Exhibit 99.1








U.S. Bancorp Reports Fourth Quarter and Full Year 2019 Results

 Full year net revenue  of $22,986 million and diluted earnings per share of $4.16

 Returned $2,947 million of earnings in 4Q19 to shareholders through dividends and share buybacks



    4Q19 and Full Year Key Financial Data





4Q19 and Full Year Highlights


  4Q19      3Q19      4Q18     

Full Year 



Full Year 





  Net income of $1,486 million and diluted earnings
    per common share of $0.90 for 4Q19, including
    $272 million of notable items, net of taxes,
    representing a decrease of $0.18 per diluted common


 Returned $2,947 million of earnings in 4Q19 to
   shareholders through dividends and an expanded share
   buyback program


 Average total loans grew 0.8% on a linked
   quarter basis


 Average total deposits grew 1.9% on a linked quarter
   basis and 6.6% year-over-year


 Nonperforming assets decreased 15.3% on a linked
   quarter basis and 16.2% year-over-year



 Full year record net revenue of $22,986 million and diluted
   earnings per common share of $4.16


 Full year average total loan growth was 3.6%, 4.2%
   excluding loan sales during 2018


 Full year average total deposits grew 4.0%
   during 2019


 Positive operating leverage for full year 2019, excluding
   notable items, with net revenue increase of 2.5% and
   noninterest expense increase of 2.4%


 Return on average
assets (%)

    1.21        1.57        1.59        1.45        1.55     

 Return on average common equity (%)

    11.8        15.3        15.8        14.1        15.4     

 Return on tangible common
equity (%) (a)

    15.2        19.4        20.2        18.0        19.8     

 Net interest
margin (%)

    2.92        3.02        3.15        3.06        3.14     

 Efficiency ratio (%) (a)

    60.3        53.3        56.3        55.8        55.1     
 INCOME STATEMENT (b)     4Q19        3Q19        4Q18       

 Full Year





Full Year 





 Net interest income (taxable-equivalent basis)

    $3,231        $3,306        $3,331        $13,155        $13,035     

 Noninterest income

    $2,436        $2,614        $2,498        $9,831        $9,602     

 Net income attributable to U.S. Bancorp

    $1,486        $1,908        $1,856        $6,914        $7,096     

 Diluted earnings per common share

    $.90        $1.15        $1.10        $4.16        $4.14     

 Dividends declared per common share

    $.42        $.42        $.37     




 BALANCE SHEET (b)     4Q19        3Q19        4Q18       

Full Year 





 Full Year





 Average total loans

    $294,865        $292,436        $283,677        $290,686        $280,701     

 Average total deposits

    $356,452        $349,933        $334,365        $346,812        $333,462     

 Net charge-off ratio

    .52%        .48%        .49%        .50%        .48%     

 Book value per common share (period end)

    $29.90        $30.26        $28.01         

 Basel III standardized CET1 (c)






















 (a) See Non-GAAP Financial Measures reconciliation on pages 16-17




 (b) Dollars in millions, except per share data




 (c) CET1 = Common equity tier 1 capital ratio




CEO Commentary



“As our fourth quarter financial results indicate we ended 2019 on a good note and we enter a new year, and a new decade, in a strong position. Our focus on value creation supported continued customer acquisition and deepening of existing relationships across our franchise, which in turn drove strong account and volume growth in our fee businesses and strong loan and deposit growth in our banking businesses. During the quarter, we returned $2.9 billion of earnings to shareholders through dividends and an expanded share buyback program. We remain committed to delivering best-in-class products and services and this coming year we will continue to enhance our digital capabilities aimed at improving the customer experience and making it simpler and more productive to do business with us. I want to thank our employees for all their hard work in building the solid foundation from which we will grow in 2020 and beyond.”


— Andy Cecere, Chairman, President and CEO, U.S. Bancorp                            



In the Spotlight


Incremental Share Repurchase Plan

U.S. Bancorp began repurchasing additional outstanding shares of its common stock, incremental to the authorization approved earlier this year, reflecting the Company’s ability to prudently manage capital as it responds to changes in the regulatory landscape, while continuing to invest in the future.

Investing to Advance Affordable Home Ownership

U.S. Bank recently announced $4.8 million in home grant and corporate contributions focused on advancing affordable home ownership. U.S. Bank Community Development Corporation has provided more than $125 million in new market tax credit investments to Habitat for Humanity to date that have helped build 3,000 homes in 75 cities across the country.

New eBill Servicing Offering

U.S. Bank recently launched a new simple-to-use electronic bill presentment and payment solution designed for both billers and payers. U.S. Bank eBill Service helps customers get paid faster by giving clients simple and secure ways to make payments how, when and where they want.

European Expansion

Elavon, global merchant acquirer and subsidiary of U.S. Bancorp, has recently agreed to acquire Sage Pay, a well-known and established payments gateway business in the United Kingdom and Ireland. The acquisition is part of Elavon’s strategy to help its business customers grow as the global economy becomes more digital, and as businesses look to streamline their operations with software that includes payments capabilities.




        Investor contact: Jennifer Thompson, 612.303.0778 | Media contact: Rebekah Fawcett, 612.303.9986

The following information was filed by Us Bancorp De (USB) on Wednesday, January 15, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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