Exhibit 99.1

 

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U.S. Bancorp Reports Third Quarter 2019 Results

 Record net revenue of $5,920 million, net income of $1,908 million and diluted earnings per share of $1.15

 Industry leading return on average assets of 1.57% and return on average common equity of 15.3%

 

 

    3Q19 Key Financial Data

 

 

 

3Q19 Highlights

 

          
PROFITABILITY METRICS   3Q19      2Q19      3Q18          

 

 

 Net income of $1,908 million and diluted earnings per
   common share of $1.15

 

 Industry leading return on average assets of 1.57% and
   return on average common equity of 15.3%

 

 Return on tangible common equity of 19.4%

 

 Returned 80% of 3Q earnings to shareholders through
   dividends and share buybacks

 

 Noninterest income grew 5.0% on a linked quarter basis
   and 8.1% year over year

 

 Total net revenue grew 3.9% year-over-year with positive
   operating leverage of 0.6% on a year-over-year basis

 

 Average total loans grew 1.1% on a linked quarter basis
   and 4.0% year-over-year

 

 Return on average assets (%)

    1.57        1.55        1.58      

 Return on average common equity (%)

    15.3        15.0        15.5      

 Return on tangible common equity (%) (a)

    19.4        19.2        19.9      

 Net interest margin (%)

    3.02        3.13        3.15      

 Efficiency ratio (%) (a)

    53.3        54.3        53.5      
INCOME STATEMENT (b)   3Q19      2Q19      3Q18         

 Net interest income (taxable-equivalent basis)

    $3,306        $3,332        $3,281      

 Noninterest income

    $2,614        $2,490        $2,418      

 Net income attributable to U.S. Bancorp

    $1,908        $1,821        $1,815      

 Diluted earnings per common share

    $1.15        $1.09        $1.06      

 Dividends declared per common share

    $.42        $.37        $.37      
BALANCE SHEET (b)   3Q19      2Q19      3Q18         

 Average total loans

    $292,436        $289,218        $281,065      

 Average total deposits

    $349,933        $345,232        $330,121      

 Net charge-off ratio

    .48%       .49%       .46%     

 Book value per common share (period end)

    $30.26        $29.63        $27.35      

 Basel III standardized CET1 (c)

 

   

 

9.6% 

 

 

 

   

 

9.5% 

 

 

 

   

 

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

 

 

“Despite a challenging interest rate environment, we posted record revenue, net income and earnings per share in the third quarter, delivered industry leading returns on assets and equity, and grew our book value by over 10% from a year earlier. During the quarter we returned 80% of our earnings to shareholders through dividends and share buybacks. Third quarter loan and deposit growth were solid and momentum in our core fee businesses was supported by strong sales and volume growth. Mortgage revenue was particularly robust this quarter, reflecting both market conditions and the benefits of the investments we have made in our retail platform over the past several years. As we head into the final quarter of 2019, we feel good about our opportunity to gain market share across our franchise and our ability to prudently manage our operating expenses even as we invest in our digital capabilities and key business initiatives. I’d like to thank our employees for their hard work and dedication to delivering value to each of our constituents.”

 

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

 

 

In the Spotlight

 

“Outstanding” Community Reinvestment Act Rating

U.S. Bank recently announced it received the highest rating, “Outstanding,” for its recent Community Reinvestment Act (“CRA”) examination from the Office of the Comptroller of the Currency. The examination period was from January 1, 2012 through December 31, 2015. The Company also received an “Outstanding” rating on each of the three individual CRA tests for Lending, Investment, and Service.

Most Powerful Women in Banking and Finance

American Banker magazine recently named U.S. Bank Vice Chairs, Kate Quinn, Chief Administrative Officer, and Leslie Godridge, Co-Head of Corporate and Commercial Banking, to its 2019 “Most Powerful Women in Banking” list, and named Gunjan Kedia, U.S. Bank Vice Chair of Wealth Management and Investment Services, to its 2019 “Most Powerful Women in Finance” list. U.S. Bancorp also earned a Top Team Award.

Co-Branded Credit Card Agreement with BMW

U.S. Bank recently entered into a co-brand agreement with BMW Financial Services NA, LLC to issue credit cards that will deliver enhanced digital experiences and greater value to BMW, MINI and BMW Motorrad enthusiasts. The new program provides an enhanced experience with richer rewards where customers can earn and redeem points toward BMW products and services.

Transforming for the Future

U.S. Bank recently acquired talech, a software company that helps small and medium-sized businesses simplify operations, make better decisions and manage multiple operational tasks, including how businesses interact with their money, through a single, integrated point-of-sale system.

 

 

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

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