8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 17, 2024

U.S. BANCORP

(Exact name of registrant as specified in its charter)

1-6880

(Commission File Number)

Delaware	41-0255900
(State or other jurisdiction of incorporation)	(I.R.S. Employer Identification Number)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices and zip code)

(651) 466-3000

(Registrant’s telephone number, including area code)

(not applicable)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br><br>symbol	Name of each exchange<br><br>on which registered
Common Stock, $.01 par value per share	USB	New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrA	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrH	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrP	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrQ	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrR	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrS	New York Stock Exchange
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024	USB/24B	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act.

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 17, 2024, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended March 31, 2024. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. The press release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. The Company has also made available on its website materials that contain additional information about the Company’s financial results for the quarter ended March 31, 2024 (the “1Q24 Earnings Supplement”), which is attached as Exhibit 99.2 hereto and is incorporated herein by reference.

The information included in Exhibit 99.1 shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The information included in Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE

On April 17, 2024, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended March 31, 2024. The Company has also made available on its website presentation materials containing certain additional historical and forward-looking information related to the Company (the “1Q24 Earnings Conference Call Presentation”). The 1Q24 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 1Q24 Earnings Conference Call Presentation contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.

The information provided in Item 7.01 of this report, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

| 99.1 | Press Release issued by U.S. Bancorp on April 17, 2024, deemed “filed” under the Exchange Act. | | --- | --- || 99.2 | 1Q24 Earnings Supplement, deemed “furnished” under the Exchange Act. | | --- | --- || 99.3 | 1Q24 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act. | | --- | --- || 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | | --- | --- |

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

U.S. BANCORP
By /s/ Lisa R. Stark
Lisa R. Stark
Executive Vice President and<br><br>Controller

DATE: April 17, 2024

Document

1Q24 Key Financial Data
	PROFITABILITY METRICS	1Q24	4Q23	1Q23	•Net income of $1,518 million and diluted earnings per common share of $0.90, as adjusted for notable items<br><br>•Net revenue of $6,715 million, including $4,015 million of net interest income on a taxable-equivalent basis<br><br>•Noninterest income increased 7.7% year-over-year and decreased 1.4% on a linked quarter basis, as adjusted for notable items<br><br>•Noninterest expense decreased 2.7% year-over-year and 0.2% on a linked quarter basis, as adjusted for notable items<br><br>•Average total loans decreased 0.5% and average total deposits increased 0.1% on a linked quarter basis<br><br>•Return on tangible common equity of 17.4%, return on average assets of 0.93%, and efficiency ratio of 62.5%, as adjusted for notable items<br><br>•CET1 capital ratio of 10.0% at March 31, 2024, compared with 9.9% at December 31, 2023<br><br>•Notable items for the quarter, on a pretax basis, consisted of $155 million of merger and integration-related charges related to the acquisition of MUFG Union Bank ("MUB") and a $110 million charge for the increase in the Federal Deposit Insurance Corporation ("FDIC") special assessment
	Return on average assets (%)	.81	.52	1.03
	Return on average common equity (%)	10.0	6.4	14.1
	Return on tangible common equity (%) (a)	15.1	10.5	22.0
	Net interest margin (%)	2.70	2.78	3.10
	Efficiency ratio (%) (a)	66.4	75.9	63.2
	Tangible efficiency ratio (%) (a)	64.2	73.6	61.0
	INCOME STATEMENT (b)	1Q24	4Q23	1Q23
	Net interest income (taxable-equivalent basis)	$4,015	$4,142	4,668
	Noninterest income	$2,700	$2,620	2,507
	Net income attributable to U.S. Bancorp	$1,319	$847	1,698
	Diluted earnings per common share	$.78	$.49	1.04
	Dividends declared per common share	$.49	$.49	.48
	BALANCE SHEET (b)	1Q24	4Q23	1Q23
	Average total loans	$371,070	$372,856	386,750
	Average total deposits	$503,061	$502,782	510,324
	Net charge-off ratio (%)	.53	.49	.39
	Book value per common share (period end)	$31.26	$31.13	30.12
	Basel III standardized CET1 (%) (c)	10.0	9.9	8.5
	(a) See Non-GAAP Financial Measures reconciliation on page 18<br><br>(b) Dollars in millions, except per share data<br><br>(c) CET1 = Common equity tier 1 capital ratio

All values are in US Dollars.

CEO Commentary

“In the first quarter we delivered a return on tangible common equity of 17.4%, net income of $1.5 billion, both as adjusted, and net revenue of $6.7 billion. Our common equity tier 1 ratio ended the quarter at 10.0%. Diluted earnings per share of $0.90, as adjusted, excluded $(0.12) of notable items that included the last of our merger and integration-related charges related to the acquisition of MUFG Union Bank and an anticipated increase in the FDIC special assessment. Our results benefited from good growth across our fee businesses driven by strong underlying client growth and activity, as well as prudent expense management. Despite a challenging interest rate environment and pressure on industry deposit levels, we again saw growth in consumer deposits during the quarter. We continue to strategically invest in our digital and payments capabilities, our historical risk discipline remains intact, and our capital and liquidity profile is strong. I would like to thank our dedicated U.S. Bank employees for all that they do to support our customers, communities and shareholders – it is because of them that we remain well-positioned to execute on our capital-efficient growth objectives and industry-leading returns.”

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

Business and Other Highlights

J.D. Power Ranks U.S. Bank #1 in Investor Satisfaction with Full-Service Wealth Management Firms

U.S. Bank ranked first in the J.D. Power 2024 U.S. Full-Service Investor Satisfaction Study. The survey of investors who work directly with a dedicated financial advisor or team of advisors rated U.S. Bank first in the following study dimensions: trust; product and service offerings; allowing clients to manage their wealth how and when they want; and resolving problems or complaints.

U.S. Bank Named to 2024 World's Most Ethical Companies List

For the 10th consecutive year, U.S. Bank has been named one of the World’s Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Ethisphere honored 136 companies that span 20 countries and 44 industries. U.S. Bank is one of only four banks recognized and is the largest of the two U.S.-based banks on the list.

Notable Item Impacts 1Q24( in million, except per share data)	Net Income Attributable to U.S. Bancorp	Diluted <br>Earnings Per<br>Common Share
Reported	$1,319	$.78
Notable items	199	.12
Adjusted	$1,518	$.90
Notable Items
( in millions)	4Q23	1Q23
Balance sheet optimization	$118	$—
Merger and integration charges	171	244
FDIC special assessment	734	—
Foundation contribution	110	—
Notable items	1,133	244
Tax expense (a)	(353)	(61)
Notable items, net of tax expense	$780	$183
(a) 4Q23 includes 70 million of favorable discrete tax settlements

All values are in US Dollars.

Investor contact: George Andersen, 612.303.3620	Media contact: Jeff Shelman, 612.303.9933
U.S. Bancorp First Quarter 2024 Results
---
INCOME STATEMENT HIGHLIGHTS
---	---	---	---	---	---	---	---	---	---
( in millions, except per share data)					ADJUSTED (a) (b)
			Percent Change					Percent Change
	4Q 2023	1Q 2023	1Q24 vs 4Q23	1Q24 vs 1Q23	1Q 2024	4Q 2023	1Q 2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Net interest income	$4,111	$4,634	(3.1)	(14.0)	$3,985	$4,111	$4,634	(3.1)	(14.0)
Taxable-equivalent adjustment	31	34	(3.2)	(11.8)	30	31	34	(3.2)	(11.8)
Net interest income (taxable-equivalent basis)	4,142	4,668	(3.1)	(14.0)	4,015	4,142	4,668	(3.1)	(14.0)
Noninterest income	2,620	2,507	3.1	7.7	2,700	2,738	2,507	(1.4)	7.7
Total net revenue	6,762	7,175	(.7)	(6.4)	6,715	6,880	7,175	(2.4)	(6.4)
Noninterest expense	5,219	4,555	(14.6)	(2.1)	4,194	4,204	4,311	(.2)	(2.7)
Income before provision and income taxes	1,543	2,620	46.2	(13.9)	2,521	2,676	2,864	(5.8)	(12.0)
Provision for credit losses	512	427	8.0	29.5	553	512	427	8.0	29.5
Income before taxes	1,031	2,193	65.2	(22.3)	1,968	2,164	2,437	(9.1)	(19.2)
Income taxes and taxable-equivalent adjustment	170	489	nm	(22.9)	443	523	550	(15.3)	(19.5)
Net income	861	1,704	54.0	(22.2)	1,525	1,641	1,887	(7.1)	(19.2)
Net (income) loss attributable to noncontrolling interests	(14)	(6)	50.0	(16.7)	(7)	(14)	(6)	50.0	(16.7)
Net income attributable to U.S. Bancorp	$847	$1,698	55.7	(22.3)	$1,518	$1,627	$1,881	(6.7)	(19.3)
Net income applicable to U.S. Bancorp common shareholders	$766	$1,592	57.8	(24.1)	$1,407	$1,541	$1,773	(8.7)	(20.6)
Diluted earnings per common share	$.49	$1.04	59.2	(25.0)	$.90	$.99	$1.16	(9.1)	(22.4)

All values are in US Dollars.

(a)1Q24 excludes $265 million ($199 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. 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. 1Q23 excludes $244 million ($183 million net-of-tax) of merger and integration-related charges.

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

Net income attributable to U.S. Bancorp was $1,319 million for the first quarter of 2024, $379 million lower than the $1,698 million for the first quarter of 2023 and $472 million higher than the $847 million for the fourth quarter of 2023. Diluted earnings per common share was $0.78 in the first quarter of 2024, compared with $1.04 in the first quarter of 2023 and $0.49 in the fourth quarter of 2023. The first quarter of 2024 included $199 million, or ($0.12) per diluted common share, of notable items, net-of-tax, compared with $183 million or ($0.12) per diluted common share in the first quarter of 2023 and $780 million or ($0.50) per diluted common share in the fourth quarter of 2023. On an adjusted basis, excluding the impacts of these notable items, net income applicable to common shareholders for the first quarter of 2024 was $1,407 million, which was $366 million lower than the first quarter of 2023 and $134 million lower than the fourth quarter of 2023. Adjusted diluted earnings per common share was $0.90 in the first quarter of 2024.

The decrease in net income attributable to U.S. Bancorp year-over-year was primarily due to lower total net revenue and an increase in the provision for credit losses, partially offset by lower noninterest expense. Pretax income, excluding notable items, in the first quarter decreased 19.2 percent compared with a year ago. Net interest income decreased 14.0 percent on a year-over-year taxable-equivalent basis, due to the impact of higher interest rates on deposit mix and pricing, partially offset by higher rates on earning assets. The net interest margin decreased to 2.70 percent in the first quarter of 2024 from 3.10 percent in the first quarter of 2023 driven by similar factors. Noninterest income increased 7.7 percent compared with a year ago driven by higher fee revenue across most categories. Noninterest expense decreased 2.1 percent (2.7 percent excluding notable items) primarily due to prudent expense management, continued focus on operational efficiency, and synergies from the MUB acquisition, partially offset by higher compensation and employee benefits expense to support business growth. Provision for credit losses increased $126 million (29.5 percent) compared with the first quarter of 2023 largely driven by normalization in the credit environment, partially offset by relative stability in the economic outlook.

U.S. Bancorp First Quarter 2024 Results

Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to a decline in notable items from the prior quarter. Pretax income, excluding notable items, decreased 9.1 percent on a linked quarter basis. Net interest income decreased 3.1 percent on a taxable-equivalent basis due to deposit mix and pricing, partially offset by higher rates on earning assets. The net interest margin decreased to 2.70 percent in the first quarter of 2024 from 2.78 percent in the fourth quarter of 2023 driven by similar factors. Noninterest income in the first quarter of 2024 decreased 1.4 percent, excluding notable items in the fourth quarter of 2023, primarily due to lower payment services revenue and other noninterest income, partially offset by higher commercial products revenue and mortgage banking revenue. Excluding notable items, noninterest expense decreased 0.2 percent on a linked quarter basis due to prudent expense management. The provision for credit losses increased $41 million (8.0 percent) compared with the fourth quarter of 2023 primarily due to continued normalization in the credit environment.

U.S. Bancorp First Quarter 2024 Results
NET INTEREST INCOME
---	---	---	---	---	---	---	---	---	---	---	---	---	---
(Taxable-equivalent basis; in millions)								Change
		4Q 2023			1Q 2023			1Q24 vs 4Q23			1Q24 vs 1Q23
Components of net interest income
Income on earning assets		$	7,795		$	6,999		$	—		$	796
Expense on interest-bearing liabilities		3,653			2,331			127			1,449
Net interest income		$	4,142		$	4,668		$	(127)		$	(653)
Average yields and rates paid
Earning assets yield	%	5.22		%	4.65		%	.03		%	.60		%
Rate paid on interest-bearing liabilities		3.02			2.06			.10			1.06
Gross interest margin	%	2.20		%	2.59		%	(.07)		%	(.46)		%
Net interest margin	%	2.78		%	3.10		%	(.08)		%	(.40)		%
Average balances
Investment securities (a)		$	161,885		$	166,125		$	(649)		$	(4,889)
Loans		372,856			386,750			(1,786)			(15,680)
Interest-bearing deposits with banks		47,532			43,305			3,371			7,598
Earning assets		594,244			607,614			1,891			(11,479)
Interest-bearing liabilities		479,700			458,074			7,651			29,277
(a) Excludes unrealized gain (loss)

All values are in US Dollars.

Net interest income on a taxable-equivalent basis in the first quarter of 2024 was $4,015 million, a decrease of $653 million (14.0 percent) from the first quarter of 2023. The decrease was primarily due to the impact of deposit mix and pricing, partially offset by higher rates on earning assets. Average earning assets were $11.5 billion (1.9 percent) lower than the first quarter of 2023, reflecting decreases of $15.7 billion (4.1 percent) in average total loans and $4.9 billion (2.9 percent) in average investment securities due to balance sheet repositioning and liquidity management, while average interest-bearing deposits with banks increased $7.6 billion (17.5 percent).

Net interest income on a taxable-equivalent basis decreased $127 million (3.1 percent) on a linked quarter basis primarily due to the impact of deposit mix and pricing. Average earning assets were $1.9 billion (0.3 percent) higher on a linked quarter basis, reflecting increases of $3.4 billion (7.1 percent) in average interest-bearing deposits with banks, partially offset by decreases in average total loans of $1.8 billion (0.5 percent) and average investment securities of $649 million (0.4 percent) reflecting balance sheet repositioning.

The net interest margin in the first quarter of 2024 was 2.70 percent, compared with 3.10 percent in the first quarter of 2023 and 2.78 percent in the fourth quarter of 2023. The decreases in the net interest margin from the prior year and the linked quarter were driven by deposit mix and pricing.

U.S. Bancorp First Quarter 2024 Results
AVERAGE LOANS
---	---	---	---	---	---	---
( in millions)			Percent Change
	4Q 2023	1Q 2023	1Q24 vs 4Q23		1Q24 vs 1Q23
Commercial	$126,884	$131,227	(.2)	%	(3.5)	%
Lease financing	4,212	4,456	(1.1)		(6.5)
Total commercial	131,096	135,683	(.3)		(3.6)
Commercial mortgages	42,089	43,627	(1.3)		(4.8)
Construction and development	11,736	11,968	(2.1)		(4.0)
Total commercial real estate	53,825	55,595	(1.5)		(4.6)
Residential mortgages	115,196	116,287	.4		(.6)
Credit card	27,753	25,569	.7		9.3
Retail leasing	4,167	5,241	(2.0)		(22.1)
Home equity and second mortgages	12,977	12,774	—		1.6
Other	27,842	35,601	(4.4)		(25.2)
Total other retail	44,986	53,616	(2.9)		(18.5)
Total loans	$372,856	$386,750	(.5)		(4.1)

All values are in US Dollars.

Average total loans for the first quarter of 2024 were $15.7 billion (4.1 percent) lower than the first quarter of 2023. The decrease was primarily due to lower total commercial loans (3.6 percent), total commercial real estate loans (4.6 percent) and total other retail loans (18.5 percent), partially offset by higher credit card loans (9.3 percent). The decrease in commercial loans was primarily due to decreased demand as corporate customers accessed the capital markets. The decrease in commercial real estate loans was primarily due to payoffs exceeding a reduced level of new originations. The decrease in other retail loans was primarily due to balance sheet repositioning and capital management activities. The increase in credit card loans was primarily driven by higher spend volume.

Average total loans were $1.8 billion (0.5 percent) lower than the fourth quarter of 2023. The decrease was primarily due to lower total commercial real estate loans (1.5 percent) and total other retail loans (2.9 percent). The decrease in total commercial real estate loans was primarily due to payoffs exceeding a reduced level of new originations. The decrease in other retail loans was primarily due to lower automobile loans.

U.S. Bancorp First Quarter 2024 Results
AVERAGE DEPOSITS
---	---	---	---	---	---	---
( in millions)			Percent Change
	4Q 2023	1Q 2023	1Q24 vs 4Q23		1Q24 vs 1Q23
Noninterest-bearing deposits	$90,590	$129,741	(6.4)	%	(34.6)	%
Interest-bearing savings deposits
Interest checking	127,445	129,350	(1.9)		(3.4)
Money market savings	187,322	146,970	4.9		33.7
Savings accounts	44,728	68,827	(6.9)		(39.5)
Total savings deposits	359,495	345,147	1.0		5.2
Time deposits	52,697	35,436	4.6		55.5
Total interest-bearing deposits	412,192	380,583	1.5		9.9
Total deposits	$502,782	$510,324	.1		(1.4)

All values are in US Dollars.

Average total deposits for the first quarter of 2024 were $7.3 billion (1.4 percent) lower than the first quarter of 2023. Average noninterest-bearing deposits decreased $45.0 billion (34.6 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. The decrease was due to the impact of higher interest rates and a product change for certain MUB retail checking accounts into interest checking accounts at conversion to create a better customer experience. Average total savings deposits were $18.0 billion (5.2 percent) higher year-over-year driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $19.7 billion (55.5 percent) higher than the first 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 $279 million (0.1 percent) from the fourth quarter of 2023. On a linked quarter basis, average noninterest-bearing deposits decreased $5.8 billion (6.4 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking due to the impact of higher interest rates. Average total savings deposits increased $3.7 billion (1.0 percent) driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $2.4 billion (4.6 percent) higher on a linked quarter basis mainly within Consumer and Business Banking, partially offset by decreases in 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.

U.S. Bancorp First Quarter 2024 Results
NONINTEREST INCOME
---	---	---	---	---
( in millions)			Percent Change
	4Q 2023	1Q 2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Card revenue	$436	$360	(10.1)	8.9
Corporate payment products revenue	182	189	1.1	(2.6)
Merchant processing services	409	387	(2.0)	3.6
Trust and investment management fees	621	590	3.2	8.6
Service charges	324	324	(2.8)	(2.8)
Commercial products revenue	326	334	19.0	16.2
Mortgage banking revenue	137	128	21.2	29.7
Investment products fees	73	68	5.5	13.2
Securities gains (losses), net	2	(32)	—	nm
Other	228	159	(41.2)	(15.7)
Total before balance sheet optimization	2,738	2,507	(1.4)	7.7
Balance sheet optimization	(118)	—	nm	nm
Total noninterest income	$2,620	$2,507	3.1	7.7

All values are in US Dollars.

First quarter noninterest income of $2,700 million was $193 million (7.7 percent) higher than the first quarter of 2023 driven by higher payment services revenue, trust and investment management fees, commercial products revenue, and mortgage banking revenue, partially offset by lower other noninterest income. Payment services revenue increased $41 million (4.4 percent) compared with the first quarter of 2023. Within payment services revenue, card revenue increased $32 million (8.9 percent) driven by higher spend volume and favorable rates, and merchant processing revenue increased $14 million (3.6 percent) due to higher sales volume. Trust and investment management fees increased $51 million (8.6 percent) driven by business growth and favorable market conditions. Commercial products revenue increased $54 million (16.2 percent) driven by higher corporate bond fees. Mortgage banking revenue increased $38 million (29.7 percent) primarily driven by higher gain on sale margins. Other revenue decreased $25 million (15.7 percent).

Noninterest income was $80 million (3.1 percent) higher in the first quarter of 2024 compared with the fourth quarter of 2023. Excluding the balance sheet optimization impact in the fourth quarter of 2023, first quarter noninterest income seasonally declined $38 million (1.4 percent) compared with the fourth quarter of 2023. Payment services revenue decreased $50 million (4.9 percent) compared with the fourth quarter of 2023, primarily due to seasonally lower spend volume in card revenue of $44 million (10.1 percent). Merchant processing revenue was also seasonally lower by $8 million (2.0 percent). Commercial products revenue increased $62 million (19.0 percent) due to higher corporate bond fees given strong capital markets activities. Mortgage banking revenue increased $29 million (21.2 percent) primarily driven by higher gain on sale margins. Other revenue decreased $94 million (41.2 percent) principally driven by seasonally lower tax credit investment activity.

U.S. Bancorp First Quarter 2024 Results
NONINTEREST EXPENSE
---	---	---	---	---
( in millions)			Percent Change
	4Q 2023	1Q 2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Compensation and employee benefits	$2,509	$2,646	7.3	1.7
Net occupancy and equipment	316	321	(6.3)	(7.8)
Professional services	158	134	(30.4)	(17.9)
Marketing and business development	196	122	(30.6)	11.5
Technology and communications	513	503	(1.2)	.8
Other intangibles	156	160	(6.4)	(8.8)
Other	356	425	(13.5)	(27.5)
Total before notable items	4,204	4,311	(.2)	(2.7)
Notable items	1,015	244	(73.9)	8.6
Total noninterest expense	$5,219	$4,555	(14.6)	(2.1)

All values are in US Dollars.

First quarter noninterest expense of $4,459 million was $96 million (2.1 percent) lower than the first quarter of 2023. Excluding notable items of $265 million in the first quarter of 2024 and $244 million in the first quarter of 2023, first quarter noninterest expense decreased $117 million (2.7 percent) compared with the first quarter of 2023, due to prudent expense management, continued focus on operational efficiency, and synergies from the MUB acquisition, partially offset by higher compensation and employee benefits expense. Compensation and employee benefits expense increased $45 million (1.7 percent) compared with the first quarter of 2023 primarily due to merit increases, higher performance-based incentives, and higher employee benefits. Net occupancy and equipment decreased $25 million (7.8 percent) and professional services expense decreased $24 million (17.9 percent) due to prudent expense management, continued focus on operational efficiency, and synergies from the MUB acquisition. Other noninterest expense decreased $117 million (27.5 percent) primarily due to lower FDIC insurance expense, a decline in the future delivery exposures for merchant and airline processing and other liabilities.

Noninterest expense decreased $760 million (14.6 percent) on a linked quarter basis. Excluding notable items of $265 million in the first quarter of 2024 and $1,015 million in the fourth quarter of 2023, first quarter noninterest expense decreased $10 million (0.2 percent) from the fourth quarter of 2023 driven by prudent expense management and continued focus on operational efficiency, partially offset by higher compensation expense. Compensation expense increased $182 million (7.3 percent) primarily due to higher performance-based incentives, variable compensation, and employee benefits. Net occupancy and equipment decreased $20 million (6.3 percent) and professional services decreased $48 million (30.4 percent) due to prudent expense management and continued focus on operational efficiency. Marketing and business development decreased $60 million (30.6 percent) due to the timing of campaigns. Other noninterest expense decreased $48 million (13.5 percent) primarily due to lower costs related to tax-advantaged projects.

Provision for Income Taxes

The provision for income taxes for the first quarter of 2024 resulted in a tax rate of 22.1 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent), compared with 22.3 percent on a taxable-equivalent basis (effective tax rate of 21.1 percent) in the first quarter of 2023, and a tax rate of 16.5 percent on a taxable-equivalent basis (effective tax rate of 13.9 percent) in the fourth quarter of 2023. Excluding the impact of notable items, the first quarter of 2024 tax rate was 22.5 percent on a taxable-equivalent basis, compared with 22.6 percent on a taxable-equivalent basis in the first quarter of 2023, and 24.2 percent on a taxable-equivalent basis in the fourth quarter of 2023. The fourth quarter of 2023 included $70 million of favorable tax settlements.

U.S. Bancorp First Quarter 2024 Results
ALLOWANCE FOR CREDIT LOSSES
---	---	---	---	---	---
($ in millions)	1Q 2024	4Q 2023	3Q 2023	2Q 2023	1Q 2023
Balance, beginning of period	7,839	7,790	7,695	7,523	7,404
Change in accounting principle (b)	—	—	—	—	(62)
Allowance for acquired credit losses (c)	—	—	—	—	127
Net charge-offs
Total excluding acquisition and optimization impacts	488	463	420	340	282
Balance sheet optimization impact	—	—	—	309	—
Acquisition impact	—	—	—	—	91
Total net charge-offs	488	463	420	649	373
Provision for credit losses
Total excluding acquisition and optimization impacts	553	512	515	578	427
Balance sheet optimization impact	—	—	—	243	—
Total provision for credit losses	553	512	515	821	427
Balance, end of period	7,904	7,839	7,790	7,695	7,523
Components
Allowance for loan losses	7,514	7,379	7,218	7,164	7,020
Liability for unfunded
credit commitments	390	460	572	531	503
Total allowance for credit losses	7,904	7,839	7,790	7,695	7,523
Allowance for credit losses as a percentage of
Period-end loans (%)	2.11	2.10	2.08	2.03	1.94
Nonperforming loans (%)	454	541	615	739	660
Nonperforming assets (%)	443	525	595	709	637
(a)Annualized and calculated on average loan balances<br><br>(b)Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings<br><br>(c)Allowance for purchased credit deteriorated and charged-off loans acquired from MUB

All values are in US Dollars.

SUMMARY OF NET CHARGE-OFFS
($ in millions)	1Q 2024	4Q 2023	3Q 2023	2Q 2023	1Q 2023
Net charge-offs
Commercial	109	78	86	87	42
Lease financing	7	7	6	3	5
Total commercial	116	85	92	90	47
Commercial mortgages	15	75	49	26	115
Construction and development	6	(4)	—	—	2
Total commercial real estate	21	71	49	26	117
Residential mortgages	—	(1)	(3)	114	(1)
Credit card	296	255	220	199	175
Retail leasing	5	2	2	1	1
Home equity and second mortgages	—	(1)	1	(1)	(1)
Other	50	52	59	220	35
Total other retail	55	53	62	220	35
Total net charge-offs	488	463	420	649	373
Gross charge-offs	595	559	508	755	469
Gross recoveries	107	96	88	106	96
(a) Annualized and calculated on average loan balances

All values are in US Dollars.

U.S. Bancorp First Quarter 2024 Results

The Company’s provision for credit losses for the first quarter of 2024 was $553 million, compared with $512 million in the fourth quarter of 2023 and $427 million in the first quarter of 2023. The first quarter of 2024 provision was $41 million (8.0 percent) higher than the fourth quarter of 2023 and $126 million (29.5 percent) higher than the first quarter of 2023, largely driven by normalization in the credit environment, partially offset by relative stability in the economic outlook relative to the year-over-year period. The Company continues to monitor economic uncertainty related to high interest rates, persistent inflationary pressures, and other economic factors that affect the financial strength of corporate and consumer borrowers. Commercial real estate valuations are also affected by rising interest rates and the changing demand for office properties.

Total net charge-offs in the first quarter of 2024 were $488 million, compared with $463 million in the fourth quarter of 2023 and $373 million in the first quarter of 2023. Net charge-offs for the first quarter of 2023 included a notable item of $91 million of charge-offs related to uncollectible amounts on acquired loans associated with the acquisition of MUB. The net charge-off ratio was 0.53 percent in the first quarter of 2024, compared with 0.49 percent in the fourth quarter of 2023 and 0.39 percent in the first quarter of 2023 (0.30 percent excluding the impact of the first quarter of 2023 notable item). Net charge-offs, excluding the impact of the first quarter of 2023 notable item, increased $206 million on a year-over-year basis reflecting higher charge-offs in most loan categories consistent with normalizing credit conditions.

The allowance for credit losses was $7,904 million at March 31, 2024, compared with $7,839 million at December 31, 2023, and $7,523 million at March 31, 2023. The linked quarter increase in the allowance for credit losses was primarily driven by credit migration in consumer and small business cards. The ratio of the allowance for credit losses to period-end loans was 2.11 percent at March 31, 2024, compared with 2.10 percent at December 31, 2023, and 1.94 percent at March 31, 2023. The ratio of the allowance for credit losses to nonperforming loans was 454 percent at March 31, 2024, compared with 541 percent at December 31, 2023, and 660 percent at March 31, 2023.

Nonperforming assets were $1,786 million at March 31, 2024, compared with $1,494 million at December 31, 2023, and $1,181 million at March 31, 2023. The ratio of nonperforming assets to loans and other real estate was 0.48 percent at March 31, 2024, compared with 0.40 percent at December 31, 2023, and 0.30 percent at March 31, 2023. The increase in nonperforming assets on a linked quarter basis was primarily due to higher commercial and commercial real estate nonperforming loans. The increase in nonperforming assets on a year-over year basis was primarily due to higher commercial and commercial real estate nonperforming loans, partially offset by lower nonperforming residential mortgages. Accruing loans 90 days or more past due were $714 million at March 31, 2024, compared with $698 million at December 31, 2023, and $494 million at March 31, 2023.

| U.S. Bancorp First Quarter 2024 Results | | --- || DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES | | | | | | | --- | --- | --- | --- | --- | --- | | (Percent) | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | Jun 30 2023 | Mar 31 2023 | | Delinquent loan ratios - 90 days or more past due | | | | | | | Commercial | .08 | .09 | .05 | .04 | .05 | | Commercial real estate | — | .01 | — | — | .01 | | Residential mortgages | .12 | .12 | .11 | .08 | .08 | | Credit card | 1.42 | 1.31 | 1.17 | 1.02 | 1.00 | | Other retail | .15 | .15 | .13 | .12 | .12 | | Total loans | .19 | .19 | .15 | .12 | .13 | | Delinquent loan ratios - 90 days or more past due and nonperforming loans | | | | | | | Commercial | .49 | .37 | .24 | .21 | .18 | | Commercial real estate | 1.71 | 1.46 | 1.33 | .87 | .98 | | Residential mortgages | .26 | .25 | .25 | .26 | .33 | | Credit card | 1.42 | 1.31 | 1.17 | 1.02 | 1.01 | | Other retail | .47 | .46 | .41 | .39 | .37 | | Total loans | .66 | .57 | .49 | .40 | .42 | | ASSET QUALITY (a) | | | | | | --- | --- | --- | --- | --- | | ( in millions) | | | | | | | Dec 31 2023 | Sep 30 2023 | Jun 30 2023 | Mar 31 2023 | | Nonperforming loans | | | | | | Commercial | $349 | $231 | $204 | $150 | | Lease financing | 27 | 25 | 27 | 28 | | Total commercial | 376 | 256 | 231 | 178 | | Commercial mortgages | 675 | 566 | 361 | 432 | | Construction and development | 102 | 155 | 113 | 103 | | Total commercial real estate | 777 | 721 | 474 | 535 | | Residential mortgages | 158 | 161 | 207 | 292 | | Credit card | — | — | — | 1 | | Other retail | 138 | 129 | 129 | 133 | | Total nonperforming loans | 1,449 | 1,267 | 1,041 | 1,139 | | Other real estate | 26 | 25 | 25 | 23 | | Other nonperforming assets | 19 | 18 | 19 | 19 | | Total nonperforming assets | $1,494 | $1,310 | $1,085 | $1,181 | | Accruing loans 90 days or more past due | $698 | $569 | $474 | $494 | | Nonperforming assets to loans plus ORE (%) | .40 | .35 | .29 | .30 | | (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | | | | |

All values are in US Dollars.

| U.S. Bancorp First Quarter 2024 Results | | --- || COMMON SHARES | | | | | | | --- | --- | --- | --- | --- | --- | | (Millions) | 1Q 2024 | 4Q 2023 | 3Q 2023 | 2Q 2023 | 1Q 2023 | | Beginning shares outstanding | 1,558 | 1,557 | 1,533 | 1,533 | 1,531 | | Shares issued for stock incentive plans, | | | | | | | acquisitions and other corporate purposes | 3 | 1 | 24 | — | 3 | | Shares repurchased | (1) | — | — | — | (1) | | Ending shares outstanding | 1,560 | 1,558 | 1,557 | 1,533 | 1,533 | | CAPITAL POSITION | | | | Preliminary Data | | | --- | --- | --- | --- | --- | --- | | ($ in millions) | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | Jun 30 2023 | Mar 31 2023 | | Total U.S. Bancorp shareholders' equity | 55,568 | 55,306 | 53,113 | 53,019 | 52,989 | | Basel III Standardized Approach (a) | | | | | | | Common equity tier 1 capital | 45,239 | 44,947 | 44,655 | 42,944 | 42,027 | | Tier 1 capital | 52,491 | 52,199 | 51,906 | 50,187 | 49,278 | | Total risk-based capital | 62,203 | 61,921 | 61,737 | 60,334 | 59,920 | | Common equity tier 1 capital ratio | 10.0 | 9.9 | 9.7 | 9.1 | 8.5 | | Tier 1 capital ratio | 11.6 | 11.5 | 11.2 | 10.6 | 10.0 | | Total risk-based capital ratio | 13.7 | 13.7 | 13.4 | 12.7 | 12.1 | | Leverage ratio | 8.1 | 8.1 | 7.9 | 7.5 | 7.5 | | Tangible common equity to tangible assets (b) | 5.2 | 5.3 | 5.0 | 4.8 | 4.8 | | Tangible common equity to risk-weighted assets (b) | 7.8 | 7.7 | 7.0 | 6.8 | 6.5 | | Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b) | 9.9 | 9.7 | 9.5 | 8.9 | 8.3 | | (a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology<br><br>(b) See Non-GAAP Financial Measures reconciliation on page 18 | | | | | |

All values are in US Dollars.

Total U.S. Bancorp shareholders’ equity was $55.6 billion at March 31, 2024, compared with $55.3 billion at December 31, 2023 and $53.0 billion at March 31, 2023. The Company suspended all common stock repurchases at the beginning of the third quarter of 2021, except for those done exclusively in connection with its stock-based compensation programs, due to its acquisition of MUB. The Company will evaluate its share repurchases in connection with the potential capital requirements given proposed regulatory capital rules and related landscape.

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 10.0 percent at March 31, 2024, compared with 9.9 percent at December 31, 2023, and 8.5 percent at March 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 9.9 percent at March 31, 2024, compared with 9.7 percent at December 31, 2023, and 8.3 percent at March 31, 2023.

| U.S. Bancorp First Quarter 2024 Results | | --- || Investor Conference Call | | --- |

On Wednesday, April 17, 2024 at 7 a.m. CT, Chairman, President 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 or 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 and 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 10 a.m. CT on Wednesday, April 17, 2024. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News and events" and “Webcasts & presentations.”

About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $684 billion in assets as of March 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 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;

•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;

U.S. Bancorp First Quarter 2024 Results

•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, U.S. Bancorp’s acquisition of MUB presents risks and uncertainties, including, among others, the risk that any revenue synergies and other anticipated benefits of the acquisition may not be realized or may take longer than anticipated to be realized.

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.

U.S. Bancorp First Quarter 2024 Results
Non-GAAP Financial Measures
---

In addition to capital ratios defined by banking regulators, 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 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, including the efficiency ratio, tangible efficiency ratio and net interest margin, utilize net interest income on a taxable-equivalent basis.

The adjusted return on average assets, adjusted return on tangible common equity, adjusted efficiency ratio, adjusted net income and adjusted diluted earnings per common share 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 March 31,
(Unaudited)	2024	2023
Interest Income
Loans	$5,712	$5,277
Loans held for sale	37	31
Investment securities	1,175	1,074
Other interest income	840	582
Total interest income	7,764	6,964
Interest Expense
Deposits	2,884	1,505
Short-term borrowings	270	449
Long-term debt	625	376
Total interest expense	3,779	2,330
Net interest income	3,985	4,634
Provision for credit losses	553	427
Net interest income after provision for credit losses	3,432	4,207
Noninterest Income
Card revenue	392	360
Corporate payment products revenue	184	189
Merchant processing services	401	387
Trust and investment management fees	641	590
Service charges	315	324
Commercial products revenue	388	334
Mortgage banking revenue	166	128
Investment products fees	77	68
Securities gains (losses), net	2	(32)
Other	134	159
Total noninterest income	2,700	2,507
Noninterest Expense
Compensation and employee benefits	2,691	2,646
Net occupancy and equipment	296	321
Professional services	110	134
Marketing and business development	136	122
Technology and communications	507	503
Other intangibles	146	160
Merger and integration charges	155	244
Other	418	425
Total noninterest expense	4,459	4,555
Income before income taxes	1,673	2,159
Applicable income taxes	347	455
Net income	1,326	1,704
Net (income) loss attributable to noncontrolling interests	(7)	(6)
Net income attributable to U.S. Bancorp	$1,319	$1,698
Net income applicable to U.S. Bancorp common shareholders	$1,209	$1,592
Earnings per common share	$.78	$1.04
Diluted earnings per common share	$.78	$1.04
Dividends declared per common share	$.49	$.48
Average common shares outstanding	1,559	1,532
Average diluted common shares outstanding	1,559	1,532

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	March 31, 2024	December 31, 2023	March 31, 2023
Assets	(Unaudited)		(Unaudited)
Cash and due from banks	$76,985	$61,192	$67,228
Investment securities
Held-to-maturity	82,948	84,045	88,462
Available-for-sale	72,426	69,706	65,491
Loans held for sale	2,080	2,201	2,381
Loans
Commercial	134,726	131,881	137,326
Commercial real estate	52,677	53,455	55,158
Residential mortgages	116,079	115,530	116,948
Credit card	27,844	28,560	25,489
Other retail	43,262	44,409	52,945
Total loans	374,588	373,835	387,866
Less allowance for loan losses	(7,514)	(7,379)	(7,020)
Net loans	367,074	366,456	380,846
Premises and equipment	3,537	3,623	3,735
Goodwill	12,479	12,489	12,560
Other intangible assets	6,031	6,084	6,883
Other assets	60,046	57,695	54,791
Total assets	$683,606	$663,491	$682,377
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$91,220	$89,989	$124,595
Interest-bearing	436,843	422,323	380,744
Total deposits	528,063	512,312	505,339
Short-term borrowings	17,102	15,279	56,875
Long-term debt	52,693	51,480	42,045
Other liabilities	29,715	28,649	24,664
Total liabilities	627,573	607,720	628,923
Shareholders' equity
Preferred stock	6,808	6,808	6,808
Common stock	21	21	21
Capital surplus	8,642	8,673	8,699
Retained earnings	74,473	74,026	72,807
Less treasury stock	(24,023)	(24,126)	(25,193)
Accumulated other comprehensive income (loss)	(10,353)	(10,096)	(10,153)
Total U.S. Bancorp shareholders' equity	55,568	55,306	52,989
Noncontrolling interests	465	465	465
Total equity	56,033	55,771	53,454
Total liabilities and equity	$683,606	$663,491	$682,377

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	March 31,2024		December 31,2023	September 30,2023	June 30,2023	March 31,2023
Total equity	56,033		55,771	53,578	53,484	53,454
Preferred stock	(6,808)		(6,808)	(6,808)	(6,808)	(6,808)
Noncontrolling interests	(465)		(465)	(465)	(465)	(465)
Goodwill (net of deferred tax liability) (1)	(11,459)		(11,480)	(11,470)	(11,493)	(11,575)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(2,158)		(2,278)	(2,370)	(2,490)	(2,611)
Tangible common equity (a)	35,143		34,740	32,465	32,228	31,995
Common equity tier 1 capital, determined in accordance with transitional regulatory<br><br>capital requirements related to the current expected credit losses methodology implementation	45,239		44,947	44,655	42,944	42,027
Adjustments (2)	(433)		(866)	(867)	(866)	(866)
Common equity tier 1 capital, reflecting the full implementation
of the current expected credit losses methodology (b)	44,806		44,081	43,788	42,078	41,161
Total assets	683,606		663,491	668,039	680,825	682,377
Goodwill (net of deferred tax liability) (1)	(11,459)		(11,480)	(11,470)	(11,493)	(11,575)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(2,158)		(2,278)	(2,370)	(2,490)	(2,611)
Tangible assets (c)	669,989		649,733	654,199	666,842	668,191
Risk-weighted assets, determined in accordance with transitional regulatory capital<br><br>requirements related to the current expected credit losses methodology<br><br>implementation (d)	452,831	*	453,390	462,250	473,393	494,048
Adjustments (3)	(368)	*	(736)	(736)	(735)	(735)
Risk-weighted assets, reflecting the full implementation of the current expected<br><br>credit losses methodology (e)	452,463	*	452,654	461,514	472,658	493,313
Ratios *
Tangible common equity to tangible assets (a)/(c)	5.2		5.3	5.0	4.8	4.8
Tangible common equity to risk-weighted assets (a)/(d)	7.8		7.7	7.0	6.8	6.5
Common equity tier 1 capital to risk-weighted assets, reflecting the full<br><br>implementation of the current expected credit losses methodology (b)/(e)	9.9		9.7	9.5	8.9	8.3
	Three Months Ended
	March 31,2024		December 31,2023	September 30,2023	June 30,2023	March 31,2023
Net income applicable to U.S. Bancorp common shareholders	1,209		766	1,412	1,281	1,592
Intangibles amortization (net-of-tax)	115		123	127	126	126
Net income applicable to U.S. Bancorp common shareholders, excluding<br><br>intangibles amortization	1,324		889	1,539	1,407	1,718
Annualized net income applicable to U.S. Bancorp common shareholders,<br><br>excluding intangible amortization (f)	5,325		3,527	6,106	5,643	6,967
Average total equity	56,131		54,779	54,283	54,287	53,132
Average preferred stock	(6,808)		(6,808)	(6,808)	(6,808)	(6,808)
Average noncontrolling interests	(464)		(465)	(466)	(465)	(465)
Average goodwill (net of deferred tax liability) (1)	(11,473)		(11,475)	(11,493)	(11,527)	(11,444)
Average intangible assets (net of deferred tax liability), other than mortgage<br><br>servicing rights	(2,208)		(2,295)	(2,418)	(2,530)	(2,681)
Average tangible common equity (g)	35,178		33,736	33,098	32,957	31,734
Return on tangible common equity (f)/(g)	15.1		10.5	18.4	17.1	22.0
Net interest income	3,985		4,111	4,236	4,415	4,634
Taxable-equivalent adjustment (4)	30		31	32	34	34
Net interest income, on a taxable-equivalent basis	4,015		4,142	4,268	4,449	4,668
Net interest income, on a taxable-equivalent basis (as calculated above)	4,015		4,142	4,268	4,449	4,668
Noninterest income	2,700		2,620	2,764	2,726	2,507
Less: Securities gains (losses), net	2		(116)	—	3	(32)
Total net revenue, excluding net securities gains (losses) (h)	6,713		6,878	7,032	7,172	7,207
Noninterest expense (i)	4,459		5,219	4,530	4,569	4,555
Less: Intangible amortization	146		156	161	159	160
Noninterest expense, excluding intangible amortization (j)	4,313		5,063	4,369	4,410	4,395
Efficiency ratio (i)/(h)	66.4		75.9	64.4	63.7	63.2
Tangible efficiency ratio (j)/(h)	64.2		73.6	62.1	61.5	61.0

All values are in US Dollars.

* 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)	March 31,2024	December 31,2023	March 31,2023
Net income applicable to U.S. Bancorp common shareholders	1,209	766	1,592
Less: Notable items, including the impact of earnings allocated to participating stock awards (1)	(198)	(775)	(181)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a)	1,407	1,541	1,773
Average diluted common shares outstanding (b)	1,559	1,558	1,532
Diluted earnings per common share, excluding notable items (a)/(b)	.90	.99	1.16
Income before taxes	1,673	1,000	2,159
Taxable-equivalent adjustment (2)	30	31	34
Less: Notable items (1)	(265)	(1,133)	(244)
Income before taxes (taxable-equivalent basis), excluding notable items (c)	1,968	2,164	2,437
Income taxes	347	139	455
Taxable-equivalent adjustment (2)	30	31	34
Less: Notable items (1)	(66)	(353)	(61)
Income taxes and tax-equivalent adjustment, excluding notable items (d)	443	523	550
Income tax rate (taxable-equivalent basis), excluding notable items (d)/(c)	22.5	24.2	22.6
Net income attributable to U.S. Bancorp	1,319
Less: Notable items (1)	(199)
Net income attributable to U.S. Bancorp, excluding notable items	1,518
Annualized net income attributable to U.S. Bancorp, excluding notable items (e)	6,105
Average assets (f)	653,909
Return on average assets, excluding notable items (e)/(f)	.93
Net income applicable to U.S. Bancorp common shareholders	1,209
Intangibles amortization (net-of-tax)	115
Less: Notable items, including the impact of earnings allocated to participating stock awards (1)	(198)
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items	1,522
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization and<br><br>notable items (g)	6,121
Average total equity	56,131
Average preferred stock	(6,808)
Average noncontrolling interests	(464)
Average goodwill (net of deferred tax liability) (3)	(11,473)
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights	(2,208)
Average tangible common equity (h)	35,178
Return on tangible common equity, excluding notable items (g)/(h)	17.4
Net interest income	3,985
Taxable-equivalent adjustment (2)	30
Net interest income, on a taxable-equivalent basis	4,015
Net interest income, on a taxable-equivalent basis (as calculated above)	4,015
Noninterest income	2,700
Less: Securities gains (losses), net	2
Total net revenue, excluding net securities gains (losses) (i)	6,713
Noninterest expense	4,459
Less: Notable items (1)	265
Noninterest expense, excluding notable items (j)	4,194
Efficiency ratio, excluding notable items (j)/(i)	62.5
	Three Months Ended
	June 30,2023	March 31,2023
Net charge-offs	649	373
Less: Notable items (4)	309	91
Net charge-offs, excluding notable items	340	282
Annualized net charge-offs, excluding notable items (k)	1,364	1,144
Average loan balances (l)	388,817	386,750
Net charge-off ratio, excluding notable items (k)/(l)	.35	.30

All values are in US Dollars.

(1)Notable items of $265 million ($199 million net-of-tax) for the three months ended March 31, 2024 included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. 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. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net-of-tax) of merger and integration-related charges.

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

(4)Notable items for the three months ended June 30, 2023 included $309 million of net charge-offs related to balance sheet repositioning and capital management actions. Notable items for the three months ended March 31, 2023 included $91 million of net charge-offs related to uncollectible acquired loans, considered purchase credit deteriorated as of the date of the acquisition.

Business Line Schedules<br><br>First Quarter 2024
WEALTH, CORPORATE, COMMERCIAL AND<br><br>INSTITUTIONAL BANKING<br><br><br><br>CONSUMER AND BUSINESS BANKING<br><br><br><br>PAYMENT SERVICES<br><br><br><br>TREASURY AND CORPORATE SUPPORT

LINE OF BUSINESS FINANCIAL PERFORMANCE				Preliminary data
($ in millions)	Net Income Attributable <br>to U.S. Bancorp			Percent Change
Business Line	1Q<br>2024	4Q<br>2023	1Q<br>2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Wealth, Corporate, Commercial and Institutional Banking	$651	$687	$942	(5.2)	(30.9)
Consumer and Business Banking	601	616	770	(2.4)	(21.9)
Payment Services	248	183	310	35.5	(20.0)
Treasury and Corporate Support	(181)	(639)	(324)	71.7	44.1
Consolidated Company	$1,319	$847	$1,698	55.7	(22.3)
	Income Before Provision<br>and Taxes			Percent Change
	1Q<br>2024	4Q<br>2023	1Q<br>2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Wealth, Corporate, Commercial and Institutional Banking	$1,006	$986	$1,230	2.0	(18.2)
Consumer and Business Banking	857	871	1,035	(1.6)	(17.2)
Payment Services	690	705	633	(2.1)	9.0
Treasury and Corporate Support	(297)	(1,019)	(278)	70.9	(6.8)
Consolidated Company	$2,256	$1,543	$2,620	46.2	(13.9)

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 the Company 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 restated and presented on a comparable basis.

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING			Preliminary data
( in millions)			Percent Change
	4Q<br>2023	1Q<br>2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,304	$1,550	(3.0)	(18.4)
Noninterest income	1,024	1,020	8.7	9.1
Securities gains (losses), net	—	—	—	—
Total net revenue	2,328	2,570	2.1	(7.5)
Noninterest expense	1,287	1,279	2.6	3.2
Other intangibles	55	61	(5.5)	(14.8)
Total noninterest expense	1,342	1,340	2.2	2.4
Income before provision and taxes	986	1,230	2.0	(18.2)
Provision for credit losses	70	(26)	97.1	nm
Income before income taxes	916	1,256	(5.2)	(30.9)
Income taxes and taxable-equivalent adjustment	229	314	(5.2)	(30.9)
Net income	687	942	(5.2)	(30.9)
Net (income) loss attributable to noncontrolling interests	—	—	—	—
Net income attributable to U.S. Bancorp	$687	$942	(5.2)	(30.9)
Average Balance Sheet Data
Loans	$171,761	$177,011	(.5)	(3.4)
Other earning assets	7,288	6,027	19.9	45.0
Goodwill	4,825	4,614	—	4.6
Other intangible assets	1,112	1,034	(4.8)	2.4
Assets	200,354	201,182	(.6)	(1.0)
Noninterest-bearing deposits	62,057	82,403	(5.8)	(29.1)
Interest-bearing deposits	202,663	196,843	.6	3.6
Total deposits	264,720	279,246	(.9)	(6.0)
Total U.S. Bancorp shareholders' equity	22,699	21,536	(4.2)	1.0

All values are in US Dollars.

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, government and institutional clients.

Wealth, Corporate, Commercial and Institutional Banking generated $1,006 million of income before provision and taxes in the first quarter of 2024, compared with $1,230 million in the first quarter of 2023, and contributed $651 million of the Company’s net income in the first quarter of 2024. The provision for credit losses increased $164 million compared with the first quarter of 2023 primarily due to commercial real estate credit quality and select commercial downgrades. Total net revenue was $192 million (7.5 percent) lower in the first quarter of 2024 due to a decrease of $285 million (18.4 percent) in net interest income partially offset by an increase of $93 million (9.1 percent) in total noninterest income. Net interest income decreased due to the impact of deposit mix and pricing, partially offset by higher rates on earning assets. Total noninterest income increased primarily due to higher trust and investment management fees driven by business growth and favorable market conditions, and higher commercial products revenue mainly due to higher corporate bond fees. Total noninterest expense increased $32 million (2.4 percent) compared with the first quarter of 2023 primarily due to higher compensation expense.

CONSUMER AND BUSINESS BANKING			Preliminary data
( in millions)			Percent Change
	4Q<br>2023	1Q<br>2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$2,095	$2,341	(3.9)	(14.0)
Noninterest income	410	401	3.2	5.5
Securities gains (losses), net	—	—	—	—
Total net revenue	2,505	2,742	(2.7)	(11.1)
Noninterest expense	1,562	1,636	(3.1)	(7.5)
Other intangibles	72	71	(6.9)	(5.6)
Total noninterest expense	1,634	1,707	(3.3)	(7.4)
Income before provision and taxes	871	1,035	(1.6)	(17.2)
Provision for credit losses	49	7	12.2	nm
Income before income taxes	822	1,028	(2.4)	(22.0)
Income taxes and taxable-equivalent adjustment	206	258	(2.4)	(22.1)
Net income	616	770	(2.4)	(21.9)
Net (income) loss attributable to noncontrolling interests	—	—	—	—
Net income attributable to U.S. Bancorp	$616	$770	(2.4)	(21.9)
Average Balance Sheet Data
Loans	$155,900	$167,409	(.6)	(7.5)
Other earning assets	2,170	2,179	(13.4)	(13.8)
Goodwill	4,328	4,493	(.1)	(3.7)
Other intangible assets	4,926	5,594	(4.7)	(16.1)
Assets	171,810	185,245	(1.5)	(8.7)
Noninterest-bearing deposits	23,481	41,269	(8.4)	(47.9)
Interest-bearing deposits	200,266	176,797	1.5	15.0
Total deposits	223,747	218,066	.5	3.1
Total U.S. Bancorp shareholders' equity	15,368	16,565	(3.4)	(10.4)

All values are in US Dollars.

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

Consumer and Business Banking generated $857 million of income before provision and taxes in the first quarter of 2024, compared with $1,035 million in the first quarter of 2023, and contributed $601 million of the Company’s net income in the first quarter of 2024. The provision for credit losses increased $48 million compared with the first quarter of 2023 due to normalizing credit conditions. Total net revenue was lower by $305 million (11.1 percent) in the first quarter of 2024 due to a decrease of $327 million (14.0 percent) in net interest income partially offset by an increase in total noninterest income of $22 million (5.5 percent). Net interest income decreased due to the impact of deposit mix and pricing, partially offset by higher rates on earning assets. Total noninterest income increased primarily due to higher mortgage banking revenue driven by higher gain on sale margins, partially offset by a decrease in service charges. Total noninterest expense decreased $127 million (7.4 percent) in the first quarter of 2024 compared with the first quarter of 2023 due to a decrease in shared services expense and lower compensation expense.

PAYMENT SERVICES			Preliminary data
( in millions)			Percent Change
	4Q<br>2023	1Q<br>2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$709	$655	3.7	12.2
Noninterest income	1,029	937	(4.8)	4.6
Securities gains (losses), net	—	—	—	—
Total net revenue	1,738	1,592	(1.3)	7.7
Noninterest expense	1,004	931	(.6)	7.2
Other intangibles	29	28	(6.9)	(3.6)
Total noninterest expense	1,033	959	(.8)	6.9
Income before provision and taxes	705	633	(2.1)	9.0
Provision for credit losses	461	220	(22.1)	63.2
Income before income taxes	244	413	35.7	(19.9)
Income taxes and taxable-equivalent adjustment	61	103	36.1	(19.4)
Net income	183	310	35.5	(20.0)
Net (income) loss attributable to noncontrolling interests	—	—	—	—
Net income attributable to U.S. Bancorp	$183	$310	35.5	(20.0)
Average Balance Sheet Data
Loans	$40,039	$36,935	(.6)	7.8
Other earning assets	10	302	nm	(49.3)
Goodwill	3,325	3,315	.2	.5
Other intangible assets	319	385	(6.0)	(22.1)
Assets	45,373	42,858	3.2	9.2
Noninterest-bearing deposits	2,772	3,184	.7	(12.3)
Interest-bearing deposits	99	108	(2.0)	(10.2)
Total deposits	2,871	3,292	.6	(12.3)
Total U.S. Bancorp shareholders' equity	9,695	8,968	2.8	11.1

All values are in US Dollars.

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 $690 million of income before provision and taxes in the first quarter of 2024, compared with $633 million in the first quarter of 2023, and contributed $248 million of the Company’s net income in the first quarter of 2024. The provision for credit losses increased $139 million (63.2 percent) compared with the first quarter of 2023 primarily due to increasing delinquency rates and credit losses. Total net revenue increased $123 million (7.7 percent) in the first quarter of 2024 due to higher net interest income of $80 million (12.2 percent) and higher total noninterest income of $43 million (4.6 percent). Net interest income increased primarily due to higher loan yields driven by higher interest rates and customer revolve rates, along with higher loan balances, partially offset by higher funding costs. Total noninterest income increased year-over-year driven by higher card and merchant processing services revenue, mainly due to higher volume and favorable rates. Total noninterest expense increased $66 million (6.9 percent) reflecting higher net shared services expense driven by investment in infrastructure and technology development.

TREASURY AND CORPORATE SUPPORT			Preliminary data
( in millions)			Percent Change
	4Q<br>2023	1Q<br>2023	1Q24 vs 4Q23	1Q24 vs 1Q23
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$34	$122	(97.1)	(99.2)
Noninterest income	273	181	(33.3)	.6
Securities gains (losses), net	(116)	(32)	nm	nm
Total net revenue	191	271	(3.1)	(31.7)
Noninterest expense	1,210	549	(60.2)	(12.2)
Other intangibles	—	—	—	—
Total noninterest expense	1,210	549	(60.2)	(12.2)
Income (loss) before provision and taxes	(1,019)	(278)	70.9	(6.8)
Provision for credit losses	(68)	226	nm	(99.6)
Income (loss) before income taxes	(951)	(504)	68.7	40.9
Income taxes and taxable-equivalent adjustment	(326)	(186)	62.0	33.3
Net income (loss)	(625)	(318)	72.2	45.3
Net (income) loss attributable to noncontrolling interests	(14)	(6)	50.0	(16.7)
Net income (loss) attributable to U.S. Bancorp	($639)	($324)	71.7	44.1
Average Balance Sheet Data
Loans	$5,156	$5,395	4.1	(.5)
Other earning assets	211,920	212,356	1.1	.9
Goodwill	—	—	—	—
Other intangible assets	10	36	—	(72.2)
Assets	233,911	236,162	2.1	1.1
Noninterest-bearing deposits	2,280	2,885	(10.1)	(28.9)
Interest-bearing deposits	9,164	6,835	18.4	58.8
Total deposits	11,444	9,720	12.8	32.8
Total U.S. Bancorp shareholders' equity	6,552	5,598	39.0	62.6

All values are in US Dollars.

Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, 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 $297 million loss before provision and taxes in the first quarter of 2024, compared with a $278 million loss before provision and taxes in the first quarter of 2023, and recorded a net loss of $181 million in the first quarter of 2024. The provision for credit losses decreased $225 million (99.6 percent) compared with the first quarter of 2023 primarily due to relative stability in the economic outlook in the current quarter. Total net revenue was lower by $86 million (31.7 percent) in the first quarter of 2024 due to a decrease of $121 million (99.2 percent) in net interest income, partially offset by an increase of $35 million (23.5 percent) in total noninterest income. Net interest income decreased primarily due to higher funding costs partially offset by higher yields on the investment portfolio and cash balances. The increase in total noninterest income was primarily due to higher gains on securities and increases in commercial products revenue, partially offset by decreases in other revenue. Total noninterest expense decreased $67 million (12.2 percent) compared with the first quarter of 2023 primarily due to a decline in the future delivery exposure for merchant and airline processing and other liabilities, as well as prudent expense management, continued focus on operational efficiency, and synergies from the MUB acquisition, partially offset by notable items, and higher compensation expense and net shared services.

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.

25

Document

Supplemental Consolidated Schedules<br><br>First Quarter 2024
QUARTERLY CONSOLIDATED STATEMENT OF INCOME
---	---	---	---	---	---
(Dollars and Shares in Millions, Except Per Share Data)<br>(Unaudited)	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31, <br>2023
Interest Income
Loans	$5,712	$5,742	$5,700	$5,605	$5,277
Loans held for sale	37	36	42	38	31
Investment securities	1,175	1,182	1,152	1,077	1,074
Other interest income	840	803	860	806	582
Total interest income	7,764	7,763	7,754	7,526	6,964
Interest Expense
Deposits	2,884	2,751	2,580	1,939	1,505
Short-term borrowings	270	332	450	740	449
Long-term debt	625	569	488	432	376
Total interest expense	3,779	3,652	3,518	3,111	2,330
Net interest income	3,985	4,111	4,236	4,415	4,634
Provision for credit losses	553	512	515	821	427
Net interest income after provision for credit losses	3,432	3,599	3,721	3,594	4,207
Noninterest Income
Card revenue	392	436	412	422	360
Corporate payment products revenue	184	182	198	190	189
Merchant processing services	401	409	427	436	387
Trust and investment management fees	641	621	627	621	590
Service charges	315	324	334	324	324
Commercial products revenue	388	326	354	358	334
Mortgage banking revenue	166	137	144	131	128
Investment products fees	77	73	70	68	68
Securities gains (losses), net	2	(116)	—	3	(32)
Other	134	228	198	173	159
Total noninterest income	2,700	2,620	2,764	2,726	2,507
Noninterest Expense
Compensation and employee benefits	2,691	2,509	2,615	2,646	2,646
Net occupancy and equipment	296	316	313	316	321
Professional services	110	158	127	141	134
Marketing and business development	136	306	176	122	122
Technology and communications	507	513	511	522	503
Other intangibles	146	156	161	159	160
Merger and integration charges	155	171	284	310	244
Other	418	1,090	343	353	425
Total noninterest expense	4,459	5,219	4,530	4,569	4,555
Income before income taxes	1,673	1,000	1,955	1,751	2,159
Applicable income taxes	347	139	431	382	455
Net income	1,326	861	1,524	1,369	1,704
Net (income) loss attributable to noncontrolling interests	(7)	(14)	(1)	(8)	(6)
Net income attributable to U.S. Bancorp	$1,319	$847	$1,523	$1,361	$1,698
Net income applicable to U.S. Bancorp common shareholders	$1,209	$766	$1,412	$1,281	$1,592
Earnings per common share	$.78	$.49	$.91	$.84	$1.04
Diluted earnings per common share	$.78	$.49	$.91	$.84	$1.04
Dividends declared per common share	$.49	$.49	$.48	$.48	$.48
Average common shares outstanding	1,559	1,557	1,548	1,533	1,532
Average diluted common shares outstanding	1,559	1,558	1,549	1,533	1,532
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)	2.70	2.78	2.81	2.90	3.10
Return on average assets	.81	.52	.91	.81	1.03
Return on average common equity	10.0	6.4	11.9	10.9	14.1
Efficiency ratio	66.4	75.9	64.4	63.7	63.2
CONSOLIDATED ENDING BALANCE SHEET
---	---	---	---	---	---
(Dollars in Millions)	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31,<br>2023
Assets	(Unaudited)		(Unaudited)	(Unaudited)	(Unaudited)
Cash and due from banks	$76,985	$61,192	$64,354	$70,642	$67,228
Investment securities
Held-to-maturity	82,948	84,045	85,342	86,938	88,462
Available-for-sale	72,426	69,706	67,207	69,221	65,491
Loans held for sale	2,080	2,201	2,336	2,361	2,381
Loans
Commercial	134,726	131,881	133,319	136,775	137,326
Commercial real estate	52,677	53,455	54,131	54,357	55,158
Residential mortgages	116,079	115,530	115,055	114,449	116,948
Credit card	27,844	28,560	27,080	26,626	25,489
Other retail	43,262	44,409	45,649	47,221	52,945
Total loans	374,588	373,835	375,234	379,428	387,866
Less allowance for loan losses	(7,514)	(7,379)	(7,218)	(7,164)	(7,020)
Net loans	367,074	366,456	368,016	372,264	380,846
Premises and equipment	3,537	3,623	3,616	3,695	3,735
Goodwill	12,479	12,489	12,472	12,486	12,560
Other intangible assets	6,031	6,084	6,435	6,634	6,883
Other assets	60,046	57,695	58,261	56,584	54,791
Total assets	$683,606	$663,491	$668,039	$680,825	$682,377
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$91,220	$89,989	$98,006	$104,996	$124,595
Interest-bearing	436,843	422,323	420,352	416,604	380,744
Total deposits	528,063	512,312	518,358	521,600	505,339
Short-term borrowings	17,102	15,279	21,900	32,334	56,875
Long-term debt	52,693	51,480	43,074	45,283	42,045
Other liabilities	29,715	28,649	31,129	28,124	24,664
Total liabilities	627,573	607,720	614,461	627,341	628,923
Shareholders' equity
Preferred stock	6,808	6,808	6,808	6,808	6,808
Common stock	21	21	21	21	21
Capital surplus	8,642	8,673	8,684	8,742	8,699
Retained earnings	74,473	74,026	74,023	73,355	72,807
Less treasury stock	(24,023)	(24,126)	(24,168)	(25,189)	(25,193)
Accumulated other comprehensive income (loss)	(10,353)	(10,096)	(12,255)	(10,718)	(10,153)
Total U.S. Bancorp shareholders' equity	55,568	55,306	53,113	53,019	52,989
Noncontrolling interests	465	465	465	465	465
Total equity	56,033	55,771	53,578	53,484	53,454
Total liabilities and equity	$683,606	$663,491	$668,039	$680,825	$682,377
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
---	---	---	---	---	---
(Dollars in Millions, Unaudited)	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31,<br>2023
Assets
Investment securities	$161,236	$161,885	$163,236	$159,824	$166,125
Loans held for sale	2,002	2,154	2,661	2,569	2,461
Loans
Commercial
Commercial	126,602	126,884	130,415	133,697	131,227
Lease financing	4,165	4,212	4,305	4,388	4,456
Total commercial	130,767	131,096	134,720	138,085	135,683
Commercial real estate
Commercial mortgages	41,545	42,089	42,665	43,214	43,627
Construction and development	11,492	11,736	11,588	11,720	11,968
Total commercial real estate	53,037	53,825	54,253	54,934	55,595
Residential mortgages	115,639	115,196	114,627	117,606	116,287
Credit card	27,942	27,753	26,883	26,046	25,569
Other retail
Retail leasing	4,082	4,167	4,436	4,829	5,241
Home equity and second mortgages	12,983	12,977	12,809	12,753	12,774
Other	26,620	27,842	29,149	34,564	35,601
Total other retail	43,685	44,986	46,394	52,146	53,616
Total loans	371,070	372,856	376,877	388,817	386,750
Interest-bearing deposits with banks	50,903	47,532	53,100	51,972	43,305
Other earning assets	10,924	9,817	9,371	10,657	8,973
Total earning assets	596,135	594,244	605,245	613,839	607,614
Allowance for loan losses	(7,438)	(7,270)	(7,266)	(7,068)	(6,944)
Unrealized gain (loss) on investment securities	(7,121)	(8,806)	(8,241)	(7,356)	(7,519)
Other assets	72,333	73,280	74,261	73,597	72,296
Total assets	$653,909	$651,448	$663,999	$673,012	$665,447
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$84,787	$90,590	$97,524	$113,758	$129,741
Interest-bearing deposits
Interest checking	125,011	127,445	132,560	127,994	129,350
Money market savings	196,502	187,322	177,340	152,893	146,970
Savings accounts	41,645	44,728	50,138	58,993	68,827
Time deposits	55,116	52,697	54,729	43,627	35,436
Total interest-bearing deposits	418,274	412,192	414,767	383,507	380,583
Short-term borrowings	16,364	18,645	27,550	54,172	36,467
Long-term debt	52,713	48,863	43,826	42,771	41,024
Total interest-bearing liabilities	487,351	479,700	486,143	480,450	458,074
Other liabilities	25,640	26,379	26,049	24,517	24,500
Shareholders' equity
Preferred equity	6,808	6,808	6,808	6,808	6,808
Common equity	48,859	47,506	47,009	47,014	45,859
Total U.S. Bancorp shareholders' equity	55,667	54,314	53,817	53,822	52,667
Noncontrolling interests	464	465	466	465	465
Total equity	56,131	54,779	54,283	54,287	53,132
Total liabilities and equity	$653,909	$651,448	$663,999	$673,012	$665,447
CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)
---	---	---	---	---	---	---	---
(Dollars in Millions)<br>(Unaudited)	AverageBalances		AverageBalances		% Change<br>Average<br>Balances
Assets
Investment securities	161,236	%	166,125	%		(2.9)	%
Loans held for sale	2,002		2,461			(18.7)
Loans (b)
Commercial	130,767		135,683			(3.6)
Commercial real estate	53,037		55,595			(4.6)
Residential mortgages	115,639		116,287			(.6)
Credit card	27,942		25,569			9.3
Other retail	43,685		53,616			(18.5)
Total loans	371,070		386,750			(4.1)
Interest-bearing deposits with banks	50,903		43,305			17.5
Other earning assets	10,924		8,973			21.7
Total earning assets	596,135		607,614			(1.9)
Allowance for loan losses	(7,438)		(6,944)			(7.1)
Unrealized gain (loss) on investment securities	(7,121)		(7,519)			5.3
Other assets	72,333		72,296			.1
Total assets	653,909		665,447			(1.7)
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	84,787		129,741			(34.6)	%
Interest-bearing deposits
Interest checking	125,011		129,350			(3.4)
Money market savings	196,502		146,970			33.7
Savings accounts	41,645		68,827			(39.5)
Time deposits	55,116		35,436			55.5
Total interest-bearing deposits	418,274		380,583			9.9
Short-term borrowings	16,364		36,467			(55.1)
Long-term debt	52,713		41,024			28.5
Total interest-bearing liabilities	487,351		458,074			6.4
Other liabilities	25,640		24,500			4.7
Shareholders' equity
Preferred equity	6,808		6,808			—
Common equity	48,859		45,859			6.5
Total U.S. Bancorp shareholders' equity	55,667		52,667			5.7
Noncontrolling interests	464		465			(.2)
Total equity	56,131		53,132			5.6
Total liabilities and equity	653,909		665,447			(1.7)
Net interest income
Gross interest margin		%		%
Gross interest margin without taxable-equivalent increments
Percent of Earning Assets
Interest income		%		%
Interest expense
Net interest margin		%		%
Net interest margin without taxable-equivalent increments		%		%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.<br><br>(b)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

All values are in US Dollars.

CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a)
	March 31, 2024		December 31, 2023
(Dollars in Millions)<br>(Unaudited)	AverageBalances		AverageBalances		% Change<br>Average<br>Balances
Assets
Investment securities	161,236	%	161,885	%		(.4)	%
Loans held for sale	2,002		2,154			(7.1)
Loans (b)
Commercial	130,767		131,096			(.3)
Commercial real estate	53,037		53,825			(1.5)
Residential mortgages	115,639		115,196			.4
Credit card	27,942		27,753			.7
Other retail	43,685		44,986			(2.9)
Total loans	371,070		372,856			(.5)
Interest-bearing deposits with banks	50,903		47,532			7.1
Other earning assets	10,924		9,817			11.3
Total earning assets	596,135		594,244			.3
Allowance for loan losses	(7,438)		(7,270)			(2.3)
Unrealized gain (loss) on investment securities	(7,121)		(8,806)			19.1
Other assets	72,333		73,280			(1.3)
Total assets	653,909		651,448			.4
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	84,787		90,590			(6.4)	%
Interest-bearing deposits
Interest checking	125,011		127,445			(1.9)
Money market savings	196,502		187,322			4.9
Savings accounts	41,645		44,728			(6.9)
Time deposits	55,116		52,697			4.6
Total interest-bearing deposits	418,274		412,192			1.5
Short-term borrowings	16,364		18,645			(12.2)
Long-term debt	52,713		48,863			7.9
Total interest-bearing liabilities	487,351		479,700			1.6
Other liabilities	25,640		26,379			(2.8)
Shareholders' equity
Preferred equity	6,808		6,808			—
Common equity	48,859		47,506			2.8
Total U.S. Bancorp shareholders' equity	55,667		54,314			2.5
Noncontrolling interests	464		465			(.2)
Total equity	56,131		54,779			2.5
Total liabilities and equity	653,909		651,448			.4
Net interest income
Gross interest margin		%		%
Gross interest margin without taxable-equivalent increments
Percent of Earning Assets
Interest income		%		%
Interest expense
Net interest margin		%		%
Net interest margin without taxable-equivalent increments		%		%
(a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.<br><br>(b)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

All values are in US Dollars.

LOAN PORTFOLIO
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
(Dollars in Millions)<br>(Unaudited)	Amount	Percent<br>of Total	Amount	Percent<br>of Total	Amount	Percent<br>of Total	Amount	Percent<br>of Total	Amount	Percent<br>of Total
Commercial
Commercial	$130,530	34.8	$127,676	34.2	$129,040	34.4	$132,374	34.9	$132,894	34.3
Lease financing	4,196	1.2	4,205	1.1	4,279	1.1	4,401	1.2	4,432	1.1
Total commercial	134,726	36.0	131,881	35.3	133,319	35.5	136,775	36.1	137,326	35.4
Commercial real estate
Commercial mortgages	41,157	11.0	41,934	11.2	42,473	11.3	42,775	11.3	43,549	11.2
Construction and
development	11,520	3.1	11,521	3.1	11,658	3.1	11,582	3.0	11,609	3.0
Total commercial
real estate	52,677	14.1	53,455	14.3	54,131	14.4	54,357	14.3	55,158	14.2
Residential mortgages
Residential mortgages	109,396	29.2	108,605	29.0	107,875	28.8	107,017	28.2	109,246	28.2
Home equity loans, first
liens	6,683	1.8	6,925	1.9	7,180	1.9	7,432	2.0	7,702	2.0
Total residential
mortgages	116,079	31.0	115,530	30.9	115,055	30.7	114,449	30.2	116,948	30.2
Credit card	27,844	7.4	28,560	7.6	27,080	7.2	26,626	7.0	25,489	6.6
Other retail
Retail leasing	4,137	1.1	4,135	1.1	4,271	1.2	4,637	1.2	5,017	1.3
Home equity and second
mortgages	12,932	3.5	13,056	3.5	12,879	3.4	12,799	3.4	12,720	3.3
Revolving credit	3,473	.9	3,668	1.0	3,766	1.0	3,797	1.0	3,720	.9
Installment	13,921	3.7	13,889	3.7	14,145	3.8	14,452	3.8	14,357	3.7
Automobile	8,799	2.3	9,661	2.6	10,588	2.8	11,536	3.0	17,131	4.4
Total other retail	43,262	11.5	44,409	11.9	45,649	12.2	47,221	12.4	52,945	13.6
Total loans	$374,588	100.0	$373,835	100.0	$375,234	100.0	$379,428	100.0	$387,866	100.0
Supplemental Business Line Schedules<br><br>First Quarter 2024
---
WEALTH, CORPORATE, COMMERCIAL AND<br><br>INSTITUTIONAL BANKING<br><br><br><br>CONSUMER AND BUSINESS BANKING<br><br><br><br>PAYMENT SERVICES<br><br><br><br>TREASURY AND CORPORATE SUPPORT

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	1,265	1,304	1,343	1,427	1,550
Noninterest Income
Card revenue	—	—	—	—	—
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	640	620	627	621	590
Service charges	135	128	129	135	129
Commercial products revenue	208	152	154	203	185
Mortgage banking revenue	—	—	—	—	—
Investment products fees	77	73	70	68	68
Securities gains (losses), net	—	—	—	—	—
Other	53	51	54	48	48
Total noninterest income	1,113	1,024	1,034	1,075	1,020
Total net revenue	2,378	2,328	2,377	2,502	2,570
Noninterest Expense
Compensation and employee benefits	567	534	543	544	532
Net occupancy and equipment	39	37	37	38	37
Other intangibles	52	55	57	57	61
Net shared services	513	491	495	549	516
Other	201	225	183	179	194
Total noninterest expense	1,372	1,342	1,315	1,367	1,340
Income before provision and income taxes	1,006	986	1,062	1,135	1,230
Provision for Credit Losses	138	70	128	162	(26)
Income before income taxes	868	916	934	973	1,256
Income taxes and taxable-equivalent adjustment	217	229	234	244	314
Net income	651	687	700	729	942
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	651	687	700	729	942
FINANCIAL RATIOS
Return on average assets	1.32	1.36	1.36	1.43	1.90
Net interest margin (taxable-equivalent basis)	2.83	2.89	2.93	3.09	3.43
Efficiency ratio	57.7	57.6	55.3	54.6	52.1

All values are in US Dollars.

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
AVERAGE BALANCE SHEET
Loans
Commercial	112,952	113,294	117,187	120,875	119,345
Commercial real estate	38,026	38,375	38,512	38,561	38,819
Residential mortgages	14,586	14,482	14,236	13,608	12,997
Credit card	—	—	—	—	—
Other retail	5,401	5,610	5,698	5,730	5,850
Total loans	170,965	171,761	175,633	178,774	177,011
Other Earning Assets	8,740	7,288	6,459	6,672	6,027
Total earning assets	179,705	179,049	182,092	185,446	183,038
Non-earning Assets
Goodwill	4,825	4,825	4,638	4,651	4,614
Other intangible assets	1,059	1,112	921	962	1,034
Other non-earning assets	13,496	15,368	16,190	14,134	12,496
Total non-earning assets	19,380	21,305	21,749	19,747	18,144
Total assets	199,085	200,354	203,841	205,193	201,182
Deposits
Noninterest-bearing deposits	58,446	62,057	66,042	73,683	82,403
Interest checking	49,720	50,189	52,102	49,598	51,638
Savings products	143,275	141,275	141,983	130,191	130,609
Time deposits	10,985	11,199	12,704	12,894	14,596
Total deposits	262,426	264,720	272,831	266,366	279,246
Other Interest-bearing Liabilities	15,159	13,837	12,842	13,353	12,898
Other Noninterest-bearing Liabilities	10,060	11,969	12,877	11,794	11,097
Total liabilities	287,645	290,526	298,550	291,513	303,241
Total U.S. Bancorp Shareholders' Equity	21,749	22,699	22,835	22,360	21,536
Noncontrolling Interests	—	—	—	—	—
Total Equity	21,749	22,699	22,835	22,360	21,536
NET INTEREST SPREADS (%)
Total earning assets	1.16	1.17	1.16	1.19	1.20
Total assets	.60	.57	.60	.72	.79
Total deposits	3.06	3.10	3.07	3.15	3.08
Total liabilities	3.04	3.09	3.05	3.11	3.04
CREDIT QUALITY
Net Charge-offs
Commercial	51	28	42	35	9
Commercial real estate	13	71	49	12	(4)
Residential mortgages	—	—	—	—	—
Credit card	—	—	—	—	—
Other retail	1	—	1	—	—
Total net charge-offs	65	99	92	47	5
Net Charge-off Ratios
Commercial	.18	.10	.14	.12	.03
Commercial real estate	.14	.73	.50	.12	(.04)
Residential mortgages	—	—	—	—	—
Credit card	—	—	—	—	—
Other retail	.07	—	.07	—	—
Total net charge-offs	.15	.23	.21	.11	.01
	March 31,2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
Nonperforming Assets
Nonperforming loans	1,292	937	830	604	599
Other nonperforming assets	1	1	1	—	—
Total nonperforming assets	1,293	938	831	604	599

All values are in US Dollars.

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31,<br>2023
OTHER INFORMATION
Average Loan Balances
Commercial real estate division	$45,642	$46,288	$46,591	$46,816	$46,505
Global markets & specialized finance	14,088	14,585	14,997	15,316	15,233
Middle market	28,696	28,715	29,763	30,609	31,544
Wealth management	27,155	27,350	27,136	26,924	26,688
Corporate banking and other	55,384	54,823	57,146	59,109	57,041
Total	$170,965	$171,761	$175,633	$178,774	$177,011
Average Deposit Balances
Commercial real estate division	$15,180	$16,265	$16,471	$16,407	$17,370
Global markets & specialized finance	65,196	63,430	64,393	61,518	64,107
Middle market	39,831	39,890	40,414	41,394	44,918
Wealth management	38,104	37,833	37,005	37,131	39,155
Corporate banking and other	104,115	107,302	114,548	109,916	113,696
Total	$262,426	$264,720	$272,831	$266,366	$279,246
Total Noninterest Income
Trust and investment management fees
Wealth management	$165	$158	$157	$161	$159
U.S. Bancorp Asset Management	61	57	59	59	56
Global corporate trust & custody	262	258	259	251	235
Fund services	142	138	141	142	134
Other	10	9	11	8	6
Global capital markets	242	192	195	220	206
Treasury management	135	128	129	135	129
All other noninterest income	96	84	83	99	95
Total noninterest income	$1,113	$1,024	$1,034	$1,075	$1,020
Assets Under Management by Category *
Equity	$70,924	$66,344	$67,371	$63,958	$63,547
Fixed income	212,045	200,607	201,045	204,257	196,711
Money market	155,774	154,250	148,593	140,366	127,134
Other	33,421	33,134	31,212	30,674	32,244
Total	$472,164	$454,335	$448,221	$439,255	$419,636
* 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)<br>(Unaudited)	March 31,2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	2,014	2,095	2,206	2,279	2,341
Noninterest Income
Card revenue	3	3	4	2	2
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	1	1	—	—	—
Service charges	178	194	203	187	193
Commercial products revenue	6	5	5	7	7
Mortgage banking revenue	166	137	144	161	128
Investment products fees	—	—	—	—	—
Securities gains (losses), net	—	—	—	—	—
Other	69	70	78	74	71
Total noninterest income	423	410	434	431	401
Total net revenue	2,437	2,505	2,640	2,710	2,742
Noninterest Expense
Compensation and employee benefits	560	553	577	589	586
Net occupancy and equipment	147	153	153	154	152
Other intangibles	67	72	75	74	71
Net shared services	654	675	684	760	722
Other	152	181	178	173	176
Total noninterest expense	1,580	1,634	1,667	1,750	1,707
Income before provision and income taxes	857	871	973	960	1,035
Provision for Credit Losses	55	49	8	15	7
Income before income taxes	802	822	965	945	1,028
Income taxes and taxable-equivalent adjustment	201	206	241	236	258
Net income	601	616	724	709	770
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	601	616	724	709	770
FINANCIAL RATIOS
Return on average assets	1.43	1.42	1.64	1.54	1.69
Net interest margin (taxable-equivalent basis)	5.17	5.26	5.47	5.39	5.60
Efficiency ratio	64.8	65.2	63.1	64.6	62.3

All values are in US Dollars.

CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
AVERAGE BALANCE SHEET
Loans
Commercial	3,915	3,875	4,134	4,231	3,857
Commercial real estate	12,034	12,303	12,554	12,835	13,002
Residential mortgages	100,918	100,574	100,246	103,847	103,134
Credit card	—	—	—	—	—
Other retail	38,066	39,148	40,387	46,083	47,416
Total loans	154,933	155,900	157,321	166,996	167,409
Other Earning Assets	1,879	2,170	2,688	2,512	2,179
Total earning assets	156,812	158,070	160,009	169,508	169,588
Non-earning Assets
Goodwill	4,325	4,328	4,515	4,531	4,493
Other intangible assets	4,696	4,926	5,155	5,393	5,594
Other non-earning assets	3,344	4,486	5,073	5,369	5,570
Total non-earning assets	12,365	13,740	14,743	15,293	15,657
Total assets	169,177	171,810	174,752	184,801	185,245
Deposits
Noninterest-bearing deposits	21,500	23,481	25,598	34,235	41,269
Interest checking	74,267	76,180	79,384	76,609	75,284
Savings products	92,674	89,481	84,216	80,514	83,900
Time deposits	36,402	34,605	32,679	25,796	17,613
Total deposits	224,843	223,747	221,877	217,154	218,066
Other Interest-bearing Liabilities	1,118	1,231	1,238	1,229	1,279
Other Noninterest-bearing Liabilities	2,117	2,288	2,420	2,630	2,725
Total liabilities	228,078	227,266	225,535	221,013	222,070
Total U.S. Bancorp Shareholders' Equity	14,848	15,368	15,760	16,385	16,565
Noncontrolling Interests	—	—	—	—	—
Total Equity	14,848	15,368	15,760	16,385	16,565
NET INTEREST SPREADS (%)
Total earning assets	1.33	1.33	1.32	1.33	1.40
Total assets	.96	.92	.90	.94	1.00
Total deposits	4.75	4.89	5.07	5.21	5.10
Total liabilities	4.71	4.85	5.02	5.15	5.04
CREDIT QUALITY
Net Charge-offs
Commercial	14	13	17	9	9
Commercial real estate	1	—	(1)	—	—
Residential mortgages	—	(1)	(3)	(3)	(1)
Credit card	—	—	—	—	—
Other retail	53	52	44	27	34
Total net charge-offs	68	64	57	33	42
Net Charge-off Ratios
Commercial	1.44	1.33	1.63	.85	.95
Commercial real estate	.03	—	(.03)	—	—
Residential mortgages	—	—	(.01)	(.01)	—
Credit card	—	—	—	—	—
Other retail	.56	.53	.43	.24	.29
Total net charge-offs	.18	.16	.14	.08	.10
	March 31,2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
Nonperforming Assets
Nonperforming loans	380	387	363	392	496
Other nonperforming assets	25	26	26	25	23
Total nonperforming assets	405	413	389	417	519

All values are in US Dollars.

CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31,<br>2023
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing	$4,082	$4,167	$4,436	$4,829	$5,241
Home equity and second mortgages	10,471	10,421	10,238	10,107	10,058
Other	23,513	24,560	25,713	31,147	32,117
Total other retail	$38,066	$39,148	$40,387	$46,083	$47,416
Home equity first lien*	$6,107	$6,332	$6,573	$6,822	$7,079
Home equity loans	1,913	1,812	1,665	1,503	1,367
Home equity lines	8,558	8,609	8,573	8,604	8,691
Total home equity	$16,578	$16,753	$16,811	$16,929	$17,137
Net Charge-off Ratios (%)
Retail leasing	.49	.19	.18	.08	.08
Home equity and second mortgages	—	(.04)	.08	(.04)	—
Other	.82	.82	.62	.35	.42
Total other retail	.56	.53	.43	.24	.29
Retail Credit Production
Indirect loan/lease production volume	$1,569	$1,072	$1,090	$1,588	$1,665
Direct branch loan/line production volume	1,382	1,336	1,575	1,570	1,300
Other production volume	375	256	308	250	307
Total retail credit production volume	$3,326	$2,664	$2,973	$3,408	$3,272
Branch and ATM Data
# of branches	2,256	2,274	2,280	2,304	2,462
# of U.S. Bank ATMs	4,522	4,524	4,520	4,514	4,519
* 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)<br>(Unaudited)	March 31,<br>2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales (a)	$69	46	70	81	44
Loan servicing	180	180	176	187	190
Mortgage servicing rights fair value changes
net of economic hedges (b)	(2)	4	(3)	(1)	(11)
Other changes in mortgage servicing rights fair value (c)	(81)	(93)	(99)	(106)	(95)
Total mortgage banking revenue	$166	137	144	161	128
Mortgage production volume	$7,129	7,405	9,493	11,560	9,889
Mortgage application volume	$12,531	9,535	12,947	15,841	16,077
Mortgages serviced for others (d)(e)	$232,907	233,382	232,263	251,572	245,617
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of March 31, 2024, was as follows:
(Dollars in Millions)		HFA (f)	Government	Conventional (g)	Total
Servicing portfolio (h)		49,275	25,961	150,250	225,486
Fair value		809	521	2,132	3,462
Value (bps) (i)		164	201	142	154
Weighted-average servicing fees (bps)		36	44	26	30
Multiple (value/servicing fees)		4.60	4.51	5.52	5.11
Weighted-average note rate		4.66	4.27	3.85	4.08
Weighted-average age (in years)		4.4	5.7	4.5	4.6
Weighted-average expected prepayment (constant prepayment rate)		10.2	10.7	8.8	9.3
Weighted-average expected life (in years)		7.2	6.6	7.1	7.1
Weighted-average option adjusted spread (j)		5.4	5.9	4.6	5.0
(a)Origination and sales revenue recorded based on estimated number of applications that will close.<br><br>(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.<br><br>(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.<br><br>(d)Amounts reported reflect end of period balances.<br><br>(e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset.<br><br>(f)Represents Housing Finance Agency division.<br><br>(g)Represents loans primarily sold to government-sponsored enterprises.<br><br>(h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset.<br><br>(i)Calculated as fair value divided by the servicing portfolio.<br><br>(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.

All values are in US Dollars.

PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	735	709	691	646	655
Noninterest Income
Card revenue	389	433	408	420	358
Corporate payment products revenue	184	182	198	190	189
Merchant processing services	401	409	427	436	387
Trust and investment management fees	—	—	—	—	—
Service charges	—	—	—	—	—
Commercial products revenue	—	—	—	—	—
Mortgage banking revenue	—	—	—	—	—
Investment products fees	—	—	—	—	—
Securities gains (losses), net	—	—	—	—	—
Other	6	5	6	5	3
Total noninterest income	980	1,029	1,039	1,051	937
Total net revenue	1,715	1,738	1,730	1,697	1,592
Noninterest Expense
Compensation and employee benefits	248	236	236	235	232
Net occupancy and equipment	10	10	10	10	9
Other intangibles	27	29	29	28	28
Net shared services	507	506	510	481	470
Other	233	252	234	205	220
Total noninterest expense	1,025	1,033	1,019	959	959
Income before provision and income taxes	690	705	711	738	633
Provision for Credit Losses	359	461	399	314	220
Income before income taxes	331	244	312	424	413
Income taxes and taxable-equivalent adjustment	83	61	78	106	103
Net income	248	183	234	318	310
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	248	183	234	318	310
FINANCIAL RATIOS
Return on average assets	2.13	1.60	2.07	2.89	2.93
Net interest margin (taxable-equivalent basis)	7.40	7.02	7.04	6.82	7.13
Efficiency ratio	59.8	59.4	58.9	56.5	60.2

All values are in US Dollars.

PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,2024	December 31,2023	September 30,2023	June 30,2023	March 31,2023
AVERAGE BALANCE SHEET
Loans
Commercial	11,705	12,121	11,899	11,691	11,183
Commercial real estate	—	—	—	—	—
Residential mortgages	—	—	—	—	—
Credit card	27,942	27,753	26,883	26,046	25,569
Other retail	156	165	172	176	183
Total loans	39,803	40,039	38,954	37,913	36,935
Other Earning Assets	153	10	5	74	302
Total earning assets	39,956	40,049	38,959	37,987	37,237
Non-earning Assets
Goodwill	3,332	3,325	3,333	3,330	3,315
Other intangible assets	300	319	339	359	385
Other non-earning assets	3,228	1,680	2,143	2,452	1,921
Total non-earning assets	6,860	5,324	5,815	6,141	5,621
Total assets	46,816	45,373	44,774	44,128	42,858
Deposits
Noninterest-bearing deposits	2,791	2,772	2,796	3,179	3,184
Interest checking	—	—	—	—	—
Savings products	96	98	100	103	107
Time deposits	1	1	1	1	1
Total deposits	2,888	2,871	2,897	3,283	3,292
Other Interest-bearing Liabilities	304	253	308	457	304
Other Noninterest-bearing Liabilities	6,275	4,675	4,974	5,301	4,656
Total liabilities	9,467	7,799	8,179	9,041	8,252
Total U.S. Bancorp Shareholders' Equity	9,965	9,695	9,442	9,127	8,968
Noncontrolling Interests	—	—	—	—	—
Total Equity	9,965	9,695	9,442	9,127	8,968
NET INTEREST SPREADS (%)
Total earning assets	6.46	6.11	6.16	5.97	6.26
Total assets	4.73	4.80	4.72	4.49	4.89
Total deposits	5.99	5.94	5.89	5.74	5.17
Total liabilities	5.31	5.39	5.29	4.84	4.77
CREDIT QUALITY
Net Charge-offs
Commercial	51	44	37	35	29
Commercial real estate	—	—	—	—	—
Residential mortgages	—	—	—	—	—
Credit card	296	255	220	199	175
Other retail	1	1	1	1	1
Total net charge-offs	348	300	258	235	205
Net Charge-off Ratios
Commercial	1.75	1.44	1.23	1.20	1.05
Commercial real estate	—	—	—	—	—
Residential mortgages	—	—	—	—	—
Credit card	4.26	3.65	3.25	3.06	2.78
Other retail	2.58	2.40	2.31	2.28	2.22
Total net charge-offs	3.52	2.97	2.63	2.49	2.25
	March 31, 2024	December 31, 2023	September 30, 2023	June 30,2023	March 31, 2023
Nonperforming Assets
Nonperforming loans	—	—	—	—	1
Other nonperforming assets	—	—	—	—	—
Total nonperforming assets	—	—	—	—	1

All values are in US Dollars.

PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31,<br>2023
OTHER INFORMATION
Total Noninterest Income
Retail payment solutions	$390	$436	$410	$422	$360
Corporate payment systems	188	184	201	193	191
Global merchant acquiring	402	409	428	436	386
Total	$980	$1,029	$1,039	$1,051	$937
Payment Volumes
Retail payment solutions (Issuing)
Credit card	$33,683	$35,604	$34,526	$34,924	$32,221
Debit and prepaid card	25,262	26,169	25,795	26,119	24,765
Total retail payment solutions	$58,945	$61,773	$60,321	$61,043	$56,986
Corporate payment systems (issuing)	$21,477	$21,012	$22,925	$22,126	$21,778
Merchant volume (acquiring)	$137,552	$135,727	$144,558	$145,376	$132,817
# of merchant transactions	1,930,302,342	2,002,532,119	2,094,366,023	2,040,006,881	1,817,229,245

TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31,<br>2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	$1	$34	$28	$97	$122
Noninterest Income
Card revenue	—	—	—	—	—
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	—	—	—	—	—
Service charges	2	2	2	2	2
Commercial products revenue	174	169	195	148	142
Mortgage banking revenue	—	—	—	(30)	—
Investment products fees	—	—	—	—	—
Securities gains (losses), net	2	(116)	—	3	(32)
Other	6	102	60	46	37
Total noninterest income	184	157	257	169	149
Total net revenue	185	191	285	266	271
Noninterest Expense
Compensation and employee benefits	1,316	1,186	1,259	1,278	1,296
Net occupancy and equipment	100	116	113	114	123
Other intangibles	—	—	—	—	—
Net shared services	(1,674)	(1,672)	(1,689)	(1,790)	(1,708)
Other	740	1,580	846	891	838
Total noninterest expense	482	1,210	529	493	549
Income (loss) before provision and income taxes	(297)	(1,019)	(244)	(227)	(278)
Provision for Credit Losses	1	(68)	(20)	330	226
Income (loss) before income taxes	(298)	(951)	(224)	(557)	(504)
Income taxes and taxable-equivalent adjustment	(124)	(326)	(90)	(170)	(186)
Net income (loss)	(174)	(625)	(134)	(387)	(318)
Net (income) loss attributable to noncontrolling interests	(7)	(14)	(1)	(8)	(6)
Net income (loss) attributable to U.S. Bancorp	($181)	($639)	($135)	($395)	($324)
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)<br>(Unaudited)	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31,<br>2023
AVERAGE BALANCE SHEET
Loans
Commercial	$2,195	$1,806	$1,500	$1,288	$1,298
Commercial real estate	2,977	3,147	3,187	3,538	3,774
Residential mortgages	135	140	145	151	156
Credit card	—	—	—	—	—
Other retail	62	63	137	157	167
Total loans	5,369	5,156	4,969	5,134	5,395
Other Earning Assets	214,293	211,920	219,216	215,764	212,356
Total earning assets	219,662	217,076	224,185	220,898	217,751
Non-earning Assets
Goodwill	—	—	—	—	—
Other intangible assets	10	10	10	10	36
Other non-earning assets	19,159	16,825	16,437	17,982	18,375
Total non-earning assets	19,169	16,835	16,447	17,992	18,411
Total assets	238,831	233,911	240,632	238,890	236,162
Deposits
Noninterest-bearing deposits	2,050	2,280	3,088	2,661	2,885
Interest checking	1,024	1,076	1,074	1,787	2,428
Savings products	2,102	1,196	1,179	1,078	1,181
Time deposits	7,728	6,892	9,345	4,936	3,226
Total deposits	12,904	11,444	14,686	10,462	9,720
Other Interest-bearing Liabilities	52,496	52,187	56,988	81,904	63,010
Other Noninterest-bearing Liabilities	7,188	7,447	5,778	4,792	6,022
Total liabilities	72,588	71,078	77,452	97,158	78,752
Total U.S. Bancorp Shareholders' Equity	9,105	6,552	5,780	5,950	5,598
Noncontrolling Interests	464	465	466	465	465
Total Equity	9,569	7,017	6,246	6,415	6,063
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	$—	$—	($4)	$11	$—
Commercial real estate	7	—	1	14	121
Residential mortgages	—	—	—	117	—
Credit card	—	—	—	—	—
Other retail	—	—	16	192	—
Total net charge-offs	$7	$—	$13	$334	$121
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
	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023	June 30,<br>2023	March 31,<br>2023
Nonperforming Assets
Nonperforming loans	$69	$125	$74	$45	$43
Other nonperforming assets	19	18	16	19	19
Total nonperforming assets	$88	$143	$90	$64	$62

20

a1q24earningscallpresent

U.S. Bank | Confidential 1 U.S. Bancorp 1Q24 Earnings Conference Call April 17, 2024

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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; 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, U.S. Bancorp’s acquisition of MUB presents risks and uncertainties, including, among others, the risk that any revenue synergies and other anticipated benefits of the acquisition may not be realized or may take longer than anticipated to be realized. 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.

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U.S. Bancorp 3 1Q24 Highlights ▪ Strong financial performance › Highly diversified and sustainable fee revenue streams represents ~40% of total net revenue ▪ Prudent expense management › Operational efficiency supports ongoing expense flex in light of the current revenue environment ▪ Effective balance sheet positioning › Continued focus on capital-efficient growth and strategic balance sheet management ▪ Disciplined credit risk management › Asset quality metrics in line with expectations; through-the-cycle approach to credit underwriting ▪ Continued capital accretion › Driven by enhanced earnings generation and balance sheet optimization initiatives $0.78 | $0.90 10.0% + 10 bps vs. 4Q23 +7.7% Reported Adjusted 1 Earnings per share CET1 Ratio2 Total Net Revenue Return on Tangible Common Equity Noninterest Income Growth (YoY) 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 $6.7B 15.1% | 17.4% Reported 1 Adjusted 1

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U.S. Bancorp 4 Performance Ratios 1 Non-GAAP; see appendix for calculations and description of notable items 2 Net interest margin on a taxable-equivalent basis 1.15% 0.99% 0.93%1.03% 0.52% 0.81% Return on Average Assets Adjusted for notable items 1Q23 4Q23 1Q24 15.7% 12.9% 11.6% 14.1% 6.4% 10.0% Return on Average Common Equity Adjusted for notable items 1Q23 4Q23 1Q24 24.3% 19.6% 17.4% 22.0% 10.5% 15.1% Return on Tangible Common Equity Adjusted for notable items 1Q23 4Q23 1Q24 63.2% 75.9% 66.4% 59.8% 61.1% 62.5% 3.10% 2.78% 2.70% Adjusted Efficiency Ratio Efficiency Ratio Net Interest Margin 1Q23 4Q23 1Q24 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 1 1 1 1 1 1 1 11 1 1 2

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U.S. Bancorp 5 1Q24 Highlights - Details 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 Adjusted Reported Adjusted1 change vs. $ in millions, except EPS 1Q24 1Q24 4Q23 1Q23 Net interest income2 $4,015 $4,015 (3.1) % (14.0) % Noninterest income 2,700 2,700 (1.4) 7.7 Net income to Company 1,319 1,518 (6.7) (19.3) Diluted EPS $0.78 $0.90 (9.1) (22.4) Change vs. $ in millions 1Q24 4Q23 1Q23 Nonperforming assets $1,786 19.5 % 51.2 % NPA ratio 0.48 % 8 bps 18 bps Net charge-off ratio 0.53 % 4 bps 23 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 1Q24 1Q24 4Q23 1Q23 Total assets $683.6 $653.9 0.4 % (1.7) % Earning assets 621.7 596.1 0.3 (1.9) Total loans 374.6 371.1 (0.5) (4.1) Total deposits 528.1 503.1 0.1 (1.4) Change vs. 1Q24 4Q23 1Q23 CET1 capital ratio3 10.0 % 10 bps 150 bps Total risk-based capital ratio 13.7 % 0 bps 160 bps Book value per share $31.26 0.4 % 3.8 % Tangible book value per share1 $22.53 1.0 % 8.0 % Earnings returned (millions)4 $820 1 1 1 Credit Quality

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U.S. Bancorp 6 Sustainable Earnings Power Strong annualized fee income generated by our diversified business model supports our short- and long-term growth objectives Fee income represents 40% of U.S. Bancorp total net revenue1 1 1Q24 taxable-equivalent basis; Business line revenue percentages exclude Treasury and Corporate Support; see appendix for reconciliation As a % of Total Net Revenue1 Fee NII Payment Services fee revenue Breadth of capabilities, diversified distribution model, proprietary technology platform, payments ecosystem Commercial Products revenue FICM focused; full suite of products and technology to support debt underwriting, FX, derivatives and loan syndications Trust & Investment Management revenue Leading market position with sizable distribution, balance sheet, and product advantages Fee revenue differentiators with national reach 37% 37% 26% 47% 17% 57% 53% 83% 43% WCIB CBB Payments Payment Services Consumer & Business Banking (CBB) Wealth, Corporate, Commercial & Institutional Banking (WCIB)

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U.S. Bank | Confidential 7 0.6 0.8 0.2 0.30.2 0.3 2020 2023 Business Banking Relationships2 FY 2020 FY 2023 $3.6B Our Payments Ecosystem is a Key Differentiator Demonstrated business banking revenue and relationship growth Banking Payments Banking + Payment 1.4M 1.0M h~35% Business Banking Revenue1 3-year Cumulative rates h~30% +25%-30% Opportunity Differentiated product offerings and digital capabilities drive growth in the near-term Medium term 3-year Cumulative rates Medium term +15%-20% Opportunity Payments Ecosystem Data as of December 2023 1 Non-GAAP. FY 2020 revenue of $1.4B has been adjusted to add approximately $1.4B, for a total of $2.7B, to reflect the impact of 450 bps higher rate environment in 2023 to FY 2020 average balances of $30B. This adjustment allows for the comparison of the two periods based on the impact of our payments ecosystem and strategy and excludes the impact of the interest rate environment. 2 Reflects growth in core business banking clients including the addition of Union Bank clients who are eligible for multi-product relationships $2.7B

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U.S. Bancorp 81Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and description of notable items Excluding Notable Items2 1Q24 % Change 1Q23 4Q23 Notable vs 4Q23 vs 1Q23 $ in millions, except EPS Reported Reported Reported Items2 Adjusted Adjusted Adjusted Net Interest Income $4,634 $4,111 $3,985 $— $ 3,985 (3.1) % (14.0) % Taxable-equivalent Adjustment 34 31 30 — 30 (3.2) (11.8) Net Interest Income (taxable-equivalent basis) 4,668 4,142 4,015 — 4,015 (3.1) (14.0) Noninterest Income 2,507 2,620 2,700 — 2,700 (1.4) 7.7 Net Revenue 7,175 6,762 6,715 — 6,715 (2.4) (6.4) Noninterest Expense 4,555 5,219 4,459 265 4,194 (.2) (2.7) Operating Income 2,620 1,543 2,256 (265) 2,521 (5.8) (12.0) Provision for credit losses 427 512 553 — 553 8.0 29.5 Income Before Taxes 2,193 1,031 1,703 (265) 1,968 (9.1) (19.2) Applicable Income Taxes 489 170 377 (66) 443 (15.3) (19.5) Net Income 1,704 861 1,326 (199) 1,525 (7.1) (19.2) Noncontrolling Interests (6) (14) (7) — (7) 50.0 (16.7) Net Income to Company 1,698 847 1,319 (199) 1,518 (6.7) (19.3) Preferred Dividends/Other 106 81 110 (1) 111 29.1 2.8 Net Income to Common $1,592 $766 $1,209 ($198) $1,407 (8.7) % (20.6) % Net Interest Margin1 3.10% 2.78% 2.70% —% 2.70% (8) bps (40) bps Efficiency Ratio2 63.2% 75.9% 66.4% 3.9% 62.5% 140 bps 270 bps Diluted EPS $1.04 $.49 $.78 $(.12) $.90 (9.1) % (22.4) % 1Q24 Earnings Summary – Detail

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U.S. Bancorp 9 Balance Sheet Summary Effective balance sheet management and continued consumer deposit growth Total Average Deposits Highlights Total Average Loan Balance $377 $373 $371 3Q23 4Q23 1Q24 $512 $503 $503 3Q23 4Q23 1Q24 Consumer Deposit Growth (Avg.) $222 $224 $225 3Q23 4Q23 1Q24 $ in billions ▪ Average loan decline driven by slower industry-wide commercial loan growth partially offset by card growth ▪ Stable core deposit levels; Total interest bearing liability cost continues to benefit from improved funding mix ▪ Current quarter deposits balance reflects seasonal deposit inflows and holiday timing

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U.S. Bancorp 10 ▪ Year-over-year performance was impacted by deposit mix and pricing, partially offset by higher rates on earning assets. ▪ Linked quarter decrease in net interest income and margin was primarily due to the impact of deposit mix and pricing. $ in millions 1 Non-GAAP; see appendix for calculations 1Q24 4Q23 1Q23 Loans $5,712 $5,742 $5,277 Loans held for sale 37 36 31 Investment securities 1,175 1,182 1,074 Other interest income 840 803 582 Total interest income $7,764 $7,763 $6,964 Deposits $2,884 $2,751 $1,505 Short-term borrowings 270 332 449 Long-term debt 625 569 376 Total interest expense $3,779 $3,652 $2,330 Net interest income $3,985 $4,111 $4,634 Taxable-equivalent adjustment 30 31 34 Net interest income, on a taxable-equivalent basis1 $4,015 $4,142 $4,668 Net interest margin (taxable-equivalent basis) 2.70 % 2.78 % 3.10 % Net Interest Income (taxable-equivalent basis)1 -3% Linked Quarter -14% Year-Over-Year Net Interest Income

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U.S. Bancorp 11 ▪ Year-over-year increase driven by higher payments revenue, as well as trust and investment management fees, commercial products, and mortgage revenue, partially offset by lower other revenue. ▪ On a linked quarter basis, adjusted noninterest income decreased due to seasonally lower payments revenue and other revenue, partially offset by higher commercial products and mortgage revenue. $ in millions Payments = card, corporate payment products and merchant processing Other = commercial products, investment products fees, securities gains (losses) and other 1 Non-GAAP; see slide 8 and the appendix for calculations and description of notable items 1Q24 4Q23 1Q23 Payments $977 $1,027 $936 Trust & Inv Mgmt 641 621 590 Service Charges 315 324 324 Commercial Products 388 326 334 Mortgage 166 137 128 Other 213 303 195 Noninterest Income, Adjusted1 $2,700 $2,738 $2,507 Notable Items1 — (118) — Noninterest Income, Reported $2,700 $2,620 $2,507 Noninterest Income Reported +3% Linked Quarter +8% Year-Over-Year Excluding Notable Items1 -1% Linked Quarter +8% Year-Over-Year

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U.S. Bancorp 12 ▪ On a linked quarter basis, adjusted noninterest expense decreased driven by prudent expense management and continued focus on operational efficiency, partially offset by higher compensation expense. ▪ Notable Items this quarter included the last of merger and integration- related charges of $155M related to the Union Bank acquisition and $110M for an anticipated increase in the FDIC special assessment. $ in millions 1 Non-GAAP; see slide 8 and the appendix for calculations and description of notable items 1Q24 4Q23 1Q23 Compensation & Benefits $2,691 $2,509 $2,646 Technology & Communications 507 513 503 Occupancy & Equipment 296 316 321 Professional Services 110 158 134 Marketing/Business Development 136 196 122 All Other 454 512 585 Total Noninterest Expense, Adjusted1 $4,194 $4,204 $4,311 Notable Items1 265 1,015 244 Total Noninterest Expense, Reported $4,459 $5,219 $4,555 Noninterest Expense Reported -15% Linked Quarter -2% Year-Over-Year Excluding Notable Items1 -0.2% Linked Quarter -3% Year-Over-Year

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U.S. Bancorp 13 Amount ($B) Reserve (%) Commercial $2.2 1.6% Commercial Real Estate 1.6 3.1% Residential Mortgage 0.8 0.7% Credit Card 2.4 8.7% Other Retail 0.9 2.0% Total $7.9 2.1% Change vs. 1Q24 4Q23 1Q23 Non-performing Assets Balance $1,786 $292 $605 NPAs/Period-end Loans plus OREO 0.48 % 8 bps 18 bps Ne Net Charge-offs NCOs $488 $25 $206 NCOs/Avg Loans 0.53 % 4 bps 23 bps Core Provision for Credit Losses Trending $ in millions, unless specified 1 Non-GAAP; see appendix for calculations and description of notable items Credit Quality Trends reflect normalization in the credit environment and expected CRE stress Net Charge-off and Nonperforming Assets Highlights Allowance for Credit Losses by Loan Category, 1Q24 ▪ Credit quality reflects continued, broad-based normalization and CRE market stress. ▪ We maintained our CRE Office reserve coverage at over 10%. ▪ Continued to prudently and proactively manage our credit risk across the portfolio. 1 1 $282 $340 $420 $463 $488 $145 $238 $95 $49 $65 NCOs Reserve Build Allowance for Credit Losses/ Period-end Loans 1Q23 2Q23 3Q23 4Q23 1Q24 1 1 $553 $427 1 $578 1 $515 $512 1 1 1.94% 2.03% 2.08% 2.10% 2.11%

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U.S. Bancorp 14 $ in billions 1Q24 4Q23 3Q23 2Q23 1Q23 Total U.S. Bancorp shareholders’ equity $55.6 $55.3 $53.1 $53.0 $53.0 Basel III Standardized Approach 1 Common equity tier 1 capital ratio 10.0 % 9.9 % 9.7 % 9.1 % 8.5 % Tier 1 capital ratio 11.6 % 11.5 % 11.2 % 10.6 % 10.0 % Total risk-based capital ratio 13.7 % 13.7 % 13.4 % 12.7 % 12.1 % Leverage ratio 8.1 % 8.1 % 7.9 % 7.5 % 7.5 % Tangible common equity to tangible assets 2 5.2 % 5.3 % 5.0 % 4.8 % 4.8 % Tangible common equity to risk-weighted assets 2 7.8 % 7.7 % 7.0 % 6.8 % 6.5 % Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology 2 9.9 % 9.7 % 9.5 % 8.9 % 8.3 % 1 Ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 2 Non-GAAP; see appendix for calculations Capital Position

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U.S. Bancorp 15 $16.6B+ 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and descriptions of notable items 2Q 2024 Guidance Mid-single digit growth vs. FY 2023 of ~$10.8B ~$17.0B Net interest income1 FY 2024 Guidance Net interest income1 Total noninterest expense, as adjusted2 Total noninterest income, as adjusted2 Prior Revised $16.8B or less $16.1 to $16.4B Guidance – 2Q and FY 2024 Relatively stable vs. Q1 2024 of ~$4.0B

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U.S. Bancorp 16 Appendix

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U.S. Bancorp 17 $386.8 $372.9 $371.1 1Q 2023 4Q 2023 1Q 2024 Average Loans -0.5% linked quarter -4.1% year-over-year $ in billions ▪ On a year-over-year basis, average total loans decline was driven by lower commercial, commercial real estate, and other retail loans; partially offset by higher credit card loans. ▪ On a linked quarter basis, average total loans decline was driven by lower commercial real estate and other retail loans. Average % of Average Change vs. 1Q 2024 Balance Total 4Q23 1Q23 Commercial $131 35% (0.3) % (3.6) % Commercial Real Estate 53 14% (1.5) (4.6) Residential Mortgages 116 31% 0.4 (0.6) Credit Card 28 8% 0.7 9.3 Other Retail 43 12% (2.9) (18.5) Total Loans $371 (0.5) % (4.1) %

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U.S. Bancorp 18 Average Deposits +0.1% linked quarter -1.4% year-over-year $ in billions ▪ On a year-over-year basis, average total deposits decreased driven by a decline in noninterest-bearing deposits that was partially offset by an increase in interest bearing deposits. ▪ On a linked quarter basis, average total deposits grew primarily from growth in interest bearing deposits that was partially offset by a decline in noninterest-bearing deposits. Noninterest-bearing Interest-bearing 1Q23 4Q23 1Q24 Average Average Change vs. 1Q 2024 Balance 4Q23 1Q23 Noninterest-bearing deposits $85 (6.4) % (34.6) % Money market savings 196 4.9 33.7 Interest checking 125 (1.9) (3.4) Savings accounts 42 (6.9) (39.5) Time deposits 55 4.6 55.5 Total interest-bearing deposits $418 1.5 % 9.9 % Total Deposits $503 0.1 % (1.4) % $503.1$502.8$510.3

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U.S. Bancorp 19 Total payment fee revenue grew 4% year-over-year due to continued strength in consumer and business spend activities ▪ Total credit card fee revenue improved ~13% YoY on higher sales volume. ▪ Merchant processing fee revenue improved ~4% YoY on sales growth. ▪ Corporate payments fee revenue declined ~(3%) YoY due to ongoing softness in corporate freight. Segment 1Q 2Q 3Q 4Q Card1 stable Corporate Payments stable Merchant Processing Merchant Processing Corporate PaymentsTotal Card Payment Fees as a % of Total Net Revenue (1Q24) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue2 Tech-led3 Merchant Processing Fee Revenue Growth Multiyear investments in e-commerce and tech-led are expected to continue to drive growth – increasing to 33% of merchant processing revenue and growing 8% YoY â â â á á á á á á â +8.9% Year-Over-Year +3.6% Year-Over-Year -2.6% Year-Over-Year 1 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 +12.9% Credit only 2.7% 6.0% 5.8% 85.5% Fee Revenue Growth Rates 1Q24 vs 1Q19

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U.S. Bancorp 20 $135,683 $138,085 $134,720 $131,096 $130,767 0.14% 0.26% 0.27% 0.26% 0.36% Average Loans Reported NCO% 1Q23 2Q23 3Q23 4Q23 1Q24 Credit Quality – Commercial Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 2.1% 1.8% (2.4)% (2.7)% (0.3)% Linked Quarter Growth Key Points ▪ Average loans decreased by (0.3)% on a linked quarter basis ▪ Utilization increased quarter over quarter to 24.5% at 1Q24 versus 24.2% at 4Q23 $ in millions 1Q23 4Q23 1Q24 Average Loans $135,683 $131,096 $130,767 30-89 Delinquencies 0.33 % 0.35 % 0.23 % 90+ Delinquencies 0.05 % 0.09 % 0.08 % Nonperforming Loans 0.13 % 0.29 % 0.41 % Revolving Line Utilization Trend 3Q 15 1Q 16 3Q 16 1Q 17 3Q 17 1Q 18 3Q 18 1Q 19 3Q 19 1Q 20 3Q 20 1Q 21 3Q 21 1Q 22 3Q 22 1Q 23 3Q 23 1Q 24 15% 20% 25% 30% 35%

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U.S. Bancorp 21 Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth 21.6% (1.2)% (1.2)% (0.8)% (1.5)% ▪ Average loans decreased by (1.5)% on a linked quarter basis ▪ Non-performing loans increased 26bps, primarily driven by inflow of Office properties on a linked quarter basis ▪ Net charge-off ratio decreased 36bps on a linked quarter basis 1 Non-GAAP; see appendix for calculations and description of notable items 2 SFR = Single Family Residential $55,595 $54,934 $54,253 $53,825 $53,037 0.19% 0.19% 0.85% 0.36% 0.52% 0.16% Average Loans NCO%, Adjusted Reported NCO% 1Q23 2Q23 3Q23 4Q23 1Q24 CRE by Loan Type Mortgage 58% Owner occupied 20% Construction 22% CRE by Property Class SFR Construction 8% Owner Occupied 20% Multi-Family 34% Office 13% Industrial 11% Other 14% $ in millions 1Q23 4Q23 1Q24 Average Loans $55,595 $53,825 $53,037 30-89 Delinquencies 0.13 % 0.10 % 0.04 % 90+ Delinquencies 0.01 % 0.01 % — % Nonperforming Loans 0.97 % 1.45 % 1.71 % 1 2

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U.S. Bancorp 22 Credit Quality – Residential Mortgage Key Points ▪ Average loans essentially flat on a linked quarter basis ▪ Continued low losses and nonperforming loans were supported by strong portfolio credit quality and collateral values ▪ Originations continued to reflect high credit quality (weighted average credit score of 769, weighted average LTV of 73%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1 Non-GAAP; see appendix for calculations and description of notable items $116,287 $117,606 $114,627 $115,196 $115,639 -0.01%0.00% 0.39% 0.00% 0.00% Average Loans NCO%, Adjusted Reported NCO% 1Q23 2Q23 3Q23 4Q23 1Q24 $ in millions 1Q23 4Q23 1Q24 Average Loans $116,287 $115,196 $115,639 30-89 Delinquencies 0.13 % 0.15 % 0.12 % 90+ Delinquencies 0.08 % 0.12 % 0.12 % Nonperforming Loans 0.25 % 0.14 % 0.13 % 19.8% 1.1% (2.5)% 0.5% 0.4% 1 Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 $— $200 $400 $600 $800 -0.01%

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U.S. Bancorp 23 $25,569 $26,046 $26,883 $27,753 $27,942 2.78% 3.06% 3.25% 3.65% 4.26% Average Loans Reported NCO% 1Q23 2Q23 3Q23 4Q23 1Q24 Credit Quality – Credit Card Key Points ▪ Average loans increased by 0.7% on a linked quarter basis ▪ Net charge-off rate of 4.26% and increases in 90+ day delinquencies reflecting credit migration Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1.6% 1.9% 3.2% 3.2% 0.7% Linked Quarter Growth $ in millions 1Q23 4Q23 1Q24 Average Loans $25,569 $27,753 $27,942 30-89 Delinquencies 1.10 % 1.42 % 1.40 % 90+ Delinquencies 1.00 % 1.31 % 1.42 % Nonperforming Loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 $— $200 $400 $600 $800 $1,000

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U.S. Bancorp 24 Credit Quality – Other Retail Key Points ▪ Average loans decreased by (2.9)% on a linked quarter basis ▪ Net charge-offs and nonperforming loans are normalizing from historically low levels Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1 Non-GAAP; see appendix for calculations and description of notable items Linked Quarter Growth (9.0)% (2.7)% (11.0)% (3.0)% (2.9)% $53,616 $52,146 $46,394 $44,986 $43,685 0.26% 0.22% 1.69% 0.53% 0.47% 0.51% Average Loans NCO% Adjusted Reported NCO% 1Q23 2Q23 3Q23 4Q23 1Q24 Auto Loans 20% Installment 32% Home Equity 30% Retail Leasing 10% Revolving Credit 8% $ in millions 1Q23 4Q23 1Q24 Average Loans $53,616 $44,986 $43,685 30-89 Delinquencies 0.48 % 0.63 % 0.55 % 90+ Delinquencies 0.12 % 0.15 % 0.15 % Nonperforming Loans 0.25 % 0.31 % 0.32 % 1

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U.S. Bancorp 25 Non-GAAP Financial Measures (1), (2) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) March 31, 2024 December 31, 2023 March 31, 2023 Net interest income $ 3,985 $ 4,111 $ 4,634 Taxable-equivalent adjustment (1) 30 31 34 Net interest income, on a taxable-equivalent basis 4,015 4,142 4,668 Net interest income, on a taxable-equivalent basis (as calculated above) 4,015 4,142 4,668 Noninterest income 2,700 2,620 2,507 Less: Securities gains (losses), net 2 (116) (32) Total net revenue, excluding net securities gains (losses) (a) 6,713 6,878 7,207 Noninterest expense (b) 4,459 5,219 4,555 Efficiency ratio (b)/(a) 66.4 % 75.9 % 63.2 % Total net revenue, excluding net securities gains (losses) (as calculated above) (c) $ 6,713 $ 6,878 $ 7,207 Noninterest expense 4,459 5,219 4,555 Less: Notable items (2) 265 1,015 244 Noninterest expense, excluding notable items (d) 4,194 4,204 4,311 Efficiency ratio, excluding notable items (d)/(c) 62.5 % 61.1 % 59.8 % Net income attributable to U.S. Bancorp $ 1,319 $ 847 $ 1,698 Less: Notable items (2) (199) (780) (183) Net income attributable to U.S. Bancorp, excluding notable items 1,518 1,627 1,881 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,105 6,445 7,629 Average assets (f) 653,909 651,448 665,447 Return on average assets, excluding notable items (e)/(f) 0.93 % 0.99 % 1.15 % Net income applicable to U.S. Bancorp common shareholders $ 1,209 $ 766 $ 1,592 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (198) (775) (181) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,407 1,541 1,773 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 5,659 6,114 7,191 Average common equity (h) 48,859 47,506 45,859 Return on average common equity, excluding notable items (g)/(h) 11.6 % 12.9 % 15.7 % Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (i) $ 1,407 $ 1,541 $ 1,773 Average diluted common shares outstanding (j) 1,559 1,558 1,532 Diluted earnings per common share, excluding notable items (i)/(j) $ 0.90 $ 0.99 $ 1.16

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U.S. Bancorp 26 Three Months Ended (Dollars in Millions, Unaudited) March 31, 2024 December 31, 2023 March 31, 2023 Net income applicable to U.S. Bancorp common shareholders $ 1,209 $ 766 $ 1,592 Intangibles amortization (net-of-tax) 115 123 126 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,324 889 1,718 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 5,325 3,527 6,967 Average total equity 56,131 54,779 53,132 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (464) (465) (465) Average goodwill (net of deferred tax liability) (3) (11,473) (11,475) (11,444) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (2,208) (2,295) (2,681) Average tangible common equity (b) 35,178 33,736 31,734 Return on tangible common equity (a)/(b) 15.1 % 10.5 % 22.0 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,324 $ 889 $ 1,718 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (198) (775) (181) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,522 1,664 1,899 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 6,121 6,602 7,702 Average tangible common equity (as calculated above) (d) 35,178 33,736 31,734 Return on tangible common equity, excluding notable items (c)/(d) 17.4 % 19.6 % 24.3 % (2), (3) – see last page in appendix for corresponding notes Non-GAAP Financial Measures

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U.S. Bancorp 27(2) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) June 30, 2023 March 31, 2023 Net charge-offs $ 649 $ 373 Less: Notable items (2) 309 91 Net charge-offs, excluding notable items 340 282 Annualized net charge-offs, excluding notable items (a) 1,364 1,144 Average loan balances (b) 388,817 386,750 Net charge-off ratio, excluding notable items (a)/(b) 0.35 % 0.30 % Provision for Credit Losses Combined, Reported $ 821 Less: Notable items (2) 243 Provision for Credit Losses Combined, Adjusted 578 Residential Mortgage loan net charge-offs $ 114 Less: Notable items (2) 117 Net charge-offs, excluding notable items (3) Annualized net charge-offs, excluding notable items (c) (12) Residential Mortgage average loan balances (d) 117,606 Residential Mortgage loan net charge-off ratio, excluding notable items (c)/(d) (0.01) % Other Retail loan net charge-offs $ 220 Less: Notable items (2) 192 Net charge-offs, excluding notable items 28 Annualized net charge-offs, excluding notable items (e) 112 Other Retail average loan balances (f) 52,146 Other Retail loan net charge-off ratio, excluding notable items (e)/(f) 0.22 % Commercial Real Estate loan net charge-offs $ 117 Less: Notable items (2) 91 Net charge-offs, excluding notable items 26 Annualized net charge-offs, excluding notable items (g) 105 Commercial Real Estate average loan balances (h) 55,595 Commercial Real Estate loan net charge-off ratio, excluding notable items (g)/(h) 0.19 % Non-GAAP Financial Measures

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U.S. Bancorp 28 (Dollars and Shares in Millions Except Per Share Data, Unaudited) March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Total equity $ 56,033 $ 55,771 $ 53,578 $ 53,484 $ 53,454 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (465) (465) (465) (465) (465) Goodwill (net of deferred tax liability) (3) (11,459) (11,480) (11,470) (11,493) (11,575) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (2,158) (2,278) (2,370) (2,490) (2,611) Tangible common equity (a) 35,143 34,740 32,465 32,228 31,995 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation 45,239 44,947 44,655 42,944 42,027 Adjustments (4) (433) (866) (867) (866) (866) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (b) 44,806 44,081 43,788 42,078 41,161 Total assets 683,606 663,491 668,039 680,825 682,377 Goodwill (net of deferred tax liability) (3) (11,459) (11,480) (11,470) (11,493) (11,575) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (2,158) (2,278) (2,370) (2,490) (2,611) Tangible assets (c) 669,989 649,733 654,199 666,842 668,191 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related t the current expected credit losses methodology implementation (d) 452,831 453,390 462,250 473,393 494,048 Adjustments (5) (368) (736) (736) (735) (735) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (e) 452,463 452,654 461,514 472,658 493,313 Common shares outstanding (f) 1,560 1,558 1,557 1,533 1,533 Ratios Tangible common equity to tangible assets (a)/(c) 5.2% 5.3% 5.0% 4.8% 4.8% Tangible common equity to risk-weighted assets (a)/(d) 7.8 7.7 7.0 6.8 6.5 Common tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e) 9.9 9.7 9.5 8.9 8.3 Tangible book value per common share (a)/(f) $ 22.53 $ 22.30 $ 20.85 $ 21.02 $ 20.87 (3), (4), (5) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies. Non-GAAP Financial Measures * * *

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U.S. Bancorp 29 Non-GAAP Financial Measures (1), (2), (3) – see last page in appendix for corresponding notes Year Ended (Dollars in Millions, Unaudited) December 31, 2023 Total noninterest income $ 10,617 Less: notable items (2) (140) Total noninterest income, as adjusted 10,757 Noninterest expense $ 18,873 Less: notable items (2) 1,853 Total noninterest expense, as adjusted $ 17,020

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U.S. Bancorp 30 Non-GAAP Financial Measures ($ in millions) Three Months Ended March 31, 2024 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 2,378 Consumer and Business Banking 2,437 Payment Services 1,715 Treasury and Corporate Support 185 Total Company 6,715 Less Treasury and Corporate Support 185 Total Company excluding Treasury and Corporate Support $ 6,530 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 35 % Consumer and Business Banking 36 % Payment Services 26 % Treasury and Corporate Support 3 % Total Company 100 % Percent of Total Company excluding Treasury and Corporate Support Wealth, Corporate, Commercial and Institutional Banking 37 % Consumer and Business Banking 37 % Payment Services 26 % Total Company excluding Treasury and Corporate Support 100 %

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U.S. Bancorp 31 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 of $265 million ($199 million net-of-tax) for the three months ended March 31, 2024 included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. 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. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net-of-tax) of merger and integration-related charges and $91 million of net charge-offs related to uncollectible acquired loans, considered purchase credit deteriorated as of the date of the acquisition. Notable items for the three months ended June 30, 2023 included $309 million of net charge-offs related to balance sheet repositioning and capital management actions. Notable items for the year-ended December 31, 2023 of $2.2 billion ($1.6 billion net-of-tax, including a $70 million discrete tax benefit) 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. 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

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U.S. Bancorp 32

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