Economic News

Newswires RSS Get our newsletter

Order Prints

November 7, 2024 Newswires No comments

US Bancorp FR Y-9LP Reports at September 30, 2024

U.S. Markets via PUBT

FR Y-9LP

OMB Number 7100-0128

Approval expires December 31, 2024

Page 1 of 10

Board of Governors of the Federal Reserve System

Parent Company Only Financial Statements for Large

Holding Companies-FR Y-9LP

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 the parent company of large holding companies. For purposes of this report, large holding

NOTE: The Parent Company Only Financial Statements for Large 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 Parent Company Only Financial Statements for Large Holding Companies for this report date have been prepared in conformance with the instructions issued by the Federal Reserve System and are true and correct to the best of my knowledge and belief.

companies are holding companies with total consolidated assets of $3 billion or more, or holding companies that meet certain criteria, regardless of size. When such holding companies are tiered

holding	companies, separate reports are also to	be	filed	by	each
of the	subsidiary	holding	companies.	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	displays
a currently valid OMB control number.

Date of Report: September30, 2024

Month / Day / Year (BHCP 9999)

CONF	U.S. Bancorp
Printed Name of Chief Financial Officer (or Equivalent) (BHCP C490)	Legal Title of Holding Company (RSSD 9017)
	800 Nicollet Mall
Signature of Chief Financial Officer (or Equivalent) (BHCP H321)	(Mailing Address of the Holding Company) Street / P.O. Box (RSSD 9110)
11/07/2024	Minneapolis	MN	55402-7020
Date of Signature (MM/DD/YYYY) (BHPX J196)	City (RSSD 9130)	State (RSSD 9200)	Zip Code (RSSD 9220)

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

Person to whom questions about this report should be directed:

CONF

Name / Title (BHPX 8901)

For Federal Reserve Bank Use Only

RSSD ID ________________________________________

C.I. ___________________ S.F. ________________

CONF
Area Code / Phone Number (BHPX 8902)
CONF
Area Code / FAX Number (BHPX 9116)
CONF
E-mail Address of Contact (BHPX 4086)
Is confidential treatment requested for any	0=No	BHCP
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 (BHCP KY38)
2. a letter justifying this request has been provided
separately (BHCP KY38)

Public reporting burden for this information collection is estimated to vary from 2 to 13.5 hours per response, with an average of 5.25 hours per response, 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.

10/2022

U.S. Bancorp	For Federal Reserve Bank Use Only	FR Y-9LP
Name of Holding Company	RSSD ID_____________________	Page 2 of 10
	C.I. _________ S.F._______

Schedule PI-Parent Company Only Income Statement

Report at the close of business 09/30/2024

MM / DD / YYYY

Report the Income Statement on a calendar year-to-date basis.

	Dollar Amounts in Thousands	BHCP	Amount
1. Operating Income:
a. Income from bank subsidiaries and associated banks, excluding equity in undistributed income:
(1)	Dividends	0508	3,300,000	1.a.(1)
(2)	Interest	0512	908,597	1.a.(2)
(3)	Management and service fees	0515	7,241	1.a.(3)
(4)	Other	0518	0	1.a.(4)
(5)	Total (sum of items 1.a(1) through 1.a(4))	0520	4,215,838	1.a.(5)
b. Income from nonbank subsidiaries and associated nonbank companies, excluding equity in
undistributed income:
(1)	Dividends	1275	8,483	1.b.(1)
(2)	Interest	1276	14,643	1.b.(2)
(3)	Management and service fees	1277	7	1.b.(3)
(4)	Other	1278	0	1.b.(4)
(5)	Total (sum of items 1.b(1) through 1.b(4))	1279	23,133	1.b.(5)
c. (This item is to be completed only by holding companies that have subsidiary holding
companies or associated holding companies.)
Income from subsidiary holding companies and associated holding companies, excluding equity
in undistributed income:
(1)	Dividends	0206	N/A	1.c.(1)
(2)	Interest	0207	N/A	1.c.(2)
(3)	Management and service fees	0208	N/A	1.c.(3)
(4)	Other	0209	N/A	1.c.(4)
(5)	Total (sum of items 1.c(1) through 1.c(4))	0210	N/A	1.c.(5)
d. Securities gains/(losses)	4091	(282)	1.d.
e. All other operating income	0447	12,094	1.e.
f. Total operating income (sum of items 1.a(5), 1.b(5), 1.c(5), 1.d, and 1.e)	4000	4,250,783	1.f.
2. Operating expense:
a. Salaries and employee benefits	4135	5,584	2.a.
b. Interest expense	4073	1,253,017	2.b.
c. Provision for credit losses(1)	JJ33	0	2.c.
d. All other expenses	0522	129,782	2.d.
e. Total operating expense (sum of items 2.a through 2.d)	4130	1,388,383	2.e.
3. a. Income (loss) before change in net unrealized holding gains (losses) on equity securities not
held for trading, applicable income taxes, and discontinued operations (item1.f minus item 2.e)	HT69	2,862,400	3.a.
b. Change in net unrealized holding gains (losses) on equity securities not held for trading (2)	HT70	0	3.b.
c. Income (loss) before applicable income taxes, discontinued operations and undistributed income
(sum of items 3.a and 3.b)	4250	2,862,400	3.c.
4. Applicable income taxes	4302	(66,399)	4.
5. Discontinued operations, net of applicable income taxes	FT28	0	5.
6. Income (loss) before undistributed income of subsidiaries and associated companies
(sum of items 3.c and 5 minus item 4)	0496	2,928,799	6.
7. Equity in undistributed income (losses) of subsidiaries and associated companies:
a. Bank	3156	1,425,841	7.a.
b. Nonbank	3147	281,360	7.b.
c. Subsidiary holding companies	3513	0	7.c.
8. Net Income (loss) (sum of items 6, 7.a, 7.b, and 7.c)	4340	4,636,000	8.

Holding companies should report in item 2.c. the provisions for credit losses for all financial assets and off-balance-sheet credit exposures.
Item 3.b is to be completed by all holding companies. See the instructions for this item and the FR Y-9C Glossary entry for "Securities Activities" for further detail on accounting for investments in equity securities.

03/2024

				FR Y-9LP
Schedule PI-Continued			Page 3 of 10

Memoranda
	Dollar Amounts in Thousands	BHCP	Amount
1.	Noncash items included in operating expense	4647	0	M.1.
2.	Loan and lease financing receivables charged-off	4635	0	M.2.
3.	Loan and lease financing receivables recoveries	4605	0	M.3.
4.	Interest expense paid to special-purpose subsidiaries that issued trust preferred securities
	(included in item 2.d above)	C254	0	M.4.
Memorandum item 5 is to be completed by holding companies that have elected to account for finan-
cial instruments or servicing assets and liabilities at fair value under a fair value option.
5.	Net change in fair values of financial instruments accounted for under a fair value option	J980	0	M.5.

03/2013

INSTRUCTIONS MUST BE REVIEWED AS THIS SCHEDULE REQUIRES NEGATIVE ENTRIES FOR CERTAIN REPORTED ITEMS.	FR Y-9LP
	Page 4 of 10

Schedule PI-A-Cash Flow Statement

	Dollar Amounts in Thousands	BHCP	Amount
Part I. Cash Flows from Operating Activities:	BHPA
1.	Net income (loss) (must equal Schedule PI, item 8)	4340	4,636,000	1.
2.	Adjustments to reconcile net income to net cash provided by operating activities:	BHCP
	a. Provision for deferred income taxes	3611	20,081	2.a.
	b. (Gain) or loss on sales of assets	3612	282	2.b.
	c. Equity in undistributed (earnings) losses of subsidiaries	3613	(1,707,201)	2.c.
	d. Not applicable.
	e. Net change in other liabilities	3615	215,987	2.e.
	f. Net change in other assets	3616	70,512	2.f.
	g. Other, net	3617	274,258	2.g.
	h. Total adjustments (sum of items 2.a through 2.g)	3618	(1,126,081)	2.h.
3.	Net cash provided (used) by operating activities (sum of Part I, items 1 and 2.h)	3619	3,509,919	3.
		BHCP	Amount
Part II. Cash Flows from Investing Activities:
1.	Purchases of held-to-maturity and available-for-sale securities	6552	0	1.
	a. Purchases of equity securities with readily determinable fair value (1)	HU25	0	1.a.
2.	Sales and maturities of held-to-maturity and available-for-sale securities	6567	9,843	2.
	a. Sales and maturities of equity securities with readily determinable fair value(1)	HU26	0	2.a.
3.	Payments for investments in and advances to subsidiaries	6571	19,732,768	3.
4.	Sale or repayment of investments in and advances to subsidiaries	6573	14,220,356	4.
5.	Outlays for business acquisitions	F737	0	5.
6.	Proceeds from business divestitures	F817	0	6.
7.	Other, net	6588	53	7.
8.	Net cash provided (used) by investing activities
	(sum of Part II, items 2, 2.a, 4, 6, and 7 minus items 1, 1.a, 3, and 5)	6589	(5,502,516)	8.
		BHCP	Amount
Part III. Cash Flows from Financing Activities:
1.	Net change in purchased funds and other short-term borrowings	F818	(4,570,292)	1.
2.	Not applicable.
3.	Proceeds from advances from subsidiaries	6592	0	3.
4.	Repayment of advances from subsidiaries	6596	0	4.
5.	Proceeds from issuance of long-term debt	6600	6,152,000	5.
6.	Repayment of long-term debt	6604	1,000,000	6.
7.	Proceeds from issuance of common stock	6607	22,000	7.
8.	Payment to repurchase common stock	8518	51,000	8.
9.	Proceeds from issuance of preferred stock	6619	0	9.
10.	Payment to repurchase preferred stock	6741	0	10.
11.	Dividends paid	6742	2,561,000	11.
12.	Other, net	6743	0	12.
13.	Net cash provided (used) by financing activities
	(sum of Part III, items 1, 3, 5, 7, 9, and 12 minus items 4, 6, 8, 10, and 11)	6744	(2,008,292)	13.
		BHCP	Amount
Part IV. Cash and Cash Equivalents:
1.	Net (decrease) increase in cash and cash equivalents
	(sum of Part I, item 3, Part II, item 8, and Part III, item 13)	6758	(4,000,889)	1.
2.	Cash and cash equivalents at beginning of year	6773	11,584,557	2.
3.	Cash and cash equivalents, current year-to-date (sum of Part IV, items 1 and 2)	6775	7,583,668	3.

1. To be completed by all holding companies. See the instructions for this item and the FR Y-9C Glossary entry for "Securities Activities" for further detail on accounting for investments in equity securities.

12/2020

				FR Y-9LP
Schedule PC-Parent Company Only Balance Sheet			Page 5 of 10

	Dollar Amounts in Thousands	BHCP	Amount
Assets
1.	Cash and balances due from depository institutions:
	a. Balances with subsidiary or affiliated depository institutions	5993	7,583,668	1.a.
	b. Balances with unrelated depository institutions	0010	0	1.b.
2.	Securities: (1)
	a. U.S. Treasury securities	0400	639,871	2.a.
	b. Securities of U.S. Government agencies and corporations and securities issued by
	states and political subdivisions	6791	29,749	2.b.
	c. Other debt and equity securities	1299	0	2.c.
3.	Securities purchased under agreements to resell (2)	0277	0	3.
4.	Loans and lease financing receivables:
	a. Loans:
	(1) To U.S. addressees (domicile)	0362	0	4.a.(1)
	(2) To non-U.S. addressees (domicile)	0363	0	4.a.(2)
	b. LESS: Unearned income on loans	2123	0	4.b.
	c. Loans, held for investment and held for sale (sum of items 4.a(1) and 4.a(2) minus item 4.b)	0364	0	4.c.
	d. Lease financing receivables, net of unearned income	2165	0	4.d.
	e. LESS: Allowance for credit losses on loans and leases	3123	0	4.e.
	f. Loans and leases, held for investment and held for sale, net of allowance (sum of items 4.c
	and 4.d minus item 4.e)…	2125	0	4.f.
5.	Investments in and receivables due from subsidiaries and associated companies
	(from Schedule PC-A, item 4)	0365	86,302,490	5.
6.	Premises and fixed assets (including capitalized leases)	2145	0	6.
7.	Intangible assets (other than reported in item 5 above):
	a. Goodwill	3163	0	7.a.
	b. Mortgage servicing assets	3164	0	7.b.
	c. Other identifiable intangibles	3165	0	7.c.
8.	Other assets (2)	2160	769,677	8.
9.	Balances due from related institutions, other than investments:
	a. Related banks	3602	0	9.a.
	b. Related nonbank companies	3603	0	9.b.
	c. Related holding companies	3604	0	9.c.
10. TOTAL ASSETS (sum of items 1.a through 3, and 4.f through 9.c above)	2170	95,325,455	10.

Holding companies should report held-to-maturity securities net of any applicable allowance for credit loss.
Holding companies should report in items 3 and 8 amounts net of any applicable allowance for credit loss.

03/2024

				FR Y-9LP
Schedule PC-Continued			Page 6 of 10

	Dollar Amounts in Thousands	BHCP	Amount
Liabilities and Equity Capital
11.	Deposits	2200	0	11.
12.	Securities sold under agreements to repurchase	0279	0	12.
13.	Borrowings with a remaining maturity of one year or less:
	a. Commercial paper	2309	0	13.a.
	b. Other borrowings	2332	1,500,000	13.b.
14.	Other borrowed money with a remaining maturity of more than one year	0368	28,832,358	14.
15.	Not applicable.
16.	Subordinated notes and debentures (1)	4062	4,799,000	16.
17.	Other liabilities	2930	1,311,695	17.
18.	Balances due to subsidiaries and related institutions:
	a. Subsidiary banks	3605	23,390	18.a.
	b. Nonbank subsidiaries	3606	12	18.b.
	c. Related holding companies	3607	0	18.c.
19.	Not applicable.
20.	Equity Capital:
	a. Perpetual preferred stock (including related surplus)	3283	6,808,000	20.a.
	b. Common stock (par value)	3230	21,000	20.b.
	c. Surplus (exclude all surplus related to preferred stock)	3240	8,729,000	20.c.
	d. Retained earnings	3247	76,057,000	20.d.
	e. Accumulated other comprehensive income (2)	B530	(8,746,000)	20.e.
	f. Other equity capital components (3)	A130	(24,010,000)	20.f.
	g. Not applicable.
	h. TOTAL EQUITY CAPITAL (sum of items 20.a through 20.f)	3210	58,859,000	20.h.
21.	TOTAL LIABILITIES AND EQUITY CAPITAL (sum of items 11 through 20.f)	3300	95,325,455	21.
Memoranda
Memoranda items 1.a and 1.b are to be completed by holding companies that have elected
to account for financial instruments or servicing assets and liabilities at fair value under a fair
value option.
1. Financial assets and liabilities measured at fair value:
a. Total assets	F819	0	M.1.a.
b. Total liabilities	F820	44,864	M.1.b.

____________

Includes limited-life preferred stock and related surplus.
Includes net unrealized holding gains (losses) on available-for-sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and minimum pension liability adjustments.
Includes treasury stock and unearned Employee Stock Ownership Plan shares.

03/2015

FR Y-9LP

Page 7 of 10

Schedule PC-A-Investments in Subsidiaries and Associated Companies

	Dollar Amounts in Thousands	BHCP	Amount
1. a. Equity investments in bank subsidiaries and associated banks:
(1)	Common and preferred stock (net of amount reported in item 1.a(2))	3239	64,419,275	1.a.(1)
(2)	Intangible assets:
	(a) Goodwill	3238	0	1.a.(2)(a)
	(b) Other identifiable intangibles	4485	0	1.a.(2)(b)
b. Nonequity investments in and receivables due from bank subsidiaries and associated banks:
(1)	Loans, advances, notes, bonds, and debentures	0533	17,600,000	1.b.(1)
(2)	Other receivables	0534	81,373	1.b.(2)
2. a. Equity investments in nonbank subsidiaries and associated nonbank companies:
(1)	Common and preferred stock (net of amount reported in items 2.a(2))	1273	4,009,691	2.a.(1)
(2)	Intangible assets:
	(a) Goodwill	0087	26,723	2.a.(2)(a)
	(b) Other identifiable intangibles	0536	0	2.a.(2)(b)
b. Nonequity investments in and receivables due from nonbank subsidiaries and
associated nonbank companies:
(1)	Loans, advances, notes, bonds, and debentures	0537	165,000	2.b.(1)
(2)	Other receivables	0538	428	2.b.(2)
3. (This item is to be completed only by holding companies that have subsidiary holding
companies or associated holding companies.)
a. Equity investments in subsidiary holding companies and associated
holding companies:
(1)	Common and preferred stock (net of amount reported in Item 3.a(2))	0201	N/A	3.a.(1)
(2)	Intangible assets:
	(a) Goodwill	0202	N/A	3.a.(2)(a)
	(b) Other identifiable intangibles	0203	N/A	3.a.(2)(b)
b. Nonequity investments in and receivables due from subsidiary holding companies and
associated holding companies:
(1)	Loans, advances, notes, bonds, and debentures	0204	N/A	3.b.(1)
(2)	Other receivables	0205	N/A	3.b.(2)
		BHPA
4. TOTAL (sum of items 1 through 3) (must equal Schedule PC, item 5)	0365	86,302,490	4.

03/2013

				FR Y-9LP
				Page 8 of 10
Schedule PC-B-Memoranda
	Dollar Amounts in Thousands	BHCP	Amount
1.	Amount of assets scheduled to mature within one year
	(including contractual payments to be repaid within one year)	0543	7,833,311	1.
2.	Amount of borrowings included in Schedule PC, items 16 and 18 that is scheduled to mature within
	one year (exclude short-term debt)	3409	0	2.
3.	Amount of liabilities (other than borrowings) scheduled to mature within one year
	(including any contractual payments to be repaid within one year)	3609	1,322,024	3.
4.	Amount of borrowings from unaffiliated parties guaranteed by the parent with respect to the
	following subsidiaries:
	a. Bank	0540	0	4.a.
	b. Nonbank	0541	0	4.b.
	c. Related holding companies	0542	0	4.c.
5.	Borrowing by the parent from subsidiaries and associated companies
	(included in Schedule PC, item 18):
	a. Bank	0467	0	5.a.
	b. Nonbank	1274	0	5.b.
	c. Related holding companies	0539	0	5.c.
6.	Long-term debt that reprices within one year	3298	542,800	6.
7.	Loans and lease financing receivables of the parent:
	a. Past due 90 days or more and still accruing	1407	0	7.a.
	b. Nonaccrual status	1403	0	7.b.
8.	Loans of the parent restructured in troubled debt restructurings that are in compliance with their
	modified terms	K297	0	8.
9.	Not applicable.
10.	Pledged securities (1)	0416	10,512	10.
11.	a. Fair value of securities classified as available-for-sale in Schedule PC, items 2.a through 2.c	8516	669,620	11.a.
	b. Amortized cost of securities classified as held-to-maturity in Schedule PC, items 2.a through 2.c	8517	0	11.b.
	c. Fair value of equity securities with readily determinable fair values not held for trading in
	Schedule PC, items 2.a through 2.c (2)	JA22	0	11.c.
12.	Balances held by subsidiary banks of the holding company due from:
	a. Other bank subsidiaries of the holding company	6792	0	12.a.
	b. Nonbank subsidiaries of the holding company	6793	6,370,530	12.b.
13.	Balances held by subsidiary banks of the holding company due to:
	a. Other bank subsidiaries of the holding company	6794	0	13.a.
	b. Nonbank subsidiaries of the holding company	6795	31,324,209	13.b.
14.	Holding company (parent company only) borrowings not held by financial institutions or by insiders
	(including directors) and their interests	3152	35,131,358	14.
15.	(To be completed only by the top-tier holding company for its consolidated nonbank and thrift
	subsidiaries.) (3)
	a. Total combined nonbank assets of nonbank subsidiaries	4778	16,296,818	15.a.
	b. Total combined loans and leases of nonbank subsidiaries	C427	0	15.b.
	c. Total aggregate operating revenue of nonbank subsidiaries	C428	1,066,290	15.c.
	d. Combined thrift assets included in 15.a
	(to be completed only by a bank holding company)	2792	0	15.d.
	e. Combined foreign nonbank subsidiary assets included in 15.a	2793	2,664	15.e.

	Number (Unrounded)
f. Number of nonbank subsidiaries included in 15.a	2794	22	15.f.
g. Number of thrift subsidiaries included in 15.d
(to be completed only by a bank holding company)	2796	0	15.g.
h. Number of foreign nonbank subsidiaries included in 15.e	2831	5	15.h.

Includes held-to-maturity securities at amortized cost, available-for-sale debt securities at fair value, and equity securities with readily determinable fair values not held for trading (reported in Schedule PC, item 2.c) at fair value.
Item 11.c is to be completed by all holding companies. See the instructions for this item and the FR Y-9C Glossary entry for "Securities Activities" for further detail on accounting for investments in equity securities
A savings and loan holding company should not include its consolidated savings association in items 15(a) through 15(h). See the instructions for more details.

12/2020

FR Y-9LP

Page 9 of 10

Schedule PC-B-Memoranda-Continued

	Dollar Amounts in Thousands	BHCP	Amount
16.	Notes payable to special-purpose subsidiaries that issued trust preferred securities
	(included in Schedule PC, item 18.b and item 5.b above)	C255	0	16.
17.	Total nonbank assets of a holding company (to be completed only by top-tier holding companies
	that are subject to the Federal Reserve Board's capital plan rule (12 CFR 225.8) and top-tier
	savings and loan holding companies with $100 billion or more in total consolidated assets) (1)	HK02	15,660,022	17.

1. Excludes savings and loan holding companies that substantially engaged in insurance underwriting or commercial activities.

06/2020

Notes to the Parent Company Only Financial Statements

FR Y-9LP Page 10 of 10

Enter in the lines provided below any additional information on specific line items on the financial statements that the holding company wishes to explain, that has been separately disclosed in the holding company's quarterly reports to its shareholders, in its press releases, or on its quarterly reports to the Securities and Exchange Commission (SEC).

Each additional piece of information disclosed should include the appropriate reference to schedule and item number, as well as a description of the additional information and the dollar amount (in thousands of dollars) associated with that disclosure.

Example

A parent holding company has guaranteed a new loan for its leveraged Employee Stock Ownership Plan (ESOP) for $500 thousand and that amount has increased the parent company's long-term unsecured debt by a material amount. Enter on the line item below the following information:

BHCP Amount

TEXT

0000 Sch. PC, item 14, New loan to holding company's ESOP guaranteedby holding company parent0000500

Notes to the Financial Statements

	TEXT	Dollar Amounts in Thousands BHCP	Amount
1.	5485
		5485	0	1.
2.	5486
		5486	0	2.
3.	5487
		5487	0	3.
4.	5488
		5488	0	4.
5.	5489
		5489	0	5.

03/2018

Attachments

Disclaimer

U.S. Bancorp published this content on November 07, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 07, 2024 at 17:32:14.500.