Exhibit 99.1

 

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U.S. Bancorp Reports First Quarter 2019 Results

 Net revenue of $5,577 million and net income of $1,699 million

 Industry leading return on average assets of 1.49% and return on average common equity of 14.3%

 

 

    1Q19 Key Financial Data

  1Q19 Highlights
          
  PROFITABILITY METRICS   1Q19      4Q18      1Q18          

 

 Net income of $1,699 million and diluted earnings per
   common share of $1.00

 

 Industry leading return on average assets of 1.49% and
   return on average common equity of 14.3%

 

 Return on tangible common equity of 18.4%

 

 Returned 77% of 1Q earnings to shareholders through
   dividends and share buybacks

 

 Net interest income grew 2.9% year-over-year (2.8% on a
   taxable-equivalent basis) with positive operating leverage of
   1.0% on a year-over-year basis

 

 Average total loans grew 0.9% on a linked quarter basis and
   2.4% (3.7% excluding the impact of loan sales) year- over
   -year

 

 Nonperforming assets decreased 16.5% on a year-over-
   year basis

 Return on average assets (%)

    1.49        1.59        1.50      

 Return on average common equity (%)

    14.3        15.8        14.9      

 Return on tangible common equity (%) (a)

    18.4        20.2        19.3      

 Net interest margin (%)

    3.16        3.15        3.13      

 Efficiency ratio (%) (a)

    55.4        56.3        55.9      
 INCOME STATEMENT (b)   1Q19      4Q18      1Q18         

 Net interest income (taxable-equivalent basis)

    $3,286        $3,331        $3,197      

 Noninterest income

    $2,291        $2,498        $2,272      

 Net income attributable to U.S. Bancorp

    $1,699        $1,856        $1,675      

 Diluted earnings per common share

    $1.00        $1.10        $.96      

 Dividends declared per common share

    $.37        $.37        $.30      
 BALANCE SHEET (b)   1Q19      4Q18      1Q18         

 Average total loans

    $286,110        $283,677        $279,388      

 Average total deposits

    $335,366        $334,365        $334,580      

 Net charge-off ratio

    .52%       .49%       .49%     

 Book value per common share (period end)

    $28.81        $28.01        $26.54      

 Basel III standardized CET1 (c)

 

   

 

9.3% 

 

 

 

   

 

9.1% 

 

 

 

   

 

9.0%

 

 

 

  
 (a) See Non-GAAP Financial Measures reconciliation on page 16  
 (b) Dollars in millions, except per share data  
 (c) CET1 = Common equity tier 1 capital ratio  

 

 

CEO Commentary

 

“As our financial results indicate, we had a good start to the year with momentum continuing across our lending and fee businesses. In the first quarter, our industry-leading returns on assets and equity were supported by solid loan growth, disciplined expense management and stable credit quality. Our balance sheet is strong and growing as evidenced by an 8.6% increase in our book value per share compared with a year ago. During the quarter, we returned 77 percent of our earnings to shareholders through dividends and share buybacks. We are pleased with our results this quarter and remain focused on the long-term success of this company - and the disciplined investment in people and technology that will drive that success. We are launching a number of digital initiatives combining the best of technology and innovation to help make our customers’ financial lives simpler and more productive. I would like to thank our employees for all they do to create value for our customers, communities and shareholders.”

 

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

 

 

In the Spotlight

 

 

 

One of the 2019 World’s Most Ethical Companies

U.S. Bank has been named one of the 2019 World’s Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. This is the fifth consecutive year U.S. Bank has received this recognition.

Top Marks Received in 2019 Corporate Equality Index

For the 12th time in a row, U.S. Bank received a perfect score of 100 on the Corporate Equality Index, the nation’s premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality, administered by the Human Rights Campaign Foundation. Through its index, the Foundation evaluates policies and practices of businesses including non-discrimination workplace protections, domestic partner and inclusive health care benefits, competency programs, and public engagement with the LGBTQ community.

Asset Backed Securitization Lending Business

We recently launched a new Asset Backed Securitization Lending business, underscoring our commitment to our Fixed Income & Capital Markets platform to provide current and prospective customers with additional ways to access capital.

New U.S. Bank Mobile App

We recently unveiled our entirely redesigned U.S. Bank Mobile App, fueled by extensive research on how people use their mobile apps and an analysis of consumer needs. Using a customer-based mindset, the app includes all the tools identified by consumers that help them quickly, confidently and securely manage their finances at their fingertips.

 

 

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, April 17, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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