US BANCORP \DE\ [USB-PQ] Filings

10-Q 1 usb-20240630.htm 10-Q usb-20240630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


þ			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024


☐			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)


Delaware						41-0255900
(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 class	Trading symbols	Name of each exchange on which registered
Common Stock, $.01 par value per share	USB	New 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 PrA	New 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 PrH	New 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 PrP	New 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 PrQ	New 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 PrR	New 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 PrS	New York Stock Exchange
Floating Rate Notes, Series CC (Senior), due May 21, 2028	USB/28	New York Stock Exchange
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032	USB/32	New 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 þ No ¨

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 þ No ¨

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 filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller 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 July 31, 2024
Common Stock, $.01 Par Value						1,560,514,033 shares

Table of Contents and Form 10-Q Cross Reference Index


Part I — Financial Information
1) Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2)			4
a) Overview			4
b) Statement of Income Analysis			4
c) Balance Sheet Analysis			7
d) Non-GAAP Financial Measures			29
e) Critical Accounting Policies			30
f) Controls and Procedures (Item 4)			30
2) Quantitative and Qualitative Disclosures About Market Risk/Corporate Risk Profile (Item 3)			8
a) Overview			8
b) Credit Risk Management			9
c) Residual Value Risk Management			20
d) Operational Risk Management			20
e) Compliance Risk Management			20
f) Interest Rate Risk Management			20
g) Market Risk Management			21
h) Liquidity Risk Management			22
i) Capital Management			24
3) Line of Business Financial Review			25
4) Financial Statements (Item 1)			31
Part II — Other Information
1) Legal Proceedings (Item 1)			80
2) Risk Factors (Item 1A)			80
3) Unregistered Sales of Equity Securities and Use of Proceeds (Item 2)			80
4) Other Information (Item 5)			80
5) Exhibits (Item 6)			80
6) Signature			81

“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”).

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 1			Selected Financial Data


	Three Months Ended June 30								Six Months Ended June 30
(Dollars and Shares in Millions, Except Per Share Data)	2024			2023			Percent Change		2024			2023			Percent Change
Condensed Income Statement
Net interest income	$	4,023		$	4,415		(8.9)	%	$	8,008		$	9,049		(11.5)	%
Taxable-equivalent adjustment(a)	29			34			(14.7)		59			68			(13.2)
Net interest income (taxable-equivalent basis)(b)	4,052			4,449			(8.9)		8,067			9,117			(11.5)
Noninterest income	2,815			2,726			3.3		5,515			5,233			5.4
Total net revenue	6,867			7,175			(4.3)		13,582			14,350			(5.4)
Noninterest expense	4,214			4,569			(7.8)		8,673			9,124			(4.9)
Provision for credit losses	568			821			(30.8)		1,121			1,248			(10.2)
Income before taxes	2,085			1,785			16.8		3,788			3,978			(4.8)
Income taxes and taxable-equivalent adjustment	474			416			13.9		851			905			(6.0)
Net income	1,611			1,369			17.7		2,937			3,073			(4.4)
Net (income) loss attributable to noncontrolling interests	(8)			(8)			—		(15)			(14)			(7.1)
Net income attributable to U.S. Bancorp	$	1,603		$	1,361		17.8		$	2,922		$	3,059		(4.5)
Net income applicable to U.S. Bancorp common shareholders	$	1,518		$	1,281		18.5		$	2,727		$	2,873		(5.1)
Per Common Share
Earnings per share	$	.97		$	.84		15.5		$	1.75		$	1.87		(6.4)
Diluted earnings per share	.97			.84			15.5		1.75			1.87			(6.4)
Dividends declared per share	.49			.48			2.1		.98			.96			2.1
Book value per share(c)	31.80			30.14			5.5
Market value per share	39.70			33.04			20.2
Average common shares outstanding	1,560			1,533			1.8		1,560			1,532			1.8
Average diluted common shares outstanding	1,561			1,533			1.8		1,560			1,533			1.8
Financial Ratios
Return on average assets	.97		%	.81		%			.89		%	.92		%
Return on average common equity	12.4			10.9					11.2			12.5
Net interest margin (taxable-equivalent basis)(a)	2.67			2.90					2.68			3.00
Efficiency ratio(b)	61.0			63.7					63.7			63.5
Net charge-offs as a percent of average loans outstanding	.58			.67					.55			.53
Average Balances
Loans	$	374,685		$	388,817		(3.6)	%	$	372,878		$	387,789		(3.8)	%
Loans held for sale	2,382			2,569			(7.3)		2,192			2,516			(12.9)
Investment securities(d)	167,020			159,824			4.5		164,128			162,957			.7
Earning assets	608,892			613,839			(.8)		602,513			610,744			(1.3)
Assets	665,504			673,012			(1.1)		659,707			669,251			(1.4)
Noninterest-bearing deposits	83,418			113,758			(26.7)		84,102			121,705			(30.9)
Deposits	513,909			497,265			3.3		508,485			503,758			.9
Short-term borrowings	17,098			54,172			(68.4)		16,731			45,369			(63.1)
Long-term debt	52,875			42,771			23.6		52,794			41,902			26.0
Total U.S. Bancorp shareholders’ equity	56,029			53,822			4.1		55,849			53,248			4.9

	June 30, 2024			December 31, 2023
Period End Balances
Loans	$	376,133		$	373,835		.6	%
Investment securities	161,285			153,751			4.9
Assets	680,058			663,491			2.5
Deposits	523,785			512,312			2.2
Long-term debt	52,720			51,480			2.4
Total U.S. Bancorp shareholders’ equity	56,420			55,306			2.0
Asset Quality
Nonperforming assets	$	1,852		$	1,494		24.0	%
Allowance for credit losses	7,934			7,839			1.2
Allowance for credit losses as a percentage of period-end loans	2.11		%	2.10		%
Capital Ratios
Common equity tier 1 capital	10.3		%	9.9		%
Tier 1 capital	11.9			11.5
Total risk-based capital	14.0			13.7
Leverage	8.1			8.1
Total leverage exposure	6.7			6.6
Tangible common equity to tangible assets(b)	5.4			5.3
Tangible common equity to risk-weighted assets(b)	8.0			7.7
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology(b)	10.2			9.7

(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 29.

(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 $1.6 billion for the second quarter of 2024, or $0.97 per diluted common share, compared with $1.4 billion, or $0.84 per diluted common share, for the second quarter of 2023. Return on average assets and return on average common equity were 0.97 percent and 12.4 percent, respectively, for the second quarter of 2024, compared with 0.81 percent and 10.9 percent, respectively, for the second quarter of 2023. The results for the second quarter of 2024 included the impact of a $26 million ($19 million net-of-tax) notable item for an increase in the FDIC special assessment to recover losses to the Deposit Insurance Fund related to certain 2023 bank failures, which decreased diluted earnings per common share by $0.01. The results for the second quarter of 2023 included the impact of $575 million ($432 million net-of-tax) of notable items, including $310 million of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. (“MUB”), and $243 million of provision for credit losses and an additional $22 million of losses related to balance sheet repositioning and capital management actions. Combined, these items decreased diluted earnings per common share for the second quarter of 2023 by $0.28.

Total net revenue for the second quarter of 2024 was $308 million (4.3 percent) lower than the second quarter of 2023, reflecting an 8.9 percent decrease in net interest income, partially offset by a 3.3 percent increase in noninterest income. The decrease in net interest income from the second 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 second quarter of 2024 was $355 million (7.8 percent) lower than the second quarter of 2023, primarily due to synergies from the MUB acquisition and lower merger and integration charges, prudent expense management and continued focus on operational efficiency, partially offset by higher marketing and business development expense.

The provision for credit losses for the second quarter of 2024 was $253 million (30.8 percent) lower than the second quarter of 2023, driven by the impacts of balance sheet repositioning and capital management actions taken in the second quarter of 2023, along with stabilization in the economic and credit environment. Net charge-offs in the second quarter of 2024 were $538 million, compared with $649 million in the second 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.

Net income attributable to U.S. Bancorp for the first six months of 2024 was $2.9 billion, or $1.75 per diluted common share, compared with $3.1 billion, or $1.87 per diluted common share, for the first six months of 2023. Return on

average assets and return on average common equity were 0.89 percent and 11.2 percent, respectively, for the first six months of 2024, compared with 0.92 percent and 12.5 percent, respectively, for the first six months of 2023. The results for the first six months of 2024 included the impact of $291 million ($218 million net-of-tax) of notable items, including $155 million of merger and integration charges and a $136 million charge for the increase in the FDIC special assessment. Combined, these items decreased diluted earnings per common share for the first six months of 2024 by $0.14. The results for the first six months of 2023 included the impact of $819 million ($615 million net-of-tax) of notable items, including $554 million of merger and integration charges, and $243 million of provision for credit losses and an additional $22 million of losses related to balance sheet repositioning and capital management actions. Combined, these items decreased diluted earnings per common share for the first six months of 2023 by $0.40.

Total net revenue for the first six months of 2024 was $768 million (5.4 percent) lower than the first six months of 2023, reflecting an 11.5 percent decrease in net interest income, partially offset by a 5.4 percent increase in noninterest income. The decrease in net interest income from the first six months 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 six months of 2024 was $451 million (4.9 percent) lower than the first six months of 2023, primarily due to synergies from the MUB acquisition and lower merger and integration charges, prudent expense management and continued focus on operational efficiency, partially offset by higher marketing and business development expense.

The provision for credit losses for the first six months of 2024 was $127 million (10.2 percent) lower than the first six months of 2023, driven by the impacts of balance sheet repositioning and capital management actions taken in the second quarter of 2023. Net charge-offs were $1.0 billion in both of the first six months of 2024 and 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 $4.1 billion in the second quarter and $8.1 billion in the first six months of 2024, representing decreases of $397 million (8.9 percent) and $1.1 billion (11.5 percent), respectively, compared with the same periods of 2023. The decreases were 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 second quarter and first six months of 2024 were $4.9


4			U.S. Bancorp

billion (0.8 percent) and $8.2 billion (1.3 percent) lower, respectively, than the same periods of 2023, reflecting a decrease in loans, partially offset by increases in investment securities and interest-bearing deposits with banks. The net interest margin, on a taxable-equivalent basis, in the second quarter and first six months of 2024 was 2.67 percent and 2.68 percent, respectively, compared with 2.90 percent and 3.00 percent in the second quarter and first six months of 2023, respectively. The decreases in net interest margin from the prior year were primarily due to the impact of deposit mix and pricing, partially offset by higher rates on earning assets as fixed-rate assets repriced at higher levels. 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 second quarter and first six months of 2024 were $14.1 billion (3.6 percent) and $14.9 billion (3.8 percent) lower, respectively, than the same periods of 2023. The decreases were primarily due to lower other retail loans, commercial loans and commercial real estate loans, partially offset by higher credit card loans. The decrease in average other retail loans was driven by lower auto loans primarily due to balance sheet repositioning and capital management actions taken in the second quarter of 2023. The decrease in average commercial loans was primarily due to decreased demand as corporate customers accessed the capital markets. The decrease in average commercial real estate loans was primarily due to payoffs exceeding a reduced level of new originations. The increase in average credit cards loans was primarily driven by higher spend volume.

Average investment securities in the second quarter and first six months of 2024 were $7.2 billion (4.5 percent) and $1.2 billion (0.7 percent) higher, respectively, than the same periods of 2023, primarily due to balance sheet positioning and liquidity management.

Average total deposits for the second quarter and first six months of 2024 were $16.6 billion (3.3 percent) and $4.7 billion (0.9 percent) higher, respectively, than the same periods of 2023. Average total savings deposits for the second quarter and first six months of 2024 were $33.1 billion (9.7 percent) and $25.6 billion (7.5 percent) higher, respectively, than the same periods of 2023, driven by increases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Average time deposits for the second quarter and first six months of 2024 were $13.9 billion (31.9 percent) and $16.8 billion (42.4 percent) higher, respectively, than the same periods of 2023, mainly due to an increase in 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. Average noninterest-bearing deposits for the second quarter and first six months of 2024 were $30.3 billion (26.7 percent) and $37.6 billion (30.9 percent) lower,

respectively, than the same periods of 2023, driven by decreases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. The decreases were due in part to the impact of higher interest rates and a product change for certain MUB retail checking accounts into interest checking accounts at conversion to create a better customer experience.

Provision for Credit Losses The provision for credit losses was $568 million in the second quarter and $1.1 billion in the first six months of 2024, representing decreases of $253 million (30.8 percent) and $127 million (10.2 percent), respectively, from the same periods of 2023. The decreases were primarily driven by the impact of balance sheet repositioning and capital management actions in the second quarter of 2023. Net charge-offs decreased $111 million (17.1 percent) in the second quarter of 2024, compared with the second quarter of 2023, reflecting the impact of prior year charge-offs related to balance sheet repositioning and capital management actions, partially offset by higher credit card and commercial loan charge-offs in the current year. Net charge-offs increased $4 million (0.4 percent) in the first six months of 2024, compared with the first six months of 2023, reflecting higher credit card and commercial loan charge-offs, partially offset by the impacts of charge-offs in the prior year related to acquired loans and balance sheet repositioning and capital management actions. 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 $2.8 billion in the second quarter and $5.5 billion in the first six months of 2024, representing increases of $89 million (3.3 percent) and $282 million (5.4 percent), respectively, compared with the same periods of 2023. The increases from the prior year reflected higher mortgage banking revenue, trust and investment management fees, payment services revenue, commercial products revenue and investment products fees, partially offset by losses on the sale of investment securities. Mortgage banking revenue increased primarily driven by a gain on the sale of mortgage servicing rights in the second quarter of 2024, along with the impact of balance sheet repositioning and capital management actions taken in the second quarter of 2023. Trust and investment management fees increased primarily due to business growth and favorable market conditions. Payment services revenue increased primarily due to higher merchant processing services revenue due to favorable rates, along with increased card revenue due to higher spend volume. Commercial products revenue increased primarily due to higher corporate bond fees. Investment products fees increased due to business growth and favorable market conditions.


U.S. Bancorp			5


TABLE 2			Noninterest Income


	Three Months Ended June 30						Six Months Ended June 30
(Dollars in Millions)	2024		2023		Percent Change		2024		2023		Percent Change
Card revenue	$	428	$	422	1.4	%	$	820	$	782	4.9	%
Corporate payment products revenue	195		190		2.6		379		379		—
Merchant processing services	454		436		4.1		855		823		3.9
Trust and investment management fees	649		621		4.5		1,290		1,211		6.5
Service charges	322		324		(.6)		637		648		(1.7)
Commercial products revenue	374		358		4.5		762		692		10.1
Mortgage banking revenue	190		131		45.0		356		259		37.5
Investment products fees	82		68		20.6		159		136		16.9
Securities gains (losses), net	(36)		3		*		(34)		(29)		17.2
Other	157		173		(9.2)		291		332		(12.3)
Total noninterest income	$	2,815	$	2,726	3.3	%	$	5,515	$	5,233	5.4	%

*Not meaningful


TABLE 3			Noninterest Expense


	Three Months Ended June 30								Six Months Ended June 30
(Dollars in Millions)	2024			2023			Percent Change		2024			2023			Percent Change
Compensation and employee benefits	$	2,619		$	2,646		(1.0)	%	$	5,310		$	5,292		.3	%
Net occupancy and equipment	316			316			—		612			637			(3.9)
Professional services	116			141			(17.7)		226			275			(17.8)
Marketing and business development	158			122			29.5		294			244			20.5
Technology and communications	509			522			(2.5)		1,016			1,025			(.9)
Other intangibles	142			159			(10.7)		288			319			(9.7)
Other	354			353			.3		772			778			(.8)
Total before merger and integration charges	4,214			4,259			(1.1)		8,518			8,570			(.6)
Merger and integration charges	—			310			*		155			554			(72.0)
Total noninterest expense	$	4,214		$	4,569		(7.8)	%	$	8,673		$	9,124		(4.9)	%
Efficiency ratio(a)	61.0		%	63.7		%			63.7		%	63.5		%

*Not meaningful

(a)See Non-GAAP Financial Measures beginning on page 29.

Noninterest Expense Noninterest expense was $4.2 billion in the second quarter and $8.7 billion in the first six months of 2024, representing decreases of $355 million (7.8 percent) and $451 million (4.9 percent), respectively, from the same periods of 2023. The decreases from the prior year reflected synergies from the MUB acquisition and lower merger and integration charges, prudent expense management and continued focus on operational efficiency, partially offset by the impact of the FDIC special assessment and higher marketing and business development expense. Professional services expense and technology and communications expense decreased primarily due to synergies from the MUB acquisition. Compensation and employee benefits expense decreased in the second quarter of 2024, compared with the second quarter of 2023, primarily due to synergies from the MUB acquisition. Marketing and business development expense increased due to the timing of campaigns.

Income Tax Expense The provision for income taxes was $445 million (an effective rate of 21.6 percent) for the second quarter and $792 million (an effective rate of 21.2 percent) for the first six months of 2024, compared with $382 million (an effective rate of 21.8 percent) and $837 million (an effective rate of 21.4 percent) for the same periods of 2023, respectively. For further information on income taxes, refer to Note 11 of the Notes to Consolidated Financial Statements.


6			U.S. Bancorp

Balance Sheet Analysis

Loans The Company’s loan portfolio was $376.1 billion at June 30, 2024, compared with $373.8 billion at December 31, 2023, an increase of $2.3 billion (0.6 percent). The increase was driven by higher commercial loans and residential mortgages, partially offset by lower commercial real estate loans and other retail loans.

Commercial loans increased $3.4 billion (2.6 percent) at June 30, 2024, compared with December 31, 2023, primarily due to growth in corporate banking.

Residential mortgages held in the loan portfolio increased $1.6 billion (1.4 percent) at June 30, 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.

Credit card loans increased $155 million (0.5 percent) at June 30, 2024, compared with December 31, 2023, primarily driven by higher spend volume.

Commercial real estate loans decreased $1.6 billion (2.9 percent) at June 30, 2024, compared with December 31, 2023, primarily due to payoffs exceeding a reduced level of new originations.

Other retail loans decreased $1.3 billion (2.9 percent) at June 30, 2024, compared with December 31, 2023, primarily due to a decrease in auto loans.

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 $2.6 billion at June 30, 2024, compared with $2.2 billion at December 31, 2023. The increase in loans held for sale was principally due to a higher level of mortgage loan closings in the second 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 $161.3 billion at June 30, 2024, compared with $153.8 billion at December 31, 2023. The $7.5 billion (4.9 percent) increase was primarily due to $7.6 billion of net investment purchases driven by balance sheet positioning and liquidity management, partially offset by a $214 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 June 30, 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 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 June 30, 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 June 30, 2024, the Company had no plans to sell securities with unrealized losses, and believed it was 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.


U.S. Bancorp			7


TABLE 4			Investment Securities


	June 30, 2024							December 31, 2023
(Dollars in Millions)	Amortized Cost		Fair Value		Weighted- Average Maturity in Years	Weighted- Average Yield(e)		Amortized Cost		Fair Value		Weighted- Average Maturity in Years	Weighted- Average Yield(e)
Held-to-Maturity
U.S. Treasury and agencies	$	1,296	$	1,256	1.9	2.85	%	$	1,345	$	1,310	2.3	2.85	%
Mortgage-backed securities(a)	80,027		67,892		8.9	2.19		82,692		72,770		8.8	2.21
Other	163		163		2.7	2.86		8		8		2.8	2.56
Total held-to-maturity	$	81,486	$	69,311	8.8	2.20	%	$	84,045	$	74,088	8.7	2.22	%
Available-for-Sale
U.S. Treasury and agencies	$	30,251	$	28,050	5.4	3.00	%	$	21,768	$	19,542	5.9	2.19	%
Mortgage-backed securities(a)	38,950		35,238		6.6	3.46		36,895		33,427		6.3	3.09
Asset-backed securities(a)	6,595		6,582		2.9	5.48		6,713		6,724		2.2	5.33
Obligations of state and political subdivisions(b)(c)	10,808		9,684		11.5	3.74		10,867		9,989		9.9	3.75
Other	245		245		2.0	4.95		24		24		1.7	4.51
Total available-for-sale(d)	$	86,849	$	79,799	6.5	3.49	%	$	76,267	$	69,706	6.3	3.12	%

(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 $60 million at June 30, 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 $523.8 billion at June 30, 2024, compared with $512.3 billion at December 31, 2023. The $11.5 billion (2.2 percent) increase in total deposits reflected increases in total savings deposits and time deposits, partially offset by a decrease in noninterest-bearing deposits. Money market deposit balances increased $16.3 billion (8.2 percent), primarily due to higher Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Savings account balances decreased $5.5 billion (12.7 percent), driven by lower Consumer and Business Banking balances. Interest checking balances decreased $1.2 billion (1.0 percent), primarily due to lower Consumer and Business Banking balances, partially offset by higher Wealth, Corporate, Commercial and Institutional Banking balances. Time deposits increased $5.0 billion (9.6 percent) at June 30, 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 decreased $3.2 billion (3.6 percent) at June 30, 2024, compared with December 31, 2023, primarily driven by decreases within Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances due to the impact of higher interest rates.

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 $16.6 billion at June 30,

2024, compared with $15.3 billion at December 31, 2023. The $1.3 billion (8.4 percent) increase in short-term borrowings was primarily due to an increase in repurchase agreement balances, partially offset by lower commercial paper balances. Long-term debt was $52.7 billion at June 30, 2024, compared with $51.5 billion at December 31, 2023. The $1.2 billion (2.4 percent) increase was primarily due to $4.9 billion of medium-term note issuances, partially offset by $3.4 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 reputation


8			U.S. Bancorp

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.

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


U.S. Bancorp			9

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.


10			U.S. Bancorp

The following tables provide summary information of residential mortgages and home equity and second mortgages by LTV at June 30, 2024:


Residential Mortgages (Dollars in Millions)	Interest Only		Amortizing		Total		Percent of Total
Loan-to-Value
Less than or equal to 80%	$	13,959	$	90,653	$	104,612	89.3	%
Over 80% through 90%	175		4,500		4,675		4.0
Over 90% through 100%	22		878		900		.8
Over 100%	12		437		449		.4
No LTV available	1		7		8		—
Loans purchased from GNMA mortgage pools(a)	—		6,503		6,503		5.5
Total	$	14,169	$	102,978	$	117,147	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)	Lines		Loans		Total		Percent of Total
Loan-to-Value / Combined Loan-to-Value
Less than or equal to 80%	$	10,338	$	2,154	$	12,492	94.8	%
Over 80% through 90%	448		89		537		4.1
Over 90% through 100%	70		16		86		.6
Over 100%	36		4		40		.3
No LTV/CLTV available	24		1		25		.2
Total	$	10,916	$	2,264	$	13,180	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 June 30, 2024:


	Percent of Total(a)
Credit score > 660	86	%
Credit score < 660	14
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 $701 million at June 30, 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 June 30, 2024 and December 31, 2023.


U.S. Bancorp			11


TABLE 5			Delinquent Loan Ratios as a Percent of Ending Loan Balances


90 days or more past due	June 30, 2024		December 31, 2023
Commercial
Commercial	.07	%	.09	%
Lease financing	—		—
Total commercial	.06		.09
Commercial Real Estate
Commercial mortgages	—		—
Construction and development	.08		.03
Total commercial real estate	.02		.01
Residential Mortgages(a)	.15		.12
Credit Card	1.30		1.31
Other Retail
Retail leasing	.05		.05
Home equity and second mortgages	.25		.26
Other	.10		.11
Total other retail	.14		.15
Total loans	.19	%	.19	%

90 days or more past due and nonperforming loans	June 30, 2024		December 31, 2023
Commercial	.48	%	.37	%
Commercial real estate	1.87		1.46
Residential mortgages(a)	.28		.25
Credit card	1.30		1.31
Other retail	.47		.46
Total loans	.67	%	.57	%

(a)Delinquent loan ratios exclude $1.7 billion at June 30, 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 1.71 percent at June 30, 2024, and 2.00 percent at December 31, 2023.


12			U.S. Bancorp

The following table provides summary delinquency information for residential mortgages, credit card and other retail loans included in the consumer lending segment:


	Amount				As a Percent of Ending Loan Balances
(Dollars in Millions)	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023
Residential Mortgages(a)
30-89 days	$	142	$	169	.12	%	.15	%
90 days or more	170		136		.15		.12
Nonperforming	154		158		.13		.14
Total	$	466	$	463	.40		.40
Credit Card
30-89 days	$	384	$	406	1.34		1.42
90 days or more	374		375		1.30		1.31
Nonperforming	—		—		—		—
Total	$	758	$	781	2.64		2.73
Other Retail
Retail Leasing
30-89 days	$	26	$	25	.62		.60
90 days or more	2		2		.05		.05
Nonperforming	8		8		.19		.19
Total	$	36	$	35	.86		.85
Home Equity and Second Mortgages
30-89 days	$	65	$	77	.49		.59
90 days or more	33

US BANCORP \DE\ [USB-PQ] Filings
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10-Q	[2024-08-06]
10-Q	[2024-05-01]
10-K	[2024-02-20]
10-Q	[2023-11-01]
10-Q	[2023-08-07]
10-Q	[2023-05-08]
10-K	[2023-02-27]
10-Q	[2022-11-01]
10-Q	[2022-08-04]
10-Q	[2022-05-03]
10-K	[2022-02-22]
10-Q	[2021-11-02]
10-Q	[2021-08-03]
10-Q	[2021-05-04]
10-K	[2021-02-23]
10-Q	[2020-11-05]
10-Q	[2020-08-06]
10-Q	[2020-05-07]
10-K	[2020-02-20]
10-Q	[2019-11-08]
10-Q	[2019-08-01]
10-Q	[2019-05-09]
10-K	[2019-02-22]
10-Q	[2018-11-02]
10-Q	[2018-08-02]
10-Q	[2018-05-03]
10-K	[2018-02-22]
10-Q	[2017-11-03]
10-Q	[2017-08-04]
10-Q	[2017-05-05]
10-K	[2017-02-23]
10-Q	[2016-11-04]
10-Q	[2016-08-05]
10-Q	[2016-05-06]
10-K	[2016-02-25]
10-Q	[2015-11-04]
10-Q	[2015-08-05]
10-Q	[2015-05-06]
10-K	[2015-02-27]
10-Q	[2014-11-06]
10-Q	[2014-08-06]
10-Q	[2014-05-07]
10-K	[2014-02-21]
10-Q	[2013-11-01]
10-Q	[2013-08-07]
10-Q	[2013-05-03]
10-K	[2013-02-22]
10-Q	[2012-11-05]
10-Q	[2012-08-03]
10-Q	[2012-05-07]
10-K	[2012-02-23]

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US BANCORP \DE\ [USB] Filings

US BANCORP \DE\ [USB-PA] Filings

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US BANCORP \DE\ [USB-PR] Filings

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