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Results include net income of $1,627 million and diluted earnings per common share of $0.99, as adjusted for notable items

Highlights

• Net revenue of $6,762 million, as reported, $6,880 million as adjusted for notable items, including $4,142 million of net interest income on a taxable-equivalent basis
• Net income of $1,627 million and diluted earnings per common share of $0.99, as adjusted for notable items
• CET1 capital ratio of 9.9% at December 31, 2023, compared with 9.7% at September 30, 2023
• Notable items, on a pretax basis, consist of $118 million of balance sheet optimization charges, $171 million of merger and integration-related charges related to the acquisition of MUFG Union Bank ("MUB"), $734 million Federal Deposit Insurance Corporation ("FDIC") special assessment and a $110 million charitable contribution to fund obligations under the Community Benefit Plan, partially offset by favorable tax settlements
• Return on average assets of 0.99%, return on average common equity of 12.9%, and efficiency ratio of 61.1%, as adjusted for notable items
• Noninterest income increased 12.1% year-over-year and decreased 0.9% on a linked quarter basis, as adjusted for notable items
• Average total loan growth of 3.6% year-over-year and a decrease of 1.1% on a linked quarter basis
• Average total deposit growth of 4.3% year-over-year and a decrease of 1.9% on a linked quarter basis

Full financial details

Full financial details available .

CEO commentary

U.S. Bancorp Chairman, President and CEO Andy Cecere said, “In the fourth quarter, we reported diluted earnings per share of $0.99, excluding $(0.50) of notable items. This quarter we generated net revenue of $6.8 billion and increased our tangible book value per share to $22.30, an increase of 7% linked quarter. Full year results showcased solid fee revenue growth, prudent expense management, and the accretion of common equity tier 1 capital of 150 basis points, giving us a CET1 ratio of 9.9% as of December 31, 2023. We also met our goal this year of achieving full run-rate cost synergies of $900 million with the Union Bank acquisition.

Looking ahead, we are making good progress on revenue growth opportunities with Union Bank and effectively managing the balance sheet for continued capital-efficient growth as we maintain our disciplined, through-the-cycle approach to credit risk management. In many ways, both fourth quarter and full year results highlighted the benefits of our well-diversified business model, enhanced scale, and operational resiliency, as we remained focused on delivering shareholder value.

In what has been a meaningful year for the Company, I want to thank all of our employees for their valuable contributions and dedicated efforts to best serving our clients, communities and shareholders.”

Contact

George Andersen, U.S. Bancorp Investor Relations
george.andersen@usbank.com, 612.303.3620

Jeff Shelman, ��ɫ����Ƶ Public Affairs and Communications
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