Exhibit 99.1

 

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U.S. Bancorp Reports Second Quarter 2018 Results

  Record net revenue of $5,640 million, record net income of $1,750 million and record diluted earnings per share of $1.02

  Industry leading return on average assets of 1.54% and return on average common equity of 15.3%

 

 

    2Q18 Key Financial Data

 

           2Q18 Highlights
          

 PROFITABILITY METRICS

    2Q18       1Q18       2Q17       

 

 Net income of $1,750 million and diluted earnings per common share of $1.02 in the second quarter of 2018

 

 Industry leading return on average assets of 1.54% and return on average common equity of 15.3%

 

 Return on tangible common equity of 19.8%

 

 Returned 69% of 2Q earnings to shareholders through dividends and share buybacks

 

 Year-over-year positive operating leverage

 

 Net interest income grew 4.9% year-over-year (4.1% on a taxable-equivalent basis)

 

 Total noninterest income grew 2.8% year-over year

      Payment services revenue grew 5.3%

      Trust and investment management fees increased 5.5%

       Mortgage banking revenue decreased 9.9%

 

 Nonperforming assets decreased 19.1% on a year-over-year basis and 9.4% on a linked quarter basis

 

 

 Return on average assets (%)

    1.54        1.50        1.35         

 

 Return on average common equity (%)

    15.3        14.9        13.4         

 

 Return on tangible common equity (%) (a)

    19.8        19.3        17.2         

 

 Net interest margin (%)

    3.13        3.13        3.08         

 

 Efficiency ratio (%) (a)

 

   

 

54.8 

 

 

 

   

 

55.9 

 

 

 

   

 

54.9  

 

 

 

    
 INCOME STATEMENT (b)   2Q18      1Q18      2Q17             

 Net interest income (taxable-equivalent basis)

    $3,226        $3,197        $3,100         

 

 Noninterest income

    $2,414        $2,272        $2,348         

 

 Net income attributable to U.S. Bancorp

    $1,750        $1,675        $1,500         

 

 Diluted earnings per common share

    $1.02        $.96        $.85         

 

 Dividends declared per common share

 

   

 

$.30 

 

 

 

   

 

$.30 

 

 

 

   

 

$.28  

 

 

 

    
 BALANCE SHEET (b)   2Q18      1Q18      2Q17             

 Average total loans

    $278,624        $279,388        $275,528         

 

 Average total deposits

    $334,822        $334,580        $331,172         

 

 Net charge-off ratio

    .48%       .49%       .49%        

 

 Book value per common share (period end)

    $27.02        $26.54         $25.55         

 

 Basel III standardized CET1 (c)

    9.1%       9.0%       9.3%        
                              

 

(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, 2Q17 as if fully implemented

 

 

 

 

CEO Commentary

 

“Our second quarter results were highlighted by record revenue, net income and diluted earnings per common share. We continue to deliver industry-leading profitability metrics, including a return on tangible common equity of 19.8%. This quarter, the Federal Reserve conducted its annual stress test and, as in prior years, the results confirmed our ability to withstand severely adverse economic conditions. Following this exercise, we announced a 23% increase in our quarterly dividend, as well as a 15% increase in our stock repurchase authorization, supporting our commitment to maximize shareholder value. In addition to these solid results, we are investing in our future by expanding our digital offerings, which will allow our customers to access us how, when and where they want and enhance their customer experiences. Each and every day our employees exemplify what being the most trusted choice in banking is all about and I want to thank our entire U.S. Bank team, whose commitment to serving all our customers is what ultimately drives our financial success.”

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

 

 

In the Spotlight

 

 

2018 Annual Stress Test

The results of the Federal Reserve Board’s most recent annual stress test continued to demonstrate U.S. Bancorp’s ability to withstand periods of economic stress while remaining profitable.

Automated Investor Offering

Responding to customers’ desire for smart, easy-to-use and safe digital investment tools and strategies, the Company recently launched its new Automated Investor offering. Automated Investor provides an easy-to-use digital advice platform with the power of the Company’s investment expertise through U.S. Bancorp Investments.

2018 Capital Plan

Based on the 2018 stress test results, the Company’s board of directors approved an increase of the Company’s quarterly dividend of 23% to $0.37 per common share beginning in the third quarter of 2018, as well as a new share repurchase program for the year.

New U.S. Bancorp Directors

U.S. Bancorp’s Board of Directors recently elected Elizabeth L. Buse, Yusuf I. Mehdi and Dorothy J. Bridges as directors of the Company. Each new director brings unique insight that is extremely useful to the board and will help further guide the Company’s future success.

 

 

LOGO

 

        Investor contact: Jennifer Thompson, 612.303.0778  |  Media contact: Stacey Wempen, 612.303.7620


The following information was filed by Us Bancorp De (USB) on Wednesday, July 18, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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