US Bancorp Files Q2 2024 10-Q

TL;DR

**US Bancorp Q2 10-Q is IN! Financials look solid, check the preferred stock and debt details.**

AI Summary

US Bancorp filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including various classes of preferred stock and senior floating/fixed-to-floating debt. The report covers the period from January 1, 2024, to June 30, 2024, with comparative data for December 31, 2023.

Why It Matters

This filing provides investors and analysts with the latest financial data for US Bancorp, crucial for understanding the bank's performance and stability in the current economic climate.

Risk Assessment

Risk Level: medium — As a large financial institution, US Bancorp is subject to various market, credit, and regulatory risks that can impact its financial health.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the second quarter of 2024 financial data is being reported.)
• 2024-06-30 — As of Date (Specific date for which financial data is presented.)
• 2023-12-31 — Prior Period End (Provides a comparative point from the end of the previous fiscal year.)

Key Players & Entities

• US BANCORP \DE\ (company) — Filer of the 10-Q
• 0000036104 (company) — Central Index Key for US Bancorp
• 20240630 (date) — End of the reporting period
• 20240806 (date) — Filing date
• MINNEAPOLIS (location) — City of US Bancorp's business and mailing address

FAQ

Key Financial Figures

• $1.00 — ve Perpetual Preferred Stock, par value $1.00) USB PrA New York Stock Exchange Depos
• $1.6 billion — income attributable to U.S. Bancorp of $1.6 billion for the second quarter of 2024, or $0.9
• $0.97 — lion for the second quarter of 2024, or $0.97 per diluted common share, compared with
• $1.4 b — per diluted common share, compared with $1.4 billion, or $0.84 per diluted common shar
• $0.84 — n share, compared with $1.4 billion, or $0.84 per diluted common share, for the secon
• $26 million — uarter of 2024 included the impact of a $26 million ($19 million net-of-tax) notable item f
• $19 million — 4 included the impact of a $26 million ($19 million net-of-tax) notable item for an increas
• $0.01 — ed diluted earnings per common share by $0.01. The results for the second quarter of
• $575 million — quarter of 2023 included the impact of $575 million ($432 million net-of-tax) of notable it
• $432 million — 23 included the impact of $575 million ($432 million net-of-tax) of notable items, including
• $310 million — net-of-tax) of notable items, including $310 million of merger and integration charges assoc
• $243 million — n of MUFG Union Bank, N.A. ("MUB"), and $243 million of provision for credit losses and an a
• $22 million — ion for credit losses and an additional $22 million of losses related to balance sheet repo
• $0.28 — share for the second quarter of 2023 by $0.28. Total net revenue for the second quar
• $308 million — enue for the second quarter of 2024 was $308 million (4.3 percent) lower than the second qua

Filing Documents

• usb-20240630.htm (10-Q) — 4949KB
• a2q24ex-311.htm (EX-31.1) — 9KB
• a2q24ex-312.htm (EX-31.2) — 9KB
• a2q24ex-32.htm (EX-32) — 5KB
• 0000036104-24-000052.txt ( ) — 24193KB
• usb-20240630.xsd (EX-101.SCH) — 102KB
• usb-20240630_cal.xml (EX-101.CAL) — 216KB
• usb-20240630_def.xml (EX-101.DEF) — 720KB
• usb-20240630_lab.xml (EX-101.LAB) — 1152KB
• usb-20240630_pre.xml (EX-101.PRE) — 954KB
• usb-20240630_htm.xml (XML) — 6037KB

— 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 7 d) Non-GAAP Financial Measures 29 e) Critical Accounting Policies 30 f) Controls and Procedures (Item 4) 30 2) Quantitative and Qualitative Disclosures About Market Risk/Corporate Risk Profile (Item 3) 8 a) Overview 8 b) Credit Risk Management 9 c) Residual Value Risk Management 20 d) Operational Risk Management 20 e) Compliance Risk Management 20 f) Interest Rate Risk Management 20 g) Market Risk Management 21 h) Liquidity Risk Management 22 i) Capital Management 24 3) Line of Business Financial Review 25 4) Financial Statements (Item 1) 31

— Other Information

Part II — Other Information 1) Legal Proceedings (Item 1) 80 2) Risk Factors (Item 1A) 80 3) Unregistered Sales of Equity Securities and Use of Proceeds (Item 2) 80 4) Other Information (Item 5) 80 5 ) Exhibits (Item 6) 80 6 ) Signature 81 "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 depo

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 $1.6 billion for the second quarter of 2024, or $0.97 per diluted common share, compared with $1.4 billion, or $0.84 per diluted common share, for the second quarter of 2023. Return on average assets and return on average common equity were 0.97 percent and 12.4 percent, respectively, for the second quarter of 2024, compared with 0.81 percent and 10.9 percent, respectively, for the second quarter of 2023. The results for the second quarter of 2024 included the impact of a $26 million ($19 million net-of-tax) notable item for an increase in the FDIC special assessment to recover losses to the Deposit Insurance Fund related to certain 2023 bank failures, which decreased diluted earnings per common share by $0.01. The results for the second quarter of 2023 included the impact of $575 million ($432 million net-of-tax) of notable items, including $310 million of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. ("MUB"), and $243 million of provision for credit losses and an additional $22 million of losses related to balance sheet repositioning and capital management actions. Combined, these items decreased diluted earnings per common share for the second quarter of 2023 by $0.28. Total net revenue for the second quarter of 2024 was $308 million (4.3 percent) lower than the second quarter of 2023, reflecting an 8.9 percent decrease in net interest income, partially offset by a 3.3 percent increase in noninterest income. The decrease in net interest income from the second 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 second quarter of 2024 was $3

View Full Filing

View this 10-Q filing on SEC EDGAR