U.S. Bancorp (USB)

U.S. Bancorp Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest Income on Loans	23,236	22,471	13,804	10,979	12,234	14,261
Interest Income on Investments	8,362	7,536	4,141	2,508	2,606	3,233
Total Interest Income	31,598	30,007	17,945	13,487	14,840	17,494
Interest Paid on Deposits	11,667	8,775	1,872	320	950	2,855
Interest Paid on Borrowings	3,677	3,836	1,345	673	1,065	1,587
Total Interest Expense	15,344	12,611	3,217	993	2,015	4,442
Net Interest Income	16,254	17,396	14,728	12,494	12,825	13,052
Net Interest Income Growth (YoY)	-7.53%	18.12%	17.88%	-2.58%	-1.74%	1.03%
Trust Income	2,578	2,459	2,209	1,832	1,736	1,673
Mortgage Banking Activities	648	540	527	1,361	2,064	874
Gain (Loss) on Sale of Investments	-269	-145	20	103	-1	-166
Other Non-Interest Income	4,931	4,827	3,890	4,086	3,841	4,889
Total Non-Interest Income	10,833	10,617	9,456	10,227	10,223	9,592
Non-Interest Income Growth (YoY)	7.90%	12.28%	-7.54%	0.04%	6.58%	3.44%
Revenues Before Loan Losses	27,087	28,013	24,184	22,721	23,048	22,644
Provision for Loan Losses	2,190	2,275	1,977	-1,173	3,806	1,504
Revenue	24,897	25,738	22,207	23,894	19,242	21,140
Revenue Growth (YoY)	0.95%	15.90%	-7.06%	24.18%	-8.98%	1.57%
Salaries and Employee Benefits	10,232	10,192	8,955	8,521	7,749	7,433
Occupancy Expenses	749	770	706	684	718	729
Amortization of Goodwill & Intangibles	586	636	215	159	176	168
Selling, General & Administrative	4,052	4,055	3,303	3,157	2,893	2,837
Other Non-Interest Expense	2,151	2,211	1,398	1,207	1,655	1,379
Total Non-Interest Expense	17,770	17,864	14,577	13,728	13,191	12,546
EBT Excluding Unusual Items	7,127	7,874	7,630	10,166	6,051	8,594
Pretax Income	6,801	6,865	7,301	10,166	6,051	8,594
Income Tax Expense	1,281	1,407	1,463	2,181	1,066	1,648
Earnings From Continuing Operations	5,520	5,458	5,838	7,985	4,985	6,946
Minority Interest in Earnings	-37	-29	-13	-22	-26	-32
Net Income	5,483	5,429	5,825	7,963	4,959	6,914
Preferred Dividends & Other Adjustments	389	378	324	358	338	331
Net Income to Common	5,094	5,051	5,501	7,605	4,621	6,583
Net Income Growth	-0.44%	-6.80%	-26.85%	60.58%	-28.28%	-2.56%
Basic Shares Outstanding	1,560	1,543	1,489	1,489	1,509	1,581
Diluted Shares Outstanding	1,560	1,543	1,490	1,490	1,510	1,583
Shares Change (YoY)	2.04%	3.56%	-	-1.32%	-4.61%	-3.36%
EPS (Basic)	3.27	3.27	3.69	5.11	3.06	4.16
EPS (Diluted)	3.25	3.27	3.69	5.10	3.06	4.16
EPS Growth	-3.14%	-11.38%	-27.65%	66.67%	-26.44%	0.48%
Dividend Per Share	1.970	1.930	1.880	1.760	1.680	1.580
Dividend Growth	2.60%	2.66%	6.82%	4.76%	6.33%	17.91%
Effective Tax Rate	18.84%	20.50%	20.04%	21.45%	17.62%	19.18%

Source: S&P Capital IQ. Banks template. Financial Sources.