Exhibit 99.1

 

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U.S. Bancorp Reports Fourth Quarter and Full Year 2018 Results

  Record net revenue and diluted earnings per share for 4Q18 and Full Year

  Record net income for the Full Year

 

 

    4Q18 and Full Year Key Financial Data

 

 

       4Q18 and Full Year Highlights
              

 PROFITABILITY METRICS

    4Q18       3Q18       4Q17      

Full Year

2018

 

 

   

Full Year

2017

 

 

    

 

 Net income of $1,856 million and diluted earnings per common share of $1.10 for 4Q18, including $45 million of notable items, net of taxes, representing an increase of $0.03 per diluted common share

 

 Industry leading return on average assets of 1.59% and return on average common equity of 15.8% for 4Q18

 

 Return on tangible common equity of 20.2% for 4Q18

 

 Returned 80% of 4Q earnings to shareholders through dividends and share buybacks

 

 Net interest income grew 4.0% year-over-year (3.2% on a taxable-equivalent basis)

 

 Average total loans increased 0.9% and 1.4% compared to 3Q18 and 4Q17, respectively (1.5% and 2.6% excluding the impact of loan sales)

 

 Total noninterest income grew 5.4% year-over year, driven by payments revenue and trust and investment management fees

 

 Full year net income of $7,096 million and diluted earnings per common share of $4.14

 

 Positive operating leverage for full year 2018 with net revenue increase of 3.4% and noninterest expense decrease of 2.5%. Excluding notable items, net revenue increase of 3.0% and noninterest expense increase of 2.7%.

 

 

 Return on average assets (%)

    1.59        1.58        1.46        1.55        1.39       

 

 Return on average common equity (%)

    15.8        15.5        14.7        15.4        13.8       

 

 Return on tangible common equity (%) (a)

    20.2        19.9        18.8        19.8        17.6       

 

 Net interest margin (%)

    3.15        3.15        3.11        3.14        3.10       

 

 Efficiency ratio (%) (a)

 

    56.3        53.5        69.8        55.1        58.5       
 INCOME
STATEMENT (b)
  4Q18     3Q18     4Q17    

Full Year

2018

   

Full Year

2017

        

 Net interest income (taxable-equivalent basis)

    $3,331        $3,281        $3,228        $13,035        $12,585       

 

 Noninterest income

    $2,498        $2,418        $2,370        $9,602        $9,317       

 

 Net income attributable to U.S. Bancorp

    $1,856        $1,815        $1,682        $7,096        $6,218       

 

 Diluted earnings per common share

    $1.10        $1.06        $.97        $4.14        $3.51       

 

 Dividends declared per common share

 

    $.37        $.37        $.30        $1.34        $1.16       
 BALANCE
SHEET (b)
  4Q18     3Q18     4Q17    

Full Year

2018

   

Full Year

2017

        

 Average total loans

    $283,677        $281,065        $279,751        $280,701        $276,537       

 

 Average total deposits

    $334,365        $330,121        $339,162        $333,462        $333,514       

 

 Net charge-off ratio

    .49%        .46%        .46%        .48%        .48%       

 

 Book value per common share (period end)

    $28.01        $27.35        $26.34          

 

 Basel III standardized CET1 (c)

    9.1%        9.0%        9.1%          
                                            

 

(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, 4Q17 as if fully implemented

 

 

 

 

CEO Commentary

 

“Fourth quarter results capped a strong year for U.S. Bank and the momentum we are seeing in our lending and fee businesses positions us well for 2019. This quarter we achieved record revenue and EPS and delivered a best-in-class return on tangible common equity of 20.2%. These strong results enabled us to return 80% to our shareholders through dividends and share repurchases. Loan growth accelerated in the fourth quarter even as we maintained our consistent and disciplined underwriting standards. Furthermore, we continued to see strong sales activity and expanded customer relationships across all of our businesses supported by our investments in technology and innovation, as well as our employees’ dedication to helping to make our customers’ financial lives simpler and more productive. I want to thank our employees for their efforts this year and every year, and for their unwavering commitment to making U.S. Bank the most trusted choice for our customers.”

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

 

 

In the Spotlight

 

 

Termination of AML-Related Consent Order

U.S. Bancorp recently announced that the Office of the Comptroller of the Currency has terminated its 2015 consent order related to the Company’s Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) program and controls. Since 2014, U.S. Bancorp has made significant investments to risk management and compliance to enhance and strengthen our programs.

Elavon Acquisitions enhance Payments Capabilities

Recent acquisitions of financial technologies companies Electronic Transaction Systems and CenPOS, Inc. by Elavon, a global merchant payment processing provider and subsidiary of USB, enhances its eCommerce offerings and integrated payments capabilities.

U.S. Bank Pullman Community Center

The U.S. Bank Pullman Community Center, a 135,000-square-foot facility, recently opened in the historic Pullman neighborhood of Chicago and is the latest result of significant community investment U.S. Bank has made in the Pullman community since 2009. U.S. Bank has partnered with the community to help welcome major retailers, a grocery store, healthcare, workout facilities, restaurants and several plants and distribution centers to the community.

Digital Small Business Lending

We launched a fully digital small business lending experience in the third quarter that has successfully fostered small business digital adoption during the past few months. Small businesses, on a national basis, have started borrowing through the digital experience, and two-thirds of funded deals were approved in one day or less.

 

 

LOGO

        Investor contact: Jennifer Thompson, 612.303.0778 | Media contact: Rebekah Fawcett, 612.303.9986


The following information was filed by Us Bancorp De (USB) on Wednesday, January 16, 2019 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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