Performance & Financials

Financial Highlights

$28.1BIn record net revenue (an increase of 15.8% over 2022)

$900MIn 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%¹Return on tangible common equity

14.7%²Increase in tangible book value per share year-over-year

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)
	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)

Per common share
	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	—

Financial ratios
	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

Average balances
	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	545,343	506,141	11.0	7.7
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)

Period end balances
	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)

Capital ratios
	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.