US Bancorp Files 2023 10-K, Details Financials

TL;DR

**US Bancorp's 2023 10-K is out, giving a full financial picture for the year ending December 31st!**

AI Summary

US Bancorp \DE\ filed its 10-K report on February 20, 2024, for the fiscal year ended December 31, 2023. The filing details the company's financial performance and operational status as a national commercial bank, with its business address at 800 Nicollet Mall, Minneapolis, MN. The company's Central Index Key is 0000036104.

Why It Matters

This filing provides a comprehensive look into the financial health and operational risks of one of the largest commercial banks in the US, impacting investors, customers, and the broader financial system.

Risk Assessment

Risk Level: medium — As a national commercial bank, US Bancorp faces inherent risks related to economic conditions, interest rate fluctuations, and regulatory changes, which are typically detailed in a 10-K.

Key Numbers

• 193 — Public Document Count (Number of documents in the filing)
• 6021 — Standard Industrial Classification (SIC code for National Commercial Banks)
• 1231 — Fiscal Year End (Month and day of US Bancorp's fiscal year end)
• 001-06880 — SEC File Number (SEC file number for US Bancorp)
• 24654759 — Film Number (Film number associated with the filing)

Key Players & Entities

• US BANCORP \DE\ (company) — Filer of the 10-K
• 0000036104 (company) — Central Index Key (CIK) for US Bancorp
• December 31, 2023 (date) — Conformed Period of Report End Date
• February 20, 2024 (date) — Filed As Of Date
• Minneapolis, MN (company) — Business address city and state for US Bancorp

FAQ

Key Financial Figures

• $1.00 — ve Perpetual Preferred Stock, par value $1.00) USB PrA New York Stock Exchange Depos
• $512.3 billion — the Company's consolidated deposits of $512.3 billion at December 31, 2023. USBNA provides a
• $5.5 billion — MUB for a purchase price consisting of $5.5 billion in cash and approximately 44 million sh
• $3.5 billion — ny also received additional MUB cash of $3.5 billion upon 3 completion of the acquisition
• $936 million — h MUFG. As a result, the Company repaid $936 million of its debt obligation from the proceed
• $2.6 billion — maining repayment obligation to MUFG of $2.6 billion. On May 26, 2023, the Company merged MU
• $3.6 billion — l and Institutional Banking contributed $3.6 billion of the Company's net income in 2023, an
• $202 million — ny's net income in 2023, an increase of $202 million (6.0 percent) compared with 2022. Cons
• $2.2 billion — nsumer and Business Banking contributed $2.2 billion of the Company's net income in 2023, an
• $378 million — ny's net income in 2023, an increase of $378 million (20.6 percent) compared with 2022. Pay
• $1.2 billion — rocessing. Payment Services contributed $1.2 billion of the Company's net income in 2023, a
• $150 million — any's net income in 2023, a decrease of $150 million (11.2 percent) compared with 2022. Tre
• $1.5 billion — orporate Support recorded a net loss of $1.5 billion of the Company's net income in 2023, a
• $826 million — any's net income in 2023, a decrease of $826 million compared with 2022. Additional informa

Filing Documents

• usb-20231231.htm (10-K) — 942KB
• ex-42xdescriptionofregiste.htm (EX-4.2) — 375KB
• ex-1030formofperformancere.htm (EX-10.30) — 73KB
• ex-1031formofrestrictedsto.htm (EX-10.31) — 39KB
• usb-20231231_d2.htm (EX-13) — 5265KB
• ex-21subsidiariesoftheregi.htm (EX-21) — 22KB
• ex-23consentofernstyoungllp.htm (EX-23) — 11KB
• ex-24powerofattorney.htm (EX-24) — 11KB
• ex-311certificationofchief.htm (EX-31.1) — 10KB
• ex-312certificationofchief.htm (EX-31.2) — 10KB
• ex-32certificationofchiefe.htm (EX-32) — 5KB
• ex-97incentivexbasedcompen.htm (EX-97) — 38KB
• usb-20231231_g1.jpg (GRAPHIC) — 9KB
• usb-20231231_g2.jpg (GRAPHIC) — 106KB
• 0000036104-24-000018.txt ( ) — 33434KB
• usb-20231231.xsd (EX-101.SCH) — 170KB
• usb-20231231_cal.xml (EX-101.CAL) — 325KB
• usb-20231231_def.xml (EX-101.DEF) — 1181KB
• usb-20231231_lab.xml (EX-101.LAB) — 2119KB
• usb-20231231_pre.xml (EX-101.PRE) — 1602KB
• usb-20231231_htm.xml (XML) — 6953KB

Forward-Looking Statements

Forward-Looking Statements THE FOLLOWING INFORMATION APPEARS IN ACCORDANCE WITH THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This report contains forward-looking statements about U.S. Bancorp ("U.S. Bancorp" or the "Company"). 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 ("USBNA"), to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to bor

View Full Filing

View this 10-K filing on SEC EDGAR