US Bancorp : First Quarter 2026 Earnings Supplement

Published: 2026-04-16 06:48:13 ET USB

Published on 04/16/2026 at 06:48 am EDT

‌QUARTERLY CONSOLIDATED STATEMENT OF INCOME

(Dollars and Shares in Millions, Except Per Share Data)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

Interest Income

Loans

$5,526

$5,599

$5,688

$5,548

$5,533

Loans held for sale

Investment securities

1,303

1,343

1,392

1,355

1,308

Other interest income

974

938

812

642

647

Total interest income

7,838

7,923

7,927

7,604

7,516

Interest Expense

Deposits

2,284

2,451

2,648

2,541

2,511

Short-term borrowings

645

505

328

291

249

Long-term debt

646

683

729

721

664

Total interest expense

3,575

3,639

3,705

3,553

3,424

Net interest income

4,263

4,284

4,222

4,051

4,092

Provision for credit losses

576

577

571

501

537

Net interest income after provision for credit losses

3,687

3,707

3,651

3,550

3,555

Noninterest Income(a)

Card revenue(b)

391

427

415

413

374

Corporate payment and treasury management revenue(b)(c)

408

396

407

421

400

Merchant processing services

436

440

463

474

415

Trust and investment management fees

745

756

730

703

680

Lending and deposit-related fees(c)(d)

294

302

290

277

266

Capital markets revenue(d)(e)

377

389

378

315

292

Mortgage banking revenue

161

130

180

162

173

Investment products fees

101

Securities gains (losses), net

(35)

(7)

(57)

Other(e)

123

109

125

126

149

Total noninterest income

2,997

3,053

3,078

2,924

2,836

Noninterest Expense

Compensation and employee benefits

2,628

2,529

2,561

2,600

2,637

Net occupancy and equipment

304

320

300

301

306

Professional services

144

117

109

Marketing and business development

217

187

175

161

182

Technology and communications

573

584

560

534

533

Other intangibles

110

126

125

124

123

Other

341

337

359

352

353

Total noninterest expense

4,265

4,227

4,197

4,181

4,232

Income before income taxes

2,419

2,533

2,532

2,293

2,159

Applicable income taxes

469

482

524

472

443

Net income

1,950

2,051

2,008

1,821

1,716

Net (income) loss attributable to noncontrolling interests

(5)

(6)

(7)

(6)

(7)

Net income attributable to U.S. Bancorp

$1,945

$2,045

$2,001

$1,815

$1,709

Net income applicable to U.S. Bancorp common shareholders

$1,841

$1,965

$1,893

$1,733

$1,603

Earnings per common share

$1.18

$1.26

$1.22

$1.11

$1.03

Diluted earnings per common share

$1.18

$1.26

$1.22

$1.11

$1.03

Dividends declared per common share

$.52

$.50

Average common shares outstanding

1,554

1,555

1,557

1,559

Average diluted common shares outstanding

1,555

1,556

1,557

1,559

1,560

Financial Ratios (%)

Net interest margin (taxable-equivalent basis)

2.77

2.75

2.66

2.72

Return on average assets

1.15

1.19

1.17

1.08

1.04

Return on average common equity

12.6

13.5

12.9

12.3

Efficiency ratio

58.2

57.4

57.2

59.2

60.8

Effective January 1, 2026, U.S. Bancorp made changes and reclassifications to certain fee revenue items. Prior period balances have been conformed to current period presentation to reflect the reclassifications described below:

'Corporate payment products revenue' has been renamed 'Corporate payment and treasury management revenue', and 'Service charges' has been renamed 'Lending and deposit-related fees'.

Stored-value card revenue was reclassified from 'Card revenue' to 'Corporate payment and treasury management revenue'.

Treasury management services revenue was reclassified from 'Lending and deposit-related fees' to 'Corporate payment and treasury management revenue'.

Loan and leasing fees was reclassified from 'Capital markets revenue' to 'Lending and deposit-related fees'.

Impact Finance tax credit investment syndication fee revenue and related fees was reclassified from 'Other' noninterest income to 'Capital markets revenue'.

‌CONSOLIDATED ENDING BALANCE SHEET

(Dollars in Millions) (Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Assets

Cash and due from banks

$48,420

$46,890

$66,637

$57,807

$50,013

Investment securities

Held-to-maturity

75,442

76,170

76,931

77,879

78,008

Available-for-sale

93,464

90,838

89,065

90,577

86,774

Loans held for sale

Loans

2,928

2,538

2,490

2,288

1,746

Commercial(a)

154,095

148,161

142,574

141,582

138,331

Commercial real estate

49,971

48,920

48,244

48,181

48,334

Residential mortgages

117,285

115,885

115,046

114,475

118,907

Credit card(a)

37,654

38,031

36,434

35,857

34,973

Other retail

40,791

40,338

40,219

40,148

41,274

Total loans

399,796

391,335

382,517

380,243

381,819

Less allowance for loan losses

(7,646)

(7,605)

(7,557)

(7,537)

(7,584)

Net loans

392,150

383,730

374,960

372,706

374,235

Premises and equipment

3,819

3,768

3,695

3,625

3,582

Goodwill

12,625

12,635

12,634

12,637

12,555

Other intangible assets

4,799

4,904

5,152

5,285

5,381

Other assets

67,351

70,872

63,793

63,566

64,195

Total assets

$700,998

$692,345

$695,357

$686,370

$676,489

Deposits

Noninterest-bearing

$85,300

$84,116

$91,550

$86,972

$84,086

Interest-bearing

442,878

438,100

434,599

431,745

428,439

Total deposits

528,178

522,216

526,149

518,717

512,525

Short-term borrowings

17,859

17,162

15,449

15,039

17,158

Long-term debt

61,361

60,764

62,535

64,013

59,859

Other liabilities

27,353

26,552

27,426

26,705

26,389

Total liabilities

634,751

626,694

631,559

624,474

615,931

Shareholders' equity

Preferred stock

6,808

Common stock

Capital surplus

8,623

8,728

8,745

8,706

8,678

Retained earnings

81,944

80,906

79,742

78,652

77,691

Less treasury stock

(24,387)

(24,283)

(24,228)

(24,140)

(24,060)

Accumulated other comprehensive income (loss)

(7,223)

(6,987)

(7,748)

(8,609)

(9,042)

Total U.S. Bancorp shareholders' equity

65,786

65,193

63,340

61,438

60,096

Noncontrolling interests

461

458

462

Total equity

66,247

65,651

63,798

61,896

60,558

Total liabilities and equity

$700,998

$692,345

$695,357

$686,370

$676,489

Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

‌CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET

(Dollars in Millions, Unaudited)

March 31,

2026

December 31,

2025

September 30,

2025

June 30,

2025

March 31,

2025

Assets

Investment securities

$171,471

$172,039

$173,423

$172,841

$171,178

Loans held for sale

2,326

2,775

2,253

4,843

1,823

Loans

Commercial

Commercial(a)

145,397

138,807

135,704

133,755

130,252

Lease financing

4,436

4,307

4,250

4,211

4,199

Total commercial(a)

149,833

143,114

139,954

137,966

134,451

Commercial real estate

Commercial mortgages

39,969

38,698

38,384

38,194

38,624

Construction and development

9,439

9,792

9,862

10,272

10,266

Total commercial real estate

49,408

48,490

48,246

48,466

48,890

Residential mortgages

116,690

115,390

114,780

115,616

118,844

Credit card(a)

37,341

37,019

36,079

35,439

35,083

Other retail

Retail leasing

3,525

3,572

3,718

3,869

3,990

Home equity and second mortgages

13,972

13,922

13,790

13,678

13,542

Other

22,791

22,778

22,585

23,495

24,228

Total other retail

40,288

40,272

40,093

41,042

41,760

Total loans

393,560

384,285

379,152

378,529

379,028

Interest-bearing deposits with banks

38,855

42,705

47,822

41,550

43,735

Other earning assets

17,950

18,413

14,867

15,579

14,466

Total earning assets

624,162

620,217

617,517

613,342

610,230

Allowance for loan losses

(7,623)

(7,599)

(7,565)

(7,605)

(7,589)

Unrealized gain (loss) on investment securities

(4,269)

(4,638)

(5,756)

(6,602)

(6,473)

Other assets

76,012

75,653

75,409

74,206

73,225

Total assets

Liabilities and Shareholders' Equity

$688,282

$683,633

$679,605

$673,341

$669,393

Noninterest-bearing deposits

$80,628

$83,295

$79,890

$79,117

$79,696

Interest-bearing deposits

Interest checking

130,600

131,055

131,281

131,599

125,651

Money market savings

188,986

186,119

181,063

177,087

195,442

Savings accounts

68,305

64,207

62,599

58,171

50,271

Time deposits

46,600

50,466

56,949

56,916

55,474

Total interest-bearing deposits

434,491

431,847

431,892

423,773

426,838

Short-term borrowings

19,580

16,107

15,698

22,791

18,841

Long-term debt

61,507

61,424

63,329

62,354

58,344

Total interest-bearing liabilities

515,578

509,378

510,919

508,918

504,023

Other liabilities

25,761

25,912

25,695

23,950

25,603

Shareholders' equity

Preferred equity

6,808

Common equity

59,049

57,782

55,835

54,091

52,803

Total U.S. Bancorp shareholders' equity

65,857

64,590

62,643

60,899

59,611

Noncontrolling interests

458

457

460

Total equity

66,315

65,048

63,101

61,356

60,071

Total liabilities and equity

$688,282

$683,633

$679,605

$673,341

$669,393

‌CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)

For the Three Months Ended March 31,

2026

2025

(Dollars in Millions)

Average

Yields and

Average

Yields and

% Change Average

(Unaudited)

Balances

Interest

Rates

Balances

Interest

Rates

Balances

Assets

Investment securities(b)

$171,471

$1,322

3.08%

$171,178

$1,328

3.10%

.2 %

Loans held for sale

2,326

6.01

1,823

6.07

27.6

Loans(c)

Commercial(d)

149,833

1,883

5.09

134,451

1,859

5.61

11.4

Commercial real estate

49,408

695

5.71

48,890

725

6.02

1.1

Residential mortgages

116,690

1,158

3.97

118,844

1,189

4.00

(1.8)

Credit card(d)

37,341

1,181

12.83

35,083

1,137

13.14

6.4

Other retail

40,288

618

6.22

41,760

633

6.15

(3.5)

Total loans

393,560

5,535

5.69

379,028

5,543

5.91

3.8

Interest-bearing deposits with banks

38,855

350

3.65

43,735

481

4.46

(11.2)

Other earning assets(e)

17,950

624

14.10

14,466

166

4.65

24.1

Total earning assets(e)

624,162

7,866

5.09

610,230

7,546

4.99

2.3

Allowance for loan losses

(7,623)

(7,589)

(.4)

Unrealized gain (loss) on investment securities

(4,269)

(6,473)

34.0

Other assets

76,012

73,225

3.8

Total assets

$688,282

$669,393

2.8

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,628

$79,696

1.2 %

Interest-bearing deposits

Interest checking

130,600

352

1.09

125,651

342

1.10

3.9

Money market savings

188,986

1,261

2.71

195,442

1,483

3.08

(3.3)

Savings accounts

68,305

305

1.81

50,271

170

1.37

35.9

Time deposits

46,600

366

3.18

55,474

516

3.77

(16.0)

Total interest-bearing deposits

434,491

2,284

2.13

426,838

2,511

2.39

1.8

Short-term borrowings(e)

19,580

645

13.37

18,841

249

5.37

3.9

Long-term debt

61,507

646

4.26

58,344

664

4.61

5.4

Total interest-bearing liabilities(e)

515,578

3,575

2.81

504,023

3,424

2.75

2.3

Other liabilities

25,761

25,603

Shareholders' equity

Preferred equity

6,808

Common equity

59,049

52,803

11.8

Total U.S. Bancorp shareholders' equity

65,857

59,611

10.5

Noncontrolling interests

458

460

(.4)

Total equity

66,315

60,071

10.4

Total liabilities and equity

$688,282

$669,393

2.8

Net interest income

$4,291

$4,122

Gross interest margin

2.28%

2.24%

Gross interest margin without taxable-equivalent increments

2.26

2.22

Percent of Earning Assets

Interest income

5.09%

4.99%

Interest expense

2.32

2.27

Net interest margin

2.77%

2.72%

Net interest margin without taxable-equivalent increments

2.75%

2.70%

Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.

Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.

Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

Average balances for the three months ended March 31, 2026, reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.36 percent and 4.83 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 4.44 percent and 2.47 percent, respectively, for the three months ended March 31, 2026.

(Dollars in Millions) (Unaudited)

Average Balances

Interest

Yields and Rates

Average Balances

Interest

Yields and Rates

% Change Average Balances

Assets

Investment securities(b)

$171,471

$1,322

3.08%

$172,039

$1,361

3.16%

(.3)%

Loans held for sale

2,326

6.01

2,775

6.16

(16.2)

Loans(c)

Commercial(d)

149,833

1,883

5.09

143,114

1,914

5.31

4.7

Commercial real estate

49,408

695

5.71

48,490

709

5.80

1.9

Residential mortgages

116,690

1,158

3.97

115,390

1,145

3.97

1.1

Credit card(d)

37,341

1,181

12.83

37,019

1,202

12.88

Other retail

40,288

618

6.22

40,272

639

6.29

Total loans

393,560

5,535

5.69

384,285

5,609

5.80

2.4

Interest-bearing deposits with banks

38,855

350

3.65

42,705

418

3.88

(9.0)

Other earning assets(e)

17,950

624

14.10

18,413

520

11.21

(2.5)

Total earning assets(e)

624,162

7,866

5.09

620,217

7,951

5.10

Allowance for loan losses

(7,623)

(7,599)

(.3)

Unrealized gain (loss) on investment securities

(4,269)

(4,638)

8.0

Other assets

76,012

75,653

Total assets

$688,282

$683,633

Liabilities and Shareholders' Equity

Noninterest-bearing deposits

$80,628

$83,295

(3.2)%

Interest-bearing deposits

Interest checking

130,600

352

1.09

131,055

394

1.19

(.3)

Money market savings

188,986

1,261

2.71

186,119

1,327

2.83

1.5

Savings accounts

68,305

305

1.81

64,207

289

1.78

6.4

Time deposits

46,600

366

3.18

50,466

441

3.47

(7.7)

Total interest-bearing deposits

434,491

2,284

2.13

431,847

2,451

2.25

Short-term borrowings(e)

19,580

645

13.37

16,107

505

12.44

21.6

Long-term debt

61,507

646

4.26

61,424

683

4.41

Total interest-bearing liabilities(e)

515,578

3,575

2.81

509,378

3,639

2.83

1.2

Other liabilities

25,761

25,912

(.6)

Shareholders' equity

Preferred equity

6,808

Common equity

59,049

57,782

2.2

Total U.S. Bancorp shareholders' equity

65,857

64,590

2.0

Noncontrolling interests

458

Total equity

66,315

65,048

1.9

Total liabilities and equity

$688,282

$683,633

Net interest income

$4,291

$4,312

Gross interest margin

2.28%

2.27%

Gross interest margin without taxable-equivalent increments

2.26

2.25

Percent of Earning Assets

Interest income

5.09%

5.10%

Interest expense

2.32

2.33

Net interest margin

2.77%

Net interest margin without taxable-equivalent increments

2.75%

CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES(a)

For the Three Months Ended

March 31, 2026 December 31, 2025

Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.

Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

Average balances reflect the impact of balance sheet netting of certain repurchase/reverse repurchase transactions under enforceable netting agreements, exclusive of the related interest income and expense. Reflecting the impact of netting the related interest income and expense for these arrangements, the average yields earned on other earning assets and total earning assets were 4.36 percent and 4.83 percent, respectively, and the average rates paid on short-term borrowings and total interest-bearing liabilities were 4.44 percent and 2.47 percent, respectively, for the three months ended March 31, 2026. The average yields earned on other earning assets and total earning assets were 4.25 percent and 4.88 percent, respectively, and average rates paid on short-term borrowings and total interest-bearing liabilities were 4.49 percent and 2.58 percent, respectively, for the three months ended December 31, 2025.

‌LOAN PORTFOLIO

(Dollars in Millions) (Unaudited)

March 31, 2026

December

31, 2025

September

30, 2025

June 30, 2025

March 31, 2025

Amount

Percent of Total

Amount

Percent of Total

Amount

Percent of Total

Amount

Percent of Total

Amount

Percent of Total

Commercial

Commercial(a)

$149,586

37.4

$143,725

36.7

$138,266

36.2

$137,301

36.1

$134,090

35.1

Lease financing

4,509

1.2

4,436

1.2

4,308

1.1

4,281

1.1

4,241

1.1

Total commercial(a)

154,095

38.6

148,161

37.9

142,574

37.3

141,582

37.2

138,331

36.2

Commercial real estate

Commercial mortgages

40,807

10.2

39,476

10.1

38,316

10.0

38,144

10.0

38,064

10.0

Construction and

development

9,164

2.3

9,444

2.4

9,928

2.6

10,037

2.7

10,270

2.7

Total commercial

real estate

49,971

12.5

48,920

12.5

48,244

12.6

48,181

12.7

48,334

12.7

Residential mortgages

112,397

28.1

110,788

28.3

109,730

28.7

108,913

28.6

113,112

29.6

Home equity loans, first

liens

4,888

1.2

5,097

1.3

5,316

1.4

5,562

1.5

5,795

1.5

Total residential

mortgages

117,285

29.3

115,885

29.6

115,046

30.1

114,475

30.1

118,907

31.1

Credit card(a)

37,654

9.4

38,031

9.7

36,434

9.5

35,857

9.5

34,973

9.2

Other retail

Retail leasing

3,585

3,524

3,627

1.0

3,816

1.0

3,928

1.0

Home equity and second

mortgages

13,959

3.5

14,025

3.6

13,858

3.6

13,761

3.6

13,540

3.6

Revolving credit

4,864

1.2

4,561

1.2

4,274

1.1

4,062

1.1

3,791

1.0

Installment

14,823

3.7

14,653

3.7

14,592

3.8

14,220

3.7

14,190

3.7

Automobile

3,560

3,575

3,868

1.0

4,289

1.1

5,825

1.5

Total other retail

40,791

10.2

40,338

10.3

40,219

10.5

40,148

10.5

41,274

10.8

Total loans

$399,796

100.0

$391,335

100.0

$382,517

100.0

$380,243

100.0

$381,819

100.0

(a) Effective January 1, 2026, U.S. Bancorp reclassified small business credit card loans from the 'Commercial' loan portfolio to the 'Credit card' loan portfolio. Prior period balances have been conformed to current period presentation.

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING

CONSUMER AND BUSINESS BANKING PAYMENT SERVICES

TREASURY AND CORPORATE SUPPORT

‌WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$1,874

$1,798

$1,770

$1,725

$1,709

Noninterest Income

Card revenue

Corporate payment and treasury management revenue

156

144

152

163

152

Merchant processing services

Trust and investment management fees

744

755

729

702

679

Lending and deposit-related fees

155

161

144

139

137

Capital markets revenue

377

379

374

315

294

Mortgage banking revenue

Investment products fees

101

Securities gains (losses), net

Other

Total noninterest income

1,608

1,614

1,573

1,496

1,422

Total net revenue

Noninterest Expense

3,482

3,412

3,343

3,221

3,131

Compensation and employee benefits

580

565

560

565

553

Other intangibles

Net shared services

642

646

650

651

632

Other direct expenses

243

281

253

244

251

Total noninterest expense

1,505

1,538

1,509

1,506

1,482

Income before provision and income taxes

1,977

1,874

1,834

1,715

1,649

Provision for Credit Losses

157

196

178

Income before income taxes

1,912

1,717

1,638

1,537

1,607

Income taxes and taxable-equivalent adjustment

478

429

410

384

402

Net income

1,434

1,288

1,228

1,153

1,205

Net (income) loss attributable to noncontrolling interests

Net income attributable to U.S. Bancorp

$1,434

$1,288

$1,228

$1,153

$1,205

FINANCIAL RATIOS

Return on average assets

2.27 %

2.10 %

2.07 %

1.97 %

2.12 %

Net interest margin (taxable-equivalent basis)

3.47

3.44

3.50

3.47

3.55

Efficiency ratio

43.2

45.1

46.8

47.3

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$137,464

$130,471

$127,534

$125,519

$122,692

Commercial real estate

37,544

36,610

36,397

36,694

37,284

Residential mortgages

22,247

20,586

19,057

17,560

16,594

Credit card

Other retail

6,579

6,309

5,963

5,784

5,621

Total loans

203,834

193,976

188,951

185,557

182,191

Other Earning Assets

15,378

13,378

11,908

13,930

13,142

Total earning assets

219,212

207,354

200,859

199,487

195,333

Non-earning Assets

Goodwill

4,826

4,824

Other intangible assets

682

726

772

817

863

Other non-earning assets

31,387

30,001

29,154

29,316

29,599

Total non-earning assets

36,895

35,553

34,752

34,959

35,286

Total assets

256,107

242,907

235,611

234,446

230,619

Deposits

Noninterest-bearing deposits

57,812

59,499

56,129

55,259

56,001

Interest checking

58,510

60,016

60,868

60,741

54,844

Savings products

163,031

157,476

150,618

142,773

153,462

Time deposits

8,229

8,814

9,270

9,897

10,851

Total deposits

287,582

285,805

276,885

268,670

275,158

Other Interest-bearing Liabilities

23,560

21,739

20,231

22,026

20,506

Other Noninterest-bearing Liabilities

16,553

15,023

14,597

14,310

16,115

Total liabilities

327,695

322,567

311,713

305,006

311,779

Total U.S. Bancorp Shareholders' Equity

24,200

24,511

23,992

23,700

23,508

Noncontrolling Interests

Total Equity

24,207

24,518

23,999

23,708

23,519

CREDIT QUALITY

Net Charge-offs

Commercial

$102

$92

$15

$49

$88

Commercial real estate

(11)

(4)

102

(5)

Residential mortgages

Credit card

Other retail

(1)

Total net charge-offs

$91

$88

$116

$107

$83

Net Charge-off Ratios

Commercial

.30 %

.28 %

.05 %

.16 %

.29 %

Commercial real estate

(.12)

(.04)

1.11

.63

(.05)

Residential mortgages

Credit card

Other retail

(.07)

Total net charge-offs

.18 %

.24 %

.23 %

.18 %

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

Nonperforming Assets

Nonperforming loans

$1,068

$1,134

$1,216

$1,246

$1,301

Other nonperforming assets

Total nonperforming assets

$1,069

$1,135

$1,217

$1,247

$1,301

WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

OTHER INFORMATION

Average Loan Balances

Commercial real estate division

$47,498

$44,808

$44,010

$43,944

$43,659

Wealth management

36,518

34,230

32,250

30,514

29,186

Institutional client group

99,703

95,039

93,164

92,480

91,434

Other

20,115

19,899

19,527

18,619

17,912

Total

$203,834

$193,976

$188,951

$185,557

$182,191

Average Deposit Balances

Commercial real estate division

$16,616

$17,299

$15,984

$15,502

$15,527

Wealth management

48,000

47,230

46,234

45,264

45,257

Institutional client group

137,568

138,772

137,427

134,175

135,402

Global corporate trust

62,654

60,677

56,935

54,383

59,342

Other

22,744

21,827

20,305

19,346

19,630

Total

$287,582

$285,805

$276,885

$268,670

$275,158

Trust and investment management fees

Wealth management

$178

$181

$175

$172

$167

U.S. Bancorp Asset Management

Global corporate trust

243

253

242

231

219

Global fund services

162

160

154

144

140

Institutional trust & custody

Other

Capital markets revenue

377

379

374

315

294

Treasury management

156

144

152

163

152

All other noninterest income

331

336

318

316

297

Total

$1,608

$1,614

$1,573

$1,496

$1,422

Assets Under Management by Category(a)

Equity

$94,953

$88,527

$85,068

$79,084

$80,414

Fixed income

231,041

225,777

224,009

232,453

224,349

Money market

212,115

202,398

194,604

187,799

182,768

Other

26,944

28,243

26,336

37,037

36,741

Total

$565,053

$544,945

$530,017

$536,373

$524,272

(a) Amounts reported reflect end of month balances reported on a one month lag.

‌CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$1,801

$1,762

$1,849

$1,843

$1,768

Noninterest Income

Card revenue

128

136

135

125

Corporate payment and treasury management revenue

Merchant processing services

Trust and investment management fees

Lending and deposit-related fees

139

141

146

138

129

Capital markets revenue

Mortgage banking revenue

161

130

180

162

173

Investment products fees

Securities gains (losses), net

Other

Total noninterest income

524

507

567

539

530

Total net revenue

2,325

2,269

2,416

2,382

2,298

Noninterest Expense

Compensation and employee benefits

522

531

527

530

525

Other intangibles

Net shared services

553

555

552

538

541

Other direct expenses

304

325

318

315

Total noninterest expense

1,431

1,470

1,463

1,444

1,440

Income before provision and income taxes

894

799

953

938

858

Provision for Credit Losses

Income before income taxes

822

723

891

901

796

Income taxes and taxable-equivalent adjustment

206

181

223

225

199

Net income

616

542

668

676

597

Net (income) loss attributable to noncontrolling interests

Net income attributable to U.S. Bancorp

$616

$542

$668

$676

$597

FINANCIAL RATIOS

Return on average assets

1.59 %

1.36 %

1.67 %

1.64 %

1.45 %

Net interest margin (taxable-equivalent basis)

4.98

4.73

4.95

4.79

4.61

Efficiency ratio

61.5

64.8

60.6

62.7

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$4,399

$4,488

$4,330

$4,525

$4,054

Commercial real estate

11,864

11,880

11,849

11,772

11,606

Residential mortgages

94,443

94,804

95,723

98,056

102,250

Credit card

Other retail

33,585

33,835

33,999

35,124

35,996

Total loans

144,291

145,007

145,901

149,477

153,906

Other Earning Assets

2,409

2,850

2,331

4,875

1,778

Total earning assets

146,700

147,857

148,232

154,352

155,684

Non-earning Assets

Goodwill

4,326

Other intangible assets

3,914

4,022

4,223

4,277

4,368

Other non-earning assets

2,003

2,004

1,970

2,036

2,113

Total non-earning assets

10,243

10,352

10,519

10,639

10,807

Total assets

156,943

158,209

158,751

164,991

166,491

Deposits

Noninterest-bearing deposits

18,364

19,464

19,709

19,703

19,204

Interest checking

72,111

71,142

70,509

70,973

70,901

Savings products

93,850

92,409

92,519

91,766

91,316

Time deposits

38,160

39,401

39,231

38,019

36,649

Total deposits

222,485

222,416

221,968

220,461

218,070

Other Interest-bearing Liabilities

2,874

2,127

1,553

1,537

1,728

Other Noninterest-bearing Liabilities

1,697

1,742

1,872

1,880

1,843

Total liabilities

227,056

226,285

225,393

223,878

221,641

Total U.S. Bancorp Shareholders' Equity

13,107

13,293

13,363

13,556

13,705

Noncontrolling Interests

Total Equity

13,107

13,293

13,363

13,556

13,705

CREDIT QUALITY

Net Charge-offs

Commercial

$18

$13

$16

$15

$12

Commercial real estate

(1)

Residential mortgages

(1)

(2)

(1)

Credit card

Other retail

Total net charge-offs

$88

$79

$74

$66

$75

Net Charge-off Ratios

Commercial

1.66 %

1.15 %

1.47 %

1.33 %

1.20 %

Commercial real estate

.10

.03

(.03)

.03

Residential mortgages

(.01)

Credit card

Other retail

.82

.79

.68

.61

.70

Total net charge-offs

.25 %

.22 %

.20 %

.18 %

.20 %

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

Nonperforming Assets

Nonperforming loans

$420

$413

$394

$391

$383

Other nonperforming assets

Total nonperforming assets

$442

$437

$417

$412

$406

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

OTHER INFORMATION

Other Retail Loan Information Average Balances

Retail leasing

$3,525

$3,572

$3,718

$3,868

$3,990

Home equity and second mortgages

11,483

11,457

11,359

11,246

11,120

Other

18,577

18,806

18,922

20,010

20,886

Total other retail

$33,585

$33,835

$33,999

$35,124

$35,996

Home equity first lien(a)

$4,471

$4,662

$4,861

$5,093

$5,296

Home equity loans

2,787

2,754

2,712

2,621

2,492

Home equity lines

8,696

8,703

8,647

8,625

8,628

Total home equity

$15,954

$16,119

$16,220

$16,339

$16,416

Net Charge-off Ratios (%)

Retail leasing

2.07

2.00

1.81

1.04

1.32

Home equity and second mortgages

.04

(.03)

(.04)

Other

1.07

1.03

.88

.86

.97

Total other retail

.82

.79

.68

.61

.70

Retail Credit Production

Indirect loan/lease production volume

$1,681

$1,435

$1,660

$1,367

$1,141

Direct branch loan/line production volume

1,737

1,613

1,836

1,935

1,499

Other production volume

1,595

1,196

1,133

1,004

817

Total retail credit production volume

$5,013

$4,244

$4,629

$4,306

$3,457

Branch and ATM Data

# of branches

2,066

2,075

2,080

2,081

2,117

# of U.S. Bank ATMs

4,458

4,428

4,374

4,320

4,476

(a) Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles.

CONSUMER AND BUSINESS BANKING

Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

Mortgage banking revenue

Origination and sales(a)

$88

$84

$93

$80

$71

Loan servicing

163

165

173

172

Mortgage servicing rights fair value changes

net of economic hedges(b)

(27)

(11)

(4)

Other changes in mortgage servicing rights fair value(c)

(63)

(108)

(98)

(86)

(72)

Total mortgage banking revenue

$161

$130

$180

$162

$173

Mortgage production volume

$11,474

$12,627

$9,951

$9,645

$6,562

Mortgage application volume

$16,307

$16,214

$14,845

$14,363

$11,631

Mortgages serviced for others(d/e)

$215,409

$216,349

$216,146

$220,795

$216,701

A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of March 31, 2026, was as follows:

(Dollars in Millions) HFA(f) Government

Conventional(g)

Total

Servicing portfolio(h) $57,635 $23,239

$125,380

$206,254

Fair value

$865

$460

$1,827

$3,152

Value (bps)(i)

150

198

146

153

Weighted-average servicing fees (bps)

Multiple (value/servicing fees)

4.26

4.43

5.75

5.05

Weighted-average note rate

5.20%

4.41%

4.06%

4.42%

Weighted-average age (in years)

4.9

7.0

5.8

5.7

Weighted-average expected prepayment (constant prepayment rate)

10.4%

10.1%

8.3%

9.1%

Weighted-average expected life (in years)

7.3

6.7

7.1

Weighted-average option adjusted spread(j)

7.4%

6.9%

5.1%

6.0%

Origination and sales revenue recorded based on estimated number of applications that will close.

Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes.

Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.

Amounts reported reflect end of period balances.

Includes subserviced mortgages with no corresponding mortgage servicing rights asset.

Represents Housing Finance Agency division.

Represents loans primarily sold to government-sponsored enterprises.

Represents principal balance of mortgages having corresponding mortgage servicing rights asset.

Calculated as fair value divided by the servicing portfolio.

Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset.

‌PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

$794

$781

$730

$742

Noninterest Income

Card revenue

263

291

279

278

249

Corporate payment and treasury management revenue

217

220

221

213

Merchant processing services

436

440

463

474

415

Trust and investment management fees

Lending and deposit-related fees

Capital markets revenue

Mortgage banking revenue

Investment products fees

Securities gains (losses), net

Other

Total noninterest income

925

969

973

984

912

Total net revenue

1,719

1,763

1,754

1,714

1,654

Noninterest Expense

Compensation and employee benefits

232

230

226

216

212

Other intangibles

Net shared services

567

609

595

578

582

Other direct expenses

247

276

239

216

Total noninterest expense

1,064

1,136

1,080

1,053

1,028

Income before provision and income taxes

655

627

674

661

626

Provision for Credit Losses

347

461

409

384

317

Income before income taxes

308

166

265

277

309

Income taxes and taxable-equivalent adjustment

Net income

231

124

199

208

232

Net (income) loss attributable to noncontrolling interests

Net income attributable to U.S. Bancorp

$231

$124

$199

$208

$232

FINANCIAL RATIOS

Return on average assets

1.91 %

1.01 %

1.63 %

1.74 %

2.01 %

Net interest margin (taxable-equivalent basis)

7.32

7.17

7.21

6.93

7.22

Efficiency ratio

61.9

64.4

61.6

61.4

62.2

PAYMENT SERVICES

Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

OTHER INFORMATION

Noninterest Income

Credit card

$263

$291

$279

$278

$249

Corporate payment products and prepaid

217

220

221

213

Global merchant acquiring

436

440

463

474

415

Payment Volumes

Credit card

$36,999

$39,651

$38,581

$38,132

$34,960

Debit card(a)

26,072

26,894

26,327

26,264

24,501

Prepaid card

1,920

2,080

1,609

1,556

1,529

Corporate payment products

22,688

21,413

23,312

22,317

21,612

Merchant volume

145,093

145,144

157,540

155,853

143,505

Total

232,772

235,182

247,369

244,122

226,107

# of merchant transactions

2,048,561,885

2,194,766,357

2,305,019,024

2,259,541,900

2,014,546,904

(a) Debit card revenue is reported within the Consumer and Business Banking segment.

‌TREASURY AND CORPORATE SUPPORT

Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

INCOME STATEMENT

Net Interest Income (taxable-equivalent basis)

($178)

($42)

($149)

($218)

($97)

Noninterest Income

Card revenue

Corporate payment and treasury management revenue

Merchant processing services

Trust and investment management fees

Lending and deposit-related fees

Capital markets revenue

(6)

(2)

(6)

(7)

Mortgage banking revenue

Investment products fees

Securities gains (losses), net

(35)

(7)

(57)

Other

(19)

(44)

(26)

(34)

(23)

Total noninterest income

(60)

(37)

(35)

(95)

(28)

Total net revenue

(238)

(79)

(184)

(313)

(125)

Noninterest Expense

Compensation and employee benefits

1,294

1,203

1,248

1,289

1,347

Other intangibles

Net shared services

(1,762)

(1,810)

(1,797)

(1,767)

(1,755)

Other direct expenses

733

690

694

656

690

Total noninterest expense

265

145

178

282

Income (loss) before provision and income taxes

(503)

(162)

(329)

(491)

(407)

Provision for Credit Losses

(117)

(96)

(98)

116

Income (loss) before income taxes

(595)

(45)

(233)

(393)

(523)

Income taxes and taxable-equivalent adjustment

(264)

(142)

(146)

(177)

(205)

Net income (loss)

(331)

(87)

(216)

(318)

Net (income) loss attributable to noncontrolling interests

(5)

(6)

(7)

(6)

(7)

Net income (loss) attributable to U.S. Bancorp

($336)

$91

($94)

($222)

($325)

TREASURY AND CORPORATE SUPPORT

Preliminary data

Three Months Ended

(Dollars in Millions)

March 31,

December 31,

September 30,

June 30,

March 31,

(Unaudited)

2026

2025

AVERAGE BALANCE SHEET

Loans

Commercial

$1,429

$1,357

$1,340

$1,269

$1,317

Commercial real estate

Residential mortgages

Credit card

Other retail

Total loans

1,432

1,359

1,343

1,271

1,324

Other Earning Assets

212,810

219,699

224,121

216,003

216,225

Total earning assets

214,242

221,058

225,464

217,274

217,549

Non-earning Assets

Goodwill

Other intangible assets

Other non-earning assets

11,977

12,533

11,348

8,787

7,901

Total non-earning assets

11,984

12,540

11,355

8,795

7,909

Total assets

226,226

233,598

236,819

226,069

225,458

Deposits

Noninterest-bearing deposits

2,027

1,900

1,682

1,716

1,875

Interest-bearing deposits

506

2,494

8,782

9,509

8,721

Total deposits

2,533

4,394

10,464

11,225

10,596

Other Interest-bearing Liabilities

54,292

53,340

56,986

61,251

54,723

Other Noninterest-bearing Liabilities

2,938

4,472

4,122

2,383

2,765

Total liabilities

59,763

62,206

71,572

74,859

68,084

Total U.S. Bancorp Shareholders' Equity

17,954

16,329

14,970

13,409

12,169

Noncontrolling Interests

451

449

Total Equity

18,405

16,780

15,421

13,858

12,618

CREDIT QUALITY

Net Charge-offs

Commercial

($1)

Commercial real estate

Residential mortgages

Credit card

Other retail

Total net charge-offs

($1)

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

Nonperforming Assets

Nonperforming loans

Other nonperforming assets

Total nonperforming assets

$17

$18

$20

$21

$20

Disclaimer

U.S. Bancorp published this content on April 16, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 16, 2026 at 10:47 UTC.