Results include net income of $1,793 million and diluted earnings per common share of $1.12 as adjusted for notable items related to merger and integration-related charges associated with the acquisition of MUFG Union Bank
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U.S. Bancorp Chairman, President and CEO Andy Cecere said, “In the second quarter, we successfully completed our conversion of Union Bank and further accelerated our accretion of capital, ending the quarter with a common equity tier 1 ratio of 9.1%. We posted diluted earnings per common share of $1.12, as adjusted, driven by continued momentum across our businesses supplemented by positive operating leverage on a linked quarter basis. We ended the quarter with $522 billion in total deposits, an increase of 3.2% versus the prior quarter. Our lower net interest margin this quarter reflects both higher levels of cash given debt ceiling concerns as well as higher deposit costs due to the rate environment. Credit quality remains strong, however we continued to strengthen our balance sheet by increasing our loan loss reserve reflecting prudent credit risk management.
Entering the second half of this year, we are well-positioned as a national bank with greater scale and the opportunity to capture significant cost synergies from Union Bank and to execute on revenue growth strategies that leverage our digital offerings, payment services capabilities and broad product set. I want to thank all our employees for their continued focus on best serving our clients, communities and shareholders.”
George Andersen, U.S. Bancorp Investor Relations
Jeff Shelman, U.S. Bank Public Affairs and Communications
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