Exhibit 99.1

 

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U.S. Bancorp Reports Second Quarter 2019 Results

 Net revenue of $5,822 million and net income of $1,821 million

 Industry leading return on average assets of 1.55% and return on average common equity of 15.0%

 

 

    2Q19 Key Financial Data

 

 

 

2Q19 Highlights

 

          
PROFITABILITY METRICS   2Q19      1Q19      2Q18          

 

 

 Net income of $1,821 million and diluted earnings per
   common share of $1.09

 

 Industry leading return on average assets of 1.55% and
   return on average common equity of 15.0%

 

 Return on tangible common equity of 19.2%

 

 Returned 79% of 2Q earnings to shareholders through
   dividends and share buybacks

 

 Net interest income grew 3.4% year-over-year (3.3% on a
   taxable-equivalent basis)

 

 Total net revenue grew 3.2% year-over-year with positive
   operating leverage of 1.0% on a year-over-year basis

 

 Average total loans grew 1.1% on a linked quarter basis
   and 3.8% (4.5% excluding the impact of loan sales) year-
   over-year

 

 Return on average assets (%)

    1.55        1.49        1.54      

 Return on average common equity (%)

    15.0        14.3        15.3      

 Return on tangible common equity (%) (a)

    19.2        18.4        19.8      

 Net interest margin (%)

    3.13        3.16        3.13      

 Efficiency ratio (%) (a)

    54.3        55.4        54.8      
INCOME STATEMENT (b)   2Q19      1Q19      2Q18         

 Net interest income (taxable-equivalent basis)

    $3,332        $3,286        $3,226      

 Noninterest income

    $2,490        $2,291        $2,414      

 Net income attributable to U.S. Bancorp

    $1,821        $1,699        $1,750      

 Diluted earnings per common share

    $1.09        $1.00        $1.02      

 Dividends declared per common share

    $.37        $.37        $.30      
BALANCE SHEET (b)   2Q19      1Q19      2Q18         

 Average total loans

    $289,218        $286,110        $278,624      

 Average total deposits

    $345,232        $335,366        $334,822      

 Net charge-off ratio

    .49%       .52%       .48%     

 Book value per common share (period end)

    $29.63        $28.81        $27.02      

 Basel III standardized CET1 (c)

 

   

 

9.5% 

 

 

 

   

 

9.3% 

 

 

 

   

 

9.1%

 

 

 

  

 

 (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

 

 

“We delivered strong results this quarter and we feel good about underlying momentum heading into the second half of the year. In the second quarter, we delivered a return on tangible common equity of 19.2% and returned 79% of our earnings through dividends and share buybacks. Despite a more challenging interest rate environment, our loan and deposit trends were healthy and drove good growth in net interest income. Fee income growth was supported by solid results across our payments services, trust, wealth management, and commercial products businesses. Expense growth was well controlled even as we continued to invest in our digital initiatives, and credit quality was stable. We remain focused on creating value for our customers, communities and shareholders and appreciate the efforts of our employees who make it possible.”

 

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

 

 

In the Spotlight

 

2019 Annual Stress Test and Capital Plan

Based on the 2019 stress test results, which reflect U.S. Bancorp’s strong financial profile and ability to withstand adverse economic conditions, the Company’s board of directors approved an increase in the Company’s quarterly dividend of 13.5% to $0.42 per common share beginning in the third quarter of 2019, as well as a new share repurchase program effective July 1, 2019.

Recognized for Advancing Gender Parity

The Women’s Forum of New York recently announced that U.S. Bancorp will be recognized at its 2019 Breakfast of Corporate Champions for its 35% female board of directors representation, raising the bar and accelerating toward the goal of achieving 50/50 gender parity across all boardrooms by 2025.

U.S. Bank Begins Market Expansion in Charlotte, NC

Expanding our already strong presence in Charlotte, with nearly 800 employees and tens of thousands of customers, the Company began its “digital-first, branch-lite” customer strategy to deepen existing relationships and build a new generation of customers. This represents a part of our Physical Asset Optimization program which includes retail banking expansion in new markets, reinvestment in our existing core retail banking markets, as well as optimizing existing branches in connection with ongoing transformation to digital financial services.

U.S. Bank Leader Named Digital Banker of the Year

American Banker recently named Ankit Bhatt of U.S. Bank its Digital Banker of the Year for his leadership traits and ability to successfully lead teams which build products that put customers first, including the recent complete rebuild and overhaul of the U.S. Bank mobile app.

 

 

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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, July 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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