Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): July 17, 2024

U.S. BANCORP

(Exact name of registrant as specified in its charter)

1-6880

(Commission File Number)


Delaware			41-0255900
(State or other jurisdiction of incorporation)			(I.R.S. Employer Identification Number)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices and zip code)

(651) 466-3000

(Registrant’s telephone number, including area code)

(not applicable)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ 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 l3(a) of the Exchange Act.

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 17, 2024, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended June 30, 2024. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. The press release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. The Company has also made available on its website materials that contain additional information about the Company’s financial results for the quarter ended June 30, 2024 (the “2Q24 Earnings Supplement”), which is attached as Exhibit 99.2 hereto and is incorporated herein by reference.

The information included in Exhibit 99.1 shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The information included in Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE.

On July 17, 2024, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended June 30, 2024. The Company has also made available on its website presentation materials containing certain additional historical and forward-looking information related to the Company (the “2Q24 Earnings Conference Call Presentation”). The 2Q24 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 2Q24 Earnings Conference Call Presentation contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.

The information provided in Item 7.01 of this report, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act, except as otherwise expressly stated in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.


			99.1			Press Release issued by U.S. Bancorp on July 17, 2024, deemed “filed” under the Exchange Act.


			99.2			2Q24 Earnings Supplement, deemed “furnished” under the Exchange Act.


			99.3			2Q24 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act.


			104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


U.S. BANCORP

By /s/ Lisa R. Stark
Lisa R. Stark
Executive Vice President and Controller

DATE: July 17, 2024


2Q24 Key Financial Data					2Q24 Highlights

	PROFITABILITY METRICS	2Q24	1Q24	2Q23		•Net income of $1,622 million and diluted earnings per common share of $0.98, both as adjusted for a $26 million notable item for an increase in the Federal Deposit Insurance Corporation ("FDIC") special assessment •Net interest income, linked quarter, increased 0.9% on a taxable-equivalent basis •Average total loans increased 1.0% and average total deposits increased 2.2% on a linked quarter basis •Noninterest income increased 2.4% from the second quarter of a year ago and increased 4.3% on a linked quarter basis, as adjusted •Net revenue of $6,867 million, including $4,052 million of net interest income on a taxable-equivalent basis •Noninterest expense decreased 1.7% year-over-year and 0.1% on a linked quarter basis, as adjusted •Return on tangible common equity of 18.6%, return on average assets of 0.98%, and efficiency ratio of 60.7%, each as adjusted •CET1 capital ratio of 10.3% at June 30, 2024, compared with 10.0% at March 31, 2024
	Return on average assets (%)	.97	.81	.81
	Return on average common equity (%)	12.4	10.0	10.9
	Return on tangible common equity (%) (a)	18.4	15.1	17.1
	Net interest margin (%)	2.67	2.70	2.90
	Efficiency ratio (%) (a)	61.0	66.4	63.7
	Tangible efficiency ratio (%) (a)	59.0	64.2	61.5

	INCOME STATEMENT (b)	2Q24	1Q24	2Q23
	Net interest income (taxable-equivalent basis)	$4,052	$4,015	$4,449
	Noninterest income	$2,815	$2,700	$2,726
	Net income attributable to U.S. Bancorp	$1,603	$1,319	$1,361
	Diluted earnings per common share	$.97	$.78	$.84
	Dividends declared per common share	$.49	$.49	$.48

	BALANCE SHEET (b)	2Q24	1Q24	2Q23
	Average total loans	$374,685	$371,070	$388,817
	Average total deposits	$513,909	$503,061	$497,265
	Net charge-off ratio (%)	.58	.53	.67
	Book value per common share (period end)	$31.80	$31.26	$30.14
	Basel III standardized CET1 (%) (c)	10.3	10.0	9.1

	(a) See Non-GAAP Financial Measures reconciliation on page 18 (b) Dollars in millions, except per share data (c) CET1 = Common equity tier 1 capital ratio


CEO Commentary

“In the second quarter, we posted diluted earnings per share of $0.98 and delivered a return on tangible common equity of 18.6%, both as adjusted. This quarter we generated $6.9 billion in net revenue driven by improved linked quarter net interest income, supported by healthy deposit growth, and continued momentum in leveraging our diversified fee income platform to deepen relationships. We continued to invest for the future while managing our operating expenses prudently, with both linked quarter and year-over-year declines in noninterest expense. This quarter, credit metrics continued to perform in line with expectations, and we believe our reserve levels are appropriate for future losses. All capital and liquidity ratios remain strong, and we increased our CET1 ratio by 30 basis points to end the quarter at 10.3% - a year-over-year increase of 120 basis points. As we head into the back half of this year, we are well-positioned with national scale, an interconnected business model and superior digital capabilities, to continue our delivery of industry leading returns over the long term. I would like to thank all our employees for their continued focus on best serving our clients, communities, and shareholders.”

— Andy Cecere, Chairman and CEO, U.S. Bancorp


Business and Other Highlights

U.S. Bancorp promotes Gunjan Kedia to President

U.S. Bancorp announced that Gunjan Kedia will be its new president, reporting to Andy Cecere, who will retain the title of chairman and CEO. Ms. Kedia will oversee the company's three primary revenue-generating business lines, ensuring a shared focus on growth and holistic client experiences across its entire network. Ms. Kedia has spent nearly 30 years in financial services and joined U.S. Bancorp in 2016. She previously served as vice chair of Wealth, Corporate, Commercial and Institutional Banking.

U.S. Bank Recognized as Best-In-Class for Digital Banking

During the quarter, U.S. Bank was named in the top spot of "Best-In-Class" for both its mobile app and online banking in Javelin's annual Mobile Banking and Online Banking Scorecards. U.S. Bank was recognized for overall ease of use, money movement, financial fitness, customer service, relationship deepening and security empowerment in its digital tool.


Notable Item Impacts 2Q24 ($ in million, except per share data)	Income Before Taxes	Net Income Attributable to U.S. Bancorp	Diluted Earnings Per Common Share
Reported	$2,085	$1,603	$.97
Notable items	26	19	.01
Adjusted	$2,111	$1,622	$.98

Notable Items
($ in millions)	2Q24	1Q24	2Q23
Balance sheet optimization	$—	$—	$22
Merger and integration charges	—	155	310
FDIC special assessment	26	110	—

Provision for credit losses	—	—	243
Notable items	26	265	575
Tax expense	(7)	(66)	(143)
Notable items, net of tax expense	$19	$199	$432


Investor contact: George Andersen, 612.303.3620 \| Media contact: Jeff Shelman, 612.303.9933


			U.S. Bancorp Second Quarter 2024 Results


INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)						ADJUSTED (a) (b)
				Percent Change					Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23

Net interest income	$4,023	$3,985	$4,415	1.0	(8.9)	$4,023	$3,985	$4,415	1.0	(8.9)
Taxable-equivalent adjustment	29	30	34	(3.3)	(14.7)	29	30	34	(3.3)	(14.7)
Net interest income (taxable-equivalent basis)	4,052	4,015	4,449	.9	(8.9)	4,052	4,015	4,449	.9	(8.9)
Noninterest income	2,815	2,700	2,726	4.3	3.3	2,815	2,700	2,748	4.3	2.4
Total net revenue	6,867	6,715	7,175	2.3	(4.3)	6,867	6,715	7,197	2.3	(4.6)
Noninterest expense	4,214	4,459	4,569	(5.5)	(7.8)	4,188	4,194	4,259	(.1)	(1.7)
Income before provision and income taxes	2,653	2,256	2,606	17.6	1.8	2,679	2,521	2,938	6.3	(8.8)
Provision for credit losses	568	553	821	2.7	(30.8)	568	553	578	2.7	(1.7)
Income before taxes	2,085	1,703	1,785	22.4	16.8	2,111	1,968	2,360	7.3	(10.6)
Income taxes and taxable-equivalent adjustment	474	377	416	25.7	13.9	481	443	559	8.6	(14.0)
Net income	1,611	1,326	1,369	21.5	17.7	1,630	1,525	1,801	6.9	(9.5)
Net (income) loss attributable to noncontrolling interests	(8)	(7)	(8)	(14.3)	—	(8)	(7)	(8)	(14.3)	—
Net income attributable to U.S. Bancorp	$1,603	$1,319	$1,361	21.5	17.8	$1,622	$1,518	$1,793	6.9	(9.5)
Net income applicable to U.S. Bancorp common shareholders	$1,518	$1,209	$1,281	25.6	18.5	$1,537	$1,407	$1,710	9.2	(10.1)
Diluted earnings per common share	$.97	$.78	$.84	24.4	15.5	$.98	$.90	$1.12	8.9	(12.5)

(a)2Q24 excludes a $26 million ($19 million net-of-tax) notable item for an increase in the FDIC special assessment. 1Q24 excludes $265 million ($199 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. 2Q23 excludes $575 million ($432 million net-of-tax) of notable items including: $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions.

(b)See Non-GAAP Financial Measures reconciliation beginning on page 18


INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)				ADJUSTED (c) (d)
	YTD 2024	YTD 2023	Percent Change	YTD 2024	YTD 2023	Percent Change

Net interest income	$8,008	$9,049	(11.5)	$8,008	$9,049	(11.5)
Taxable-equivalent adjustment	59	68	(13.2)	59	68	(13.2)
Net interest income (taxable-equivalent basis)	8,067	9,117	(11.5)	8,067	9,117	(11.5)
Noninterest income	5,515	5,233	5.4	5,515	5,255	4.9
Total net revenue	13,582	14,350	(5.4)	13,582	14,372	(5.5)
Noninterest expense	8,673	9,124	(4.9)	8,382	8,570	(2.2)
Income before provision and income taxes	4,909	5,226	(6.1)	5,200	5,802	(10.4)
Provision for credit losses	1,121	1,248	(10.2)	1,121	1,005	11.5
Income before taxes	3,788	3,978	(4.8)	4,079	4,797	(15.0)
Income taxes and taxable-equivalent adjustment	851	905	(6.0)	924	1,109	(16.7)
Net income	2,937	3,073	(4.4)	3,155	3,688	(14.5)
Net (income) loss attributable to noncontrolling interests	(15)	(14)	(7.1)	(15)	(14)	(7.1)
Net income attributable to U.S. Bancorp	$2,922	$3,059	(4.5)	$3,140	$3,674	(14.5)
Net income applicable to U.S. Bancorp common shareholders	$2,727	$2,873	(5.1)	$2,944	$3,483	(15.5)
Diluted earnings per common share	$1.75	$1.87	(6.4)	$1.89	$2.27	(16.7)

(c)2024 excludes $291 million ($218 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment. 2023 excludes $819 million ($615 million net-of-tax) of notable items including: $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $554 million of merger and integration-related charges and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions.

(d)See Non-GAAP Financial Measures reconciliation beginning on page 18


			U.S. Bancorp Second Quarter 2024 Results

Net income attributable to U.S. Bancorp was $1,603 million for the second quarter of 2024, $242 million higher than the $1,361 million for the second quarter of 2023 and $284 million higher than the $1,319 million for the first quarter of 2024. Diluted earnings per common share was $0.97 in the second quarter of 2024, compared with $0.84 in the second quarter of 2023 and $0.78 in the first quarter of 2024. The second quarter of 2024 included $19 million, or ($0.01) per diluted common share, of notable item(s), net-of-tax, compared with $432 million or ($0.28) per diluted common share in the second quarter of 2023 and $199 million or ($0.12) per diluted common share in the first quarter of 2024. On an adjusted basis, excluding the impacts of these notable items, net income applicable to common shareholders for the second quarter of 2024 was $1,537 million, which was $173 million lower than the second quarter of 2023 and $130 million higher than the first quarter of 2024. Diluted earnings per common share was $0.98 in the second quarter of 2024, on an adjusted basis.

The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to lower noninterest expense, a decline in notable items from the prior year quarter, and a decrease in the provision for credit losses, partially offset by lower total net revenue. Pretax income, excluding notable items, in the second quarter of 2024 decreased 10.6 percent compared with a year ago. Net interest income decreased 8.9 percent on a year-over-year taxable-equivalent basis, due to the impact of higher interest rates on deposit mix and pricing, partially offset by higher rates on earning assets and balance sheet optimization activities. The net interest margin decreased to 2.67 percent in the second quarter of 2024 from 2.90 percent in the second quarter of 2023, driven by similar factors. Noninterest income increased 3.3 percent (2.4 percent excluding notable items in the prior year quarter) compared with a year ago driven by higher fee revenue across most categories. The current year quarter included losses on the sales of securities which was offset by a gain on the sale of mortgage servicing rights. Noninterest expense decreased 7.8 percent (1.7 percent excluding notable items) primarily due to prudent expense management, continued focus on operational efficiency, and synergies from the acquisition of MUFG Union Bank ("MUB"), partially offset by higher marketing and business development expense. The provision for credit losses decreased $253 million (30.8 percent) ($10 million (1.7 percent) excluding notable items in the prior year quarter) compared with the second quarter of 2023 largely driven by stabilization in both the economic and credit environment amidst stress in the commercial real estate portfolio.

Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to higher total net revenue and a decline in notable items from the prior quarter. Pretax income, excluding notable items, increased 7.3 percent on a linked quarter basis. Net interest income increased 0.9 percent on a taxable-equivalent basis due to deposit and earning asset growth, earning asset repricing and mix as well as continued discipline of overall funding costs. The net interest margin decreased to 2.67 percent in the second quarter of 2024 from 2.70 percent in the first quarter of 2024 driven by a higher earning asset base partially offset by factors mentioned above. Noninterest income in the second quarter of 2024 increased 4.3 percent from the first quarter of 2024, primarily due to higher payment services revenue, while losses on the sales of securities was offset by a gain on the sale of mortgage servicing rights. Excluding notable items, noninterest expense decreased 0.1 percent on a linked quarter basis due to lower compensation and employee benefits expense, partially offset by higher marketing and business development expense. The provision for credit losses increased $15 million (2.7 percent) compared with the first quarter of 2024 primarily due to loan portfolio growth.


			U.S. Bancorp Second Quarter 2024 Results


NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)										Change
	2Q 2024			1Q 2024			2Q 2023			2Q24 vs 1Q24			2Q24 vs 2Q23			YTD 2024			YTD 2023			Change

Components of net interest income
Income on earning assets	$	8,015		$	7,795		$	7,562		$	220		$	453		$	15,810		$	14,561		$	1,249
Expense on interest-bearing liabilities	3,963			3,780			3,113			183			850			7,743			5,444			2,299
Net interest income	$	4,052		$	4,015		$	4,449		$	37		$	(397)		$	8,067		$	9,117		$	(1,050)

Average yields and rates paid
Earning assets yield	5.29		%	5.25		%	4.94		%	.04		%	.35		%	5.27		%	4.80		%	.47		%
Rate paid on interest-bearing liabilities	3.18			3.12			2.60			.06			.58			3.15			2.34			.81
Gross interest margin	2.11		%	2.13		%	2.34		%	(.02)		%	(.23)		%	2.12		%	2.46		%	(.34)		%
Net interest margin	2.67		%	2.70		%	2.90		%	(.03)		%	(.23)		%	2.68		%	3.00		%	(.32)		%

Average balances
Investment securities (a)	$	167,020		$	161,236		$	159,824		$	5,784		$	7,196		$	164,128		$	162,957		$	1,171
Loans	374,685			371,070			388,817			3,615			(14,132)			372,878			387,789			(14,911)
Interest-bearing deposits with banks	53,056			50,903			51,972			2,153			1,084			51,979			47,662			4,317
Earning assets	608,892			596,135			613,839			12,757			(4,947)			602,513			610,744			(8,231)
Interest-bearing liabilities	500,464			487,351			480,450			13,113			20,014			493,908			469,324			24,584

(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the second quarter of 2024 was $4,052 million, a decrease of $397 million (8.9 percent) from the second quarter of 2023. The decrease was primarily due to the impact of deposit mix and pricing, partially offset by higher rates on earning assets. Average earning assets were $4.9 billion (0.8 percent) lower than the second quarter of 2023, reflecting decreases of $14.1 billion (3.6 percent) in average total loans, partially offset by increases of $7.2 billion (4.5 percent) in average investment securities due to balance sheet positioning and liquidity management and $1.1 billion (2.1 percent) in average interest-bearing deposits with banks.

Net interest income on a taxable-equivalent basis increased $37 million (0.9 percent) on a linked quarter basis primarily due to deposit and earning asset growth, earning asset repricing and mix as well as continued discipline of overall funding costs. Average earning assets were $12.8 billion (2.1 percent) higher on a linked quarter basis, reflecting increases in average investment securities of $5.8 billion (3.6 percent), average total loans of $3.6 billion (1.0 percent), and average interest-bearing deposits with banks of $2.2 billion (4.2 percent).

The net interest margin in the second quarter of 2024 was 2.67 percent, compared with 2.90 percent in the second quarter of 2023 and 2.70 percent in the first quarter of 2024. The decreases in the net interest margin from the prior year and the linked quarter were driven by the factors mentioned above, inclusive of changes in balance sheet composition. The yields on earning assets continue to expand as fixed-rate assets reprice at higher levels while deposit migration has been stabilizing and the rate of change in deposit pricing has moderated over the past several quarters.


			U.S. Bancorp Second Quarter 2024 Results


AVERAGE LOANS
($ in millions)				Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change

Commercial	$130,162	$126,602	$133,697	2.8	(2.6)	$128,382	$132,469	(3.1)
Lease financing	4,177	4,165	4,388	.3	(4.8)	4,171	4,422	(5.7)
Total commercial	134,339	130,767	138,085	2.7	(2.7)	132,553	136,891	(3.2)

Commercial mortgages	40,871	41,545	43,214	(1.6)	(5.4)	41,208	43,420	(5.1)
Construction and development	11,418	11,492	11,720	(.6)	(2.6)	11,455	11,843	(3.3)
Total commercial real estate	52,289	53,037	54,934	(1.4)	(4.8)	52,663	55,263	(4.7)

Residential mortgages	116,478	115,639	117,606	.7	(1.0)	116,059	116,950	(.8)

Credit card	28,349	27,942	26,046	1.5	8.8	28,145	25,809	9.1

Retail leasing	4,185	4,082	4,829	2.5	(13.3)	4,134	5,034	(17.9)
Home equity and second mortgages	13,053	12,983	12,753	.5	2.4	13,018	12,763	2.0
Other	25,992	26,620	34,564	(2.4)	(24.8)	26,306	35,079	(25.0)
Total other retail	43,230	43,685	52,146	(1.0)	(17.1)	43,458	52,876	(17.8)

Total loans	$374,685	$371,070	$388,817	1.0	(3.6)	$372,878	$387,789	(3.8)

Average total loans for the second quarter of 2024 were $14.1 billion (3.6 percent) lower than the second quarter of 2023. The decrease was primarily due to lower total commercial loans (2.7 percent), total commercial real estate loans (4.8 percent) and total other retail loans (17.1 percent), partially offset by higher credit card loans (8.8 percent). The decrease in commercial loans was primarily due to decreased demand as corporate customers accessed the capital markets. The decrease in commercial real estate loans was primarily due to payoffs exceeding a reduced level of new originations. The decrease in other retail loans was primarily due to balance sheet repositioning and capital management activities executed in 2023. The increase in credit card loans was primarily driven by higher spend volume.

Average total loans were $3.6 billion (1.0 percent) higher than the first quarter of 2024. The increase was primarily due to higher total commercial loans (2.7 percent) and credit card loans (1.5 percent), partially offset by lower total commercial real estate loans (1.4 percent) and total other retail loans (1.0 percent). The increase in total commercial loans was primarily due to growth in corporate banking. The increase in credit card loans was primarily driven by higher spend volume. The decrease in total commercial real estate loans was primarily due to payoffs exceeding a reduced level of new originations. The decrease in other retail loans was primarily due to lower automobile loans.


			U.S. Bancorp Second Quarter 2024 Results


AVERAGE DEPOSITS
($ in millions)				Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change

Noninterest-bearing deposits	$83,418	$84,787	$113,758	(1.6)	(26.7)	$84,102	$121,705	(30.9)
Interest-bearing savings deposits
Interest checking	125,709	125,011	127,994	.6	(1.8)	125,360	128,668	(2.6)
Money market savings	208,386	196,502	152,893	6.0	36.3	202,444	149,948	35.0
Savings accounts	38,855	41,645	58,993	(6.7)	(34.1)	40,250	63,883	(37.0)
Total savings deposits	372,950	363,158	339,880	2.7	9.7	368,054	342,499	7.5
Time deposits	57,541	55,116	43,627	4.4	31.9	56,329	39,554	42.4
Total interest-bearing deposits	430,491	418,274	383,507	2.9	12.3	424,383	382,053	11.1
Total deposits	$513,909	$503,061	$497,265	2.2	3.3	$508,485	$503,758	.9

Average total deposits for the second quarter of 2024 were $16.6 billion (3.3 percent) higher than the second quarter of 2023. Average noninterest-bearing deposits decreased $30.3 billion (26.7 percent) driven by balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. The decrease was 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. Average total savings deposits were $33.1 billion (9.7 percent) higher year-over-year driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $13.9 billion (31.9 percent) higher than the second quarter of 2023 mainly within Consumer and Business Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Average total deposits increased $10.8 billion (2.2 percent) over the first quarter of 2024. On a linked quarter basis, average noninterest-bearing deposits decreased $1.4 billion (1.6 percent) driven by a decrease within Wealth, Corporate, Commercial and Institutional Banking due to the impact of higher interest rates. Average total savings deposits increased $9.8 billion (2.7 percent) driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $2.4 billion (4.4 percent) higher on a linked quarter basis mainly within Consumer and Business Banking. 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.


			U.S. Bancorp Second Quarter 2024 Results


NONINTEREST INCOME
($ in millions)				Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change

Card revenue	$428	$392	$422	9.2	1.4	$820	$782	4.9
Corporate payment products revenue	195	184	190	6.0	2.6	379	379	—
Merchant processing services	454	401	436	13.2	4.1	855	823	3.9
Trust and investment management fees	649	641	621	1.2	4.5	1,290	1,211	6.5
Service charges	322	315	324	2.2	(.6)	637	648	(1.7)
Commercial products revenue	374	388	358	(3.6)	4.5	762	692	10.1
Mortgage banking revenue	190	166	161	14.5	18.0	356	289	23.2
Investment products fees	82	77	68	6.5	20.6	159	136	16.9
Securities gains (losses), net	(36)	2	3	nm	nm	(34)	(29)	(17.2)
Other	157	134	165	17.2	(4.8)	291	324	(10.2)
Total before balance sheet optimization	2,815	2,700	2,748	4.3	2.4	5,515	5,255	4.9
Balance sheet optimization	—	—	(22)	—	nm	—	(22)	nm
Total noninterest income	$2,815	$2,700	$2,726	4.3	3.3	$5,515	$5,233	5.4

Second quarter noninterest income of $2,815 million was $89 million (3.3 percent) higher than the second quarter of 2023 ($67 million (2.4 percent) excluding the balance sheet optimization impact of $(22) million in the second quarter of 2023). The increase was driven by higher payment services revenue, trust and investment management fees, commercial products revenue, mortgage banking revenue, and investment product fees, partially offset by securities losses. Payment services revenue increased $29 million (2.8 percent) compared with the second quarter of 2023. Within payment services revenue, merchant processing revenue increased $18 million (4.1 percent) due to favorable rates. Trust and investment management fees increased $28 million (4.5 percent) driven by business growth and favorable market conditions. Commercial products revenue increased $16 million (4.5 percent) driven by higher corporate bond fees and foreign currency activity. Mortgage banking revenue increased $29 million (18.0 percent) primarily driven by a $30 million gain on the sale of mortgage servicing rights in the current year quarter. Investment product fees increased $14 million (20.6 percent) due to business growth and favorable market conditions. These increases were partially offset by losses of $36 million on securities sales.

Noninterest income was $115 million (4.3 percent) higher in the second quarter of 2024 compared with the first quarter of 2024. The increase was driven by higher payment services revenue, and mortgage banking revenue, partially offset by a decrease in commercial products revenue and securities losses. Payment services revenue increased $100 million (10.2 percent) on a linked quarter basis primarily due to seasonally higher card revenue of $36 million (9.2 percent) and merchant processing revenue of $53 million (13.2 percent), driven by higher spend volume as well as favorable rates. Mortgage banking revenue increased $24 million (14.5 percent) primarily driven by a $30 million gain on the sale of mortgage servicing rights. These increases were partially offset by losses of $36 million on securities sales and a decrease in commercial products revenue of $14 million (3.6 percent) due to lower corporate bond fees.


			U.S. Bancorp Second Quarter 2024 Results


NONINTEREST EXPENSE
($ in millions)				Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change

Compensation and employee benefits	$2,619	$2,691	$2,646	(2.7)	(1.0)	$5,310	$5,292	.3
Net occupancy and equipment	316	296	316	6.8	—	612	637	(3.9)
Professional services	116	110	141	5.5	(17.7)	226	275	(17.8)
Marketing and business development	158	136	122	16.2	29.5	294	244	20.5
Technology and communications	509	507	522	.4	(2.5)	1,016	1,025	(.9)
Other intangibles	142	146	159	(2.7)	(10.7)	288	319	(9.7)
Other	328	308	353	6.5	(7.1)	636	778	(18.3)
Total before notable items	4,188	4,194	4,259	(.1)	(1.7)	8,382	8,570	(2.2)
Notable items	26	265	310	(90.2)	(91.6)	291	554	(47.5)
Total noninterest expense	$4,214	$4,459	$4,569	(5.5)	(7.8)	$8,673	$9,124	(4.9)

Second quarter noninterest expense of $4,214 million was $355 million (7.8 percent) lower than the second quarter of 2023. Excluding notable items of $26 million in the second quarter of 2024 and $310 million in the second quarter of 2023, second quarter noninterest expense decreased $71 million (1.7 percent) compared with the second quarter of 2023, due to prudent expense management, continued focus on operational efficiency, and synergies from the MUB acquisition, partially offset by higher marketing and business development expense. Compensation and employee benefits expense decreased $27 million (1.0 percent) compared with the second quarter of 2023 primarily due to synergies from the MUB acquisition, partially offset by merit increases and higher performance-based incentives. Professional services expense decreased $25 million (17.7 percent) and technology and communications expense decreased $13 million (2.5 percent), both due to synergies from the MUB acquisition. Marketing and business development increased $36 million (29.5 percent) due to the timing of campaigns. Other noninterest expense decreased $25 million (7.1 percent) primarily due to a decline in the future delivery exposures for merchant and airline processing and other liabilities.

Noninterest expense decreased $245 million (5.5 percent) from the first quarter of 2024. Excluding notable items of $26 million in the second quarter of 2024 and $265 million in the first quarter of 2024, second quarter noninterest expense decreased $6 million (0.1 percent) on a linked quarter basis, primarily driven by lower compensation and employee benefits expense, partially offset by higher net occupancy and equipment expense and marketing and business development expense. Compensation and employee benefits expense decreased $72 million (2.7 percent) primarily due to seasonally higher employee benefits in the first quarter of 2024, partially offset by higher performance-based incentives. Net occupancy and equipment expense increased $20 million (6.8 percent) due to the timing of maintenance projects. Marketing and business development expense increased $22 million (16.2 percent) due to the timing of campaigns and higher travel expenses.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2024 resulted in a tax rate of 22.7 percent on a taxable-equivalent basis (effective tax rate of 21.6 percent), compared with 23.3 percent on a taxable-equivalent basis (effective tax rate of 21.8 percent) in the second quarter of 2023, and a tax rate of 22.1 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent) in the first quarter of 2024.


			U.S. Bancorp Second Quarter 2024 Results


ALLOWANCE FOR CREDIT LOSSES
($ in millions)	2Q 2024	% (a)	1Q 2024	% (a)	4Q 2023	% (a)	3Q 2023	% (a)	2Q 2023	% (a)
Balance, beginning of period	$7,904		$7,839		$7,790		$7,695		$7,523


Net charge-offs
Total excluding optimization impact	538	.58	488	.53	463	.49	420	.44	340	.35
Balance sheet optimization impact	—		—		—		—		309
Total net charge-offs	538	.58	488	.53	463	.49	420	.44	649	.67
Provision for credit losses
Total excluding optimization impact	568		553		512		515		578
Balance sheet optimization impact	—		—		—		—		243
Total provision for credit losses	568		553		512		515		821

Balance, end of period	$7,934		$7,904		$7,839		$7,790		$7,695
Components
Allowance for loan losses	$7,549		$7,514		$7,379		$7,218		$7,164
Liability for unfunded credit commitments	385		390		460		572		531
Total allowance for credit losses	$7,934		$7,904		$7,839		$7,790		$7,695
Allowance for credit losses as a percentage of
Period-end loans (%)	2.11		2.11		2.10		2.08		2.03
Nonperforming loans (%)	438		454		541		615		739
Nonperforming assets (%)	428		443		525		595		709

(a)Annualized and calculated on average loan balances


SUMMARY OF NET CHARGE-OFFS
($ in millions)	2Q 2024	% (a)	1Q 2024	% (a)	4Q 2023	% (a)	3Q 2023	% (a)	2Q 2023	% (a)

Net charge-offs
Commercial	$135	.42	$109	.35	$78	.24	$86	.26	$87	.26
Lease financing	8	.77	7	.68	7	.66	6	.55	3	.27
Total commercial	143	.43	116	.36	85	.26	92	.27	90	.26
Commercial mortgages	35	.34	15	.15	75	.71	49	.46	26	.24
Construction and development	1	.04	6	.21	(4)	(.14)	—	—	—	—
Total commercial real estate	36	.28	21	.16	71	.52	49	.36	26	.19
Residential mortgages	(4)	(.01)	—	—	(1)	—	(3)	(.01)	114	.39
Credit card	315	4.47	296	4.26	255	3.65	220	3.25	199	3.06
Retail leasing	3	.29	5	.49	2	.19	2	.18	1	.08
Home equity and second mortgages	(1)	(.03)	—	—	(1)	(.03)	1	.03	(1)	(.03)
Other	46	.71	50	.76	52	.74	59	.80	220	2.55
Total other retail	48	.45	55	.51	53	.47	62	.53	220	1.69
Total net charge-offs	$538	.58	$488	.53	$463	.49	$420	.44	$649	.67

Gross charge-offs	$652		$595		$559		$508		$755
Gross recoveries	$114		$107		$96		$88		$106
(a) Annualized and calculated on average loan balances


			U.S. Bancorp Second Quarter 2024 Results

The Company’s provision for credit losses for the second quarter of 2024 was $568 million, compared with $553 million in the first quarter of 2024 and $821 million in the second quarter of 2023. The provision for credit losses in the second quarter of 2023 included a notable item of $243 million for balance sheet optimization activities. The second quarter of 2024 provision was $15 million (2.7 percent) higher than the first quarter of 2024 and $253 million (30.8 percent) lower than the second quarter of 2023 ($10 million (1.7 percent) lower excluding the notable item), largely driven by stabilization in the economic and credit environment. The Company continues to monitor economic uncertainty related to high interest rates, persistent inflationary pressures, and other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs in the second quarter of 2024 were $538 million, compared with $488 million in the first quarter of 2024 and $649 million in the second quarter of 2023. Net charge-offs for the second quarter of 2023 included a notable item of $309 million of charge-offs related to balance sheet optimization activities. The net charge-off ratio was 0.58 percent in the second quarter of 2024, compared with 0.53 percent in the first quarter of 2024 and 0.67 percent in the second quarter of 2023 (0.35 percent excluding the impact of the second quarter of 2023 notable item). Net charge-offs, excluding the impact of the second quarter of 2023 notable item, increased $198 million (58.2 percent) on a year-over-year basis primarily reflecting higher charge-offs in credit cards and commercial loans.

The allowance for credit losses was $7,934 million at June 30, 2024, compared with $7,904 million at March 31, 2024, and $7,695 million at June 30, 2023. The linked quarter increase in the allowance for credit losses was primarily driven by portfolio growth. The ratio of the allowance for credit losses to period-end loans was 2.11 percent at June 30, 2024, and at March 31, 2024, compared with 2.03 percent at June 30, 2023. The ratio of the allowance for credit losses to nonperforming loans was 438 percent at June 30, 2024, compared with 454 percent at March 31, 2024, and 739 percent at June 30, 2023.

Nonperforming assets were $1,852 million at June 30, 2024, compared with $1,786 million at March 31, 2024, and $1,085 million at June 30, 2023. The ratio of nonperforming assets to loans and other real estate was 0.49 percent at June 30, 2024, compared with 0.48 percent at March 31, 2024, and 0.29 percent at June 30, 2023. The increase in nonperforming assets on a linked quarter basis was primarily due to higher commercial real estate office nonperforming loans. The increase in nonperforming assets on a year-over year basis was primarily due to higher commercial and commercial real estate nonperforming loans, partially offset by lower nonperforming residential mortgages. Accruing loans 90 days or more past due were $701 million at June 30, 2024, compared with $714 million at March 31, 2024, and $474 million at June 30, 2023.


			U.S. Bancorp Second Quarter 2024 Results


DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sep 30 2023	Jun 30 2023

Delinquent loan ratios - 90 days or more past due
Commercial	.06	.08	.09	.05	.04
Commercial real estate	.02	—	.01	—	—
Residential mortgages	.15	.12	.12	.11	.08
Credit card	1.30	1.42	1.31	1.17	1.02
Other retail	.14	.15	.15	.13	.12
Total loans	.19	.19	.19	.15	.12

Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial	.48	.49	.37	.24	.21
Commercial real estate	1.87	1.71	1.46	1.33	.87
Residential mortgages	.28	.26	.25	.25	.26
Credit card	1.30	1.42	1.31	1.17	1.02
Other retail	.47	.47	.46	.41	.39
Total loans	.67	.66	.57	.49	.40


ASSET QUALITY (a)
($ in millions)
	Jun 30 2024	Mar 31 2024	Dec 31 2023	Sep 30 2023	Jun 30 2023
Nonperforming loans
Commercial	$531	$522	$349	$231	$204
Lease financing	25	27	27	25	27
Total commercial	556	549	376	256	231

Commercial mortgages	888	755	675	566	361
Construction and development	71	145	102	155	113
Total commercial real estate	959	900	777	721	474

Residential mortgages	154	155	158	161	207
Credit card	—	—	—	—	—
Other retail	141	137	138	129	129
Total nonperforming loans	1,810	1,741	1,449	1,267	1,041

Other real estate	23	25	26	25	25
Other nonperforming assets	19	20	19	18	19
Total nonperforming assets	$1,852	$1,786	$1,494	$1,310	$1,085
Accruing loans 90 days or more past due	$701	$714	$698	$569	$474
Nonperforming assets to loans plus ORE (%)	.49	.48	.40	.35	.29

(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due


			U.S. Bancorp Second Quarter 2024 Results


COMMON SHARES
(Millions)	2Q 2024	1Q 2024	4Q 2023	3Q 2023	2Q 2023

Beginning shares outstanding	1,560	1,558	1,557	1,533	1,533
Shares issued for stock incentive plans,
acquisitions and other corporate purposes	—	3	1	24	—
Shares repurchased	—	(1)	—	—	—
Ending shares outstanding	1,560	1,560	1,558	1,557	1,533


CAPITAL POSITION							Preliminary Data
($ in millions)	Jun 30 2024		Mar 31 2024		Dec 31 2023		Sep 30 2023		Jun 30 2023

Total U.S. Bancorp shareholders' equity	$56,420		$55,568		$55,306		$53,113		$53,019

Basel III Standardized Approach (a)
Common equity tier 1 capital	$46,239		$45,239		$44,947		$44,655		$42,944
Tier 1 capital	53,491		52,491		52,199		51,906		50,187
Total risk-based capital	62,926		62,203		61,921		61,737		60,334

Common equity tier 1 capital ratio	10.3	%	10.0	%	9.9	%	9.7	%	9.1	%
Tier 1 capital ratio	11.9		11.6		11.5		11.2		10.6
Total risk-based capital ratio	14.0		13.7		13.7		13.4		12.7
Leverage ratio	8.1		8.1		8.1		7.9		7.5

Tangible common equity to tangible assets (b)	5.4		5.2		5.3		5.0		4.8
Tangible common equity to risk-weighted assets (b)	8.0		7.8		7.7		7.0		6.8
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)	10.2		9.9		9.7		9.5		8.9

(a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology (b) See Non-GAAP Financial Measures reconciliation on page 18

Total U.S. Bancorp shareholders’ equity was $56.4 billion at June 30, 2024, compared with $55.6 billion at March 31, 2024 and $53.0 billion at June 30, 2023. The Company has currently suspended all common stock repurchases, except for those done exclusively in connection with its stock-based compensation programs. The Company will continue to evaluate its share repurchases in connection with the potential capital requirements given proposed regulatory capital rules and related landscape.

All regulatory ratios continue to be in excess of “well-capitalized” requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.3 percent at June 30, 2024, compared with 10.0 percent at March 31, 2024, and 9.1 percent at June 30, 2023. The common equity tier 1 capital to risk-weighted assets ratio, reflecting the full implementation of the current expected credit losses methodology was 10.2 percent at June 30, 2024, compared with 9.9 percent at March 31, 2024, and 8.9 percent at June 30, 2023.


			U.S. Bancorp Second Quarter 2024 Results


Investor Conference Call

On Wednesday, July 17, 2024 at 7 a.m. CT, Chairman and Chief Executive Officer Andy Cecere and Senior Executive Vice President and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available at approximately 10 a.m. CT on Wednesday, July 17, 2024. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.”


About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $680 billion in assets as of June 30, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.


Forward-looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:

This press release 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 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;

•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;


			U.S. Bancorp Second Quarter 2024 Results

•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.

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.


			U.S. Bancorp Second Quarter 2024 Results


Non-GAAP Financial Measures

In addition to capital ratios defined by banking regulators, U.S. Bancorp (the "Company") considers various other measures when evaluating capital utilization and adequacy, including:

•Tangible common equity to tangible assets

•Tangible common equity to risk-weighted assets

•Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology, and

•Return on tangible common equity.

These measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These measures are not defined in generally accepted accounting principles (“GAAP”) or are not currently effective or defined in banking regulations. In addition, certain of these measures differ from currently effective capital ratios defined by banking regulations principally in that the currently effective ratios, which are subject to certain transitional provisions, temporarily exclude the full impact of the 2020 adoption of accounting guidance related to impairment of financial instruments based on the current expected credit losses methodology. As a result, these measures disclosed by the Company may be considered non-GAAP financial measures. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.

The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, tangible efficiency ratio, net interest margin, and tax rate.

The adjusted return on average assets, adjusted return on tangible common equity, adjusted efficiency ratio, adjusted net income, adjusted diluted earnings per common share, and adjusted net charge-off ratio exclude notable items. Management uses these measures in their analysis of the Company’s performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.


CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)	Three Months Ended June 30,		Six Months Ended June 30,
(Unaudited)	2024	2023	2024	2023
Interest Income
Loans	$5,761	$5,605	$11,473	$10,882
Loans held for sale	41	38	78	69
Investment securities	1,294	1,077	2,469	2,151
Other interest income	889	806	1,729	1,388
Total interest income	7,985	7,526	15,749	14,490
Interest Expense
Deposits	3,028	1,939	5,912	3,444
Short-term borrowings	296	740	566	1,189
Long-term debt	638	432	1,263	808
Total interest expense	3,962	3,111	7,741	5,441
Net interest income	4,023	4,415	8,008	9,049
Provision for credit losses	568	821	1,121	1,248
Net interest income after provision for credit losses	3,455	3,594	6,887	7,801
Noninterest Income
Card revenue	428	422	820	782
Corporate payment products revenue	195	190	379	379
Merchant processing services	454	436	855	823
Trust and investment management fees	649	621	1,290	1,211
Service charges	322	324	637	648
Commercial products revenue	374	358	762	692
Mortgage banking revenue	190	131	356	259
Investment products fees	82	68	159	136
Securities gains (losses), net	(36)	3	(34)	(29)
Other	157	173	291	332
Total noninterest income	2,815	2,726	5,515	5,233
Noninterest Expense
Compensation and employee benefits	2,619	2,646	5,310	5,292
Net occupancy and equipment	316	316	612	637
Professional services	116	141	226	275
Marketing and business development	158	122	294	244
Technology and communications	509	522	1,016	1,025
Other intangibles	142	159	288	319
Merger and integration charges	—	310	155	554
Other	354	353	772	778
Total noninterest expense	4,214	4,569	8,673	9,124
Income before income taxes	2,056	1,751	3,729	3,910
Applicable income taxes	445	382	792	837
Net income	1,611	1,369	2,937	3,073
Net (income) loss attributable to noncontrolling interests	(8)	(8)	(15)	(14)
Net income attributable to U.S. Bancorp	$1,603	$1,361	$2,922	$3,059
Net income applicable to U.S. Bancorp common shareholders	$1,518	$1,281	$2,727	$2,873

Earnings per common share	$.97	$.84	$1.75	$1.87
Diluted earnings per common share	$.97	$.84	$1.75	$1.87
Dividends declared per common share	$.49	$.48	$.98	$.96
Average common shares outstanding	1,560	1,533	1,560	1,532
Average diluted common shares outstanding	1,561	1,533	1,560	1,533


CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	June 30, 2024	December 31, 2023	June 30, 2023
Assets	(Unaudited)		(Unaudited)
Cash and due from banks	$65,832	$61,192	$70,642
Investment securities
Held-to-maturity	81,486	84,045	86,938
Available-for-sale	79,799	69,706	69,221
Loans held for sale	2,582	2,201	2,361
Loans
Commercial	135,248	131,881	136,775
Commercial real estate	51,887	53,455	54,357
Residential mortgages	117,147	115,530	114,449
Credit card	28,715	28,560	26,626
Other retail	43,136	44,409	47,221
Total loans	376,133	373,835	379,428
Less allowance for loan losses	(7,549)	(7,379)	(7,164)
Net loans	368,584	366,456	372,264
Premises and equipment	3,570	3,623	3,695
Goodwill	12,476	12,489	12,486
Other intangible assets	5,757	6,084	6,634
Other assets	59,972	57,695	56,584
Total assets	$680,058	$663,491	$680,825

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$86,756	$89,989	$104,996
Interest-bearing	437,029	422,323	416,604
Total deposits	523,785	512,312	521,600
Short-term borrowings	16,557	15,279	32,334
Long-term debt	52,720	51,480	45,283
Other liabilities	30,111	28,649	28,124
Total liabilities	623,173	607,720	627,341
Shareholders' equity
Preferred stock	6,808	6,808	6,808
Common stock	21	21	21
Capital surplus	8,688	8,673	8,742
Retained earnings	75,231	74,026	73,355
Less treasury stock	(24,020)	(24,126)	(25,189)
Accumulated other comprehensive income (loss)	(10,308)	(10,096)	(10,718)
Total U.S. Bancorp shareholders' equity	56,420	55,306	53,019
Noncontrolling interests	465	465	465
Total equity	56,885	55,771	53,484
Total liabilities and equity	$680,058	$663,491	$680,825


NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	June 30, 2024			March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Total equity	$56,885			$56,033		$55,771		$53,578		$53,484
Preferred stock	(6,808)			(6,808)		(6,808)		(6,808)		(6,808)
Noncontrolling interests	(465)			(465)		(465)		(465)		(465)
Goodwill (net of deferred tax liability) (1)	(11,449)			(11,459)		(11,480)		(11,470)		(11,493)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(2,047)			(2,158)		(2,278)		(2,370)		(2,490)
Tangible common equity (a)	36,116			35,143		34,740		32,465		32,228

Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation	46,239			45,239		44,947		44,655		42,944
Adjustments (2)	(433)			(433)		(866)		(867)		(866)
Common equity tier 1 capital, reflecting the full implementation
of the current expected credit losses methodology (b)	45,806			44,806		44,081		43,788		42,078

Total assets	680,058			683,606		663,491		668,039		680,825
Goodwill (net of deferred tax liability) (1)	(11,449)			(11,459)		(11,480)		(11,470)		(11,493)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(2,047)			(2,158)		(2,278)		(2,370)		(2,490)
Tangible assets (c)	666,562			669,989		649,733		654,199		666,842

Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (d)	449,111		*	452,831		453,390		462,250		473,393
Adjustments (3)	(368)		*	(368)		(736)		(736)		(735)
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (e)	448,743		*	452,463		452,654		461,514		472,658

Ratios *
Tangible common equity to tangible assets (a)/(c)	5.4	%		5.2	%	5.3	%	5.0	%	4.8	%
Tangible common equity to risk-weighted assets (a)/(d)	8.0			7.8		7.7		7.0		6.8
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e)	10.2			9.9		9.7		9.5		8.9

	Three Months Ended
	June 30, 2024			March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Net income applicable to U.S. Bancorp common shareholders	$1,518			$1,209		$766		$1,412		$1,281
Intangibles amortization (net-of-tax)	113			115		123		127		126
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization	1,631			1,324		889		1,539		1,407
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (f)	6,560			5,325		3,527		6,106		5,643

Average total equity	56,492			56,131		54,779		54,283		54,287
Average preferred stock	(6,808)			(6,808)		(6,808)		(6,808)		(6,808)
Average noncontrolling interests	(463)			(464)		(465)		(466)		(465)
Average goodwill (net of deferred tax liability) (1)	(11,457)			(11,473)		(11,475)		(11,493)		(11,527)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights	(2,087)			(2,208)		(2,295)		(2,418)		(2,530)
Average tangible common equity (g)	35,677			35,178		33,736		33,098		32,957

Return on tangible common equity (f)/(g)	18.4	%		15.1	%	10.5	%	18.4	%	17.1	%

Net interest income	$4,023			$3,985		$4,111		$4,236		$4,415
Taxable-equivalent adjustment (4)	29			30		31		32		34
Net interest income, on a taxable-equivalent basis	4,052			4,015		4,142		4,268		4,449

Net interest income, on a taxable-equivalent basis (as calculated above)	4,052			4,015		4,142		4,268		4,449
Noninterest income	2,815			2,700		2,620		2,764		2,726
Less: Securities gains (losses), net	(36)			2		(116)		—		3
Total net revenue, excluding net securities gains (losses) (h)	6,903			6,713		6,878		7,032		7,172

Noninterest expense (i)	4,214			4,459		5,219		4,530		4,569
Less: Intangible amortization	142			146		156		161		159
Noninterest expense, excluding intangible amortization (j)	4,072			4,313		5,063		4,369		4,410

Efficiency ratio (i)/(h)	61.0	%		66.4	%	75.9	%	64.4	%	63.7	%
Tangible efficiency ratio (j)/(h)	59.0			64.2		73.6		62.1		61.5

* Preliminary data. Subject to change prior to filings with applicable regulatory agencies.

(1)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.

(2)Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes.

(3)Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology.

(4)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.


NON-GAAP FINANCIAL MEASURES
	Three Months Ended				Six Months Ended
(Dollars and Shares in Millions, Except Per Share Data, Unaudited)	June 30, 2024		March 31, 2024	June 30, 2023	June 30, 2024	June 30, 2023
Net income applicable to U.S. Bancorp common shareholders	$1,518		$1,209	$1,281	$2,727	$2,873
Less: Notable items, including the impact of earnings allocated to participating stock awards (1), (2)	(19)		(198)	(429)	(217)	(610)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a)	1,537		1,407	1,710	2,944	3,483

Average diluted common shares outstanding (b)	1,561		1,559	1,533	1,560	1,533
Diluted earnings per common share, excluding notable items (a)/(b)	$.98		$.90	$1.12	$1.89	$2.27

Net income attributable to U.S. Bancorp	$1,603
Less: Notable items (1)	(19)
Net income attributable to U.S. Bancorp, excluding notable items	1,622
Annualized net income attributable to U.S. Bancorp, excluding notable items (c)	6,524
Average assets (d)	665,504
Return on average assets, excluding notable items (c)/(d)	.98	%

Net income applicable to U.S. Bancorp common shareholders	$1,518
Intangibles amortization (net-of-tax)	113
Less: Notable items, including the impact of earnings allocated to participating stock awards (1)	(19)
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items	1,650
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization and notable items (e)	6,636

Average total equity	$56,492
Average preferred stock	(6,808)
Average noncontrolling interests	(463)
Average goodwill (net of deferred tax liability) (3)	(11,457)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights	(2,087)
Average tangible common equity (f)	35,677
Return on tangible common equity, excluding notable items (e)/(f)	18.6	%

Net interest income	$4,023
Taxable-equivalent adjustment (4)	29
Net interest income, on a taxable-equivalent basis	4,052

Net interest income, on a taxable-equivalent basis (as calculated above)	4,052
Noninterest income	2,815
Less: Securities gains (losses), net	(36)
Total net revenue, excluding net securities gains (losses) (g)	6,903
Noninterest expense	4,214
Less: Notable items (1)	26
Noninterest expense, excluding notable items (h)	4,188
Efficiency ratio, excluding notable items (h)/(g)	60.7	%

	Three Months Ended
	June 30, 2023
Net charge-offs	$649
Less: Notable items (5)	309
Net charge-offs, excluding notable items	340
Annualized net charge-offs, excluding notable items (i)	1,364
Average loan balances (j)	388,817
Net charge-off ratio, excluding notable items (i)/(j)	.35	%

(1)Notable items for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items of $265 million ($199 million net-of-tax) for the three months ended March 31, 2024 included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items of $575 million ($432 million net-of-tax) for the three months ended June 30, 2023 included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions.

(2)Notable items of $291 million ($218 million net-of-tax) for the six months ended June 30, 2024 included $155 million of merger and integration-related charges and a $136 million charge for the increase in FDIC special assessment. Notable items of $819 million ($615 million net-of-tax) for the six months ended June 30, 2023 included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $554 million of merger and integration-related charges and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions.

(3)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.

(4)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.

(5)Notable items for the three months ended June 30, 2023 included $309 million of net charge-offs related to balance sheet repositioning and capital management actions.


Business Line Schedules Second Quarter 2024
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING CONSUMER AND BUSINESS BANKING PAYMENT SERVICES TREASURY AND CORPORATE SUPPORT


LINE OF BUSINESS FINANCIAL PERFORMANCE						Preliminary data
($ in millions)	Net Income Attributable to U.S. Bancorp			Percent Change		Net Income Attributable to U.S. Bancorp
Business Line	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change
Wealth, Corporate, Commercial and Institutional Banking	$1,172	$1,128	$1,067	3.9	9.8	$2,300	$2,305	(.2)
Consumer and Business Banking	512	484	709	5.8	(27.8)	996	1,496	(33.4)
Payment Services	297	243	313	22.2	(5.1)	540	625	(13.6)
Treasury and Corporate Support	(378)	(536)	(728)	29.5	48.1	(914)	(1,367)	33.1
Consolidated Company	$1,603	$1,319	$1,361	21.5	17.8	$2,922	$3,059	(4.5)

	Income Before Provision and Taxes			Percent Change		Income Before Provision and Taxes
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change
Wealth, Corporate, Commercial and Institutional Banking	$1,663	$1,645	$1,585	1.1	4.9	$3,308	$3,209	3.1
Consumer and Business Banking	713	700	962	1.9	(25.9)	1,413	2,019	(30.0)
Payment Services	784	683	732	14.8	7.1	1,467	1,368	7.2
Treasury and Corporate Support	(507)	(772)	(673)	34.3	24.7	(1,279)	(1,370)	6.6
Consolidated Company	$2,653	$2,256	$2,606	17.6	1.8	$4,909	$5,226	(6.1)

Lines of Business

The Company’s major lines of business are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business line results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2024 and 2023, certain organization and methodology changes were made, including revising the Company's line of business funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024 and combining its Wealth Management and Investment Services and Corporate and Commercial Banking lines of businesses to create the Wealth, Corporate, Commercial and Institutional Banking line of business during the third quarter of 2023. Prior period results were restated and presented on a comparable basis.


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING						Preliminary data
($ in millions)				Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,906	$1,904	$1,894	.1	.6	$3,810	$3,857	(1.2)
Noninterest income	1,131	1,113	1,071	1.6	5.6	2,244	2,090	7.4
Securities gains (losses), net	—	—	—	—	—	—	—	—
Total net revenue	3,037	3,017	2,965	.7	2.4	6,054	5,947	1.8
Noninterest expense	1,322	1,320	1,323	.2	(.1)	2,642	2,620	.8
Other intangibles	52	52	57	—	(8.8)	104	118	(11.9)
Total noninterest expense	1,374	1,372	1,380	.1	(.4)	2,746	2,738	.3
Income before provision and taxes	1,663	1,645	1,585	1.1	4.9	3,308	3,209	3.1
Provision for credit losses	100	141	162	(29.1)	(38.3)	241	135	78.5
Income before income taxes	1,563	1,504	1,423	3.9	9.8	3,067	3,074	(.2)
Income taxes and taxable-equivalent adjustment	391	376	356	4.0	9.8	767	769	(.3)
Net income	1,172	1,128	1,067	3.9	9.8	2,300	2,305	(.2)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$1,172	$1,128	$1,067	3.9	9.8	$2,300	$2,305	(.2)

Average Balance Sheet Data
Loans	$173,695	$171,068	$178,749	1.5	(2.8)	$172,381	$177,867	(3.1)
Other earning assets	9,590	8,738	6,671	9.8	43.8	9,164	6,349	44.3
Goodwill	4,824	4,825	4,651	—	3.7	4,825	4,633	4.1
Other intangible assets	1,007	1,059	962	(4.9)	4.7	1,033	998	3.5
Assets	203,201	199,192	205,169	2.0	(1.0)	201,196	203,168	(1.0)

Noninterest-bearing deposits	57,299	58,580	73,512	(2.2)	(22.1)	57,939	77,816	(25.5)
Interest-bearing deposits	216,293	207,841	195,333	4.1	10.7	212,068	197,372	7.4
Total deposits	273,592	266,421	268,845	2.7	1.8	270,007	275,188	(1.9)

Total U.S. Bancorp shareholders' equity	21,481	21,757	22,359	(1.3)	(3.9)	21,619	21,949	(1.5)

Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, government and institutional clients.

Wealth, Corporate, Commercial and Institutional Banking generated $1,663 million of income before provision and taxes in the second quarter of 2024, compared with $1,585 million in the second quarter of 2023, and contributed $1,172 million of the Company’s net income in the second quarter of 2024. The provision for credit losses decreased $62 million (38.3 percent) compared with the second quarter of 2023 primarily due to stabilizing credit quality. Total net revenue was $72 million (2.4 percent) higher in the second quarter of 2024 due to an increase of $12 million (0.6 percent) in net interest income and an increase of $60 million (5.6 percent) in total noninterest income. Net interest income increased primarily due to growth in interest-bearing deposit balances, offset by lower non-interest bearing balances. Total noninterest income increased primarily due to higher trust and investment management fees and investment product fees, both driven by business growth and favorable market conditions. Total noninterest expense decreased $6 million (0.4 percent) compared with the second quarter of 2023 primarily due to synergies from the MUB acquisition, partially offset by higher compensation and employee benefit expense.


CONSUMER AND BUSINESS BANKING						Preliminary data
($ in millions)				Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,922	$1,879	$2,295	2.3	(16.3)	$3,801	$4,684	(18.9)
Noninterest income	413	423	431	(2.4)	(4.2)	836	831	.6
Securities gains (losses), net	—	—	—	—	—	—	—	—
Total net revenue	2,335	2,302	2,726	1.4	(14.3)	4,637	5,515	(15.9)
Noninterest expense	1,555	1,535	1,690	1.3	(8.0)	3,090	3,351	(7.8)
Other intangibles	67	67	74	—	(9.5)	134	145	(7.6)
Total noninterest expense	1,622	1,602	1,764	1.2	(8.0)	3,224	3,496	(7.8)
Income before provision and taxes	713	700	962	1.9	(25.9)	1,413	2,019	(30.0)
Provision for credit losses	30	54	16	(44.4)	87.5	84	23	nm
Income before income taxes	683	646	946	5.7	(27.8)	1,329	1,996	(33.4)
Income taxes and taxable-equivalent adjustment	171	162	237	5.6	(27.8)	333	500	(33.4)
Net income	512	484	709	5.8	(27.8)	996	1,496	(33.4)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$512	$484	$709	5.8	(27.8)	$996	$1,496	(33.4)

Average Balance Sheet Data
Loans	$154,857	$154,832	$167,002	—	(7.3)	$154,845	$167,214	(7.4)
Other earning assets	2,278	1,879	2,512	21.2	(9.3)	2,078	2,346	(11.4)
Goodwill	4,326	4,326	4,530	—	(4.5)	4,326	4,512	(4.1)
Other intangible assets	4,734	4,696	5,393	.8	(12.2)	4,714	5,492	(14.2)
Assets	168,634	169,073	184,804	(.3)	(8.7)	168,854	185,032	(8.7)

Noninterest-bearing deposits	20,900	21,375	34,120	(2.2)	(38.7)	21,137	37,616	(43.8)
Interest-bearing deposits	202,967	199,298	180,239	1.8	12.6	201,131	177,227	13.5
Total deposits	223,867	220,673	214,359	1.4	4.4	222,268	214,843	3.5

Total U.S. Bancorp shareholders' equity	14,553	14,844	16,386	(2.0)	(11.2)	14,699	16,476	(10.8)

Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATM processing, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.

Consumer and Business Banking generated $713 million of income before provision and taxes in the second quarter of 2024, compared with $962 million in the second quarter of 2023, and contributed $512 million of the Company’s net income in the second quarter of 2024. The provision for credit losses increased $14 million (87.5 percent) compared with the second quarter of 2023 due to normalizing credit conditions. Total net revenue was lower by $391 million (14.3 percent) in the second quarter of 2024 due to a decrease of $373 million (16.3 percent) in net interest income and a decrease in total noninterest income of $18 million (4.2 percent). Net interest income decreased due to the impact of deposit mix and pricing as well as lower loan balances. Total noninterest income decreased primarily due to lower service charges. Total noninterest expense decreased $142 million (8.0 percent) in the second quarter of 2024 compared with the second quarter of 2023 due to synergies from the MUB acquisition.


PAYMENT SERVICES						Preliminary data
($ in millions)				Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$673	$702	$623	(4.1)	8.0	$1,375	$1,270	8.3
Noninterest income	1,094	979	1,050	11.7	4.2	2,073	1,987	4.3
Securities gains (losses), net	—	—	—	—	—	—	—	—
Total net revenue	1,767	1,681	1,673	5.1	5.6	3,448	3,257	5.9
Noninterest expense	960	971	913	(1.1)	5.1	1,931	1,833	5.3
Other intangibles	23	27	28	(14.8)	(17.9)	50	56	(10.7)
Total noninterest expense	983	998	941	(1.5)	4.5	1,981	1,889	4.9
Income before provision and taxes	784	683	732	14.8	7.1	1,467	1,368	7.2
Provision for credit losses	388	359	314	8.1	23.6	747	534	39.9
Income before income taxes	396	324	418	22.2	(5.3)	720	834	(13.7)
Income taxes and taxable-equivalent adjustment	99	81	105	22.2	(5.7)	180	209	(13.9)
Net income	297	243	313	22.2	(5.1)	540	625	(13.6)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$297	$243	$313	22.2	(5.1)	$540	$625	(13.6)

Average Balance Sheet Data
Loans	$40,832	$39,803	$37,913	2.6	7.7	$40,318	$37,426	7.7
Other earning assets	115	153	74	(24.8)	55.4	134	187	(28.3)
Goodwill	3,327	3,331	3,331	(.1)	(.1)	3,329	3,323	.2
Other intangible assets	281	300	359	(6.3)	(21.7)	291	372	(21.8)
Assets	46,099	46,816	44,126	(1.5)	4.5	46,458	43,492	6.8

Noninterest-bearing deposits	2,706	2,791	3,179	(3.0)	(14.9)	2,749	3,181	(13.6)
Interest-bearing deposits	97	97	104	—	(6.7)	97	106	(8.5)
Total deposits	2,803	2,888	3,283	(2.9)	(14.6)	2,846	3,287	(13.4)

Total U.S. Bancorp shareholders' equity	9,941	9,965	9,127	(.2)	8.9	9,953	9,048	10.0

Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing.

Payment Services generated $784 million of income before provision and taxes in the second quarter of 2024, compared with $732 million in the second quarter of 2023, and contributed $297 million of the Company’s net income in the second quarter of 2024. The provision for credit losses increased $74 million (23.6 percent) compared with the second quarter of 2023 primarily due to normalizing credit conditions. Total net revenue increased $94 million (5.6 percent) in the second quarter of 2024 due to higher net interest income of $50 million (8.0 percent) and higher total noninterest income of $44 million (4.2 percent). Net interest income increased primarily due to higher loan yields driven by higher interest rates and customer revolve rates, along with higher loan balances, partially offset by higher funding costs. Total noninterest income increased year-over-year driven by higher merchant processing services revenue, mainly due to favorable rates, and higher other revenue. Total noninterest expense increased $42 million (4.5 percent) reflecting higher net shared services expense driven by investment in infrastructure and higher marketing and business development expense.


TREASURY AND CORPORATE SUPPORT						Preliminary data
($ in millions)				Percent Change
	2Q 2024	1Q 2024	2Q 2023	2Q24 vs 1Q24	2Q24 vs 2Q23	YTD 2024	YTD 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	($449)	($470)	($363)	4.5	(23.7)	($919)	($694)	(32.4)
Noninterest income	213	183	171	16.4	24.6	396	354	11.9
Securities gains (losses), net	(36)	2	3	nm	nm	(34)	(29)	(17.2)
Total net revenue	(272)	(285)	(189)	4.6	(43.9)	(557)	(369)	(50.9)
Noninterest expense	235	487	484	(51.7)	(51.4)	722	1,001	(27.9)
Other intangibles	—	—	—	—	—	—	—	—
Total noninterest expense	235	487	484	(51.7)	(51.4)	722	1,001	(27.9)
Income (loss) before provision and taxes	(507)	(772)	(673)	34.3	24.7	(1,279)	(1,370)	6.6
Provision for credit losses	50	(1)	329	nm	(84.8)	49	556	(91.2)
Income (loss) before income taxes	(557)	(771)	(1,002)	27.8	44.4	(1,328)	(1,926)	31.0
Income taxes and taxable-equivalent adjustment	(187)	(242)	(282)	22.7	33.7	(429)	(573)	25.1
Net income	(370)	(529)	(720)	30.1	48.6	(899)	(1,353)	33.6
Net (income) loss attributable to noncontrolling interests	(8)	(7)	(8)	(14.3)	—	(15)	(14)	(7.1)
Net income (loss) attributable to U.S. Bancorp	($378)	($536)	($728)	29.5	48.1	($914)	($1,367)	33.1

Average Balance Sheet Data
Loans	$5,301	$5,367	$5,153	(1.2)	2.9	$5,334	$5,282	1.0
Other earning assets	222,224	214,295	215,765	3.7	3.0	218,259	214,073	2.0
Goodwill	—	—	—	—	—	—	—	—
Other intangible assets	9	10	10	(10.0)	(10.0)	10	23	(56.5)
Assets	247,570	238,828	238,913	3.7	3.6	243,199	237,559	2.4

Noninterest-bearing deposits	2,513	2,041	2,947	23.1	(14.7)	2,277	3,092	(26.4)
Interest-bearing deposits	11,134	11,038	7,831	.9	42.2	11,087	7,348	50.9
Total deposits	13,647	13,079	10,778	4.3	26.6	13,364	10,440	28.0

Total U.S. Bancorp shareholders' equity	10,054	9,101	5,950	10.5	69.0	9,578	5,775	65.9

Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business lines, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Treasury and Corporate Support generated a $507 million loss before provision and taxes in the second quarter of 2024, compared with a $673 million loss before provision and taxes in the second quarter of 2023, and recorded a net loss of $378 million in the second quarter of 2024. The provision for credit losses decreased $279 million (84.8 percent) compared with the second quarter of 2023 primarily due to balance sheet optimization activities in the prior year quarter, along with relative stability in the economic outlook in the current quarter. Total net revenue was lower by $83 million (43.9 percent) in the second quarter of 2024 due to a decrease of $86 million (23.7 percent) in net interest income, partially offset by an increase of $3 million (1.7 percent) in total noninterest income. Net interest income decreased primarily due to higher funding costs partially offset by higher yields on the investment portfolio and cash balances. The increase in total noninterest income was primarily due to increases in commercial products revenue and a gain on the sale of mortgage servicing rights, partially offset by losses on the sales of securities and a decrease in other revenue. Total noninterest expense decreased $249 million (51.4 percent) compared with the second quarter of 2023 primarily due to a decline in notable items and synergies from the MUB acquisition, as well as prudent expense management and continued focus on operational efficiency, partially offset by higher net shared services and marketing and business development expense due to the timing of campaigns.

Income taxes are assessed to each line of business at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.


Supplemental Consolidated Schedules Second Quarter 2024


QUARTERLY CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
Interest Income
Loans	$5,761	$5,712	$5,742	$5,700	$5,605
Loans held for sale	41	37	36	42	38
Investment securities	1,294	1,175	1,182	1,152	1,077
Other interest income	889	840	803	860	806
Total interest income	7,985	7,764	7,763	7,754	7,526
Interest Expense
Deposits	3,028	2,884	2,751	2,580	1,939
Short-term borrowings	296	270	332	450	740
Long-term debt	638	625	569	488	432
Total interest expense	3,962	3,779	3,652	3,518	3,111
Net interest income	4,023	3,985	4,111	4,236	4,415
Provision for credit losses	568	553	512	515	821
Net interest income after provision for credit losses	3,455	3,432	3,599	3,721	3,594
Noninterest Income
Card revenue	428	392	436	412	422
Corporate payment products revenue	195	184	182	198	190
Merchant processing services	454	401	409	427	436
Trust and investment management fees	649	641	621	627	621
Service charges	322	315	324	334	324
Commercial products revenue	374	388	326	354	358
Mortgage banking revenue	190	166	137	144	131
Investment products fees	82	77	73	70	68
Securities gains (losses), net	(36)	2	(116)	—	3
Other	157	134	228	198	173
Total noninterest income	2,815	2,700	2,620	2,764	2,726
Noninterest Expense
Compensation and employee benefits	2,619	2,691	2,509	2,615	2,646
Net occupancy and equipment	316	296	316	313	316
Professional services	116	110	158	127	141
Marketing and business development	158	136	306	176	122
Technology and communications	509	507	513	511	522
Other intangibles	142	146	156	161	159
Merger and integration charges	—	155	171	284	310
Other	354	418	1,090	343	353
Total noninterest expense	4,214	4,459	5,219	4,530	4,569
Income before income taxes	2,056	1,673	1,000	1,955	1,751
Applicable income taxes	445	347	139	431	382
Net income	1,611	1,326	861	1,524	1,369
Net (income) loss attributable to noncontrolling interests	(8)	(7)	(14)	(1)	(8)
Net income attributable to U.S. Bancorp	$1,603	$1,319	$847	$1,523	$1,361
Net income applicable to U.S. Bancorp common shareholders	$1,518	$1,209	$766	$1,412	$1,281

Earnings per common share	$.97	$.78	$.49	$.91	$.84
Diluted earnings per common share	$.97	$.78	$.49	$.91	$.84
Dividends declared per common share	$.49	$.49	$.49	$.48	$.48
Average common shares outstanding	1,560	1,559	1,557	1,548	1,533
Average diluted common shares outstanding	1,561	1,559	1,558	1,549	1,533
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)	2.67	2.70	2.78	2.81	2.90
Return on average assets	.97	.81	.52	.91	.81
Return on average common equity	12.4	10.0	6.4	11.9	10.9
Efficiency ratio	61.0	66.4	75.9	64.4	63.7


CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
Assets	(Unaudited)	(Unaudited)		(Unaudited)	(Unaudited)
Cash and due from banks	$65,832	$76,985	$61,192	$64,354	$70,642
Investment securities
Held-to-maturity	81,486	82,948	84,045	85,342	86,938
Available-for-sale	79,799	72,426	69,706	67,207	69,221
Loans held for sale	2,582	2,080	2,201	2,336	2,361
Loans
Commercial	135,248	134,726	131,881	133,319	136,775
Commercial real estate	51,887	52,677	53,455	54,131	54,357
Residential mortgages	117,147	116,079	115,530	115,055	114,449
Credit card	28,715	27,844	28,560	27,080	26,626
Other retail	43,136	43,262	44,409	45,649	47,221
Total loans	376,133	374,588	373,835	375,234	379,428
Less allowance for loan losses	(7,549)	(7,514)	(7,379)	(7,218)	(7,164)
Net loans	368,584	367,074	366,456	368,016	372,264
Premises and equipment	3,570	3,537	3,623	3,616	3,695
Goodwill	12,476	12,479	12,489	12,472	12,486
Other intangible assets	5,757	6,031	6,084	6,435	6,634
Other assets	59,972	60,046	57,695	58,261	56,584
Total assets	$680,058	$683,606	$663,491	$668,039	$680,825

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$86,756	$91,220	$89,989	$98,006	$104,996
Interest-bearing	437,029	436,843	422,323	420,352	416,604
Total deposits	523,785	528,063	512,312	518,358	521,600
Short-term borrowings	16,557	17,102	15,279	21,900	32,334
Long-term debt	52,720	52,693	51,480	43,074	45,283
Other liabilities	30,111	29,715	28,649	31,129	28,124
Total liabilities	623,173	627,573	607,720	614,461	627,341
Shareholders' equity
Preferred stock	6,808	6,808	6,808	6,808	6,808
Common stock	21	21	21	21	21
Capital surplus	8,688	8,642	8,673	8,684	8,742
Retained earnings	75,231	74,473	74,026	74,023	73,355
Less treasury stock	(24,020)	(24,023)	(24,126)	(24,168)	(25,189)
Accumulated other comprehensive income (loss)	(10,308)	(10,353)	(10,096)	(12,255)	(10,718)
Total U.S. Bancorp shareholders' equity	56,420	55,568	55,306	53,113	53,019
Noncontrolling interests	465	465	465	465	465
Total equity	56,885	56,033	55,771	53,578	53,484
Total liabilities and equity	$680,058	$683,606	$663,491	$668,039	$680,825


CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
(Dollars in Millions, Unaudited)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
Assets
Investment securities	$167,020	$161,236	$161,885	$163,236	$159,824
Loans held for sale	2,382	2,002	2,154	2,661	2,569
Loans
Commercial
Commercial	130,162	126,602	126,884	130,415	133,697
Lease financing	4,177	4,165	4,212	4,305	4,388
Total commercial	134,339	130,767	131,096	134,720	138,085
Commercial real estate
Commercial mortgages	40,871	41,545	42,089	42,665	43,214
Construction and development	11,418	11,492	11,736	11,588	11,720
Total commercial real estate	52,289	53,037	53,825	54,253	54,934
Residential mortgages	116,478	115,639	115,196	114,627	117,606
Credit card	28,349	27,942	27,753	26,883	26,046
Other retail
Retail leasing	4,185	4,082	4,167	4,436	4,829
Home equity and second mortgages	13,053	12,983	12,977	12,809	12,753
Other	25,992	26,620	27,842	29,149	34,564
Total other retail	43,230	43,685	44,986	46,394	52,146
Total loans	374,685	371,070	372,856	376,877	388,817
Interest-bearing deposits with banks	53,056	50,903	47,532	53,100	51,972
Other earning assets	11,749	10,924	9,817	9,371	10,657
Total earning assets	608,892	596,135	594,244	605,245	613,839
Allowance for loan losses	(7,550)	(7,438)	(7,270)	(7,266)	(7,068)
Unrealized gain (loss) on investment securities	(7,464)	(7,121)	(8,806)	(8,241)	(7,356)
Other assets	71,626	72,333	73,280	74,261	73,597
Total assets	$665,504	$653,909	$651,448	$663,999	$673,012

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$83,418	$84,787	$90,590	$97,524	$113,758
Interest-bearing deposits
Interest checking	125,709	125,011	127,445	132,560	127,994
Money market savings	208,386	196,502	187,322	177,340	152,893
Savings accounts	38,855	41,645	44,728	50,138	58,993
Time deposits	57,541	55,116	52,697	54,729	43,627
Total interest-bearing deposits	430,491	418,274	412,192	414,767	383,507
Short-term borrowings	17,098	16,364	18,645	27,550	54,172
Long-term debt	52,875	52,713	48,863	43,826	42,771
Total interest-bearing liabilities	500,464	487,351	479,700	486,143	480,450
Other liabilities	25,130	25,640	26,379	26,049	24,517
Shareholders' equity
Preferred equity	6,808	6,808	6,808	6,808	6,808
Common equity	49,221	48,859	47,506	47,009	47,014
Total U.S. Bancorp shareholders' equity	56,029	55,667	54,314	53,817	53,822
Noncontrolling interests	463	464	465	466	465
Total equity	56,492	56,131	54,779	54,283	54,287
Total liabilities and equity	$665,504	$653,909	$651,448	$663,999	$673,012


CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)

		For the Three Months Ended June 30,
		2024				2023
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities	$167,020	$1,314	3.15	%	$159,824	$1,098	2.75	%		4.5	%
Loans held for sale	2,382	41	6.98		2,569	38	5.90			(7.3)
Loans (b)
Commercial	134,339	2,209	6.61		138,085	2,201	6.39			(2.7)
Commercial real estate	52,289	847	6.51		54,934	847	6.18			(4.8)
Residential mortgages	116,478	1,141	3.92		117,606	1,087	3.70			(1.0)
Credit card	28,349	925	13.13		26,046	822	12.67			8.8
Other retail	43,230	650	6.05		52,146	663	5.10			(17.1)
Total loans	374,685	5,772	6.19		388,817	5,620	5.79			(3.6)
Interest-bearing deposits with banks	53,056	736	5.58		51,972	674	5.20			2.1
Other earning assets	11,749	152	5.22		10,657	132	4.99			10.2
Total earning assets	608,892	8,015	5.29		613,839	7,562	4.94			(.8)
Allowance for loan losses	(7,550)				(7,068)					(6.8)
Unrealized gain (loss) on investment securities	(7,464)				(7,356)					(1.5)
Other assets	71,626				73,597					(2.7)
Total assets	$665,504				$673,012					(1.1)

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$83,418				$113,758					(26.7)	%
Interest-bearing deposits
Interest checking	125,709	386	1.23		127,994	312	.98			(1.8)
Money market savings	208,386	1,993	3.85		152,893	1,224	3.21			36.3
Savings accounts	38,855	26	.27		58,993	23	.16			(34.1)
Time deposits	57,541	623	4.35		43,627	380	3.49			31.9
Total interest-bearing deposits	430,491	3,028	2.83		383,507	1,939	2.03			12.3
Short-term borrowings	17,098	297	6.98		54,172	742	5.49			(68.4)
Long-term debt	52,875	638	4.85		42,771	432	4.05			23.6
Total interest-bearing liabilities	500,464	3,963	3.18		480,450	3,113	2.60			4.2
Other liabilities	25,130				24,517					2.5
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	49,221				47,014					4.7
Total U.S. Bancorp shareholders' equity	56,029				53,822					4.1
Noncontrolling interests	463				465					(.4)
Total equity	56,492				54,287					4.1
Total liabilities and equity	$665,504				$673,012					(1.1)
Net interest income		$4,052				$4,449
Gross interest margin			2.11	%			2.34	%
Gross interest margin without taxable-equivalent increments			2.09				2.32

Percent of Earning Assets
Interest income			5.29	%			4.94	%
Interest expense			2.62				2.04
Net interest margin			2.67	%			2.90	%
Net interest margin without taxable-equivalent increments			2.65	%			2.88	%

(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.


CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)

		For the Three Months Ended
	June 30, 2024				March 31, 2024
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities	$167,020	$1,314	3.15	%	$161,236	$1,194	2.96	%		3.6	%
Loans held for sale	2,382	41	6.98		2,002	37	7.32			19.0
Loans (b)
Commercial	134,339	2,209	6.61		130,767	2,180	6.70			2.7
Commercial real estate	52,289	847	6.51		53,037	854	6.48			(1.4)
Residential mortgages	116,478	1,141	3.92		115,639	1,107	3.83			.7
Credit card	28,349	925	13.13		27,942	940	13.53			1.5
Other retail	43,230	650	6.05		43,685	642	5.91			(1.0)
Total loans	374,685	5,772	6.19		371,070	5,723	6.20			1.0
Interest-bearing deposits with banks	53,056	736	5.58		50,903	704	5.56			4.2
Other earning assets	11,749	152	5.22		10,924	137	5.05			7.6
Total earning assets	608,892	8,015	5.29		596,135	7,795	5.25			2.1
Allowance for loan losses	(7,550)				(7,438)					(1.5)
Unrealized gain (loss) on investment securities	(7,464)				(7,121)					(4.8)
Other assets	71,626				72,333					(1.0)
Total assets	$665,504				$653,909					1.8

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$83,418				$84,787					(1.6)	%
Interest-bearing deposits
Interest checking	125,709	386	1.23		125,011	362	1.17			.6
Money market savings	208,386	1,993	3.85		196,502	1,914	3.92			6.0
Savings accounts	38,855	26	.27		41,645	26	.25			(6.7)
Time deposits	57,541	623	4.35		55,116	582	4.25			4.4
Total interest-bearing deposits	430,491	3,028	2.83		418,274	2,884	2.77			2.9
Short-term borrowings	17,098	297	6.98		16,364	271	6.66			4.5
Long-term debt	52,875	638	4.85		52,713	625	4.76			.3
Total interest-bearing liabilities	500,464	3,963	3.18		487,351	3,780	3.12			2.7
Other liabilities	25,130				25,640					(2.0)
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	49,221				48,859					.7
Total U.S. Bancorp shareholders' equity	56,029				55,667					.7
Noncontrolling interests	463				464					(.2)
Total equity	56,492				56,131					.6
Total liabilities and equity	$665,504				$653,909					1.8
Net interest income		$4,052				$4,015
Gross interest margin			2.11	%			2.13	%
Gross interest margin without taxable-equivalent increments			2.09				2.11

Percent of Earning Assets
Interest income			5.29	%			5.25	%
Interest expense			2.62				2.55
Net interest margin			2.67	%			2.70	%
Net interest margin without taxable-equivalent increments			2.65	%			2.68	%

(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.


CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)

		For the Six Months Ended June 30,
	2024				2023
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities	$164,128	$2,508	3.06	%	$162,957	$2,192	2.69	%		.7	%
Loans held for sale	2,192	78	7.14		2,516	69	5.51			(12.9)
Loans (b)
Commercial	132,553	4,389	6.66		136,891	4,198	6.18			(3.2)
Commercial real estate	52,663	1,701	6.49		55,263	1,650	6.02			(4.7)
Residential mortgages	116,059	2,248	3.88		116,950	2,137	3.66			(.8)
Credit card	28,145	1,865	13.32		25,809	1,622	12.68			9.1
Other retail	43,458	1,292	5.98		52,876	1,305	4.98			(17.8)
Total loans	372,878	11,495	6.19		387,789	10,912	5.67			(3.8)
Interest-bearing deposits with banks	51,979	1,440	5.57		47,662	1,162	4.91			9.1
Other earning assets	11,336	289	5.14		9,820	226	4.64			15.4
Total earning assets	602,513	15,810	5.27		610,744	14,561	4.80			(1.3)
Allowance for loan losses	(7,493)				(7,006)					(7.0)
Unrealized gain (loss) on investment securities	(7,293)				(7,437)					1.9
Other assets	71,980				72,950					(1.3)
Total assets	$659,707				$669,251					(1.4)

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$84,102				$121,705					(30.9)	%
Interest-bearing deposits
Interest checking	125,360	748	1.20		128,668	595	.93			(2.6)
Money market savings	202,444	3,907	3.38		149,948	2,203	2.96			35.0
Savings accounts	40,250	52	.26		63,883	36	.11			(37.0)
Time deposits	56,329	1,205	4.30		39,554	610	3.11			42.4
Total interest-bearing deposits	424,383	5,912	2.80		382,053	3,444	1.82			11.1
Short-term borrowings	16,731	568	6.82		45,369	1,192	5.30			(63.1)
Long-term debt	52,794	1,263	4.81		41,902	808	3.88			26.0
Total interest-bearing liabilities	493,908	7,743	3.15		469,324	5,444	2.34			5.2
Other liabilities	25,385				24,509					3.6
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	49,041				46,440					5.6
Total U.S. Bancorp shareholders' equity	55,849				53,248					4.9
Noncontrolling interests	463				465					(.4)
Total equity	56,312				53,713					4.8
Total liabilities and equity	$659,707				$669,251					(1.4)
Net interest income		$8,067				$9,117
Gross interest margin			2.12	%			2.46	%
Gross interest margin without taxable-equivalent increments			2.10				2.44

Percent of Earning Assets
Interest income			5.27	%			4.80	%
Interest expense			2.59				1.80
Net interest margin			2.68	%			3.00	%
Net interest margin without taxable-equivalent increments			2.66	%			2.98	%

(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.


LOAN PORTFOLIO
	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
(Dollars in Millions) (Unaudited)	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total	Amount	Percent of Total
Commercial
Commercial	$131,043	34.9	$130,530	34.8	$127,676	34.2	$129,040	34.4	$132,374	34.9
Lease financing	4,205	1.1	4,196	1.2	4,205	1.1	4,279	1.1	4,401	1.2
Total commercial	135,248	36.0	134,726	36.0	131,881	35.3	133,319	35.5	136,775	36.1

Commercial real estate
Commercial mortgages	40,844	10.9	41,157	11.0	41,934	11.2	42,473	11.3	42,775	11.3
Construction and
development	11,043	2.9	11,520	3.1	11,521	3.1	11,658	3.1	11,582	3.0
Total commercial
real estate	51,887	13.8	52,677	14.1	53,455	14.3	54,131	14.4	54,357	14.3

Residential mortgages
Residential mortgages	110,680	29.4	109,396	29.2	108,605	29.0	107,875	28.8	107,017	28.2
Home equity loans, first
liens	6,467	1.7	6,683	1.8	6,925	1.9	7,180	1.9	7,432	2.0
Total residential
mortgages	117,147	31.1	116,079	31.0	115,530	30.9	115,055	30.7	114,449	30.2

Credit card	28,715	7.6	27,844	7.4	28,560	7.6	27,080	7.2	26,626	7.0

Other retail
Retail leasing	4,178	1.1	4,137	1.1	4,135	1.1	4,271	1.2	4,637	1.2
Home equity and second
mortgages	13,180	3.5	12,932	3.5	13,056	3.5	12,879	3.4	12,799	3.4
Revolving credit	3,597	1.0	3,473	.9	3,668	1.0	3,766	1.0	3,797	1.0
Installment	14,169	3.8	13,921	3.7	13,889	3.7	14,145	3.8	14,452	3.8
Automobile	8,012	2.1	8,799	2.3	9,661	2.6	10,588	2.8	11,536	3.0
Total other retail	43,136	11.5	43,262	11.5	44,409	11.9	45,649	12.2	47,221	12.4
Total loans	$376,133	100.0	$374,588	100.0	$373,835	100.0	$375,234	100.0	$379,428	100.0


Supplemental Business Line Schedules Second Quarter 2024
WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING CONSUMER AND BUSINESS BANKING PAYMENT SERVICES TREASURY AND CORPORATE SUPPORT


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,906		$1,904		$1,971		$2,021		$1,894
Noninterest Income
Card revenue	—		—		—		—		—
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	648		640		620		627		621
Service charges	147		135		128		129		135
Commercial products revenue	200		208		149		150		198
Mortgage banking revenue	—		—		—		—		—
Investment products fees	82		77		73		70		68
Securities gains (losses), net	—		—		—		—		—
Other	54		53		51		54		49
Total noninterest income	1,131		1,113		1,021		1,030		1,071
Total net revenue	3,037		3,017		2,992		3,051		2,965
Noninterest Expense
Compensation and employee benefits	565		566		534		543		543
Net occupancy and equipment	39		39		37		37		38
Other intangibles	52		52		55		57		57
Net shared services	532		514		517		501		563
Other	186		201		225		183		179
Total noninterest expense	1,374		1,372		1,368		1,321		1,380
Income before provision and income taxes	1,663		1,645		1,624		1,730		1,585
Provision for Credit Losses	100		141		69		136		162
Income before income taxes	1,563		1,504		1,555		1,594		1,423
Income taxes and taxable-equivalent adjustment	391		376		389		399		356
Net income	1,172		1,128		1,166		1,195		1,067
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$1,172		$1,128		$1,166		$1,195		$1,067

FINANCIAL RATIOS
Return on average assets	2.32	%	2.28	%	2.31	%	2.33	%	2.09	%
Net interest margin (taxable-equivalent basis)	4.18		4.26		4.37		4.40		4.10
Efficiency ratio	45.2		45.5		45.7		43.3		46.5


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$115,649		$112,959		$113,301		$117,195		$120,880
Commercial real estate	37,472		38,004		38,357		38,477		38,518
Residential mortgages	15,134		14,703		14,571		14,274		13,620
Credit card	—		—		—		—		—
Other retail	5,440		5,402		5,610		5,698		5,731
Total loans	173,695		171,068		171,839		175,644		178,749
Other Earning Assets	9,590		8,738		7,287		6,458		6,671
Total earning assets	183,285		179,806		179,126		182,102		185,420
Non-earning Assets
Goodwill	4,824		4,825		4,825		4,638		4,651
Other intangible assets	1,007		1,059		1,112		921		962
Other non-earning assets	14,085		13,502		15,371		16,193		14,136
Total non-earning assets	19,916		19,386		21,308		21,752		19,749
Total assets	203,201		199,192		200,434		203,854		205,169
Deposits
Noninterest-bearing deposits	57,299		58,580		62,213		66,144		73,512
Interest checking	51,938		50,783		51,214		52,891		50,709
Savings products	152,244		145,106		142,979		143,393		131,208
Time deposits	12,111		11,952		12,041		13,437		13,416
Total deposits	273,592		266,421		268,447		275,865		268,845
Other Interest-bearing Liabilities	15,761		15,159		13,837		12,842		13,353
Other Noninterest-bearing Liabilities	10,748		10,060		11,969		12,877		11,794
Total liabilities	300,101		291,640		294,253		301,584		293,992
Total U.S. Bancorp Shareholders' Equity	21,481		21,757		22,707		22,837		22,359
Noncontrolling Interests	—		—		—		—		—
Total Equity	21,481		21,757		22,707		22,837		22,359
NET INTEREST SPREADS (%)
Total earning assets	1.16		1.16		1.17		1.16		1.19
Total assets	.57		.60		.57		.60		.72
Total deposits	3.01		3.06		3.11		3.08		3.17
Total liabilities	3.00		3.05		3.10		3.06		3.12
CREDIT QUALITY
Net Charge-offs
Commercial	$72		$51		$28		$42		$35
Commercial real estate	35		13		71		49		12
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	—		1		—		1		—
Total net charge-offs	$107		$65		$99		$92		$47
Net Charge-off Ratios
Commercial	.25	%	.18	%	.10	%	.14	%	.12	%
Commercial real estate	.38		.14		.73		.51		.12
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	—		.07		—		.07		—
Total net charge-offs	.25	%	.15	%	.23	%	.21	%	.11	%

	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Nonperforming Assets
Nonperforming loans	$1,353		$1,292		$937		$830		$604
Other nonperforming assets	1		1		1		1		—
Total nonperforming assets	$1,354		$1,293		$938		$831		$604


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
OTHER INFORMATION
Average Loan Balances
Commercial real estate division	$45,003	$45,695	$46,344	$46,622	$46,840
Global markets & specialized finance	14,203	14,088	14,585	14,997	15,316
Middle market	29,250	28,693	28,712	29,592	30,616
Wealth management	27,661	27,240	27,404	27,143	26,910
Corporate banking and other	57,578	55,352	54,794	57,290	59,067
Total	$173,695	$171,068	$171,839	$175,644	$178,749

Average Deposit Balances
Commercial real estate division	$14,950	$15,240	$16,336	$16,544	$16,476
Global markets & specialized finance	72,081	65,192	63,439	64,406	61,528
Middle market	40,700	39,974	39,921	40,139	41,043
Wealth management	42,240	41,806	41,302	40,112	39,769
Corporate banking and other	103,621	104,209	107,449	114,664	110,029
Total	$273,592	$266,421	$268,447	$275,865	$268,845

Noninterest Income
Trust and investment management fees
Wealth management	$166	$165	$158	$157	$161
U.S. Bancorp Asset Management	60	61	57	59	59
Global corporate trust & custody	265	262	258	259	251
Fund services	147	142	138	141	142
Other	10	10	9	11	8
Global capital markets	238	242	188	191	216
Treasury management	147	135	128	129	135
All other noninterest income	98	96	85	83	99
Total	$1,131	$1,113	$1,021	$1,030	$1,071

Assets Under Management by Category *
Equity	$73,940	$70,924	$66,344	$67,371	$63,958
Fixed income	217,792	212,045	200,607	201,045	204,257
Money market	154,977	155,774	154,250	148,593	140,366
Other	33,622	33,421	33,134	31,212	30,674
Total	$480,331	$472,164	$454,335	$448,221	$439,255

* Amounts reported reflect end of month balances reported on a one month lag.


CONSUMER AND BUSINESS BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,922		$1,879		$1,960		$2,049		$2,295
Noninterest Income
Card revenue	3		3		3		4		2
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	1		1		1		—		—
Service charges	173		178		194		203		187
Commercial products revenue	6		6		5		5		7
Mortgage banking revenue	160		166		137		144		161
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	70		69		70		78		74
Total noninterest income	413		423		410		434		431
Total net revenue	2,335		2,302		2,370		2,483		2,726
Noninterest Expense
Compensation and employee benefits	554		560		553		577		589
Net occupancy and equipment	154		147		153		153		154
Other intangibles	67		67		72		75		74
Net shared services	681		676		712		688		774
Other	166		152		181		178		173
Total noninterest expense	1,622		1,602		1,671		1,671		1,764
Income before provision and income taxes	713		700		699		812		962
Provision for Credit Losses	30		54		48		7		16
Income before income taxes	683		646		651		805		946
Income taxes and taxable-equivalent adjustment	171		162		163		201		237
Net income	512		484		488		604		709
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$512		$484		$488		$604		$709

FINANCIAL RATIOS
Return on average assets	1.22	%	1.15	%	1.13	%	1.37	%	1.54	%
Net interest margin (taxable-equivalent basis)	4.92		4.82		4.92		5.08		5.43
Efficiency ratio	69.5		69.6		70.5		67.3		64.7


CONSUMER AND BUSINESS BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$4,149		$3,912		$3,872		$4,131		$4,226
Commercial real estate	11,912		12,054		12,324		12,577		12,859
Residential mortgages	101,213		100,801		100,485		100,208		103,835
Credit card	—		—		—		—		—
Other retail	37,583		38,065		39,148		40,387		46,082
Total loans	154,857		154,832		155,829		157,303		167,002
Other Earning Assets	2,278		1,879		2,170		2,688		2,512
Total earning assets	157,135		156,711		157,999		159,991		169,514
Non-earning Assets
Goodwill	4,326		4,326		4,327		4,515		4,530
Other intangible assets	4,734		4,696		4,926		5,154		5,393
Other non-earning assets	2,439		3,340		4,483		5,071		5,367
Total non-earning assets	11,499		12,362		13,736		14,740		15,290
Total assets	168,634		169,073		171,735		174,731		184,804
Deposits
Noninterest-bearing deposits	20,900		21,375		23,341		25,488		34,120
Interest checking	72,353		73,021		74,903		78,340		75,467
Savings products	92,792		90,842		87,776		82,805		79,498
Time deposits	37,822		35,435		33,763		31,946		25,274
Total deposits	223,867		220,673		219,783		218,579		214,359
Other Interest-bearing Liabilities	965		1,118		1,231		1,238		1,229
Other Noninterest-bearing Liabilities	2,143		2,117		2,288		2,420		2,630
Total liabilities	226,975		223,908		223,302		222,237		218,218
Total U.S. Bancorp Shareholders' Equity	14,553		14,844		15,365		15,760		16,386
Noncontrolling Interests	—		—		—		—		—
Total Equity	14,553		14,844		15,365		15,760		16,386
NET INTEREST SPREADS (%)
Total earning assets	1.34		1.33		1.33		1.32		1.33
Total assets	1.00		.96		.92		.90		.94
Total deposits	4.76		4.77		4.91		5.09		5.21
Total liabilities	4.72		4.73		4.87		5.03		5.15
CREDIT QUALITY
Net Charge-offs
Commercial	$15		$14		$13		$17		$9
Commercial real estate	1		1		—		(1)		—
Residential mortgages	(4)		—		(1)		(3)		(3)
Credit card	—		—		—		—		—
Other retail	47		53		52		44		27
Total net charge-offs	$59		$68		$64		$57		$33
Net Charge-off Ratios
Commercial	1.45	%	1.44	%	1.33	%	1.63	%	.85	%
Commercial real estate	.03		.03		—		(.03)		—
Residential mortgages	(.02)		—		—		(.01)		(.01)
Credit card	—		—		—		—		—
Other retail	.50		.56		.53		.43		.24
Total net charge-offs	.15	%	.18	%	.16	%	.14	%	.08	%

	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Nonperforming Assets
Nonperforming loans	$393		$380		$387		$363		$392
Other nonperforming assets	23		25		26		26		25
Total nonperforming assets	$416		$405		$413		$389		$417


CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing	$4,185	$4,082	$4,167	$4,436	$4,829
Home equity and second mortgages	10,549	10,471	10,421	10,238	10,107
Other	22,849	23,512	24,560	25,713	31,146
Total other retail	$37,583	$38,065	$39,148	$40,387	$46,082
Home equity first lien*	$5,894	$6,107	$6,332	$6,573	$6,822
Home equity loans	2,025	1,913	1,812	1,665	1,503
Home equity lines	8,524	8,558	8,609	8,573	8,604
Total home equity	$16,443	$16,578	$16,753	$16,811	$16,929
Net Charge-off Ratios (%)
Retail leasing	.29	.49	.19	.18	.08
Home equity and second mortgages	(.04)	—	(.04)	.08	(.04)
Other	.79	.82	.82	.62	.35
Total other retail	.50	.56	.53	.43	.24
Retail Credit Production
Indirect loan/lease production volume	$1,929	$1,569	$1,072	$1,090	$1,588
Direct branch loan/line production volume	1,754	1,382	1,336	1,575	1,570
Other production volume	522	375	256	308	250
Total retail credit production volume	$4,205	$3,326	$2,664	$2,973	$3,408
Branch and ATM Data
# of branches	2,207	2,256	2,274	2,280	2,304
# of U.S. Bank ATMs	4,534	4,522	4,524	4,520	4,514

* Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles.


CONSUMER AND BUSINESS BANKING						Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales (a)	$80	$69		$46		$70		$81
Loan servicing	176	180		180		176		187
Mortgage servicing rights fair value changes
net of economic hedges (b)	(6)	(2)		4		(3)		(1)
Other changes in mortgage servicing rights fair value (c)	(90)	(81)		(93)		(99)		(106)
Total mortgage banking revenue	$160	$166		$137		$144		$161
Mortgage production volume	$9,449	$7,129		$7,405		$9,493		$11,560
Mortgage application volume	$14,415	$12,531		$9,535		$12,947		$15,841
Mortgages serviced for others (d)(e)	$225,780	$232,907		$233,382		$232,263		$251,572
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of June 30, 2024, was as follows:
(Dollars in Millions)		HFA (f)		Government		Conventional (g)		Total
Servicing portfolio (h)		$50,185		$25,762		$137,716		$213,663
Fair value		$824		$522		$1,980		$3,326
Value (bps) (i)		164		203		144		156
Weighted-average servicing fees (bps)		36		45		25		30
Multiple (value/servicing fees)		4.60		4.55		5.66		5.16
Weighted-average note rate		4.74	%	4.31	%	3.73	%	4.04	%
Weighted-average age (in years)		4.4		5.8		4.8		4.8
Weighted-average expected prepayment (constant prepayment rate)		10.1	%	10.6	%	8.3	%	9.0	%
Weighted-average expected life (in years)		7.3		6.7		7.2		7.2
Weighted-average option adjusted spread (j)		5.5	%	5.9	%	4.6	%	5.0	%
(a)Origination and sales revenue recorded based on estimated number of applications that will close. (b)Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes. (c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies. (d)Amounts reported reflect end of period balances. (e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset. (f)Represents Housing Finance Agency division. (g)Represents loans primarily sold to government-sponsored enterprises. (h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset. (i)Calculated as fair value divided by the servicing portfolio. (j)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.


PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$673		$702		$676		$663		$623
Noninterest Income
Card revenue	425		389		433		408		420
Corporate payment products revenue	195		184		182		198		190
Merchant processing services	454		401		409		427		436
Trust and investment management fees	—		—		—		—		—
Service charges	—		—		—		—		—
Commercial products revenue	—		—		—		—		—
Mortgage banking revenue	—		—		—		—		—
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	20		5		5		6		4
Total noninterest income	1,094		979		1,029		1,039		1,050
Total net revenue	1,767		1,681		1,705		1,702		1,673
Noninterest Expense
Compensation and employee benefits	226		228		218		218		218
Net occupancy and equipment	9		9		9		9		9
Other intangibles	23		27		29		29		28
Net shared services	511		508		514		497		488
Other	214		226		245		228		198
Total noninterest expense	983		998		1,015		981		941
Income before provision and income taxes	784		683		690		721		732
Provision for Credit Losses	388		359		461		399		314
Income before income taxes	396		324		229		322		418
Income taxes and taxable-equivalent adjustment	99		81		57		81		105
Net income	297		243		172		241		313
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$297		$243		$172		$241		$313

FINANCIAL RATIOS
Return on average assets	2.59	%	2.09	%	1.50	%	2.14	%	2.85	%
Net interest margin (taxable-equivalent basis)	6.61		7.07		6.70		6.75		6.58
Efficiency ratio	55.6		59.4		59.5		57.6		56.2


PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$12,334		$11,705		$12,121		$11,899		$11,691
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	28,349		27,942		27,753		26,883		26,046
Other retail	149		156		165		172		176
Total loans	40,832		39,803		40,039		38,954		37,913
Other Earning Assets	115		153		10		5		74
Total earning assets	40,947		39,956		40,049		38,959		37,987
Non-earning Assets
Goodwill	3,327		3,331		3,326		3,333		3,331
Other intangible assets	281		300		319		340		359
Other non-earning assets	1,544		3,229		1,679		2,142		2,449
Total non-earning assets	5,152		6,860		5,324		5,815		6,139
Total assets	46,099		46,816		45,373		44,774		44,126
Deposits
Noninterest-bearing deposits	2,706		2,791		2,772		2,796		3,179
Interest checking	—		—		—		—		—
Savings products	96		96		98		100		103
Time deposits	1		1		1		1		1
Total deposits	2,803		2,888		2,871		2,897		3,283
Other Interest-bearing Liabilities	342		304		253		308		457
Other Noninterest-bearing Liabilities	4,712		6,275		4,674		4,973		5,300
Total liabilities	7,857		9,467		7,798		8,178		9,040
Total U.S. Bancorp Shareholders' Equity	9,941		9,965		9,695		9,442		9,127
Noncontrolling Interests	—		—		—		—		—
Total Equity	9,941		9,965		9,695		9,442		9,127
NET INTEREST SPREADS (%)
Total earning assets	6.00		6.46		6.11		6.16		5.97
Total assets	4.75		4.73		4.80		4.72		4.49
Total deposits	6.03		5.99		5.94		5.89		5.74
Total liabilities	5.17		5.31		5.39		5.29		4.84
CREDIT QUALITY
Net Charge-offs
Commercial	$57		$51		$44		$37		$35
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	315		296		255		220		199
Other retail	1		1		1		1		1
Total net charge-offs	$373		$348		$300		$258		$235
Net Charge-off Ratios
Commercial	1.86	%	1.75	%	1.44	%	1.23	%	1.20	%
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	4.47		4.26		3.65		3.25		3.06
Other retail	2.70		2.58		2.40		2.31		2.28
Total net charge-offs	3.67	%	3.52	%	2.97	%	2.63	%	2.49	%


	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023
Nonperforming Assets
Nonperforming loans	$—		$—		$—		$—		$—
Other nonperforming assets	—		—		—		—		—
Total nonperforming assets	$—		$—		$—		$—		$—


PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
OTHER INFORMATION
Total Noninterest Income
Retail payment solutions	$442	$390	$436	$410	$422
Corporate payment systems	198	187	184	201	192
Global merchant acquiring	454	402	409	428	436
Total	$1,094	$979	$1,029	$1,039	$1,050
Payment Volumes
Retail payment solutions (Issuing)
Credit card	$36,504	$33,683	$35,604	$34,526	$34,924
Debit and prepaid card	26,766	25,262	26,169	25,795	26,119
Total retail payment solutions	$63,270	$58,945	$61,773	$60,321	$61,043

Corporate payment systems (issuing)	$22,391	$21,477	$21,012	$22,925	$22,126

Merchant volume (acquiring)	$147,809	$137,552	$135,727	$144,558	$145,376
# of merchant transactions	2,136,671,083	1,930,302,342	2,002,532,119	2,094,366,023	2,040,006,881


TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	($449)	($470)	($465)	($465)	($363)
Noninterest Income
Card revenue	—	—	—	—	—
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	—	—	—	—	—
Service charges	2	2	2	2	2
Commercial products revenue	168	174	172	199	153
Mortgage banking revenue	30	—	—	—	(30)
Investment products fees	—	—	—	—	—
Securities gains (losses), net	(36)	2	(116)	—	3
Other	13	7	102	60	46
Total noninterest income	177	185	160	261	174
Total net revenue	(272)	(285)	(305)	(204)	(189)
Noninterest Expense
Compensation and employee benefits	1,274	1,337	1,204	1,277	1,296
Net occupancy and equipment	114	101	117	114	115
Other intangibles	—	—	—	—	—
Net shared services	(1,724)	(1,698)	(1,743)	(1,686)	(1,825)
Other	571	747	1,587	852	898
Total noninterest expense	235	487	1,165	557	484
Income (loss) before provision and income taxes	(507)	(772)	(1,470)	(761)	(673)
Provision for Credit Losses	50	(1)	(66)	(27)	329
Income (loss) before income taxes	(557)	(771)	(1,404)	(734)	(1,002)
Income taxes and taxable-equivalent adjustment	(187)	(242)	(439)	(218)	(282)
Net income (loss)	(370)	(529)	(965)	(516)	(720)
Net (income) loss attributable to noncontrolling interests	(8)	(7)	(14)	(1)	(8)
Net income (loss) attributable to U.S. Bancorp	($378)	($536)	($979)	($517)	($728)

FINANCIAL RATIOS (%)
Return on average assets	nm	nm	nm	nm	nm
Net interest margin (taxable-equivalent basis)	nm	nm	nm	nm	nm
Efficiency ratio	nm	nm	nm	nm	nm


TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$2,207	$2,191	$1,802	$1,495	$1,288
Commercial real estate	2,905	2,979	3,144	3,199	3,557
Residential mortgages	131	135	140	145	151
Credit card	—	—	—	—	—
Other retail	58	62	63	137	157
Total loans	5,301	5,367	5,149	4,976	5,153
Other Earning Assets	222,224	214,295	211,921	219,217	215,765
Total earning assets	227,525	219,662	217,070	224,193	220,918
Non-earning Assets
Goodwill	—	—	—	—	—
Other intangible assets	9	10	10	10	10
Other non-earning assets	20,036	19,156	16,826	16,437	17,985
Total non-earning assets	20,045	19,166	16,836	16,447	17,995
Total assets	247,570	238,828	233,906	240,640	238,913
Deposits
Noninterest-bearing deposits	2,513	2,041	2,264	3,096	2,947
Interest checking	1,418	1,207	1,328	1,329	1,818
Savings products	2,109	2,103	1,197	1,180	1,077
Time deposits	7,607	7,728	6,892	9,345	4,936
Total deposits	13,647	13,079	11,681	14,950	10,778
Other Interest-bearing Liabilities	52,905	52,496	52,187	56,988	81,904
Other Noninterest-bearing Liabilities	7,527	7,188	7,448	5,779	4,793
Total liabilities	74,079	72,763	71,316	77,717	97,475
Total U.S. Bancorp Shareholders' Equity	10,054	9,101	6,547	5,778	5,950
Noncontrolling Interests	463	464	465	466	465
Total Equity	10,517	9,565	7,012	6,244	6,415
NET INTEREST SPREADS (%)
Total earning assets	nm	nm	nm	nm	nm
Total assets	nm	nm	nm	nm	nm
Total deposits	nm	nm	nm	nm	nm
Total liabilities	nm	nm	nm	nm	nm
CREDIT QUALITY
Net Charge-offs
Commercial	($1)	$—	$—	($4)	$11
Commercial real estate	—	7	—	1	14
Residential mortgages	—	—	—	—	117
Credit card	—	—	—	—	—
Other retail	—	—	—	16	192
Total net charge-offs	($1)	$7	$—	$13	$334
Net Charge-off Ratios (%)
Commercial	nm	nm	nm	nm	nm
Commercial real estate	nm	nm	nm	nm	nm
Residential mortgages	nm	nm	nm	nm	nm
Credit card	nm	nm	nm	nm	nm
Other retail	nm	nm	nm	nm	nm
Total net charge-offs	nm	nm	nm	nm	nm


	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	June 30, 2023
Nonperforming Assets
Nonperforming loans	$64	$69	$125	$74	$45
Other nonperforming assets	18	19	18	16	19
Total nonperforming assets	$82	$88	$143	$90	$64

U.S. Bank | Confidential 1 U.S. Bancorp 2Q24 Earnings Conference Call July 17, 2024

U.S. Bancorp 2 Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation 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; 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. In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

U.S. Bancorp 3 2Q24 Highlights ▪ Solid financial performance › Highly diversified and sustainable fee revenue streams; Over 40% of total net revenue ▪ Effective balance sheet management › Earning asset portfolio positioning and repricing; Stable funding costs ▪ Prudent expense management › Operational efficiencies and expense discipline support full- year expense targets ▪ Strong capital accretion › Driven by enhanced earnings generation; Continued emphasis on capital-efficient growth ▪ Disciplined credit risk management › Asset quality metrics stabilizing; Trends reflective of broader macroeconomic and credit environment $0.97 | $0.98 10.3% + 30 bps vs. 1Q24 +5.4% Reported Adjusted 1 Earnings per share CET1 Ratio2 Total Net Revenue Return on Tangible Common Equity Noninterest Income Growth (2024 YTD YoY) 1 Non-GAAP; see appendix for calculations and description of notable items 2 Common equity tier 1 capital to risk-weighted assets, reflecting Basel III standardized with 5 year current expected credit losses (CECL) transition $6.9B 18.4% | 18.6% Reported 1 Adjusted 1

U.S. Bancorp 4 2Q24 Results Summary Income Statement Balance Sheet Capital 1 Non-GAAP; see slide 9 and the appendix for calculations and description of notable items 2 Taxable-equivalent basis; see appendix for calculation 3 Common equity tier 1 capital to risk-weighted assets, reflecting Basel III standardized with 5 year CECL transition 4 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares repurchased in connection with stock compensation plans Adjusted Reported Adjusted1 change vs. $ in millions, except EPS 2Q24 2Q24 1Q24 2Q23 Net interest income2 $4,052 $4,052 0.9 % (8.9) % Noninterest income 2,815 2,815 4.3 2.4 Noninterest expense 4,214 4,188 (0.1) (1.7) Net income to Company 1,603 1,622 6.9 (9.5) Diluted EPS $0.97 $0.98 8.9 (12.5) Change vs. $ in millions 2Q24 1Q24 2Q23 Nonperforming assets $1,852 3.7 % 70.7 % NPA ratio 0.49 % 1 bps 20 bps Net charge-off ratio 0.58 % 5 bps 23 bps 90+ Day Delinquency 0.19 % 0 bps 7 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 2Q24 2Q24 1Q24 2Q23 Total assets $680.1 $665.5 1.8 % (1.1) % Earning assets 619.3 608.9 2.1 (0.8) Total loans 376.1 374.7 1.0 (3.6) Total deposits 523.8 513.9 2.2 3.3 Change vs. 2Q24 1Q24 2Q23 CET1 capital ratio3 10.3 % 30 bps 120 bps Total risk-based capital ratio 14.0 % 30 bps 130 bps Book value per share $31.80 1.7 % 5.5 % Tangible book value per share1 $23.15 2.8 % 10.1 % Earnings returned (millions)4 $770 1 1 1 Credit Quality

U.S. Bancorp 5 Performance Ratios 1 Non-GAAP; see appendix for calculations and description of notable items 2 Net interest margin on a taxable-equivalent basis 1.07% 0.93% 0.98% 0.81% 0.81% 0.97% Return on Average Assets Adjusted for notable items 2Q23 1Q24 2Q24 14.6% 11.6% 12.6% 10.9% 10.0% 12.4% Return on Average Common Equity Adjusted for notable items 2Q23 1Q24 2Q24 22.3% 17.4% 18.6% 17.1% 15.1% 18.4% Return on Tangible Common Equity Adjusted for notable items 2Q23 1Q24 2Q24 63.7% 66.4% 61.0% 59.2% 62.5% 60.7% 2.90% 2.70% 2.67% Adjusted Efficiency Ratio Efficiency Ratio Net Interest Margin 2Q23 1Q24 2Q24 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 1 1 1 1 1 1 1 1 1 1 1 2

U.S. Bancorp 6 Sustainable Earnings Power Diversified fee income businesses support our short- and long-term growth objectives Fee income represents 41% of U.S. Bancorp total net revenue1 1 YTD taxable-equivalent basis 2 Business line revenue percentages exclude Treasury and Corporate Support; see appendix for reconciliation As a % of Total Net Revenue1,2 Fee NII Payment Services fee revenue Breadth of capabilities, diversified distribution model, proprietary technology platform, payments ecosystem Mortgage fee revenue Leading digital mortgage platform and lending tools; Gaining share as we optimize our distribution channels Trust & Investment Management revenue Leading market position with sizable distribution, balance sheet, and product advantages Fee revenue differentiators with national reach 33% 43% 24% 37% 18% 60% 63% 82% 40% WCIB CBB Payments Payment Services Consumer & Business Banking (CBB) Wealth, Corporate, Commercial & Institutional Banking (WCIB)

U.S. Bancorp 7 $497 $512 $503 $503 $514 12.3% 14.3% 7.1% 6.4% 1.6% 39.4% 45.8% 48.6% 51.0% 52.1% Noninterest-Bearing (NIB) Interest-Bearing Chg in NIB balance (QoQ) Total Deposit Beta 2Q23 3Q23 4Q23 1Q24 2Q24 Balance Sheet Summary Effective balance sheet management and stabilizing deposit trends Total Average Deposits Highlights Total Average Loans $389 $377 $373 $371 $375 5.79% 6.02% 6.13% 6.20% 6.19% Average Balance Avg Yield % 2Q23 3Q23 4Q23 1Q24 2Q24 Investment Portfolio End of Period Balances $ in billions 1 Cumulative deposit beta cycle to date measured from 4Q21 2 Balances exclude unrealized gains (losses) ▪ Core deposit levels remain stable; Total noninterest bearing mix shift continues to slow. ▪ Meaningful year-over-year improvement in both the loan book and Investment Portfolio yield (40 bps increase each). ▪ Linked quarter Investment Portfolio yield increase driven by cash balance positioning and reinvestment of qtrly runoff. $164 $162 $161 $162 $168 2.75% 2.87% 2.97% 2.96% 3.15% Ending Balance Avg Yield % 2Q23 3Q23 4Q23 1Q24 2Q24 ( 2 ) ( ) ( ) ( ) ( ) 1

U.S. Bancorp 8 Amount ($B) Reserve (%) Commercial $2.2 1.6% Commercial Real Estate 1.6 3.1% Residential Mortgage 0.8 0.7% Credit Card 2.5 8.7% Other Retail 0.8 1.9% Total $7.9 2.1% Change vs. 2Q24 1Q24 2Q23 Non-performing Assets Balance $1,852 $66 $767 NPAs/Period-end Loans plus OREO 0.49 % 1 bps 20 bps Ne Net Charge-offs NCOs $538 $50 $198 NCOs/Avg Loans 0.58 % 5 bps 23 bps Core Provision for Credit Losses Trending $ in millions, unless specified 1 Non-GAAP; see appendix for calculations and description of notable items Credit Quality Trends reflect stabilization in the broader macroeconomic and credit environment amidst continued CRE stress Net Charge-off and Nonperforming Assets Highlights Allowance for Credit Losses by Loan Category, 2Q24 ▪ Delinquency rates flat linked quarter driven by stable underlying macro conditions. ▪ CRE Office reserve coverage remains at over 10%. ▪ Proactively managed credit risk across the portfolio. 1 1 $340 $420 $463 $488 $538 $238 $95 $49 $65 $30 NCOs Reserve Build Allowance for Credit Losses/ Period-end Loans 2Q23 3Q23 4Q23 1Q24 2Q24 1 1 $568$578 1 $515 $512 $553 1 2.03% 2.08% 2.10% 2.11% 2.11%

U.S. Bancorp 9 Excluding Notable Items2 Reported % Change Notable Items2 % Change $ in millions, except EPS 2Q24 1Q24 2Q23 vs 1Q24 vs 2Q23 2Q24 1Q24 2Q23 vs 1Q24 vs 2Q23 Net Interest Income $4,023 $3,985 $4,415 1.0 % (8.9) % $— $— $— 1.0 % (8.9) % Taxable-equivalent Adjustment 29 30 34 (3.3) (14.7) — — — (3.3) (14.7) Net Interest Income (taxable-equivalent basis) 4,052 4,015 4,449 0.9 (8.9) — — — 0.9 (8.9) Noninterest Income 2,815 2,700 2,726 4.3 3.3 — — (22) 4.3 2.4 Net Revenue 6,867 6,715 7,175 2.3 (4.3) — — (22) 2.3 (4.6) Noninterest Expense 4,214 4,459 4,569 (5.5) (7.8) 26 265 310 (0.1) (1.7) Operating Income 2,653 2,256 2,606 17.6 1.8 (26) (265) (332) 6.3 (8.8) Provision for credit losses 568 553 821 2.7 (30.8) — — 243 2.7 (1.7) Income Before Taxes 2,085 1,703 1,785 22.4 16.8 (26) (265) (575) 7.3 (10.6) Applicable Income Taxes 474 377 416 25.7 13.9 (7) (66) (143) 8.6 (14.0) Net Income 1,611 1,326 1,369 21.5 17.7 (19) (199) (432) 6.9 (9.5) Noncontrolling Interests (8) (7) (8) (14.3) — — — — (14.3) — Net Income to Company 1,603 1,319 1,361 21.5 17.8 (19) (199) (432) 6.9 (9.5) Preferred Dividends/Other 85 110 80 (22.7) 6.3 — (1) (3) (23.4) 2.4 Net Income to Common $1,518 $1,209 $1,281 25.6 % 18.5 % ($19) ($198) ($429) 9.2 % (10.1) % Net Interest Margin1 2.67% 2.70% 2.90% (3) bps (23) bps —% —% —% (3) bps (23) bps Efficiency Ratio2 61.0% 66.4% 63.7% (538) bps (266) bps .3% 3.9% 4.5% (181) bps 147 bps Diluted EPS $.97 $.78 $.84 24.4 % 15.5 % $(.01) $(.12) $(.28) 8.9 % (12.5) % 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and description of notable items 2Q24 Earnings Summary – Detail

U.S. Bancorp 10 ▪ Year-over-year performance impacted by deposit mix and pricing, partially offset by higher rates on earning assets. ▪ Linked quarter increase in net interest income due to deposit growth, earning asset repricing and mix, and stable funding costs. $ in millions 1 Non-GAAP; see appendix for calculations 2Q24 1Q24 2Q23 Loans $5,761 $5,712 $5,605 Loans held for sale 41 37 38 Investment securities 1,294 1,175 1,077 Other interest income 889 840 806 Total interest income $7,985 $7,764 $7,526 Deposits $3,028 $2,884 $1,939 Short-term borrowings 296 270 740 Long-term debt 638 625 432 Total interest expense $3,962 $3,779 $3,111 Net interest income $4,023 $3,985 $4,415 Taxable-equivalent adjustment 29 30 34 Net interest income, on a taxable-equivalent basis1 $4,052 $4,015 $4,449 Net interest margin (taxable-equivalent basis) 2.67 % 2.70 % 2.90 % Net Interest Income (taxable-equivalent basis)1 +0.9% Linked Quarter -8.9% Year-Over-Year Net Interest Income

U.S. Bancorp 11 ▪ Year-over-year increase in noninterest income driven by higher fee revenue across most categories, partially offset by lower other revenue. ▪ On a linked quarter basis, noninterest income increased primarily due to seasonally higher payment services revenue, mortgage banking revenue and other fees, partially offset by lower commercial products revenue and other revenue. $ in millions Payments = card, corporate payment products and merchant processing Other = investment products fees, securities gains (losses) and other 1 Non-GAAP; see slide 9 and the appendix for calculations and description of notable items 2Q24 1Q24 2Q23 Payments $1,077 $977 $1,048 Trust & Inv Mgmt 649 641 621 Service Charges 322 315 324 Commercial Products 374 388 358 Mortgage 190 166 161 Other 203 213 236 Noninterest Income, Adjusted1 $2,815 $2,700 $2,748 Notable Items1 — — (22) Noninterest Income, Reported $2,815 $2,700 $2,726 Noninterest Income Reported +4.3% Linked Quarter +3.3% Year-Over-Year Excluding Notable Items1 +4.3% Linked Quarter +2.4% Year-Over-Year

U.S. Bancorp 12 ▪ Year-over-year, adjusted noninterest expense decreased due to ongoing expense management, a focus on operational efficiencies, and synergies from the Union Bank acquisition, partially offset by higher marketing and business development expense. ▪ On a linked quarter basis, adjusted noninterest expense decreased due to lower compensation and employee benefits expense, partially offset by higher net occupancy, equipment, marketing and business development expenses. $ in millions 1 Non-GAAP; see slide 9 and the appendix for calculations and description of notable items 2Q24 1Q24 2Q23 Compensation & Benefits $2,619 $2,691 $2,646 Technology & Communications 509 507 522 Occupancy & Equipment 316 296 316 Professional Services 116 110 141 Marketing/Business Development 158 136 122 All Other 470 454 512 Total Noninterest Expense, Adjusted1 $4,188 $4,194 $4,259 Notable Items1 26 265 310 Total Noninterest Expense, Reported $4,214 $4,459 $4,569 Noninterest Expense Reported -5.5% Linked Quarter -7.8% Year-Over-Year Excluding Notable Items1 -0.1% Linked Quarter -1.7% Year-Over-Year

U.S. Bancorp 13 Capital Accretion 9.1% 9.7% 9.9% 10.0% 10.3% 2Q23 3Q23 4Q23 1Q24 2Q24 Ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology 2nd Quarter Highlights • Strong CET1 capital accretion of ~30bps, net of distributions, reflective of our diversified business mix and enhanced earnings profile with Union Bank. • 2024 CCAR results largely impacted by Fed assumption of “industry-wide” declines in noninterest income and higher provision expense; Preliminary stress capital buffer increased to 3.1 percent. • Planned capital actions included a 2% increase to our quarterly common dividend in the fourth quarter subject to Board approval. 7.6% CET1 Ratio Regulatory Minimum Binding Capital Constraint 120 basis points of CET1 capital accretion since 2Q23

U.S. Bancorp 141 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and descriptions of notable items 3Q 2024 Guidance Mid-single digit growth vs. FY 2023 of ~$10.8B Net interest income1 FY 2024 Guidance Net interest income1 Total noninterest expense, as adjusted2 Total noninterest income, as adjusted2 $16.8B or less $16.1B to $16.4B Guidance – 3Q and FY 2024 Relatively stable vs. Q2 2024 of $4,052M

U.S. Bancorp 15 Interconnectedness will drive our growth Core Differentiators Key Priorities Building on a strong foundation that will chart our path forward Deepen relationships Enhance experiences National franchise Strategic partnerships Digital enablement Innovative connections Diversified business mix Total Fee Revenue > 40% Risk management discipline Proven TTC underwriting capabilities Industry-leading returns Adj. 5-year avg ROTCE >18% 2 1 TTC: through the cycle 2 Data as of 12/31/23 and covers years 2019 through 2023; ROTCE: Return on Tangible Common Equity; Non-GAAP; see appendix for calculation and description of notable items 1

U.S. Bancorp 16 Appendix

U.S. Bancorp 17 $388.8 $371.1 $374.7 2Q 2023 1Q 2024 2Q 2024 Average Loans +1.0% linked quarter -3.6% year-over-year $ in billions ▪ On a year-over-year basis, average total loans decline was driven by lower commercial, commercial real estate, and other retail loans, partially offset by higher credit card loans. ▪ On a linked quarter basis, average total loans increase was driven by higher commercial loans and credit card loans, partially offset by lower total commercial real estate loans and other retail loans. Average % of Average Change vs. 2Q 2024 Balance Total 1Q24 2Q23 Commercial $134 36% 2.7 % (2.7) % Commercial Real Estate 52 14% (1.4) (4.8) Residential Mortgages 117 31% 0.7 (1.0) Credit Card 29 8% 1.5 8.8 Other Retail 43 11% (1.0) (17.1) Total Loans $375 1.0 % (3.6) %

U.S. Bancorp 18 Average Deposits +2.2% linked quarter +3.3% year-over-year $ in billions ▪ On a year-over-year basis, average total deposits increase was driven by higher interest-bearing deposits, that were partially offset by a decline in noninterest-bearing deposits. ▪ On a linked quarter basis, average total deposits grew primarily from growth in interest-bearing deposits that was partially offset by a decline in noninterest-bearing deposits. Noninterest-bearing Interest-bearing 2Q23 1Q24 2Q24 Average Average Change vs. 2Q 2024 Balance 1Q24 2Q23 Noninterest-bearing deposits $83 (1.6) % (26.7) % Money market savings 208 6.0 36.3 Interest checking 126 0.6 (1.8) Savings accounts 39 (6.7) (34.1) Time deposits 58 4.4 31.9 Total interest-bearing deposits $431 2.9 % 12.3 % Total Deposits $514 2.2 % 3.3 % $513.9$503.1$497.3

U.S. Bancorp 19 $ in billions 2Q24 1Q24 4Q23 3Q23 2Q23 Total U.S. Bancorp shareholders’ equity $56.4 $55.6 $55.3 $53.1 $53.0 Basel III Standardized Approach 1 Common equity tier 1 capital ratio 10.3 % 10.0 % 9.9 % 9.7 % 9.1 % Tier 1 capital ratio 11.9 % 11.6 % 11.5 % 11.2 % 10.6 % Total risk-based capital ratio 14.0 % 13.7 % 13.7 % 13.4 % 12.7 % Leverage ratio 8.1 % 8.1 % 8.1 % 7.9 % 7.5 % Tangible common equity to tangible assets 2 5.4 % 5.2 % 5.3 % 5.0 % 4.8 % Tangible common equity to risk-weighted assets 2 8.0 % 7.8 % 7.7 % 7.0 % 6.8 % Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology 2 10.2 % 9.9 % 9.7 % 9.5 % 8.9 % 1 Ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 2 Non-GAAP; see appendix for calculations Capital Position

U.S. Bancorp 20 • Total credit card fee revenue (credit/debit/prepaid) improved 1.4% YoY, driven by 4.3% credit fee growth. • Merchant processing fee revenue improved 4.1% YoY primarily due to sales growth. • Corporate payments fee revenue improved 2.6% YoY with improvement in corporate freight spending. Segment 1Q 2Q 3Q 4Q Card1 stable Corporate Payments stable Merchant Processing Merchant Processing Corporate PaymentsTotal Card Payment Fees as a % of Total Net Revenue (2Q24) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue2 Tech-led3 Merchant Processing Fee Revenue Growth Multiyear investments in e-commerce and tech-led are expected to continue to drive growth – increasing to 33% of merchant processing revenue and growing 10% YoY â â â á á á á á á â +1.4% Year-Over-Year +4.1% Year-Over-Year +2.6% Year-Over-Year 1 1 Includes Prepaid Card 2 Linked quarter change based on trends from 2015 – 2019 3 Tech-led includes digital, omni-commerce and e-commerce as well as investments in integrated software providers Payment Services +4.3% Credit only Fee Revenue Growth Rates 6.6% 6.2% 2.9%84.3% 10% 89% 2Q24 vs 2Q23 2Q24 vs 2Q19

U.S. Bancorp 21 $138,085 $134,720 $131,096 $130,767 $134,339 0.26 % 0.27 % 0.26 % 0.36 % 0.43 % Average Loans Reported NCO% 2Q23 3Q23 4Q23 1Q24 2Q24 Credit Quality – Commercial Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 1.8% (2.4)% (2.7)% (0.3)% 2.7% Linked Quarter Growth Key Points ▪ Average loans increased by 2.7% on a linked quarter basis ▪ Utilization increased quarter over quarter to 25.2% at 2Q24 versus 24.5% at 1Q24 ▪ Non-performing loans ratio remained relatively flat quarter-over-quarter $ in millions 2Q23 1Q24 2Q24 Average Loans $138,085 $130,767 $134,339 30-89 Delinquencies 0.25 % 0.23 % 0.21 % 90+ Delinquencies 0.04 % 0.08 % 0.06 % Non-performing Loans 0.17 % 0.41 % 0.41 % Revolving Line Utilization Trend 4Q 15 2Q 16 4Q 16 2Q 17 4Q 17 2Q 18 4Q 18 2Q 19 4Q 19 2Q 20 4Q 20 2Q 21 4Q 21 2Q 22 4Q 22 2Q 23 4Q 23 2Q 24 15% 20% 25% 30% 35%

U.S. Bancorp 22 Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.2)% (1.2)% (0.8)% (1.5)% (1.4)% ▪ Average loans decreased by 1.4% on a linked quarter basis ▪ Non-performing loans ratio increased 14bps, primarily driven by Office 1 SFR = Single Family Residential $54,934 $54,253 $53,825 $53,037 $52,289 0.19 % 0.36 % 0.52 % 0.16 % 0.28 % Average Loans Reported NCO% 2Q23 3Q23 4Q23 1Q24 2Q24 CRE by Loan Type Mortgage 58% Owner Occupied 20% Construction 22% CRE by Property Class SFR Construction 8% Owner Occupied 20% Multi-Family 34% Office 13% Industrial 11% Other 14% $ in millions 2Q23 1Q24 2Q24 Average Loans $54,934 $53,037 $52,289 30-89 Delinquencies 0.13 % 0.04 % 0.04 % 90+ Delinquencies — % — % 0.02 % Non-performing Loans 0.87 % 1.71 % 1.85 % 1

U.S. Bancorp 23 Credit Quality – Residential Mortgage Key Points ▪ Average loans increased slightly on a linked quarter basis ▪ Continued low losses and non-performing loans were supported by strong portfolio credit quality and collateral values ▪ Originations continued to reflect high credit quality (weighted average credit score of 772, weighted average LTV of 72%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1 Non-GAAP; see appendix for calculations and description of notable items $117,606 $114,627 $115,196 $115,639 $116,478 -0.01% 0.39 % 0.00 % 0.00 % -0.01 % Average Loans NCO%, Adjusted Reported NCO% 2Q23 3Q23 4Q23 1Q24 2Q24 $ in millions 2Q23 1Q24 2Q24 Average Loans $117,606 $115,639 $116,478 30-89 Delinquencies 0.11 % 0.12 % 0.12 % 90+ Delinquencies 0.08 % 0.12 % 0.15 % Non-performing Loans 0.18 % 0.13 % 0.13 % 1.1% (2.5)% 0.5% 0.4% 0.7% 1 Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 $— $187 $374 -0.01%

U.S. Bancorp 24 $26,046 $26,883 $27,753 $27,942 $28,349 3.06 % 3.25 % 3.65 % 4.26 % 4.47 % Average Loans Reported NCO% 2Q23 3Q23 4Q23 1Q24 2Q24 Credit Quality – Credit Card Key Points ▪ Average loans increased by 1.5% on a linked quarter basis ▪ Net charge-off rate increased to 4.47% while both early and late state delinquencies moderated from 1Q24 Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1.9% 3.2% 3.2% 0.7% 1.5% Linked Quarter Growth $ in millions 2Q23 1Q24 2Q24 Average Loans $26,046 $27,942 $28,349 30-89 Delinquencies 1.15 % 1.40 % 1.34 % 90+ Delinquencies 1.02 % 1.42 % 1.30 % Non-performing Loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 $— $200 $400 $600 $800

U.S. Bancorp 25 Credit Quality – Other Retail Key Points ▪ Average loans decreased by (1.0)% on a linked quarter basis ▪ Net charge-offs and non-performing loans remain stable Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1 Non-GAAP; see appendix for calculations and description of notable items Linked Quarter Growth (2.7)% (11.0)% (3.0)% (2.9)% (1.0)% $52,146 $46,394 $44,986 $43,685 $43,230 1.69 % 0.53 % 0.47 % 0.51 % 0.45 % Average Loans NCO% Adjusted Reported NCO% 2Q23 3Q23 4Q23 1Q24 2Q24 Auto Loans 19% Installment 33% Home Equity 30% Retail Leasing 10% Revolving Credit 8% $ in millions 2Q23 1Q24 2Q24 Average Loans $52,146 $43,685 $43,230 30-89 Delinquencies 0.50 % 0.55 % 0.54 % 90+ Delinquencies 0.12 % 0.15 % 0.14 % Non-performing Loans 0.27 % 0.32 % 0.33 % 1 0.22%

U.S. Bancorp 26 Non-GAAP Financial Measures (1), (2) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) June 30, 2024 March 31, 2024 June 30, 2023 Net interest income $ 4,023 $ 3,985 $ 4,415 Taxable-equivalent adjustment (1) 29 30 34 Net interest income, on a taxable-equivalent basis 4,052 4,015 4,449 Net interest income, on a taxable-equivalent basis (as calculated above) 4,052 4,015 4,449 Noninterest income 2,815 2,700 2,726 Less: Securities gains (losses), net (36) 2 3 Total net revenue, excluding net securities gains (losses) (a) 6,903 6,713 7,172 Noninterest expense (b) 4,214 4,459 4,569 Efficiency ratio (b)/(a) 61.0 % 66.4 % 63.7 % Total net revenue, excluding net securities gains (losses) (as calculated above) $ 6,903 $ 6,713 $ 7,172 Less: Notable Items (2) — — (22) Total net revenue, excluding net securities gains (losses) and notable items (c) $ 6,903 $ 6,713 $ 7,194 Noninterest expense 4,214 4,459 4,569 Less: Notable items (2) 26 265 310 Noninterest expense, excluding notable items (d) 4,188 4,194 4,259 Efficiency ratio, excluding notable items (d)/(c) 60.7 % 62.5 % 59.2 % Net income attributable to U.S. Bancorp $ 1,603 $ 1,319 $ 1,361 Less: Notable items (2) (19) (199) (432) Net income attributable to U.S. Bancorp, excluding notable items 1,622 1,518 1,793 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,524 6,105 7,192 Average assets (f) 665,504 653,909 673,012 Return on average assets, excluding notable items (e)/(f) 0.98 % 0.93 % 1.07 % Net income applicable to U.S. Bancorp common shareholders $ 1,518 $ 1,209 $ 1,281 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (19) (198) (429) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,537 1,407 1,710 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 6,182 5,659 6,859 Average common equity (h) 49,221 48,859 47,014 Return on average common equity, excluding notable items (g)/(h) 12.6 % 11.6 % 14.6 % Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (i) $ 1,537 $ 1,407 $ 1,710 Average diluted common shares outstanding (j) 1,561 1,559 1,533 Diluted earnings per common share, excluding notable items (i)/(j) $ 0.98 $ 0.90 $ 1.12

U.S. Bancorp 27 Three Months Ended (Dollars in Millions, Unaudited) June 30, 2024 March 31, 2024 June 30, 2023 Net income applicable to U.S. Bancorp common shareholders $ 1,518 $ 1,209 $ 1,281 Intangibles amortization (net-of-tax) 113 115 126 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,631 1,324 1,407 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 6,560 5,325 5,643 Average total equity 56,492 56,131 54,287 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (463) (464) (465) Average goodwill (net of deferred tax liability) (3) (11,457) (11,473) (11,527) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (2,087) (2,208) (2,530) Average tangible common equity (b) 35,677 35,178 32,957 Return on tangible common equity (a)/(b) 18.4 % 15.1 % 17.1 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,631 $ 1,324 $ 1,407 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (19) (198) (429) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,650 1,522 1,836 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 6,636 6,121 7,364 Average tangible common equity (as calculated above) (d) 35,677 35,178 32,957 Return on tangible common equity, excluding notable items (c)/(d) 18.6 % 17.4 % 22.3 % (2), (3) – see last page in appendix for corresponding notes Non-GAAP Financial Measures

U.S. Bancorp 28 Non-GAAP Financial Measures (2) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) June 30, 2023 Net charge-offs $ 649 Less: Notable items (2) 309 Net charge-offs, excluding notable items 340 Annualized net charge-offs, excluding notable items (a) 1,364 Average loan balances (b) 388,817 Net charge-off ratio, excluding notable items (a)/(b) 0.35 % Provision for Credit Losses Combined, Reported $ 821 Less: Notable items (2) 243 Provision for Credit Losses Combined, Adjusted 578 Residential Mortgage loan net charge-offs $ 114 Less: Notable items (2) 117 Net charge-offs, excluding notable items (3) Annualized net charge-offs, excluding notable items (c) (12) Residential Mortgage average loan balances (d) 117,606 Residential Mortgage loan net charge-off ratio, excluding notable items (c)/(d) (0.01) % Other Retail loan net charge-offs $ 220 Less: Notable items (2) 192 Net charge-offs, excluding notable items 28 Annualized net charge-offs, excluding notable items (e) 112 Other Retail average loan balances (f) 52,146 Other Retail loan net charge-off ratio, excluding notable items (e)/(f) 0.22 %

U.S. Bancorp 29 Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 Total equity $ 56,885 $ 56,033 $ 55,771 $ 53,578 $ 53,484 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (465) (465) (465) (465) (465) Goodwill (net of deferred tax liability) (3) (11,449) (11,459) (11,480) (11,470) (11,493) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (2,047) (2,158) (2,278) (2,370) (2,490) Tangible common equity (a) 36,116 35,143 34,740 32,465 32,228 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation 46,239 45,239 44,947 44,655 42,944 Adjustments (4) (433) (433) (866) (867) (866) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (b) 45,806 44,806 44,081 43,788 42,078 Total assets 680,058 683,606 663,491 668,039 680,825 Goodwill (net of deferred tax liability) (3) (11,449) (11,459) (11,480) (11,470) (11,493) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (2,047) (2,158) (2,278) (2,370) (2,490) Tangible assets (c) 666,562 669,989 649,733 654,199 666,842 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related t the current expected credit losses methodology implementation (d) 449,111 452,831 453,390 462,250 473,393 Adjustments (5) (368) (368) (736) (736) (735) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (e) 448,743 452,463 452,654 461,514 472,658 Common shares outstanding (f) 1,560 1,560 1,558 1,557 1,533 Ratios Tangible common equity to tangible assets (a)/(c) 5.4% 5.2% 5.3% 5.0% 4.8% Tangible common equity to risk-weighted assets (a)/(d) 8.0 7.8 7.7 7.0 6.8 Common tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e) 10.2 9.9 9.7 9.5 8.9 Tangible book value per common share (a)/(f) $ 23.15 $ 22.53 $ 22.30 $ 20.85 $ 21.02 (3), (4), (5) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies. * * *

U.S. Bancorp 30 Non-GAAP Financial Measures (2) – see last page in appendix for corresponding notes Year Ended (Dollars in Millions, Unaudited) December 31, 2023 Total noninterest income $ 10,617 Less: notable items (2) (140) Total noninterest income, as adjusted 10,757

U.S. Bancorp 31 Non-GAAP Financial Measures ($ in millions) Six Months Ended June 30, 2024 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 6,054 Consumer and Business Banking 4,637 Payment Services 3,448 Treasury and Corporate Support (557) Total Company 13,582 Less Treasury and Corporate Support (557) Total Company excluding Treasury and Corporate Support $ 14,139 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 45 % Consumer and Business Banking 34 % Payment Services 25 % Treasury and Corporate Support (4) % Total Company 100 % Percent of Total Company excluding Treasury and Corporate Support Wealth, Corporate, Commercial and Institutional Banking 43 % Consumer and Business Banking 33 % Payment Services 24 % Total Company excluding Treasury and Corporate Support 100 %

U.S. Bancorp 32 Non-GAAP Financial Measures (2) – see last page in appendix for corresponding notes (2)

U.S. Bancorp 33 Notes 1. 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. 2. Notable items for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items of $265 million ($199 million net-of-tax) for the three months ended March 31, 2024 included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items of $575 million ($432 million net-of-tax) for the three months ended June 30, 2023 included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges, $243 million of provision for credit losses related to balance sheet repositioning and capital management actions, and $309 million of net charge-offs related to balance sheet repositioning and capital management actions. Notable items for the year-ended December 31, 2023 of $2.2 billion ($1.6 billion net-of-tax, including a $70 million discrete tax benefit) included $(140) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $1.0 billion of merger and integration-related charges, $734 million of FDIC special assessment charges, a $110 million charitable contribution and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions. Notable items for the year-ended December 31, 2022 of $1.5 million ($1.1 billion net-of-tax) included $(399) million of noninterest income related to balance sheet repositioning and capital management actions, $329 million of merger and integration-related charges and $791 million of provision for credit losses related to the acquisition of Union Bank and balance sheet optimization activities. 3. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 4. Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes. 5. Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology.

U.S. Bancorp 34

Cover Page	Jul. 17, 2024
Entity Listings [Line Items]
Document Type	8-K
Document Period End Date	Jul. 17, 2024
Entity Registrant Name	US BANCORP DE
Entity File Number	1-6880
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0255900
Entity Address, Address Line One	800 Nicollet Mall
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	651
Local Phone Number	466-3000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000036104
Amendment Flag	false
Floating Rate Notes, Series CC (Senior), due May 21, 2028
Entity Listings [Line Items]
Title of 12(b) Security	Floating Rate Notes, Series CC (Senior), due May 21, 2028
Trading Symbol	USB/28
Security Exchange Name	NYSE
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032
Entity Listings [Line Items]
Title of 12(b) Security	4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032
Trading Symbol	USB/32
Security Exchange Name	NYSE
Common Stock, $.01 par value per share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	USB
Security Exchange Name	NYSE
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrA
Security Exchange Name	NYSE
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrH
Security Exchange Name	NYSE
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrP
Security Exchange Name	NYSE
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrQ
Security Exchange Name	NYSE
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrR
Security Exchange Name	NYSE
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Entity Listings [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrS
Security Exchange Name	NYSE

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