U.S. Bancorp said net income attributable to U.S. Bancorp for Q1 2024 was $1.3 billion ($0.78 per diluted share), compared with $1.7 billion ($1.04) for Q1 2023. The company said notable items totaling $265 million, including MUB merger and integration charges of $155 million and an FDIC special assessment charge of $110 million, reduced earnings per common share by $0.12.

1. 01

   U.S. Bancorp said net income attributable to U.S. Bancorp for Q1 2024 was $1.3 billion ($0.78 per diluted share), compared with $1.7 billion ($1.04) for Q1 2023. The company said notable items totaling $265 million, including MUB merger and integration charges of $155 million and an FDIC special assessment charge of $110 million, reduced earnings per common share by $0.12.

2. 02

   The company said net interest income on a taxable-equivalent basis for Q1 2024 was $4.0 billion, down $653 million (14.0%) from a year earlier. Its net interest margin was 2.70%, compared with 3.10% for Q1 2023. The company cited the impact of deposit mix and pricing as the main factor.

3. 03

   U.S. Bancorp said noninterest income for Q1 2024 was $2.7 billion, up $193 million (7.7%), while noninterest expense fell $96 million (2.1%) to $4.5 billion. The company attributed the expense decline to expense management, a focus on operational efficiency and synergies from the MUB acquisition, partly offset by the FDIC special assessment and higher compensation and employee benefits expense.

4. 04

   The company said its provision for credit losses for Q1 2024 was $553 million, up $126 million (29.5%) from $427 million for Q1 2023. It said net charge-offs were $488 million, compared with $373 million a year earlier, an increase of $115 million (30.8%), and cited normalization in the credit environment as the driver.

Key figures

Quarter ended March 31, 2024

Revenue

$6.7B

Net income

$1.3B

EPS

$0.78

Operating cash flow

$2.7B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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