US BANCORP \DE\ [USB-PR] Filings

10-Q 1 usb-20240930.htm 10-Q usb-20240930

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 September 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 October 31, 2024
Common Stock, $.01 Par Value						1,560,031,715 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, including 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 September 30								Nine Months Ended September 30
(Dollars and Shares in Millions, Except Per Share Data)	2024			2023			Percent Change		2024			2023			Percent Change
Condensed Income Statement
Net interest income	$	4,135		$	4,236		(2.4)	%	$	12,143		$	13,285		(8.6)	%
Taxable-equivalent adjustment(a)	31			32			(3.1)		90			100			(10.0)
Net interest income (taxable-equivalent basis)(b)	4,166			4,268			(2.4)		12,233			13,385			(8.6)
Noninterest income	2,698			2,764			(2.4)		8,213			7,997			2.7
Total net revenue	6,864			7,032			(2.4)		20,446			21,382			(4.4)
Noninterest expense	4,204			4,530			(7.2)		12,877			13,654			(5.7)
Provision for credit losses	557			515			8.2		1,678			1,763			(4.8)
Income before taxes	2,103			1,987			5.8		5,891			5,965			(1.2)
Income taxes and taxable-equivalent adjustment	381			463			(17.7)		1,232			1,368			(9.9)
Net income	1,722			1,524			13.0		4,659			4,597			1.3
Net (income) loss attributable to noncontrolling interests	(8)			(1)			*		(23)			(15)			(53.3)
Net income attributable to U.S. Bancorp	$	1,714		$	1,523		12.5		$	4,636		$	4,582		1.2
Net income applicable to U.S. Bancorp common shareholders	$	1,601		$	1,412		13.4		$	4,328		$	4,285		1.0
Per Common Share
Earnings per share	$	1.03		$	.91		13.2		$	2.77		$	2.79		(.7)
Diluted earnings per share	1.03			.91			13.2		2.77			2.79			(.7)
Dividends declared per share	.50			.48			4.2		1.48			1.44			2.8
Book value per share(c)	33.34			29.74			12.1
Market value per share	45.73			33.06			38.3
Average common shares outstanding	1,561			1,548			.8		1,560			1,538			1.4
Average diluted common shares outstanding	1,561			1,549			.8		1,561			1,538			1.5
Financial Ratios
Return on average assets	1.03		%	.91		%			.94		%	.92		%
Return on average common equity	12.4			11.9					11.6			12.3
Net interest margin (taxable-equivalent basis)(a)	2.74			2.81					2.70			2.94
Efficiency ratio(b)	60.2			64.4					62.5			63.8
Net charge-offs as a percent of average loans outstanding	.60			.44					.57			.50
Average Balances
Loans	$	374,070		$	376,877		(.7)	%	$	373,278		$	384,112		(2.8)	%
Loans held for sale	2,757			2,661			3.6		2,381			2,564			(7.1)
Investment securities(d)	166,899			163,236			2.2		165,059			163,051			1.2
Earning assets	607,180			605,245			.3		604,080			608,891			(.8)
Assets	664,640			663,999			.1		661,363			667,481			(.9)
Noninterest-bearing deposits	80,939			97,524			(17.0)		83,040			113,556			(26.9)
Deposits	508,757			512,291			(.7)		508,576			506,633			.4
Short-term borrowings	17,723			27,550			(35.7)		17,064			39,364			(56.7)
Long-term debt	54,841			43,826			25.1		53,482			42,551			25.7
Total U.S. Bancorp shareholders’ equity	58,283			53,817			8.3		56,666			53,440			6.0

	September 30, 2024			December 31, 2023
Period End Balances
Loans	$	374,164		$	373,835		.1	%
Investment securities	161,729			153,751			5.2
Assets	686,469			663,491			3.5
Deposits	521,131			512,312			1.7
Long-term debt	54,839			51,480			6.5
Total U.S. Bancorp shareholders’ equity	58,859			55,306			6.4
Asset Quality
Nonperforming assets	$	1,848		$	1,494		23.7	%
Allowance for credit losses	7,927			7,839			1.1
Allowance for credit losses as a percentage of period-end loans	2.12		%	2.10		%
Capital Ratios
Common equity tier 1 capital	10.5		%	9.9		%
Tier 1 capital	12.2			11.5
Total risk-based capital	14.2			13.7
Leverage	8.3			8.1
Total leverage exposure	6.8			6.6
Tangible common equity to tangible assets(b)	5.7			5.3
Tangible common equity to risk-weighted assets(b)	8.6			7.7
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology(b)	10.5			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 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 $1.7 billion for the third quarter of 2024, or $1.03 per diluted common share, compared with $1.5 billion, or $0.91 per diluted common share, for the third quarter of 2023. Return on average assets and return on average common equity were 1.03 percent and 12.4 percent, respectively, for the third quarter of 2024, compared with 0.91 percent and 11.9 percent, respectively, for the third quarter of 2023. The results for the third quarter of 2023 included the impact of $284 million ($213 million net-of-tax) of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. (“MUB”), which decreased diluted earnings per common share for the third quarter of 2023 by $0.14.

Total net revenue for the third quarter of 2024 was $168 million (2.4 percent) lower than the third quarter of 2023, reflecting a 2.4 percent decrease in net interest income and a 2.4 percent decrease in noninterest income. The decrease in net interest income from the third 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 and changes in balance sheet composition. The decrease in noninterest income was driven by net losses on the sales of investment securities, lower service charges and lower other noninterest income, partially offset by higher fee revenue across all other categories.

Noninterest expense in the third quarter of 2024 was $326 million (7.2 percent) lower than the third quarter of 2023, primarily due to the impact of merger and integration charges in the prior year and lower other noninterest expense, partially offset by higher compensation and employee benefits expense.

The provision for credit losses for the third quarter of 2024 was $42 million (8.2 percent) higher than the third quarter of 2023, driven by higher net charge-offs. Net charge-offs in the third quarter of 2024 were $564 million, compared with $420 million in the third 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 nine months of 2024 was $4.6 billion, or $2.77 per diluted common share, compared with $4.6 billion, or $2.79 per diluted common share, for the first nine months of 2023. Return on average assets and return on average common equity were 0.94 percent and 11.6 percent, respectively, for the first nine months of 2024, compared with 0.92 percent and 12.3 percent, respectively, for the first nine months of 2023. The results for the first nine 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 an 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 for the first nine months of 2024 by $0.14. The results for the first nine months of 2023 included the impact of $1.1 billion ($828 million net-of-tax) of notable items, including $838 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 nine months of 2023 by $0.53.

Total net revenue for the first nine months of 2024 was $936 million (4.4 percent) lower than the first nine months of 2023, reflecting an 8.6 percent decrease in net interest income, partially offset by a 2.7 percent increase in noninterest income. The decrease in net interest income from the first nine 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 and changes in balance sheet composition. The increase in noninterest income was driven by higher fee revenue across most categories, partially offset by higher net losses on the sales of investment securities, lower service charges and lower other noninterest income.

Noninterest expense in the first nine months of 2024 was $777 million (5.7 percent) lower than the first nine months of 2023, primarily due to lower merger and integration charges, partially offset by higher compensation and employee benefits expense and the impact of the FDIC special assessment.

The provision for credit losses for the first nine months of 2024 was $85 million (4.8 percent) lower than the first nine months of 2023, driven by the impacts of balance sheet repositioning and capital management actions taken in the second quarter of 2023, partially offset by higher net charge-offs in the current year. Net charge-offs in the first nine months of 2024 were $1.6 billion, compared with $1.4 billion in the first nine months 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 $4.2 billion in the third quarter and $12.2 billion in the first nine months of 2024, representing decreases of $102 million (2.4 percent) and $1.2 billion (8.6 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 and changes in balance sheet composition. Average earning assets for the third quarter of 2024 were $1.9 billion (0.3 percent) higher than the third quarter of 2023, reflecting increases in investment securities and other earning assets, partially offset by decreases in loans and interest-bearing deposits with banks. Average earning assets for the first nine months of 2024 were $4.8 billion (0.8 percent) lower than the first nine months of 2023, reflecting a


4			U.S. Bancorp

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 third quarter and first nine months of 2024 was 2.74 percent and 2.70 percent, respectively, compared with 2.81 percent and 2.94 percent in the third quarter and first nine months of 2023, respectively. The decreases in net interest margin from the same periods of the prior year were primarily due to the impact of higher interest rates on deposit mix and pricing, partially offset by higher rates on earning assets and changes in balance sheet composition. 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 third quarter and first nine months of 2024 were $2.8 billion (0.7 percent) and $10.8 billion (2.8 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 and residential mortgages. The decreases in average other retail loans were driven by lower automobile loans. The decreases in average commercial loans were primarily due to decreased demand as corporate customers accessed the capital markets. The decreases in average commercial real estate loans were primarily due to payoffs exceeding a reduced level of new originations. The increases in average credit cards loans were primarily driven by higher spend volume. The increases in residential mortgages were primarily driven by originations.

Average investment securities in the third quarter and first nine months of 2024 were $3.7 billion (2.2 percent) and $2.0 billion (1.2 percent) higher, respectively, than the same periods of 2023, primarily due to balance sheet positioning and liquidity management.

Average total deposits for the third quarter and first nine months of 2024 were $3.5 billion (0.7 percent) lower and $1.9 billion (0.4 percent) higher, respectively, than the same periods of 2023. Average noninterest-bearing deposits for the third quarter and first nine months of 2024 were $16.6 billion (17.0 percent) and $30.5 billion (26.9 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. Average total savings deposits for the third quarter and first nine months of 2024 were $9.0 billion (2.5 percent) and $20.0 billion (5.7 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 third quarter and first nine months of 2024 were $4.1 billion (7.5 percent) and $12.5 billion (28.0 percent) higher, respectively, than the same periods of 2023, mainly due to increases 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.

Provision for Credit Losses The provision for credit losses was $557 million in the third quarter of 2024, representing an

increase of $42 million (8.2 percent) from the third quarter of 2023, driven by higher net charge-offs in the current year. Net charge-offs increased $144 million (34.3 percent) in the third quarter of 2024, compared with the third quarter of 2023, reflecting higher credit card, commercial and commercial real estate loan net charge-offs. The provision for credit losses was $1.7 billion in the first nine months of 2024, representing a decrease of $85 million (4.8 percent) from the first nine months of 2023. The decrease was primarily driven by the impacts of balance sheet repositioning and capital management actions in the second quarter of 2023, partially offset by higher net charge-offs in the current year. Net charge-offs increased $148 million (10.3 percent) in the first nine months of 2024, compared with the first nine months of 2023, reflecting higher credit card and commercial loan net 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 $2.7 billion in the third quarter and $8.2 billion in the first nine months of 2024, representing a decrease of $66 million (2.4 percent) and an increase of $216 million (2.7 percent), respectively, compared with the same periods of 2023. The decrease in noninterest income in the third quarter of 2024, compared with the third quarter of 2023, was driven by net losses on the sales of investment securities, lower service charges and lower other noninterest income, partially offset by higher commercial products revenue, trust and investment management fees and payment services revenue. The increase in noninterest income in the first nine months of 2024, compared with the first nine months of 2023, was driven by higher commercial products revenue, trust and investment management fees, payment services revenue and mortgage banking revenue, partially offset by higher net losses on the sales of investment securities, lower service charges and lower other noninterest income. Commercial products revenue increased in the current year primarily due to higher corporate bond fees and new product growth. 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 business volume growth and favorable rates, along with increased card revenue due to favorable rates. Mortgage banking revenue increased in the first nine months of 2024, compared with the first nine months of 2023, 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.


U.S. Bancorp			5


TABLE 2			Noninterest Income


	Three Months Ended September 30						Nine Months Ended September 30
(Dollars in Millions)	2024		2023		Percent Change		2024		2023		Percent Change
Card revenue	$	426	$	412	3.4	%	$	1,246	$	1,194	4.4	%
Corporate payment products revenue	203		198		2.5		582		577		.9
Merchant processing services	440		427		3.0		1,295		1,250		3.6
Trust and investment management fees	667		627		6.4		1,957		1,838		6.5
Service charges	302		334		(9.6)		939		982		(4.4)
Commercial products revenue	397		354		12.1		1,159		1,046		10.8
Mortgage banking revenue	155		144		7.6		511		403		26.8
Investment products fees	84		70		20.0		243		206		18.0
Securities gains (losses), net	(119)		—		*		(153)		(29)		*
Other	143		198		(27.8)		434		530		(18.1)
Total noninterest income	$	2,698	$	2,764	(2.4)	%	$	8,213	$	7,997	2.7	%

*Not meaningful


TABLE 3			Noninterest Expense


	Three Months Ended September 30								Nine Months Ended September 30
(Dollars in Millions)	2024			2023			Percent Change		2024			2023			Percent Change
Compensation and employee benefits	$	2,637		$	2,615		.8	%	$	7,947		$	7,907		.5	%
Net occupancy and equipment	317			313			1.3		929			950			(2.2)
Professional services	130			127			2.4		356			402			(11.4)
Marketing and business development	165			176			(6.3)		459			420			9.3
Technology and communications	524			511			2.5		1,540			1,536			.3
Other intangibles	142			161			(11.8)		430			480			(10.4)
Other	289			343			(15.7)		1,061			1,121			(5.4)
Total before merger and integration charges	4,204			4,246			(1.0)		12,722			12,816			(.7)
Merger and integration charges	—			284			*		155			838			(81.5)
Total noninterest expense	$	4,204		$	4,530		(7.2)	%	$	12,877		$	13,654		(5.7)	%
Efficiency ratio(a)	60.2		%	64.4		%			62.5		%	63.8		%

*Not meaningful

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

Noninterest Expense Noninterest expense was $4.2 billion in the third quarter and $12.9 billion in the first nine months of 2024, representing decreases of $326 million (7.2 percent) and $777 million (5.7 percent), respectively, from the same periods of 2023. The decreases from the prior year reflected lower merger and integration charges and lower other noninterest expense, partially offset by higher compensation and employee benefits expense. The decrease in noninterest expense in the first nine months of 2024, compared with the first nine months of 2023, was further offset by the impact of the FDIC special assessment in the current year. Compensation and employee benefits expense increased in the current year primarily due to higher commissions and performance-based incentives. Marketing and business development expense increased in the first nine months of 2024, compared with the first nine months of 2023, primarily due to the timing of campaigns. Professional services expense decreased in the first nine months of 2024, compared with the

first nine months of 2023, primarily due to synergies from the MUB acquisition.

Income Tax Expense The provision for income taxes was $350 million (an effective rate of 16.9 percent) for the third quarter and $1.1 billion (an effective rate of 19.7 percent) for the first nine months of 2024, compared with $431 million (an effective rate of 22.0 percent) and $1.3 billion (an effective rate of 21.6 percent) for the same periods of 2023, respectively. The tax rate in the third quarter and first nine months of 2024 reflected the impact of favorable settlements. 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 $374.2 billion at September 30, 2024, compared with $373.8 billion at December 31, 2023, an increase of $329 million (0.1 percent). The increase was driven by higher residential mortgages and commercial loans, partially offset by lower commercial real estate loans and other retail loans.

Residential mortgages held in the loan portfolio increased $2.5 billion (2.2 percent) at September 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.

Commercial loans increased $1.8 billion (1.3 percent) at September 30, 2024, compared with December 31, 2023, primarily due to growth in corporate banking.

Credit card loans increased $477 million (1.7 percent) at September 30, 2024, compared with December 31, 2023, primarily driven by higher spend volume.

Commercial real estate loans decreased $2.8 billion (5.3 percent) at September 30, 2024, compared with December 31, 2023, primarily due to payoffs exceeding a reduced level of new originations.

Other retail loans decreased $1.6 billion (3.5 percent) at September 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 $3.2 billion at September 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 third 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 $161.7 billion at September 30, 2024, compared with $153.8 billion at December 31, 2023. The $8.0 billion (5.2 percent) increase was primarily due to net investment purchases driven by balance sheet positioning and liquidity management, along with a $1.2 billion favorable 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 September 30, 2024, the Company’s net unrealized losses on available-for-sale investment securities were $5.7 billion ($4.3 billion net-of-tax), compared with $6.9 billion ($5.2 billion net-of-tax) at December 31, 2023. The favorable change in net unrealized gains (losses) was primarily due to increases in the fair value of mortgage-backed securities as a result of changes in interest rates. Gross unrealized losses on available-for-sale investment securities totaled $5.9 billion at September 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 September 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


	September 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	$	1,280	1.6	2.85	%	$	1,345	$	1,310	2.3	2.85	%
Mortgage-backed securities(a)	78,487		69,890		8.3	2.18		82,692		72,770		8.8	2.21
Other	242		245		2.4	2.75		8		8		2.8	2.56
Total held-to-maturity	$	80,025	$	71,415	8.2	2.20	%	$	84,045	$	74,088	8.7	2.22	%
Available-for-Sale
U.S. Treasury and agencies	$	31,201	$	29,399	5.2	2.55	%	$	21,768	$	19,542	5.9	2.19	%
Mortgage-backed securities(a)	37,935		35,378		6.0	3.42		36,895		33,427		6.3	3.09
Asset-backed securities(a)	6,757		6,788		3.4	5.58		6,713		6,724		2.2	5.33
Obligations of state and political subdivisions(b)(c)	10,732		9,888		9.9	3.25		10,867		9,989		9.9	3.75
Other	248		251		1.7	4.94		24		24		1.7	4.51
Total available-for-sale(d)	$	86,873	$	81,704	6.0	3.26	%	$	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 $525 million at September 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 $521.1 billion at September 30, 2024, compared with $512.3 billion at December 31, 2023. The $8.8 billion (1.7 percent) increase in total deposits reflected increases in time deposits and total savings deposits, partially offset by a decrease in noninterest-bearing deposits. Time deposits increased $7.1 billion (13.5 percent) at September 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. 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. Savings account balances decreased $6.2 billion (14.3 percent), driven by lower Consumer and Business Banking balances. Interest checking balances decreased $485 million (0.4 percent), primarily due to lower Consumer and Business Banking balances, partially offset by higher Wealth, Corporate, Commercial and Institutional Banking balances. Noninterest-bearing deposits decreased $3.2 billion (3.5 percent) at September 30, 2024, compared with December 31, 2023, primarily driven by a decrease in Wealth, Corporate, Commercial and Institutional 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 $23.7 billion at

September 30, 2024, compared with $15.3 billion at December 31, 2023. The $8.4 billion (55.2 percent) increase in short-term borrowings was primarily due to increases in short-term Federal Home Loan Bank (“FHLB”) advances and repurchase agreement balances, partially offset by lower commercial paper balances. Long-term debt was $54.8 billion at September 30, 2024, compared with $51.5 billion at December 31, 2023. The $3.4 billion (6.5 percent) increase was primarily due to $6.1 billion of medium-term note issuances and a $2.5 billion increase in FHLB advances, partially offset by $4.6 billion of medium-term note and $1.0 billion of subordinated 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


8			U.S. Bancorp

team, oversees execution against the risk management framework and risk appetite statements. The ERC focuses on current and emerging risks, including strategic and 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.

In addition, credit quality ratings, as defined by the Company, are an important part of the Company’s overall


U.S. Bancorp			9

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 (defined by internally assessed rating or exception based monitoring credits in 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, geography 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 September 30, 2024:


Residential Mortgages (Dollars in Millions)	Interest Only		Amortizing		Total		Percent of Total
Loan-to-Value
Less than or equal to 80%	$	13,944	$	92,145	$	106,089	89.9	%
Over 80% through 90%	168		4,045		4,213		3.6
Over 90% through 100%	21		720		741		.6
Over 100%	8		295		303		.2
No LTV available	1		8		9		—
Loans purchased from GNMA mortgage pools(a)	—		6,679		6,679		5.7
Total	$	14,142	$	103,892	$	118,034	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%	$	10,411	$	2,372	$	12,783	95.7	%
Over 80% through 90%	377		70		447		3.3
Over 90% through 100%	55		12		67		.5
Over 100%	39		4		43		.3
No LTV/CLTV available	23		1		24		.2
Total	$	10,905	$	2,459	$	13,364	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 September 30, 2024:


	Percent of Total(a)
Credit score > 660	87	%
Credit score < 660	13
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 $738 million at September 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 0.20 percent at September 30, 2024 and 0.19 percent at 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	September 30, 2024		December 31, 2023
Commercial
Commercial	.07	%	.09	%
Lease financing	—		—
Total commercial	.07		.09
Commercial Real Estate
Commercial mortgages	—		—
Construction and development	.08		.03
Total commercial real estate	.02		.01
Residential Mortgages(a)	.15		.12
Credit Card	1.36		1.31
Other Retail
Retail leasing	.05		.05
Home equity and second mortgages	.25		.26
Other	.11		.11
Total other retail	.14		.15
Total loans	.20	%	.19	%

90 days or more past due and nonperforming loans	September 30, 2024		December 31, 2023
Commercial	.51	%	.37	%
Commercial real estate	1.85		1.46
Residential mortgages(a)	.28		.25
Credit card	1.36		1.31
Other retail	.48		.46
Total loans	.68	%	.57	%

(a)Delinquent loan ratios exclude $2.0 billion at September 30, 2024 and 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 1.97 percent at September 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)	September 30, 2024		December 31, 2023		September 30, 2024		December 31, 2023
Residential Mortgages(a)
30-89 days	$	171	$	169	.14	%	.15	%
90 days or more	179		136		.15		.12
Nonperforming	154		158		.13		.14
Total	$	504	$	463	.43		.40
Credit Card
30-89 days	$	426	$	406	1.47		1.42
90 days or more	396		375		1.36		1.31
Nonperforming	—		—		—		—
Total	$	822	$	781	2.83		2.73
Other Retail
Retail Leasing
30-89 days	$	21	$	25	.52		.60
90 days or more	2		2		.05		.05
Nonperforming	8		8		.20		.19

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10-Q	[2024-11-05]
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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