8-K - USB - Equibles

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): October 16, 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
Floating Rate Notes, Series CC (Senior), due May 21, 2028	USB/28	New York Stock Exchange
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032	USB/32	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 October 16, 2024, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended September 30, 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 September 30, 2024 (the “3Q24 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 (the “Securities Act”), except as otherwise expressly stated in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE.

On October 16, 2024, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended September 30, 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 “3Q24 Earnings Conference Call Presentation”). The 3Q24 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 3Q24 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, 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 October 16, 2024, deemed “filed” under the Exchange Act. | | --- | --- || 99.2 | 3Q24 Earnings Supplement, deemed “furnished” under the Exchange Act. | | --- | --- || 99.3 | 3Q24 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: October 16, 2024

Document


PROFITABILITY METRICS	3Q24	2Q24	3Q23	•Net income of $1,714 million and diluted earnings per common share of $1.03. Results included an $89 million after-tax net securities loss largely offset by lower income tax expense<br><br>•Net interest income on a taxable-equivalent basis increased 2.8% on a linked quarter basis<br><br>•Net revenue of $6,864 million, including $4,166 million of net interest income on a taxable-equivalent basis<br><br>•Noninterest income of $2,817 million, which excludes net securities losses, driven by year-over-year increases in:<br><br>◦Commercial products revenue of 12.1%<br><br>◦Trust and investment management fees of 6.4%<br><br>◦Payment services revenue of 3.1%<br><br>◦Mortgage banking revenue of 7.6%<br><br>•Noninterest expense decreased 1.0% year-over-year and increased 0.4% on a linked quarter basis, as adjusted for notable items in the prior quarters<br><br>•Return on tangible common equity of 17.9%, return on average assets of 1.03%, and efficiency ratio of 60.2%<br><br>•CET1 capital ratio of 10.5% at September 30, 2024, compared with 10.3% at June 30, 2024
Return on average assets (%)	1.03	.97	.91
Return on average common equity (%)	12.4	12.4	11.9
Return on tangible common equity (%) (a)	17.9	18.4	18.4
Net interest margin (%)	2.74	2.67	2.81
Efficiency ratio (%) (a)	60.2	61.0	64.4
Tangible efficiency ratio (%) (a)	58.2	59.0	62.1
INCOME STATEMENT (b)	3Q24	2Q24	3Q23
Net interest income (taxable-equivalent basis)	$4,166	$4,052	4,268
Noninterest income	$2,698	$2,815	2,764
Noninterest expense	$4,204	$4,214	4,530
Net income attributable to U.S. Bancorp	$1,714	$1,603	1,523
Diluted earnings per common share	$1.03	$.97	.91
Dividends declared per common share	$.50	$.49	.48
BALANCE SHEET (b)	3Q24	2Q24	3Q23
Average total loans	$374,070	$374,685	376,877
Average total deposits	$508,757	$513,909	512,291
Net charge-off ratio (%)	.60	.58	.44
Book value per common share (period end)	$33.34	$31.80	29.74
Basel III standardized CET1 (%) (c)	10.5	10.3	9.7
(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 third quarter, we reported diluted earnings per share of $1.03 and a return on tangible common equity of 17.9%. Our expense levels decreased year-over-year which supported modest positive operating leverage, excluding net securities losses and prior year notable items. We expect positive operating leverage to expand in the fourth quarter and into 2025. Net interest income and margin increased on a linked quarter basis benefiting from loan mix, continued repricing of fixed rate earning assets and disciplined liability management. Primary fees categories including commercial products, trust and investment management, payment services and mortgage banking all increased year-over-year as we continue to focus on our diverse and unique business mix. Credit quality results were in line with expectations, and we continue to increase our capital position, ending the quarter with a CET1 capital ratio of 10.5%. We are committed to balancing capital growth through earnings accretion with capital distributions and expect to resume share buybacks in the near term. Finally, I would like to thank our dedicated employees for all they do to support our clients, communities, and shareholders.”

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

Business and Other Highlights

U.S. Bank announced Edward Jones partnership

U.S. Bank entered a strategic partnership to serve Edward Jones' clients' banking needs with leading U.S. Bank deposit and credit card solutions. Through the alliance, Edward Jones financial advisors will have the opportunity and tools to introduce co-branded U.S. Bank deposit and credit card products to the firm's U.S. clients beginning in late 2025.

U.S. Bank unveiled industry-leading card, savings combination

U.S. Bank launched two new U.S. Bank Smartly® products designed to maximize credit card rewards while also helping clients earn more on their savings balances. When paired with a Bank Smartly Savings account and average daily combined balances in U.S. Bank deposit, trust or investment accounts, clients can increase their earning opportunities up to as much as 4% cash back on all purchases.

U.S. Bank acquired healthcare payments platform

U.S. Bank acquired Salucro Healthcare Solutions LLC, which provides healthcare financial technology, focused on patient payments and billing. Salucro is a market leader in online billing and payments offerings for healthcare providers across the United States. Salucro had previously been a partner of Elavon, the merchant acquiring unit within U.S. Bank. Salucro's platform will be sold through Elavon as MedEpay.

U.S. Bank leaders named "Most Powerful Women in Banking"

American Banker recognized two U.S. Bank leaders for its 2024 Most Powerful Women in Banking awards, naming President Gunjan Kedia and Vice Chair and Chief Risk Officer Jodi Richard among individual honorees. Kedia, who was named president in May 2024, leads all of the revenue business lines. Richard oversees the Company's Risk Management and Compliance organization.

Investor contact: George Andersen, 612.303.3620	Media contact: Jeff Shelman, 612.303.9933
U.S. Bancorp Third Quarter 2024 Results
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INCOME STATEMENT HIGHLIGHTS
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( in millions, except per share data)					ADJUSTED (a) (b)
			Percent Change					Percent Change
	2Q 2024	3Q 2023	3Q24 vs 2Q24	3Q24 vs 3Q23	3Q 2024	2Q 2024	3Q 2023	3Q24 vs 2Q24	3Q24 vs 3Q23
Net interest income	$4,023	$4,236	2.8	(2.4)	$4,135	$4,023	$4,236	2.8	(2.4)
Taxable-equivalent adjustment	29	32	6.9	(3.1)	31	29	32	6.9	(3.1)
Net interest income (taxable-equivalent basis)	4,052	4,268	2.8	(2.4)	4,166	4,052	4,268	2.8	(2.4)
Noninterest income	2,815	2,764	(4.2)	(2.4)	2,698	2,815	2,764	(4.2)	(2.4)
Total net revenue	6,867	7,032	—	(2.4)	6,864	6,867	7,032	—	(2.4)
Noninterest expense	4,214	4,530	(.2)	(7.2)	4,204	4,188	4,246	.4	(1.0)
Income before provision and income taxes	2,653	2,502	.3	6.3	2,660	2,679	2,786	(.7)	(4.5)
Provision for credit losses	568	515	(1.9)	8.2	557	568	515	(1.9)	8.2
Income before taxes	2,085	1,987	.9	5.8	2,103	2,111	2,271	(.4)	(7.4)
Income taxes and taxable-equivalent adjustment	474	463	(19.6)	(17.7)	381	481	534	(20.8)	(28.7)
Net income	1,611	1,524	6.9	13.0	1,722	1,630	1,737	5.6	(.9)
Net (income) loss attributable to noncontrolling interests	(8)	(1)	—	nm	(8)	(8)	(1)	—	nm
Net income attributable to U.S. Bancorp	$1,603	$1,523	6.9	12.5	$1,714	$1,622	$1,736	5.7	(1.3)
Net income applicable to U.S. Bancorp common shareholders	$1,518	$1,412	5.5	13.4	$1,601	$1,537	$1,624	4.2	(1.4)
Diluted earnings per common share	$.97	$.91	6.2	13.2	$1.03	$.98	$1.05	5.1	(1.9)

All values are in US Dollars.

(a)2Q24 excludes a $26 million ($19 million net-of-tax) notable item for an increase in the FDIC special assessment. 3Q23 excludes $284 million ($213 million net-of-tax) of merger and integration-related charges.

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

INCOME STATEMENT HIGHLIGHTS
( in millions, except per share data)			ADJUSTED (c) (d)
	YTD<br> 2023	Percent<br>Change	YTD<br> 2024	YTD<br> 2023	Percent<br>Change
Net interest income	$13,285	(8.6)	$12,143	$13,285	(8.6)
Taxable-equivalent adjustment	100	(10.0)	90	100	(10.0)
Net interest income (taxable-equivalent basis)	13,385	(8.6)	12,233	13,385	(8.6)
Noninterest income	7,997	2.7	8,213	8,019	2.4
Total net revenue	21,382	(4.4)	20,446	21,404	(4.5)
Noninterest expense	13,654	(5.7)	12,586	12,816	(1.8)
Income before provision and income taxes	7,728	(2.1)	7,860	8,588	(8.5)
Provision for credit losses	1,763	(4.8)	1,678	1,520	10.4
Income before taxes	5,965	(1.2)	6,182	7,068	(12.5)
Income taxes and taxable-equivalent adjustment	1,368	(9.9)	1,305	1,643	(20.6)
Net income	4,597	1.3	4,877	5,425	(10.1)
Net (income) loss attributable to noncontrolling interests	(15)	(53.3)	(23)	(15)	(53.3)
Net income attributable to U.S. Bancorp	$4,582	1.2	$4,854	$5,410	(10.3)
Net income applicable to U.S. Bancorp common shareholders	$4,285	1.0	$4,545	$5,107	(11.0)
Diluted earnings per common share	$2.79	(.7)	$2.91	$3.32	(12.3)

All values are in US Dollars.

(c)2024 excludes $291 million ($218 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment. 2023 excludes $1.1 billion ($828 million net-of-tax) of notable items including: $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $838 million of merger and integration-related charges and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions.

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

U.S. Bancorp Third Quarter 2024 Results

Net income attributable to U.S. Bancorp was $1,714 million for the third quarter of 2024, $191 million higher than the $1,523 million for the third quarter of 2023 and $111 million higher than the $1,603 million for the second quarter of 2024. Diluted earnings per common share was $1.03 in the third quarter of 2024, compared with $0.91 in the third quarter of 2023 and $0.97 in the second quarter of 2024. The third quarter of 2024 included $119 million of net losses on investment securities sales ($89 million net-of-tax) which was largely offset by lower income tax expense which reflected certain tax settlements. The third quarter of 2023 included notable items of $213 million or ($0.14) per diluted common share and the second quarter of 2024 included notable items of $19 million or ($0.01) per diluted common share. On an adjusted basis, excluding the impact of notable items in the prior quarters, net income applicable to common shareholders for the third quarter of 2024 of $1,601 million, was $23 million lower than the third quarter of 2023 and $64 million higher than the second quarter of 2024.

The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to lower noninterest expense driven by notable items from the prior year, and lower income tax expense, partially offset by lower total net revenue, including net securities losses in the current quarter, and an increase in the provision for credit losses. Excluding notable items in the third quarter of 2023, pretax income in the third quarter of 2024 decreased 7.4 percent compared with a year ago. Net interest income decreased 2.4 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 and changes in balance sheet composition. The net interest margin decreased to 2.74 percent in the third quarter of 2024 from 2.81 percent in the third quarter of 2023, driven by similar factors. Noninterest income decreased 2.4 percent compared with a year ago driven by net losses on the sales of securities, lower service charges and lower other revenue, partially offset by higher fee revenue across all other categories. Noninterest expense decreased 7.2 percent primarily due to prior year notable items and lower other noninterest expense, partially offset by higher compensation and employee benefits. Excluding prior year notable items, noninterest expense decreased 1.0 percent. The provision for credit losses increased $42 million (8.2 percent) compared with the third quarter of 2023 largely driven by higher losses on credit card, commercial, and commercial real estate loans.

Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to higher total net revenue (excluding net losses on investment securities sales), lower noninterest expense and provision for credit losses. The impact of net losses on investment securities sales, net-of-tax, was largely offset by lower income tax expense. Excluding notable items in the second quarter of 2024, pretax income in the third quarter of 2024 decreased 0.4 percent on a linked quarter basis. Net interest income increased 2.8 percent on a taxable-equivalent basis due to earning assets mix as well as continued discipline of overall funding costs. The net interest margin increased to 2.74 percent in the third quarter of 2024 from 2.67 percent in the second quarter of 2024, driven by similar factors. Noninterest income in the third quarter of 2024 decreased 4.2 percent from the second quarter of 2024 primarily due to net losses on securities sales, lower mortgage banking revenue and service charges, partially offset by higher trust and investment management fees and commercial products revenue. Noninterest expense decreased 0.2 percent due to lower other noninterest expense and prior quarter notable items, partially offset by higher compensation and employee benefits expense. Excluding prior quarter notable items, noninterest expense increased 0.4 percent on a linked quarter basis. The provision for credit losses decreased $11 million (1.9 percent) compared with the second quarter of 2024 primarily due to lower ending loan balances.

U.S. Bancorp Third Quarter 2024 Results
NET INTEREST INCOME
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(Taxable-equivalent basis; in millions)									Change
			2Q 2024			3Q 2023			3Q24 vs 2Q24			3Q24 vs 3Q23			YTD<br> 2024			YTD<br> 2023			Change
Components of net interest income
Income on earning assets	8,117		$	8,015		$	7,788		$	102		$	329		$	23,927		$	22,349		$	1,578
Expense on interest-bearing liabilities			3,963			3,520			(12)			431			11,694			8,964			2,730
Net interest income	4,166		$	4,052		$	4,268		$	114		$	(102)		$	12,233		$	13,385		$	(1,152)
Average yields and rates paid
Earning assets yield		%	5.29		%	5.12		%	.04		%	.21		%	5.29		%	4.90		%	.39		%
Rate paid on interest-bearing liabilities			3.18			2.87			(.04)			.27			3.15			2.52			.63
Gross interest margin		%	2.11		%	2.25		%	.08		%	(.06)		%	2.14		%	2.38		%	(.24)		%
Net interest margin		%	2.67		%	2.81		%	.07		%	(.07)		%	2.70		%	2.94		%	(.24)		%
Average balances
Investment securities (a)	166,899		$	167,020		$	163,236		$	(121)		$	3,663		$	165,059		$	163,051		$	2,008
Loans			374,685			376,877			(615)			(2,807)			373,278			384,112			(10,834)
Interest-bearing deposits with banks			53,056			53,100			(2,509)			(2,553)			51,499			49,495			2,004
Earning assets			608,892			605,245			(1,712)			1,935			604,080			608,891			(4,811)
Interest-bearing liabilities			500,464			486,143			(82)			14,239			496,082			474,992			21,090
(a) Excludes unrealized gain (loss)

All values are in US Dollars.

Net interest income on a taxable-equivalent basis in the third quarter of 2024 was $4,166 million, a decrease of $102 million (2.4 percent) from the third quarter of 2023. The decrease was primarily due to the impact of higher interest rates on deposit mix and pricing, partially offset by higher rates on earning assets and changes in balance sheet composition. Average earning assets were $1.9 billion (0.3 percent) higher than the third quarter of 2023, reflecting increases of $3.7 billion (2.2 percent) in average investment securities due to balance sheet positioning and liquidity management and $3.5 billion (37.7 percent) in other earning assets, partially offset by decreases of $2.8 billion (0.7 percent) in average total loans and $2.6 billion (4.8 percent) in average interest-bearing deposits with banks.

Net interest income on a taxable-equivalent basis increased $114 million (2.8 percent) on a linked quarter basis primarily due to earning assets repricing and mix as well as continued discipline of overall funding costs. Average earning assets were $1.7 billion (0.3 percent) lower on a linked quarter basis, reflecting decreases in average total loans of $615 million (0.2 percent) and average interest-bearing deposits with banks of $2.5 billion (4.7 percent), partially offset by an increase of $1.2 billion (9.9 percent) in other earning assets.

The net interest margin in the third quarter of 2024 was 2.74 percent, compared with 2.81 percent in the third quarter of 2023 and 2.67 percent in the second quarter of 2024. The decrease in the net interest margin from the prior year was driven by the factors mentioned above, inclusive of changes in balance sheet composition. The increase in the net interest margin from the prior quarter was driven by the factors mentioned above.

U.S. Bancorp Third Quarter 2024 Results
AVERAGE LOANS
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( in millions)			Percent Change
	2Q 2024	3Q 2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Commercial	$130,162	$130,415	(.9)	(1.1)	$128,582	$131,777	(2.4)
Lease financing	4,177	4,305	(.4)	(3.4)	4,167	4,382	(4.9)
Total commercial	134,339	134,720	(.9)	(1.2)	132,749	136,159	(2.5)
Commercial mortgages	40,871	42,665	(1.3)	(5.4)	40,918	43,165	(5.2)
Construction and development	11,418	11,588	(2.7)	(4.1)	11,339	11,758	(3.6)
Total commercial real estate	52,289	54,253	(1.6)	(5.2)	52,257	54,923	(4.9)
Residential mortgages	116,478	114,627	.9	2.6	116,563	116,167	.3
Credit card	28,349	26,883	2.3	7.9	28,430	26,171	8.6
Retail leasing	4,185	4,436	(2.3)	(7.8)	4,118	4,832	(14.8)
Home equity and second mortgages	13,053	12,809	1.4	3.4	13,092	12,779	2.4
Other	25,992	29,149	(1.5)	(12.2)	26,069	33,081	(21.2)
Total other retail	43,230	46,394	(.7)	(7.5)	43,279	50,692	(14.6)
Total loans	$374,685	$376,877	(.2)	(.7)	$373,278	$384,112	(2.8)

All values are in US Dollars.

Average total loans for the third quarter of 2024 were $2.8 billion (0.7 percent) lower than the third quarter of 2023. The decrease was primarily due to lower total commercial loans (1.2 percent), total commercial real estate loans (5.2 percent) and total other retail loans (7.5 percent), partially offset by higher residential mortgages (2.6 percent) and credit card loans (7.9 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 lower automobile loans. The increase in residential mortgages was primarily driven by originations. The increase in credit card loans was primarily driven by higher spend volume.

Average total loans were $615 million (0.2 percent) lower than the second quarter of 2024. The decrease was primarily due to lower total commercial loans (0.9 percent) and total commercial real estate loans (1.6 percent), partially offset by higher residential mortgages (0.9 percent) and credit card loans (2.3 percent). Linked quarter changes were primarily driven by similar factors as the year-over-year changes.

U.S. Bancorp Third Quarter 2024 Results
AVERAGE DEPOSITS
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( in millions)			Percent Change
	2Q 2024	3Q 2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Noninterest-bearing deposits	$83,418	$97,524	(3.0)	(17.0)	$83,040	$113,556	(26.9)
Interest-bearing savings deposits
Interest checking	125,709	132,560	(.1)	(5.2)	125,451	129,980	(3.5)
Money market savings	208,386	177,340	(.9)	16.5	203,821	159,178	28.0
Savings accounts	38,855	50,138	(5.3)	(26.6)	39,097	59,251	(34.0)
Total savings deposits	372,950	360,038	(1.1)	2.5	368,369	348,409	5.7
Time deposits	57,541	54,729	2.2	7.5	57,167	44,668	28.0
Total interest-bearing deposits	430,491	414,767	(.6)	3.1	425,536	393,077	8.3
Total deposits	$513,909	$512,291	(1.0)	(.7)	$508,576	$506,633	.4

All values are in US Dollars.

Average total deposits for the third quarter of 2024 were $3.5 billion (0.7 percent) lower than the third quarter of 2023. Average noninterest-bearing deposits decreased $16.6 billion (17.0 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average total savings deposits were $9.0 billion (2.5 percent) higher year-over-year driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $4.1 billion (7.5 percent) higher than the third 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 decreased $5.2 billion (1.0 percent) from the second quarter of 2024. On a linked quarter basis, average noninterest-bearing deposits decreased $2.5 billion (3.0 percent) reflecting a decrease within Wealth, Corporate, Commercial and Institutional Banking. Average total savings deposits decreased $4.0 billion (1.1 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $1.3 billion (2.2 percent) higher on a linked quarter basis mainly within Consumer and Business 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 Third Quarter 2024 Results
NONINTEREST INCOME
---	---	---	---	---	---	---	---
( in millions)			Percent Change
	2Q 2024	3Q 2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Card revenue	$428	$412	(.5)	3.4	$1,246	$1,194	4.4
Corporate payment products revenue	195	198	4.1	2.5	582	577	.9
Merchant processing services	454	427	(3.1)	3.0	1,295	1,250	3.6
Trust and investment management fees	649	627	2.8	6.4	1,957	1,838	6.5
Service charges	322	334	(6.2)	(9.6)	939	982	(4.4)
Commercial products revenue	374	354	6.1	12.1	1,159	1,046	10.8
Mortgage banking revenue	190	144	(18.4)	7.6	511	433	18.0
Investment products fees	82	70	2.4	20.0	243	206	18.0
Securities gains (losses), net	(36)	—	nm	nm	(153)	(29)	nm
Other	157	198	(8.9)	(27.8)	434	522	(16.9)
Total before balance sheet optimization	2,815	2,764	(4.2)	(2.4)	8,213	8,019	2.4
Balance sheet optimization	—	—	—	—	—	(22)	nm
Total noninterest income	$2,815	$2,764	(4.2)	(2.4)	$8,213	$7,997	2.7

All values are in US Dollars.

Third quarter noninterest income of $2,698 million was $66 million (2.4 percent) lower than the third quarter of 2023. The decrease was driven by lower service charges of $32 million (9.6 percent) due to lower deposit service charges, $55 million (27.8 percent) lower other revenue, and net losses of $119 million on securities sales. Partially offsetting these decreases were higher commercial products revenue, trust and investment management fees, and payment services revenue. Commercial products revenue increased $43 million (12.1 percent) driven by higher corporate bond fees and new product growth. Trust and investment management fees increased $40 million (6.4 percent) driven by business growth and favorable market conditions. Payment services revenue increased $32 million (3.1 percent) compared with the third quarter of 2023. Within payment services revenue, card revenue increased $14 million (3.4 percent) due to favorable rates and merchant processing revenue increased $13 million (3.0 percent) due to business volume growth and favorable rates.

Noninterest income was $117 million (4.2 percent) lower in the third quarter of 2024 compared with the second quarter of 2024. The decrease was driven by lower mortgage banking revenue and service charges, and net losses of $119 million on securities sales compared with losses of $36 million in the prior quarter. Mortgage banking revenue decreased $35 million (18.4 percent) primarily driven by a prior quarter gain on the sale of mortgage servicing rights. Service charges decreased $20 million (6.2 percent) due to lower treasury management fees and the wind down of the cash servicing business. Partially offsetting these decreases were increases in commercial products revenue and trust and investment management fees. Commercial products revenue increased $23 million (6.1 percent) due to higher corporate bond fees. Trust and investment management fees increased $18 million (2.8 percent) driven by business growth and favorable market conditions.

U.S. Bancorp Third Quarter 2024 Results
NONINTEREST EXPENSE
---	---	---	---	---	---	---	---
( in millions)			Percent Change
	2Q 2024	3Q 2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Compensation and employee benefits	$2,619	$2,615	.7	.8	$7,947	$7,907	.5
Net occupancy and equipment	316	313	.3	1.3	929	950	(2.2)
Professional services	116	127	12.1	2.4	356	402	(11.4)
Marketing and business development	158	176	4.4	(6.3)	459	420	9.3
Technology and communications	509	511	2.9	2.5	1,540	1,536	.3
Other intangibles	142	161	—	(11.8)	430	480	(10.4)
Other	328	343	(11.9)	(15.7)	1,061	1,121	(5.4)
Total before notable items	4,188	4,246	.4	(1.0)	12,722	12,816	(.7)
Notable items	26	284	nm	nm	155	838	(81.5)
Total noninterest expense	$4,214	$4,530	(.2)	(7.2)	$12,877	$13,654	(5.7)

All values are in US Dollars.

Third quarter noninterest expense of $4,204 million was $326 million (7.2 percent) lower than the third quarter of 2023. Excluding notable items of $284 million in the third quarter of 2023, third quarter noninterest expense decreased $42 million (1.0 percent) compared with the third quarter of 2023, due to lower other noninterest expense (15.7 percent) partially offset by higher compensation and employee benefits. Compensation and employee benefits expense increased $22 million (0.8 percent) compared with the third quarter of 2023 primarily due to higher commissions and performance-based incentives.

Noninterest expense decreased $10 million (0.2 percent) from the second quarter of 2024. Excluding notable items of $26 million in the second quarter of 2024, third quarter noninterest expense increased $16 million (0.4 percent) on a linked quarter basis primarily driven by higher compensation and employee benefits expense and higher technology and communications expense, partially offset by lower other noninterest expense. Compensation and employee benefits expense increased $18 million (0.7 percent) primarily due to higher performance-based incentives. Technology and communications expense increased $15 million (2.9 percent) driven by investment in infrastructure and technology development.

Provision for Income Taxes

The provision for income taxes for the third quarter of 2024 resulted in a tax rate of 18.1 percent on a taxable-equivalent basis (effective tax rate of 16.9 percent), compared with 23.3 percent on a taxable-equivalent basis (effective tax rate of 22.0 percent) in the third quarter of 2023, and a tax rate of 22.7 percent on a taxable-equivalent basis (effective tax rate of 21.6 percent) in the second quarter of 2024. The tax rate in the third quarter of 2024 reflects the impact of favorable settlements.

U.S. Bancorp Third Quarter 2024 Results
ALLOWANCE FOR CREDIT LOSSES
---	---	---	---	---	---
($ in millions)	3Q 2024	2Q 2024	1Q 2024	4Q 2023	3Q 2023
Balance, beginning of period	7,934	7,904	7,839	7,790	7,695
Net charge-offs
Commercial	139	135	109	78	86
Lease financing	8	8	7	7	6
Total commercial	147	143	116	85	92
Commercial mortgages	69	35	15	75	49
Construction and development	1	1	6	(4)	—
Total commercial real estate	70	36	21	71	49
Residential mortgages	(3)	(4)	—	(1)	(3)
Credit card	299	315	296	255	220
Retail leasing	5	3	5	2	2
Home equity and second mortgages	(1)	(1)	—	(1)	1
Other	47	46	50	52	59
Total other retail	51	48	55	53	62
Total net charge-offs	564	538	488	463	420
Provision for credit losses	557	568	553	512	515
Balance, end of period	7,927	7,934	7,904	7,839	7,790
Components
Allowance for loan losses	7,560	7,549	7,514	7,379	7,218
Liability for unfunded credit commitments	367	385	390	460	572
Total allowance for credit losses	7,927	7,934	7,904	7,839	7,790
Gross charge-offs	669	652	595	559	508
Gross recoveries	105	114	107	96	88
Allowance for credit losses as a percentage of
Period-end loans (%)	2.12	2.11	2.11	2.10	2.08
Nonperforming loans (%)	438	438	454	541	615
Nonperforming assets (%)	429	428	443	525	595
(a) Annualized and calculated on average loan balances

All values are in US Dollars.

U.S. Bancorp Third Quarter 2024 Results

The Company’s provision for credit losses for the third quarter of 2024 was $557 million, compared with $568 million in the second quarter of 2024 and $515 million in the third quarter of 2023. The third quarter of 2024 provision was $11 million (1.9 percent) lower than the second quarter of 2024 and $42 million (8.2 percent) higher than the third quarter of 2023. The linked quarter decrease in provision expense was primarily driven by lower ending loan balances and continued stability in the economic and credit environment. The increase in provision expense on a year-over-year basis was primarily driven by higher losses on credit card, commercial, and commercial real estate loans. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, and other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs in the third quarter of 2024 were $564 million, compared with $538 million in the second quarter of 2024 and $420 million in the third quarter of 2023. The net charge-off ratio was 0.60 percent in the third quarter of 2024, compared with 0.58 percent in the second quarter of 2024 and 0.44 percent in the third quarter of 2023. The increase in net charge-offs on a linked quarter basis was primarily due to higher net charge-offs on commercial real estate loans. The increase in net charge-offs on a year-over-year basis primarily reflected higher losses on credit card, commercial, and commercial real estate loans.

The allowance for credit losses was $7,927 million at September 30, 2024, compared with $7,934 million at June 30, 2024, and $7,790 million at September 30, 2023. The linked quarter decrease in the allowance for credit losses was primarily driven by lower loan balances. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by growth in credit card balances. The ratio of the allowance for credit losses to period-end loans was 2.12 percent at September 30, 2024, compared with 2.11 percent at June 30, 2024, and 2.08 percent at September 30, 2023. The ratio of the allowance for credit losses to nonperforming loans was 438 percent at September 30, 2024 and June 30, 2024, compared with 615 percent at September 30, 2023.

Nonperforming assets were $1,848 million at September 30, 2024, compared with $1,852 million at June 30, 2024, and $1,310 million at September 30, 2023. The ratio of nonperforming assets to loans and other real estate was 0.49 percent at September 30, 2024 and June 30, 2024, compared with 0.35 percent at September 30, 2023. The increase in nonperforming assets on a year-over year basis was primarily due to higher commercial and commercial real estate nonperforming loans. Accruing loans 90 days or more past due were $738 million at September 30, 2024, compared with $701 million at June 30, 2024, and $569 million at September 30, 2023.

| U.S. Bancorp Third Quarter 2024 Results | | --- || DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES | | | | | | | --- | --- | --- | --- | --- | --- | | (Percent) | Sep 30 2024 | Jun 30 2024 | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | | Delinquent loan ratios - 90 days or more past due | | | | | | | Commercial | .07 | .06 | .08 | .09 | .05 | | Commercial real estate | .02 | .02 | — | .01 | — | | Residential mortgages | .15 | .15 | .12 | .12 | .11 | | Credit card | 1.36 | 1.30 | 1.42 | 1.31 | 1.17 | | Other retail | .14 | .14 | .15 | .15 | .13 | | Total loans | .20 | .19 | .19 | .19 | .15 | | Delinquent loan ratios - 90 days or more past due and nonperforming loans | | | | | | | Commercial | .51 | .48 | .49 | .37 | .24 | | Commercial real estate | 1.85 | 1.87 | 1.71 | 1.46 | 1.33 | | Residential mortgages | .28 | .28 | .26 | .25 | .25 | | Credit card | 1.36 | 1.30 | 1.42 | 1.31 | 1.17 | | Other retail | .48 | .47 | .47 | .46 | .41 | | Total loans | .68 | .67 | .66 | .57 | .49 | | ASSET QUALITY (a) | | | | | | --- | --- | --- | --- | --- | | ( in millions) | | | | | | | Jun 30 2024 | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | | Nonperforming loans | | | | | | Commercial | $531 | $522 | $349 | $231 | | Lease financing | 25 | 27 | 27 | 25 | | Total commercial | 556 | 549 | 376 | 256 | | Commercial mortgages | 888 | 755 | 675 | 566 | | Construction and development | 71 | 145 | 102 | 155 | | Total commercial real estate | 959 | 900 | 777 | 721 | | Residential mortgages | 154 | 155 | 158 | 161 | | Credit card | — | — | — | — | | Other retail | 141 | 137 | 138 | 129 | | Total nonperforming loans | 1,810 | 1,741 | 1,449 | 1,267 | | Other real estate | 23 | 25 | 26 | 25 | | Other nonperforming assets | 19 | 20 | 19 | 18 | | Total nonperforming assets | $1,852 | $1,786 | $1,494 | $1,310 | | Accruing loans 90 days or more past due | $701 | $714 | $698 | $569 | | Nonperforming assets to loans plus ORE (%) | .49 | .48 | .40 | .35 | | (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 Third Quarter 2024 Results | | --- || COMMON SHARES | | | | | | | --- | --- | --- | --- | --- | --- | | (Millions) | 3Q 2024 | 2Q 2024 | 1Q 2024 | 4Q 2023 | 3Q 2023 | | Beginning shares outstanding | 1,560 | 1,560 | 1,558 | 1,557 | 1,533 | | Shares issued for stock incentive plans, | | | | | | | acquisitions and other corporate purposes | 1 | — | 3 | 1 | 24 | | Shares repurchased | — | — | (1) | — | — | | Ending shares outstanding | 1,561 | 1,560 | 1,560 | 1,558 | 1,557 | | CAPITAL POSITION | | | | Preliminary Data | | | --- | --- | --- | --- | --- | --- | | ($ in millions) | Sep 30 2024 | Jun 30 2024 | Mar 31 2024 | Dec 31 2023 | Sep 30 2023 | | Total U.S. Bancorp shareholders' equity | 58,859 | 56,420 | 55,568 | 55,306 | 53,113 | | Basel III Standardized Approach (a) | | | | | | | Common equity tier 1 capital | 47,164 | 46,239 | 45,239 | 44,947 | 44,655 | | Tier 1 capital | 54,416 | 53,491 | 52,491 | 52,199 | 51,906 | | Total risk-based capital | 63,625 | 62,926 | 62,203 | 61,921 | 61,737 | | Common equity tier 1 capital ratio | 10.5 | 10.3 | 10.0 | 9.9 | 9.7 | | Tier 1 capital ratio | 12.2 | 11.9 | 11.6 | 11.5 | 11.2 | | Total risk-based capital ratio | 14.2 | 14.0 | 13.7 | 13.7 | 13.4 | | Leverage ratio | 8.3 | 8.1 | 8.1 | 8.1 | 7.9 | | Tangible common equity to tangible assets (b) | 5.7 | 5.4 | 5.2 | 5.3 | 5.0 | | Tangible common equity to risk-weighted assets (b) | 8.6 | 8.0 | 7.8 | 7.7 | 7.0 | | Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b) | 10.5 | 10.2 | 9.9 | 9.7 | 9.5 | | (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 $58.9 billion at September 30, 2024, compared with $56.4 billion at June 30, 2024, and $53.1 billion at September 30, 2023. During the quarter, the Company's Board of Directors authorized a share repurchase program for up to $5 billion of the Company's outstanding common stock beginning September 13, 2024. The Company intends to begin repurchasing shares, in addition to those currently done in connection with its stock-based compensation plans, by early 2025. The Company also declared a regular quarterly dividend of $0.50 per share, payable on October 15, 2024, which was a 2.0 percent increase over the prior quarter dividend.

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 10.5 percent at September 30, 2024, compared with 10.3 percent at June 30, 2024, and 9.7 percent at September 30, 2023. The common equity tier 1 capital to risk-weighted assets ratio, reflecting the full implementation of the current expected credit losses methodology, was 10.5 percent at September 30, 2024, compared with 10.2 percent at June 30, 2024, and 9.5 percent at September 30, 2023.

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

On Wednesday, October 16, 2024 at 7 a.m. CT, Chairman 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 and 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 & 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, October 16, 2024. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.”

About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $686 billion in assets as of September 30, 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;

•Changes in commercial real estate occupancy rates;

•Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;

U.S. Bancorp Third Quarter 2024 Results

•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.

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 Third Quarter 2024 Results
Non-GAAP Financial Measures
---

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

The adjusted noninterest expense, 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<br>September 30,		Nine Months Ended<br>September 30,
(Unaudited)	2024	2023	2024	2023
Interest Income
Loans	$5,862	$5,700	$17,335	$16,582
Loans held for sale	45	42	123	111
Investment securities	1,316	1,152	3,785	3,303
Other interest income	863	860	2,592	2,248
Total interest income	8,086	7,754	23,835	22,244
Interest Expense
Deposits	3,004	2,580	8,916	6,024
Short-term borrowings	284	450	850	1,639
Long-term debt	663	488	1,926	1,296
Total interest expense	3,951	3,518	11,692	8,959
Net interest income	4,135	4,236	12,143	13,285
Provision for credit losses	557	515	1,678	1,763
Net interest income after provision for credit losses	3,578	3,721	10,465	11,522
Noninterest Income
Card revenue	426	412	1,246	1,194
Corporate payment products revenue	203	198	582	577
Merchant processing services	440	427	1,295	1,250
Trust and investment management fees	667	627	1,957	1,838
Service charges	302	334	939	982
Commercial products revenue	397	354	1,159	1,046
Mortgage banking revenue	155	144	511	403
Investment products fees	84	70	243	206
Securities gains (losses), net	(119)	—	(153)	(29)
Other	143	198	434	530
Total noninterest income	2,698	2,764	8,213	7,997
Noninterest Expense
Compensation and employee benefits	2,637	2,615	7,947	7,907
Net occupancy and equipment	317	313	929	950
Professional services	130	127	356	402
Marketing and business development	165	176	459	420
Technology and communications	524	511	1,540	1,536
Other intangibles	142	161	430	480
Merger and integration charges	—	284	155	838
Other	289	343	1,061	1,121
Total noninterest expense	4,204	4,530	12,877	13,654
Income before income taxes	2,072	1,955	5,801	5,865
Applicable income taxes	350	431	1,142	1,268
Net income	1,722	1,524	4,659	4,597
Net (income) loss attributable to noncontrolling interests	(8)	(1)	(23)	(15)
Net income attributable to U.S. Bancorp	$1,714	$1,523	$4,636	$4,582
Net income applicable to U.S. Bancorp common shareholders	$1,601	$1,412	$4,328	$4,285
Earnings per common share	$1.03	$.91	$2.77	$2.79
Diluted earnings per common share	$1.03	$.91	$2.77	$2.79
Dividends declared per common share	$.50	$.48	$1.48	$1.44
Average common shares outstanding	1,561	1,548	1,560	1,538
Average diluted common shares outstanding	1,561	1,549	1,561	1,538

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	September 30,<br>2024	December 31,<br>2023	September 30,<br>2023
Assets	(Unaudited)		(Unaudited)
Cash and due from banks	$73,562	$61,192	$64,354
Investment securities
Held-to-maturity	80,025	84,045	85,342
Available-for-sale	81,704	69,706	67,207
Loans held for sale	3,211	2,201	2,336
Loans
Commercial	133,638	131,881	133,319
Commercial real estate	50,619	53,455	54,131
Residential mortgages	118,034	115,530	115,055
Credit card	29,037	28,560	27,080
Other retail	42,836	44,409	45,649
Total loans	374,164	373,835	375,234
Less allowance for loan losses	(7,560)	(7,379)	(7,218)
Net loans	366,604	366,456	368,016
Premises and equipment	3,585	3,623	3,616
Goodwill	12,573	12,489	12,472
Other intangible assets	5,488	6,084	6,435
Other assets	59,717	57,695	58,261
Total assets	$686,469	$663,491	$668,039
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$86,838	$89,989	$98,006
Interest-bearing	434,293	422,323	420,352
Total deposits	521,131	512,312	518,358
Short-term borrowings	23,708	15,279	21,900
Long-term debt	54,839	51,480	43,074
Other liabilities	27,470	28,649	31,129
Total liabilities	627,148	607,720	614,461
Shareholders' equity
Preferred stock	6,808	6,808	6,808
Common stock	21	21	21
Capital surplus	8,729	8,673	8,684
Retained earnings	76,057	74,026	74,023
Less treasury stock	(24,010)	(24,126)	(24,168)
Accumulated other comprehensive income (loss)	(8,746)	(10,096)	(12,255)
Total U.S. Bancorp shareholders' equity	58,859	55,306	53,113
Noncontrolling interests	462	465	465
Total equity	59,321	55,771	53,578
Total liabilities and equity	$686,469	$663,491	$668,039

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	September 30,2024		June 30,2024	March 31,2024	December 31,2023	September 30,2023
Total equity	59,321		56,885	56,033	55,771	53,578
Preferred stock	(6,808)		(6,808)	(6,808)	(6,808)	(6,808)
Noncontrolling interests	(462)		(465)	(465)	(465)	(465)
Goodwill (net of deferred tax liability) (1)	(11,540)		(11,449)	(11,459)	(11,480)	(11,470)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,944)		(2,047)	(2,158)	(2,278)	(2,370)
Tangible common equity (a)	38,567		36,116	35,143	34,740	32,465
Common equity tier 1 capital, determined in accordance with transitional regulatory<br><br>capital requirements related to the current expected credit losses methodology implementation	47,164		46,239	45,239	44,947	44,655
Adjustments (2)	(433)		(433)	(433)	(866)	(867)
Common equity tier 1 capital, reflecting the full implementation
of the current expected credit losses methodology (b)	46,731		45,806	44,806	44,081	43,788
Total assets	686,469		680,058	683,606	663,491	668,039
Goodwill (net of deferred tax liability) (1)	(11,540)		(11,449)	(11,459)	(11,480)	(11,470)
Intangible assets (net of deferred tax liability), other than mortgage servicing rights	(1,944)		(2,047)	(2,158)	(2,278)	(2,370)
Tangible assets (c)	672,985		666,562	669,989	649,733	654,199
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)	447,476	*	449,111	452,831	453,390	462,250
Adjustments (3)	(368)	*	(368)	(368)	(736)	(736)
Risk-weighted assets, reflecting the full implementation of the current expected<br><br>credit losses methodology (e)	447,108	*	448,743	452,463	452,654	461,514
Ratios *
Tangible common equity to tangible assets (a)/(c)	5.7		5.4	5.2	5.3	5.0
Tangible common equity to risk-weighted assets (a)/(d)	8.6		8.0	7.8	7.7	7.0
Common equity tier 1 capital to risk-weighted assets, reflecting the full<br><br>implementation of the current expected credit losses methodology (b)/(e)	10.5		10.2	9.9	9.7	9.5
	Three Months Ended
	September 30,2024		June 30,2024	March 31,2024	December 31,2023	September 30,2023
Net income applicable to U.S. Bancorp common shareholders	1,601		1,518	1,209	766	1,412
Intangibles amortization (net-of-tax)	112		113	115	123	127
Net income applicable to U.S. Bancorp common shareholders, excluding<br><br>intangibles amortization	1,713		1,631	1,324	889	1,539
Annualized net income applicable to U.S. Bancorp common shareholders,<br><br>excluding intangible amortization (f)	6,815		6,560	5,325	3,527	6,106
Average total equity	58,744		56,492	56,131	54,779	54,283
Average preferred stock	(6,808)		(6,808)	(6,808)	(6,808)	(6,808)
Average noncontrolling interests	(461)		(463)	(464)	(465)	(466)
Average goodwill (net of deferred tax liability) (1)	(11,494)		(11,457)	(11,473)	(11,475)	(11,493)
Average intangible assets (net of deferred tax liability), other than mortgage<br><br>servicing rights	(1,981)		(2,087)	(2,208)	(2,295)	(2,418)
Average tangible common equity (g)	38,000		35,677	35,178	33,736	33,098
Return on tangible common equity (f)/(g)	17.9		18.4	15.1	10.5	18.4
Net interest income	4,135		4,023	3,985	4,111	4,236
Taxable-equivalent adjustment (4)	31		29	30	31	32
Net interest income, on a taxable-equivalent basis	4,166		4,052	4,015	4,142	4,268
Net interest income, on a taxable-equivalent basis (as calculated above)	4,166		4,052	4,015	4,142	4,268
Noninterest income	2,698		2,815	2,700	2,620	2,764
Less: Securities gains (losses), net	(119)		(36)	2	(116)	—
Total net revenue, excluding net securities gains (losses) (h)	6,983		6,903	6,713	6,878	7,032
Noninterest expense (i)	4,204		4,214	4,459	5,219	4,530
Less: Intangible amortization	142		142	146	156	161
Noninterest expense, excluding intangible amortization (j)	4,062		4,072	4,313	5,063	4,369
Efficiency ratio (i)/(h)	60.2		61.0	66.4	75.9	64.4
Tangible efficiency ratio (j)/(h)	58.2		59.0	64.2	73.6	62.1

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		Nine Months Ended
(Dollars and Shares in Millions, Except Per Share Data, Unaudited)	June 30,<br>2024	September 30,<br>2023	September 30,<br>2024	September 30,<br>2023
Net income applicable to U.S. Bancorp common shareholders	$1,518	$1,412	$4,328	$4,285
Less: Notable items, including the impact of earnings allocated to participating stock awards (1), (2)	(19)	(212)	(217)	(822)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a)	1,537	1,624	4,545	5,107
Average diluted common shares outstanding (b)	1,561	1,549	1,561	1,538
Diluted earnings per common share, excluding notable items (a)/(b)	$.98	$1.05	$2.91	$3.32

(1)Notable items for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration-related charges.

(2)Notable items of $291 million ($218 million net-of-tax) for the nine months ended September 30, 2024 included $155 million of merger and integration-related charges and a $136 million charge for the increase in FDIC special assessment. Notable items of $1.1 billion ($828 million net-of-tax) for the nine months ended September 30, 2023 included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $838 million of merger and integration-related charges and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions.

Business Line Schedules<br><br>Third 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		Net Income Attributable to U.S. Bancorp
Business Line	3Q<br>2024	2Q<br>2024	3Q<br>2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Wealth, Corporate, Commercial and <br> Institutional Banking	$1,187	$1,177	$1,183	.8	.3	$3,470	$3,495	(.7)
Consumer and Business Banking	476	483	565	(1.4)	(15.8)	1,422	2,039	(30.3)
Payment Services	277	283	223	(2.1)	24.2	792	867	(8.7)
Treasury and Corporate Support	(226)	(340)	(448)	33.5	49.6	(1,048)	(1,819)	42.4
Consolidated Company	$1,714	$1,603	$1,523	6.9	12.5	$4,636	$4,582	1.2
	Income Before Provision<br>and Taxes			Percent Change		Income Before Provision<br>and Taxes
	3Q<br>2024	2Q<br>2024	3Q<br>2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Wealth, Corporate, Commercial and <br> Institutional Banking	$1,677	$1,670	$1,713	.4	(2.1)	$4,963	$4,931	.6
Consumer and Business Banking	653	674	761	(3.1)	(14.2)	1,999	2,749	(27.3)
Payment Services	774	765	696	1.2	11.2	2,208	2,088	5.7
Treasury and Corporate Support	(444)	(456)	(668)	2.6	33.5	(1,601)	(2,040)	21.5
Consolidated Company	$2,660	$2,653	$2,502	.3	6.3	$7,569	$7,728	(2.1)

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 revising the Company's line of business funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024 and 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
	2Q<br>2024	3Q<br>2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,910	$2,023	(.7)	(6.3)	$5,711	$5,884	(2.9)
Noninterest income	1,130	1,030	1.3	11.2	3,387	3,120	8.6
Securities gains (losses), net	—	—	—	—	—	—	—
Total net revenue	3,040	3,053	—	(.4)	9,098	9,004	1.0
Noninterest expense	1,318	1,283	(.5)	2.3	3,979	3,898	2.1
Other intangibles	52	57	—	(8.8)	156	175	(10.9)
Total noninterest expense	1,370	1,340	(.4)	1.8	4,135	4,073	1.5
Income before provision and taxes	1,670	1,713	.4	(2.1)	4,963	4,931	.6
Provision for credit losses	100	136	(6.0)	(30.9)	335	271	23.6
Income before income taxes	1,570	1,577	.8	.4	4,628	4,660	(.7)
Income taxes and taxable-equivalent adjustment	393	394	.8	.5	1,158	1,165	(.6)
Net income	1,177	1,183	.8	.3	3,470	3,495	(.7)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$1,177	$1,183	.8	.3	$3,470	$3,495	(.7)
Average Balance Sheet Data
Loans	$173,784	$175,700	(1.1)	(2.2)	$172,249	$177,161	(2.8)
Other earning assets	9,590	6,458	12.0	66.3	9,693	6,386	51.8
Goodwill	4,824	4,638	—	4.0	4,825	4,634	4.1
Other intangible assets	1,007	921	(5.2)	3.7	1,007	972	3.6
Assets	203,288	203,910	(1.5)	(1.8)	200,912	203,442	(1.2)
Noninterest-bearing deposits	57,218	66,055	(5.2)	(17.9)	56,650	73,789	(23.2)
Interest-bearing deposits	216,796	210,041	(.5)	2.6	213,572	201,805	5.8
Total deposits	274,014	276,096	(1.5)	(2.3)	270,222	275,594	(1.9)
Total U.S. Bancorp shareholders' equity	21,485	22,839	(1.0)	(6.8)	21,506	22,249	(3.3)

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 $1,677 million of income before provision and taxes in the third quarter of 2024, compared with $1,713 million in the third quarter of 2023, and contributed $1,187 million of the Company’s net income in the third quarter of 2024. The provision for credit losses decreased $42 million (30.9 percent) compared with the third quarter of 2023 primarily due to stable credit quality in the current quarter. Total net revenue was $12 million (0.4 percent) lower in the third quarter of 2024 due to a decrease of $127 million (6.3 percent) in net interest income, mostly offset by an increase of $115 million (11.2 percent) in total noninterest income. Net interest income decreased primarily due to lower noninterest-bearing deposit balances, offset by higher interest rates. Total noninterest income increased primarily due to higher commercial products revenue and trust and investment management fees, both driven by business growth and favorable market conditions. Total noninterest expense increased $24 million (1.8 percent) compared with the third quarter of 2023 primarily due to higher net shared services expense.

CONSUMER AND BUSINESS BANKING					Preliminary data
( in millions)			Percent Change
	2Q<br>2024	3Q<br>2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$1,921	$2,048	.8	(5.4)	$5,737	$6,730	(14.8)
Noninterest income	414	434	(3.1)	(7.6)	1,239	1,265	(2.1)
Securities gains (losses), net	—	—	—	—	—	—	—
Total net revenue	2,335	2,482	.1	(5.8)	6,976	7,995	(12.7)
Noninterest expense	1,594	1,646	1.5	(1.7)	4,776	5,026	(5.0)
Other intangibles	67	75	—	(10.7)	201	220	(8.6)
Total noninterest expense	1,661	1,721	1.4	(2.1)	4,977	5,246	(5.1)
Income before provision and taxes	674	761	(3.1)	(14.2)	1,999	2,749	(27.3)
Provision for credit losses	30	7	(40.0)	nm	102	30	nm
Income before income taxes	644	754	(1.4)	(15.8)	1,897	2,719	(30.2)
Income taxes and taxable-equivalent adjustment	161	189	(1.2)	(15.9)	475	680	(30.1)
Net income	483	565	(1.4)	(15.8)	1,422	2,039	(30.3)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$483	$565	(1.4)	(15.8)	$1,422	$2,039	(30.3)
Average Balance Sheet Data
Loans	$154,954	$157,458	.2	(1.4)	$155,073	$164,050	(5.5)
Other earning assets	2,278	2,688	20.2	1.9	2,300	2,462	(6.6)
Goodwill	4,326	4,515	—	(4.2)	4,326	4,514	(4.2)
Other intangible assets	4,734	5,154	(6.9)	(14.5)	4,611	5,378	(14.3)
Assets	168,729	174,883	.1	(3.4)	168,954	181,735	(7.0)
Noninterest-bearing deposits	20,974	25,561	(.9)	(18.7)	21,068	33,599	(37.3)
Interest-bearing deposits	202,444	192,725	(.8)	4.2	200,719	182,267	10.1
Total deposits	223,418	218,286	(.8)	1.6	221,787	215,866	2.7
Total U.S. Bancorp shareholders' equity	14,560	15,770	(2.1)	(9.7)	14,552	16,246	(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 $653 million of income before provision and taxes in the third quarter of 2024, compared with $761 million in the third quarter of 2023, and contributed $476 million of the Company’s net income in the third quarter of 2024. The provision for credit losses increased $11 million compared with the third quarter of 2023 primarily due to higher net charge-offs. Total net revenue was lower by $144 million (5.8 percent) in the third quarter of 2024 due to a decrease of $111 million (5.4 percent) in net interest income and a decrease in total noninterest income of $33 million (7.6 percent). Net interest income decreased due to deposit mix and pricing. Total noninterest income decreased primarily due to lower service charges. Total noninterest expense decreased $36 million (2.1 percent) in the third quarter of 2024 compared with the third quarter of 2023 due to lower compensation and employee benefits expense and net shared services expense.

PAYMENT SERVICES					Preliminary data
( in millions)			Percent Change
	2Q<br>2024	3Q<br>2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$673	$663	8.0	9.7	$2,102	$1,933	8.7
Noninterest income	1,094	1,039	(1.9)	3.3	3,146	3,026	4.0
Securities gains (losses), net	—	—	—	—	—	—	—
Total net revenue	1,767	1,702	1.9	5.8	5,248	4,959	5.8
Noninterest expense	979	977	2.5	2.7	2,967	2,786	6.5
Other intangibles	23	29	—	(20.7)	73	85	(14.1)
Total noninterest expense	1,002	1,006	2.4	2.0	3,040	2,871	5.9
Income before provision and taxes	765	696	1.2	11.2	2,208	2,088	5.7
Provision for credit losses	388	399	4.1	1.3	1,151	933	23.4
Income before income taxes	377	297	(1.9)	24.6	1,057	1,155	(8.5)
Income taxes and taxable-equivalent adjustment	94	74	(1.1)	25.7	265	288	(8.0)
Net income	283	223	(2.1)	24.2	792	867	(8.7)
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—	—	—
Net income attributable to U.S. Bancorp	$283	$223	(2.1)	24.2	$792	$867	(8.7)
Average Balance Sheet Data
Loans	$40,832	$38,954	2.0	6.9	$40,766	$37,942	7.4
Other earning assets	115	5	(93.0)	60.0	92	126	(27.0)
Goodwill	3,327	3,333	1.3	1.1	3,343	3,326	.5
Other intangible assets	281	340	(5.3)	(21.8)	282	361	(21.9)
Assets	46,099	44,774	2.4	5.4	46,707	43,926	6.3
Noninterest-bearing deposits	2,706	2,796	(2.0)	(5.1)	2,716	3,052	(11.0)
Interest-bearing deposits	97	101	(2.1)	(5.9)	96	104	(7.7)
Total deposits	2,803	2,897	(2.0)	(5.1)	2,812	3,156	(10.9)
Total U.S. Bancorp shareholders' equity	9,941	9,442	.2	5.5	9,955	9,181	8.4

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 $774 million of income before provision and taxes in the third quarter of 2024, compared with $696 million in the third quarter of 2023, and contributed $277 million of the Company’s net income in the third quarter of 2024. The provision for credit losses increased $5 million (1.3 percent) compared with the third quarter of 2023 primarily due to higher net charge-offs. Total net revenue increased $98 million (5.8 percent) in the third quarter of 2024 due to higher net interest income of $64 million (9.7 percent) and higher total noninterest income of $34 million (3.3 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 revenue, mainly due to favorable rates, and higher merchant processing services revenue, mainly due to business volume growth and favorable rates. Total noninterest expense increased $20 million (2.0 percent) reflecting higher net shared services expense.

TREASURY AND CORPORATE SUPPORT					Preliminary data
( in millions)			Percent Change
	2Q<br>2024	3Q<br>2023	3Q24 vs 2Q24	3Q24 vs 3Q23	YTD<br> 2024	YTD<br> 2023	Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	($452)	($466)	12.8	15.5	($1,317)	($1,162)	(13.3)
Noninterest income	213	261	(7.0)	(24.1)	594	615	(3.4)
Securities gains (losses), net	(36)	—	nm	nm	(153)	(29)	nm
Total net revenue	(275)	(205)	(14.5)	(53.7)	(876)	(576)	(52.1)
Noninterest expense	181	463	(28.7)	(72.1)	725	1,464	(50.5)
Other intangibles	—	—	—	—	—	—	—
Total noninterest expense	181	463	(28.7)	(72.1)	725	1,464	(50.5)
Income (loss) before provision and taxes	(456)	(668)	2.6	33.5	(1,601)	(2,040)	21.5
Provision for credit losses	50	(27)	(18.0)	nm	90	529	(83.0)
Income (loss) before income taxes	(506)	(641)	4.2	24.3	(1,691)	(2,569)	34.2
Income taxes and taxable-equivalent adjustment	(174)	(194)	(53.4)	(37.6)	(666)	(765)	12.9
Net income	(332)	(447)	34.3	51.2	(1,025)	(1,804)	43.2
Net (income) loss attributable to noncontrolling interests	(8)	(1)	—	nm	(23)	(15)	(53.3)
Net income (loss) attributable to U.S. Bancorp	($340)	($448)	33.5	49.6	($1,048)	($1,819)	42.4
Average Balance Sheet Data
Loans	$5,115	$4,765	3.2	10.8	$5,190	$4,959	4.7
Other earning assets	222,224	219,217	(1.2)	.2	218,717	215,805	1.3
Goodwill	—	—	—	—	—	—	—
Other intangible assets	9	10	—	(10.0)	9	19	(52.6)
Assets	247,388	240,432	.4	3.3	244,790	238,378	2.7
Noninterest-bearing deposits	2,520	3,112	28.7	4.2	2,606	3,116	(16.4)
Interest-bearing deposits	11,154	11,900	.6	(5.7)	11,149	8,901	25.3
Total deposits	13,674	15,012	5.8	(3.7)	13,755	12,017	14.5
Total U.S. Bancorp shareholders' equity	10,043	5,766	27.5	nm	10,653	5,764	84.8

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 lines, 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 $444 million loss before provision and taxes in the third quarter of 2024, compared with a $668 million loss before provision and taxes in the third quarter of 2023, and recorded a net loss of $226 million in the third quarter of 2024. The provision for credit losses increased $68 million compared with the third quarter of 2023 primarily due to the impact of continued economic uncertainty not allocated to business line reserves. Total net revenue was lower by $110 million (53.7 percent) in the third quarter of 2024 due to a decrease of $182 million (69.7 percent) in total noninterest income, partially offset by an increase of $72 million (15.5 percent) in net interest income. Net interest income increased primarily due to higher yields on the investment portfolio, partially offset by higher funding costs. The decrease in total noninterest income was primarily due to net losses on the sales of securities and a decrease in other revenue. Total noninterest expense decreased $334 million (72.1 percent) compared with the third quarter of 2023 primarily due to a decline in notable items and lower other noninterest expense, partially offset by higher compensation and employee benefits expense.

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. The provision for income tax in the third quarter of 2024 reflects the impact of favorable settlements.

Document

Supplemental Consolidated Schedules<br><br>Third Quarter 2024
QUARTERLY CONSOLIDATED STATEMENT OF INCOME
---	---	---	---	---	---
(Dollars and Shares in Millions, Except Per Share Data)<br>(Unaudited)	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30, <br>2023
Interest Income
Loans	$5,862	$5,761	$5,712	$5,742	$5,700
Loans held for sale	45	41	37	36	42
Investment securities	1,316	1,294	1,175	1,182	1,152
Other interest income	863	889	840	803	860
Total interest income	8,086	7,985	7,764	7,763	7,754
Interest Expense
Deposits	3,004	3,028	2,884	2,751	2,580
Short-term borrowings	284	296	270	332	450
Long-term debt	663	638	625	569	488
Total interest expense	3,951	3,962	3,779	3,652	3,518
Net interest income	4,135	4,023	3,985	4,111	4,236
Provision for credit losses	557	568	553	512	515
Net interest income after provision for credit losses	3,578	3,455	3,432	3,599	3,721
Noninterest Income
Card revenue	426	428	392	436	412
Corporate payment products revenue	203	195	184	182	198
Merchant processing services	440	454	401	409	427
Trust and investment management fees	667	649	641	621	627
Service charges	302	322	315	324	334
Commercial products revenue	397	374	388	326	354
Mortgage banking revenue	155	190	166	137	144
Investment products fees	84	82	77	73	70
Securities gains (losses), net	(119)	(36)	2	(116)	—
Other	143	157	134	228	198
Total noninterest income	2,698	2,815	2,700	2,620	2,764
Noninterest Expense
Compensation and employee benefits	2,637	2,619	2,691	2,509	2,615
Net occupancy and equipment	317	316	296	316	313
Professional services	130	116	110	158	127
Marketing and business development	165	158	136	306	176
Technology and communications	524	509	507	513	511
Other intangibles	142	142	146	156	161
Merger and integration charges	—	—	155	171	284
Other	289	354	418	1,090	343
Total noninterest expense	4,204	4,214	4,459	5,219	4,530
Income before income taxes	2,072	2,056	1,673	1,000	1,955
Applicable income taxes	350	445	347	139	431
Net income	1,722	1,611	1,326	861	1,524
Net (income) loss attributable to noncontrolling interests	(8)	(8)	(7)	(14)	(1)
Net income attributable to U.S. Bancorp	$1,714	$1,603	$1,319	$847	$1,523
Net income applicable to U.S. Bancorp common shareholders	$1,601	$1,518	$1,209	$766	$1,412
Earnings per common share	$1.03	$.97	$.78	$.49	$.91
Diluted earnings per common share	$1.03	$.97	$.78	$.49	$.91
Dividends declared per common share	$.50	$.49	$.49	$.49	$.48
Average common shares outstanding	1,561	1,560	1,559	1,557	1,548
Average diluted common shares outstanding	1,561	1,561	1,559	1,558	1,549
Financial Ratios (%)
Net interest margin (taxable-equivalent basis)	2.74	2.67	2.70	2.78	2.81
Return on average assets	1.03	.97	.81	.52	.91
Return on average common equity	12.4	12.4	10.0	6.4	11.9
Efficiency ratio	60.2	61.0	66.4	75.9	64.4
CONSOLIDATED ENDING BALANCE SHEET
---	---	---	---	---	---
(Dollars in Millions)	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023
Assets	(Unaudited)	(Unaudited)	(Unaudited)		(Unaudited)
Cash and due from banks	$73,562	$65,832	$76,985	$61,192	$64,354
Investment securities
Held-to-maturity	80,025	81,486	82,948	84,045	85,342
Available-for-sale	81,704	79,799	72,426	69,706	67,207
Loans held for sale	3,211	2,582	2,080	2,201	2,336
Loans
Commercial	133,638	135,248	134,726	131,881	133,319
Commercial real estate	50,619	51,887	52,677	53,455	54,131
Residential mortgages	118,034	117,147	116,079	115,530	115,055
Credit card	29,037	28,715	27,844	28,560	27,080
Other retail	42,836	43,136	43,262	44,409	45,649
Total loans	374,164	376,133	374,588	373,835	375,234
Less allowance for loan losses	(7,560)	(7,549)	(7,514)	(7,379)	(7,218)
Net loans	366,604	368,584	367,074	366,456	368,016
Premises and equipment	3,585	3,570	3,537	3,623	3,616
Goodwill	12,573	12,476	12,479	12,489	12,472
Other intangible assets	5,488	5,757	6,031	6,084	6,435
Other assets	59,717	59,972	60,046	57,695	58,261
Total assets	$686,469	$680,058	$683,606	$663,491	$668,039
Liabilities and Shareholders' Equity
Deposits
Noninterest-bearing	$86,838	$86,756	$91,220	$89,989	$98,006
Interest-bearing	434,293	437,029	436,843	422,323	420,352
Total deposits	521,131	523,785	528,063	512,312	518,358
Short-term borrowings	23,708	16,557	17,102	15,279	21,900
Long-term debt	54,839	52,720	52,693	51,480	43,074
Other liabilities	27,470	30,111	29,715	28,649	31,129
Total liabilities	627,148	623,173	627,573	607,720	614,461
Shareholders' equity
Preferred stock	6,808	6,808	6,808	6,808	6,808
Common stock	21	21	21	21	21
Capital surplus	8,729	8,688	8,642	8,673	8,684
Retained earnings	76,057	75,231	74,473	74,026	74,023
Less treasury stock	(24,010)	(24,020)	(24,023)	(24,126)	(24,168)
Accumulated other comprehensive income (loss)	(8,746)	(10,308)	(10,353)	(10,096)	(12,255)
Total U.S. Bancorp shareholders' equity	58,859	56,420	55,568	55,306	53,113
Noncontrolling interests	462	465	465	465	465
Total equity	59,321	56,885	56,033	55,771	53,578
Total liabilities and equity	$686,469	$680,058	$683,606	$663,491	$668,039
CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET
---	---	---	---	---	---
(Dollars in Millions, Unaudited)	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023
Assets
Investment securities	$166,899	$167,020	$161,236	$161,885	$163,236
Loans held for sale	2,757	2,382	2,002	2,154	2,661
Loans
Commercial
Commercial	128,979	130,162	126,602	126,884	130,415
Lease financing	4,159	4,177	4,165	4,212	4,305
Total commercial	133,138	134,339	130,767	131,096	134,720
Commercial real estate
Commercial mortgages	40,343	40,871	41,545	42,089	42,665
Construction and development	11,111	11,418	11,492	11,736	11,588
Total commercial real estate	51,454	52,289	53,037	53,825	54,253
Residential mortgages	117,559	116,478	115,639	115,196	114,627
Credit card	28,994	28,349	27,942	27,753	26,883
Other retail
Retail leasing	4,088	4,185	4,082	4,167	4,436
Home equity and second mortgages	13,239	13,053	12,983	12,977	12,809
Other	25,598	25,992	26,620	27,842	29,149
Total other retail	42,925	43,230	43,685	44,986	46,394
Total loans	374,070	374,685	371,070	372,856	376,877
Interest-bearing deposits with banks	50,547	53,056	50,903	47,532	53,100
Other earning assets	12,907	11,749	10,924	9,817	9,371
Total earning assets	607,180	608,892	596,135	594,244	605,245
Allowance for loan losses	(7,576)	(7,550)	(7,438)	(7,270)	(7,266)
Unrealized gain (loss) on investment securities	(6,291)	(7,464)	(7,121)	(8,806)	(8,241)
Other assets	71,327	71,626	72,333	73,280	74,261
Total assets	$664,640	$665,504	$653,909	$651,448	$663,999
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	$80,939	$83,418	$84,787	$90,590	$97,524
Interest-bearing deposits
Interest checking	125,631	125,709	125,011	127,445	132,560
Money market savings	206,546	208,386	196,502	187,322	177,340
Savings accounts	36,814	38,855	41,645	44,728	50,138
Time deposits	58,827	57,541	55,116	52,697	54,729
Total interest-bearing deposits	427,818	430,491	418,274	412,192	414,767
Short-term borrowings	17,723	17,098	16,364	18,645	27,550
Long-term debt	54,841	52,875	52,713	48,863	43,826
Total interest-bearing liabilities	500,382	500,464	487,351	479,700	486,143
Other liabilities	24,575	25,130	25,640	26,379	26,049
Shareholders' equity
Preferred equity	6,808	6,808	6,808	6,808	6,808
Common equity	51,475	49,221	48,859	47,506	47,009
Total U.S. Bancorp shareholders' equity	58,283	56,029	55,667	54,314	53,817
Noncontrolling interests	461	463	464	465	466
Total equity	58,744	56,492	56,131	54,779	54,283
Total liabilities and equity	$664,640	$665,504	$653,909	$651,448	$663,999
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 (b)	166,899	%	163,236	%		2.2	%
Loans held for sale	2,757		2,661			3.6
Loans (c)
Commercial	133,138		134,720			(1.2)
Commercial real estate	51,454		54,253			(5.2)
Residential mortgages	117,559		114,627			2.6
Credit card	28,994		26,883			7.9
Other retail	42,925		46,394			(7.5)
Total loans	374,070		376,877			(.7)
Interest-bearing deposits with banks	50,547		53,100			(4.8)
Other earning assets	12,907		9,371			37.7
Total earning assets	607,180		605,245			.3
Allowance for loan losses	(7,576)		(7,266)			(4.3)
Unrealized gain (loss) on investment securities	(6,291)		(8,241)			23.7
Other assets	71,327		74,261			(4.0)
Total assets	664,640		663,999			.1
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	80,939		97,524			(17.0)	%
Interest-bearing deposits
Interest checking	125,631		132,560			(5.2)
Money market savings	206,546		177,340			16.5
Savings accounts	36,814		50,138			(26.6)
Time deposits	58,827		54,729			7.5
Total interest-bearing deposits	427,818		414,767			3.1
Short-term borrowings	17,723		27,550			(35.7)
Long-term debt	54,841		43,826			25.1
Total interest-bearing liabilities	500,382		486,143			2.9
Other liabilities	24,575		26,049			(5.7)
Shareholders' equity
Preferred equity	6,808		6,808			—
Common equity	51,475		47,009			9.5
Total U.S. Bancorp shareholders' equity	58,283		53,817			8.3
Noncontrolling interests	461		466			(1.1)
Total equity	58,744		54,283			8.2
Total liabilities and equity	664,640		663,999			.1
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)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.<br><br>(c)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)

	September 30, 2024		June 30, 2024
(Dollars in Millions)<br>(Unaudited)	AverageBalances		AverageBalances		% Change<br>Average<br>Balances
Assets
Investment securities (b)	166,899	%	167,020	%		(.1)	%
Loans held for sale	2,757		2,382			15.7
Loans (c)
Commercial	133,138		134,339			(.9)
Commercial real estate	51,454		52,289			(1.6)
Residential mortgages	117,559		116,478			.9
Credit card	28,994		28,349			2.3
Other retail	42,925		43,230			(.7)
Total loans	374,070		374,685			(.2)
Interest-bearing deposits with banks	50,547		53,056			(4.7)
Other earning assets	12,907		11,749			9.9
Total earning assets	607,180		608,892			(.3)
Allowance for loan losses	(7,576)		(7,550)			(.3)
Unrealized gain (loss) on investment securities	(6,291)		(7,464)			15.7
Other assets	71,327		71,626			(.4)
Total assets	664,640		665,504			(.1)
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	80,939		83,418			(3.0)	%
Interest-bearing deposits
Interest checking	125,631		125,709			(.1)
Money market savings	206,546		208,386			(.9)
Savings accounts	36,814		38,855			(5.3)
Time deposits	58,827		57,541			2.2
Total interest-bearing deposits	427,818		430,491			(.6)
Short-term borrowings	17,723		17,098			3.7
Long-term debt	54,841		52,875			3.7
Total interest-bearing liabilities	500,382		500,464			—
Other liabilities	24,575		25,130			(2.2)
Shareholders' equity
Preferred equity	6,808		6,808			—
Common equity	51,475		49,221			4.6
Total U.S. Bancorp shareholders' equity	58,283		56,029			4.0
Noncontrolling interests	461		463			(.4)
Total equity	58,744		56,492			4.0
Total liabilities and equity	664,640		665,504			(.1)
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)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.<br><br>(c)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)

	2024		2023
(Dollars in Millions)<br>(Unaudited)	AverageBalances		AverageBalances		% Change<br>Average<br>Balances
Assets
Investment securities (b)	165,059	%	163,051	%		1.2	%
Loans held for sale	2,381		2,564			(7.1)
Loans (c)
Commercial	132,749		136,159			(2.5)
Commercial real estate	52,257		54,923			(4.9)
Residential mortgages	116,563		116,167			.3
Credit card	28,430		26,171			8.6
Other retail	43,279		50,692			(14.6)
Total loans	373,278		384,112			(2.8)
Interest-bearing deposits with banks	51,499		49,495			4.0
Other earning assets	11,863		9,669			22.7
Total earning assets	604,080		608,891			(.8)
Allowance for loan losses	(7,521)		(7,094)			(6.0)
Unrealized gain (loss) on investment securities	(6,956)		(7,708)			9.8
Other assets	71,760		73,392			(2.2)
Total assets	661,363		667,481			(.9)
Liabilities and Shareholders' Equity
Noninterest-bearing deposits	83,040		113,556			(26.9)	%
Interest-bearing deposits
Interest checking	125,451		129,980			(3.5)
Money market savings	203,821		159,178			28.0
Savings accounts	39,097		59,251			(34.0)
Time deposits	57,167		44,668			28.0
Total interest-bearing deposits	425,536		393,077			8.3
Short-term borrowings	17,064		39,364			(56.7)
Long-term debt	53,482		42,551			25.7
Total interest-bearing liabilities	496,082		474,992			4.4
Other liabilities	25,112		25,028			.3
Shareholders' equity
Preferred equity	6,808		6,808			—
Common equity	49,858		46,632			6.9
Total U.S. Bancorp shareholders' equity	56,666		53,440			6.0
Noncontrolling interests	463		465			(.4)
Total equity	57,129		53,905			6.0
Total liabilities and equity	661,363		667,481			(.9)
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)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.<br><br>(c)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
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 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	$129,434	34.6	$131,043	34.9	$130,530	34.8	$127,676	34.2	$129,040	34.4
Lease financing	4,204	1.1	4,205	1.1	4,196	1.2	4,205	1.1	4,279	1.1
Total commercial	133,638	35.7	135,248	36.0	134,726	36.0	131,881	35.3	133,319	35.5
Commercial real estate
Commercial mortgages	39,602	10.6	40,844	10.9	41,157	11.0	41,934	11.2	42,473	11.3
Construction and
development	11,017	2.9	11,043	2.9	11,520	3.1	11,521	3.1	11,658	3.1
Total commercial
real estate	50,619	13.5	51,887	13.8	52,677	14.1	53,455	14.3	54,131	14.4
Residential mortgages
Residential mortgages	111,790	29.9	110,680	29.4	109,396	29.2	108,605	29.0	107,875	28.8
Home equity loans, first
liens	6,244	1.6	6,467	1.7	6,683	1.8	6,925	1.9	7,180	1.9
Total residential
mortgages	118,034	31.5	117,147	31.1	116,079	31.0	115,530	30.9	115,055	30.7
Credit card	29,037	7.8	28,715	7.6	27,844	7.4	28,560	7.6	27,080	7.2
Other retail
Retail leasing	4,038	1.1	4,178	1.1	4,137	1.1	4,135	1.1	4,271	1.2
Home equity and second
mortgages	13,364	3.6	13,180	3.5	12,932	3.5	13,056	3.5	12,879	3.4
Revolving credit	3,644	1.0	3,597	1.0	3,473	.9	3,668	1.0	3,766	1.0
Installment	14,482	3.9	14,169	3.8	13,921	3.7	13,889	3.7	14,145	3.8
Automobile	7,308	1.9	8,012	2.1	8,799	2.3	9,661	2.6	10,588	2.8
Total other retail	42,836	11.5	43,136	11.5	43,262	11.5	44,409	11.9	45,649	12.2
Total loans	$374,164	100.0	$376,133	100.0	$374,588	100.0	$373,835	100.0	$375,234	100.0
Supplemental Business Line Schedules<br><br>Third 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)	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	1,896	1,910	1,905	1,974	2,023
Noninterest Income
Card revenue	—	—	—	—	—
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	666	648	640	620	627
Service charges	134	146	134	128	129
Commercial products revenue	205	200	208	149	150
Mortgage banking revenue	—	—	—	—	—
Investment products fees	84	82	77	73	70
Securities gains (losses), net	—	—	—	—	—
Other	56	54	53	51	54
Total noninterest income	1,145	1,130	1,112	1,021	1,030
Total net revenue	3,041	3,040	3,017	2,995	3,053
Noninterest Expense
Compensation and employee benefits	547	564	566	534	543
Net occupancy and equipment	39	39	39	37	37
Other intangibles	52	52	52	55	57
Net shared services	536	529	543	529	519
Other	190	186	201	225	184
Total noninterest expense	1,364	1,370	1,401	1,380	1,340
Income before provision and income taxes	1,677	1,670	1,616	1,615	1,713
Provision for Credit Losses	94	100	141	69	136
Income before income taxes	1,583	1,570	1,475	1,546	1,577
Income taxes and taxable-equivalent adjustment	396	393	369	387	394
Net income	1,187	1,177	1,106	1,159	1,183
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	1,187	1,177	1,106	1,159	1,183
FINANCIAL RATIOS
Return on average assets	2.36	2.33	2.23	2.29	2.30
Net interest margin (taxable-equivalent basis)	4.13	4.19	4.26	4.37	4.41
Efficiency ratio	44.9	45.1	46.4	46.1	43.9

All values are in US Dollars.

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
AVERAGE BALANCE SHEET
Loans
Commercial	113,805	115,739	113,051	113,393	117,278
Commercial real estate	36,925	37,445	37,976	38,329	38,448
Residential mortgages	15,673	15,159	14,705	14,572	14,274
Credit card	—	—	—	—	—
Other retail	5,430	5,441	5,403	5,612	5,700
Total loans	171,833	173,784	171,135	171,906	175,700
Other Earning Assets	10,740	9,590	8,738	7,287	6,458
Total earning assets	182,573	183,374	179,873	179,193	182,158
Non-earning Assets
Goodwill	4,825	4,824	4,825	4,825	4,638
Other intangible assets	955	1,007	1,059	1,112	921
Other non-earning assets	11,846	14,083	13,501	15,371	16,193
Total non-earning assets	17,626	19,914	19,385	21,308	21,752
Total assets	200,199	203,288	199,258	200,501	203,910
Deposits
Noninterest-bearing deposits	54,263	57,218	58,496	62,119	66,055
Interest checking	53,278	52,027	50,864	51,288	52,956
Savings products	150,302	152,530	145,376	143,192	143,577
Time deposits	12,024	12,239	12,053	12,123	13,508
Total deposits	269,867	274,014	266,789	268,722	276,096
Other Interest-bearing Liabilities	15,885	15,761	15,161	13,842	12,846
Other Noninterest-bearing Liabilities	8,526	10,748	10,060	11,969	12,877
Total liabilities	294,278	300,523	292,010	294,533	301,819
Total U.S. Bancorp Shareholders' Equity	21,277	21,485	21,760	22,710	22,839
Noncontrolling Interests	—	—	—	—	—
Total Equity	21,277	21,485	21,760	22,710	22,839
NET INTEREST SPREADS (%)
Total earning assets	1.18	1.16	1.16	1.17	1.16
Total assets	.65	.57	.60	.57	.60
Total deposits	2.98	3.01	3.06	3.11	3.08
Total liabilities	2.94	3.00	3.05	3.10	3.06
CREDIT QUALITY
Net Charge-offs
Commercial	73	72	51	28	42
Commercial real estate	67	35	13	71	49
Residential mortgages	—	—	—	—	—
Credit card	—	—	—	—	—
Other retail	—	—	1	—	1
Total net charge-offs	140	107	65	99	92
Net Charge-off Ratios
Commercial	.26	.25	.18	.10	.14
Commercial real estate	.72	.38	.14	.73	.51
Residential mortgages	—	—	—	—	—
Credit card	—	—	—	—	—
Other retail	—	—	.07	—	.07
Total net charge-offs	.32	.25	.15	.23	.21
	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
Nonperforming Assets
Nonperforming loans	1,359	1,353	1,292	937	830
Other nonperforming assets	—	1	1	1	1
Total nonperforming assets	1,359	1,354	1,293	938	831

All values are in US Dollars.

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023
OTHER INFORMATION
Average Loan Balances
Commercial real estate division	$45,864	$47,138	$47,821	$48,479	$48,751
Wealth management	28,040	27,689	27,244	27,408	27,147
Institutional client group	83,502	84,499	81,800	81,180	84,616
Global corporate trust & custody	134	117	116	167	132
Other	14,293	14,341	14,154	14,672	15,054
Total	$171,833	$173,784	$171,135	$171,906	$175,700
Average Deposit Balances
Commercial real estate division	$16,100	$15,209	$15,519	$16,585	$16,799
Wealth management	41,811	42,659	42,185	41,660	40,450
Institutional client group	131,360	134,128	135,047	137,809	145,848
Global corporate trust & custody	70,853	71,397	64,458	62,696	63,566
Other	9,743	10,621	9,580	9,972	9,433
Total	$269,867	$274,014	$266,789	$268,722	$276,096
Noninterest Income
Trust and investment management fees
Wealth management	$169	$166	$165	$158	$157
U.S. Bancorp Asset Management	61	60	61	57	59
Global corporate trust & custody	276	265	262	258	259
Fund services	149	147	142	138	141
Other	11	10	10	9	11
Global capital markets	247	238	242	188	191
Treasury management	134	146	134	128	129
All other noninterest income	98	98	96	85	83
Total	$1,145	$1,130	$1,112	$1,021	$1,030
Assets Under Management by Category *
Equity	$79,653	$73,940	$70,924	$66,344	$67,371
Fixed income	213,602	217,792	212,045	200,607	201,045
Money market	160,592	154,977	155,774	154,250	148,593
Other	35,188	33,622	33,421	33,134	31,212
Total	$489,035	$480,331	$472,164	$454,335	$448,221
* 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)	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	1,937	1,921	1,879	1,959	2,048
Noninterest Income
Card revenue	2	3	3	3	4
Corporate payment products revenue	—	—	—	—	—
Merchant processing services	—	—	—	—	—
Trust and investment management fees	1	1	1	1	—
Service charges	166	174	179	194	203
Commercial products revenue	6	6	6	5	5
Mortgage banking revenue	155	160	166	137	144
Investment products fees	—	—	—	—	—
Securities gains (losses), net	—	—	—	—	—
Other	71	70	69	70	78
Total noninterest income	401	414	424	410	434
Total net revenue	2,338	2,335	2,303	2,369	2,482
Noninterest Expense
Compensation and employee benefits	560	554	560	553	577
Net occupancy and equipment	157	154	147	153	153
Other intangibles	67	67	67	72	75
Net shared services	720	720	705	747	739
Other	181	166	152	178	177
Total noninterest expense	1,685	1,661	1,631	1,703	1,721
Income before provision and income taxes	653	674	672	666	761
Provision for Credit Losses	18	30	54	48	7
Income before income taxes	635	644	618	618	754
Income taxes and taxable-equivalent adjustment	159	161	155	155	189
Net income	476	483	463	463	565
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	476	483	463	463	565
FINANCIAL RATIOS
Return on average assets	1.12	1.15	1.10	1.07	1.28
Net interest margin (taxable-equivalent basis)	4.88	4.91	4.82	4.91	5.07
Efficiency ratio	72.1	71.1	70.8	71.9	69.3

All values are in US Dollars.

CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
AVERAGE BALANCE SHEET
Loans
Commercial	4,331	4,060	3,820	3,780	4,048
Commercial real estate	11,745	11,940	12,083	12,353	12,608
Residential mortgages	101,885	101,318	100,933	100,623	100,352
Credit card	—	—	—	—	—
Other retail	37,343	37,636	38,122	39,207	40,450
Total loans	155,304	154,954	154,958	155,963	157,458
Other Earning Assets	2,738	2,278	1,879	2,170	2,688
Total earning assets	158,042	157,232	156,837	158,133	160,146
Non-earning Assets
Goodwill	4,326	4,326	4,326	4,327	4,515
Other intangible assets	4,405	4,734	4,696	4,926	5,154
Other non-earning assets	2,164	2,437	3,338	4,481	5,068
Total non-earning assets	10,895	11,497	12,360	13,734	14,737
Total assets	168,937	168,729	169,197	171,867	174,883
Deposits
Noninterest-bearing deposits	20,781	20,974	21,451	23,426	25,561
Interest checking	70,751	72,235	72,902	74,783	78,221
Savings products	90,906	92,511	90,576	87,566	82,626
Time deposits	39,240	37,698	35,336	33,682	31,878
Total deposits	221,678	223,418	220,265	219,457	218,286
Other Interest-bearing Liabilities	1,176	965	1,116	1,226	1,234
Other Noninterest-bearing Liabilities	2,007	2,143	2,117	2,288	2,420
Total liabilities	224,861	226,526	223,498	222,971	221,940
Total U.S. Bancorp Shareholders' Equity	14,247	14,560	14,851	15,374	15,770
Noncontrolling Interests	—	—	—	—	—
Total Equity	14,247	14,560	14,851	15,374	15,770
NET INTEREST SPREADS (%)
Total earning assets	1.32	1.34	1.34	1.33	1.33
Total assets	1.00	1.00	.96	.93	.90
Total deposits	4.75	4.76	4.77	4.91	5.09
Total liabilities	4.71	4.72	4.73	4.87	5.04
CREDIT QUALITY
Net Charge-offs
Commercial	15	15	14	13	17
Commercial real estate	3	1	1	—	(1)
Residential mortgages	(3)	(4)	—	(1)	(3)
Credit card	—	—	—	—	—
Other retail	50	47	53	52	44
Total net charge-offs	65	59	68	64	57
Net Charge-off Ratios
Commercial	1.38	1.49	1.47	1.36	1.67
Commercial real estate	.10	.03	.03	—	(.03)
Residential mortgages	(.01)	(.02)	—	—	(.01)
Credit card	—	—	—	—	—
Other retail	.53	.50	.56	.53	.43
Total net charge-offs	.17	.15	.18	.16	.14
	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
Nonperforming Assets
Nonperforming loans	398	401	389	397	373
Other nonperforming assets	21	23	25	26	26
Total nonperforming assets	419	424	414	423	399

All values are in US Dollars.

CONSUMER AND BUSINESS BANKING				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023
OTHER INFORMATION
Other Retail Loan Information
Average Balances
Retail leasing	$4,087	$4,185	$4,082	$4,167	$4,436
Home equity and second mortgages	10,812	10,602	10,527	10,481	10,302
Other	22,444	22,849	23,513	24,559	25,712
Total other retail	$37,343	$37,636	$38,122	$39,207	$40,450
Home equity first lien*	$5,721	$5,930	$6,145	$6,371	$6,614
Home equity loans	2,226	2,028	1,915	1,815	1,669
Home equity lines	8,586	8,574	8,612	8,666	8,633
Total home equity	$16,533	$16,532	$16,672	$16,852	$16,916
Net Charge-off Ratios (%)
Retail leasing	.49	.29	.49	.19	.18
Home equity and second mortgages	(.04)	(.04)	—	(.04)	.04
Other	.82	.79	.82	.82	.63
Total other retail	.53	.50	.56	.53	.43
Retail Credit Production
Indirect loan/lease production volume	$1,798	$1,929	$1,569	$1,072	$1,090
Direct branch loan/line production volume	1,417	1,754	1,382	1,336	1,575
Other production volume	469	522	375	256	308
Total retail credit production volume	$3,684	$4,205	$3,326	$2,664	$2,973
Branch and ATM Data
# of branches	2,187	2,207	2,256	2,274	2,280
# of U.S. Bank ATMs	4,515	4,534	4,522	4,524	4,520
* 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)	September 30,<br>2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
Mortgage Banking Division Data
Mortgage banking revenue
Origination and sales (a)	$89	80	69	46	70
Loan servicing	170	176	180	180	176
Mortgage servicing rights fair value changes
net of economic hedges (b)	(10)	(6)	(2)	4	(3)
Other changes in mortgage servicing rights fair value (c)	(94)	(90)	(81)	(93)	(99)
Total mortgage banking revenue	$155	160	166	137	144
Mortgage production volume	$11,076	9,449	7,129	7,405	9,493
Mortgage application volume	$17,089	14,415	12,531	9,535	12,947
Mortgages serviced for others (d)(e)	$215,286	225,780	232,907	233,382	232,263
A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of September 30, 2024, was as follows:
(Dollars in Millions)		HFA (f)	Government	Conventional (g)	Total
Servicing portfolio (h)		51,526	25,506	137,961	214,993
Fair value		791	490	1,906	3,187
Value (bps) (i)		154	192	138	148
Weighted-average servicing fees (bps)		36	45	25	30
Multiple (value/servicing fees)		4.32	4.30	5.44	4.92
Weighted-average note rate		4.84	4.34	3.81	4.12
Weighted-average age (in years)		4.5	5.9	4.9	4.9
Weighted-average expected prepayment (constant prepayment rate)		11.0	11.3	8.9	9.7
Weighted-average expected life (in years)		7.0	6.4	7.0	6.9
Weighted-average option adjusted spread (j)		5.9	6.2	4.8	5.3
(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)	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	727	673	702	676	663
Noninterest Income
Card revenue	424	425	389	433	408
Corporate payment products revenue	203	195	184	182	198
Merchant processing services	440	454	401	409	427
Trust and investment management fees	—	—	—	—	—
Service charges	—	—	—	—	—
Commercial products revenue	—	—	—	—	—
Mortgage banking revenue	—	—	—	—	—
Investment products fees	—	—	—	—	—
Securities gains (losses), net	—	—	—	—	—
Other	6	20	5	5	6
Total noninterest income	1,073	1,094	979	1,029	1,039
Total net revenue	1,800	1,767	1,681	1,705	1,702
Noninterest Expense
Compensation and employee benefits	227	226	228	218	218
Net occupancy and equipment	10	9	9	9	9
Other intangibles	23	23	27	29	29
Net shared services	547	530	522	530	522
Other	219	214	226	245	228
Total noninterest expense	1,026	1,002	1,012	1,031	1,006
Income before provision and income taxes	774	765	669	674	696
Provision for Credit Losses	404	388	359	461	399
Income before income taxes	370	377	310	213	297
Income taxes and taxable-equivalent adjustment	93	94	78	53	74
Net income	277	283	232	160	223
Net (income) loss attributable to noncontrolling interests	—	—	—	—	—
Net income attributable to U.S. Bancorp	277	283	232	160	223
FINANCIAL RATIOS
Return on average assets	2.33	2.47	1.99	1.40	1.98
Net interest margin (taxable-equivalent basis)	6.94	6.61	7.07	6.70	6.75
Efficiency ratio	57.0	56.7	60.2	60.5	59.1

All values are in US Dollars.

PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
AVERAGE BALANCE SHEET
Loans
Commercial	12,511	12,334	11,705	12,121	11,899
Commercial real estate	—	—	—	—	—
Residential mortgages	—	—	—	—	—
Credit card	28,994	28,349	27,942	27,753	26,883
Other retail	148	149	156	165	172
Total loans	41,653	40,832	39,803	40,039	38,954
Other Earning Assets	8	115	153	10	5
Total earning assets	41,661	40,947	39,956	40,049	38,959
Non-earning Assets
Goodwill	3,370	3,327	3,331	3,326	3,333
Other intangible assets	266	281	300	319	340
Other non-earning assets	1,902	1,544	3,229	1,679	2,142
Total non-earning assets	5,538	5,152	6,860	5,324	5,815
Total assets	47,199	46,099	46,816	45,373	44,774
Deposits
Noninterest-bearing deposits	2,653	2,706	2,791	2,772	2,796
Interest checking	—	—	—	—	—
Savings products	94	96	96	98	100
Time deposits	1	1	1	1	1
Total deposits	2,748	2,803	2,888	2,871	2,897
Other Interest-bearing Liabilities	220	342	304	253	308
Other Noninterest-bearing Liabilities	5,073	4,712	6,275	4,674	4,973
Total liabilities	8,041	7,857	9,467	7,798	8,178
Total U.S. Bancorp Shareholders' Equity	9,959	9,941	9,965	9,695	9,442
Noncontrolling Interests	—	—	—	—	—
Total Equity	9,959	9,941	9,965	9,695	9,442
NET INTEREST SPREADS (%)
Total earning assets	6.32	6.00	6.46	6.11	6.16
Total assets	4.98	4.75	4.73	4.80	4.72
Total deposits	5.94	6.03	5.99	5.94	5.89
Total liabilities	5.19	5.17	5.31	5.39	5.29
CREDIT QUALITY
Net Charge-offs
Commercial	59	57	51	44	37
Commercial real estate	—	—	—	—	—
Residential mortgages	—	—	—	—	—
Credit card	299	315	296	255	220
Other retail	1	1	1	1	1
Total net charge-offs	359	373	348	300	258
Net Charge-off Ratios
Commercial	1.88	1.86	1.75	1.44	1.23
Commercial real estate	—	—	—	—	—
Residential mortgages	—	—	—	—	—
Credit card	4.10	4.47	4.26	3.65	3.25
Other retail	2.69	2.70	2.58	2.40	2.31
Total net charge-offs	3.43	3.67	3.52	2.97	2.63
	September 30,2024	June 30,2024	March 31,2024	December 31,2023	September 30,2023
Nonperforming Assets
Nonperforming loans	—	—	—	—	—
Other nonperforming assets	—	—	—	—	—
Total nonperforming assets	—	—	—	—	—

All values are in US Dollars.

PAYMENT SERVICES				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023
OTHER INFORMATION
Total Noninterest Income
Retail payment solutions	$426	$442	$390	$436	$410
Corporate payment systems	207	198	187	184	201
Global merchant acquiring	440	454	402	409	428
Total	$1,073	$1,094	$979	$1,029	$1,039
Payment Volumes
Retail payment solutions (Issuing)
Credit card	$36,912	$36,504	$33,683	$35,604	$34,526
Debit and prepaid card	27,299	26,766	25,262	26,169	25,795
Total retail payment solutions	$64,211	$63,270	$58,945	$61,773	$60,321
Corporate payment systems (issuing)	$23,808	$22,391	$21,477	$21,012	$22,925
Merchant volume (acquiring)	$148,338	$147,809	$137,552	$135,727	$144,558
# of merchant transactions	2,171,741,540	2,136,671,083	1,930,302,342	2,002,532,119	2,094,366,023

TREASURY AND CORPORATE SUPPORT				Preliminary data
	Three Months Ended
(Dollars in Millions)<br>(Unaudited)	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023
INCOME STATEMENT
Net Interest Income (taxable-equivalent basis)	($394)	($452)	($471)	($467)	($466)
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	186	168	174	172	199
Mortgage banking revenue	—	30	—	—	—
Investment products fees	—	—	—	—	—
Securities gains (losses), net	(119)	(36)	2	(116)	—
Other	10	13	7	102	60
Total noninterest income	79	177	185	160	261
Total net revenue	(315)	(275)	(286)	(307)	(205)
Noninterest Expense
Compensation and employee benefits	1,303	1,275	1,337	1,204	1,277
Net occupancy and equipment	111	114	101	117	114
Other intangibles	—	—	—	—	—
Net shared services	(1,803)	(1,779)	(1,770)	(1,806)	(1,780)
Other	518	571	747	1,590	852
Total noninterest expense	129	181	415	1,105	463
Income (loss) before provision and income taxes	(444)	(456)	(701)	(1,412)	(668)
Provision for Credit Losses	41	50	(1)	(66)	(27)
Income (loss) before income taxes	(485)	(506)	(700)	(1,346)	(641)
Income taxes and taxable-equivalent adjustment	(267)	(174)	(225)	(425)	(194)
Net income (loss)	(218)	(332)	(475)	(921)	(447)
Net (income) loss attributable to noncontrolling interests	(8)	(8)	(7)	(14)	(1)
Net income (loss) attributable to U.S. Bancorp	($226)	($340)	($482)	($935)	($448)
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)	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023
AVERAGE BALANCE SHEET
Loans
Commercial	$2,491	$2,206	$2,191	$1,802	$1,495
Commercial real estate	2,784	2,904	2,978	3,143	3,197
Residential mortgages	1	1	1	1	1
Credit card	—	—	—	—	—
Other retail	4	4	4	2	72
Total loans	5,280	5,115	5,174	4,948	4,765
Other Earning Assets	219,624	222,224	214,295	211,921	219,217
Total earning assets	224,904	227,339	219,469	216,869	223,982
Non-earning Assets
Goodwill	—	—	—	—	—
Other intangible assets	9	9	10	10	10
Other non-earning assets	23,392	20,040	19,159	16,828	16,440
Total non-earning assets	23,401	20,049	19,169	16,838	16,450
Total assets	248,305	247,388	238,638	233,707	240,432
Deposits
Noninterest-bearing deposits	3,242	2,520	2,049	2,273	3,112
Interest checking	1,602	1,447	1,245	1,374	1,383
Savings products	2,058	2,104	2,099	1,194	1,175
Time deposits	7,562	7,603	7,726	6,891	9,342
Total deposits	14,464	13,674	13,119	11,732	15,012
Other Interest-bearing Liabilities	55,283	52,905	52,496	52,187	56,988
Other Noninterest-bearing Liabilities	8,969	7,527	7,188	7,448	5,779
Total liabilities	78,716	74,106	72,803	71,367	77,779
Total U.S. Bancorp Shareholders' Equity	12,800	10,043	9,091	6,535	5,766
Noncontrolling Interests	461	463	464	465	466
Total Equity	13,261	10,506	9,555	7,000	6,232
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	$—	($1)	$—	$—	($4)
Commercial real estate	—	—	7	—	1
Residential mortgages	—	—	—	—	—
Credit card	—	—	—	—	—
Other retail	—	—	—	—	16
Total net charge-offs	$—	($1)	$7	$—	$13
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
	September 30,<br>2024	June 30,<br>2024	March 31,<br>2024	December 31,<br>2023	September 30,<br>2023
Nonperforming Assets
Nonperforming loans	$52	$56	$60	$115	$64
Other nonperforming assets	18	18	19	18	16
Total nonperforming assets	$70	$74	$79	$133	$80

a3q24earningscallpresent

U.S. Bank | Confidential 1 U.S. Bancorp 3Q24 Earnings Conference Call October 16, 2024

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; changes in commercial real estate occupancy rates; 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, 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.

U.S. Bancorp 3 3Q24 Highlights ▪ Strong financial performance › Top-line revenue growth supported by strong net interest income and margin expansion ▪ Positive operating leverage › Achieved modest positive operating leverage excluding net securities losses and prior year notable items ▪ Balance sheet management › Improved loan mix, continued fixed-rate asset repricing, and disciplined liability management ▪ Effective risk management › Credit quality trends in line with expectations; Reduced CRE Office exposure ▪ Continued capital accretion › Continued capital build through earnings accretion; 20 basis point linked quarter improvement to CET1 Ratio $1.03 10.5% Earnings per share CET1 Ratio2 Total Net Revenue Return on Tangible Common Equity 1 Taxable-equivalent basis; see appendix for calculation 2 Common equity tier 1 capital to risk-weighted assets, reflecting Basel III standardized with 5 year current expected credit losses (CECL) transition $6.9B 17.9% Net Interest Income1 $4.2B

U.S. Bancorp 4 3Q24 Results Summary Income Statement Balance Sheet Capital 1 Non-GAAP; see slide 9 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 Reported Change vs. Adjusted $ in millions, except EPS 3Q24 2Q24 3Q23 Net interest income2 $4,166 2.8 % (2.4) % Noninterest income 2,698 (4.2) (2.4) Noninterest expense 4,204 0.4 (1.0) Net income to Company 1,714 5.7 (1.3) Diluted EPS $1.03 5.1 (1.9) Change vs. $ in millions 3Q24 2Q24 3Q23 Nonperforming assets $1,848 (0.2) % 41.1 % NPA ratio 0.49 % 0 bps 14 bps Net charge-off ratio 0.60 % 2 bps 16 bps 90+ Day Delinquency 0.20 % 1 bps 5 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 3Q24 3Q24 2Q24 3Q23 Total assets $686.5 $664.6 (0.1) % 0.1 % Earning assets 626.3 607.2 (0.3) 0.3 Total loans 374.2 374.1 (0.2) (0.7) Total deposits 521.1 508.8 (1.0) (0.7) Change vs. 3Q24 2Q24 3Q23 CET1 capital ratio3 10.5 % 20 bps 80 bps Total risk-based capital ratio 14.2 % 20 bps 80 bps Book value per share $33.34 4.8 % 12.1 % Tangible book value per share1 $24.71 6.7 % 18.5 % Earnings returned (millions)4 $786 1 1 Credit Quality

U.S. Bancorp 5 Performance Ratios 1 Non-GAAP; see appendix for calculations and description of notable items 2 Net interest margin on a taxable-equivalent basis 1.04% 0.98% 0.91% 0.97% 1.03% Return on Average Assets Adjusted for notable items 3Q23 2Q24 3Q24 13.7% 12.6% 11.9% 12.4% 12.4% Return on Average Common Equity Adjusted for notable items 3Q23 2Q24 3Q24 21.0% 18.6% 18.4% 18.4% 17.9% Return on Tangible Common Equity Adjusted for notable items 3Q23 2Q24 3Q24 64.4% 61.0% 60.2% 60.4% 60.7% 2.81% 2.67% 2.74% Adjusted Efficiency Ratio Efficiency Ratio Net Interest Margin 3Q23 2Q24 3Q24 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 2

U.S. Bancorp 6 Sustainable Earnings Power Diversified fee income businesses support our short- and long-term growth objectives Fee income represents 40% of U.S. Bancorp total net revenue1 1 YTD taxable-equivalent basis 2 Business line revenue percentages exclude Treasury and Corporate Support; Non-GAAP; see appendix for reconciliation As a % of Total Net Revenue1,2 Fee NII Payment Services fee revenue Breadth of capabilities, diversified distribution model, proprietary technology platform, payments ecosystem Trust & Investment Management revenue Leading market position with sizable distribution, balance sheet, and product advantages Fee revenue differentiators with national reach 33% 43% 24% 37% 18% 60% 63% 82% 40% WCIB CBB Payments Payment Services Consumer & Business Banking (CBB) Wealth, Corporate, Commercial & Institutional Banking (WCIB) Commercial Products revenue FICM focused; full suite of products and technology to support debt underwriting, FX, derivatives and loan syndications

U.S. Bancorp 7 $512 $503 $503 $514 $509 3Q23 4Q23 1Q24 2Q24 3Q24 Balance Sheet Summary Effective balance sheet management; Improved earning asset yields Total Average Deposits Highlights Total Average Loans $377 $373 $371 $375 $374 6.02% 6.13% 6.20% 6.19% 6.25% Average Balance Avg Yield % 3Q23 4Q23 1Q24 2Q24 3Q24 Investment Portfolio End of Period Balances $ in billions 1 Balances exclude unrealized gains (losses) ▪ Stabilizing deposit dynamics with emphasis on pricing discipline; Total noninterest bearing mix stable at ~16%. ▪ Continued focus on capital-efficient growth as earning assets benefit from favorable mix and fixed asset repricing. ▪ Investment portfolio strategy focused on opportunisitcally rebalancing the portfolio while reducing AOCI exposure. $162 $161 $162 $168 $167 2.87% 2.97% 2.96% 3.15% 3.20% Ending Balance Avg Yield % 3Q23 4Q23 1Q24 2Q24 3Q24 1

U.S. Bancorp 8 Amount ($B) Reserve (%) Commercial $2.2 1.6% Commercial Real Estate 1.6 3.1% Residential Mortgage 0.8 0.7% Credit Card 2.5 8.8% Other Retail 0.8 1.9% Total $7.9 2.1% Change vs. 3Q24 2Q24 3Q23 Non-performing Assets Balance $1,848 $(4) $538 NPAs/Period-end Loans plus OREO 0.49 % 0 bps 14 bps Ne Net Charge-offs NCOs $564 $26 $144 NCOs/Avg Loans 0.60 % 2 bps 16 bps Provision for Credit Losses Trending $ in millions, unless specified Credit Quality Stabilizing macro economic environment amid continued stress in CRE Office Net Charge-offs and Nonperforming Assets Highlights Allowance for Credit Losses by Loan Category, 3Q24 ▪ $7M reserve release aligns with loan balance levels; Allowance to loan coverage reflects portfolio mix. ▪ CRE Office segment is appropriately reserved at 10.8%. ▪ Proactively managed credit risk across the portfolio. $515 $512 $553 $568 $557 $420 $463 $488 $538 $95 $49 $65 $30 NCOs Reserve Build (Release) Allowance for Credit Losses/ Period-end Loans 3Q23 4Q23 1Q24 2Q24 3Q24 11 2.08% 2.10% 2.11% 2.11% 2.12% $564 ($7)

U.S. Bancorp 9 Excluding Notable Items2 Reported % Change Notable Items2 % Change $ in millions, except EPS 3Q24 2Q24 3Q23 vs 2Q24 vs 3Q23 3Q24 2Q24 3Q23 vs 2Q24 vs 3Q23 Net Interest Income $4,135 $4,023 $4,236 2.8 % (2.4) % $— $— $— 2.8 % (2.4) % Taxable-equivalent Adjustment 31 29 32 6.9 (3.1) — — — 6.9 (3.1) Net Interest Income (taxable-equivalent basis) 4,166 4,052 4,268 2.8 (2.4) — — — 2.8 (2.4) Noninterest Income 2,698 2,815 2,764 (4.2) (2.4) — — — (4.2) (2.4) Net Revenue 6,864 6,867 7,032 — (2.4) — — — — (2.4) Noninterest Expense 4,204 4,214 4,530 (0.2) (7.2) — 26 284 0.4 (1.0) Operating Income 2,660 2,653 2,502 0.3 6.3 — (26) (284) (0.7) (4.5) Provision for credit losses 557 568 515 (1.9) 8.2 — — — (1.9) 8.2 Income Before Taxes 2,103 2,085 1,987 0.9 5.8 — (26) (284) (0.4) (7.4) Applicable Income Taxes 381 474 463 (19.6) (17.7) — (7) (71) (20.8) (28.7) Net Income 1,722 1,611 1,524 6.9 13.0 — (19) (213) 5.6 (0.9) Noncontrolling Interests (8) (8) (1) — nm — — — — nm Net Income to Company 1,714 1,603 1,523 6.9 12.5 — (19) (213) 5.7 (1.3) Preferred Dividends/Other 113 85 111 32.9 1.8 — — (1) 32.9 0.9 Net Income to Common $1,601 $1,518 $1,412 5.5 % 13.4 % $— ($19) ($212) 4.2 % (1.4) % Net Interest Margin1 2.74% 2.67% 2.81% 7 bps (7) bps —% —% —% 7 bps (7) bps Efficiency Ratio2 60.2% 61.0% 64.4% (84) bps (422) bps —% .3% 4.0% (47) bps (18) bps Diluted EPS $1.03 $.97 $.91 6.2 % 13.2 % $.00 $(.01) $(.14) 5.1 % (1.9) % 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and description of notable items 3Q24 Earnings Summary – Detail

U.S. Bancorp 10 ▪ Year-over-year performance impacted by deposit mix and pricing, partially offset by higher rates on earning assets and improved balance sheet composition. ▪ Linked quarter increase in net interest income due to earnings assets mix and continued discipline on funding costs. $ in millions 1 Non-GAAP; see appendix for calculations 3Q24 2Q24 3Q23 Loans $5,862 $5,761 $5,700 Loans held for sale 45 41 42 Investment securities 1,316 1,294 1,152 Other interest income 863 889 860 Total interest income $8,086 $7,985 $7,754 Deposits $3,004 $3,028 $2,580 Short-term borrowings 284 296 450 Long-term debt 663 638 488 Total interest expense $3,951 $3,962 $3,518 Net interest income $4,135 $4,023 $4,236 Taxable-equivalent adjustment 31 29 32 Net interest income, on a taxable-equivalent basis1 $4,166 $4,052 $4,268 Net interest margin (taxable-equivalent basis) 2.74 % 2.67 % 2.81 % Net Interest Income (taxable-equivalent basis)1 +2.8% Linked Quarter -2.4% Year-Over-Year Net Interest Income

U.S. Bancorp 11 ▪ Year-over-year decrease in noninterest income primarily due to net securities losses and lower service charges, partially offset by higher revenue across core fees businesses. ▪ On a linked quarter basis, noninterest income decreased due to lower mortgage banking revenue and service charges and higher net losses on securities sales, partially offset by higher commercial products revenue and trust and investment management fees. $ in millions Payments = card, corporate payment products and merchant processing 3Q24 2Q24 3Q23 Payments $1,069 $1,077 $1,037 Trust and investment management 667 649 627 Service charges 302 322 334 Commercial products 397 374 354 Mortgage banking revenue 155 190 144 Investment product fees 84 82 70 Securities gains (losses), net (119) (36) — Other 143 157 198 Noninterest Income $2,698 $2,815 $2,764 Noninterest Income Noninterest Income -4.2% Linked Quarter -2.4% Year-Over-Year

U.S. Bancorp 12 ▪ Year-over-year, adjusted noninterest expense decreased due to lower other noninterest expense, partially offset by higher compensation expense. ▪ On a linked quarter basis, adjusted noninterest expense increased due to higher compensation and technology expense, partially offset by lower other noninterest expense. $ in millions 1 Non-GAAP; see slide 9 and the appendix for calculations and description of notable items 3Q24 2Q24 3Q23 Compensation and benefits $2,637 $2,619 $2,615 Technology and communications 524 509 511 Occupancy and equipment 317 316 313 Professional services 130 116 127 Marketing and business development 165 158 176 All other 431 470 504 Total Noninterest Expense, Adjusted1 $4,204 $4,188 $4,246 Notable Items1 — 26 284 Total Noninterest Expense, Reported $4,204 $4,214 $4,530 Noninterest Expense Reported -0.2% Linked Quarter -7.2% Year-Over-Year Excluding Notable Items1 +0.4% Linked Quarter -1.0% Year-Over-Year

U.S. Bancorp 13 Capital Management 9.7% 9.9% 10.0% 10.3% 10.5% 3Q23 4Q23 1Q24 2Q24 3Q24 Ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 3rd Quarter Highlights • Strong CET1 capital accretion of 20 bps, net of distributions, reflective of our unique and diversified business mix. • Announced a $5 billion share repurchase program. • Balance of continued capital build with distribution; Modest repurchases expected to begin by early 2025. 7.6% CET1 Ratio Regulatory Minimum Binding Capital Constraint Capital build driven by earnings accretion CET1 Ratio

U.S. Bancorp 14 Guidance – 4Q and FY 2024 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and descriptions of notable items 3 This compares to prior guidance of $16.8 billion or less 4Q 2024 Guidance Mid-single digit growth vs. FY 2023 of ~$10.8B Net interest income1 FY 2024 Guidance Net interest income1 Total noninterest expense, as adjusted2 Total noninterest income, as adjusted2 $16.8B3 $16.1B to $16.4B Relatively stable vs. Q3 2024 of $4,166M

U.S. Bancorp 15 Appendix

U.S. Bancorp 16 $376.9 $374.7 $374.1 3Q23 2Q24 3Q24 Average Loans -0.2% linked quarter -0.7% year-over-year $ in billions ▪ On a year-over-year basis, the average total loans decline was driven by lower commercial, commercial real estate, and other retail loans, partially offset by higher residential mortgages and credit card loans. ▪ On a linked quarter basis, the average total loans decrease was driven by lower commercial and commercial real estate loans, partially offset by higher residential mortgages and credit card loans. Average % of Average Change vs. 3Q 2024 Balance Total 2Q24 3Q23 Commercial $133 36% (0.9) % (1.2) % Commercial Real Estate 51 14% (1.6) (5.2) Residential Mortgages 118 31% 0.9 2.6 Credit Card 29 8% 2.3 7.9 Other Retail 43 11% (0.7) (7.5) Total Loans $374 (0.2) % (0.7) %

U.S. Bancorp 17 Average Deposits -1.0% linked quarter -0.7% year-over-year $ in billions ▪ On a year-over-year basis, average total deposits decline was driven by lower noninterest-bearing deposits partially offset by higher time deposits and total savings deposits. ▪ On a linked quarter basis, average total deposits fell primarily due to lower interest-bearing wholesale and savings balances that was partially offset by higher time deposits. Noninterest-bearing Interest-bearing 3Q23 2Q24 3Q24 Average Average Change vs. 3Q 2024 Balance 2Q24 3Q23 Noninterest-bearing deposits $81 (3.0) % (17.0) % Money market savings 206 (0.9) 16.5 Interest checking 126 (0.1) (5.2) Savings accounts 37 (5.3) (26.6) Time deposits 59 2.2 7.5 Total interest-bearing deposits $428 (0.6) % 3.1 % Total Deposits $509 (1.0) % (0.7) % $508.8$513.9$512.3

U.S. Bancorp 18 $ in billions 3Q24 2Q24 1Q24 4Q23 3Q23 Total U.S. Bancorp shareholders’ equity $58.9 $56.4 $55.6 $55.3 $53.1 Basel III Standardized Approach 1 Common equity tier 1 capital ratio 10.5 % 10.3 % 10.0 % 9.9 % 9.7 % Tier 1 capital ratio 12.2 % 11.9 % 11.6 % 11.5 % 11.2 % Total risk-based capital ratio 14.2 % 14.0 % 13.7 % 13.7 % 13.4 % Leverage ratio 8.3 % 8.1 % 8.1 % 8.1 % 7.9 % Tangible common equity to tangible assets 2 5.7 % 5.4 % 5.2 % 5.3 % 5.0 % Tangible common equity to risk-weighted assets 2 8.6 % 8.0 % 7.8 % 7.7 % 7.0 % Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology 2 10.5 % 10.2 % 9.9 % 9.7 % 9.5 % 1 Ratios calculated in accordance with transitional regulatory requirements related to the CECL methodology 2 Non-GAAP; see appendix for calculations Capital Position

U.S. Bancorp 19 • Total card fee revenue (credit/debit/prepaid) improved 3.4% YoY, driven by 4.5% credit card fee growth. • Merchant processing fee revenue improved 3.0% YoY primarily due to non-travel sales growth. • Corporate payments fee revenue improved 2.5% YoY primarily due to commercial sales growth. Segment 1Q 2Q 3Q 4Q Card1 stable Corporate Payments stable Merchant Processing Merchant Processing Corporate PaymentsTotal Card Payments Total Net Revenue by Business (3Q24) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue2 â â â á á á á á á â +3.4% Year-Over-Year +3.0% Year-Over-Year +2.5% Year-Over-Year 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 +4.5% Credit only Fee Revenue Growth Rates Multiyear investments in tech-led3 resulted in an increase to 34% of merchant processing revenue and growth of 6% YoY for 3Q24, and expected to continue to drive growth 3Q24 vs 3Q23 3Q24 vs 3Q19 24% 65% 11% Global Merchant Acquiring Retail Payment Solutions Corporate Payment Systems

U.S. Bancorp 20 $134,720 $131,096 $130,767 $134,339 $133,138 0.27 % 0.26 % 0.36 % 0.43 % 0.44 % Average Loans NCO% 3Q23 4Q23 1Q24 2Q24 3Q24 Credit Quality – Commercial Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio (2.4)% (2.7)% (0.3)% 2.7% (0.9)% Linked Quarter Growth Key Points ▪ Average loans decreased by 0.9% on a linked quarter basis ▪ Utilization decreased quarter-over-quarter to 24.7% at 3Q24 versus 25.2% at 2Q24 ▪ Non-performing loans ratio increased slightly quarter-over-quarter $ in millions 3Q23 2Q24 3Q24 Average Loans $134,720 $134,339 $133,138 30-89 Delinquencies 0.24 % 0.21 % 0.25 % 90+ Delinquencies 0.05 % 0.06 % 0.07 % Non-performing Loans 0.19 % 0.41 % 0.44 % Revolving Line Utilization Trend 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 3Q 24 15% 20% 25% 30% 35%

U.S. Bancorp 21 Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.2)% (0.8)% (1.5)% (1.4)% (1.6)% ▪ Average loans decreased by 1.6% on a linked quarter basis ▪ Non-performing loans decreased slightly quarter-over-quarter ▪ NCO rate increased primarily driven by Office segment 1 SFR = Single Family Residential $54,253 $53,825 $53,037 $52,289 $51,454 0.36 % 0.52 % 0.16 % 0.28 % 0.54 % Average Loans NCO% 3Q23 4Q23 1Q24 2Q24 3Q24 CRE by Loan Type Mortgage 58% Owner Occupied 20% Construction 22% CRE by Property Class SFR Construction 8% Owner Occupied 20% Multi-Family 35% Office 12% Industrial 10% Other 15% $ in millions 3Q23 2Q24 3Q24 Average Loans $54,253 $52,289 $51,454 30-89 Delinquencies 0.07 % 0.04 % 0.16 % 90+ Delinquencies — % 0.02 % 0.02 % Non-performing Loans 1.33 % 1.85 % 1.83 % 1

U.S. Bancorp 22 $114,627 $115,196 $115,639 $116,478 $117,559 -0.01 % 0.00 % 0.00 % -0.01 % -0.01 % Average Loans NCO% 3Q23 4Q23 1Q24 2Q24 3Q24 Credit Quality – Residential Mortgage Key Points ▪ Average loans increased slightly on a linked quarter basis ▪ Low losses, delinquencies, and non-peforming loans supported by strong portfolio credit quality and collateral values ▪ Originations continued to reflect high credit quality (weighted average credit score of 770, weighted average LTV of 72%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 3Q23 2Q24 3Q24 Average Loans $114,627 $116,478 $117,559 30-89 Delinquencies 0.11 % 0.12 % 0.14 % 90+ Delinquencies 0.11 % 0.15 % 0.15 % Non-performing Loans 0.14 % 0.13 % 0.13 % (2.5)% 0.5% 0.4% 0.7% 0.9% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 $— $187 $374

U.S. Bancorp 23 $26,883 $27,753 $27,942 $28,349 $28,994 3.25 % 3.65 % 4.26 % 4.47 % 4.10 % Average Loans NCO% 3Q23 4Q23 1Q24 2Q24 3Q24 Credit Quality – Credit Card Key Points ▪ Average loans increased by 2.3% on a linked quarter basis ▪ Net charge-off rate decreased to 4.10% ▪ Delinquency rates reflect normal seasonal patterns Average Loans ($M) and Net Charge-offs Ratio Key Statistics 3.2% 3.2% 0.7% 1.5% 2.3% Linked Quarter Growth $ in millions 3Q23 2Q24 3Q24 Average Loans $26,883 $28,349 $28,994 30-89 Delinquencies 1.35 % 1.34 % 1.47 % 90+ Delinquencies 1.17 % 1.30 % 1.36 % Non-performing Loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 $— $200 $400 $600 $800

U.S. Bancorp 24 Credit Quality – Other Retail Key Points ▪ Average loans decreased by 0.7% on a linked quarter basis ▪ Net charge-offs and non-performing loans remain stable Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (11.0)% (3.0)% (2.9)% (1.0)% (0.7)% $46,394 $44,986 $43,685 $43,230 $42,925 0.53 % 0.47 % 0.51 % 0.45 % 0.47 % Average Loans NCO% 3Q23 4Q23 1Q24 2Q24 3Q24 Auto Loans 18% Installment 33% Home Equity 31% Retail Leasing 10% Revolving Credit 8% $ in millions 3Q23 2Q24 3Q24 Average Loans $46,394 $43,230 $42,925 30-89 Delinquencies 0.56 % 0.54 % 0.52 % 90+ Delinquencies 0.13 % 0.14 % 0.14 % Non-performing Loans 0.28 % 0.33 % 0.34 %

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) September 30, 2024 June 30, 2024 September 30, 2023 Net interest income $ 4,135 $ 4,023 $ 4,236 Taxable-equivalent adjustment (1) 31 29 32 Net interest income, on a taxable-equivalent basis 4,166 4,052 4,268 Net interest income, on a taxable-equivalent basis (as calculated above) 4,166 4,052 4,268 Noninterest income 2,698 2,815 2,764 Less: Securities gains (losses), net (119) (36) — Total net revenue, excluding net securities gains (losses) (a) 6,983 6,903 7,032 Noninterest expense (b) 4,204 4,214 4,530 Efficiency ratio (b)/(a) 60.2 % 61.0 % 64.4 % Total net revenue, excluding net securities gains (losses) (as calculated above) (c) $ 6,903 $ 7,032 Noninterest expense 4,214 4,530 Less: Notable items (2) 26 284 Noninterest expense, excluding notable items (d) 4,188 4,246 Efficiency ratio, excluding notable items (d)/(c) 60.7 % 60.4 % Net income attributable to U.S. Bancorp $ 1,603 $ 1,523 Less: Notable items (2) (19) (213) Net income attributable to U.S. Bancorp, excluding notable items 1,622 1,736 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,524 6,887 Average assets (f) 665,504 663,999 Return on average assets, excluding notable items (e)/(f) 0.98 % 1.04 % Net income applicable to U.S. Bancorp common shareholders $ 1,518 $ 1,412 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (19) (212) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,537 1,624 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 6,182 6,443 Average common equity (h) 49,221 47,009 Return on average common equity, excluding notable items (g)/(h) 12.6 % 13.7 % Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (i) $ 1,537 $ 1,624 Average diluted common shares outstanding (j) 1,561 1,549 Diluted earnings per common share, excluding notable items (i)/(j) $ 0.98 $ 1.05

U.S. Bancorp 26 Three Months Ended (Dollars in Millions, Unaudited) September 30, 2024 June 30, 2024 September 30, 2023 Net income applicable to U.S. Bancorp common shareholders $ 1,601 $ 1,518 $ 1,412 Intangibles amortization (net-of-tax) 112 113 127 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,713 1,631 1,539 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 6,815 6,560 6,106 Average total equity 58,744 56,492 54,283 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (461) (463) (466) Average goodwill (net of deferred tax liability) (3) (11,494) (11,457) (11,493) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,981) (2,087) (2,418) Average tangible common equity (b) 38,000 35,677 33,098 Return on tangible common equity (a)/(b) 17.9 % 18.4 % 18.4 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,631 $ 1,539 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (19) (212) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,650 1,751 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 6,636 6,947 Average tangible common equity (as calculated above) (d) 35,677 33,098 Return on tangible common equity, excluding notable items (c)/(d) 18.6 % 21.0 % (2), (3) – see last page in appendix for corresponding notes Non-GAAP Financial Measures

U.S. Bancorp 27 Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Total equity $ 59,321 $ 56,885 $ 56,033 $ 55,771 $ 53,578 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (462) (465) (465) (465) (465) Goodwill (net of deferred tax liability) (3) (11,540) (11,449) (11,459) (11,480) (11,470) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,944) (2,047) (2,158) (2,278) (2,370) Tangible common equity (a) 38,567 36,116 35,143 34,740 32,465 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation 47,164 46,239 45,239 44,947 44,655 Adjustments (4) (433) (433) (433) (866) (867) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (b) 46,731 45,806 44,806 44,081 43,788 Total assets 686,469 680,058 683,606 663,491 668,039 Goodwill (net of deferred tax liability) (3) (11,540) (11,449) (11,459) (11,480) (11,470) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,944) (2,047) (2,158) (2,278) (2,370) Tangible assets (c) 672,985 666,562 669,989 649,733 654,199 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (d) 447,476 449,111 452,831 453,390 462,250 Adjustments (5) (368) (368) (368) (736) (736) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (e) 447,108 448,743 452,463 452,654 461,514 Common shares outstanding (f) 1,561 1,560 1,560 1,558 1,557 Ratios Tangible common equity to tangible assets (a)/(c) 5.7% 5.4% 5.2% 5.3% 5.0% Tangible common equity to risk-weighted assets (a)/(d) 8.6 8.0 7.8 7.7 7.0 Common tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e) 10.5 10.2 9.9 9.7 9.5 Tangible book value per common share (a)/(f) $ 24.71 $ 23.15 $ 22.53 $ 22.30 $ 20.85 (3), (4), (5) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies. * * *

U.S. Bancorp 28 Non-GAAP Financial Measures (2) – 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

U.S. Bancorp 29 Non-GAAP Financial Measures ($ in millions) Nine Months Ended September 30, 2024 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 9,098 Consumer and Business Banking 6,976 Payment Services 5,248 Treasury and Corporate Support (876) Total Company 20,446 Less Treasury and Corporate Support (876) Total Company excluding Treasury and Corporate Support $ 21,322 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 44 % Consumer and Business Banking 34 % Payment Services 26 % Treasury and Corporate Support (4) % Total Company 100 % Percent of Total Company excluding Treasury and Corporate Support Wealth, Corporate, Commercial and Institutional Banking 43 % Consumer and Business Banking 33 % Payment Services 24 % Total Company excluding Treasury and Corporate Support 100 %

U.S. Bancorp 30 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 for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items of $265 million ($199 million net-of-tax) for 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 for three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration- related charges. 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.

U.S. Bancorp 31