Exhibit 99.1

 

LOGO   News Release
  Contacts:  
  Dana Ripley   Sean O’Connor
  Media   Investors/Analysts
  (612) 303-3167   (612) 303-0778

U.S. BANCORP REPORTS FOURTH QUARTER AND FULL YEAR 2014 EARNINGS

Achieves Record Net Income and EPS for the Full Year 2014

MINNEAPOLIS, January 21, 2015

— U.S. Bancorp (NYSE: USB) today reported net income of $1,488 million for the fourth quarter of 2014, or $.79 per diluted common share, compared with $1,456 million, or $.76 per diluted common share, in the fourth quarter of 2013. The fourth quarter of 2014 reflected notable items related to equity investments, charitable contributions and accruals for legal matters that, combined, increased diluted earnings per common share for the current quarter by $.01.

Highlights for the full year 2014 included:

 

   

Record full year 2014 net income of $5.85 billion

 

   

Record full year diluted earnings per common share of $3.08, 2.7 percent higher than 2013

 

   

Industry-leading performance measures, including return on average assets of 1.54 percent, return on average common equity of 14.7 percent and efficiency ratio of 53.2 percent

 

   

Returned 72 percent of 2014 earnings to shareholders through dividends and share buybacks

Highlights for the fourth quarter of 2014 included:

 

   

Growth in average total loans of 5.9 percent over the fourth quarter of 2013 (5.5 percent excluding the Charter One franchise acquisition in late June 2014 and 7.1 percent excluding covered loans) and 1.0 percent on a linked quarter basis (1.2 percent excluding covered loans)

 

   

Growth in average total commercial loans of 15.5 percent over the fourth quarter of 2013 and 2.9 percent over the third quarter of 2014

 

   

Growth in average total commercial real estate loans of 4.2 percent over the fourth quarter of 2013 and .3 percent over the third quarter of 2014

 

   

Growth in average commercial and commercial real estate commitments of 13.3 percent year-over-year and 3.0 percent over the prior quarter

 

   

Strong new lending activity of $63.9 billion during the fourth quarter, including:

 

   

$44.2 billion of new and renewed commercial and commercial real estate commitments

 

   

$2.9 billion of lines related to new credit card accounts

 

   

$16.8 billion of mortgage and other retail loan originations

 

(MORE)


The following information was filed by Us Bancorp De (USB) on Wednesday, January 21, 2015 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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