$USB (+0.83%) | U.S. Bancorp Q3'24 Earnings Highlights:

🔹 Adjusted EPS: $1.03 (Est. $0.99) 🟢

🔹 Net Interest Income (FTE): $4.17B (Est. $4.06B) 🟢

🔹 Revenue: $6.86B (Est. $6.88B) 🔴

Key Financial Metrics:

🔸 ROE: 12.4% (vs. 11.9% YoY)

🔸 ROA: 1.03% (vs. 0.91% YoY)

🔸 Net Interest Margin (NIM): 2.74% (Est. 2.66%) 🟢

🔸 Efficiency Ratio: 60.2% (vs. 64.4% YoY)

Balance Sheet Highlights:

🔸 Average Total Loans: $374.07B (Est. $376.33B) 🔴

🔸 Average Total Deposits: $508.8B (Est. $518.6B) 🔴

Credit Quality:

🔸 Provision for Credit Losses: $557M (Est. $573M) 🟢

🔸 Net Charge-Offs: $564M

🔸 Nonperforming Assets (Commercial Real Estate): 1.85% (vs. 1.87% QoQ)

Guidance:

🔸 Reaffirms FY24 Net Interest Income Guidance: $16.1B - $16.4B

🔸 Q4 Net Interest Income expected to be "relatively stable" QoQ

Capital Returns:

🔸 Expects to Resume Share Buybacks Soon

🔸 Declared Dividend: $0.50 per share

Additional Highlights:

🔸 Return on Tangible Common Equity: 17.9%

🔸 Net Interest Margin (NIM): 2.74% (Est. 2.66%) 🟢

🔸 Average Loans: Slightly down from Q2 2024

CEO Andy Cecere's Commentary:

🔸 "We expect positive operating leverage to expand in the fourth quarter and into 2025."

🔸 "We expect to resume share buybacks in the near term."