$27.5B

In net revenue

17.2% 1

Return

on tangible common equity

8.9%

Decrease

in noninterest expenses year-over-year

0.8%

Increase

in average total deposits year-over-year

10.6%

Common Equity Tier 1 capital ratio

an increase of 70 basis points throughout 2024

4.0%

Increase

in noninterest income year-over-year

$100M

In share buybacks completed

10.4% 1

Increase

in tangible book value per share year-over-year

Financial Summary

 
  2024 2023 2022 2024
v 2023		 2023
v 2022
Net interest income $16,289 $17,396 $14,728 (6.4)% 18.1%
Taxable-equivalent adjustment (a) 120 131 118 (8.4)   11.0  
Net interest income (taxable-equivalent basis) (b) 16,409 17,527 14,846 (6.4)   18.1  
Noninterest income 11,046 10,617 9,456 4.0   12.3  
Total net revenue 27,455 28,144 24,302 (2.4)   15.8  
Noninterest expense 17,188 18,873 14,906 (8.9)   26.6  
Provision for credit losses 2,238 2,275 1,977 (1.6)   15.1  
Income taxes and taxable-equivalent adjustment 1,700 1,538 1,581 10.5   (2.7)  
Net income 6,329 5,458 5,838 16.0   (6.5)  
Net (income) loss attributable to noncontrolling interests (30) (29) (13) (3.4)   *  
Net income attributable to U.S. Bancorp $6,299 $5,429 $5,825 16.0   (6.8)  
Net income applicable to U.S. Bancorp common shareholders $5,909 $5,051 $5,501 17.0   (8.2)  

 
  2024 2023 2022 2024
v 2023		 2023
v 2022
Earnings per share $3.79 $3.27 $3.69 15.9 % (11.4) %
Diluted earnings per share 3.79 3.27 3.69 15.9   (11.4)  
Dividends declared per share 1.98 1.93 1.88 2.6   2.7  
Book value per share (c) 33.19 31.13 28.71 6.6   8.4  
Market value per share 47.83 43.28 43.61 10.5   (.8)  
Average common shares outstanding 1,560 1,543 1,489 1.1   3.6  
Average diluted common shares outstanding 1,561 1,543 1,490 1.2   3.6  

 
  2024 2023 2022
Return on average assets .95 % .82 % .98 %
Return on average common equity 11.7   10.8   12.6  
Return on tangible common equity (b) 17.2   16.9   17.0  
Net interest margin (taxable-equivalent basis) (a) 2.70   2.90   2.72  
Efficiency ratio (b) 62.3   66.7   61.4  

 
  2024 2023 2022 2024
v 2023		 2023
v 2022
Loans $373,875 $381,275 $333,573 (1.9) % 14.3 %
Investment securities (d) 166,634 162,757 169,442 2.4   (3.9)  
Earning assets 606,641 605,199 545,343 .2   11.0  
Assets 664,014 663,440 592,149 .1   12.0  
Deposits 509,515 505,663 462,384 .8   9.4  
Total U.S. Bancorp shareholders’ equity 57,206 53,660 50,416 6.6   6.4  

 
  2024 2023 2022 2024
v 2023		 2023
v 2022
Loans $379,832 $373,835 $388,213 1.6 % (3.7) %
Allowance for credit losses 7,925 7,839 7,404 1.1   5.9  
Investment securities 164,626 153,751 161,650 7.1   (4.9)  
Assets 678,318 663,491 674,805 2.2   (1.7)  
Deposits 518,309 512,312 524,976 1.2   (2.4)  
Total U.S. Bancorp shareholders’ equity 58,578 55,306 50,766 5.9   8.9  

 
  2024 2023 2022
Common equity tier 1 capital 10.6 % 9.9 % 8.4 %
Tier 1 capital 12.2   11.5   9.8  
Total risk-based capital 14.3   13.7   11.9  
Leverage 8.3   8.1   7.9  
Total leverage exposure 6.8   6.6   6.4  
Tangible common equity to tangible assets (b) 5.8   5.3   4.5  
Tangible common equity to risk-weighted assets (b) 8.5   7.7   6.0  
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b) 10.5   9.7   8.1  

* Not meaningful
(a) Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
(b) See Non-GAAP Financial Measures beginning on page 57.
(c) Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period.
(d) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

Start of disclosure content

Disclosures

  1. Return on tangible common equity and tangible book value per share are non-GAAP financial metrics. Please see Non-GAAP Financial Measures beginning on page 57.