U.S. Bancorp reports second quarter 2021 results

July 15, 2021


  • Net income of $1,982 million and diluted earnings per common share of $1.28
  • Return on average assets of 1.44% and return on average common equity of 16.3%
  • Net revenue of $5,783 million, including $3,164 million of net interest income and $2,619 million of noninterest income
  • Returned 79% of 2Q earnings to shareholders through dividends and share buybacks
  • Average total earning assets growth of 1.3% year-over-year
  • Average total deposits growth of 6.4% year-over-year
  • Net charge-off ratio of 0.25% in 2Q21 compared with 0.31% in 1Q21 and 0.55% in 2Q20
  • Allowance for credit losses declined $350 million during the quarter given improving economic outlook and credit trends
  • Nonperforming assets decreased 11.9% on a linked quarter basis and 9.7% year-over year
  • CET1 capital ratio increased to 9.9% at June 30, 2021, compared with 9.0% at June 30, 2020

Full financial details

Full financial details are available here.

CEO commentary

U.S. Bancorp Chairman, President and CEO Andy Cecere said, “Our second quarter results were indicative of steadily improving economic conditions and continued execution of our strategic growth plan across our business lines and markets. As of late June, total sales volumes for each of our three payments businesses exceeded 2019 levels for the first time since the beginning of the pandemic. For a second consecutive quarter, credit quality was better than expected as our net charge-off ratio set another record low. Our capital and liquidity positions remain strong and following the results of the Federal Reserve’s stress test in late June we announced that we will recommend that our Board of Directors approve a 9.5% increase in our common dividend payable in the third quarter. As we head into the second half of 2021, we are well positioned to benefit from improving economic conditions; however, we are even more excited about the significant secular growth opportunities we see driving industry leading returns over the longer term. I want to thank our employees for their continued dedication to help our clients, communities, and shareholders.”

In the spotlight

2021 Annual Stress Test: The Company’s results for the 2021 stress test reflected a strong financial profile and well-established financial discipline which allowed the Company to maintain strong capital and liquidity positions throughout the recent adverse economic conditions. Based on the stress test results, the Company will be subject to a stress capital buffer of 2.5 percent for the period beginning October 1, 2021 and ending on September 30, 2022. As a result, the Company will recommend that its Board of Directors approve a 9.5 percent increase to its third quarter dividend payable in October 2021. 

Focus on Diversity, Equity and Inclusion: U.S. Bank has again been named to DiversityInc’s list of Top 50 Companies for Diversity. The company ranked No. 18 (up from No. 40 last year) on the overall Top 50 List, tying for the largest jump on the list in 2021. The assessment collects data across six key areas: Leadership Accountability, Human Capital Diversity Metrics, Talent Programs, Workforce Practices, Supplier Diversity, and Philanthropy.

U.S. Bank Access Commitment: U.S. Bank recently established the U.S. Bank Access Fund, a $25 million fund supporting more than 30,000 women of color microbusiness owners over three years, prioritizing Black women business owners. The fund will help sustain and create new job opportunities, provide access to capital, technical assistance and networking opportunities. U.S. Bank leaders will also share expertise with business owners through seminars and roundtables.

U.S. Bank to Acquire the Asset Management Division of PFM: U.S. Bank has entered into a definitive agreement to purchase PFM Asset Management LLC, which is expected to close in the fourth quarter of 2021. Based on March 31, 2021 balances, this transaction will nearly double U.S. Bancorp Asset Management’s market share to more than $325 billion assets under management and administration, increasing U.S. Bank’s presence nationally and solidifying our position as a leading provider of investment solutions.


Jennifer Thompson, U.S. Bank Investor Relations

Jeff Shelman, U.S. Bank Public Affairs and Communications

Media center

Press contact information, latest news and more

Learn more

Company facts, history, leadership and more

Work for U.S. Bank

Explore job opportunities based on your skills and location