CLAIM #61132 · U.S. Bancorp (USB) · 2024Q3 earnings call · Oct 16, 2024 · due Dec 31, 2024
“But by -- all in all, that's what gets us and gives us confidence in our mid-single-digit growth on the fee side of things.”
John Stern · CFO
In context
“on in momentum into the fourth quarter, please. John Stern: Sure. So I think we -- I think it's just in a number of different things. And as we discussed in our opening comments, the core business components are performing quite well. We had strong growth in Trust, 6%, commercial products was over double-digits at 12%. Mortgage had a nice year-over-year growth at 8%. And we -- if payments, while it came in at 3% or so, this quarter, we do have expectations of growth in those particular businesses in the fourth quarter. So, all that kind of leads into some momentum there from a fee standpoint side. We of course have some headwinds there that we've talked about like in our ATM, exiting our ATM business, some of the prepaid card metrics and some of the other things like that in the payments. But by -- all in all, that's what gets us and gives us confidence in our mid-single-digit growth on the fee side of things. Scott Siefers: Perfect. Okay, good. Thank you very much. John Stern: Thanks, Scott. Operator: Your next question comes from John Pancari from Evercore ISI. Your line is now open. John Pancari: Good morning. John Stern: Good morning. John Pancari: I know you cited the partial securities repositioning in the quarter, I wanted to see if you could give us a little bit more color on what you restructured in the quarter and the sizing of that in the yield? And then do you expect further actions on that front? And would further actions already be factored into your NII expectations? Thanks. John Stern: Sure. Thanks, John. So, in terms of the securities repositioning, we did take action on what $119 million of losses, there was -- in total, there was about $10 billion in total of notional that wa”
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SEC filings for USB ↗ · Claim quote is verbatim from the 2024Q3 earnings call.