U.S. Bancorp(USB) - 2024 Q4 - Annual Results

Financial Performance - Net income attributable to U.S. Bancorp for Q4 2024 was $1,663 million, up 96.5$847 million in Q4 2023[2] - Earnings per common share for Q4 2024 was $1.01, compared to$0.49 in Q4 2023, representing a growth of 106.1%[2] - Net income for Q4 2024 reached $1,273 million, compared to$1,198 million in Q3 2024, reflecting a 6.3% increase[17] - Net income attributable to U.S. Bancorp for Q4 2024 was a loss of $248 million, compared to a loss of$938 million in Q4 2023[33] Revenue and Income - Total interest income for Q4 2024 was $7,831 million, a decrease of 3.2$2,833 million in Q4 2024, compared to $2,620 million in Q4 2023, reflecting a growth of 8.1$3,079 million, up from $3,047 million in Q3 2024, indicating a growth of 1.0$139 million, an improvement from a loss of $306 million in Q4 2023[33] Assets and Liabilities - Total assets decreased to$678,318 million in Q4 2024 from $686,469 million in Q3 2024[4] - Total assets increased to$671,907 million as of December 31, 2024, up 1.1% from $664,640 million at September 30, 2024[9] - Total assets increased to$251,871 million in Q4 2024, up from $233,707 million in Q4 2023, representing an increase of 7.8$375.655 billion, a slight increase of 0.2% compared to $372.856 billion in the previous year[5] - Total loans increased to$379,832 million in Q4 2024, up from $374,164 million in Q3 2024, representing a growth of 1.8$518,309 million, a slight decrease from $521,131 million in Q3 2024[4] - Total deposits rose to$14,449 million in Q4 2024, compared to $11,735 million in Q4 2023, reflecting a growth of 23.2$560 million in Q4 2024, up from $512 million in Q4 2023[2] - Nonperforming loans increased to$1,384 million in Q4 2024, compared to $1,359 million in Q3 2024, reflecting a rise in credit quality concerns[18] - The provision for credit losses was a benefit of$33 million in Q4 2024, compared to a provision of $66 million in Q4 2023, indicating improved credit conditions[33] Efficiency and Cost Management - The efficiency ratio improved to 61.5$171.325 billion, reflecting a 5.8% increase from $161.885 billion year-over-year[6] - Investment securities averaged$171,325 million with yields of 3.14%, a decrease from 3.20% in the prior quarter[9] Other Key Metrics - The return on average assets improved to 2.50% in Q4 2024, up from 2.38% in Q3 2024, indicating enhanced profitability[17] - Noninterest income reached $1,161 million, an increase from$1,021 million in the same quarter last year, reflecting a growth of 13.7%[20] - Total average deposit balances increased to $274,569 million, up from$268,801 million year-over-year, representing a growth of 2.8%[20]