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 ...

April 19, 2023 U.S. Bancorp 1Q23 Earnings Conference Call ...

US Bancorp, Inc. (NYSE:USB) RBC Capital Markets Global Financial Institutions Conference March 7, 2023 10:00 AM ET Company Participants Terrance Dolan - CFO Shailesh Kotwal - Vice Chairman, Payment Services Conference Call Participants Gerard Cassidy - RBC Capital Markets Gerard Cassidy Started with our second fireside chat today with the management of U.S. Bancorp. As many of you know, U.S. Bancorp recently completed the Union Bank acquisition. And as a result, it currently has about $675 billion in assets ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 jurisdiction of (I.R.S ...

U.S. Bancorp (NYSE:USB) Q4 2022 Earnings Conference Call January 25, 2023 9:00 AM ET Company Participants George Andersen - 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 Najran - UBS Mike Mayo - Wells Fargo Securities John Pancari - Evercore ISI Ebrahim Poonawala - Bank of America Gerard Cassidy - RBC Betsy Graseck - Morgan Sta ...

Table of Contents Table of Contents us bancorp. 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, 2022 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 ...

U.S. Bancorp Conference Call Summary Company Overview - **Company**: U.S. Bancorp (NYSE: USB) - **Date**: September 12, 2022 - **Participants**: - Andy Cecere - Chief Executive Officer - Terry Dolan - Chief Financial Officer - Jason Goldberg - Barclays Key Points Financial Guidance - **Revenue Growth**: Expected to grow by 3% to 5% on a linked quarter basis [6] - **Expense Growth**: Anticipated linked quarter growth of 2% to 3% [6] - **Mortgage Banking Revenue**: Projected to decline by 30% to 35% from the second quarter [6] - **Full Year Revenue Guidance**: Total revenue expected to increase by 5% to 6% year-over-year [6] - **Net Interest Income (NII)**: Expected to be in the low to mid-teens percentage growth [6] - **Operating Leverage**: Anticipated positive operating leverage of at least 200 basis points for the full year [49] Acquisition of MUFG - **Strategic Fit**: Acquisition expected to increase scale by 20%, adding significant market share in California [13] - **Cost Savings**: Projected cost synergies of $900 million, with a 20% internal rate of return (IRR) [14] - **Integration Timeline**: Conversion targeted for Memorial Day 2023, later than previously discussed [13][17] - **Regulatory Approval**: Anticipated in the second half of 2022, with confidence in approval due to strong compliance frameworks [19] Market and Economic Environment - **Consumer Behavior**: Strong consumer spending with credit card spend 10% above last year and 30% above pre-COVID levels [26] - **Loan Growth**: Strong momentum in loan growth, particularly in corporate and commercial sectors [28] - **Deposit Stability**: Deposits expected to remain stable, with a shift from non-interest-bearing to interest-bearing accounts [34] - **Credit Quality**: Charge-off levels and delinquencies at historic lows, with no early warning signs of recession [59] Regulatory and Compliance Issues - **CFPB Settlement**: A $37.5 million fine related to legacy issues, with no further implications for the acquisition process [22][23] - **OCC Regulations**: Ongoing discussions about regulations affecting Category 3 banks, with U.S. Bancorp positioned to manage any changes [21] Future Outlook - **Interest Rate Environment**: NII expected to continue growing, with some moderation anticipated as the Fed approaches the peak of the interest rate cycle [43] - **Fee Income Growth**: Payments segment represents 28%-29% of revenue, with significant growth opportunities identified [45] - **Mortgage Business**: Anticipated stabilization in gain on sale margins as capacity in the mortgage market adjusts [47] Strategic Initiatives - **Branch Strategy**: Reduced branch footprint to 2,200, focusing on digital-first strategies and partnerships to enhance distribution [55] - **Investment in Technology**: Continued focus on enhancing digital capabilities and payment systems to support small businesses [45][52] Capital Management - **CET1 Ratio**: Expected to be around 8.5% post-acquisition, with plans to return to 9% within a year to resume buybacks [69] Conclusion - U.S. Bancorp is navigating a complex economic landscape with a focus on strategic growth through acquisitions, maintaining strong financial health, and adapting to regulatory changes while ensuring consumer and corporate banking remains robust. The company is well-positioned to leverage its scale and technology to drive future growth.