Exhibit 99.1






U.S. Bancorp Reports First Quarter 2020 Results


 Net revenue of $5,772 million and net income of $1,171 million

 Return on average assets of 0.95% and return on average common equity of 9.7%



    1Q20 Key Financial Data




1Q20 Highlights





  1Q20      4Q19      1Q19         



 Net income of $1,171 million and diluted earnings per
   common share of $0.72


 Return on average assets of 0.95% and return on average
   common equity of 9.7%


 Net revenue of $5,772 million, including $3,247 million
   of net interest income and $2,525 million of noninterest


 Noninterest income growth of 10.2% year-over-year


 Average total loans grew 0.9% on a linked quarter basis
   and 4.0% year-over-year


 Average total deposits grew 1.8% on a linked quarter
   basis and 8.2% year-over-year


 Nonperforming assets decreased 5.9% year-over-year;
   but, increased 14.1% since December 31, 2019


 Provision for credit losses of $993 million increasing
   allowance for credit losses by $600 million reflecting the
   current economic environment


 Return on average assets (%)

    .95        1.21        1.49     

 Return on average common equity (%)

    9.7        11.8        14.3     

 Return on tangible common equity (%) (a)

    12.6        15.2        18.4     

 Net interest margin (%)

    2.91        2.92        3.16     

 Efficiency ratio (%) (a)

    58.0        60.3        55.4     
 INCOME STATEMENT (b)     1Q20        4Q19        1Q19     

 Net interest income (taxable-equivalent basis)

    $3,247        $3,231        $3,286     

 Noninterest income

    $2,525        $2,436        $2,291     

 Net income attributable to U.S. Bancorp

    $1,171        $1,486        $1,699     

 Diluted earnings per common share

    $.72        $.90        $1.00     

 Dividends declared per common share

    $.42        $.42        $.37     
 BALANCE SHEET (b)     1Q20        4Q19        1Q19     

 Average total loans

    $297,657        $294,865        $286,110     

 Average total deposits

    $362,804        $356,452        $335,366     

 Net charge-off ratio

    .53%        .52%        .52%     

 Book value per common share (period end)

    $30.24        $29.90        $28.81     

 Basel III standardized CET1 (c)






















 (a) See Non-GAAP Financial Measures reconciliation on page 17




 (b) Dollars in millions, except per share data



 (c) CET1 = Common equity tier 1 capital ratio



CEO Commentary



“I’d like to start off by thanking our employees across this company for their hard work and dedication during this difficult time. The economic fallout from the COVID-19 pandemic is causing financial hardship to many in this country. We are intently focused on doing what we can for our customers, communities and employees as they grapple with their unique situations. Our capital and liquidity positions are strong, and we stand ready to help businesses access programs like the Paycheck Protection Program and Main Street Lending Program. We’ve introduced several changes to allow impacted customers forbearance or other payment relief and pricing flexibility on our products and services to make them more affordable and accessible to customers who may be experiencing financial stress. We’ve announced a number of initiatives, including new investments, to help our communities to continue supporting individuals and families. We manage this company for the long term and our strong balance sheet, our diverse businesses and our culture will help us manage through this challenging time and I have no doubt we will emerge stronger on the other side of the pandemic, proving to be a reliable partner to customers in helping them achieve their financial goals.”


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



In the Spotlight



Supporting Customers

U.S. Bank has been engaging with customers across all lines of business as the world continues to battle COVID-19. To date, nearly 102 thousand accounts and over $5.7 billion in loans have been modified in addition to draw downs of approximately $22 billion in support of our customers in these extreme economic times. U.S. Bank is also participating in programs such as the Paycheck Protection Program stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19.

Investing in Community Recovery

U.S. Bank recently announced a $30 million commitment to support COVID-19 relief efforts in communities around the country, offering immediate relief to national organizations focused on small business recovery and long-term recovery efforts to local nonprofits that support individuals and families with financial education, affordable housing, and work assistance.

Supporting Employees

U.S. Bank announced a premium pay program providing a temporary 20% wage increase to more than 30,000 critical employees at branches, operations centers, and critical service locations. In addition, U.S. Bank is providing additional time off for employees affected by COVID-19. U.S. Bank is continuing to take steps to further protect the safety of employees and customers, such as temporarily adjusting branch operations, decreasing lobby usage, encouraging drive through use, and consolidating operations.

Strategic Alliance with State Farm

U.S. Bank recently announced a strategic alliance with State Farm, America’s largest property and casualty insurance provider, whereby U.S. Bank will assume State Farm Bank’s existing deposit and credit card accounts and State Farm agents will have the unique opportunity and tools to introduce U.S. Bank deposit products and co-branded credit cards to State Farm customers, offering them new, easy ways to manage their banking needs.




        Investor contact: Jennifer Thompson, 612.303.0778 | Media contact: David Palombi, 612.303.3167

The following information was filed by Us Bancorp De (USB) on Wednesday, April 15, 2020 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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