Quartergate

Document 1

EX-99.1 2 a4q24earningsrelease.htm EX-99.1 Document


4Q24 Key Financial Data							4Q24 and Full Year Financial Highlights

	PROFITABILITY METRICS	4Q24	3Q24	4Q23	Full Year 2024	Full Year 2023	4Q24 •Net income of $1,745 million and diluted earnings per common share of $1.07, as adjusted for notable items. Results included notable items of $109 million ($82 million net-of-tax) related to lease impairments and operational efficiency actions •Return on tangible common equity of 18.3%, return on average assets of 1.03%, and efficiency ratio of 59.9%, as adjusted for notable items •Positive operating leverage of 190 basis points, as adjusted for notable items •Net revenue of $7,009 million, including $4,176 million of net interest income on a taxable-equivalent basis •Noninterest expense decreased slightly year-over-year and on a linked quarter basis, as adjusted for notable items •CET1 capital ratio of 10.6% at December 31, 2024 Full Year •Net income of $6,299 million as reported, $6,599 million as adjusted for notable items •Diluted earnings per common share of $3.79 as reported, $3.98 as adjusted for notable items •Noninterest income increased 3.9% year-over-year, excluding securities gains (losses), net and prior year notable items
	Return on average assets (%)	.98	1.03	.52	.95	.82
	Return on average common equity (%)	12.1	12.4	6.4	11.7	10.8
	Return on tangible common equity (%) (a)	17.4	17.9	10.5	17.2	16.9
	Net interest margin (%)	2.71	2.74	2.78	2.70	2.90
	Efficiency ratio (%) (a)	61.5	60.2	75.9	62.3	66.7
	Tangible efficiency ratio (%) (a)	59.5	58.2	73.6	60.2	64.5

	INCOME STATEMENT (b)	4Q24	3Q24	4Q23	Full Year 2024	Full Year 2023
	Net interest income (taxable-equivalent basis)	$4,176	$4,166	$4,142	$16,409	$17,527
	Noninterest income	$2,833	$2,698	$2,620	$11,046	$10,617
	Noninterest expense	$4,311	$4,204	$5,219	$17,188	$18,873
	Net income attributable to U.S. Bancorp	$1,663	$1,714	$847	$6,299	$5,429
	Diluted earnings per common share	$1.01	$1.03	$.49	$3.79	$3.27
	Dividends declared per common share	$.50	$.50	$.49	$1.98	$1.93

	BALANCE SHEET (b)	4Q24	3Q24	4Q23	Full Year 2024	Full Year 2023
	Average total loans	$375,655	$374,070	$372,856	$373,875	$381,275
	Average total deposits	$512,313	$508,757	$502,782	$509,515	$505,663
	Net charge-off ratio (%)	.60	.60	.49	.58	.50
	Book value per common share (period end)	$33.19	$33.34	$31.13
	Basel III standardized CET1 (%) (c)	10.6	10.5	9.9

	(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 fourth quarter we posted diluted earnings per share of $1.07 and delivered a return on tangible common equity of 18.3%, both as adjusted for notable items. Year-over-year top line revenue growth and continued expense discipline resulted in 190 basis points of positive operating leverage on an adjusted basis. Both full year and linked quarter results showcased the benefits of effective balance sheet management, earning asset repricing and mix, as well as our diversified business model. Noninterest income benefited from strong year-over-year growth in commercial products as well as trust and investment management fees as we're seeing the results of greater “interconnectedness” play out in the form of deeper relationships, an enhanced product set, and broader distribution across the franchise. Credit quality remains stable, and our CET1 capital ratio ended the year at 10.6% as we balanced continued capital accretion with a modest initial share buyback this quarter. As we move into 2025, we are well positioned to deliver industry-leading returns on tangible common equity and remain confident in our strategy for future growth and our ability to deliver meaningful positive operating leverage. In closing, I would like to extend our sincerest thoughts to those impacted by the devastating wildfires in California. We are closely monitoring this situation and stand ready to assist our many employees, clients, and communities in their time of need.”

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


Business and Other Highlights

Global Fund Services Team Wins Multiple Awards

The U.S. Bank Global Fund Services team was recently named "Best Administrator - Overall" at the Hedgeweek EU Emerging Manager Summit and "Best ETF Custodian" at the ETF Express U.S. ETF Awards. U.S. Bank Global Fund Services provides clients with strategic insights, technology solutions, best-in-class services and financial strength.

U.S. Bank SBA Lending Increases 74 Percent from Fiscal 2023

U.S. Bank showed remarkable growth in U.S. Small Business Administration (SBA) lending in fiscal year 2024, as the bank helped thousands of small business clients expand their businesses. U.S. Bank approved more than 3,100 loans tallying $708.2 million in SBA 7(a) loans. U.S. Bank's 2024 SBA loan volume was 5th-most among SBA lenders and up from 13th-most in fiscal 2023.

In-store and Online Payments Streamlined with New Elavon Payment Gateway

Elavon, a wholly-owned subsidiary of U.S. Bank, announced the launch of its unified cloud-based Elavon Payment Gateway technology, enhancing payment experiences for both merchants and consumers. This new technology allows merchants to accept payments in-store, online and via mobile devices, all on the same global platform. It also integrates with digital wallets including Paze, Apple Pay and Google Pay while including the latest fraud management tools, giving consumers both choice and security.


Notable Item Impacts 4Q24 ($ in millions, except per share data)	Income Before Taxes	Net Income Attributable to U.S. Bancorp	Diluted Earnings Per Common Share
Reported	$2,138	$1,663	$1.01
Notable items	109	82	.06
Adjusted	$2,247	$1,745	$1.07

Notable Items
($ in millions)	4Q24	3Q24	4Q23
Lease impairments and operational efficiency actions	$109	$—	$—
Balance sheet optimization	—	—	118
Merger and integration charges	—	—	171
FDIC special assessment	—	—	734
Foundation contribution	—	—	110
Notable items	109	—	1,133
Tax expense (a)	(27)	—	(353)
Notable items, net of tax expense	$82	$—	$780
(a) 4Q23 includes $70 million of favorable discrete tax settlements


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


			U.S. Bancorp Fourth Quarter 2024 Results


INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)						ADJUSTED (a) (b)
				Percent Change					Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23

Net interest income	$4,146	$4,135	$4,111	.3	.9	$4,146	$4,135	$4,111	.3	.9
Taxable-equivalent adjustment	30	31	31	(3.2)	(3.2)	30	31	31	(3.2)	(3.2)
Net interest income (taxable-equivalent basis)	4,176	4,166	4,142	.2	.8	4,176	4,166	4,142	.2	.8
Noninterest income	2,833	2,698	2,620	5.0	8.1	2,833	2,698	2,738	5.0	3.5
Total net revenue	7,009	6,864	6,762	2.1	3.7	7,009	6,864	6,880	2.1	1.9
Noninterest expense	4,311	4,204	5,219	2.5	(17.4)	4,202	4,204	4,204	—	—
Income before provision and income taxes	2,698	2,660	1,543	1.4	74.9	2,807	2,660	2,676	5.5	4.9
Provision for credit losses	560	557	512	.5	9.4	560	557	512	.5	9.4
Income before taxes	2,138	2,103	1,031	1.7	nm	2,247	2,103	2,164	6.8	3.8
Income taxes and taxable-equivalent adjustment	468	381	170	22.8	nm	495	381	523	29.9	(5.4)
Net income	1,670	1,722	861	(3.0)	94.0	1,752	1,722	1,641	1.7	6.8
Net (income) loss attributable to noncontrolling interests	(7)	(8)	(14)	12.5	50.0	(7)	(8)	(14)	12.5	50.0
Net income attributable to U.S. Bancorp	$1,663	$1,714	$847	(3.0)	96.3	$1,745	$1,714	$1,627	1.8	7.3
Net income applicable to U.S. Bancorp common shareholders	$1,581	$1,601	$766	(1.2)	nm	$1,662	$1,601	$1,541	3.8	7.9
Diluted earnings per common share	$1.01	$1.03	$.49	(1.9)	nm	$1.07	$1.03	$.99	3.9	8.1

(a)4Q24 excludes $109 million ($82 million net-of-tax) of notable items related to lease impairments and operational efficiency actions. 4Q23 excludes $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) of notable items including: $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution.

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


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

Net interest income	$16,289	$17,396	(6.4)	$16,289	$17,396	(6.4)
Taxable-equivalent adjustment	120	131	(8.4)	120	131	(8.4)
Net interest income (taxable-equivalent basis)	16,409	17,527	(6.4)	16,409	17,527	(6.4)
Noninterest income	11,046	10,617	4.0	11,046	10,757	2.7
Total net revenue	27,455	28,144	(2.4)	27,455	28,284	(2.9)
Noninterest expense	17,188	18,873	(8.9)	16,788	17,020	(1.4)
Income before provision and income taxes	10,267	9,271	10.7	10,667	11,264	(5.3)
Provision for credit losses	2,238	2,275	(1.6)	2,238	2,032	10.1
Income before taxes	8,029	6,996	14.8	8,429	9,232	(8.7)
Income taxes and taxable-equivalent adjustment	1,700	1,538	10.5	1,800	2,166	(16.9)
Net income	6,329	5,458	16.0	6,629	7,066	(6.2)
Net (income) loss attributable to noncontrolling interests	(30)	(29)	(3.4)	(30)	(29)	(3.4)
Net income attributable to U.S. Bancorp	$6,299	$5,429	16.0	$6,599	$7,037	(6.2)
Net income applicable to U.S. Bancorp common shareholders	$5,909	$5,051	17.0	$6,207	$6,648	(6.6)
Diluted earnings per common share	$3.79	$3.27	15.9	$3.98	$4.31	(7.7)

(c)2024 excludes $400 million ($300 million net-of-tax) of notable items including: $109 million of lease impairments and operational efficiency actions, $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment. 2023 excludes $2.2 billion ($1.6 billion net-of-tax, including a $70 million discrete tax benefit) of notable items including: $(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.

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


			U.S. Bancorp Fourth Quarter 2024 Results

Net income attributable to U.S. Bancorp was $1,663 million for the fourth quarter of 2024, $816 million higher than the $847 million for the fourth quarter of 2023 and $51 million lower than the $1,714 million for the third quarter of 2024. Diluted earnings per common share was $1.01 in the fourth quarter of 2024, compared with $0.49 in the fourth quarter of 2023 and $1.03 in the third quarter of 2024. The fourth quarter of 2024 included notable items of $82 million or ($0.06) per diluted common share. The fourth quarter of 2023 included notable items of $780 million or ($0.50) per diluted common share. Excluding the impact of notable items, net income attributable to U.S. Bancorp for the fourth quarter of 2024 was $1,745 million, $118 million higher than the fourth quarter of 2023 and $31 million higher than the third quarter of 2024.

The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to higher total net revenue and lower noninterest expense driven by higher notable items in the prior year quarter, partially offset by an increase in the provision for credit losses. Excluding notable items, pretax income in the fourth quarter of 2024 increased 3.8 percent compared with a year ago. Net interest income increased 0.8 percent on a year-over-year taxable-equivalent basis, due to higher rates on earning assets and balance sheet growth, partially offset by higher funding costs driven by interest rates on deposits, mix and pricing. The net interest margin decreased to 2.71 percent in the fourth quarter of 2024 from 2.78 percent in the fourth quarter of 2023, driven by balance sheet composition partially offset by the factors described above. Noninterest income increased 8.1 percent compared with a year ago (3.5 percent excluding prior year notable items) driven by higher trust and investment management fees and commercial products revenue, partially offset by lower mortgage banking revenue and other revenue. Noninterest expense decreased 17.4 percent primarily due to higher notable items in the prior year quarter and lower professional services, marketing and business development, and other noninterest expense, partially offset by higher compensation and employee benefits expense. Excluding notable items in both quarters, noninterest expense in the fourth quarter of 2024 decreased slightly compared with the fourth quarter of 2023. The provision for credit losses increased $48 million (9.4 percent) compared with the fourth quarter of 2023, largely driven by higher losses on credit card and commercial loans.

Net income attributable to U.S. Bancorp decreased on a linked quarter basis primarily due to notable items in the fourth quarter of 2024 and higher income tax provision, partially offset by higher total net revenue. Excluding notable items in the fourth quarter of 2024, pretax income increased 6.8 percent on a linked quarter basis. Net interest income increased 0.2 percent on a taxable-equivalent basis. The net interest margin decreased to 2.71 percent in the fourth quarter of 2024 from 2.74 percent in the third quarter of 2024, driven by slightly higher average earning assets. Noninterest income in the fourth quarter of 2024 increased 5.0 percent from the third quarter of 2024 primarily due to higher trust and investment management fees, higher other revenue, and net losses on securities sales in the prior quarter, partially offset by lower payments revenue, commercial products revenue and mortgage banking revenue. Noninterest expense in the fourth quarter of 2024 increased by 2.5 percent from the third quarter of 2024 primarily due to notable items, partially offset by lower compensation and employee benefits expense. Excluding notable items in the fourth quarter of 2024, noninterest expense decreased slightly on a linked quarter basis. The provision for credit losses increased $3 million (0.5 percent) compared with the third quarter of 2024.


			U.S. Bancorp Fourth Quarter 2024 Results


NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)										Change
	4Q 2024			3Q 2024			4Q 2023			4Q24 vs 3Q24			4Q24 vs 4Q23			Full Year 2024			Full Year 2023			Change

Components of net interest income
Income on earning assets	$	7,862		$	8,117		$	7,795		$	(255)		$	67		$	31,789		$	30,144		$	1,645
Expense on interest-bearing liabilities	3,686			3,951			3,653			(265)			33			15,380			12,617			2,763
Net interest income	$	4,176		$	4,166		$	4,142		$	10		$	34		$	16,409		$	17,527		$	(1,118)

Average yields and rates paid
Earning assets yield	5.10		%	5.33		%	5.22		%	(.23)		%	(.12)		%	5.24		%	4.98		%	.26		%
Rate paid on interest-bearing liabilities	2.91			3.14			3.02			(.23)			(.11)			3.09			2.65			.44
Gross interest margin	2.19		%	2.19		%	2.20		%	—		%	(.01)		%	2.15		%	2.33		%	(.18)		%
Net interest margin	2.71		%	2.74		%	2.78		%	(.03)		%	(.07)		%	2.70		%	2.90		%	(.20)		%

Average balances
Investment securities (a)	$	171,325		$	166,899		$	161,885		$	4,426		$	9,440		$	166,634		$	162,757		$	3,877
Loans	375,655			374,070			372,856			1,585			2,799			373,875			381,275			(7,400)
Interest-bearing deposits with banks	50,368			50,547			47,532			(179)			2,836			51,215			49,000			2,215
Earning assets	614,268			607,180			594,244			7,088			20,024			606,641			605,199			1,442
Interest-bearing liabilities	504,439			500,382			479,700			4,057			24,739			498,182			476,178			22,004

(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the fourth quarter of 2024 was $4,176 million, an increase of $34 million (0.8 percent) from the fourth quarter of 2023. The increase was primarily due to the impact of higher rates on earning assets and balance sheet growth, partially offset by higher funding costs due to interest rates on deposits, mix and pricing. Average earning assets were $20.0 billion (3.4 percent) higher than the fourth quarter of 2023, reflecting increases of $9.4 billion (5.8 percent) in average investment securities due to balance sheet positioning and liquidity management, $2.8 billion (0.8 percent) in average total loans, $2.8 billion (6.0 percent) in average interest-bearing deposits with banks, and $4.1 billion (41.7 percent) in other earning assets.

Net interest income on a taxable-equivalent basis increased $10 million (0.2 percent) on a linked quarter basis. Average earning assets were $7.1 billion (1.2 percent) higher on a linked quarter basis, reflecting increases of $4.4 billion (2.7 percent) in average investment securities due to balance sheet positioning and liquidity management, $1.6 billion (0.4 percent) in average total loans and $1.0 billion (7.8 percent) in other earning assets.

The net interest margin in the fourth quarter of 2024 was 2.71 percent, compared with 2.78 percent in the fourth quarter of 2023 and 2.74 percent in the third quarter of 2024. The decrease in the net interest margin from the prior year was driven by changes in balance sheet composition, partially offset by factors mentioned above. The decrease in the net interest margin from the prior quarter was driven by slightly higher average earning assets.


			U.S. Bancorp Fourth Quarter 2024 Results


AVERAGE LOANS
($ in millions)				Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change

Commercial	$131,180	$128,979	$126,884	1.7	3.4	$129,235	$130,544	(1.0)
Lease financing	4,204	4,159	4,212	1.1	(.2)	4,177	4,339	(3.7)
Total commercial	135,384	133,138	131,096	1.7	3.3	133,412	134,883	(1.1)

Commercial mortgages	39,308	40,343	42,089	(2.6)	(6.6)	40,513	42,894	(5.6)
Construction and development	10,563	11,111	11,736	(4.9)	(10.0)	11,144	11,752	(5.2)
Total commercial real estate	49,871	51,454	53,825	(3.1)	(7.3)	51,657	54,646	(5.5)

Residential mortgages	118,406	117,559	115,196	.7	2.8	117,026	115,922	1.0

Credit card	29,438	28,994	27,753	1.5	6.1	28,683	26,570	8.0

Retail leasing	4,035	4,088	4,167	(1.3)	(3.2)	4,097	4,665	(12.2)
Home equity and second mortgages	13,446	13,239	12,977	1.6	3.6	13,181	12,829	2.7
Other	25,075	25,598	27,842	(2.0)	(9.9)	25,819	31,760	(18.7)
Total other retail	42,556	42,925	44,986	(.9)	(5.4)	43,097	49,254	(12.5)

Total loans	$375,655	$374,070	$372,856	.4	.8	$373,875	$381,275	(1.9)

Average total loans for the fourth quarter of 2024 were $2.8 billion (0.8 percent) higher than the fourth quarter of 2023. The increase was primarily due to higher total commercial loans (3.3 percent), residential mortgages (2.8 percent) and credit card loans (6.1 percent), partially offset by lower total commercial real estate loans (7.3 percent) and total other retail loans (5.4 percent). The increase in commercial loans was primarily due to growth in corporate banking. The increase in residential mortgages was primarily driven by originations. The increase in credit card loans was primarily driven by customer account growth and higher spend volume. The decrease in commercial real estate loans was primarily due to loan workout activities and payoffs exceeding a reduced level of new originations. The decrease in other retail loans was primarily due to lower automobile loans.

Average total loans were $1.6 billion (0.4 percent) higher than the third quarter of 2024. The increase was primarily due to higher total commercial loans (1.7 percent) and residential mortgages (0.7 percent), partially offset by lower total commercial real estate loans (3.1 percent). Linked quarter changes were primarily driven by similar factors as the year-over-year changes.


			U.S. Bancorp Fourth Quarter 2024 Results


AVERAGE DEPOSITS
($ in millions)				Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change

Noninterest-bearing deposits	$82,909	$80,939	$90,590	2.4	(8.5)	$83,007	$107,768	(23.0)
Interest-bearing savings deposits
Interest checking	125,111	125,631	127,445	(.4)	(1.8)	125,365	129,341	(3.1)
Money market savings	206,557	206,546	187,322	—	10.3	204,509	166,272	23.0
Savings accounts	41,200	36,814	44,728	11.9	(7.9)	39,625	55,590	(28.7)
Total savings deposits	372,868	368,991	359,495	1.1	3.7	369,499	351,203	5.2
Time deposits	56,536	58,827	52,697	(3.9)	7.3	57,009	46,692	22.1
Total interest-bearing deposits	429,404	427,818	412,192	.4	4.2	426,508	397,895	7.2
Total deposits	$512,313	$508,757	$502,782	.7	1.9	$509,515	$505,663	.8

Average total deposits for the fourth quarter of 2024 were $9.5 billion (1.9 percent) higher than the fourth quarter of 2023. Average noninterest-bearing deposits decreased $7.7 billion (8.5 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average total savings deposits were $13.4 billion (3.7 percent) higher year-over-year driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $3.8 billion (7.3 percent) higher than the fourth quarter of 2023 mainly within Consumer and Business Banking, partially offset by decreases within Wealth, Corporate, Commercial and Institutional 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 $3.6 billion (0.7 percent) from the third quarter of 2024. On a linked quarter basis, average noninterest-bearing deposits increased $2.0 billion (2.4 percent) reflecting an increase within Wealth, Corporate, Commercial and Institutional Banking, partially offset by a decrease within Consumer and Business Banking. Average total savings deposits increased $3.9 billion (1.1 percent) driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $2.3 billion (3.9 percent) lower on a linked quarter basis due to decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.


			U.S. Bancorp Fourth Quarter 2024 Results


NONINTEREST INCOME
($ in millions)				Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change

Card revenue	$433	$426	$436	1.6	(.7)	$1,679	$1,630	3.0
Corporate payment products revenue	191	203	182	(5.9)	4.9	773	759	1.8
Merchant processing services	419	440	409	(4.8)	2.4	1,714	1,659	3.3
Trust and investment management fees	703	667	621	5.4	13.2	2,660	2,459	8.2
Service charges	314	302	324	4.0	(3.1)	1,253	1,306	(4.1)
Commercial products revenue	364	397	326	(8.3)	11.7	1,523	1,372	11.0
Mortgage banking revenue	116	155	137	(25.2)	(15.3)	627	570	10.0
Investment products fees	87	84	73	3.6	19.2	330	279	18.3
Securities gains (losses), net	(1)	(119)	2	99.2	nm	(154)	(27)	nm
Other	207	143	228	44.8	(9.2)	641	750	(14.5)
Total before balance sheet optimization	2,833	2,698	2,738	5.0	3.5	11,046	10,757	2.7
Balance sheet optimization	—	—	(118)	—	nm	—	(140)	nm
Total noninterest income	$2,833	$2,698	$2,620	5.0	8.1	$11,046	$10,617	4.0

Fourth quarter noninterest income of $2,833 million was $213 million (8.1 percent) higher than the fourth quarter of 2023. Excluding notable items of $(118) million in the fourth quarter of 2023, noninterest income in the fourth quarter of 2024 increased $95 million (3.5 percent) from the prior year quarter. The increase was driven by higher payment services revenue, trust and investment management fees and commercial products revenue. Payment services revenue increased $16 million (1.6 percent) compared with the fourth quarter of 2023. Within payment services revenue, corporate payments products revenue increased $9 million (4.9 percent) due to higher sales volume, and merchant processing revenue increased $10 million (2.4 percent) due to business volume growth. Card revenue was impacted by a reduction in prepaid card volumes from a year ago. Trust and investment management fees increased $82 million (13.2 percent) driven by business growth and favorable market conditions. Commercial products revenue increased $38 million (11.7 percent) driven by customer-related derivative activity. Partially offsetting these increases were lower mortgage banking revenue of $21 million (15.3 percent) due to the change in fair value of mortgage servicing rights, net of hedging activities and lower other revenue of $21 million (9.2 percent).

Noninterest income was $135 million (5.0 percent) higher in the fourth quarter of 2024 compared with the third quarter of 2024. The increase was driven by higher trust and investment management fees and other revenue, and prior quarter net losses on securities sales of $119 million. Trust and investment management fees increased $36 million (5.4 percent) driven by business growth and favorable market conditions. Other revenue increased $64 million (44.8 percent) driven by seasonally higher tax-advantaged investment syndication revenue. Partially offsetting these increases were lower payment services revenue, commercial products revenue, and mortgage banking revenue. Payment services revenue decreased $26 million (2.4 percent) compared with the third quarter of 2024. Within payment services revenue, corporate payments products revenue decreased $12 million (5.9 percent) and merchant processing revenue decreased $21 million (4.8 percent), both due to lower sales volume. Commercial products revenue decreased $33 million (8.3 percent) due to lower corporate bond fees. Mortgage banking revenue decreased $39 million (25.2 percent) primarily driven by the change in fair value of mortgage servicing rights, net of hedging activities and lower production volume.


			U.S. Bancorp Fourth Quarter 2024 Results


NONINTEREST EXPENSE
($ in millions)				Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change

Compensation and employee benefits	$2,607	$2,637	$2,509	(1.1)	3.9	$10,554	$10,416	1.3
Net occupancy and equipment	317	317	316	—	.3	1,246	1,266	(1.6)
Professional services	135	130	158	3.8	(14.6)	491	560	(12.3)
Marketing and business development	160	165	196	(3.0)	(18.4)	619	616	.5
Technology and communications	534	524	513	1.9	4.1	2,074	2,049	1.2
Other intangibles	139	142	156	(2.1)	(10.9)	569	636	(10.5)
Other	310	289	356	7.3	(12.9)	1,235	1,477	(16.4)
Total before notable items	4,202	4,204	4,204	—	—	16,788	17,020	(1.4)
Notable items	109	—	1,015	nm	(89.3)	400	1,853	(78.4)
Total noninterest expense	$4,311	$4,204	$5,219	2.5	(17.4)	$17,188	$18,873	(8.9)

Fourth quarter noninterest expense of $4,311 million was $908 million (17.4 percent) lower than the fourth quarter of 2023. Excluding notable items of $109 million in the fourth quarter of 2024 and $1,015 million in the fourth quarter of 2023, fourth quarter noninterest expense decreased $2 million compared with the fourth quarter of 2023. The decrease was driven by lower professional services, marketing and business development, and other noninterest expense, partially offset by higher compensation and employee benefits expense. Professional services expense decreased $23 million (14.6 percent) due to prudent expense management and continued focus on operational efficiency. Marketing and business development expense decreased $36 million (18.4 percent) due to the timing of campaigns. Compensation and employee benefits expense increased $98 million (3.9 percent) compared with the fourth quarter of 2023 primarily due to higher commissions, corporate incentives, and medical expenses.

Noninterest expense increased $107 million (2.5 percent) from the third quarter of 2024. Excluding notable items of $109 million in the fourth quarter of 2024, fourth quarter noninterest expense decreased $2 million on a linked quarter basis primarily driven by lower compensation and employee benefits expense, offset by small increases in several other expense categories. Compensation and employee benefits expense decreased $30 million (1.1 percent) primarily due to operational efficiencies, lower performance-based incentives, and timing of corporate incentives, partially offset by higher medical expenses.

Provision for Income Taxes

The provision for income taxes for the fourth quarter of 2024 resulted in a tax rate of 21.9 percent on a taxable-equivalent basis (effective tax rate of 20.8 percent), compared with 16.5 percent on a taxable-equivalent basis (effective tax rate of 13.9 percent) in the fourth quarter of 2023, and a tax rate of 18.1 percent on a taxable-equivalent basis (effective tax rate of 16.9 percent) in the third quarter of 2024. The fourth quarter of 2023 and third quarter of 2024 included the impact of favorable tax settlements.


			U.S. Bancorp Fourth Quarter 2024 Results


ALLOWANCE FOR CREDIT LOSSES
($ in millions)	4Q 2024	% (a)	3Q 2024	% (a)	2Q 2024	% (a)	1Q 2024	% (a)	4Q 2023	% (a)
Balance, beginning of period	$7,927		$7,934		$7,904		$7,839		$7,790


Net charge-offs
Commercial	140	.42	139	.43	135	.42	109	.35	78	.24
Lease financing	6	.57	8	.77	8	.77	7	.68	7	.66
Total commercial	146	.43	147	.44	143	.43	116	.36	85	.26
Commercial mortgages	44	.45	69	.68	35	.34	15	.15	75	.71
Construction and development	(6)	(.23)	1	.04	1	.04	6	.21	(4)	(.14)
Total commercial real estate	38	.30	70	.54	36	.28	21	.16	71	.52

Residential mortgages	(2)	(.01)	(3)	(.01)	(4)	(.01)	—	—	(1)	—

Credit card	317	4.28	299	4.10	315	4.47	296	4.26	255	3.65

Retail leasing	8	.79	5	.49	3	.29	5	.49	2	.19
Home equity and second mortgages	1	.03	(1)	(.03)	(1)	(.03)	—	—	(1)	(.03)
Other	54	.86	47	.73	46	.71	50	.76	52	.74
Total other retail	63	.59	51	.47	48	.45	55	.51	53	.47
Total net charge-offs	562	.60	564	.60	538	.58	488	.53	463	.49
Provision for credit losses	560		557		568		553		512

Balance, end of period	$7,925		$7,927		$7,934		$7,904		$7,839
Components
Allowance for loan losses	$7,583		$7,560		$7,549		$7,514		$7,379
Liability for unfunded credit commitments	342		367		385		390		460
Total allowance for credit losses	$7,925		$7,927		$7,934		$7,904		$7,839

Gross charge-offs	$697		$669		$652		$595		$559
Gross recoveries	$135		$105		$114		$107		$96

Allowance for credit losses as a percentage of
Period-end loans (%)	2.09		2.12		2.11		2.11		2.10
Nonperforming loans (%)	442		438		438		454		541
Nonperforming assets (%)	433		429		428		443		525

(a) Annualized and calculated on average loan balances


			U.S. Bancorp Fourth Quarter 2024 Results

The Company’s provision for credit losses for the fourth quarter of 2024 was $560 million, compared with $557 million in the third quarter of 2024 and $512 million in the fourth quarter of 2023. The fourth quarter of 2024 provision was $3 million (0.5 percent) higher than the third quarter of 2024 and $48 million (9.4 percent) higher than the fourth quarter of 2023. The increase in provision expense on a year-over-year basis was primarily driven by higher losses on credit card and commercial real estate loans. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, and other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs in the fourth quarter of 2024 were $562 million, compared with $564 million in the third quarter of 2024 and $463 million in the fourth quarter of 2023. The net charge-off ratio was 0.60 percent in the fourth quarter of 2024 and in the third quarter of 2024, compared with 0.49 percent in the fourth quarter of 2023. The decrease in net charge-offs on a linked quarter basis was primarily due to higher recoveries on commercial real estate loans, partially offset by higher charge-offs on credit card and other retail loans. The increase in net charge-offs on a year-over-year basis primarily reflected higher losses on commercial and credit card loans, partially offset by lower losses on commercial real estate loans.

The allowance for credit losses was $7,925 million at December 31, 2024, compared with $7,927 million at September 30, 2024, and $7,839 million at December 31, 2023. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by portfolio growth. The ratio of the allowance for credit losses to period-end loans was 2.09 percent at December 31, 2024, compared with 2.12 percent at September 30, 2024, and 2.10 percent at December 31, 2023. The ratio of the allowance for credit losses to nonperforming loans was 442 percent at December 31, 2024, compared with 438 percent at September 30, 2024, and 541 percent at December 31, 2023.

Nonperforming assets were $1,832 million at December 31, 2024, compared with $1,848 million at September 30, 2024, and $1,494 million at December 31, 2023. The ratio of nonperforming assets to loans and other real estate was 0.48 percent at December 31, 2024, compared with 0.49 percent at September 30, 2024, and 0.40 percent at December 31, 2023. The increase in nonperforming assets on a year-over year basis was primarily due to higher commercial and commercial real estate nonperforming loans. Accruing loans 90 days or more past due were $810 million at December 31, 2024, compared with $738 million at September 30, 2024, and $698 million at December 31, 2023.


			U.S. Bancorp Fourth Quarter 2024 Results


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

Delinquent loan ratios - 90 days or more past due
Commercial	.07	.07	.06	.08	.09
Commercial real estate	.02	.02	.02	—	.01
Residential mortgages	.17	.15	.15	.12	.12
Credit card	1.43	1.36	1.30	1.42	1.31
Other retail	.15	.14	.14	.15	.15
Total loans	.21	.20	.19	.19	.19

Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial	.55	.51	.48	.49	.37
Commercial real estate	1.70	1.85	1.87	1.71	1.46
Residential mortgages	.30	.28	.28	.26	.25
Credit card	1.43	1.36	1.30	1.42	1.31
Other retail	.50	.48	.47	.47	.46
Total loans	.69	.68	.67	.66	.57


ASSET QUALITY (a)
($ in millions)
	Dec 31 2024	Sep 30 2024	Jun 30 2024	Mar 31 2024	Dec 31 2023
Nonperforming loans
Commercial	$644	$560	$531	$522	$349
Lease financing	26	25	25	27	27
Total commercial	670	585	556	549	376

Commercial mortgages	789	853	888	755	675
Construction and development	35	72	71	145	102
Total commercial real estate	824	925	959	900	777

Residential mortgages	152	154	154	155	158
Credit card	—	—	—	—	—
Other retail	147	145	141	137	138
Total nonperforming loans	1,793	1,809	1,810	1,741	1,449

Other real estate	21	21	23	25	26
Other nonperforming assets	18	18	19	20	19
Total nonperforming assets	$1,832	$1,848	$1,852	$1,786	$1,494
Accruing loans 90 days or more past due	$810	$738	$701	$714	$698
Nonperforming assets to loans plus ORE (%)	.48	.49	.49	.48	.40

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


			U.S. Bancorp Fourth Quarter 2024 Results


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

Beginning shares outstanding	1,561	1,560	1,560	1,558	1,557
Shares issued for stock incentive plans,
acquisitions and other corporate purposes	2	1	—	3	1
Shares repurchased	(3)	—	—	(1)	—
Ending shares outstanding	1,560	1,561	1,560	1,560	1,558


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

Total U.S. Bancorp shareholders' equity	$58,578		$58,859		$56,420		$55,568		$55,306

Basel III Standardized Approach (a)
Common equity tier 1 capital	$47,877		$47,164		$46,239		$45,239		$44,947
Tier 1 capital	55,129		54,416		53,491		52,491		52,199
Total risk-based capital	64,375		63,625		62,926		62,203		61,921

Common equity tier 1 capital ratio	10.6	%	10.5	%	10.3	%	10.0	%	9.9	%
Tier 1 capital ratio	12.2		12.2		11.9		11.6		11.5
Total risk-based capital ratio	14.3		14.2		14.0		13.7		13.7
Leverage ratio	8.3		8.3		8.1		8.1		8.1

Tangible common equity to tangible assets (b)	5.8		5.7		5.4		5.2		5.3
Tangible common equity to risk-weighted assets (b)	8.5		8.6		8.0		7.8		7.7
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)	10.5		10.5		10.2		9.9		9.7

(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 $58.6 billion at December 31, 2024, compared with $58.9 billion at September 30, 2024, and $55.3 billion at December 31, 2023. During the third quarter of 2024, the Company's Board of Directors authorized a share repurchase program for up to $5.0 billion of the Company's outstanding common stock effective September 13, 2024. The Company began repurchasing shares, in addition to those currently done in connection with its stock-based compensation plans, in the fourth quarter of 2024.

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 10.6 percent at December 31, 2024, compared with 10.5 percent at September 30, 2024, and 9.9 percent at December 31, 2023. The common equity tier 1 capital to risk-weighted assets ratio, reflecting the full implementation of the current expected credit losses methodology, was 10.5 percent at December 31, 2024, compared with 10.5 percent at September 30, 2024, and 9.7 percent at December 31, 2023.


			U.S. Bancorp Fourth Quarter 2024 Results


Investor Conference Call

On Thursday, January 16, 2025 at 8 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 and 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 11 a.m. CT on Thursday, January 16, 2025. 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 $678 billion in assets as of December 31, 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, including due to bank failures;

•Actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions;

•Uncertainty regarding the content, timing and impact of changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to adverse developments affecting the banking sector;

•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 Fourth 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 Fourth 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 noninterest income, adjusted noninterest expense, adjusted net income, adjusted diluted earnings per common share, and adjusted operating leverage 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 December 31,		Year Ended December 31,
(Unaudited)	2024	2023	2024	2023
Interest Income
Loans	$5,674	$5,742	$23,009	$22,324
Loans held for sale	50	36	173	147
Investment securities	1,326	1,182	5,111	4,485
Other interest income	781	803	3,373	3,051
Total interest income	7,831	7,763	31,666	30,007
Interest Expense
Deposits	2,772	2,751	11,688	8,775
Short-term borrowings	257	332	1,107	1,971
Long-term debt	656	569	2,582	1,865
Total interest expense	3,685	3,652	15,377	12,611
Net interest income	4,146	4,111	16,289	17,396
Provision for credit losses	560	512	2,238	2,275
Net interest income after provision for credit losses	3,586	3,599	14,051	15,121
Noninterest Income
Card revenue	433	436	1,679	1,630
Corporate payment products revenue	191	182	773	759
Merchant processing services	419	409	1,714	1,659
Trust and investment management fees	703	621	2,660	2,459
Service charges	314	324	1,253	1,306
Commercial products revenue	364	326	1,523	1,372
Mortgage banking revenue	116	137	627	540
Investment products fees	87	73	330	279
Securities gains (losses), net	(1)	(116)	(154)	(145)
Other	207	228	641	758
Total noninterest income	2,833	2,620	11,046	10,617
Noninterest Expense
Compensation and employee benefits	2,607	2,509	10,554	10,416
Net occupancy and equipment	317	316	1,246	1,266
Professional services	135	158	491	560
Marketing and business development	160	306	619	726
Technology and communications	534	513	2,074	2,049
Other intangibles	139	156	569	636
Merger and integration charges	—	171	155	1,009
Other	419	1,090	1,480	2,211
Total noninterest expense	4,311	5,219	17,188	18,873
Income before income taxes	2,108	1,000	7,909	6,865
Applicable income taxes	438	139	1,580	1,407
Net income	1,670	861	6,329	5,458
Net (income) loss attributable to noncontrolling interests	(7)	(14)	(30)	(29)
Net income attributable to U.S. Bancorp	$1,663	$847	$6,299	$5,429
Net income applicable to U.S. Bancorp common shareholders	$1,581	$766	$5,909	$5,051

Earnings per common share	$1.01	$.49	$3.79	$3.27
Diluted earnings per common share	$1.01	$.49	$3.79	$3.27
Dividends declared per common share	$.50	$.49	$1.98	$1.93
Average common shares outstanding	1,560	1,557	1,560	1,543
Average diluted common shares outstanding	1,560	1,558	1,561	1,543


CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	December 31, 2024	December 31, 2023
Assets
Cash and due from banks	$56,502	$61,192
Investment securities
Held-to-maturity	78,634	84,045
Available-for-sale	85,992	69,706
Loans held for sale	2,573	2,201
Loans
Commercial	139,484	131,881
Commercial real estate	48,859	53,455
Residential mortgages	118,813	115,530
Credit card	30,350	28,560
Other retail	42,326	44,409
Total loans	379,832	373,835
Less allowance for loan losses	(7,583)	(7,379)
Net loans	372,249	366,456
Premises and equipment	3,565	3,623
Goodwill	12,536	12,489
Other intangible assets	5,547	6,084
Other assets	60,720	57,695
Total assets	$678,318	$663,491

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$84,158	$89,989
Interest-bearing	434,151	422,323
Total deposits	518,309	512,312
Short-term borrowings	15,518	15,279
Long-term debt	58,002	51,480
Other liabilities	27,449	28,649
Total liabilities	619,278	607,720
Shareholders' equity
Preferred stock	6,808	6,808
Common stock	21	21
Capital surplus	8,715	8,673
Retained earnings	76,863	74,026
Less treasury stock	(24,065)	(24,126)
Accumulated other comprehensive income (loss)	(9,764)	(10,096)
Total U.S. Bancorp shareholders' equity	58,578	55,306
Noncontrolling interests	462	465
Total equity	59,040	55,771
Total liabilities and equity	$678,318	$663,491


NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Total equity	$59,040			$59,321		$56,885		$56,033		$55,771
Preferred stock	(6,808)			(6,808)		(6,808)		(6,808)		(6,808)
Noncontrolling interests	(462)			(462)		(465)		(465)		(465)
Common equity (a)	51,770			52,051		49,612		48,760		48,498
Goodwill (net of deferred tax liability) (1)	(11,508)			(11,540)		(11,449)		(11,459)		(11,480)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,846)			(1,944)		(2,047)		(2,158)		(2,278)
Tangible common equity (b)	38,416			38,567		36,116		35,143		34,740

Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation	47,877			47,164		46,239		45,239		44,947
Adjustments (2)	(433)			(433)		(433)		(433)		(866)
Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c)	47,444			46,731		45,806		44,806		44,081

Total assets (d)	678,318			686,469		680,058		683,606		663,491
Goodwill (net of deferred tax liability) (1)	(11,508)			(11,540)		(11,449)		(11,459)		(11,480)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,846)			(1,944)		(2,047)		(2,158)		(2,278)
Tangible assets (e)	664,964			672,985		666,562		669,989		649,733

Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (f)	450,498		*	447,476		449,111		452,831		453,390
Adjustments (3)	(368)		*	(368)		(368)		(368)		(736)
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g)	450,130		*	447,108		448,743		452,463		452,654

Ratios *
Common equity to assets (a)/(d)	7.6	%		7.6	%	7.3	%	7.1	%	7.3	%
Tangible common equity to tangible assets (b)/(e)	5.8			5.7		5.4		5.2		5.3
Tangible common equity to risk-weighted assets (b)/(f)	8.5			8.6		8.0		7.8		7.7
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g)	10.5			10.5		10.2		9.9		9.7

	Three Months Ended
	December 31, 2024			September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Net income applicable to U.S. Bancorp common shareholders	$1,581			$1,601		$1,518		$1,209		$766
Intangibles amortization (net-of-tax)	110			112		113		115		123
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization	1,691			1,713		1,631		1,324		889
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (h)	6,727			6,815		6,560		5,325		3,527

Average total equity	59,272			58,744		56,492		56,131		54,779
Average preferred stock	(6,808)			(6,808)		(6,808)		(6,808)		(6,808)
Average noncontrolling interests	(460)			(461)		(463)		(464)		(465)
Average goodwill (net of deferred tax liability) (1)	(11,515)			(11,494)		(11,457)		(11,473)		(11,475)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,885)			(1,981)		(2,087)		(2,208)		(2,295)
Average tangible common equity (i)	38,604			38,000		35,677		35,178		33,736

Return on tangible common equity (h)/(i)	17.4	%		17.9	%	18.4	%	15.1	%	10.5	%

Net interest income	$4,146			$4,135		$4,023		$3,985		$4,111
Taxable-equivalent adjustment (4)	30			31		29		30		31
Net interest income, on a taxable-equivalent basis	4,176			4,166		4,052		4,015		4,142

Net interest income, on a taxable-equivalent basis (as calculated above)	4,176			4,166		4,052		4,015		4,142
Noninterest income	2,833			2,698		2,815		2,700		2,620
Less: Securities gains (losses), net	(1)			(119)		(36)		2		(116)
Total net revenue, excluding net securities gains (losses) (j)	7,010			6,983		6,903		6,713		6,878

Noninterest expense (k)	4,311			4,204		4,214		4,459		5,219
Less: Intangible amortization	139			142		142		146		156
Noninterest expense, excluding intangible amortization (l)	4,172			4,062		4,072		4,313		5,063

Efficiency ratio (k)/(j)	61.5	%		60.2	%	61.0	%	66.4	%	75.9	%
Tangible efficiency ratio (l)/(j)	59.5			58.2		59.0		64.2		73.6

* 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
(Dollars and Shares in Millions, Except Per Share Data, Unaudited)	December 31, 2024		December 31, 2023	Percent Change
Net income applicable to U.S. Bancorp common shareholders	$1,581		$766
Less: Notable items, including the impact of earnings allocated to participating stock awards (1)	(81)		(775)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a)	1,662		1,541

Average diluted common shares outstanding (b)	1,560		1,558
Diluted earnings per common share, excluding notable items (a)/(b)	$1.07		$.99

Net income attributable to U.S. Bancorp	$1,663
Less: Notable items (1)	(82)
Net income attributable to U.S. Bancorp, excluding notable items	1,745
Annualized net income attributable to U.S. Bancorp, excluding notable items (c)	6,942
Average assets (d)	671,907
Return on average assets, excluding notable items (c)/(d)	1.03	%

Net income applicable to U.S. Bancorp common shareholders	$1,581
Intangibles amortization (net-of-tax)	110
Less: Notable items, including the impact of earnings allocated to participating stock awards (1)	(81)
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items	1,772
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization and notable items (e)	7,049

Average total equity	$59,272
Average preferred stock	(6,808)
Average noncontrolling interests	(460)
Average goodwill (net of deferred tax liability) (2)	(11,515)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,885)
Average tangible common equity (f)	38,604
Return on tangible common equity, excluding notable items (e)/(f)	18.3	%

Net interest income	$4,146
Taxable-equivalent adjustment (3)	30
Net interest income, on a taxable-equivalent basis	4,176

Net interest income, on a taxable-equivalent basis (as calculated above)	4,176
Noninterest income	2,833
Less: Securities gains (losses), net	(1)
Total net revenue, excluding net securities gains (losses) (g)	7,010
Noninterest expense	4,311
Less: Notable items (1)	109
Noninterest expense, excluding notable items (h)	4,202
Efficiency ratio, excluding notable items (h)/(g)	59.9	%

Net interest income	$4,146		$4,111
Taxable-equivalent adjustment (3)	30		31
Net interest income, on a taxable-equivalent basis	4,176		4,142

Net interest income, on a taxable-equivalent basis (as calculated above)	4,176		4,142
Noninterest income	2,833		2,620
Total net revenue	7,009		6,762	3.7	%	(i)
Less: Notable items (1)	—		(118)
Total net revenue, excluding notable items	7,009		6,880	1.9	%	(j)

Noninterest expense	4,311		5,219	(17.4)	%	(k)
Less: Notable items (1)	109		1,015
Total noninterest expense, excluding notable items	4,202		4,204	—	%	(l)

Operating leverage (i) - (k)	21.1	%
Operating leverage, excluding notable items (j) - (l)	1.9	%

(1)Notable items of $109 million ($82 million net-of-tax) for the three months ended December 31, 2024 included lease impairments and operational efficiency actions. Notable items of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) for the three months ended December 31, 2023 included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution.

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

(3)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
	Year Ended
(Dollars and Shares in Millions, Except Per Share Data, Unaudited)	December 31, 2024		December 31, 2023		Percent Change
Net income applicable to U.S. Bancorp common shareholders	$5,909		$5,051
Intangible amortization (net-of-tax)	450		502
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a)	6,359		5,553

Average total equity	57,668		54,125
Average preferred stock	(6,808)		(6,808)
Average noncontrolling interests	(462)		(465)
Average goodwill (net of deferred tax liability) (1)	(11,485)		(11,485)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights	(2,040)		(2,480)
Average tangible common equity (b)	36,873		32,887
Return on tangible common equity (a)/(b)	17.2	%	16.9	%

Net interest income	$16,289		$17,396
Taxable-equivalent adjustment (2)	120		131
Net interest income, on a taxable-equivalent basis	16,409		17,527

Net interest income, on a taxable-equivalent basis (as calculated above)	16,409		17,527
Noninterest income	11,046		10,617
Less: Securities gains (losses), net	(154)		(145)
Total net revenue, excluding net securities gains (losses) (c)	27,609		28,289

Noninterest expense (d)	17,188		18,873
Less: Intangibles amortization	569		636
Noninterest expense, excluding intangibles amortization (e)	16,619		18,237

Efficiency ratio (d)/(c)	62.3	%	66.7	%
Tangible efficiency ratio (e)/(c)	60.2	%	64.5	%

Net income applicable to U.S. Bancorp common shareholders	$5,909		$5,051
Less: Notable items, including the impact of earnings allocated to participating stock awards (3)	(298)		(1,597)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (f)	6,207		6,648
Average diluted common shares outstanding (g)	1,561		1,543
Diluted earnings per common share, excluding notable items (f)/(g)	$3.98		$4.31

Noninterest income	$11,046		$10,617
Less: Securities gains (losses), net and notable items (3)	(154)		(167)
Noninterest income, excluding securities gains (losses) and notable items	11,200		10,784		3.9	%

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

(2)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.

(3)Notable items of $400 million ($300 million net-of-tax) for the year ended December 31, 2024 included $109 million of lease impairments and operational efficiency actions, $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment. Notable items of $2.2 billion ($1.6 billion net-of-tax, including a $70 million discrete tax benefit) for the year ended December 31, 2023 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.


Business Line Schedules Fourth 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	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change
Wealth, Corporate, Commercial and Institutional Banking	$1,273	$1,198	$1,160	6.3	9.7	$4,769	$4,664	2.3
Consumer and Business Banking	427	493	471	(13.4)	(9.3)	1,884	2,557	(26.3)
Payment Services	211	285	154	(26.0)	37.0	1,020	1,013	.7
Treasury and Corporate Support	(248)	(262)	(938)	5.3	73.6	(1,374)	(2,805)	51.0
Consolidated Company	$1,663	$1,714	$847	(3.0)	96.3	$6,299	$5,429	16.0

	Income Before Provision and Taxes			Percent Change		Income Before Provision and Taxes
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change
Wealth, Corporate, Commercial and Institutional Banking	$1,747	$1,691	$1,616	3.3	8.1	$6,744	$6,559	2.8
Consumer and Business Banking	650	675	676	(3.7)	(3.8)	2,695	3,489	(22.8)
Payment Services	744	784	666	(5.1)	11.7	2,974	2,744	8.4
Treasury and Corporate Support	(443)	(490)	(1,415)	9.6	68.7	(2,146)	(3,521)	39.1
Consolidated Company	$2,698	$2,660	$1,543	1.4	74.9	$10,267	$9,271	10.7

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 recast and presented on a comparable basis.


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING						Preliminary data
($ in millions)				Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,918	$1,902	$1,975	.8	(2.9)	$7,645	$7,862	(2.8)
Noninterest income	1,161	1,145	1,021	1.4	13.7	4,548	4,141	9.8
Total net revenue	3,079	3,047	2,996	1.1	2.8	12,193	12,003	1.6
Noninterest expense	1,332	1,356	1,380	(1.8)	(3.5)	5,449	5,444	.1
Income before provision and taxes	1,747	1,691	1,616	3.3	8.1	6,744	6,559	2.8
Provision for credit losses	50	94	69	(46.8)	(27.5)	385	340	13.2
Income before income taxes	1,697	1,597	1,547	6.3	9.7	6,359	6,219	2.3
Income taxes and taxable-equivalent adjustment	424	399	387	6.3	9.6	1,590	1,555	2.3
Net income	1,273	1,198	1,160	6.3	9.7	4,769	4,664	2.3
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$1,273	$1,198	$1,160	6.3	9.7	$4,769	$4,664	2.3

Average Balance Sheet Data
Loans	$173,111	$171,833	$171,906	.7	.7	$172,466	$175,836	(1.9)
Other earning assets	11,399	10,740	7,287	6.1	56.4	10,122	6,613	53.1
Goodwill	4,824	4,825	4,825	—	—	4,825	4,682	3.1
Other intangible assets	903	955	1,112	(5.4)	(18.8)	981	1,007	(2.6)
Assets	202,697	200,200	200,502	1.2	1.1	201,362	202,701	(.7)

Noninterest-bearing deposits	56,917	54,317	62,179	4.8	(8.5)	56,760	70,908	(20.0)
Interest-bearing deposits	217,652	215,665	206,622	.9	5.3	214,622	203,038	5.7
Total deposits	274,569	269,982	268,801	1.7	2.1	271,382	273,946	(.9)

Total U.S. Bancorp shareholders' equity	21,234	21,277	22,710	(.2)	(6.5)	21,438	22,366	(4.1)

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, commercial real estate, government and institutional clients.

Wealth, Corporate, Commercial and Institutional Banking generated $1,747 million of income before provision and taxes in the fourth quarter of 2024, compared with $1,616 million in the fourth quarter of 2023, and contributed $1,273 million of the Company’s net income in the fourth quarter of 2024. The provision for credit losses decreased $19 million (27.5 percent) compared with the fourth quarter of 2023 primarily due to higher recoveries on commercial real estate loans. Total net revenue was $83 million (2.8 percent) higher in the fourth quarter of 2024 due to an increase of $140 million (13.7 percent) in total noninterest income, partially offset by a decrease of $57 million (2.9 percent) in net interest income. Net interest income decreased primarily due to higher funding costs driven by deposit mix. Total noninterest income increased primarily due to higher trust and investment management fees due to business growth and favorable market conditions, and higher commercial products revenue due to customer-related derivative activity. Total noninterest expense decreased $48 million (3.5 percent) compared with the fourth quarter of 2023 primarily due to lower compensation and employee benefits expense and other expense.


CONSUMER AND BUSINESS BANKING						Preliminary data
($ in millions)				Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,921	$1,937	$1,957	(.8)	(1.8)	$7,658	$8,683	(11.8)
Noninterest income	367	401	410	(8.5)	(10.5)	1,606	1,675	(4.1)
Total net revenue	2,288	2,338	2,367	(2.1)	(3.3)	9,264	10,358	(10.6)
Noninterest expense	1,638	1,663	1,691	(1.5)	(3.1)	6,569	6,869	(4.4)
Income before provision and taxes	650	675	676	(3.7)	(3.8)	2,695	3,489	(22.8)
Provision for credit losses	80	18	48	nm	66.7	182	78	nm
Income before income taxes	570	657	628	(13.2)	(9.2)	2,513	3,411	(26.3)
Income taxes and taxable-equivalent adjustment	143	164	157	(12.8)	(8.9)	629	854	(26.3)
Net income	427	493	471	(13.4)	(9.3)	1,884	2,557	(26.3)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$427	$493	$471	(13.4)	(9.3)	$1,884	$2,557	(26.3)

Average Balance Sheet Data
Loans	$155,132	$155,304	$155,963	(.1)	(.5)	$155,088	$162,012	(4.3)
Other earning assets	2,738	2,738	2,170	—	26.2	2,410	2,388	.9
Goodwill	4,326	4,326	4,327	—	—	4,326	4,466	(3.1)
Other intangible assets	4,324	4,405	4,926	(1.8)	(12.2)	4,539	5,264	(13.8)
Assets	168,789	168,936	171,866	(.1)	(1.8)	168,913	179,247	(5.8)

Noninterest-bearing deposits	20,220	20,724	23,363	(2.4)	(13.5)	20,810	30,967	(32.8)
Interest-bearing deposits	200,388	200,836	196,012	(.2)	2.2	200,611	185,712	8.0
Total deposits	220,608	221,560	219,375	(.4)	.6	221,421	216,679	2.2

Total U.S. Bancorp shareholders' equity	14,054	14,247	15,374	(1.4)	(8.6)	14,426	16,026	(10.0)

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, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.

Consumer and Business Banking generated $650 million of income before provision and taxes in the fourth quarter of 2024, compared with $676 million in the fourth quarter of 2023, and contributed $427 million of the Company’s net income in the fourth quarter of 2024. The provision for credit losses increased $32 million (66.7 percent)compared with the fourth quarter of 2023 primarily due to normalizing consumer credit conditions. Total net revenue was lower by $79 million (3.3 percent) in the fourth quarter of 2024 due to a decrease of $36 million (1.8 percent) in net interest income and a decrease of $43 million (10.5 percent) in total noninterest income. Net interest income decreased due to higher funding costs driven by interest rates on deposits, mix and pricing. Total noninterest income decreased primarily due to lower service charges and mortgage banking revenue. Total noninterest expense decreased $53 million (3.1 percent) primarily due to lower net shared services expense.


PAYMENT SERVICES						Preliminary data
($ in millions)				Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$729	$727	$676	.3	7.8	$2,831	$2,609	8.5
Noninterest income	1,052	1,073	1,029	(2.0)	2.2	4,198	4,055	3.5
Total net revenue	1,781	1,800	1,705	(1.1)	4.5	7,029	6,664	5.5
Noninterest expense	1,037	1,016	1,039	2.1	(.2)	4,055	3,920	3.4
Income before provision and taxes	744	784	666	(5.1)	11.7	2,974	2,744	8.4
Provision for credit losses	463	404	461	14.6	.4	1,614	1,394	15.8
Income before income taxes	281	380	205	(26.1)	37.1	1,360	1,350	.7
Income taxes and taxable-equivalent adjustment	70	95	51	(26.3)	37.3	340	337	.9
Net income	211	285	154	(26.0)	37.0	1,020	1,013	.7
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$211	$285	$154	(26.0)	37.0	$1,020	$1,013	.7

Average Balance Sheet Data
Loans	$42,023	$41,653	$40,039	.9	5.0	$41,081	$38,471	6.8
Other earning assets	290	8	10	nm	nm	142	97	46.4
Goodwill	3,399	3,370	3,326	.9	2.2	3,357	3,327	.9
Other intangible assets	262	266	319	(1.5)	(17.9)	277	352	(21.3)
Assets	48,550	47,199	45,373	2.9	7.0	47,169	44,291	6.5

Noninterest-bearing deposits	2,592	2,653	2,772	(2.3)	(6.5)	2,685	2,981	(9.9)
Interest-bearing deposits	95	95	99	—	(4.0)	96	103	(6.8)
Total deposits	2,687	2,748	2,871	(2.2)	(6.4)	2,781	3,084	(9.8)

Total U.S. Bancorp shareholders' equity	10,154	9,959	9,695	2.0	4.7	10,005	9,310	7.5

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 $744 million of income before provision and taxes in the fourth quarter of 2024, compared with $666 million in the fourth quarter of 2023, and contributed $211 million of the Company’s net income in the fourth quarter of 2024. The provision for credit losses increased slightly by $2 million (0.4 percent) compared with the fourth quarter of 2023. Total net revenue increased $76 million (4.5 percent) in the fourth quarter of 2024 due to higher net interest income of $53 million (7.8 percent) and higher total noninterest income of $23 million (2.2 percent). Net interest income increased primarily due to higher average loan balances. Total noninterest income increased driven by higher corporate payments products revenue, mainly due to higher sales volume, and higher merchant processing services revenue, driven by business volume growth. Total noninterest expense decreased slightly by $2 million (0.2 percent).


TREASURY AND CORPORATE SUPPORT						Preliminary data
($ in millions)				Percent Change
	4Q 2024	3Q 2024	4Q 2023	4Q24 vs 3Q24	4Q24 vs 4Q23	Full Year 2024	Full Year 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	($392)	($400)	($466)	2.0	15.9	($1,725)	($1,627)	(6.0)
Noninterest income	253	79	160	nm	58.1	694	746	(7.0)
Total net revenue	(139)	(321)	(306)	56.7	54.6	(1,031)	(881)	(17.0)
Noninterest expense	304	169	1,109	79.9	(72.6)	1,115	2,640	(57.8)
Income (loss) before provision and taxes	(443)	(490)	(1,415)	9.6	68.7	(2,146)	(3,521)	39.1
Provision for credit losses	(33)	41	(66)	nm	50.0	57	463	(87.7)
Income (loss) before income taxes	(410)	(531)	(1,349)	22.8	69.6	(2,203)	(3,984)	44.7
Income taxes and taxable-equivalent adjustment	(169)	(277)	(425)	39.0	60.2	(859)	(1,208)	28.9
Net income	(241)	(254)	(924)	5.1	73.9	(1,344)	(2,776)	51.6
Net (income) loss attributable to noncontrolling interests	(7)	(8)	(14)	12.5	50.0	(30)	(29)	(3.4)
Net income (loss) attributable to U.S. Bancorp	($248)	($262)	($938)	5.3	73.6	($1,374)	($2,805)	51.0

Average Balance Sheet Data
Loans	$5,389	$5,280	$4,948	2.1	8.9	$5,240	$4,956	5.7
Other earning assets	224,186	219,624	211,921	2.1	5.8	220,092	214,826	2.5
Goodwill	—	—	—	—	—	—	—	—
Other intangible assets	8	9	10	(11.1)	(20.0)	9	16	(43.8)
Assets	251,871	248,305	233,707	1.4	7.8	246,570	237,201	3.9

Noninterest-bearing deposits	3,180	3,245	2,276	(2.0)	39.7	2,752	2,912	(5.5)
Interest-bearing deposits	11,269	11,222	9,459	.4	19.1	11,179	9,042	23.6
Total deposits	14,449	14,467	11,735	(.1)	23.1	13,931	11,954	16.5

Total U.S. Bancorp shareholders' equity	13,370	12,800	6,535	4.5	nm	11,337	5,958	90.3

Treasury and Corporate Supportincludes 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 $443 million loss before provision and taxes in the fourth quarter of 2024, compared with a $1,415 million loss before provision and taxes in the fourth quarter of 2023, and recorded a net loss of $248 million in the fourth quarter of 2024. The provision for credit losses increased $33 million (50.0 percent) compared with the fourth quarter of 2023 primarily due to less favorable effects in the current quarter related to changes in the economic outlook. Total net revenue was higher by $167 million (54.6 percent) in the fourth quarter of 2024 due to an increase of $74 million (15.9 percent) in net interest income and an increase of $93 million (58.1 percent)in total noninterest income. Net interest income increased primarily due to higher rates on earning assets and balance sheet growth, partially offset by higher funding costs. The increase in total noninterest income was primarily due to the prior year net losses on the sales of securities, partially offset by a decrease in other revenue. Total noninterest expense decreased $805 million (72.6 percent) compared with the fourth quarter of 2023 primarily due to a decline in notable items, partially offset by higher compensation and employee benefits expense.

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.

Document 1

EX-99.2 3 a4q24earningssupplement.htm EX-99.2 Document


Supplemental Consolidated Schedules Fourth Quarter2024


QUARTERLY CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data) (Unaudited)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
Interest Income
Loans	$5,674	$5,862	$5,761	$5,712	$5,742
Loans held for sale	50	45	41	37	36
Investment securities	1,326	1,316	1,294	1,175	1,182
Other interest income	781	863	889	840	803
Total interest income	7,831	8,086	7,985	7,764	7,763
Interest Expense
Deposits	2,772	3,004	3,028	2,884	2,751
Short-term borrowings	257	284	296	270	332
Long-term debt	656	663	638	625	569
Total interest expense	3,685	3,951	3,962	3,779	3,652
Net interest income	4,146	4,135	4,023	3,985	4,111
Provision for credit losses	560	557	568	553	512
Net interest income after provision for credit losses	3,586	3,578	3,455	3,432	3,599
Noninterest Income
Card revenue	433	426	428	392	436
Corporate payment products revenue	191	203	195	184	182
Merchant processing services	419	440	454	401	409
Trust and investment management fees	703	667	649	641	621
Service charges	314	302	322	315	324
Commercial products revenue	364	397	374	388	326
Mortgage banking revenue	116	155	190	166	137
Investment products fees	87	84	82	77	73
Securities gains (losses), net	(1)	(119)	(36)	2	(116)
Other	207	143	157	134	228
Total noninterest income	2,833	2,698	2,815	2,700	2,620
Noninterest Expense
Compensation and employee benefits	2,607	2,637	2,619	2,691	2,509
Net occupancy and equipment	317	317	316	296	316
Professional services	135	130	116	110	158
Marketing and business development	160	165	158	136	306
Technology and communications	534	524	509	507	513
Other intangibles	139	142	142	146	156
Merger and integration charges	—	—	—	155	171
Other	419	289	354	418	1,090
Total noninterest expense	4,311	4,204	4,214	4,459	5,219
Income before income taxes	2,108	2,072	2,056	1,673	1,000
Applicable income taxes	438	350	445	347	139
Net income	1,670	1,722	1,611	1,326	861
Net (income) loss attributable to noncontrolling interests	(7)	(8)	(8)	(7)	(14)
Net income attributable to U.S. Bancorp	$1,663	$1,714	$1,603	$1,319	$847
Net income applicable to U.S. Bancorp common shareholders	$1,581	$1,601	$1,518	$1,209	$766

Earnings per common share	$1.01	$1.03	$.97	$.78	$.49
Diluted earnings per common share	$1.01	$1.03	$.97	$.78	$.49
Dividends declared per common share	$.50	$.50	$.49	$.49	$.49
Average common shares outstanding	1,560	1,561	1,560	1,559	1,557
Average diluted common shares outstanding	1,560	1,561	1,561	1,559	1,558
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)	2.71	2.74	2.67	2.70	2.78
Return on average assets	.98	1.03	.97	.81	.52
Return on average common equity	12.1	12.4	12.4	10.0	6.4
Efficiency ratio	61.5	60.2	61.0	66.4	75.9


CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
Assets		(Unaudited)	(Unaudited)	(Unaudited)
Cash and due from banks	$56,502	$73,562	$65,832	$76,985	$61,192
Investment securities
Held-to-maturity	78,634	80,025	81,486	82,948	84,045
Available-for-sale	85,992	81,704	79,799	72,426	69,706
Loans held for sale	2,573	3,211	2,582	2,080	2,201
Loans
Commercial	139,484	133,638	135,248	134,726	131,881
Commercial real estate	48,859	50,619	51,887	52,677	53,455
Residential mortgages	118,813	118,034	117,147	116,079	115,530
Credit card	30,350	29,037	28,715	27,844	28,560
Other retail	42,326	42,836	43,136	43,262	44,409
Total loans	379,832	374,164	376,133	374,588	373,835
Less allowance for loan losses	(7,583)	(7,560)	(7,549)	(7,514)	(7,379)
Net loans	372,249	366,604	368,584	367,074	366,456
Premises and equipment	3,565	3,585	3,570	3,537	3,623
Goodwill	12,536	12,573	12,476	12,479	12,489
Other intangible assets	5,547	5,488	5,757	6,031	6,084
Other assets	60,720	59,717	59,972	60,046	57,695
Total assets	$678,318	$686,469	$680,058	$683,606	$663,491

Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$84,158	$86,838	$86,756	$91,220	$89,989
Interest-bearing	434,151	434,293	437,029	436,843	422,323
Total deposits	518,309	521,131	523,785	528,063	512,312
Short-term borrowings	15,518	23,708	16,557	17,102	15,279
Long-term debt	58,002	54,839	52,720	52,693	51,480
Other liabilities	27,449	27,470	30,111	29,715	28,649
Total liabilities	619,278	627,148	623,173	627,573	607,720
Shareholders' equity
Preferred stock	6,808	6,808	6,808	6,808	6,808
Common stock	21	21	21	21	21
Capital surplus	8,715	8,729	8,688	8,642	8,673
Retained earnings	76,863	76,057	75,231	74,473	74,026
Less treasury stock	(24,065)	(24,010)	(24,020)	(24,023)	(24,126)
Accumulated other comprehensive income (loss)	(9,764)	(8,746)	(10,308)	(10,353)	(10,096)
Total U.S. Bancorp shareholders' equity	58,578	58,859	56,420	55,568	55,306
Noncontrolling interests	462	462	465	465	465
Total equity	59,040	59,321	56,885	56,033	55,771
Total liabilities and equity	$678,318	$686,469	$680,058	$683,606	$663,491


CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
(Dollars in Millions, Unaudited)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
Assets
Investment securities	$171,325	$166,899	$167,020	$161,236	$161,885
Loans held for sale	3,009	2,757	2,382	2,002	2,154
Loans
Commercial
Commercial	131,180	128,979	130,162	126,602	126,884
Lease financing	4,204	4,159	4,177	4,165	4,212
Total commercial	135,384	133,138	134,339	130,767	131,096
Commercial real estate
Commercial mortgages	39,308	40,343	40,871	41,545	42,089
Construction and development	10,563	11,111	11,418	11,492	11,736
Total commercial real estate	49,871	51,454	52,289	53,037	53,825
Residential mortgages	118,406	117,559	116,478	115,639	115,196
Credit card	29,438	28,994	28,349	27,942	27,753
Other retail
Retail leasing	4,035	4,088	4,185	4,082	4,167
Home equity and second mortgages	13,446	13,239	13,053	12,983	12,977
Other	25,075	25,598	25,992	26,620	27,842
Total other retail	42,556	42,925	43,230	43,685	44,986
Total loans	375,655	374,070	374,685	371,070	372,856
Interest-bearing deposits with banks	50,368	50,547	53,056	50,903	47,532
Other earning assets	13,911	12,907	11,749	10,924	9,817
Total earning assets	614,268	607,180	608,892	596,135	594,244
Allowance for loan losses	(7,599)	(7,576)	(7,550)	(7,438)	(7,270)
Unrealized gain (loss) on investment securities	(6,416)	(6,291)	(7,464)	(7,121)	(8,806)
Other assets	71,654	71,327	71,626	72,333	73,280
Total assets	$671,907	$664,640	$665,504	$653,909	$651,448

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$82,909	$80,939	$83,418	$84,787	$90,590
Interest-bearing deposits
Interest checking	125,111	125,631	125,709	125,011	127,445
Money market savings	206,557	206,546	208,386	196,502	187,322
Savings accounts	41,200	36,814	38,855	41,645	44,728
Time deposits	56,536	58,827	57,541	55,116	52,697
Total interest-bearing deposits	429,404	427,818	430,491	418,274	412,192
Short-term borrowings	17,607	17,723	17,098	16,364	18,645
Long-term debt	57,428	54,841	52,875	52,713	48,863
Total interest-bearing liabilities	504,439	500,382	500,464	487,351	479,700
Other liabilities	25,287	24,575	25,130	25,640	26,379
Shareholders' equity
Preferred equity	6,808	6,808	6,808	6,808	6,808
Common equity	52,004	51,475	49,221	48,859	47,506
Total U.S. Bancorp shareholders' equity	58,812	58,283	56,029	55,667	54,314
Noncontrolling interests	460	461	463	464	465
Total equity	59,272	58,744	56,492	56,131	54,779
Total liabilities and equity	$671,907	$664,640	$665,504	$653,909	$651,448


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

		For the Three Months Ended December 31,
		2024				2023
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities (b)	$171,325	$1,346	3.14	%	$161,885	$1,202	2.97	%		5.8	%
Loans held for sale	3,009	50	6.73		2,154	36	6.69			39.7
Loans (c)
Commercial	135,384	2,111	6.20		131,096	2,210	6.69			3.3
Commercial real estate	49,871	784	6.25		53,825	880	6.49			(7.3)
Residential mortgages	118,406	1,169	3.95		115,196	1,090	3.78			2.8
Credit card	29,438	963	13.01		27,753	921	13.17			6.1
Other retail	42,556	658	6.15		44,986	652	5.75			(5.4)
Total loans	375,655	5,685	6.03		372,856	5,753	6.13			.8
Interest-bearing deposits with banks	50,368	610	4.82		47,532	677	5.65			6.0
Other earning assets	13,911	171	4.87		9,817	127	5.12			41.7
Total earning assets	614,268	7,862	5.10		594,244	7,795	5.22			3.4
Allowance for loan losses	(7,599)				(7,270)					(4.5)
Unrealized gain (loss) on investment securities	(6,416)				(8,806)					27.1
Other assets	71,654				73,280					(2.2)
Total assets	$671,907				$651,448					3.1

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$82,909				$90,590					(8.5)	%
Interest-bearing deposits
Interest checking	125,111	358	1.14		127,445	369	1.15			(1.8)
Money market savings	206,557	1,743	3.36		187,322	1,813	3.84			10.3
Savings accounts	41,200	85	.82		44,728	29	.26			(7.9)
Time deposits	56,536	586	4.13		52,697	540	4.06			7.3
Total interest-bearing deposits	429,404	2,772	2.57		412,192	2,751	2.65			4.2
Short-term borrowings	17,607	257	5.81		18,645	333	7.09			(5.6)
Long-term debt	57,428	657	4.55		48,863	569	4.62			17.5
Total interest-bearing liabilities	504,439	3,686	2.91		479,700	3,653	3.02			5.2
Other liabilities	25,287				26,379					(4.1)
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	52,004				47,506					9.5
Total U.S. Bancorp shareholders' equity	58,812				54,314					8.3
Noncontrolling interests	460				465					(1.1)
Total equity	59,272				54,779					8.2
Total liabilities and equity	$671,907				$651,448					3.1
Net interest income		$4,176				$4,142
Gross interest margin			2.19	%			2.20	%
Gross interest margin without taxable-equivalent increments			2.17				2.18

Percent of Earning Assets
Interest income			5.10	%			5.22	%
Interest expense			2.39				2.44
Net interest margin			2.71	%			2.78	%
Net interest margin without taxable-equivalent increments			2.69	%			2.76	%

(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)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
	December 31, 2024				September 30, 2024
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities (b)	$171,325	$1,346	3.14	%	$166,899	$1,335	3.20	%		2.7	%
Loans held for sale	3,009	50	6.73		2,757	45	6.44			9.1
Loans (c)
Commercial	135,384	2,111	6.20		133,138	2,217	6.63			1.7
Commercial real estate	49,871	784	6.25		51,454	841	6.50			(3.1)
Residential mortgages	118,406	1,169	3.95		117,559	1,160	3.95			.7
Credit card	29,438	963	13.01		28,994	987	13.54			1.5
Other retail	42,556	658	6.15		42,925	669	6.20			(.9)
Total loans	375,655	5,685	6.03		374,070	5,874	6.25			.4
Interest-bearing deposits with banks	50,368	610	4.82		50,547	694	5.46			(.4)
Other earning assets	13,911	171	4.87		12,907	169	5.19			7.8
Total earning assets	614,268	7,862	5.10		607,180	8,117	5.33			1.2
Allowance for loan losses	(7,599)				(7,576)					(.3)
Unrealized gain (loss) on investment securities	(6,416)				(6,291)					(2.0)
Other assets	71,654				71,327					.5
Total assets	$671,907				$664,640					1.1

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$82,909				$80,939					2.4	%
Interest-bearing deposits
Interest checking	125,111	358	1.14		125,631	399	1.26			(.4)
Money market savings	206,557	1,743	3.36		206,546	1,930	3.72			—
Savings accounts	41,200	85	.82		36,814	28	.30			11.9
Time deposits	56,536	586	4.13		58,827	647	4.37			(3.9)
Total interest-bearing deposits	429,404	2,772	2.57		427,818	3,004	2.79			.4
Short-term borrowings	17,607	257	5.81		17,723	284	6.38			(.7)
Long-term debt	57,428	657	4.55		54,841	663	4.81			4.7
Total interest-bearing liabilities	504,439	3,686	2.91		500,382	3,951	3.14			.8
Other liabilities	25,287				24,575					2.9
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	52,004				51,475					1.0
Total U.S. Bancorp shareholders' equity	58,812				58,283					.9
Noncontrolling interests	460				461					(.2)
Total equity	59,272				58,744					.9
Total liabilities and equity	$671,907				$664,640					1.1
Net interest income		$4,176				$4,166
Gross interest margin			2.19	%			2.19	%
Gross interest margin without taxable-equivalent increments			2.17				2.17

Percent of Earning Assets
Interest income			5.10	%			5.33	%
Interest expense			2.39				2.59
Net interest margin			2.71	%			2.74	%
Net interest margin without taxable-equivalent increments			2.69	%			2.72	%

(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent. (b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)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 Year Ended December 31,
	2024				2023
(Dollars in Millions) (Unaudited)	Average Balances	Interest	Yields and Rates		Average Balances	Interest	Yields and Rates		% Change Average Balances
Assets
Investment securities (b)	$166,634	$5,189	3.11	%	$162,757	$4,566	2.81	%		2.4	%
Loans held for sale	2,539	173	6.82		2,461	147	5.98			3.2
Loans (c)
Commercial	133,412	8,717	6.53		134,883	8,662	6.42			(1.1)
Commercial real estate	51,657	3,326	6.44		54,646	3,384	6.19			(5.5)
Residential mortgages	117,026	4,577	3.91		115,922	4,305	3.71			1.0
Credit card	28,683	3,815	13.30		26,570	3,429	12.91			8.0
Other retail	43,097	2,619	6.08		49,254	2,599	5.28			(12.5)
Total loans	373,875	23,054	6.17		381,275	22,379	5.87			(1.9)
Interest-bearing deposits with banks	51,215	2,744	5.36		49,000	2,581	5.27			4.5
Other earning assets	12,378	629	5.08		9,706	471	4.85			27.5
Total earning assets	606,641	31,789	5.24		605,199	30,144	4.98			.2
Allowance for loan losses	(7,541)				(7,138)					(5.6)
Unrealized gain (loss) on investment securities	(6,820)				(7,985)					14.6
Other assets	71,734				73,364					(2.2)
Total assets	$664,014				$663,440					.1

Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$83,007				$107,768					(23.0)	%
Interest-bearing deposits
Interest checking	125,365	1,505	1.20		129,341	1,334	1.03			(3.1)
Money market savings	204,509	7,580	3.71		166,272	5,654	3.40			23.0
Savings accounts	39,625	165	.42		55,590	90	.16			(28.7)
Time deposits	57,009	2,438	4.28		46,692	1,697	3.63			22.1
Total interest-bearing deposits	426,508	11,688	2.74		397,895	8,775	2.21			7.2
Short-term borrowings	17,201	1,109	6.45		34,141	1,977	5.79			(49.6)
Long-term debt	54,473	2,583	4.74		44,142	1,865	4.22			23.4
Total interest-bearing liabilities	498,182	15,380	3.09		476,178	12,617	2.65			4.6
Other liabilities	25,157				25,369					(.8)
Shareholders' equity
Preferred equity	6,808				6,808					—
Common equity	50,398				46,852					7.6
Total U.S. Bancorp shareholders' equity	57,206				53,660					6.6
Noncontrolling interests	462				465					(.6)
Total equity	57,668				54,125					6.5
Total liabilities and equity	$664,014				$663,440					.1
Net interest income		$16,409				$17,527
Gross interest margin			2.15	%			2.33	%
Gross interest margin without taxable-equivalent increments			2.13				2.31

Percent of Earning Assets
Interest income			5.24	%			4.98	%
Interest expense			2.54				2.08
Net interest margin			2.70	%			2.90	%
Net interest margin without taxable-equivalent increments			2.68	%			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)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments. (c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.


LOAN PORTFOLIO
	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 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	$135,254	35.6	$129,434	34.6	$131,043	34.9	$130,530	34.8	$127,676	34.2
Lease financing	4,230	1.1	4,204	1.1	4,205	1.1	4,196	1.2	4,205	1.1
Total commercial	139,484	36.7	133,638	35.7	135,248	36.0	134,726	36.0	131,881	35.3

Commercial real estate
Commercial mortgages	38,619	10.2	39,602	10.6	40,844	10.9	41,157	11.0	41,934	11.2
Construction and
development	10,240	2.7	11,017	2.9	11,043	2.9	11,520	3.1	11,521	3.1
Total commercial
real estate	48,859	12.9	50,619	13.5	51,887	13.8	52,677	14.1	53,455	14.3

Residential mortgages
Residential mortgages	112,806	29.7	111,790	29.9	110,680	29.4	109,396	29.2	108,605	29.0
Home equity loans, first
liens	6,007	1.6	6,244	1.6	6,467	1.7	6,683	1.8	6,925	1.9
Total residential
mortgages	118,813	31.3	118,034	31.5	117,147	31.1	116,079	31.0	115,530	30.9

Credit card	30,350	8.0	29,037	7.8	28,715	7.6	27,844	7.4	28,560	7.6

Other retail
Retail leasing	4,040	1.0	4,038	1.1	4,178	1.1	4,137	1.1	4,135	1.1
Home equity and second
mortgages	13,565	3.6	13,364	3.6	13,180	3.5	12,932	3.5	13,056	3.5
Revolving credit	3,747	1.0	3,644	1.0	3,597	1.0	3,473	.9	3,668	1.0
Installment	14,373	3.8	14,482	3.9	14,169	3.8	13,921	3.7	13,889	3.7
Automobile	6,601	1.7	7,308	1.9	8,012	2.1	8,799	2.3	9,661	2.6
Total other retail	42,326	11.1	42,836	11.5	43,136	11.5	43,262	11.5	44,409	11.9
Total loans	$379,832	100.0	$374,164	100.0	$376,133	100.0	$374,588	100.0	$373,835	100.0


Supplemental Business Line Schedules Fourth Quarter2024
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)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,918		$1,902		$1,915		$1,910		$1,975
Noninterest Income
Card revenue	—		—		—		—		—
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	702		666		648		640		620
Service charges	140		134		146		134		128
Commercial products revenue	172		205		200		208		149
Mortgage banking revenue	—		—		—		—		—
Investment products fees	87		84		82		77		73
Securities gains (losses), net	—		—		—		—		—
Other	60		56		54		53		51
Total noninterest income	1,161		1,145		1,130		1,112		1,021
Total net revenue	3,079		3,047		3,045		3,022		2,996
Noninterest Expense
Compensation and employee benefits	514		547		564		566		534
Other intangibles	50		52		52		52		55
Net shared services	526		528		521		541		529
Other direct expenses	242		229		225		240		262
Total noninterest expense	1,332		1,356		1,362		1,399		1,380
Income before provision and income taxes	1,747		1,691		1,683		1,623		1,616
Provision for Credit Losses	50		94		100		141		69
Income before income taxes	1,697		1,597		1,583		1,482		1,547
Income taxes and taxable-equivalent adjustment	424		399		396		371		387
Net income	1,273		1,198		1,187		1,111		1,160
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$1,273		$1,198		$1,187		$1,111		$1,160

FINANCIAL RATIOS
Return on average assets	2.50	%	2.38	%	2.35	%	2.24	%	2.30	%
Net interest margin (taxable-equivalent basis)	4.14		4.14		4.20		4.27		4.37
Efficiency ratio	43.3		44.5		44.7		46.3		46.1


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$115,917		$113,805		$115,739		$113,053		$113,393
Commercial real estate	35,612		36,925		37,444		37,976		38,329
Residential mortgages	16,047		15,673		15,159		14,705		14,572
Credit card	—		—		—		—		—
Other retail	5,535		5,430		5,441		5,403		5,612
Total loans	173,111		171,833		173,783		171,137		171,906
Other Earning Assets	11,399		10,740		9,590		8,738		7,287
Total earning assets	184,510		182,573		183,373		179,875		179,193
Non-earning Assets
Goodwill	4,824		4,825		4,824		4,825		4,825
Other intangible assets	903		955		1,007		1,059		1,112
Other non-earning assets	12,460		11,847		14,084		13,501		15,372
Total non-earning assets	18,187		17,627		19,915		19,385		21,309
Total assets	202,697		200,200		203,288		199,260		200,502
Deposits
Noninterest-bearing deposits	56,917		54,317		57,276		58,555		62,179
Interest checking	52,496		53,296		52,031		50,868		51,299
Savings products	153,948		150,333		152,544		145,387		143,199
Time deposits	11,208		12,036		12,241		12,054		12,124
Total deposits	274,569		269,982		274,092		266,864		268,801
Other Interest-bearing Liabilities	15,698		15,885		15,761		15,165		13,846
Other Noninterest-bearing Liabilities	8,765		8,526		10,748		10,060		11,969
Total liabilities	299,032		294,393		300,601		292,089		294,616
Total U.S. Bancorp Shareholders' Equity	21,234		21,277		21,485		21,760		22,710
Noncontrolling Interests	—		—		—		—		—
Total Equity	21,234		21,277		21,485		21,760		22,710
NET INTEREST SPREADS (%)
Total earning assets	1.17		1.18		1.16		1.17		1.17
Total assets	.67		.66		.58		.60		.57
Total deposits	2.69		2.98		3.01		3.07		3.11
Total liabilities	2.65		2.95		3.00		3.05		3.10
CREDIT QUALITY
Net Charge-offs
Commercial	$73		$73		$72		$51		$28
Commercial real estate	46		67		35		13		71
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	—		—		—		1		—
Total net charge-offs	$119		$140		$107		$65		$99
Net Charge-off Ratios
Commercial	.25	%	.26	%	.25	%	.18	%	.10	%
Commercial real estate	.51		.72		.38		.14		.73
Residential mortgages	—		—		—		—		—
Credit card	—		—		—		—		—
Other retail	—		—		—		.07		—
Total net charge-offs	.27	%	.32	%	.25	%	.15	%	.23	%

	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Nonperforming Assets
Nonperforming loans	$1,384		$1,359		$1,353		$1,292		$937
Other nonperforming assets	—		—		1		1		1
Total nonperforming assets	$1,384		$1,359		$1,354		$1,293		$938


WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
OTHER INFORMATION
Average Loan Balances
Commercial real estate division	$44,410	$45,870	$47,144	$47,827	$48,486
Wealth management	28,623	28,040	27,689	27,244	27,407
Institutional client group	85,406	83,497	84,494	81,797	81,174
Global corporate trust & custody	122	134	117	116	167
Other	14,550	14,292	14,339	14,153	14,672
Total	$173,111	$171,833	$173,783	$171,137	$171,906

Average Deposit Balances
Commercial real estate division	$16,917	$16,148	$15,263	$15,574	$16,642
Wealth management	42,649	41,843	42,655	42,179	41,655
Institutional client group	134,114	131,394	134,156	135,073	137,836
Global corporate trust & custody	70,784	70,853	71,397	64,458	62,696
Other	10,105	9,744	10,621	9,580	9,972
Total	$274,569	$269,982	$274,092	$266,864	$268,801

Noninterest Income
Trust and investment management fees
Wealth management	$177	$169	$166	$165	$158
U.S. Bancorp Asset Management	62	61	60	61	57
Global corporate trust & custody	294	276	265	262	258
Fund services	155	149	147	142	138
Other	14	11	10	10	9
Global capital markets	212	247	238	242	188
Treasury management	140	134	146	134	128
All other noninterest income	107	98	98	96	85
Total	$1,161	$1,145	$1,130	$1,112	$1,021

Assets Under Management by Category *
Equity	$81,688	$79,653	$73,940	$70,924	$66,344
Fixed income	214,329	213,602	217,792	212,045	200,607
Money market	171,192	160,592	154,977	155,774	154,250
Other	37,916	35,188	33,622	33,421	33,134
Total	$505,125	$489,035	$480,331	$472,164	$454,335

* 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)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1,921		$1,937		$1,921		$1,879		$1,957
Noninterest Income
Card revenue	2		2		3		3		3
Corporate payment products revenue	—		—		—		—		—
Merchant processing services	—		—		—		—		—
Trust and investment management fees	1		1		1		1		1
Service charges	169		166		174		179		194
Commercial products revenue	5		6		6		6		5
Mortgage banking revenue	116		155		160		166		137
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	74		71		70		69		70
Total noninterest income	367		401		414		424		410
Total net revenue	2,288		2,338		2,335		2,303		2,367
Noninterest Expense
Compensation and employee benefits	547		560		554		560		553
Other intangibles	65		67		67		67		72
Net shared services	701		698		701		700		735
Other direct expenses	325		338		320		299		331
Total noninterest expense	1,638		1,663		1,642		1,626		1,691
Income before provision and income taxes	650		675		693		677		676
Provision for Credit Losses	80		18		30		54		48
Income before income taxes	570		657		663		623		628
Income taxes and taxable-equivalent adjustment	143		164		166		156		157
Net income	427		493		497		467		471
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$427		$493		$497		$467		$471

FINANCIAL RATIOS
Return on average assets	1.01	%	1.16	%	1.18	%	1.11	%	1.09	%
Net interest margin (taxable-equivalent basis)	4.84		4.88		4.91		4.82		4.91
Efficiency ratio	71.6		71.1		70.3		70.6		71.4


CONSUMER AND BUSINESS BANKING							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$4,314		$4,331		$4,060		$3,818		$3,780
Commercial real estate	11,590		11,745		11,941		12,083		12,353
Residential mortgages	102,358		101,885		101,318		100,933		100,623
Credit card	—		—		—		—		—
Other retail	36,870		37,343		37,636		38,122		39,207
Total loans	155,132		155,304		154,955		154,956		155,963
Other Earning Assets	2,738		2,738		2,278		1,879		2,170
Total earning assets	157,870		158,042		157,233		156,835		158,133
Non-earning Assets
Goodwill	4,326		4,326		4,326		4,326		4,327
Other intangible assets	4,324		4,405		4,734		4,696		4,926
Other non-earning assets	2,269		2,163		2,437		3,338		4,480
Total non-earning assets	10,919		10,894		11,497		12,360		13,733
Total assets	168,789		168,936		168,730		169,195		171,866
Deposits
Noninterest-bearing deposits	20,220		20,724		20,914		21,389		23,363
Interest checking	71,103		70,733		72,231		72,898		74,772
Savings products	91,720		90,875		92,497		90,565		87,559
Time deposits	37,565		39,228		37,696		35,335		33,681
Total deposits	220,608		221,560		223,338		220,187		219,375
Other Interest-bearing Liabilities	1,466		1,176		965		1,112		1,222
Other Noninterest-bearing Liabilities	2,051		2,007		2,143		2,117		2,288
Total liabilities	224,125		224,743		226,446		223,416		222,885
Total U.S. Bancorp Shareholders' Equity	14,054		14,247		14,560		14,851		15,374
Noncontrolling Interests	—		—		—		—		—
Total Equity	14,054		14,247		14,560		14,851		15,374
NET INTEREST SPREADS (%)
Total earning assets	1.34		1.33		1.34		1.34		1.33
Total assets	1.02		1.00		1.00		.97		.93
Total deposits	4.31		4.75		4.76		4.77		4.91
Total liabilities	4.28		4.71		4.72		4.73		4.87
CREDIT QUALITY
Net Charge-offs
Commercial	$13		$15		$15		$14		$13
Commercial real estate	1		3		1		1		—
Residential mortgages	(2)		(3)		(4)		—		(1)
Credit card	—		—		—		—		—
Other retail	62		50		47		53		52
Total net charge-offs	$74		$65		$59		$68		$64
Net Charge-off Ratios
Commercial	1.20	%	1.38	%	1.49	%	1.47	%	1.36	%
Commercial real estate	.03		.10		.03		.03		—
Residential mortgages	(.01)		(.01)		(.02)		—		—
Credit card	—		—		—		—		—
Other retail	.67		.53		.50		.56		.53
Total net charge-offs	.19	%	.17	%	.15	%	.18	%	.16	%

	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Nonperforming Assets
Nonperforming loans	$386		$398		$401		$389		$397
Other nonperforming assets	21		21		23		25		26
Total nonperforming assets	$407		$419		$424		$414		$423


CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing	$4,035	$4,087	$4,185	$4,082	$4,167
Home equity and second mortgages	11,022	10,812	10,602	10,527	10,481
Other	21,813	22,444	22,849	23,513	24,559
Total other retail	$36,870	$37,343	$37,636	$38,122	$39,207
Home equity first lien*	$5,498	$5,721	$5,930	$6,145	$6,371
Home equity loans	2,381	2,226	2,028	1,915	1,815
Home equity lines	8,641	8,586	8,574	8,612	8,666
Total home equity	$16,520	$16,533	$16,532	$16,672	$16,852
Net Charge-off Ratios (%)
Retail leasing	.79	.49	.29	.49	.19
Home equity and second mortgages	.04	(.04)	(.04)	—	(.04)
Other	.97	.82	.79	.82	.82
Total other retail	.67	.53	.50	.56	.53
Retail Credit Production
Indirect loan/lease production volume	$1,397	$1,798	$1,929	$1,569	$1,072
Direct branch loan/line production volume	1,430	1,417	1,754	1,382	1,336
Other production volume	547	469	522	375	256
Total retail credit production volume	$3,374	$3,684	$4,205	$3,326	$2,664
Branch and ATM Data
# of branches	2,165	2,187	2,207	2,256	2,274
# of U.S. Bank ATMs	4,489	4,515	4,534	4,522	4,524

* 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)	December 31, 2024	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales (a)	$67	$89		$80		$69		$46
Loan servicing	173	170		176		180		180
Mortgage servicing rights fair value changes
net of economic hedges (b)	(14)	(10)		(6)		(2)		4
Other changes in mortgage servicing rights fair value (c)	(110)	(94)		(90)		(81)		(93)
Total mortgage banking revenue	$116	$155		$160		$166		$137
Mortgage production volume	$10,211	$11,076		$9,449		$7,129		$7,405
Mortgage application volume	$11,087	$17,089		$14,415		$12,531		$9,535
Mortgages serviced for others (d)(e)	$216,648	$215,286		$225,780		$232,907		$233,382
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of December 31, 2024, was as follows:
(Dollars in Millions)		HFA (f)		Government		Conventional (g)		Total
Servicing portfolio (h)		$52,807		$25,139		$138,428		$216,374
Fair value		$856		$512		$2,001		$3,369
Value (bps) (i)		162		204		145		156
Weighted-average servicing fees (bps)		35		45		25		30
Multiple (value/servicing fees)		4.57		4.56		5.69		5.17
Weighted-average note rate		4.92	%	4.35	%	3.87	%	4.18	%
Weighted-average age (in years)		4.5		6.1		5.0		5.0
Weighted-average expected prepayment (constant prepayment rate)		9.9	%	10.2	%	7.8	%	8.6	%
Weighted-average expected life (in years)		7.5		6.8		7.4		7.4
Weighted-average option adjusted spread (j)		5.8	%	6.2	%	5.6	%	5.7	%
(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)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$729		$727		$673		$702		$676
Noninterest Income
Card revenue	431		424		425		389		433
Corporate payment products revenue	191		203		195		184		182
Merchant processing services	419		440		454		401		409
Trust and investment management fees	—		—		—		—		—
Service charges	—		—		—		—		—
Commercial products revenue	—		—		—		—		—
Mortgage banking revenue	—		—		—		—		—
Investment products fees	—		—		—		—		—
Securities gains (losses), net	—		—		—		—		—
Other	11		6		20		5		5
Total noninterest income	1,052		1,073		1,094		979		1,029
Total net revenue	1,781		1,800		1,767		1,681		1,705
Noninterest Expense
Compensation and employee benefits	225		227		226		228		218
Other intangibles	24		23		23		27		29
Net shared services	549		537		520		520		538
Other direct expenses	239		229		223		235		254
Total noninterest expense	1,037		1,016		992		1,010		1,039
Income before provision and income taxes	744		784		775		671		666
Provision for Credit Losses	463		404		388		359		461
Income before income taxes	281		380		387		312		205
Income taxes and taxable-equivalent adjustment	70		95		97		78		51
Net income	211		285		290		234		154
Net (income) loss attributable to noncontrolling interests	—		—		—		—		—
Net income attributable to U.S. Bancorp	$211		$285		$290		$234		$154

FINANCIAL RATIOS
Return on average assets	1.73	%	2.40	%	2.53	%	2.01	%	1.35	%
Net interest margin (taxable-equivalent basis)	6.85		6.94		6.61		7.07		6.70
Efficiency ratio	58.2		56.4		56.1		60.1		60.9


PAYMENT SERVICES							Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$12,439		$12,511		$12,334		$11,705		$12,121
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	29,438		28,994		28,349		27,942		27,753
Other retail	146		148		149		156		165
Total loans	42,023		41,653		40,832		39,803		40,039
Other Earning Assets	290		8		115		153		10
Total earning assets	42,313		41,661		40,947		39,956		40,049
Non-earning Assets
Goodwill	3,399		3,370		3,327		3,331		3,326
Other intangible assets	262		266		281		300		319
Other non-earning assets	2,576		1,902		1,544		3,229		1,679
Total non-earning assets	6,237		5,538		5,152		6,860		5,324
Total assets	48,550		47,199		46,099		46,816		45,373
Deposits
Noninterest-bearing deposits	2,592		2,653		2,706		2,791		2,772
Interest checking	—		—		—		—		—
Savings products	94		94		96		96		98
Time deposits	1		1		1		1		1
Total deposits	2,687		2,748		2,803		2,888		2,871
Other Interest-bearing Liabilities	178		220		342		304		253
Other Noninterest-bearing Liabilities	5,774		5,073		4,712		6,275		4,674
Total liabilities	8,639		8,041		7,857		9,467		7,798
Total U.S. Bancorp Shareholders' Equity	10,154		9,959		9,941		9,965		9,695
Noncontrolling Interests	—		—		—		—		—
Total Equity	10,154		9,959		9,941		9,965		9,695
NET INTEREST SPREADS (%)
Total earning assets	6.21		6.32		6.00		6.46		6.11
Total assets	4.80		4.98		4.75		4.73		4.80
Total deposits	5.48		5.94		6.03		5.99		5.94
Total liabilities	4.74		5.19		5.17		5.31		5.39
CREDIT QUALITY
Net Charge-offs
Commercial	$60		$59		$57		$51		$44
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	317		299		315		296		255
Other retail	1		1		1		1		1
Total net charge-offs	$378		$359		$373		$348		$300
Net Charge-off Ratios
Commercial	1.92	%	1.88	%	1.86	%	1.75	%	1.44	%
Commercial real estate	—		—		—		—		—
Residential mortgages	—		—		—		—		—
Credit card	4.28		4.10		4.47		4.26		3.65
Other retail	2.72		2.69		2.70		2.58		2.40
Total net charge-offs	3.58	%	3.43	%	3.67	%	3.52	%	2.97	%


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


PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
OTHER INFORMATION
Total Noninterest Income
Retail payment solutions	$436	$426	$442	$390	$436
Corporate payment systems	195	207	198	187	184
Global merchant acquiring	421	440	454	402	409
Total	$1,052	$1,073	$1,094	$979	$1,029
Payment Volumes
Retail payment solutions (Issuing)
Credit card	$37,640	$36,912	$36,504	$33,683	$35,604
Debit and prepaid card	27,247	27,299	26,766	25,262	26,169
Total retail payment solutions	$64,887	$64,211	$63,270	$58,945	$61,773

Corporate payment systems (issuing)	$21,859	$23,808	$22,391	$21,477	$21,012

Merchant volume (acquiring)	$142,576	$148,338	$147,809	$137,552	$135,727
# of merchant transactions	2,112,763,544	2,171,741,540	2,136,671,083	1,930,302,342	2,002,532,119


TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions) (Unaudited)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	($392)	($400)	($457)	($476)	($466)
Noninterest Income
Card revenue	—	—	—	—	—
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	—	—	—	—	—
Service charges	5	2	2	2	2
Commercial products revenue	187	186	168	174	172
Mortgage banking revenue	—	—	30	—	—
Investment products fees	—	—	—	—	—
Securities gains (losses), net	(1)	(119)	(36)	2	(116)
Other	62	10	13	7	102
Total noninterest income	253	79	177	185	160
Total net revenue	(139)	(321)	(280)	(291)	(306)
Noninterest Expense
Compensation and employee benefits	1,321	1,303	1,275	1,337	1,204
Other intangibles	—	—	—	—	—
Net shared services	(1,776)	(1,763)	(1,742)	(1,761)	(1,802)
Other direct expenses	759	629	685	848	1,707
Total noninterest expense	304	169	218	424	1,109
Income (loss) before provision and income taxes	(443)	(490)	(498)	(715)	(1,415)
Provision for Credit Losses	(33)	41	50	(1)	(66)
Income (loss) before income taxes	(410)	(531)	(548)	(714)	(1,349)
Income taxes and taxable-equivalent adjustment	(169)	(277)	(185)	(228)	(425)
Net income (loss)	(241)	(254)	(363)	(486)	(924)
Net (income) loss attributable to noncontrolling interests	(7)	(8)	(8)	(7)	(14)
Net income (loss) attributable to U.S. Bancorp	($248)	($262)	($371)	($493)	($938)

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)	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
AVERAGE BALANCE SHEET
Loans
Commercial	$2,714	$2,491	$2,206	$2,191	$1,802
Commercial real estate	2,669	2,784	2,904	2,978	3,143
Residential mortgages	1	1	1	1	1
Credit card	—	—	—	—	—
Other retail	5	4	4	4	2
Total loans	5,389	5,280	5,115	5,174	4,948
Other Earning Assets	224,186	219,624	222,224	214,295	211,921
Total earning assets	229,575	224,904	227,339	219,469	216,869
Non-earning Assets
Goodwill	—	—	—	—	—
Other intangible assets	8	9	9	10	10
Other non-earning assets	22,288	23,392	20,039	19,159	16,828
Total non-earning assets	22,296	23,401	20,048	19,169	16,838
Total assets	251,871	248,305	247,387	238,638	233,707
Deposits
Noninterest-bearing deposits	3,180	3,245	2,522	2,052	2,276
Interest checking	1,512	1,602	1,447	1,245	1,374
Savings products	1,995	2,058	2,104	2,099	1,194
Time deposits	7,762	7,562	7,603	7,726	6,891
Total deposits	14,449	14,467	13,676	13,122	11,735
Other Interest-bearing Liabilities	57,693	55,283	52,905	52,496	52,187
Other Noninterest-bearing Liabilities	8,697	8,969	7,527	7,188	7,448
Total liabilities	80,839	78,719	74,108	72,806	71,370
Total U.S. Bancorp Shareholders' Equity	13,370	12,800	10,043	9,091	6,535
Noncontrolling Interests	460	461	463	464	465
Total Equity	13,830	13,261	10,506	9,555	7,000
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)	$—	$—
Commercial real estate	(9)	—	—	7	—
Residential mortgages	—	—	—	—	—
Credit card	—	—	—	—	—
Other retail	—	—	—	—	—
Total net charge-offs	($9)	$—	($1)	$7	$—
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


	December 31, 2024	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023
Nonperforming Assets
Nonperforming loans	$23	$52	$56	$60	$115
Other nonperforming assets	18	18	18	19	18
Total nonperforming assets	$41	$70	$74	$79	$133

Document 1

EX-99.3 4 earningscallpresentation.htm EX-99.3 earningscallpresentation

U.S. Bank | Confidential 1 U.S. Bancorp 4Q24 Earnings Conference Call January 16, 2025

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 4Q24 Highlights ▪ Positive operating leverage › Solid financial performance driven by year-over-year top line revenue growth and continued expense discipline ▪ Balance sheet management › Effective management of overall funding costs as we continue to prioritize relationship-based deposits ▪ Stable asset quality › Credit trends reflective of broader macroeconomic and credit environment stabilization and seasonality ▪ Prudent capital management › Continued capital accretion net of distributions; Completed initial share repurchases of $100 million this quarter $1.01 | $1.07 10.6% Earnings per share CET1 Ratio2 YoY Adjusted Positive Operating Leverage1 Return on Tangible Common Equity 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 190 bps 17.4% | 18.3% Efficiency Ratio Reported Adjusted1 Reported1 Adjusted1 61.5% | 59.9% Reported1 Adjusted1

U.S. Bancorp 4 4Q24 Results Summary Income Statement Balance Sheet Capital 1 Non-GAAP; see slide 8 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 Reported Adjusted1 Change vs. Adjusted $ in millions, except EPS 4Q24 4Q24 3Q24 4Q23 Net interest income2 $4,176 $4,176 0.2 % 0.8 % Noninterest income 2,833 2,833 5.0 3.5 Noninterest expense 4,311 4,202 — — Net income to Company 1,663 1,745 1.8 7.3 Diluted EPS $1.01 $1.07 3.9 8.1 Change vs. $ in millions 4Q24 3Q24 4Q23 Nonperforming assets $1,832 (0.9) % 22.6 % NPA ratio 0.48 % (1) bps 8 bps Net charge-off ratio 0.60 % — bps 11 bps 90+ Day Delinquency 0.21 % 1 bps 2 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 4Q24 4Q24 3Q24 4Q23 Total assets $678.3 $671.9 1.1 % 3.1 % Earning assets 617.8 614.3 1.2 3.4 Total loans 379.8 375.7 0.4 0.8 Total deposits 518.3 512.3 0.7 1.9 Change vs. 4Q24 3Q24 4Q23 CET1 capital ratio3 10.6 % 10 bps 70 bps Total risk-based capital ratio 14.3 % 10 bps 60 bps Book value per share $33.19 (0.5) % 6.6 % Tangible book value per share1 $24.63 (0.3) % 10.4 % Earnings returned (millions)4 $906 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 0.99% 1.03% 0.52% 1.03% 0.98% Return on Average Assets Adjusted for notable items 4Q23 3Q24 4Q24 12.9% 12.7% 6.4% 12.4% 12.1% Return on Average Common Equity Adjusted for notable items 4Q23 3Q24 4Q24 19.6% 18.3% 10.5% 17.9% 17.4% Return on Tangible Common Equity Adjusted for notable items 4Q23 3Q24 4Q24 75.9% 60.2% 61.5% 61.1% 59.9% 2.78% 2.74% 2.71% Adjusted Efficiency Ratio Efficiency Ratio Net Interest Margin 4Q23 3Q24 4Q24 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 1 1 1 2 1 1 1 1

U.S. Bancorp 6 Sustainable Earnings Power Diversified fee income businesses support our short- and long-term growth objectives Fee income represents 40% of U.S. Bancorp total net revenue1 1 For the year ended December 31, 2024; Taxable-equivalent basis 2 Business line revenue percentages exclude Treasury and Corporate Support; Non-GAAP; 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 Trust & Investment Management revenue Leading market position with sizable distribution, balance sheet, and product advantages Fee revenue differentiators with national reach 32% 43% 25% 37% 17% 60% 63% 83% 40% WCIB CBB Payments Payment Services Consumer & Business Banking (CBB) Wealth, Corporate, Commercial & Institutional Banking (WCIB) Commercial Products revenue FICM focused; full suite of products and technology to support debt underwriting, FX, derivatives and loan syndications

©U.S. Bank | Confidential 7 Execution Through Interconnectedness Trusted, interconnected bank PR O DUC TS REAC H RELATIONSHIPS Select Key initiatives › Bank Smartly Product Suite › Global Capital Markets › Healthcare Verticalization (e.g., Salucro) › Wealth Connectivity › Business Essentials Driving sustainable growth across the franchise

U.S. Bancorp 8 Excluding Notable Items2 Reported % Change Notable Items2 % Change $ in millions, except EPS 4Q24 3Q24 4Q23 vs 3Q24 vs 4Q23 4Q24 3Q24 4Q23 vs 3Q24 vs 4Q23 Net Interest Income $4,146 $4,135 $4,111 0.3 % 0.9 % $— $— $— 0.3 % 0.9 % Taxable-equivalent Adjustment 30 31 31 (3.2) (3.2) — — — (3.2) (3.2) Net Interest Income (taxable-equivalent basis) 4,176 4,166 4,142 0.2 0.8 — — — 0.2 0.8 Noninterest Income 2,833 2,698 2,620 5.0 8.1 — — (118) 5.0 3.5 Net Revenue 7,009 6,864 6,762 2.1 3.7 — — (118) 2.1 1.9 Noninterest Expense 4,311 4,204 5,219 2.5 (17.4) 109 — 1,015 — — Operating Income 2,698 2,660 1,543 1.4 74.9 (109) — (1,133) 5.5 4.9 Provision for credit losses 560 557 512 0.5 9.4 — — — 0.5 9.4 Income Before Taxes 2,138 2,103 1,031 1.7 nm (109) — (1,133) 6.8 3.8 Applicable Income Taxes 468 381 170 22.8 nm (27) — (353) 29.9 (5.4) Net Income 1,670 1,722 861 (3.0) 94.0 (82) — (780) 1.7 6.8 Noncontrolling Interests (7) (8) (14) 12.5 50.0 — — — 12.5 50.0 Net Income to Company 1,663 1,714 847 (3.0) 96.3 (82) — (780) 1.8 7.3 Preferred Dividends/Other 82 113 81 (27.4) 1.2 (1) — (5) (26.5) (3.5) Net Income to Common $1,581 $1,601 $766 (1.2) % nm % ($81) $— ($775) 3.8 % 7.9 % Net Interest Margin1 2.71% 2.74% 2.78% (3) bps (7) bps —% —% —% (3) bps (7) bps Efficiency Ratio2 61.5% 60.2% 75.9% 130 bps (1,440) bps 1.6% —% 14.8% (30) bps (120) bps Diluted EPS $1.01 $1.03 $.49 (1.9) % nm % $(.06) $— $(.50) 3.9 % 8.1 % 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and description of notable items Income Statement Detail

U.S. Bancorp 9 $503 $503 $514 $509 $512 2.65% 2.77% 2.83% 2.79% 2.57% Average Deposits Avg Yield on Interest-bearing Deposits % 4Q23 1Q24 2Q24 3Q24 4Q24 Balance Sheet Summary Disciplined pricing and proactive balance sheet management Total Average Deposits Highlights Total Average Loans $373 $371 $375 $374 $376 6.13% 6.20% 6.19% 6.25% 6.03% Average Balance Avg Yield % 4Q23 1Q24 2Q24 3Q24 4Q24 Investment Portfolio End of Period Balances $ in billions 1 Balances exclude unrealized gains (losses) ▪ Stabilizing deposit dynamics with emphasis on pricing discipline; Total noninterest bearing mix stable at ~16%. ▪ Continued focus on capital-efficient growth; Higher on- balance sheet liquidity relatively neutral to net interest income. ▪ The investment portfolio supports our balanced approach towards managing capital, liquidity, and interest rate risk. $161 $162 $168 $167 $171 2.97% 2.96% 3.15% 3.20% 3.14% Ending Balance Avg Yield % 4Q23 1Q24 2Q24 3Q24 4Q24 1

U.S. Bancorp 10 ▪ Year-over-year performance driven by higher rates on earning assets and balance sheet growth, partially offset by higher interest rates on deposit mix and pricing. ▪ Net interest margin decline driven by changes in balance sheet composition. $ in millions 1 Non-GAAP; see appendix for calculations 4Q24 3Q24 4Q23 Loans $5,674 $5,862 $5,742 Loans held for sale 50 45 36 Investment securities 1,326 1,316 1,182 Other interest income 781 863 803 Total interest income $7,831 $8,086 $7,763 Deposits $2,772 $3,004 $2,751 Short-term borrowings 257 284 332 Long-term debt 656 663 569 Total interest expense $3,685 $3,951 $3,652 Net interest income $4,146 $4,135 $4,111 Taxable-equivalent adjustment 30 31 31 Net interest income, on a taxable-equivalent basis1 $4,176 $4,166 $4,142 Net interest margin (taxable-equivalent basis) 2.71 % 2.74 % 2.78 % Net Interest Income (taxable-equivalent basis)1 +0.2% Linked Quarter +0.8% Year-Over-Year Net Interest Income

U.S. Bancorp 11 ▪ Year-over-year increase in noninterest income driven by higher payment services revenue, trust and investment management fees, and commercial products revenue. ▪ On a linked quarter basis, noninterest income increased driven by higher trust and investment management fees and other revenue, and prior quarter net losses on securities sales. $ in millions Payments = card, corporate payment products and merchant processing 1 Non-GAAP; see slide 8 and the appendix for calculations and description of notable items 4Q24 3Q24 4Q23 Payments $1,043 $1,069 $1,027 Trust and investment management 703 667 621 Service charges 314 302 324 Commercial products 364 397 326 Mortgage banking revenue 116 155 137 Investment product fees 87 84 73 Securities gains (losses), net (1) (119) 2 Other 207 143 228 Noninterest Income, Adjusted1 $2,833 $2,698 $2,738 Notable Items1 — — (118) Noninterest Income, Reported $2,833 $2,698 $2,620 Noninterest Income Reported +5.0% Linked Quarter +8.1% Year-Over-Year Excluding Notable Items1 +3.5% Year-Over-Year

U.S. Bancorp 12 ▪ Year-over-year, adjusted noninterest expense decreased due to lower professional services, marketing and business development, and other noninterest expense, partially offset by higher compensation and employee benefits. ▪ On a linked quarter basis, adjusted noninterest expense decline was driven by lower compensation and employee benefits expense, partially offset by small increases in several other expense categories. $ in millions 1 Non-GAAP; see slide 8 and the appendix for calculations and description of notable items 4Q24 3Q24 4Q23 Compensation and benefits $2,607 $2,637 $2,509 Technology and communications 534 524 513 Occupancy and equipment 317 317 316 Professional services 135 130 158 Marketing and business development 160 165 196 All other 449 431 512 Total Noninterest Expense, Adjusted1 $4,202 $4,204 $4,204 Notable Items1 109 — 1,015 Total Noninterest Expense, Reported $4,311 $4,204 $5,219 Noninterest Expense Reported +2.5% Linked Quarter -17.4% Year-Over-Year Excluding Notable Items1 0% Linked Quarter 0% Year-Over-Year

U.S. Bancorp 13 Amount ($B) Reserve (%) Commercial $2.2 1.6% Commercial Real Estate 1.5 3.1% Residential Mortgage 0.8 0.7% Credit Card 2.6 8.7% Other Retail 0.8 1.9% Total $7.9 2.1% Change vs. 4Q24 3Q24 4Q23 Non-performing Assets Balance $1,832 $(16) $338 NPAs/Period-end Loans plus OREO 0.48 % (1) bps 8 bps Net Charge-offs NCOs $562 $(2) $99 NCOs/Avg Loans 0.60 % 0 bps 11 bps Provision for Credit Losses $ in millions, unless specified Credit Quality Stabilizing macroeconomic environment amid continued stress in CRE Office Net Charge-offs and Nonperforming Assets Highlights Allowance for Credit Losses by Loan Category, 4Q24 ▪ $2M reserve release; allowance to loan coverage reflects improved credit quality and more favorable portfolio mix. ▪ CRE Office segment is appropriately reserved at 11%. ▪ Proactively managed credit risk across the portfolio. $512 $553 $568 $557 $560 $463 $488 $538 $564 $49 $65 $30 NCOs Reserve Build (Release) Allowance for Credit Losses/ Period-end Loans 4Q23 1Q24 2Q24 3Q24 4Q24 2.10% 2.11% 2.11% 2.12% 2.09% ($7) $562 ($2)

U.S. Bancorp 14 Capital Management 9.9% 10.0% 10.3% 10.5% 10.6% 4Q23 1Q24 2Q24 3Q24 4Q24 1 Ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 2 Non GAAP; see appendix for calculations 4th Quarter Highlights • CET1 ratio increased to 10.6%, net of distributions, driven by continued earnings accretion. • Completed initial share buybacks of $100 million; $5 billion share repurchase authorization. 7.6% CET1 Ratio Regulatory Minimum Binding Capital Constraint Balancing continued capital build with distributions CET1 Ratio1 CET1 Ratio including AOCI 28.6%8.6%8.1%7.8%7.7%

U.S. Bancorp 15 Guidance – 1Q and FY 2025 +3% to 5% vs. FY 2024 of $27.6B1,4 Relatively stable vs. Q4 2024 of $4,176M (excluding day count impact) 200+ bps 1Q 2025 Guidance FY 2025 Guidance Relatively stable vs. Q4 2024 adjusted of $4,202M2 200+ bps Total noninterest expense Positive operating leverage3 Net interest income1 Total net revenue Positive operating leverage All guidance is on an adjusted basis; 1Q25 includes two fewer days than 4Q24 1 Taxable-equivalent basis; see appendix for calculation; 2 Non-GAAP; see slide 8 and appendix for calculations and descriptions of notable items; 3 As calculated on a year-over-year basis; 4 Non-GAAP; excludes $119M of securities losses taken in 3Q24 related to investment portfolio repositioning, see appendix for calculation

U.S. Bancorp 16 Appendix

U.S. Bancorp 17 $372.9 $374.1 $375.7 4Q23 3Q24 4Q24 Average Loans +0.4% linked quarter +0.8% year-over-year $ in billions ▪ On a year-over-year basis, average total loan growth driven by higher commercial, residential mortgages and credit card, partially offset by lower commercial real estate and other retail. ▪ On a linked quarter basis, average total loan increase was driven by higher commercial, credit card and residential mortgages, partially offset by lower commercial real estate loans. Average % of Average Change vs. 4Q 2024 Balance Total 3Q24 4Q23 Commercial $135 36% 1.7 % 3.3 % Commercial Real Estate 50 13% (3.1) (7.3) Residential Mortgages 118 31% 0.7 2.8 Credit Card 30 8% 1.5 6.1 Other Retail 43 12% (0.9) (5.4) Total Loans $376 0.4 % 0.8 %

U.S. Bancorp 18 ▪ On a year-over-year basis, average total deposits growth was driven by higher money market savings and time deposits, partially offset by lower noninterest-bearing deposits, interest checking, and savings accounts. ▪ On a linked quarter basis, average total deposits growth driven by higher noninterest-bearing deposits and savings accounts, partially offset by lower interest checking and time deposits. Average Deposits +0.7% linked quarter +1.9% year-over-year $ in billions Noninterest-bearing Interest-bearing 4Q23 3Q24 4Q24 Average Average Change vs. 4Q 2024 Balance 3Q24 4Q23 Noninterest-bearing deposits $83 2.4 % (8.5) % Money market savings 207 — 10.3 Interest checking 125 (0.4) (1.8) Savings accounts 41 11.9 (7.9) Time deposits 56 (3.9) 7.3 Total interest-bearing deposits $429 0.4 % 4.2 % Total Deposits $512 0.7 % 1.9 % $512.3$508.8$502.8

U.S. Bancorp 19 $ in billions 4Q24 3Q24 2Q24 1Q24 4Q23 Total U.S. Bancorp shareholders’ equity $58.6 $58.9 $56.4 $55.6 $55.3 Basel III Standardized Approach 1 Common equity tier 1 capital ratio 10.6 % 10.5 % 10.3 % 10.0 % 9.9 % Tier 1 capital ratio 12.2 % 12.2 % 11.9 % 11.6 % 11.5 % Total risk-based capital ratio 14.3 % 14.2 % 14.0 % 13.7 % 13.7 % Leverage ratio 8.3 % 8.3 % 8.1 % 8.1 % 8.1 % Tangible common equity to tangible assets 2 5.8 % 5.7 % 5.4 % 5.2 % 5.3 % Tangible common equity to risk-weighted assets 2 8.5 % 8.6 % 8.0 % 7.8 % 7.7 % Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology 2 10.5 % 10.5 % 10.2 % 9.9 % 9.7 % 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 • Credit card fee growth of 4.7% YoY driven by credit card sales growth. Total card fee revenue declined 0.7% YoY driven by decline in prepaid activity. • Merchant processing fee revenue improved 2.4% YoY primarily due to non-travel sales growth. • Corporate payments fee revenue improved 4.9% YoY primarily due to commercial sales growth. Segment 1Q 2Q 3Q 4Q Card1 stable Corporate Payments stable Merchant Processing Merchant Processing Corporate PaymentsTotal Card Payments Total Net Revenue by Business (4Q24) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue2 â â â á á á á á á â (0.7)% Year-Over-Year +2.4% Year-Over-Year +4.9% Year-Over-Year 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 +4.7% Credit only Fee Revenue Growth Rates Multiyear investments in tech-led3 resulted in growth of 9% YoY for 4Q24 and represents 33% of merchant processing revenue 23% 67% 10% Global Merchant Acquiring Retail Payment Solutions Corporate Payment Systems 9% 66% 4Q24 vs 4Q23 4Q24 vs 4Q19 Tech-led3 Merchant Processing Fee Revenue Growth

U.S. Bancorp 21 $131,096 $130,767 $134,339 $133,138 $135,384 0.26 % 0.36 % 0.43 % 0.44 % 0.43 % Average Loans NCO% 4Q23 1Q24 2Q24 3Q24 4Q24 Credit Quality – Commercial Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio (2.7)% (0.3)% 2.7% (0.9)% 1.7% Linked Quarter Growth Key Points ▪ Average loans increased by 1.7% on a linked quarter basis ▪ Utilization decreased quarter-over-quarter to 24.6% at 4Q24 versus 24.7% at 3Q24 ▪ Non-performing loans ratio increased slightly quarter-over-quarter $ in millions 4Q23 3Q24 4Q24 Average Loans $131,096 $133,138 $135,384 30-89 Delinquencies 0.35 % 0.25 % 0.26 % 90+ Delinquencies 0.09 % 0.07 % 0.07 % Non-performing Loans 0.29 % 0.44 % 0.48 % Revolving Line Utilization Trend 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 4Q 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 (0.8)% (1.5)% (1.4)% (1.6)% (3.1)% ▪ Average loans decreased by 3.1% on a linked quarter basis ▪ Non-performing loans as a percent of total decreased 0.14% quarter-over-quarter ▪ Net charge-off rate decrease driven by recoveries in Retail and Multi-Family properties 1 SFR = Single Family Residential $53,825 $53,037 $52,289 $51,454 $49,871 0.52 % 0.16 % 0.28 % 0.54 % 0.30 % Average Loans NCO% 4Q23 1Q24 2Q24 3Q24 4Q24 CRE by Loan Type Mortgage 58% Owner Occupied 21% Construction 21% CRE by Property Class SFR Construction 7% Owner Occupied 21% Multi-Family 36% Office 12% Industrial 10% Other 14% $ in millions 4Q23 3Q24 4Q24 Average Loans $53,825 $51,454 $49,871 30-89 Delinquencies 0.10 % 0.16 % 0.16 % 90+ Delinquencies 0.01 % 0.02 % 0.02 % Non-performing Loans 1.45 % 1.83 % 1.69 % 1

U.S. Bancorp 23 $115,196 $115,639 $116,478 $117,559 $118,406 0.00 % 0.00 % -0.01 % -0.01 % -0.01 % Average Loans NCO% 4Q23 1Q24 2Q24 3Q24 4Q24 Credit Quality – Residential Mortgage Key Points ▪ Average loans increased by 0.7% on a linked quarter basis ▪ Continued low losses, delinquencies, and non-performing loans supported by strong portfolio credit quality and collateral values ▪ Originations continue to reflect high credit quality (weighted average credit score of 770, weighted average LTV of 71%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 4Q23 3Q24 4Q24 Average Loans $115,196 $117,559 $118,406 30-89 Delinquencies 0.15 % 0.14 % 0.16 % 90+ Delinquencies 0.12 % 0.15 % 0.17 % Non-performing Loans 0.14 % 0.13 % 0.13 % 0.5% 0.4% 0.7% 0.9% 0.7% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 $— $187 $374

U.S. Bancorp 24 $27,753 $27,942 $28,349 $28,994 $29,438 3.65 % 4.26 % 4.47 % 4.10 % 4.28 % Average Loans NCO% 4Q23 1Q24 2Q24 3Q24 4Q24 Credit Quality – Credit Card Key Points ▪ Average loans increased by 1.5% on a linked quarter basis ▪ Net charge-off rate increased to 4.28% ▪ Delinquency rates reflect normal seasonal patterns Average Loans ($M) and Net Charge-offs Ratio Key Statistics 3.2% 0.7% 1.5% 2.3% 1.5% Linked Quarter Growth $ in millions 4Q23 3Q24 4Q24 Average Loans $27,753 $28,994 $29,438 30-89 Delinquencies 1.42 % 1.47 % 1.41 % 90+ Delinquencies 1.31 % 1.36 % 1.43 % Non-performing Loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 $— $200 $400 $600 $800 $1,000

U.S. Bancorp 25 Credit Quality – Other Retail Key Points ▪ Average loans decreased by 0.9% on a linked quarter basis ▪ Non-performing loans ratio remained relatively flat quarter-over-quarter ▪ Net charge-offs increase driven by seasonality Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (3.0)% (2.9)% (1.0)% (0.7)% (0.9)% $44,986 $43,685 $43,230 $42,925 $42,556 0.47 % 0.51 % 0.45 % 0.47 % 0.59 % Average Loans NCO% 4Q23 1Q24 2Q24 3Q24 4Q24 Auto Loans 16% Installment 34% Home Equity 32% Retail Leasing 9% Revolving Credit 9% $ in millions 4Q23 3Q24 4Q24 Average Loans $44,986 $42,925 $42,556 30-89 Delinquencies 0.63 % 0.52 % 0.54 % 90+ Delinquencies 0.15 % 0.14 % 0.15 % Non-performing Loans 0.31 % 0.34 % 0.35 %

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) December 31, 2024 September 30, 2024 December 31, 2023 Net interest income $ 4,146 $ 4,135 $ 4,111 Taxable-equivalent adjustment (1) 30 31 31 Net interest income, on a taxable-equivalent basis 4,176 4,166 4,142 Net interest income, on a taxable-equivalent basis (as calculated above) 4,176 4,166 4,142 Noninterest income 2,833 2,698 2,620 Less: Securities gains (losses), net (1) (119) (116) Total net revenue, excluding net securities gains (losses) (a) 7,010 6,983 6,878 Noninterest expense (b) 4,311 4,204 5,219 Efficiency ratio (b)/(a) 61.5 % 60.2 % 75.9 % Total net revenue, excluding net securities gains (losses) (as calculated above) (c) $ 7,010 $ 6,878 Noninterest expense 4,311 5,219 Less: Notable items (2) 109 1,015 Noninterest expense, excluding notable items (d) 4,202 4,204 Efficiency ratio, excluding notable items (d)/(c) 59.9 % 61.1 % Net income attributable to U.S. Bancorp $ 1,663 $ 847 Less: Notable items (2) (82) (780) Net income attributable to U.S. Bancorp, excluding notable items 1,745 1,627 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,942 6,455 Average assets (f) 671,907 651,448 Return on average assets, excluding notable items (e)/(f) 1.03 % 0.99 % Net income applicable to U.S. Bancorp common shareholders $ 1,581 $ 766 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (81) (775) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,662 1,541 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 6,612 6,114 Average common equity (h) 52,004 47,506 Return on average common equity, excluding notable items (g)/(h) 12.7 % 12.9 % Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (i) $ 1,662 $ 1,541 Average diluted common shares outstanding (j) 1,560 1,558 Diluted earnings per common share, excluding notable items (i)/(j) $ 1.07 $ 0.99

U.S. Bancorp 27 Three Months Ended (Dollars in Millions, Unaudited) December 31, 2024 September 30, 2024 December 31, 2023 Net income applicable to U.S. Bancorp common shareholders $ 1,581 $ 1,601 $ 766 Intangibles amortization (net-of-tax) 110 112 123 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,691 1,713 889 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 6,727 6,815 3,527 Average total equity 59,272 58,744 54,779 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (460) (461) (465) Average goodwill (net of deferred tax liability) (3) (11,515) (11,494) (11,475) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,885) (1,981) (2,295) Average tangible common equity (b) 38,604 38,000 33,736 Return on tangible common equity (a)/(b) 17.4 % 17.9 % 10.5 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,691 $ 889 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (81) (775) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,772 1,664 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 7,049 6,602 Average tangible common equity (as calculated above) (d) 38,604 33,736 Return on tangible common equity, excluding notable items (c)/(d) 18.3 % 19.6 % (2), (3) – see last page in appendix for corresponding notes Non-GAAP Financial Measures

U.S. Bancorp 28 Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Total equity $ 59,040 $ 59,321 $ 56,885 $ 56,033 $ 55,771 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (462) (462) (465) (465) (465) Common equity (a) 51,770 52,051 49,612 48,760 48,498 Goodwill (net of deferred tax liability) (3) (11,508) (11,540) (11,449) (11,459) (11,480) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,846) (1,944) (2,047) (2,158) (2,278) Tangible common equity (b) 38,416 38,567 36,116 35,143 34,740 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation 47,877 47,164 46,239 45,239 44,947 Adjustments (4) (433) (433) (433) (433) (866) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) 47,444 46,731 45,806 44,806 44,081 Total assets (d) 678,318 686,469 680,058 683,606 663,491 Goodwill (net of deferred tax liability) (3) (11,508) (11,540) (11,449) (11,459) (11,480) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,846) (1,944) (2,047) (2,158) (2,278) Tangible assets (e) 664,964 672,985 666,562 669,989 649,733 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (f) 450,498 447,476 449,111 452,831 453,390 Adjustments (5) (368) (368) (368) (368) (736) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) 450,130 447,108 448,743 452,463 452,654 Common shares outstanding (h) 1,560 1,561 1,560 1,560 1,558 Ratios Common equity to assets (a)/(d) 7.6% 7.6% 7.3% 7.1% 7.3% Tangible common equity to tangible assets (b)/(e) 5.8 5.7 5.4 5.2 5.3 Tangible common equity to risk-weighted assets (b)/(f) 8.5 8.6 8.0 7.8 7.7 Common tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g) 10.5 10.5 10.2 9.9 9.7 Tangible book value per common share (b)/(h) $ 24.63 $ 24.71 $ 23.15 $ 22.53 $ 22.30 (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 29 Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (a) 47,877 47,164 46,239 45,239 44,947 Accumulated Other Comprehensive Income (AOCI) related adjustments (6) (9,198) (8,648) (9,801) (9,869) (9,827) Common equity tier 1 capital, including AOCI related adjustments (6) (b) 38,679 38,516 36,438 35,370 35,120 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c) 450,498 447,476 449,111 452,831 453,390 Ratios Common equity tier 1 capital ratio (a)/(c) 10.6 % 10.5 % 10.3 % 10.0 % 9.9 % Common equity tier 1 capital ratio, including AOCI related adjustments (6) (b)/(c) 8.6 8.6 8.1 7.8 7.7 (1), (6), (7) – see last page in appendix for corresponding notes Year Ended (Dollars in Millions, Unaudited) December 31, 2024 Net interest income $ 16,289 Taxable-equivalent adjustment (1) 120 Net interest income, on a taxable-equivalent basis $ 16,409 Net interest income, on a taxable-equivalent basis (as calculated above) 16,409 Noninterest income $ 11,046 Less: Securities gains (losses) (7) (119) Total net revenue, excluding net securities gains (losses) 27,574

U.S. Bancorp 30 Non-GAAP Financial Measures ($ in millions) Twelve Months Ended December 31, 2024 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 12,193 Consumer and Business Banking 9,264 Payment Services 7,029 Treasury and Corporate Support (1,031) Total Company 27,455 Less Treasury and Corporate Support (1,031) Total Company excluding Treasury and Corporate Support $ 28,486 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 44 % Consumer and Business Banking 34 % Payment Services 26 % 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 32 % Payment Services 25 % Total Company excluding Treasury and Corporate Support 100 %

U.S. Bancorp 31 Three Months Ended (Dollars in Millions, Unaudited) December 31, 2024 December 31, 2023 Net interest income $ 4,146 $ 4,111 Taxable-equivalent adjustment (1) 30 31 Net interest income, on a taxable-equivalent adjustment basis 4,176 4,142 Net interest income, on a taxable-equivalent basis (as calculated above) 4,176 4,142 Noninterest income 2,833 2,620 Total net revenue 7,009 6,762 Percent change (a) 3.7 % Less: Notable items (2) — (118) Total net revenue, excluding notable items 7,009 6,880 Percent change (b) 1.9 % Noninterest expense 4,311 5,219 Percentage change (c) (17.4) % Less: Notable items (2) 109 1,015 Total noninterest expense, excluding notable items 4,202 4,204 Percentage change (d) — % Operating leverage (a) - (c) 21.1 % Operating leverage, excluding notable items (b) - (d) 1.9 % Non-GAAP Financial Measures (1), (2) – see last page in appendix for corresponding notes

U.S. Bancorp 32 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 December 31, 2024 of $109 million ($82 million net-of-tax) included lease impairments and operational efficiency actions. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. 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. 6. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers. 7. Securities gains (losses) for the third quarter of 2024 related to investment portfolio repositioning.

U.S. Bancorp 33