US Bancorp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>US Bancorp has filed its Q1 2024 10-Q report.</b>

AI Summary

US BANCORP \DE\ (USB-PQ) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. US Bancorp filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. US Bancorp is incorporated in Delaware. The company's principal business address is 800 Nicollet Mall, Minneapolis, MN.

Why It Matters

For investors and stakeholders tracking US BANCORP \DE\, this filing contains several important signals. This filing provides investors with the latest financial performance and operational details for US Bancorp in the first quarter of 2024. It allows for comparison with previous periods and industry benchmarks, aiding investment decisions.

Risk Assessment

Risk Level: low — US BANCORP \DE\ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures beyond typical financial reporting.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand US Bancorp's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 6021 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• US BANCORP \DE\ (company) — Filer name
• 0000036104 (company) — Central Index Key
• MINNEAPOLIS (company) — City
• DE (company) — State of Incorporation
• FIRST BANK SYSTEM INC (company) — Former company name
• FIRST BANK STOCK CORP (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filing date

FAQ

Industry Context

US Bancorp operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting from public companies like US Bancorp.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review disclosures related to loan portfolios and credit quality.
3. Assess any changes in risk factors or management commentary compared to previous filings.

Year-Over-Year Comparison

This is the initial 10-Q filing for the 2024 fiscal year, providing the first quarterly update after the year-end 10-K.

Key Financial Figures

• $1.00 — ve Perpetual Preferred Stock, par value $1.00) USB PrA New York Stock Exchange Depos
• $1.3 billion — income attributable to U.S. Bancorp of $1.3 billion for the first quarter of 2024, or $0.78
• $0.78 — llion for the first quarter of 2024, or $0.78 per diluted common share, compared with
• $1.7 b — per diluted common share, compared with $1.7 billion, or $1.04 per diluted common shar
• $1.04 — n share, compared with $1.7 billion, or $1.04 per diluted common share, for the first
• $265 million — quarter of 2024 included the impact of $265 million ($199 million net-of-tax) of notable it
• $199 million — 24 included the impact of $265 million ($199 million net-of-tax) of notable items, including
• $155 million — net-of-tax) of notable items, including $155 million of merger and integration charges assoc
• $110 million — of MUFG Union Bank, N.A. ("MUB") and a $110 million charge for the anticipated increase in
• $0.12 — ed diluted earnings per common share by $0.12. The results for the first quarter of 2
• $244 million — quarter of 2023 included the impact of $244 million ($183 million net-of-tax) of merger and
• $183 million — 23 included the impact of $244 million ($183 million net-of-tax) of merger and integration c
• $460 million — venue for the first quarter of 2024 was $460 million (6.4 percent) lower than the first quar
• $96 million — xpense in the first quarter of 2024 was $96 million (2.1 percent) lower than the first quar
• $553 million — losses for the first quarter of 2024 of $553 million was $126 million (29.5 percent) higher

Filing Documents

• usb-20240331.htm (10-Q) — 3747KB
• ex-3111q24.htm (EX-31.1) — 9KB
• ex-3121q24.htm (EX-31.2) — 9KB
• ex-321q24.htm (EX-32) — 5KB
• 0000036104-24-000037.txt (&nbsp;) — 20266KB
• usb-20240331.xsd (EX-101.SCH) — 100KB
• usb-20240331_cal.xml (EX-101.CAL) — 216KB
• usb-20240331_def.xml (EX-101.DEF) — 716KB
• usb-20240331_lab.xml (EX-101.LAB) — 1139KB
• usb-20240331_pre.xml (EX-101.PRE) — 948KB
• usb-20240331_htm.xml (XML) — 4645KB

— Financial Information

Part I — Financial Information 1) Management's Discussion and Analysis of Financial Condition and Results of Operations (Item 2) 4 a) Overview 4 b) Statement of Income Analysis 4 c) Balance Sheet Analysis 6 d) Non-GAAP Financial Measures 27 e) Critical Accounting Policies 28 f) Controls and Procedures (Item 4) 28 2) Quantitative and Qualitative Disclosures About Market Risk/Corporate Risk Profile (Item 3) 7 a) Overview 7 b) Credit Risk Management 8 c) Residual Value Risk Management 19 d) Operational Risk Management 19 e) Compliance Risk Management 19 f) Interest Rate Risk Management 19 g) Market Risk Management 20 h) Liquidity Risk Management 21 i) Capital Management 23 3) Line of Business Financial Review 24 4) Financial Statements (Item 1) 29

— Other Information

Part II — Other Information 1) Legal Proceedings (Item 1) 71 2) Risk Factors (Item 1A) 71 3) Unregistered Sales of Equity Securities and Use of Proceeds (Item 2) 71 4) Exhibits (Item 6) 71 5) Signature 72 "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. This quarterly report on Form 10-Q 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. Ba

Management's Discussion and Analysis

Management's Discussion and Analysis Overview Earnings Summary U.S. Bancorp and its subsidiaries (the "Company") reported net income attributable to U.S. Bancorp of $1.3 billion for the first quarter of 2024, or $0.78 per diluted common share, compared with $1.7 billion, or $1.04 per diluted common share, for the first quarter of 2023. Return on average assets and return on average common equity were 0.81 percent and 10.0 percent, respectively, for the first quarter of 2024, compared with 1.03 percent and 14.1 percent, respectively, for the first quarter of 2023. The results for the first quarter of 2024 included the impact of $265 million ($199 million net-of-tax) of notable items, including $155 million of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. ("MUB") and a $110 million charge for the anticipated increase in the FDIC special assessment to recover losses to the Deposit Insurance Fund related to certain 2023 bank failures. Combined, these items decreased diluted earnings per common share by $0.12. The results for the first quarter of 2023 included the impact of $244 million ($183 million net-of-tax) of merger and integration charges, which decreased diluted earnings per common share by $0.12. Total net revenue for the first quarter of 2024 was $460 million (6.4 percent) lower than the first quarter of 2023, reflecting a 14.0 percent decrease in net interest income and a 7.7 percent increase in noninterest income. The decrease in net interest income from the first quarter of 2023 was primarily due to the impact of higher interest rates on deposit mix and pricing, partially offset by higher rates on earning assets. The increase in noninterest income was driven by higher fee revenue across most categories. Noninterest expense in the first quarter of 2024 was $96 million (2.1 percent) lower than the first quarter of 2023, primarily due to prudent expense management, continued focus on operational efficiency, and syn

View Full Filing

View this 10-Q filing on SEC EDGAR