Financial Highlights

$24.3BIn record net revenue (Up 6.5% over 2021)

12.3%Increase in average loans year over year

6.5%Increase in average deposits year over year

2.3%1Increase in Positive Operating Leverage

2.72%2Net Interest Margin compared to 2.49% in 2021

82%of core consumer customers engaged digitally with U.S. Bank

Union Bank logo

Impact of Union Bank acquisition

On December 1 we completed the acquisition of Union Bank, which meaningfully increased our market share in California and made us the No. 1 SBA lender in the state.

~1MConsumer accounts added

~190KBusiness banking clients added

~700Commercial accounts added

~$82BIn deposits added

~$53BIn loans added

Financial Summary

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)
202220212020 2022
v 2021
v 2020
Net interest income$14,728$12,494$12,82517.9%(2.6)%
Taxable-equivalent adjustment (a)1181069911.37.1
Net interest income (taxable-equivalent basis) (b)14,84612,60012,92417.8(2.5)
Noninterest income9,45610,22710,401(7.5)(1.7)
Total net revenue24,30222,82723,3256.5(2.1)
Noninterest expense14,90613,72813,3698.62.7
Provision for credit losses1,977(1,173)3,806**
Income taxes and taxable-equivalent adjustment 1,5812,2871,165(30.9)96.3
Net income5,8387,9854,985(26.9)60.2
Net (income) loss attributable to noncontrolling interests (13)(22)(26)40.915.4
Net income attributable to U.S. Bancorp$5,825$7,963$4,959(26.8)60.6
Net income applicable to U.S. Bancorp common shareholders $5,501$7,605$4,621(27.7)64.6
Per common share
202220212020 2022
v 2021
v 2020
Earnings per share$3.69$5.11$3.06(27.8)%67.0%
Diluted earnings per share3.695.103.06(27.6)66.7
Dividends declared per share1.881.761.686.84.8
Book value per share (c)28.7132.7131.26(12.2)4.6
Market value per share43.6156.1746.59(22.4)20.6
Average common shares outstanding1,4891,4891,509(4.6)
Average diluted common shares outstanding1,4901,4901,510(1.3)
Financial ratios
Return on average assets.98%1.43%.93%
Return on average common equity12.616.010.0
Net interest margin (taxable-equivalent basis) (a)2.722.492.68
Efficiency ratio (b)61.460.457.8
Average balances
202220212020 2022
v 2021
v 2020
Investment securities (d)169,442154,702125,9549.522.8
Earning assets545,343506,141481,4027.75.1
Total U.S. Bancorp shareholders’ equity 50,41653,81052,246(6.3)3.0
Period end balances
202220212020 2022
v 2021
v 2020
Allowance for credit losses7,4046,1558,01020.3(23.2)
Investment securities161,650174,821136,840(7.5)27.8
Total U.S. Bancorp shareholders’ equity 50,76654,91853,095(7.6)3.4
Capital ratios
Common equity tier 1 capital8.4%10.0%9.7%
Tier 1 capital9.811.611.3
Total risk-based capital11.913.413.4
Total leverage exposure6.46.97.3
Tangible common equity to tangible assets (b)
Tangible common equity to risk-weighted assets (b)
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)