Exhibit 99.1

 

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  News Release   
  Contacts:   
  Dana Ripley    Jennifer Thompson
  Media    Investors/Analysts
  (612) 303-3167    (612) 303-0778

U.S. BANCORP REPORTS FOURTH QUARTER AND FULL YEAR 2017 EARNINGS

Record Earnings Per Diluted Common Share for Full Year 2017

Full year return on average assets of 1.39 percent and average common equity of 13.8 percent

Returned 77 percent of full year earnings to shareholders

MINNEAPOLIS, January 17, 2018

U.S. Bancorp (NYSE: USB) today reported net income of $1,682 million for the fourth quarter of 2017, or $0.97 per diluted common share, compared with $1,478 million, or $0.82 per diluted common share, in the fourth quarter of 2016. The fourth quarter of 2017 included notable items related to the impacts of tax reform, a special employee bonus, a charitable contribution to the U.S. Bank Foundation, and a regulatory and legal accrual that, combined, increased diluted earnings per common share by $0.09.

Highlights for the full year of 2017 included:

 

    Record diluted earnings per common share of $3.51, record net revenue of $22,057 million, and record net income of $6,218 million. Earnings to common shareholders were $3.42 per diluted common share for 2017, excluding notable items.

 

    Industry-leading return on average assets of 1.39 percent and return on average common equity of 13.8 percent (1.35 percent and 13.4 percent, respectively, excluding notable items)

 

    Returned 77 percent of 2017 earnings to shareholders through dividends and share buybacks

Highlights for the fourth quarter of 2017 included:

 

    Record net revenue, both as reported and excluding notable items

 

    Diluted earnings per common share of $0.88 in the fourth quarter of 2017, excluding notable items

 

    Return on average assets of 1.46 percent and return on average common equity of 14.7 percent (1.33 percent and 13.4 percent, respectively, excluding notable items)

 

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

 

    Net interest income grew 6.4 percent year-over-year and 0.3 percent on a linked quarter basis

 

(MORE)


The following information was filed by Us Bancorp De (USB) on Wednesday, January 17, 2018 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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