US Bancorp : Report at the close of business as of the last calendar day of the quarter

FR Y-9C

OMB Number 7100-0128

Approval expires December 31, 2024

Page 1 of 76

Board of Governors of the Federal Reserve System

Consolidated Financial Statements for

Holding Companies-FRY-9C

Report at the close of business as of the last calendar day of the quarter

This Report is required by law: Section 5(c) of the BHC Act (12 U.S.C. § 1844(c)), section 10 of Home Owners' Loan Act (HOLA) (12 U.S.C. § 1467a(b)), section 618 of the Dodd-Frank Act (12 U.S.C. § 1850a(c)(1)), section 165 of the Dodd-Frank Act (12 U.S.C. § 5365), and section 252.153(b)(2) of Regulation YY (12 CFR 252.153(b)(2)).

This report form is to be filed by holding companies with total consolidated assets of $3 billion or more. In addition, holding

companies meeting certain criteria must file this report (FR Y-9C) regardless of size. See page 1 of the general instructions for further information. However, when such holding companies own or control, or are owned or controlled by, other holding companies, only the top-tier holding company must file this report for the con-

solidated holding company	organization.	The Federal Reserve
may not conduct or sponsor,	and an organization (or a person) is
not required to respond to, a	collection of	information unless it dis-

plays a currently valid OMB control number.

NOTE: Each holding company's board of directors and senior man-	Date of Report: June 30, 2022
agement are responsible for establishing and maintaining an effec-		Month / Day / Year (BHCK 9999)
tive system of internal control, including controls over the
Consolidated Financial Statements for Holding Companies. The
Consolidated Financial Statements for Holding Companies is to be
prepared in accordance with instructions provided by the Federal
Reserve System. The Consolidated Financial Statements for Holding
Companies must be signed and attested by the Chief Financial
Officer (CFO) of the reporting holding company (or by the individual
performing this equivalent function).
I, the undersigned CFO (or equivalent) of the named holding
company, attest that the Consolidated Financial Statements for
Holding Companies (including the supporting schedules) for this
report date have been prepared in conformance with the instruc-
tions issued by the Federal Reserve System and are true and
correct to the best of my knowledge and belief.

CONF

Printed Name of Chief Financial Officer (or Equivalent) (BHCK C490)

Signature of Chief Financial Officer (or Equivalent) (BHCK H321)

U.S. Bancorp

Legal Title of Holding Company (RSSD 9017)

800 Nicollet Mall

(Mailing Address of the Holding Company) Street / PO Box (RSSD 9110)

08/04/2022		Minneapolis	MN	55402-7020
Date of Signature (MM/DD/YYYY) (BHTX J196)		City (RSSD 9130)	State (RSSD 9200)	Zip Code (RSSD 9220)

Is confidential treatment requested for any	0=No	BHCK
portion of this report submission?..................	1=Yes	C447	0
In accordance with the General Instructions for this report
(check only one),
1.	a letter justifying this request is being provided along
	with the report (BHCK KY38)........................................................................
2.	a letter justifying this request has been provided
	separately (BHCK KY38)...............................................................................

For Federal Reserve Bank Use Only

RSSD ID

C.I.S.F.

Person to whom questions about this report should be directed:

CONF

Name / Title (BHTX 8901)

CONF

Area Code / Phone Number (BHTX 8902)

CONF

Area Code / FAX Number (BHTX 9116)

CONF

E-mail Address of Contact (BHTX 4086)

Holding companies must maintain in their files a manually signed and attested printout of the data submitted.

Public reporting burden for this information collection is estimated to vary from 5 to 1,250 hours per response, with an average of 44.79 hours per response for non-Advanced Approaches holding companies with $5 billion or more and an average of 35.59 hours per response for non-Advanced Approaches holding companies with less than $5 billion in total assets and 49.80 hours for Advanced Approaches holding companies, including time to gather and maintain data in the required form and to review instructions and complete the information collection. Comments regarding this burden estimate or any other aspect of this information collection, including suggestions for reducing the burden, may be sent to Secretary, Board of Governors of the Federal Reserve

System, 20th and C Streets, NW, Washington, DC 20551, and to the Office of Management and Budget, Paperwork Reduction Project (7100-0128), Washington, DC 20503.

12/2021

FR Y-9C

Page 2 of 76

Chief Executive Officer Contact Information

This information is being requested so the Board can distribute notifications about policy initiatives and other matters directly to the Chief Executive Officers of reporting institutions. Please provide contact information for the Chief Executive Officer of the reporting institution. Enter "none" for the Chief Executive Officer's email address if not available. Chief Executive Officer contact information is for the confidential use of the Board and will not be released to the public.

Chief Executive Officer

CONF

Name (BHCK FT42)

CONF

Area Code / Phone Number / Extension (BHCK FT43)

CONF

E-mail Address (BHCK FT44)

12/2021

Report of Income for Holding Companies

Report all Schedules of the Report of Income on a calendar year-to-date basis.

Schedule HI-Consolidated Income Statement

For Federal Reserve Bank Use Only	FR Y-9C
RSSD ID________________________	Page 3 of 76
S.F.________

	Dollar Amounts in Thousands	BHCK	Amount
1. Interest income
a. Interest and fee income on loans:
(1)	In domestic offices:
	(a) Loans secured by 1 - 4 family residential properties...........................................................	4435		1,513,000	1.a.(1)(a)
	(b) All other loans secured by real estate..................................................................................	4436		593,000	1.a.(1)(b)
	(c) All other loans.......................................................................................................................	F821	3,248,000	1.a.(1)(c)
.................................................(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs	4059		3,000	1.a.(2)
..........................................................................................b. Income from lease financing receivables	4065		225,000	1.b.
.......................................................c. Interest income on balances due from depository institutions (1)	4115		71,000	1.c.
d. Interest and dividend income on securities:
(1)	U.S. Treasury securities and U.S. government agency obligations
	(excluding mortgage-backed securities)....................................................................................	B488	203,000	1.d.(1)
(2)	Mortgage-backed securities.......................................................................................................	B489	1,174,000	1.d.(2)
(3)	All other securities......................................................................................................................	4060		146,000	1.d.(3)
...............................................................................................e. Interest income from trading assets (2)	4069		32,000	1.e.
f. Interest income on federal funds sold and securities purchased under agreements
..............................................................................................................................................to resell	4020		1,000	1.f.
........................................................................................................................g. Other interest income	4518		34,000	1.g.
........................................................................h. Total interest income (sum of items 1.a through 1.g)	4107		7,243,000	1.h.
2. Interest expense
a. Interest on deposits:
(1)	In domestic offices:
	(a) Time deposits of $250,000 or less........................................................................................	HK03	23,000	2.a.(1)(a)
	(b) Time deposits of more than $250,000..................................................................................	HK04	11,000	2.a.(1)(b)
	(c) Other deposits......................................................................................................................	6761		202,000	2.a.(1)(c)
.................................................(2) In foreign offices, Edge and Agreement subsidiaries, and IBFs	4172		21,000	2.a.(2)
...........b. Expense on federal funds purchased and securities sold under agreements to repurchase	4180		4,000	2.b.
c. Interest on trading liabilities and other borrowed money(2)
..............................................................................(excluding subordinated notes and debentures)	4185		303,000	2.c.
d. Interest on subordinated notes and debentures and on mandatory convertible
........................................................................................................................................securities (2)	4397		71,000	2.d.
......................................................................................................................e. Other interest expense	4398		0	2.e.
......................................................................f. Total interest expense (sum of items 2.a through 2.e)	4073		635,000	2.f.
.......................................................................................3. Net interest income (item 1.h minus item 2.f)	4074		6,608,000	3.
.................................................................................................4. Provision for loan and lease losses (3)	JJ33	428,000	4.
5. Noninterest income:
.........................................................................................................a. Income from fiduciary activities	4070		828,000	5.a.
.................................................................b. Service charges on deposit accounts in domestic offices	4483		609,000	5.b.
.........................................................................................................................c. Trading revenue (2,4)	A220	150,000	5.c.

1. Includes interest income on time certificates of deposit not held for trading.
2. To be completed by holding companies with $5 billion or more in total assets.(Asset-sizetest is based on the prior year June 30 report date). Income and or expenses pertaining to these items should be reported in the "other" categories 1.g, 2.e, and 5.l, respectively by holding companies with less than $5 billion in total assets.
3. Institutions that have adopted ASU 2016-13 should report in item 4, the provisions for credit losses for all financial assets and off-balancesheet credit exposures that fall within the scope of the standard.
4. For holding companies required to complete Schedule HI, memoranda item 9, trading revenue reported in Schedule HI, item 5.c must equal the sum of memoranda items 9.a through 9.e.

03/2022

FR Y-9C Page 4 of 76

Schedule HI-Continued

Dollar Amounts in Thousands BHCK	Amount

Holding companies with less than $5 billion in total assets should report data items 5.d.(6) and 5.d.(7) only and leave 5.d.(1) through 5.d.(5) blank.

5.	d. Income from securities-related and insurance activities:
		(1)	Fees and commissions from securities brokerage..........................................................................	C886	182,000
		(2)	Investment banking, advisory, and underwriting fees and commissions........................................	C888	152,000
		(3)	Fees and commissions from annuity sales.....................................................................................	C887	25,000
		(4)	Underwriting income from insurance and reinsurance activities.....................................................	C386	0
		(5)	Income from other insurance activities............................................................................................	C387	5,000
		(6)	Fees and commissions from securities brokerage, investment banking, advisory, and
			underwriting fees and commissions................................................................................................	KX46	N/A
		(7)	Income from insurance activities(5)..................................................................................................	KX47	N/A
	e.	.....................................................................................................................Venture capital revenue(6)	B491	4,000
	f.	.................................................................................................................................Net servicing fees	B492	127,000
	g.	...................................................................................................................Net securitization income(6)	B493	0
	h.	Not applicable.
	i.	....................................................................................Net gains (losses) on sales of loans and lease	8560	347,000
	j.	........................................................................Net gains (losses) on sales of other real estate owned	8561	3,000
	k.	.....................................................................................Net gains (losses) on sales of other assets (7)	B496	22,000
	l.	.................................................................................................................Other noninterest income (8)	B497	2,457,000
	m.	.......................................................................Total noninterest income (sum of items 5.a through 5.l)	4079	4,911,000
6.	a.	.........................................................................Realized gains (losses) on held-to-maturity securities	3521	0
	b.	..............................................................Realized gains (losses) on available-for-saledebt securities	3196	37,000
7.	Noninterest expense:
	a.	............................................................................................................Salaries and employee benefits	4135	4,495,000
	b.	Expenses of premises and fixed assets (net of rental income)
		.....................................................(excluding salaries and employee benefits and mortgage interest)	4217	534,000
	c.	(1)	.............................................................................................................Goodwill impairment losses	C216	0
		(2)	Amortization expense and impairment losses for other intangible assets......................................	C232	87,000
	d.	...............................................................................................................Other noninterest expense (9)	4092	2,109,000
	e.	...................................................................Total noninterest expense (sum of items 7.a through 7.d)	4093	7,225,000
8.	a.	Income (loss) before change in net unrealized holding gains (losses) on equity securities
		not held for trading, applicable income taxes, and discontinued operations
		.........................................................................(sum of items 3, 5.m, 6.a, 6.b, minus items 4 and 7.e)	HT69	3,903,000
	b.	..............Change in net unrealized holding gains (losses) on equity securities not held for trading (10)	HT70	0
	c.	Income (loss) before applicable income taxes and discontinued operations
		....................................................................................................................(sum of items 8.a and 8.b)	4301	3,903,000
9.	........................................................................................................Applicable income taxes (on item 8.c)	4302	811,000
10.	......................................................Income (loss) before discontinued operations (item 8.c minus item 9)	4300	3,092,000
11.	.....................................................................Discontinued operations, net of applicable income taxes (11)	FT28	0
12.	Net income (loss) attributable to holding company and noncontrolling
	.............................................................................................(minority) interests (sum of items 10 and 11)	G104	3,092,000
13.	LESS: Net income (loss) attributable to noncontrolling (minority) interests
	......................................(if net income, report as a positive value; if net loss, report as a negative value)	G103	4,000
14.	..............................................Net income (loss) attributable to holding company (item 12 minus item 13)	4340	3,088,000

1. Includes underwriting income from insurance and reinsurance activities.
2. To be completed by holding companies with $5 billion or more in total assets. (Asset-sizetest is based on the prior year June 30 report date). Income and or expenses pertaining to these items should be reported in the "other" categories.
3. Excludes net gains (losses) on sales of trading assets and held-to-maturity and available-for-saledebt securities.
4. See Schedule HI, memoranda item 6.
5. See Schedule HI, memoranda item 7.
6. Item 8.b is to be completed by all holding companies. See the instructions for this item and the Glossary entry for "Securities Activities" for further detail on accounting for investments in equity securities.
7. Describe on Schedule HI, memoranda item 8.

5.d.(1)

5.d.(2)

5.d.(3)

5.d.(4)

5.d.(5)

5.d.(6)

5.d.(7)

5.e.

5.f.

5.g.

5.i.

5.j.

5.k.

5.l.

5.m.

6.a.

6.b.

7.a.

7.b.

7.c.(1)

7.c.(2)

7.d.

7.e.

8.a.

8.b.

8.c.

9.

10.

11.

12.

13.

14.

03/2022

							FR Y-9C
							Page 5 of 76
Schedule HI-Continued
Memoranda
			Dollar Amounts in Thousands		BHCK	Amount
Memo Items 1 and 2 are to be reported by holding companies with $5 billion or more in
total assets. (1)
1.	Net interest income (item 3 above) on a fully taxable equivalent basis				M.1.
4519	6,664,000
2.	Net income before applicable income taxes, and discontinued operations (item 8.c above)
	..............................................................................................................................on a fully taxable equivalent basis	4592	3,959,000	M.2.
3.	Income on tax-exempt loans and leases to states and political subdivisions in the U.S.
	..................................................................................................(included in Schedule HI, items 1.a and 1.b, above)	4313	72,000	M.3.
4.	Income on tax-exempt securities issued by states and political subdivisions in the U.S.
	............................................................................................................(included in Schedule HI, item 1.d.(3), above)	4507	145,000	M.4.
5.	Number of full-time equivalent employees at end of current period		BHCK	Number
	................................................................................................................................(round to nearest whole number)	4150	70,394	M.5.
Memo Items 6.a through 6.j are to be completed annually on a calendar year-to-date basis in the
December report only by holding companies with less than $5 billion in total assets. Holding
companies with $5 billion or more in total assets should report these items on a quarterly basis. (1)
6.	Other noninterest income (from Schedule HI, item 5.l, above) (only report amounts greater
	than $100,000 that exceed 7 percent of Schedule HI, item 5.I):		BHCK	Amount
	.........................................................................................a. Income and fees from the printing and sale of checks	C013	0	M.6.a.
	.............................................................b. Earnings on/increase in value of cash surrender value of life insurance	C014	0	M.6.b.
	..................................................................................c. Income and fees from automated teller machines (ATMs)	C016	0	M.6.c.
	..........................................................................................d. Rent and other income from other real estate owned	4042	0	M.6.d.
	...........................................................................................................................................e. Safe deposit box rent	C015	0	M.6.e.
	.........................................................................................................f. Bank card and credit card interchange fees	F555	737,000	M.6.f.
	....................................................................................................................g. Income and fees from wire transfers	T047	0	M.6.g.
		TEXT
	h.	8562	Merchant processing services		8562	788,000	M.6.h.
		TEXT
	i.	8563	Corporate payment products revenue		8563	330,000	M.6.i.
		TEXT
	j.	8564			8564	0	M.6.j.
Memo Items 7.a through 7.p are to be completed annually on a calendar year-to-date basis in the
December report only by holding companies with less than $5 billion in total assets. Holding
companies with $5 billion or more in total assets should report these items on a quarterly basis. (1)
7. Other noninterest expense (from Schedule HI, item 7.d, above) (only report amounts greater
than $100,000 that exceed 7 percent of the sum of Schedule HI, item 7.d):
..........................................................................................................................................a. Data processing expenses	C017	255,000	M.7.a.
..........................................................................................................................b. Advertising and marketing expenses	0497	166,000	M.7.b.
.............................................................................................................................................................c. Directors' fees	4136	0	M.7.c.
................................................................................................................................d. Printing, stationery, and supplies	C018	0	M.7.d.
.......................................................................................................................................................................e. Postage	8403	0	M.7.e.
............................................................................................................................................f. Legal fees and expenses	4141	0	M.7.f.
.................................................................................................................g. FDIC deposit insurance assessments (2)	4146	CONF	M.7.g.
.............................................................................................................................h. Accounting and auditing expenses	F556	0	M.7.h.
.............................................................................................................................i. Consulting and advisory expenses	F557	182,000	M.7.i.
.....................................................................................j. Automated teller machine (ATM) and interchange expenses	F558	0	M.7.j.
...................................................................................................................................k. Telecommunications expenses	F559	0	M.7.k.
.............................................................................................................................l. Other real estate owned expenses	Y923	0	M.7.l.

1. Asset-sizetest is based on the total assets reported as of prior year June 30 report date.
2. Amounts reported in Memorandum item 7.g will not be made available to the public on an individual institution basis.

03/2022