UpScenarioMember2023-12-310000036104usb:HousingFinanceAgencyMemberus-gaap:ServicingContractsMember2024-03-310000036104usb:GovernmentInsuredMemberus-gaap:ServicingContractsMember2024-03-310000036104us-gaap:ConventionalLoanMemberus-gaap:ServicingContractsMember2024-03-310000036104us-gaap:ServicingContractsMember2024-03-310000036104usb:HousingFinanceAgencyMemberus-gaap:ServicingContractsMember2023-12-310000036104usb:GovernmentInsuredMemberus-gaap:ServicingContractsMember2023-12-310000036104us-gaap:ConventionalLoanMemberus-gaap:ServicingContractsMember2023-12-310000036104us-gaap:ServicingContractsMember2023-12-310000036104usb:HousingFinanceAgencyMemberus-gaap:ServicingContractsMember2024-01-012024-03-310000036104usb:GovernmentInsuredMemberus-gaap:ServicingContractsMember2024-01-012024-03-310000036104us-gaap:ConventionalLoanMemberus-gaap:ServicingContractsMember2024-01-012024-03-310000036104us-gaap:ServicingContractsMember2024-01-012024-03-310000036104usb:HousingFinanceAgencyMemberus-gaap:ServicingContractsMember2023-01-012023-12-310000036104usb:GovernmentInsuredMemberus-gaap:ServicingContractsMember2023-01-012023-12-310000036104us-gaap:ConventionalLoanMemberus-gaap:ServicingContractsMember2023-01-012023-12-310000036104us-gaap:ServicingContractsMember2023-01-012023-12-310000036104us-gaap:SeriesAPreferredStockMember2024-03-310000036104us-gaap:SeriesAPreferredStockMember2023-12-310000036104us-gaap:SeriesBPreferredStockMember2024-03-310000036104us-gaap:SeriesBPreferredStockMember2023-12-310000036104usb:SeriesJPreferredStockMember2024-03-310000036104usb:SeriesJPreferredStockMember2023-12-310000036104usb:SeriesKPreferredStockMember2024-03-310000036104usb:SeriesKPreferredStockMember2023-12-310000036104usb:SeriesLPreferredStockMember2024-03-310000036104usb:SeriesLPreferredStockMember2023-12-310000036104usb:SeriesMPreferredStockMember2024-03-310000036104usb:SeriesMPreferredStockMember2023-12-310000036104usb:SeriesNPreferredStockMember2024-03-310000036104usb:SeriesNPreferredStockMember2023-12-310000036104usb:SeriesOPreferredStockMember2024-03-310000036104usb:SeriesOPreferredStockMember2023-12-310000036104us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000036104usb:AccumulatedNetUnrealizedGainLossOnSecuritiesTransferredFromAvailableForSaleToHeldToMaturityMember2023-12-310000036104us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000036104us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000036104us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000036104us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000036104us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-03-310000036104us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000036104us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-03-310000036104usb:AccumulatedNetUnrealizedGainLossOnSecuritiesTransferredFromAvailableForSaleToHeldToMaturityMember2024-01-012024-03-310000036104us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000036104usb:AccumulatedNetUnrealizedGainLossOnSecuritiesTransferredFromAvailableForSaleToHeldToMaturityMember2024-03-310000036104us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-03-310000036104us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000036104us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310000036104us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000036104usb:AccumulatedNetUnrealizedGainLossOnSecuritiesTransferredFromAvailableForSaleToHeldToMaturityMember2022-12-310000036104us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000036104us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000036104us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000036104us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000036104us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-03-310000036104us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000036104us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-03-310000036104usb:AccumulatedNetUnrealizedGainLossOnSecuritiesTransferredFromAvailableForSaleToHeldToMaturityMember2023-01-012023-03-310000036104us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000036104usb:AccumulatedNetUnrealizedGainLossOnSecuritiesTransferredFromAvailableForSaleToHeldToMaturityMember2023-03-310000036104us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-03-310000036104us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000036104us-gaap:AccumulatedTranslationAdjustmentMember2023-03-310000036104us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000036104us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000036104usb:AccumulatedNetUnrealizedGainLossOnSecuritiesTransferredFromAvailableForSaleToHeldToMaturityMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000036104usb:AccumulatedNetUnrealizedGainLossOnSecuritiesTransferredFromAvailableForSaleToHeldToMaturityMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000036104us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-03-310000036104us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-03-310000036104us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000036104us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000036104us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000036104us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000036104us-gaap:EmployeeStockOptionMember2024-01-012024-03-310000036104us-gaap:EmployeeStockOptionMember2023-01-012023-03-310000036104us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-03-310000036104us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000036104us-gaap:NetInvestmentHedgingMember2024-01-012024-03-310000036104us-gaap:NetInvestmentHedgingMember2023-01-012023-12-310000036104usb:ReceiveFixedPayFloatingSwapsMemberusb:AssetAndLiabilityManagementPositionsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateContractMember2024-03-310000036104usb:ReceiveFixedPayFloatingSwapsMemberusb:AssetAndLiabilityManagementPositionsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateContractMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateContractMemberusb:PayFixedReceiveFloatingSwapsMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateContractMemberusb:PayFixedReceiveFloatingSwapsMember2023-12-310000036104usb:ReceiveFixedPayFloatingSwapsMemberusb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-03-310000036104usb:ReceiveFixedPayFloatingSwapsMemberusb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberus-gaap:LongMemberusb:FuturesAndForwardsMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberus-gaap:LongMemberusb:FuturesAndForwardsMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMemberus-gaap:InterestRateContractMemberusb:FuturesAndForwardsMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMemberus-gaap:InterestRateContractMemberusb:FuturesAndForwardsMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberus-gaap:LongMemberus-gaap:OptionMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberus-gaap:LongMemberus-gaap:OptionMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMemberus-gaap:InterestRateContractMemberus-gaap:OptionMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ShortMemberus-gaap:InterestRateContractMemberus-gaap:OptionMember2023-12-310000036104usb:ReceiveFixedPayFloatingSwapsMemberusb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMember2024-03-310000036104usb:ReceiveFixedPayFloatingSwapsMemberusb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberusb:PayFixedReceiveFloatingSwapsMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberusb:PayFixedReceiveFloatingSwapsMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:EquityContractMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:EquityContractMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CreditRiskContractMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CreditRiskContractMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:OtherContractMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:OtherContractMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberusb:VisaClassBSharesMemberus-gaap:SwapMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberusb:VisaClassBSharesMemberus-gaap:SwapMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberusb:UnderwritingPurchaseAndSaleCommitmentsMember2024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberusb:UnderwritingPurchaseAndSaleCommitmentsMember2023-12-310000036104usb:ReceiveFixedPayFloatingSwapsMemberus-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-03-310000036104usb:ReceiveFixedPayFloatingSwapsMemberus-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310000036104us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberusb:PayFixedReceiveFloatingSwapsMember2024-03-310000036104us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberusb:PayFixedReceiveFloatingSwapsMember2023-12-310000036104us-gaap:OtherContractMemberus-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-03-310000036104us-gaap:OtherContractMemberus-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310000036104us-gaap:InterestRateContractMemberus-gaap:LongMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OptionMember2024-03-310000036104us-gaap:InterestRateContractMemberus-gaap:LongMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OptionMember2023-12-310000036104us-gaap:ShortMemberus-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OptionMember2024-03-310000036104us-gaap:ShortMemberus-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OptionMember2023-12-310000036104usb:ForwardsSpotsAndSwapsMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMember2024-03-310000036104usb:ForwardsSpotsAndSwapsMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMember2023-12-310000036104us-gaap:ForeignExchangeOptionMemberus-gaap:LongMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-03-310000036104us-gaap:ForeignExchangeOptionMemberus-gaap:LongMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310000036104us-gaap:ForeignExchangeOptionMemberus-gaap:ShortMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-03-310000036104us-gaap:ForeignExchangeOptionMemberus-gaap:ShortMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310000036104us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2024-03-310000036104us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2023-12-310000036104us-gaap:LongMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CommodityOptionMember2024-03-310000036104us-gaap:LongMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CommodityOptionMember2023-12-310000036104us-gaap:ShortMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CommodityOptionMember2024-03-310000036104us-gaap:ShortMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:CommodityOptionMember2023-12-310000036104us-gaap:ShortMemberus-gaap:CommodityContractMemberus-gaap:FutureMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-03-310000036104us-gaap:ShortMemberus-gaap:CommodityContractMemberus-gaap:FutureMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310000036104us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-03-310000036104us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310000036104us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-03-310000036104us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:ForeignExchangeForwardMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberusb:NonDerivativeDebtInstrumentsMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberusb:NonDerivativeDebtInstrumentsMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestIncomeMemberus-gaap:InterestRateContractMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestIncomeMemberus-gaap:InterestRateContractMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateContractMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMemberus-gaap:InterestRateContractMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestIncomeMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:FairValueHedgingMemberus-gaap:InterestIncomeMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestExpenseMemberus-gaap:FairValueHedgingMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestIncomeMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestIncomeMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:InterestExpenseMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000036104us-gaap:DebtSecuritiesMember2024-03-310000036104us-gaap:DebtSecuritiesMember2023-12-310000036104us-gaap:LongTermDebtMember2024-03-310000036104us-gaap:LongTermDebtMember2023-12-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberusb:FuturesAndForwardsMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberusb:FuturesAndForwardsMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberus-gaap:OptionMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateContractMemberus-gaap:OptionMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateSwapMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:InterestRateSwapMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:ForeignExchangeForwardMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:EquityContractMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:EquityContractMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CreditRiskContractMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:CreditRiskContractMember2023-01-012023-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:OtherContractMember2024-01-012024-03-310000036104usb:AssetAndLiabilityManagementPositionsMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:OtherContractMember2023-01-012023-03-310000036104us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:InterestRateSwapMember2024-01-012024-03-310000036104us-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:InterestRateSwapMember2023-01-012023-03-310000036104us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OptionMember2024-01-012024-03-310000036104us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OptionMember2023-01-012023-03-310000036104us-gaap:InterestRateContractMemberus-gaap:FutureMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-01-012024-03-310000036104us-gaap:InterestRateContractMemberus-gaap:FutureMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-01-012023-03-310000036104usb:ForwardsSpotsAndSwapsMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMember2024-01-012024-03-310000036104usb:ForwardsSpotsAndSwapsMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:ForeignExchangeContractMember2023-01-012023-03-310000036104us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2024-01-012024-03-310000036104us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2023-01-012023-03-310000036104us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OptionMember2024-01-012024-03-310000036104us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:OptionMember2023-01-012023-03-310000036104us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-01-012024-03-310000036104us-gaap:CreditRiskContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-01-012023-03-310000036104us-gaap:OverTheCounterMember2024-03-310000036104us-gaap:ExchangeClearedMember2024-03-310000036104us-gaap:ExchangeTradedMember2024-03-310000036104us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOvernightAndOnDemandMember2024-03-310000036104us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityUpTo30DaysMember2024-03-310000036104us-gaap:USTreasuryAndGovernmentMemberus-gaap:Maturity30To90DaysMember2024-03-310000036104us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOver90DaysMember2024-03-310000036104us-gaap:AgencySecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MaturityOvernightAndOnDemandMember2024-03-310000036104us-gaap:MaturityUpTo30DaysMemberus-gaap:AgencySecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:AgencySecuritiesMemberus-gaap:Maturity30To90DaysMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:AgencySecuritiesMemberus-gaap:MaturityOver90DaysMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:CorporateDebtSecuritiesMemberus-gaap:MaturityOvernightAndOnDemandMember2024-03-310000036104us-gaap:MaturityUpTo30DaysMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310000036104us-gaap:Maturity30To90DaysMemberus-gaap:CorporateDebtSecuritiesMember2024-03-310000036104us-gaap:CorporateDebtSecuritiesMemberus-gaap:MaturityOver90DaysMember2024-03-310000036104us-gaap:CorporateDebtSecuritiesMember2024-03-310000036104us-gaap:AssetBackedSecuritiesMemberus-gaap:MaturityOvernightAndOnDemandMember2024-03-310000036104us-gaap:MaturityUpTo30DaysMemberus-gaap:AssetBackedSecuritiesMember2024-03-310000036104us-gaap:Maturity30To90DaysMemberus-gaap:AssetBackedSecuritiesMember2024-03-310000036104us-gaap:AssetBackedSecuritiesMemberus-gaap:MaturityOver90DaysMember2024-03-310000036104us-gaap:MaturityOvernightAndOnDemandMember2024-03-310000036104us-gaap:MaturityUpTo30DaysMember2024-03-310000036104us-gaap:Maturity30To90DaysMember2024-03-310000036104us-gaap:MaturityOver90DaysMember2024-03-310000036104us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOvernightAndOnDemandMember2023-12-310000036104us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityUpTo30DaysMember2023-12-310000036104us-gaap:USTreasuryAndGovernmentMemberus-gaap:Maturity30To90DaysMember2023-12-310000036104us-gaap:USTreasuryAndGovernmentMemberus-gaap:MaturityOver90DaysMember2023-12-310000036104us-gaap:AgencySecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:MaturityOvernightAndOnDemandMember2023-12-310000036104us-gaap:MaturityUpTo30DaysMemberus-gaap:AgencySecuritiesMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:AgencySecuritiesMemberus-gaap:Maturity30To90DaysMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:AgencySecuritiesMemberus-gaap:MaturityOver90DaysMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:CorporateDebtSecuritiesMemberus-gaap:MaturityOvernightAndOnDemandMember2023-12-310000036104us-gaap:MaturityUpTo30DaysMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000036104us-gaap:Maturity30To90DaysMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310000036104us-gaap:CorporateDebtSecuritiesMemberus-gaap:MaturityOver90DaysMember2023-12-310000036104us-gaap:CorporateDebtSecuritiesMember2023-12-310000036104us-gaap:AssetBackedSecuritiesMemberus-gaap:MaturityOvernightAndOnDemandMember2023-12-310000036104us-gaap:MaturityUpTo30DaysMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000036104us-gaap:Maturity30To90DaysMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000036104us-gaap:AssetBackedSecuritiesMemberus-gaap:MaturityOver90DaysMember2023-12-310000036104us-gaap:MaturityOvernightAndOnDemandMember2023-12-310000036104us-gaap:MaturityUpTo30DaysMember2023-12-310000036104us-gaap:Maturity30To90DaysMember2023-12-310000036104us-gaap:MaturityOver90DaysMember2023-12-310000036104us-gaap:FairValueInputsLevel2Memberusb:MortgageLoansHeldForSaleMember2024-01-012024-03-310000036104us-gaap:FairValueInputsLevel2Memberusb:MortgageLoansHeldForSaleMember2023-01-012023-03-310000036104us-gaap:InterestExpenseMemberusb:TimeDepositsMemberus-gaap:FairValueInputsLevel2Member2024-01-012024-03-310000036104us-gaap:MeasurementInputPrepaymentRateMembersrt:MinimumMember2024-03-310000036104us-gaap:MeasurementInputPrepaymentRateMembersrt:MaximumMember2024-03-310000036104us-gaap:MeasurementInputPrepaymentRateMembersrt:WeightedAverageMember2024-03-310000036104srt:MinimumMemberusb:MeasurementInputOptionAdjustedSpreadMember2024-03-310000036104usb:MeasurementInputOptionAdjustedSpreadMembersrt:MaximumMember2024-03-310000036104srt:WeightedAverageMemberusb:MeasurementInputOptionAdjustedSpreadMember2024-03-310000036104srt:MinimumMemberusb:MeasurementInputExpectedLoanCloseRateMember2024-03-310000036104srt:MaximumMemberusb:MeasurementInputExpectedLoanCloseRateMember2024-03-310000036104srt:WeightedAverageMemberusb:MeasurementInputExpectedLoanCloseRateMember2024-03-310000036104srt:MinimumMemberusb:MeasurementInputInherentServicingAssetValueMember2024-03-310000036104usb:MeasurementInputInherentServicingAssetValueMembersrt:MaximumMember2024-03-310000036104srt:WeightedAverageMemberusb:MeasurementInputInherentServicingAssetValueMember2024-03-310000036104srt:MinimumMember2024-01-012024-03-310000036104srt:MaximumMember2024-01-012024-03-310000036104srt:WeightedAverageMember2024-01-012024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberusb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberusb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberusb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberusb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMember2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMember2024-03-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberusb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberusb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberusb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberusb:NonAgencySecuritiesMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMember2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310000036104us-gaap:FairValueMeasurementsRecurringMember2023-12-310000036104us-gaap:ServicingContractsMember2023-12-310000036104us-gaap:ServicingContractsMember2024-01-012024-03-310000036104us-gaap:ServicingContractsMember2024-03-310000036104us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000036104us-gaap:USStatesAndPoliticalSubdivisionsMember2023-01-012023-03-310000036104us-gaap:USStatesAndPoliticalSubdivisionsMember2023-03-310000036104us-gaap:DebtSecuritiesMember2022-12-310000036104us-gaap:DebtSecuritiesMember2023-01-012023-03-310000036104us-gaap:DebtSecuritiesMember2023-03-310000036104us-gaap:ServicingContractsMember2022-12-310000036104us-gaap:ServicingContractsMember2023-01-012023-03-310000036104us-gaap:ServicingContractsMember2023-03-310000036104usb:MortgageBankingRevenueMember2024-01-012024-03-310000036104usb:CommercialProductsRevenueMember2024-01-012024-03-310000036104usb:OtherNonInterestIncomeMember2024-01-012024-03-310000036104usb:MortgageBankingRevenueMember2023-01-012023-03-310000036104usb:CommercialProductsRevenueMember2023-01-012023-03-310000036104usb:OtherNonInterestIncomeMember2023-01-012023-03-310000036104us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000036104us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000036104us-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000036104us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000036104us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000036104us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000036104us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-03-310000036104us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-03-310000036104us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-03-310000036104us-gaap:OtherAssetsMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-01-012023-03-310000036104us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000036104us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-03-310000036104us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000036104us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000036104us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000036104us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2023-12-310000036104us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000036104us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000036104us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000036104us-gaap:StandbyLettersOfCreditMember2024-03-310000036104us-gaap:IndemnificationGuaranteeMember2024-03-310000036104usb:AssetsSalesArrangementsMember2024-03-310000036104usb:MerchantProcessingMember2024-03-310000036104usb:TenderOptionBondProgramGuaranteeMember2024-03-310000036104us-gaap:GuaranteeTypeOtherMember2024-03-310000036104usb:AirlineProcessingArrangementsMember2024-03-310000036104usb:AirlineProcessingArrangementsMemberusb:EscrowDepositsLettersOfCreditIndemnitiesMember2024-03-310000036104usb:RepresentationAndWarrantyMember2024-03-310000036104usb:RepresentationAndWarrantyMember2023-12-310000036104usb:WealthCorporateCommercialAndInstitutionalBankingMember2024-01-012024-03-310000036104usb:WealthCorporateCommercialAndInstitutionalBankingMember2023-01-012023-03-310000036104usb:ConsumerAndBusinessBankingMember2024-01-012024-03-310000036104usb:ConsumerAndBusinessBankingMember2023-01-012023-03-310000036104usb:PaymentServicesMember2024-01-012024-03-310000036104usb:PaymentServicesMember2023-01-012023-03-310000036104usb:TreasuryAndCorporateSupportMember2024-01-012024-03-310000036104usb:TreasuryAndCorporateSupportMember2023-01-012023-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from (not applicable)
Commission file number 1-6880
U.S. BANCORP
(Exact name of registrant as specified in its charter)
Delaware41-0255900
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices, including zip code)
651-466-3000
(Registrant’s telephone number, including area code)
(not applicable)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Common Stock, $.01 par value per shareUSBNew York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)USB PrANew York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)USB PrHNew York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)USB PrPNew York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)USB PrQNew York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)USB PrRNew York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)USB PrSNew York Stock Exchange
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024USB/24BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.
Yes þNo ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þNo ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class
Outstanding as of April 30, 2024
Common Stock, $.01 Par Value
1,560,459,913 shares



Table of Contents and Form 10-Q Cross Reference Index

Part I — Financial Information
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
This quarterly report on Form 10-Q contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:
Deterioration in general business and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;
Turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital;
Increases in Federal Deposit Insurance Corporation (“FDIC”) assessments due to bank failures;
Actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions;
Uncertainty regarding the content, timing and impact of changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to adverse developments affecting the banking sector;
U.S. Bancorp
1


Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
Changes in interest rates;
Increases in unemployment rates;
Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;
Changes in commercial real estate occupancy rates;
Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;
Impacts of current, pending or future litigation and governmental proceedings;
Increased competition from both banks and non-banks;
Effects of climate change and related physical and transition risks;
Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;
Breaches in data security;
Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;
Failures to safeguard personal information;
Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events;
Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
Failure to execute on strategic or operational plans;
Effects of mergers and acquisitions and related integration;
Effects of critical accounting policies and judgments;
Effects of changes in or interpretations of tax laws and regulations;
Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and
The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2023, and subsequent filings with the Securities and Exchange Commission (“SEC”).
In addition, U.S. Bancorp’s acquisition of MUFG Union Bank, N.A. (“MUB”) presents risks and uncertainties, including, among others, the risk that any revenue synergies and other anticipated benefits of the acquisition may not be realized or may take longer than anticipated to be realized.
In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

2
U.S. Bancorp


TABLE 1Selected Financial Data
Three Months Ended March 31
(Dollars and Shares in Millions, Except Per Share Data)20242023Percent
Change
Condensed Income Statement
Net interest income$3,985 $4,634 (14.0)%
Taxable-equivalent adjustment(a)
30 34 (11.8)
Net interest income (taxable-equivalent basis)(b)
4,015 4,668 (14.0)
Noninterest income2,700 2,507 7.7 
Total net revenue6,715 7,175 (6.4)
Noninterest expense4,459 4,555 (2.1)
Provision for credit losses553 427 29.5 
Income before taxes1,703 2,193 (22.3)
Income taxes and taxable-equivalent adjustment377 489 (22.9)
Net income1,326 1,704 (22.2)
Net (income) loss attributable to noncontrolling interests(7)(6)(16.7)
Net income attributable to U.S. Bancorp$1,319 $1,698 (22.3)
Net income applicable to U.S. Bancorp common shareholders$1,209 $1,592 (24.1)
Per Common Share
Earnings per share$.78 $1.04 (25.0)
Diluted earnings per share.78 1.04 (25.0)
Dividends declared per share.49 .48 2.1 
Book value per share(c)
31.26 30.12 3.8 
Market value per share44.70 36.05 24.0 
Average common shares outstanding1,559 1,532 1.8 
Average diluted common shares outstanding1,559 1,532 1.8 
Financial Ratios
Return on average assets.81 %1.03 %
Return on average common equity10.0 14.1 
Net interest margin (taxable-equivalent basis)(a)
2.70 3.10 
Efficiency ratio(b)
66.4 63.2 
Net charge-offs as a percent of average loans outstanding.53 .39 
Average Balances
Loans$371,070 $386,750 (4.1)%
Loans held for sale2,002 2,461 (18.7)
Investment securities(d)
161,236 166,125 (2.9)
Earning assets596,135 607,614 (1.9)
Assets653,909 665,447 (1.7)
Noninterest-bearing deposits84,787 129,741 (34.6)
Deposits503,061 510,324 (1.4)
Short-term borrowings16,364 36,467 (55.1)
Long-term debt52,713 41,024 28.5 
Total U.S. Bancorp shareholders’ equity55,667 52,667 5.7 
March 31, 2024December 31, 2023
Period End Balances
Loans$374,588 $373,835 .2 
Investment securities155,374 153,751 1.1 
Assets683,606 663,491 3.0 
Deposits528,063 512,312 3.1 
Long-term debt52,693 51,480 2.4 
Total U.S. Bancorp shareholders’ equity55,568 55,306 .5 
Asset Quality
Nonperforming assets$1,786 $1,494 19.5 
Allowance for credit losses7,904 7,839 .8 
Allowance for credit losses as a percentage of period-end loans2.11 %2.10 %
Capital Ratios
Common equity tier 1 capital10.0 %9.9 %
Tier 1 capital11.6 11.5 
Total risk-based capital13.7 13.7 
Leverage8.1 8.1 
Total leverage exposure6.6 6.6 
Tangible common equity to tangible assets(b)
5.2 5.3 
Tangible common equity to risk-weighted assets(b)
7.8 7.7 
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology(b)
9.9 9.7 
*Not meaningful
(a)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
(b)See Non-GAAP Financial Measures beginning on page 27.
(c)Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period.
(d)Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.
U.S. Bancorp
3


Management’s Discussion and Analysis
Overview
Earnings Summary U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $1.3 billion for the first quarter of 2024, or $0.78 per diluted common share, compared with $1.7 billion, or $1.04 per diluted common share, for the first quarter of 2023. Return on average assets and return on average common equity were 0.81 percent and 10.0 percent, respectively, for the first quarter of 2024, compared with 1.03 percent and 14.1 percent, respectively, for the first quarter of 2023. The results for the first quarter of 2024 included the impact of $265 million ($199 million net-of-tax) of notable items, including $155 million of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. (“MUB”) and a $110 million charge for the anticipated increase in the FDIC special assessment to recover losses to the Deposit Insurance Fund related to certain 2023 bank failures. Combined, these items decreased diluted earnings per common share by $0.12. The results for the first quarter of 2023 included the impact of $244 million ($183 million net-of-tax) of merger and integration charges, which decreased diluted earnings per common share by $0.12.
Total net revenue for the first quarter of 2024 was $460 million (6.4 percent) lower than the first quarter of 2023, reflecting a 14.0 percent decrease in net interest income and a 7.7 percent increase in noninterest income. The decrease in net interest income from the first quarter of 2023 was primarily due to the impact of higher interest rates on deposit mix and pricing, partially offset by higher rates on earning assets. The increase in noninterest income was driven by higher fee revenue across most categories.
Noninterest expense in the first quarter of 2024 was $96 million (2.1 percent) lower than the first quarter of 2023, primarily due to prudent expense management, continued focus on operational efficiency, and synergies from the MUB acquisition, partially offset by the impact of the FDIC special assessment charge and higher compensation and employee benefits expense to support business growth.
The provision for credit losses for the first quarter of 2024 of $553 million was $126 million (29.5 percent) higher than the first quarter of 2023, driven by normalization in the credit environment, partially offset by relative stability in the economic outlook. Net charge-offs in the first quarter of 2024 were $488 million, compared with $373 million in the first quarter of 2023. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
Statement of Income Analysis
Net Interest Income Net interest income, on a taxable-equivalent basis, was $4.0 billion in the first quarter of 2024, representing a decrease of $653 million (14.0 percent) compared with the first quarter of 2023. The decrease was primarily due to the impact of higher interest rates on deposit
mix and pricing, partially offset by higher rates on earning assets. Average earning assets for the first quarter of 2024 were $11.5 billion (1.9 percent) lower than the first quarter of 2023, reflecting decreases in loans and investment securities, partially offset by an increase in interest-bearing deposits with banks. The net interest margin, on a taxable-equivalent basis, in the first quarter of 2024 was 2.70 percent, compared with 3.10 percent in the first quarter of 2023. The decrease in net interest margin from the first quarter of 2023 was primarily due to the impact of deposit mix and pricing. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” table for further information on net interest income.
Average total loans in the first quarter of 2024 were $15.7 billion (4.1 percent) lower than the first quarter of 2023. The decrease was primarily due to lower other retail loans, commercial loans and commercial real estate loans, partially offset by higher credit card loans. Average other retail loans decreased $9.9 billion (18.5 percent), driven by lower auto loans primarily due to balance sheet repositioning and capital management actions taken in the second quarter of 2023. Average commercial loans decreased $4.9 billion (3.6 percent) primarily due to decreased demand as corporate customers accessed the capital markets. Average commercial real estate loans decreased $2.6 billion (4.6 percent) primarily due to payoffs exceeding a reduced level of new originations. Average credit cards loans increased $2.4 billion (9.3 percent) primarily driven by higher spend volume and lower payment rates.
Average investment securities in the first quarter of 2024 were $4.9 billion (2.9 percent) lower than the first quarter of 2023, primarily due to balance sheet repositioning and liquidity management.
Average total deposits for the first quarter of 2024 were $7.3 billion (1.4 percent) lower than the first quarter of 2023. Average noninterest-bearing deposits for the first quarter of 2024 were $45.0 billion (34.6 percent) lower than the first quarter of 2023, driven by decreases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Average time deposits for the first quarter of 2024 were $19.7 billion (55.5 percent) higher than the first quarter of 2023, mainly due to increases in Consumer and Business Banking balances, partially offset by decreases in Wealth, Corporate, Commercial and Institutional Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Average total savings deposits for the first quarter of 2024 were $18.0 billion (5.2 percent) higher than the first quarter of 2023, driven by increases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances.
Provision for Credit Losses The provision for credit losses was $553 million in the first quarter of 2024, compared with $427 million in the first quarter of 2023. The $126 million (29.5
4
U.S. Bancorp


percent) increase was driven by normalization in the credit environment, partially offset by relative stability in the economic outlook. Net charge-offs increased $115 million (30.8 percent) in the first quarter of 2024, compared with the first quarter of 2023, reflecting higher charge-offs in most loan categories consistent with normalizing credit conditions, partially offset by the impact of charge-offs in the first quarter of 2023 related to the uncollectible amount of acquired loans associated with the acquisition of MUB. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.
Noninterest Income Noninterest income was $2.7 billion in the first quarter of 2024, representing an increase of $193
million (7.7 percent) compared with the first quarter of 2023. The increase from the prior year reflected higher commercial products revenue, trust and investment management fees, payment services revenue and mortgage banking revenue. Commercial products revenue increased $54 million (16.2 percent) primarily due to higher corporate bond fees. Trust and investment management fees increased $51 million (8.6 percent), driven by business growth and favorable market conditions. Payment services revenue increased $41 million (4.4 percent) primarily due to higher card revenue driven by higher spend volume and favorable rates, along with higher merchant processing services revenue due to higher spend volume. Mortgage banking revenue increased $38 million (29.7 percent) primarily driven by higher gain on sale margins.
 TABLE 2Noninterest Income
Three Months Ended
March 31
(Dollars in Millions)20242023Percent
Change
Card revenue$392 $360 8.9 %
Corporate payment products revenue184 189 (2.6)
Merchant processing services401 387 3.6 
Trust and investment management fees641 590 8.6 
Service charges315 324 (2.8)
Commercial products revenue388 334 16.2 
Mortgage banking revenue166 128 29.7 
Investment products fees77 68 13.2 
Securities gains (losses), net(32)*
Other134 159 (15.7)
Total noninterest income$2,700 $2,507 7.7 %
*Not meaningful
 TABLE 3Noninterest Expense
Three Months Ended
March 31
(Dollars in Millions)20242023Percent
Change
Compensation and employee benefits$2,691 $2,646 1.7 %
Net occupancy and equipment296 321 (7.8)
Professional services110 134 (17.9)
Marketing and business development136 122 11.5 
Technology and communications507 503 .8 
Other intangibles146 160 (8.8)
Other418 425 (1.6)
Total before merger and integration charges4,304 4,311 (.2)
Merger and integration charges155 244 (36.5)
Total noninterest expense$4,459 $4,555 (2.1)%
Efficiency ratio(a)
66.4 %63.2 %
(a)See Non-GAAP Financial Measures beginning on page 27.

U.S. Bancorp
5


Noninterest Expense Noninterest expense was $4.5 billion in the first quarter of 2024, representing a decrease of $96 million (2.1 percent) from the first quarter of 2023. The decrease from the prior year reflected prudent expense management, continued focus on operational efficiency, synergies from the MUB acquisition and lower merger and integration charges, partially offset by the impact of the FDIC special assessment and higher compensation and employee benefits expense. Net occupancy and equipment expense decreased $25 million (7.8 percent) and professional services expense decreased $24 million (17.9 percent), primarily due to continued focus on prudent expense management and operational efficiency. Compensation and employee benefits expense increased $45 million (1.7 percent) primarily due to merit increases, higher performance-based incentives and higher employee benefits.
Income Tax Expense The provision for income taxes was $347 million (an effective rate of 20.7 percent) for the first quarter of 2024, compared with $455 million (an effective rate of 21.1 percent) for the first quarter of 2023. For further information on income taxes, refer to Note 11 of the Notes to Consolidated Financial Statements.
Balance Sheet Analysis
Loans The Company’s loan portfolio was $374.6 billion at March 31, 2024, compared with $373.8 billion at December 31, 2023, an increase of $753 million (0.2 percent). The increase was driven by higher commercial loans and residential mortgages, partially offset by lower other retail loans, commercial real estate loans and credit card loans.
Commercial loans increased $2.8 billion (2.2 percent) at March 31, 2024, compared with December 31, 2023, primarily due to growth in corporate banking.
Residential mortgages held in the loan portfolio increased $549 million (0.5 percent) at March 31, 2024, compared with December 31, 2023, driven by originations. Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.
Other retail loans decreased $1.1 billion (2.6 percent) at March 31, 2024, compared with December 31, 2023, primarily due to a decrease in auto loans.
Commercial real estate loans decreased $778 million (1.5 percent) at March 31, 2024, compared with December 31, 2023, primarily due to payoffs exceeding a reduced level of new originations.
Credit card loans decreased $716 million (2.5 percent) at March 31, 2024, compared with December 31, 2023, primarily the result of customers seasonally paying down balances.
The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over
time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability, credit risk, liquidity needs, and capital implications. If the Company’s intent or ability to hold an existing portfolio loan changes, it is transferred to loans held for sale.
Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $2.1 billion at March 31, 2024, compared with $2.2 billion at December 31, 2023. The decrease in loans held for sale was principally due to a lower level of mortgage loan closings in the first quarter of 2024, compared with the fourth quarter of 2023. Almost all of the residential mortgage loans the Company originates or purchases for sale follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets, in particular in government agency transactions and to government-sponsored enterprises (“GSEs”).
Investment Securities Investment securities totaled $155.4 billion at March 31, 2024, compared with $153.8 billion at December 31, 2023. The $1.6 billion (1.1 percent) increase was primarily due to $2.1 billion of net investment purchases, partially offset by a $173 million unfavorable change in net unrealized gains (losses) on available-for-sale investment securities.
The Company’s available-for-sale investment securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. At March 31, 2024, the Company’s net unrealized losses on available-for-sale investment securities were $7.1 billion ($5.3 billion net-of-tax), compared with $6.9 billion ($5.2 billion net-of-tax) at December 31, 2023. The unfavorable change in net unrealized gains (losses) was primarily due to decreases in the fair value of mortgage-backed and state and political subdivisions securities as a result of changes in interest rates. Gross unrealized losses on available-for-sale investment securities totaled $7.2 billion at March 31, 2024, compared with $7.1 billion at December 31, 2023. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of the underlying collateral, the existence of any government or agency guarantees, and market conditions. At March 31, 2024, the Company had no plans to sell securities with unrealized losses, and believed it is more likely than not that it would not be required to sell such securities before recovery of their amortized cost.
Refer to Notes 3 and 14 in the Notes to Consolidated Financial Statements for further information on investment securities.
6
U.S. Bancorp


 TABLE 4Investment Securities
March 31, 2024December 31, 2023
(Dollars in Millions)Amortized CostFair ValueWeighted- Average Maturity in Years
Weighted- Average Yield (e)
Amortized CostFair ValueWeighted- Average Maturity in Years
Weighted- Average Yield (e)
Held-to-Maturity
U.S. Treasury and agencies$1,345 $1,303 2.02.85 %$1,345 $1,310 2.32.85 %
Mortgage-backed securities(a)
81,502 69,745 8.92.21 82,692 72,770 8.82.21 
Other101 101 2.82.79 2.82.56 
Total held-to-maturity$82,948 $71,149 8.82.22 %$84,045 $74,088 8.72.22 %
Available-for-Sale
U.S. Treasury and agencies$23,722 $21,518 5.52.60 %$21,768 $19,542 5.92.19 %
Mortgage-backed securities(a)
38,501 34,777 6.53.33 36,895 33,427 6.33.09 
Asset-backed securities(a)
6,218 6,204 2.45.31 6,713 6,724 2.25.33 
Obligations of state and political subdivisions(b)(c)
10,826 9,787 11.23.75 10,867 9,989 9.93.75 
Other140 140 2.44.92 24 24 1.74.51 
Total available-for-sale(d)
$79,407 $72,426 6.53.33 %$76,267 $69,706 6.33.12 %
(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(c)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(d)Amortized cost excludes portfolio level basis adjustments of $88 million at March 31, 2024 and $335 million at December 31, 2023.
(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.
Deposits Total deposits were $528.1 billion at March 31, 2024, compared with $512.3 billion at December 31, 2023. The $15.8 billion (3.1 percent) increase in total deposits reflected increases in total savings deposits, time deposits and noninterest-bearing deposits. Money market deposit balances increased $11.6 billion (5.8 percent), primarily due to higher Consumer and Business Banking, and Wealth, Corporate, Commercial and Institutional Banking balances. Interest checking balances increased $1.7 billion (1.3 percent), primarily due to higher Wealth, Corporate, Commercial and Institutional Banking balances. Savings account balances decreased $2.5 billion (5.9 percent), driven by lower Consumer and Business Banking balances. Time deposits increased $3.8 billion (7.3 percent) at March 31, 2024, compared with December 31, 2023, driven by higher Consumer and Business Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Noninterest-bearing deposits increased $1.2 billion (1.4 percent) at March 31, 2024, compared with December 31, 2023, primarily due to the impacts of seasonally higher trust and corporate deposit inflows and delays in planned institutional deposit outflows at the end of the first quarter of 2024, resulting in temporarily higher balances.
Borrowings The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $17.1 billion at March 31,
2024, compared with $15.3 billion at December 31, 2023. The $1.8 billion (11.9 percent) increase in short-term borrowings was primarily due to an increase in repurchase agreement balances. Long-term debt was $52.7 billion at March 31, 2024, compared with $51.5 billion at December 31, 2023. The $1.2 billion (2.4 percent) increase was primarily due to $3.5 billion of medium-term note issuances, partially offset by $2.1 billion of medium-term note repayments. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.
Corporate Risk Profile
Overview Managing risks is an essential part of successfully operating a financial services company. The Company’s Board of Directors has approved a risk management framework which establishes governance and risk management requirements for all risk-taking activities. This framework includes Company and business line risk appetite statements which set boundaries for the types and amount of risk that may be undertaken in pursuing business objectives and initiatives. The Board of Directors, primarily through its Risk Management Committee, oversees performance relative to the risk management framework, risk appetite statements, and other policy requirements.
The Executive Risk Committee (“ERC”), which is chaired by the Chief Risk Officer and includes the Chief Executive Officer and other members of the executive management team, oversees execution against the risk management framework and risk appetite statements. The ERC focuses on current and emerging risks, including strategic and
U.S. Bancorp
7


reputation risks, by directing timely and comprehensive actions. Senior operating committees have also been established, each responsible for overseeing a specified category of risk.
The Company’s most prominent risk exposures are credit, interest rate, market, liquidity, operational, compliance, strategic, and reputation. Credit risk is the risk of loss associated with a change in the credit profile or the failure of a borrower or counterparty to meet its contractual obligations. Interest rate risk is the current or prospective risk to earnings and capital, or market valuations, arising from the impact of changes in interest rates. Market risk arises from fluctuations in interest rates, foreign exchange rates, and security prices that may result in changes in the values of financial instruments, such as trading and available-for-sale investment securities, mortgage loans held for sale (“MLHFS”), mortgage servicing rights (“MSRs”) and derivatives that are accounted for on a fair value basis. Liquidity risk is the risk that financial condition or overall safety and soundness is adversely affected by the Company’s inability, or perceived inability, to meet its cash flow obligations in a timely and complete manner in either normal or stressed conditions. Operational risk is the risk to current or projected financial condition and resilience arising from inadequate or failed internal processes or systems, people (including human errors or misconduct), or adverse external events, including the risk of loss resulting from breaches in data security. Operational risk can also include the risk of loss due to failures by third parties with which the Company does business. Compliance risk is the risk that the Company may suffer legal or regulatory sanctions, financial losses, and reputational damage if it fails to adhere to compliance requirements and the Company’s compliance policies. Strategic risk is the risk to current or projected financial condition and resilience arising from adverse business decisions, poor implementation of business decisions, or lack of responsiveness to changes in the banking industry and operating environment. Reputation risk is the risk to current or anticipated earnings, capital, or franchise or enterprise value arising from negative public opinion. This risk may impair the Company’s competitiveness by affecting its ability to establish new relationships or services, or continue serving existing relationships. In addition to the risks identified above, other risk factors exist that may impact the Company. Refer to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, for a detailed discussion of these factors.
The Company’s Board and management-level governance committees are supported by a “three lines of defense” model for establishing effective checks and balances. The first line of defense, the business lines, manages risks in conformity with established limits and policy requirements. In turn, business line leaders and their risk officers establish programs to ensure conformity with these limits and policy requirements. The second line of defense, which includes the Chief Risk Officer’s organization as well as policy and oversight activities of corporate support functions, translates risk appetite and strategy into actionable risk limits and policies. The second line of defense monitors first line of defense conformity with limits and policies and
provides reporting and escalation of emerging risks and other concerns to senior management and the Risk Management Committee of the Board of Directors. The third line of defense, internal audit, is responsible for providing the Audit Committee of the Board of Directors and senior management with independent assessment and assurance regarding the effectiveness of the Company’s governance, risk management and control processes.
Management regularly provides reports to the Risk Management Committee of the Board of Directors. The Risk Management Committee discusses with management the Company’s risk management performance and provides a summary of key risks to the entire Board of Directors, covering the status of existing matters, areas of potential future concern and specific information on certain types of loss events. The Risk Management Committee considers quarterly reports by management assessing the Company’s performance relative to the risk appetite statements and the associated risk limits, including:
Macroeconomic environment and other qualitative considerations, such as regulatory and compliance changes, litigation developments, geopolitical events, and technology and cybersecurity;
Credit measures, including adversely rated and nonperforming loans, leveraged transactions, credit concentrations and lending limits;
Interest rate and market risk, including market value and net income simulation, and trading-related Value at Risk (“VaR”);
Liquidity risk, including funding projections under various stressed scenarios;
Operational and compliance risk, including losses stemming from events such as fraud, processing errors, control breaches, breaches in data security or adverse business decisions, as well as reporting on technology performance, and various legal and regulatory compliance measures;
Capital ratios and projections, including regulatory measures and stressed scenarios; and
Strategic and reputation risk considerations, impacts and responses.
Credit Risk Management The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures. The strategy also emphasizes diversification on a geographic, industry and customer level, regular credit examinations and management reviews of loans exhibiting deterioration of credit quality. In evaluating its credit risk, the Company considers changes, if any, in underwriting activities, the loan portfolio composition (including product mix and geographic, industry or customer-specific factors), collateral values, trends in loan performance and macroeconomic factors, such as changes in unemployment rates, gross domestic product levels, inflation, interest rates and consumer bankruptcy filings. The Risk Management Committee oversees the Company’s credit risk management process.
8
U.S. Bancorp


In addition, credit quality ratings, as defined by the Company, are an important part of the Company’s overall credit risk management and evaluation of its allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Loans with a special mention or classified rating, including consumer lending and small business loans that are 90 days or more past due and still accruing, nonaccrual loans and loans in a junior lien position that are current but are behind a first lien position on nonaccrual, encompass all loans held by the Company that it considers to have a potential or well-defined weakness that may put full collection of contractual cash flows at risk. The Company’s internal credit quality ratings for consumer loans are primarily based on delinquency and nonperforming status. Refer to Note 4 in the Notes to Consolidated Financial Statements for further discussion of the Company’s loan portfolios including internal credit quality ratings. In addition, refer to “Management’s Discussion and Analysis — Credit Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, for a more detailed discussion on credit risk management processes.
The Company manages its credit risk, in part, through diversification of its loan portfolio which is achieved through limit setting by product type criteria, such as industry, and identification of credit concentrations. The Company categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending.
The commercial lending segment includes loans and leases made to small business, middle market, large corporate, commercial real estate, financial institution, non-profit and public sector customers. Key risk characteristics relevant to commercial lending segment loans include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial flexibility, loan covenants, and nature of pledged collateral, if any, as well as macroeconomic factors such as unemployment rates, gross domestic product levels, corporate bond spreads and long-term interest rates. These risk characteristics, among others, are considered in determining estimates about the likelihood of default by the borrowers and the severity of loss in the event of default. The Company considers these risk characteristics in assigning internal risk ratings to, or forecasting losses on, these loans, which are the significant factors in determining the allowance for credit losses for loans in the commercial lending segment.
The consumer lending segment represents loans and leases made to consumer customers, including residential mortgages, credit card loans, and other retail loans such as revolving consumer lines, auto loans and leases and home equity loans and lines. Key risk characteristics relevant to consumer lending segment loans primarily relate to the borrowers’ capacity and willingness to repay and include unemployment rates, consumer bankruptcy filings, household debt levels, real disposable income and other macroeconomic factors, customer payment history and credit scores, effect of higher interest rates on variable rate or
adjustable rate loans, and in some cases, updated loan-to-value (“LTV”) information reflecting current market conditions on secured loans. These and other risk characteristics are reflected in forecasts of delinquency levels, bankruptcies and losses which are the primary factors in determining the allowance for credit losses for the consumer lending segment.
The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans.
The Company’s consumer lending segment utilizes several distinct business processes and channels to originate consumer credit, including traditional branch lending, mobile and online banking, indirect lending, alliance partnerships and correspondent banks. Each distinct underwriting and origination activity manages unique credit risk characteristics and prices its loan production commensurate with the differing risk profiles.
Residential mortgage originations are generally limited to prime borrowers and are performed through the Company’s branches, loan production offices, mobile and online services, and a wholesale network of originators. The Company may retain residential mortgage loans it originates on its balance sheet or sell the loans into the secondary market while retaining the servicing rights and customer relationships. Utilizing the secondary markets enables the Company to effectively reduce its credit and other asset/liability risks. For residential mortgages that are retained in the Company’s portfolio and for home equity and second mortgages, credit risk is managed by adherence to LTV and borrower credit criteria during the underwriting process.
The Company estimates updated LTV information on its outstanding residential mortgages quarterly, based on a method that combines automated valuation model updates and relevant home price indices. LTV is the ratio of the loan’s outstanding principal balance to the current estimate of property value. For home equity and second mortgages, combined loan-to-value (“CLTV”) is the combination of the first mortgage original principal balance and the second lien outstanding principal balance, relative to the current estimate of property value. Certain loans do not have an LTV or CLTV, primarily due to lack of availability of relevant automated valuation model and/or home price indices values, or lack of necessary valuation data on acquired loans.
U.S. Bancorp
9


The following tables provide summary information of residential mortgages and home equity and second mortgages by LTV at March 31, 2024:
Residential Mortgages (Dollars in Millions)Interest OnlyAmortizingTotalPercent of Total
Loan-to-Value
Less than or equal to 80%$13,777 $85,892 $99,669 85.9 %
Over 80% through 90%377 7,357 7,734 6.7 
Over 90% through 100%42 1,418 1,460 1.2 
Over 100%10 548 558 .5 
No LTV available— 
Loans purchased from GNMA mortgage pools(a)
— 6,649 6,649 5.7 
Total$14,207 $101,872 $116,079 100.0 %
(a)Represents loans purchased and loans that could be purchased from Government National Mortgage Association (“GNMA”) mortgage pools under delinquent loan repurchase options whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
Home Equity and Second Mortgages
(Dollars in Millions)
LinesLoansTotalPercent of Total
Loan-to-Value / Combined Loan-to-Value
Less than or equal to 80%$10,043 $1,920 $11,963 92.5 %
Over 80% through 90%623 142 765 5.9 
Over 90% through 100%107 21 128 1.0 
Over 100%41 48 .4 
No LTV/CLTV available27 28 .2 
Total$10,841 $2,091 $12,932 100.0 %

Credit card and other retail loans are diversified across customer segments and geographies. Diversification in the credit card portfolio is achieved with broad customer relationship distribution through the Company’s and financial institution partners’ branches, retail and affinity partners, and digital channels.
The following table provides a summary of the Company’s credit card loan balances disaggregated based upon updated credit score at March 31, 2024:
Percent of Total(a)
Credit score > 66085 %
Credit score < 66015 
No credit score— 
(a)Credit score distribution excludes loans serviced by others.  
Loan Delinquencies Trends in delinquency ratios are an indicator, among other considerations, of credit risk within the Company’s loan portfolios. The entire balance of a loan account is considered delinquent if the minimum payment contractually required to be made is not received by the date specified on the billing statement. Delinquent loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options, whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, are excluded from delinquency statistics.
Accruing loans 90 days or more past due totaled $714 million at March 31, 2024, compared with $698 million at December 31, 2023. Accruing loans 90 days or more past due are not included in nonperforming assets and continue to accrue interest because they are adequately secured by collateral, are in the process of collection and are reasonably expected to result in repayment or restoration to current status, or are managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines. The ratio of accruing loans 90 days or more past due to total loans was 0.19 percent at March 31, 2024 and December 31, 2023.

10
U.S. Bancorp


 TABLE 5Delinquent Loan Ratios as a Percent of Ending Loan Balances
90 days or more past dueMarch 31,
2024
December 31,
2023
Commercial
Commercial.08 %.09 %
Lease financing— — 
Total commercial.08 .09 
Commercial Real Estate
Commercial mortgages— — 
Construction and development.02 .03 
Total commercial real estate— .01 
Residential Mortgages(a)
.12 .12 
Credit Card1.42 1.31 
Other Retail
Retail leasing.05 .05 
Home equity and second mortgages.27 .26 
Other.11 .11 
Total other retail.15 .15 
Total loans.19 %.19 %
90 days or more past due and nonperforming loansMarch 31,
2024
December 31,
2023
Commercial.49 %.37 %
Commercial real estate1.71 1.46 
Residential mortgages(a)
.26 .25 
Credit card1.42 1.31 
Other retail.47 .46 
Total loans.66 %.57 %
(a)Delinquent loan ratios exclude $1.8 billion at March 31, 2024, and $2.0 billion at December 31, 2023, of loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. Including these loans, the ratio of residential mortgages 90 days or more past due and nonperforming to total residential mortgages was 1.85 percent at March 31, 2024, and 2.00 percent at December 31, 2023.
U.S. Bancorp
11


The following table provides summary delinquency information for residential mortgages, credit card and other retail loans included in the consumer lending segment:
AmountAs a Percent of Ending Loan Balances
(Dollars in Millions)March 31,
2024
December 31,
2023
March 31,
2024
December 31,
2023
Residential Mortgages(a)
30-89 days$143 $169 .12 %.15 %
90 days or more145 136 .12 .12 
Nonperforming155 158 .13 .14 
Total$443 $463 .38 .40 
Credit Card
30-89 days$390 $406 1.40 1.42 
90 days or more396 375 1.42 1.31 
Nonperforming— — — — 
Total$786 $781 2.82 2.73 
Other Retail
Retail Leasing
30-89 days$21 $25 .51 .60 
90 days or more.05 .05 
Nonperforming.19 .19 
Total$31 $35 .75 .85 
Home Equity and Second Mortgages
30-89 days$71 $77 .55 .59 
90 days or more35 34 .27 .26 
Nonperforming112 113 .87 .87 
Total$218 $224 1.69 1.72 
Other(b)
30-89 days$144 $176 .55 .65 
90 days or more29 31 .11 .11 
Nonperforming17 17 .06 .06 
Total$190 $224 .73 .82 
(a)Excludes $491 million of loans 30-89 days past due and $1.8 billion of loans 90 days or more past due at March 31, 2024, purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that continue to accrue interest, compared with $595 million and $2.0 billion at December 31, 2023, respectively.
(b)Includes revolving credit, installment and automobile loans.
Modified Loans In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. In most cases the modification is either a concessionary reduction in interest rate, extension of the maturity date or reduction in the principal balance that would otherwise not be considered.
Modified loans accrue interest if the borrower complies with the revised terms and conditions and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles, which is generally six months or greater.
The Company continues to work with customers to modify loans for borrowers who are experiencing financial difficulties. Many of the Company’s loan modifications are determined on a case-by-case basis in connection with ongoing loan collection processes. The modifications vary within each of the Company’s loan classes. Commercial lending segment modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. The Company may
also work with the borrower to make other changes to the loan to mitigate losses, such as obtaining additional collateral and/or guarantees to support the loan.
The Company has also implemented certain residential mortgage loan modification programs. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, and its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments. These modifications may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extensions of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan modification programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time.
12
U.S. Bancorp


Credit card and other retail loan modifications are generally part of distinct modification programs providing customers modification solutions over a specified time period, generally up to 60 months.
The Company also makes short-term modifications, in limited circumstances, to assist borrowers experiencing temporary hardships. Short-term consumer lending modification programs include payment reductions, deferrals of up to three past due payments, and the ability to return to current status if the borrower makes required payments. The Company may also make short-term modifications to commercial lending loans, with the most common modification being an extension of the maturity date of three months or less. Such extensions generally are used when the maturity date is imminent and the borrower is experiencing some level of financial stress, but the Company believes the borrower will pay all contractual amounts owed.
Nonperforming Assets The level of nonperforming assets represents another indicator of the potential for future credit losses. Nonperforming assets include nonaccrual loans, modified loans not performing in accordance with modified terms and not accruing interest, modified loans that have not met the performance period required to return to accrual status, other real estate owned (“OREO”) and other
nonperforming assets owned by the Company. Interest payments collected from assets on nonaccrual status are generally applied against the principal balance and not recorded as income. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.
At March 31, 2024, total nonperforming assets were $1.8 billion, compared to $1.5 billion at December 31, 2023. The $292 million (19.5 percent) increase in nonperforming assets was primarily due to higher nonperforming commercial and commercial real estate loans, including the commercial real estate office sector. Office nonperforming loans as a percent of total office loans increased to 10.0 percent at March 31, 2024, compared to 7.6 percent at December 31, 2023. The ratio of total nonperforming assets to total loans and other real estate was 0.48 percent at March 31, 2024, compared with 0.40 percent at December 31, 2023.
OREO was $25 million at March 31, 2024, compared with $26 million at December 31, 2023, and was related to foreclosed properties that previously secured loan balances. These balances exclude foreclosed GNMA loans whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.


U.S. Bancorp
13


TABLE 6
Nonperforming Assets(a)
(Dollars in Millions)March 31,
2024
December 31,
2023
Commercial
Commercial$522 $349 
Lease financing27 27 
Total commercial549 376 
Commercial Real Estate
Commercial mortgages755 675 
Construction and development145 102 
Total commercial real estate900 777 
Residential Mortgages(b)
155 158 
Credit Card— — 
Other Retail
Retail leasing
Home equity and second mortgages112 113 
Other17 17 
Total other retail137 138 
Total nonperforming loans(1)
1,741 1,449 
Other Real Estate(c)
25 26 
Other Assets20 19 
Total nonperforming assets$1,786 $1,494 
Accruing loans 90 days or more past due(b)
$714 $698 
Period-end loans(2)
$374,588 $373,835 
Nonperforming loans to total loans(1)/(2)
.46 %.39 %
Nonperforming assets to total loans plus other real estate(c)
.48 %.40 %
Changes in Nonperforming Assets
(Dollars in Millions)Commercial and Commercial Real EstateResidential Mortgages, Credit Card and Other RetailTotal
Balance December 31, 2023$1,155 $339 $1,494 
Additions to nonperforming assets
New nonaccrual loans and foreclosed properties528 50 578 
Advances on loans— 
Total additions534 50 584 
Reductions in nonperforming assets
Paydowns, payoffs(73)(16)(89)
Net sales— (8)(8)
Return to performing status(66)(25)(91)
Charge-offs(d)
(100)(4)(104)
Total reductions(239)(53)(292)
Net additions to (reductions in) nonperforming assets295 (3)292 
Balance March 31, 2024$1,450 $336 $1,786 
(a)Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due.
(b)Excludes $1.8 billion at March 31, 2024, and $2.0 billion at December 31, 2023, of loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
(c)Foreclosed GNMA loans of $43 million at March 31, 2024, and $47 million at December 31, 2023, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
(d)Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the charge-off occurred.
14
U.S. Bancorp


TABLE 7Net Charge-offs as a Percent of Average Loans Outstanding
Three Months Ended March 31
20242023
(Dollars in Millions)Average Loan BalanceNet Charge-offsPercentAverage Loan BalanceNet Charge-offsPercent
Commercial
Commercial$126,602 $109 .35 %$131,227 $42 .13 %
Lease financing4,165 .68 4,456 .46 
Total commercial130,767 116 .36 135,683 47 .14 
Commercial Real Estate
Commercial mortgages41,545 15 .15 43,627 115 1.07 
Construction and development11,492 .21 11,968 .07 
Total commercial real estate53,037 21 .16 55,595 117 .85 
Residential Mortgages115,639 — — 116,287 (1)— 
Credit Card27,942 296 4.30 25,569 175 2.78 
Other Retail
Retail leasing4,082 .49 5,241 .08 
Home equity and second mortgages12,983 — — 12,774 (1)(.03)
Other26,620 50 .76 35,601 35 .40 
Total other retail43,685 55 .51 53,616 35 .26 
Total loans$371,070 $488 .53 %$386,750 $373 .39 %
Analysis of Loan Net Charge-offs Total loan net charge-offs were $488 million for the first quarter of 2024, compared with $373 million for the first quarter of 2023. The $115 million (30.8 percent) increase reflected higher charge-offs in most loan categories consistent with normalizing credit conditions, partially offset by the impact of charge-offs in the first quarter of 2023 related to the uncollectible amount of acquired loans associated with the acquisition of MUB. The ratio of total loan net charge-offs to average loans outstanding on an annualized basis for the first quarter of 2024 was 0.53 percent, compared with 0.39 percent for the first quarter of 2023.
Analysis and Determination of the Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs.
Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis. Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for
prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates from better to worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, changes in borrower behavior or conditions in specific lending segments, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions.
Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments, which is included in other liabilities in the Consolidated Balance Sheet. Both the allowance for loan losses and the liability for unfunded credit commitments are included in the Company’s analysis of credit losses and reported reserve ratios.
The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real estate prices, gross domestic product levels, inflation, interest rates, and corporate bond spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and
U.S. Bancorp
15


available valuation information, consideration of end-of-term losses on lease residuals, and the remaining term of the loan, adjusted for expected prepayments. For each loan portfolio, including those loans modified under various loan modification programs, model estimates are adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices, economic conditions or other factors that may affect the accuracy of the model. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously charged-off or expected recoveries on collateral-dependent loans where recovery is expected through sale of the collateral at fair value less selling costs. Where loans do not exhibit similar risk characteristics, an individual analysis is performed to consider expected credit losses.
The allowance recorded for individually evaluated loans greater than $5 million in the commercial lending segment is based on an analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate.
When evaluating the appropriateness of the allowance for credit losses for any loans and lines in a junior lien position, the Company considers the delinquency and modification status of the first lien, based on either servicing data for first lien accounts serviced by the Company or the status of first lien mortgage accounts reported on customer credit bureau files when the first lien is not serviced by the Company. This information is considered within the overall assessment of economic conditions, problem loans, recent loss experience and other factors in determining the allowance for credit losses.
When a loan portfolio is purchased, the acquired loans are divided into those considered purchased with more than insignificant credit deterioration (“PCD”) and those not considered PCD. An allowance is established for each population and considers product mix, risk characteristics of the portfolio and delinquency status and refreshed LTV ratios when possible. PCD loans also consider whether the loan has experienced a charge-off, bankruptcy or significant deterioration since origination. The allowance established for purchased loans not considered PCD is recognized through provision expense upon acquisition, whereas the allowance established for loans considered PCD at acquisition is offset by an increase in the basis of the acquired loans. Any subsequent increases and decreases in the allowance related to purchased loans, regardless of PCD status, are recognized through provision expense, with charge-offs charged to the allowance. The Company had a total net book balance of $3.0 billion of PCD loans, primarily related to the MUB acquisition, included in its loan portfolio at March 31, 2024.
The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors not captured in quantitative model
adjustments which include, but are not limited to, the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the economic environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio.
Although the Company determined the amount of each element of the allowance separately and considers this process to be an important credit management tool, the entire allowance for credit losses is available for the entire loan portfolio. The actual amount of losses can vary significantly from the estimated amounts.
At March 31, 2024, the allowance for credit losses was $7.9 billion, compared with an allowance of $7.8 billion at December 31, 2023. The $65 million (0.8 percent) increase in the allowance for credit losses at March 31, 2024, compared with December 31, 2023, was primarily driven by credit migration in consumer and small business cards. The Company continued to monitor economic uncertainty related to high interest rates, persistent inflationary pressures and other economic factors that affect the financial strength of corporate and consumer borrowers. Commercial real estate valuations were also affected by rising interest rates and the changing demand for office properties. The Company has monitored the commercial real estate office portfolio and established an allowance to loan coverage ratio of approximately 10 percent at March 31, 2024 and December 31, 2023. In addition to these broad economic factors, expected loss estimates considered various factors including customer specific information impacting changes in risk ratings, projected delinquencies and the impact of economic deterioration on selected borrowers’ liquidity and ability to repay.
The ratio of the allowance for credit losses to period-end loans was 2.11 percent at March 31, 2024, compared with 2.10 percent at December 31, 2023. The ratio of the allowance for credit losses to nonperforming loans was 454 percent at March 31, 2024, compared with 541 percent at December 31, 2023. The ratio of the allowance for credit losses to annualized loan net charge-offs was 403 percent at March 31, 2024, compared with 411 percent of full year 2023 net charge-offs at December 31, 2023.
Economic conditions considered in estimating the allowance for credit losses at March 31, 2024 included changes in projected gross domestic product and unemployment levels. These factors were evaluated through a combination of quantitative calculations using multiple economic scenarios and additional qualitative assessments that considered the degree of economic uncertainty in the current environment. The projected unemployment rates for 2024 considered in the estimate range from 3.1 percent to 7.7 percent.
16
U.S. Bancorp


The following table summarizes the baseline forecast for key economic variables the Company used in its estimate of the allowance for credit losses at March 31, 2024 and December 31, 2023:
March 31,
2024
December 31,
2023
United States unemployment rate for the three months ending(a)
March 31, 20243.8 %3.9 %
December 31, 20244.0 4.0 
United States real gross domestic product for the three months ending(b)
March 31, 20242.9 %2.2 %
December 31, 20241.5 1.3 
(a)Reflects quarterly average of forecasted reported United States unemployment rate.
(b)Reflects year-over-year growth rates.
The allowance for credit losses related to commercial lending segment loans increased $49 million during the first quarter of 2024, reflecting credit downgrades in commercial and commercial real estate portfolios.
The allowance for credit losses related to consumer lending segment loans increased $16 million during the first quarter of 2024, due to credit migration in credit card portfolios, partially offset by reduced portfolio exposures.
U.S. Bancorp
17


TABLE 8Summary of Allowance for Credit Losses
Three Months Ended March 31
(Dollars in Millions)20242023
Balance at beginning of period$7,839 $7,404 
Change in accounting principle(a)
— (62)
Allowance for acquired credit losses(b)
— 127 
Charge-Offs
Commercial
Commercial129 56 
Lease financing10 
Total commercial139 63 
Commercial real estate
Commercial mortgages28 121 
Construction and development
Total commercial real estate34 123 
Residential mortgages
Credit card337 215 
Other retail
Retail leasing
Home equity and second mortgages
Other69 57 
Total other retail81 64 
Total charge-offs(c)
595 469 
Recoveries
Commercial
Commercial20 14 
Lease financing
Total commercial23 16 
Commercial real estate
Commercial mortgages13 
Construction and development— — 
Total commercial real estate13 
Residential mortgages
Credit card41 40 
Other retail
Retail leasing
Home equity and second mortgages
Other19 22 
Total other retail26 29 
Total recoveries107 96 
Net Charge-Offs
Commercial
Commercial109 42 
Lease financing
Total commercial116 47 
Commercial real estate
Commercial mortgages15 115 
Construction and development
Total commercial real estate21 117 
Residential mortgages— (1)
Credit card296 175 
Other retail
Retail leasing
Home equity and second mortgages— (1)
Other50 35 
Total other retail55 35 
Total net charge-offs488 373 
Provision for credit losses553 427 
Balance at end of period$7,904 $7,523 
Components
Allowance for loan losses$7,514 $7,020 
Liability for unfunded credit commitments390 503 
Total allowance for credit losses(1)
$7,904 $7,523 
Period-end loans(2)
$374,588 $387,866 
Nonperforming loans(3)
1,741 1,139 
Allowance for Credit Losses as a Percentage of
Period-end loans(1)/(2)
2.11 %1.94 %
Nonperforming loans(1)/(3)
454 660 
Nonperforming and accruing loans 90 days or more past due322 461 
Nonperforming assets443 637 
Annualized net charge-offs403 497 
(a)Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings.
(b)Allowance for purchased credit deteriorated and charged-off loans acquired from MUB.
(c)Includes $91 million of charge-offs in the first quarter of 2023 related to uncollectible amounts on acquired loans.

18
U.S. Bancorp


Residual Value Risk Management The Company manages its risk to changes in the residual value of leased vehicles, office and business equipment, and other assets through disciplined residual valuation at the inception of a lease, diversification of its leased assets, regular residual asset valuation reviews and monitoring of residual value gains or losses upon the disposition of assets. As of March 31, 2024, no significant change in the amount of residual values or concentration of the portfolios had occurred since December 31, 2023. Refer to “Management’s Discussion and Analysis — Residual Value Risk Management” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, for further discussion on residual value risk management.
Operational Risk Management The Company operates in many different businesses in diverse markets and relies on the ability of its employees and systems to process a high number of transactions. Operational risk is inherent in all business activities, and the management of this risk is important to the achievement of the Company’s objectives. Business lines have direct and primary responsibility and accountability for identifying, controlling, and monitoring operational risks embedded in their business activities, including those additional or increased risks created by economic and financial disruptions. <