Exhibit 99.1

 

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News Release

  Contacts:   
 

Thomas Joyce

   Judith T. Murphy
 

Media

(612) 303-3167

  

Investors/Analysts

(612) 303-0783

U.S. BANCORP REPORTS FOURTH QUARTER AND FULL YEAR 2012 EARNINGS

Achieves Record Total Net Revenue and Earnings for Full Year 2012

MINNEAPOLIS, January 16, 2013

— U.S. Bancorp (NYSE: USB) today reported net income of $1,420 million for the fourth quarter of 2012, or $.72 per diluted common share, and $5,647 million of net income, or $2.84 per diluted common share, for full year 2012. Included in the fourth quarter of 2012 results was a previously disclosed $80 million expense accrual for a mortgage foreclosure-related regulatory settlement, which reduced quarterly diluted earnings per common share by $.03.

Summary highlights for the full year of 2012 included:

 

   

Record full year 2012 net income of $5.6 billion, 15.9 percent higher than 2011

 

   

Record full year diluted earnings per common share of $2.84, 15.4 percent higher than 2011

 

   

Record full year total net revenue of $20.3 billion, 6.2 percent higher than 2011

 

   

Industry-leading performance measures, including return on average assets of 1.65 percent, return on average common equity of 16.2 percent and efficiency ratio of 51.5 percent

 

   

Positive full year operating leverage

Highlights for the fourth quarter of 2012 included:

 

   

Strong new lending activity of $71.5 billion during the fourth quarter, including:

 

   

$39.8 billion of new and renewed commercial and commercial real estate commitments

 

   

$2.6 billion of lines related to new credit card accounts

 

   

$29.1 billion of mortgage and other retail loan originations

 

   

Growth in average total loans of 6.4 percent over the fourth quarter of 2011 (8.6 percent excluding covered loans) and 1.5 percent on a linked quarter basis (6.0 percent annualized)

 

   

Growth in average total commercial loans of 15.7 percent over the fourth quarter of 2011 and 2.8 percent over the third quarter of 2012

 

   

Growth in average commercial and commercial real estate commitments of 15.6 percent year-over-year and 2.5 percent over the prior quarter

(MORE)


The following information was filed by Us Bancorp De (USB) on Wednesday, January 16, 2013 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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