US Bancorp Files Q3 2024 10-Q

TL;DR

US Bancorp's Q3 2024 10-Q is in. Check financials for latest performance.

AI Summary

US Bancorp filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its various classes of preferred stock and common stock. The report covers the third quarter of 2024 and provides updated financial information compared to the end of 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: low — This is a routine quarterly financial filing (10-Q) and does not contain any immediate red flags or significant new risks.

Key Numbers

• 2024 Q3 — Reporting Period (Indicates the specific quarter the financial data pertains to.)
• 2023-12-31 — Prior Year End (Provides a comparison point for financial changes.)

Key Players & Entities

• US BANCORP \DE\ (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241105 (date) — Filing date
• MINNEAPOLIS (location) — Company headquarters city

FAQ

Key Financial Figures

• $1.00 — ve Perpetual Preferred Stock, par value $1.00) USB PrA New York Stock Exchange Depos
• $1.7 billion — income attributable to U.S. Bancorp of $1.7 billion for the third quarter of 2024, or $1.03
• $1.03 — llion for the third quarter of 2024, or $1.03 per diluted common share, compared with
• $1.5 b — per diluted common share, compared with $1.5 billion, or $0.91 per diluted common shar
• $0.91 — n share, compared with $1.5 billion, or $0.91 per diluted common share, for the third
• $284 million — quarter of 2023 included the impact of $284 million ($213 million net-of-tax) of merger and
• $213 million — 23 included the impact of $284 million ($213 million net-of-tax) of merger and integration c
• $0.14 — share for the third quarter of 2023 by $0.14. Total net revenue for the third quart
• $168 million — venue for the third quarter of 2024 was $168 million (2.4 percent) lower than the third quar
• $326 million — xpense in the third quarter of 2024 was $326 million (7.2 percent) lower than the third quar
• $42 million — osses for the third quarter of 2024 was $42 million (8.2 percent) higher than the third qua
• $564 m — -offs in the third quarter of 2024 were $564 million, compared with $420 million in th
• $420 million — f 2024 were $564 million, compared with $420 million in the third quarter of 2023. Refer to
• $4.6 b — p for the first nine months of 2024 was $4.6 billion, or $2.77 per diluted common shar
• $2.77 — ine months of 2024 was $4.6 billion, or $2.77 per diluted common share, compared with

Filing Documents

• usb-20240930.htm (10-Q) — 4962KB
• a3q24ex-311.htm (EX-31.1) — 9KB
• a3q24ex-312.htm (EX-31.2) — 9KB
• a3q24ex-32.htm (EX-32) — 5KB
• 0000036104-24-000072.txt ( ) — 24572KB
• usb-20240930.xsd (EX-101.SCH) — 103KB
• usb-20240930_cal.xml (EX-101.CAL) — 217KB
• usb-20240930_def.xml (EX-101.DEF) — 725KB
• usb-20240930_lab.xml (EX-101.LAB) — 1251KB
• usb-20240930_pre.xml (EX-101.PRE) — 1012KB
• usb-20240930_htm.xml (XML) — 6045KB

— 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 $1.7 billion for the third quarter of 2024, or $1.03 per diluted common share, compared with $1.5 billion, or $0.91 per diluted common share, for the third quarter of 2023. Return on average assets and return on average common equity were 1.03 percent and 12.4 percent, respectively, for the third quarter of 2024, compared with 0.91 percent and 11.9 percent, respectively, for the third quarter of 2023. The results for the third quarter of 2023 included the impact of $284 million ($213 million net-of-tax) of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. ("MUB"), which decreased diluted earnings per common share for the third quarter of 2023 by $0.14. Total net revenue for the third quarter of 2024 was $168 million (2.4 percent) lower than the third quarter of 2023, reflecting a 2.4 percent decrease in net interest income and a 2.4 percent decrease in noninterest income. The decrease in net interest income from the third 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 and changes in balance sheet composition. The decrease in noninterest income was driven by net losses on the sales of investment securities, lower service charges and lower other noninterest income, partially offset by higher fee revenue across all other categories. Noninterest expense in the third quarter of 2024 was $326 million (7.2 percent) lower than the third quarter of 2023, primarily due to the impact of merger and integration charges in the prior year and lower other noninterest expense, partially offset by higher compensation and employee benefits expense. The provision for credit losses for the third quarter of 2024 was $42 million (8.2 percent) higher than the third quarter of 2023,

View Full Filing

View this 10-Q filing on SEC EDGAR