$28.1B

In record net revenue

(an increase of 15.8% over 2022)

$900M

In full run-rate cost synergies

achieved with Union Bank acquisition

14.3%

Increase

in average total loans year-over-year

9.4%

Increase

in average total deposits year-over-year

9.9%

Common Equity Tier 1 capital ratio

an increase of 150 basis points throughout 2023

12.3%

Increase

in non-interest income year-over-year

21.7% 1

Return

on tangible common equity

14.7% 2

Increase

in tangible book value per share year-over-year

Financial Summary

 
  2023 2022 2021 2023
v 2022		 2022
v 2021
Net interest income $17,396 $14,728 $12,494 18.1% 17.9%
Taxable-equivalent adjustment (a) 131 118 106 11.0 11.3
Net interest income (taxable-equivalent basis) (b) 17,527 14,846 12,600 18.1 17.8
Noninterest income 10,617 9,456 10,227 12.3 (7.5)
Total net revenue 28,144 24,302 22,827 15.8 6.5
Noninterest expense 18,873 14,906 13,728 26.6 8.6
Provision for credit losses 2,275 1,977 (1,173) 15.1 *
Income taxes and taxable-equivalent adjustment 1,538 1,581 2,287 (2.7) (30.9)
Net income 5,458 5,838 7,985 (6.5) (26.9)
Net (income) loss attributable to noncontrolling interests (29) (13) (22) * 40.9
Net income attributable to U.S. Bancorp 5,429 5,825 7,963 (6.8) (26.8)
Net income applicable to U.S. Bancorp common shareholders 5,051 5,501 7,605 (8.2) (27.7)

 
  2023 2022 2021 2023
v 2022		 2022
v 2021
Earnings per share $3.27 $3.69 $5.11 (11.4) % (27.8) %
Diluted earnings per share 3.27 3.69 5.10 (11.4) (27.6)
Dividends declared per share 1.93 1.88 1.76 2.7 6.8
Book value per share (c) 31.13 28.71 32.71 8.4 (12.2)
Market value per share 43.28 43.61 56.17 (.8) (22.4)
Average common shares outstanding 1,543 1,489 1,489 3.6 —
Average diluted common shares outstanding 1,543 1,490 1,490 3.6 —

 
  2023 2022 2021
Return on average assets .82 % .98 % 1.43 %
Return on average common equity 10.8 12.6 16.0
Net interest margin (taxable-equivalent basis) (a) 2.90 2.72 2.49
Efficiency ratio (b) 66.7 61.4 60.4

 
  2023 2022 2021 2023
v 2022		 2022
v 2021
Loans $381,275 $333,573 $296,965 14.3 % 12.3 %
Investment securities (d) 162,757 169,442 154,702 (3.9) 9.5
Earning assets 605,199 1.88 1.76 2.7 6.8
Assets 663,440 592,149 556,532 12.0 6.4
Deposits 505,663 462,384 434,281 9.4 6.5
Total U.S. Bancorp shareholders’ equity 53,660 50,416 53,810 6.4 (6.3)

 
  2023 2022 2021 2023
v 2022		 2022
v 2021
Loans $373,835 $388,213 $312,028 (3.7) % 24.4 %
Allowance for credit losses 7,839 7,404 6,155 5.9 20.3
Investment securities 153,751 161,650 174,821 (4.9) (7.5)
Assets 663,491 674,805 573,284 (1.7) 17.7
Deposits 512,312 524,976 456,083 (2.4) 15.1
Total U.S. Bancorp shareholders’ equity 55,306 50,766 54,918 8.9 (7.6)

 
  2023 2022 2021
Common equity tier 1 capital 9.9 % 8.4 % 10.0 %
Tier 1 capital 11.5 9.8 11.6
Total risk-based capital 13.7 11.9 13.4
Leverage 8.1 7.9 8.6
Total leverage exposure 6.6 6.4 6.9
Tangible common equity to tangible assets (b) 5.3 4.5 6.8
Tangible common equity to risk-weighted assets (b) 7.7 6.0 9.2
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b) 9.7 8.1 9.6

* Not meaningful
(a) Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
(b) See Non-GAAP Financial Measures beginning on page 59 of the financials.
(c) Calculated as U.S. Bancorp common shareholders’ equity divided by common shares outstanding at end of the period.
(d) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

Start of disclosure content

Disclosures

  1. Return on tangible common equity excludes certain notable items, and is a non-GAAP financial metric. Please see Non-GAAP Financial Measures beginning on page 59 of the financials.

  2. Tangible book value per share is a non-GAAP financial metric. Please see Non-GAAP Financial Measures beginning on page 59 of the financials.