Exhibit 99.1
         
(US BANCORP LOGO)   News Release
 
  Contacts:    
 
  Steve Dale   Judith T. Murphy
 
  Media   Investors/Analysts
 
  (612) 303-0784   (612) 303-0783
U.S. BANCORP REPORTS NET INCOME
FOR THE FOURTH QUARTER OF 2009
Achieves Record Total Net Revenue of $4.4 Billion
     MINNEAPOLIS, January 20, 2010
U.S. Bancorp (NYSE: USB) today reported net income of $602 million for the fourth quarter of 2009, or $.30 per diluted common share. Earnings for the fourth quarter were driven by record total net revenue of $4.4 billion, the result of strong year-over-year growth in both net interest income and fee revenue. The Company’s results were impacted by two significant items: $278 million of provision for credit losses in excess of net charge-offs and $158 million of net securities losses. These significant items, in total, reduced diluted earnings per common share by approximately $.18 in the fourth quarter of 2009. Highlights for the fourth quarter of 2009 included:
    Average loan growth of 8.2 percent (.4 percent excluding acquisitions) over the fourth quarter of 2008. Strong new lending activity of $33.7 billion during the fourth quarter including:
    $9.5 billion of new commercial and commercial real estate commitments
 
    $17.5 billion of commercial and commercial real estate commitment renewals
 
    $2.2 billion of lines related to new credit card accounts
 
    $4.5 billion of other retail originations
 
    $129.3 billion of new lending activity for the full year
    Strong average deposit growth of 25.2 percent (15.3 percent excluding acquisitions) over the fourth quarter of 2008, including:
    29.6 percent growth in average noninterest-bearing deposits
    46.8 percent growth in average total savings deposits
    Strong growth in total net revenue of 20.8 percent over the fourth quarter of 2008 (16.9 percent excluding the impact of net securities losses)
    Net interest income growth of 9.2 percent over the fourth quarter of 2008, driven by an 8.6 percent increase in average earning assets and growth in lower cost core deposit funding

 


The following information was filed by Us Bancorp De (USB) on Wednesday, January 20, 2010 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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