Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable) Commission file number 1-6880 U.S. BANCORP (Exact name of registrant as specified in its charter) Delaware 41-0255900 (State or ot ...

U.S. Bancorp (NYSE:USB) Q3 2023 Results Conference Call October 18, 2023 8:00 AM ET Company Participants George Andersen - Investor Relations Andy Cecere - Chairman, President & CEO Terry Dolan - Vice Chair & CFO John Stern - SVP & Head of Finance Conference Call Participants Ebrahim Poonawala - Bank of America John McDonald - Autonomous Research Mike Mayo - Wells Fargo Security John Pancari - Evercore Scott Siefers - Piper Sandler Erika Najarian - UBS Gerard Cassidy - RBC Vivek Juneja - JPMorgan Matt O'Con ...

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable) Commission file number 1-6880 U.S. BANCORP (Exact name of registrant as specified in its charter) Delaware 41-0255900 (State or other j ...

U.S. Bancorp (NYSE:USB) Q2 2023 Earnings Conference Call July 19, 2023 10:00 AM ET Company Participants Andy Cecere - Chairman, President & CEO Terry Dolan - Vice Chair & CFO John Stern - SVP & Head of Finance George Anderson - SVP & Director, IR Conference Call Participants Scott Siefers - Piper Sandler John Pancari - Evercore, Inc. Ebrahim Poonawala - Bank of America Ken Usdin - Jefferies Erika Najarian - UBS John McDonald - Autonomous Research Chris Kotowski - Oppenheimer & Co. Vivek Juneja - JPMorgan Ge ...

July 19, 2023 U.S. Bancorp 2Q23 Earnings Conference Call ...

Summary of U.S. Bancorp Conference Call Company Overview - **Company**: U.S. Bancorp (NYSE: USB) - **Date**: June 13, 2023 - **Participants**: Andrew Cecere (Chairman, President, and CEO), Terry Dolan (Vice Chair and CFO), Betsy Graseck (Morgan Stanley) Macro Environment and Trends - **Consumer Spending**: Increased spending on travel and entertainment, but a slowdown in retail discretionary items noted [4][5] - **Deposit Balances**: Starting to revert to pre-COVID levels, with expectations to reach these levels by Q3 [4] - **Loan Demand**: Decreased compared to the previous year, with flat utilization rates [5] - **Economic Outlook**: Anticipation of one more rate increase in summer, followed by flat rates; projection of a soft, moderate recession [5] Financial Guidance - **Net Interest Margin (NIM)**: Expected to be lower due to elevated cash balances; guidance for full year remains at 3% to 3.05% [7][8] - **Net Charge-Offs**: Expected to increase to about 50 basis points by mid-2024 [8] - **Tax Rate**: Anticipated to be around 24% for Q2 and full year, slightly up due to capital optimization activities [9] Strategic Priorities 1. **Union Bank Integration**: Successful integration completed, with significant digital enablement and cost takeouts projected at $900 million by 2024 [11][12] 2. **Digital Capabilities**: Continued investment in digital platforms and customer engagement [13] 3. **Payments Ecosystem**: Focus on enhancing payment capabilities, particularly for small and mid-sized businesses [14][15] Revenue Opportunities - **Union Bank Customer Base**: Potential to increase penetration in payments and card services, with expectations of 20% new customers and 25%-30% new revenue [16] - **Investment in Technology**: $2.5 billion annual spend on technology, with a focus on operational efficiency and cloud migration [18][23] - **AI Integration**: Active exploration of AI use cases across various business lines, with a more significant impact expected in 2-3 years [24][26] Capital Management - **CET1 Ratio**: Targeting 10.5% by year-end 2024, with a comfortable position of 9% by the end of this year [31][32] - **Risk Weighted Asset Optimization**: Identified actions to achieve 50 basis points of capital accretion without significant operational impact [35][36] - **TLAC Requirements**: Anticipated need to issue $10 billion to $20 billion in debt to meet new TLAC rules [45][46] Deposit and Loan Insights - **Deposit Mix**: Expectation of non-interest bearing deposits to decrease to low 20s percentage [53] - **Loan Growth**: Modest growth anticipated due to cautious business sentiment; focus on credit card growth and limited commercial real estate growth [77] Credit Quality - **Commercial Real Estate Exposure**: Represents 14% of the portfolio, with office space being a focus area due to pandemic impacts; manageable risk with 2% of loans in office space [80][81] Conclusion - U.S. Bancorp is navigating a complex macroeconomic environment with strategic initiatives focused on integration, digital capabilities, and payment ecosystems. The company is preparing for potential economic challenges while maintaining a strong capital position and exploring growth opportunities in its customer base and technology investments.

U.S. Bancorp (NYSE:USB) Bernstein's 39th Annual Strategic Decisions Conference 2023 June 2, 2023 9:00 AM ET Company Participants Andy Cecere - Chairman, President and Chief Executive Officer Terry Dolan - Vice Chair and CFO Conference Call Participants John McDonald - Bernstein John McDonald Good morning. Next up is U.S. Bancorp. We have CEO, Andy Cecere; CFO, Terry Dolan. Thank you, guys, for joining us. I appreciate you being here. Question-and-Answer Session Q - John McDonald And we'll kick off talking a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable) Commission file number 1-6880 U.S. BANCORP (Exact name of registrant as specified in its charter) Delaware 41-0255900 (State or other ...

U.S. Bancorp (NYSE:USB) Q1 2023 Earnings Conference Call April 19, 2023 10:00 AM ET Company Participants George Anderson - Senior Vice President & Director, Investor Relations Andy Cecere - Chairman, President & Chief Executive Officer Terry Dolan - Vice Chair & Chief Financial Officer Conference Call Participants Scott Siefers - Piper Sandler Erika Najarian - UBS Mike Mayo - Wells Fargo Securities John McDonald - Autonomous Research John Pancari - Evercore Gerard Cassidy - RBC Ebrahim Poonawala - Bank of A ...