Exhibit 99.1






U.S. Bancorp Reports Second Quarter 2020 Results


 Net revenue of $5,838 million and net income of $689 million

 Provision for credit losses included $1,300 million increase in the allowance for credit losses



    2Q20 Key Financial Data




2Q20 Highlights





  2Q20      1Q20      2Q19         



 Net income of $689 million and diluted earnings per
   common share of $0.41


 Return on average assets of 0.51% and return on average
   common equity of 5.3%


 Net revenue of $5,838 million, including $3,224 million
   of net interest income and $2,614 million of noninterest


 Noninterest income growth of 5.0% year-over-year


 Average total loans grew 6.9% on a linked quarter basis
   and 10.0% year-over-year


 Average total deposits grew 11.2% on a linked quarter
   basis and 16.8% year-over-year


 Nonperforming assets increased 24.0% on a linked
   quarter basis and 23.1% year-over-year


 Provision for credit losses of $1,737 million increasing
   allowance for credit losses by $1,300 million reflecting the
   current economic environment


 Return on average assets (%)

    .51        .95        1.55     

 Return on average common equity (%)

    5.3        9.7        15.0     

 Return on tangible common equity (%) (a)

    7.1        12.6        19.2     

 Net interest margin (%)

    2.62        2.91        3.13     

 Efficiency ratio (%) (a)

    57.6        58.0        54.3     
 INCOME STATEMENT (b)     2Q20        1Q20        2Q19     

 Net interest income (taxable-equivalent basis)

    $3,224        $3,247        $3,332     

 Noninterest income

    $2,614        $2,525        $2,490     

 Net income attributable to U.S. Bancorp

    $689        $1,171        $1,821    

 Diluted earnings per common share

    $.41        $.72        $1.09     

 Dividends declared per common share

    $.42        $.42        $.37     
 BALANCE SHEET (b)     2Q20        1Q20        2Q19     

 Average total loans

    $318,107        $297,657        $289,218     

 Average total deposits

    $403,303        $362,804        $345,232     

 Net charge-off ratio

    .55%        .53%        .49%     

 Book value per common share (period end)

    $30.46        $30.24        $29.63     

 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



“Our second quarter earnings results were reflective of a more challenging economic environment than we have seen in some time. However, our diversified business mix generated healthy fee revenue growth, expenses were essentially flat, and capital and liquidity positions ended the quarter in a strong position. We are operating in challenging times and I am proud of how our team came together this quarter to help customers and communities weather the COVID-19 pandemic by ensuring small businesses secured loans through the Paycheck Protection Program, developing digital tools that allow customers to bank virtually, and modifying loans for those impacted by the economic slowdown. Sadly, recent tragic events and related civil unrest hit close to home here in Minneapolis and this tragedy has galvanized our entire company and prompted us to double down on our efforts to address social injustice and create opportunities that bridge gaps in our communities and help people achieve their potential. While there is a long way to go, I am confident in our ability to drive change, make a difference and create value for all our constituents. I want to thank our employees for the hard work they do every day and the resiliency they have shown, in particular over these past few months.”


— 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 130,000 accounts and over $17.2 billion in loans have been modified through forbearance programs in support of our customers in these extreme economic times. U.S. Bank has also loaned $7.3 billion to over 101,000 customers participating in the Paycheck Protection Program stemming from the CARES Act passed by Congress as a stimulus response to the potential economic impacts of COVID-19. Approximately 87 percent of these loans were for less than $100,000.

Keeping America’s Supply Chain Moving

U.S. Bank recently introduced two new innovative features for freight carriers using its proprietary freight payment platform. Cash Manager provides carriers with actionable insights to make better-informed decisions and forecast their cash flow more accurately, improving overall cash cycle management, while Quick Pay gives carriers new flexibility to accelerate cash flow when needed.

2020 Annual Stress Test

The Company’s results for the recent 2020 stress test reflect U.S. Bancorp’s strong credit risk profile and ability to sustain capital through challenging economic conditions. Based on the stress test results, the Company will be subject to the minimum stress capital buffer of 2.5 percent, the minimum threshold, for the period beginning October 1, 2020 and ending on September 30, 2021. The Company also expects to maintain its current quarterly common dividend of $0.42 per common share; but, given the unprecedented economic environment, will adjust its capital distributions as circumstances warrant.

Addressing Social and Economic Inequities

U.S. Bank announced several initiatives to bridge social and economic gaps and enhance opportunity for people of color, including providing $100 million annually in additional capital to African-American owned and led businesses or organizations, as well as establishing a $15 million fund to award community grants dedicated to addressing systemic economic and racial inequities in small business, affordable housing and workplace development for people of color.




        Investor contact: Jennifer Thompson, 612.303.0778 | Media contact: Jeff Shelman, 612.422.1423

The following information was filed by Us Bancorp De (USB) on Wednesday, July 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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