- Record net revenue of $5,640 million,
record net income of $1,750 million and record diluted earnings per
share of $1.02
- Industry leading return on average
assets of 1.54% and return on average common equity of 15.3%
U.S. Bancorp (NYSE: USB):
2Q18 Key Financial Data
PROFITABILITY
METRICS 2Q18 1Q18 2Q17 Return on average
assets (%) 1.54 1.50 1.35 Return on average
common equity (%) 15.3 14.9 13.4 Return on tangible common equity
(%) (a) 19.8 19.3 17.2 Net interest margin (%) 3.13 3.13 3.08
Efficiency ratio (%) (a) 54.8 55.9 54.9
INCOME STATEMENT (b) 2Q18
1Q18 2Q17 Net interest income (taxable-equivalent basis)
$3,226 $3,197 $3,100 Noninterest income $2,414 $2,272 $2,348 Net
income attributable to U.S. Bancorp $1,750 $1,675 $1,500 Diluted
earnings per common share $1.02 $.96 $.85 Dividends declared per
common share $.30 $.30 $.28
BALANCE SHEET (b) 2Q18 1Q18
2Q17 Average total loans $278,624 $279,388 $275,528 Average
total deposits $334,822 $334,580 $331,172 Net charge-off ratio .48%
.49% .49% Book value per common share (period end) $27.02 $26.54
$25.55 Basel III standardized CET1 (c) 9.1% 9.0% 9.3%
(a) See Non-GAAP Financial
Measures reconciliation on pages 16-17 (b) Dollars in millions,
except per share data (c) CET1 = Common equity tier 1 capital
ratio, 2Q17 as if fully implemented
2Q18 Highlights
- Net income of $1,750 million and
diluted earnings per common share of $1.02 in the second quarter of
2018
- Industry leading return on average
assets of 1.54% and return on average common equity of 15.3%
- Return on tangible common equity of
19.8%
- Returned 69% of 2Q earnings to
shareholders through dividends and share buybacks
- Year-over-year positive operating
leverage
- Net interest income grew 4.9%
year-over-year (4.1% on a taxable-equivalent basis)
- Total noninterest income grew 2.8%
year-over year
- Payment services revenue grew 5.3%
- Trust and investment management fees
increased 5.5%
- Mortgage banking revenue decreased
9.9%
- Nonperforming assets decreased 19.1% on
a year-over-year basis and 9.4% on a linked quarter basis
CEO Commentary
“Our second quarter results were highlighted by record revenue,
net income and diluted earnings per common share. We continue to
deliver industry-leading profitability metrics, including a return
on tangible common equity of 19.8%. This quarter, the Federal
Reserve conducted its annual stress test and, as in prior years,
the results confirmed our ability to withstand severely adverse
economic conditions. Following this exercise, we announced a 23%
increase in our quarterly dividend, as well as a 15% increase in
our stock repurchase authorization, supporting our commitment to
maximize shareholder value. In addition to these solid results, we
are investing in our future by expanding our digital offerings,
which will allow our customers to access us how, when and where
they want and enhance their customer experiences. Each and every
day our employees exemplify what being the most trusted choice in
banking is all about and I want to thank our entire U.S. Bank team,
whose commitment to serving all our customers is what ultimately
drives our financial success.”
— Andy Cecere, Chairman, President and CEO,
U.S. Bancorp
In the Spotlight
2018 Annual Stress TestThe results of the Federal Reserve
Board's most recent annual stress test continued to demonstrate
U.S. Bancorp's ability to withstand periods of economic stress
while remaining profitable.
Automated Investor OfferingResponding to customers’
desire for smart, easy-to-use and safe digital investment tools and
strategies, the Company recently launched its new Automated
Investor offering. Automated Investor provides an easy-to-use
digital advice platform with the power of the Company's investment
expertise through U.S. Bancorp Investments.
2018 Capital PlanBased on the 2018 stress test results,
the Company's board of directors approved an increase of the
Company's quarterly dividend of 23% to $0.37 per common share
beginning in the third quarter of 2018, as well as a new share
repurchase program for the year.
New U.S. Bancorp DirectorsU.S. Bancorp's Board of
Directors recently elected Elizabeth L. Buse, Yusuf I. Mehdi, and
Dorothy J. Bridges as directors of the Company. Each new director
brings unique insight that is extremely useful to the board and
will help further guide the Company's future success.
INCOME
STATEMENT HIGHLIGHTS
($ in millions, except per-share data)
Percent Change 2Q
1Q 2Q 2Q18 vs 2Q18 vs YTD
YTD Percent 2018
2018 2017 1Q18
2Q17 2018 2017
Change Net interest income $3,197 $3,168 $3,049 .9
4.9 $6,365 $6,029 5.6 Taxable-equivalent adjustment 29
29 51 -- (43.1 ) 58 101
(42.6 ) Net interest income (taxable-equivalent basis) 3,226
3,197 3,100 .9 4.1 6,423 6,130 4.8 Noninterest income 2,414
2,272 2,348 6.3 2.8 4,686
4,607 1.7 Total net revenue 5,640 5,469 5,448 3.1 3.5 11,109
10,737 3.5 Noninterest expense 3,085 3,055
2,984 1.0 3.4 6,140 5,893 4.2
Income before provision and income taxes 2,555 2,414 2,464 5.8 3.7
4,969 4,844 2.6 Provision for credit losses 327 341
350 (4.1 ) (6.6 ) 668 695
(3.9 ) Income before taxes 2,228 2,073 2,114 7.5 5.4 4,301 4,149
3.7
Income taxes and taxable-equivalent
adjustment
470 391 602 20.2 (21.9 ) 861
1,151 (25.2 ) Net income 1,758 1,682 1,512 4.5
16.3 3,440 2,998 14.7
Net (income) loss attributable to
noncontrolling interests
(8 ) (7 ) (12 ) (14.3 ) 33.3 (15 ) (25 ) 40.0
Net income attributable to U.S. Bancorp $1,750 $1,675
$1,500 4.5 16.7 $3,425 $2,973
15.2
Net income applicable to U.S. Bancorp
common shareholders
$1,678 $1,597 $1,430 5.1 17.3
$3,275 $2,817 16.3 Diluted earnings per common
share $1.02 $.96 $.85 6.3 20.0
$1.98 $1.66 19.3
Net income attributable to U.S. Bancorp was $1,750 million for
the second quarter of 2018, which was 16.7 percent higher than the
$1,500 million for the second quarter of 2017, and 4.5 percent
higher than the $1,675 million for the first quarter of 2018.
Diluted earnings per common share were $1.02 in the second quarter
of 2018, compared with $0.85 in the second quarter of 2017 and
$0.96 in the first quarter of 2018.
The increase in net income year-over-year was primarily due to
total net revenue growth of 3.5 percent partially offset by
noninterest expense growth of 3.4 percent. Net interest income
increased 4.9 percent (4.1 percent on a taxable-equivalent basis),
mainly a result of the impact of rising interest rates and earning
assets growth. Noninterest income increased 2.8 percent driven by
higher payment services revenue and trust and investment management
fees, partially offset by decreases in mortgage banking revenue and
commercial products revenue compared with a year ago. Noninterest
expense increased 3.4 percent primarily due to increased
compensation expense related to supporting business growth and
compliance programs, merit increases, and variable compensation
related to revenue growth, along with higher employee benefits
expense, partially offset by lower other noninterest expense driven
by a reduction in mortgage banking costs.
Net income increased on a linked quarter basis primarily due to
total net revenue growth of 3.1 percent. The increase in total net
revenue reflected an increase in net interest income of 0.9 percent
due to the impact of rising interest rates and an additional day in
the second quarter. Noninterest income increased 6.3 percent driven
by seasonally higher payment services revenue, higher commercial
products revenue, and other noninterest income. The increase in
total net revenue was partially offset by an increase in
noninterest expense of 1.0 percent primarily driven by increased
compensation expense related to seasonal merit increases as well as
hiring to support business growth, along with higher marketing and
business development costs and professional services expense,
partially offset by seasonally lower employee benefits expense.
NET
INTEREST INCOME
(Taxable-equivalent basis; $ in millions)
Change 2Q
1Q 2Q 2Q18 vs 2Q18 vs YTD
YTD 2018 2018
2017 1Q18 2Q17
2018 2017 Change Components of
net interest income Income on earning assets $3,980 $3,822 $3,572
$158 $408 $7,802 $7,016 $786 Expense on interest-bearing
liabilities 754 625 472
129 282 1,379 886
493 Net interest income $3,226 $3,197
$3,100 $29 $126
$6,423 $6,130 $293
Average yields and rates paid Earning assets yield 3.86 % 3.75 %
3.54 % .11 % .32 % 3.81 % 3.51 % .30 % Rate paid on
interest-bearing liabilities .97 .81
.63 .16 .34 .89
.60 .29 Gross interest margin 2.89 %
2.94 % 2.91 % (.05 )% (.02 )%
2.92 % 2.91 % .01 % Net interest margin 3.13 %
3.13 % 3.08 % -- % .05 % 3.13 %
3.07 % .06 % Average balances Investment securities
(a) $114,578 $113,493 $111,368 $1,085 $3,210 $114,039 $111,067
$2,972 Loans 278,624 279,388 275,528 (764 ) 3,096 279,004 274,350
4,654 Earning assets 412,676 411,849 403,883 827 8,793 412,265
401,595 10,670 Interest-bearing liabilities 312,217 311,615 299,271
602 12,946 311,917 297,729 14,188 (a) Excludes unrealized
gain (loss)
Net interest income on a taxable-equivalent basis in the second
quarter of 2018 was $3,226 million, an increase of $126 million
(4.1 percent) over the second quarter of 2017. The increase was
principally driven by earning assets growth and the impact of
rising interest rates, partially offset by deposit and funding mix
shift and the impact of tax reform which reduced the
taxable-equivalent adjustment benefit related to tax exempt assets.
Average earning assets were $8.8 billion (2.2 percent) higher than
the second quarter of 2017, reflecting increases of $3.1 billion
(1.1 percent) in average total loans, $3.2 billion (2.9 percent) in
average investment securities, and $1.7 billion (12.3 percent) in
average other earning assets.
Net interest income on a taxable-equivalent basis increased $29
million (0.9 percent) on a linked quarter basis primarily driven by
the impact of higher rates and an additional day in the second
quarter, partially offset by deposit and funding mix shift. Average
earning assets were $827 million (0.2 percent) higher on a linked
quarter basis, primarily due to an increase of $1.1 billion (1.0
percent) in average investment securities. Average total loans
decreased $764 million (0.3 percent) which reflects the sale of
approximately $1.5 billion of student loans in the second quarter
of 2018. Excluding the impact of the student loan portfolio sale,
average total loans increased $767 million (0.3 percent).
The net interest margin in the second quarter of 2018 was 3.13
percent, compared with 3.08 percent in the second quarter of 2017
and 3.13 percent in the first quarter of 2018. The increase in the
net interest margin year-over-year was primarily due to higher
interest rates, partially offset by loan mix, higher funding costs
and the impact of tax reform of 2 basis points. Net interest margin
is flat on a linked quarter basis reflecting the impact of higher
rates offset by deposit and funding mix shift.
Average investment securities in the second quarter of 2018 were
$3.2 billion (2.9 percent) higher year-over-year and $1.1 billion
(1.0 percent) higher than the prior quarter. The increases were
primarily due to purchases of U.S. government mortgage-backed
securities, net of prepayments and maturities, in support of
liquidity management.
AVERAGE
LOANS
($ in
millions)
Percent Change
2Q 1Q 2Q 2Q18 vs
2Q18 vs YTD YTD Percent
2018 2018 2017
1Q18 2Q17 2018
2017 Change Commercial $92,835 $91,933
$90,061 1.0 3.1 $92,386 $89,177 3.6 Lease financing 5,518
5,532 5,577 (.3 ) (1.1 ) 5,526 5,517 .2 Total
commercial 98,353 97,465 95,638 .9 2.8 97,912 94,694 3.4
Commercial mortgages 28,710 29,176 30,627 (1.6 ) (6.3 ) 28,942
31,042 (6.8 ) Construction and development 11,147 11,190
11,922 (.4 ) (6.5 ) 11,168 11,810 (5.4 ) Total
commercial real estate 39,857 40,366 42,549 (1.3 ) (6.3 ) 40,110
42,852 (6.4 ) Residential mortgages 60,834 60,174 58,544 1.1
3.9 60,505 58,224 3.9 Credit card 21,220 21,284 20,631 (.3 )
2.9 21,252 20,737 2.5 Retail leasing 8,150 7,982 7,181 2.1
13.5 8,067 6,827 18.2 Home equity and second mortgages 16,048
16,195 16,252 (.9 ) (1.3 ) 16,121 16,256 (.8 ) Other 31,265
32,874 31,194 (4.9 ) .2 32,065 31,125 3.0 Total other
retail 55,463 57,051 54,627 (2.8 ) 1.5 56,253
54,208 3.8 Total loans, excluding covered loans 275,727
276,340 271,989 (.2 ) 1.4 276,032 270,715 2.0
Covered loans 2,897 3,048 3,539 (5.0 ) (18.1 )
2,972 3,635 (18.2 ) Total loans $278,624
$279,388 $275,528 (.3 ) 1.1 $279,004 $274,350 1.7
Average total loans were $3.1 billion (1.1 percent) higher than
the second quarter of 2017 (1.8 percent excluding the impact of the
student loan portfolio sale). The increase was due to growth in
total commercial loans (2.8 percent), residential mortgages (3.9
percent), and retail leasing (13.5 percent). These increases were
partially offset by a decrease in total commercial real estate
loans (6.3 percent) due to disciplined underwriting and customers
paying down balances. Loan growth was also impacted by continued
run-off of the covered loans portfolio (18.1 percent). Average
total loans were $764 million (0.3 percent) lower than the first
quarter of 2018 primarily due to the impact of the student loan
portfolio sale. Excluding this impact, average total loans
increased 0.3 percent driven by growth in residential mortgages
(1.1 percent), total commercial loans (0.9 percent), and retail
leasing (2.1 percent), partially offset by continued pay-offs of
commercial real estate loans (1.3 percent) and run-off of covered
loans (5.0 percent).
AVERAGE
DEPOSITS
($
in millions)
Percent Change
2Q 1Q 2Q 2Q18 vs
2Q18 vs YTD YTD Percent
2018 2018 2017
1Q18 2Q17 2018
2017 Change Noninterest-bearing
deposits $78,987 $79,482 $82,710 (.6 ) (4.5 ) $ 79,234 $81,729 (3.1
) Interest-bearing savings deposits Interest checking 69,918 70,358
67,290 (.6 ) 3.9 70,136 66,490 5.5 Money market savings 103,333
103,367 106,777 -- (3.2 ) 103,350 107,763 (4.1 ) Savings accounts
45,069 44,388 43,524 1.5 3.5 44,730 43,069 3.9
Total savings deposits 218,320 218,113 217,591 .1 .3 218,216
217,322 .4 Time deposits 37,515 36,985 30,871 1.4
21.5 37,252 30,759 21.1 Total interest-bearing deposits
255,835 255,098 248,462 .3 3.0 255,468 248,081
3.0 Total deposits $334,822 $334,580 $331,172 .1 1.1
$ 334,702 $329,810 1.5
Average total deposits for the second quarter of 2018 were $3.7
billion (1.1 percent) higher than the second quarter of 2017.
Average noninterest-bearing deposits decreased $3.7 billion (4.5
percent) year-over-year primarily due to decreases in Corporate and
Commercial Banking and Wealth Management and Investment Services.
Average total savings deposits were $729 million (0.3 percent)
higher year-over-year driven by growth in Consumer and Business
Banking, partially offset by decreases in Corporate and Commercial
Banking and Wealth Management and Investment Services. Average time
deposits were $6.6 billion (21.5 percent) higher than the prior
year quarter. Changes in time deposits are largely related to those
deposits managed as an alternative to other funding sources such as
wholesale borrowing, based largely on relative pricing and
liquidity characteristics.
Average total deposits increased $242 million (0.1 percent) from
the first quarter of 2018. On a linked quarter basis, average
noninterest-bearing deposits decreased $495 million (0.6 percent)
primarily due to a decrease in Corporate and Commercial Banking,
partially offset by an increase in Wealth Management and Investment
Services. Average total savings deposits increased $207 million
(0.1 percent) reflecting an increase in Consumer and Business
Banking, partially offset by a decline in Corporate and Commercial
Banking. Average time deposits, which are managed based on funding
needs, relative pricing and liquidity characteristics, increased
$530 million (1.4 percent).
NONINTEREST INCOME
($ in millions)
Percent
Change 2Q 1Q 2Q
2Q18 vs 2Q18 vs YTD YTD
Percent 2018 2018
2017 1Q18 2Q17
2018 2017 Change Credit
and debit card revenue $351 $324 $330 8.3 6.4 $675 $629 7.3
Corporate payment products revenue 158 154 140 2.6 12.9 312 277
12.6 Merchant processing services 387 363 381 6.6 1.6 750 735 2.0
ATM processing services 90 79 75 13.9 20.0 169 146 15.8 Trust and
investment management fees 401 398 380 .8 5.5 799 748 6.8 Deposit
service charges 183 182 179 .5 2.2 365 351 4.0 Treasury management
fees 155 150 160 3.3 (3.1) 305 313 (2.6) Commercial products
revenue 234 220 243 6.4 (3.7) 454 490 (7.3) Mortgage banking
revenue 191 184 212 3.8 (9.9) 375 419 (10.5) Investment products
fees 47 46 44 2.2 6.8 93 86 8.1 Securities gains (losses), net 10 5
9 nm 11.1 15 38 (60.5) Other 207 167 195 24.0 6.2 374
375 (.3) Total noninterest income $2,414
$2,272 $2,348 6.3 2.8 $4,686 $4,607 1.7
Second quarter noninterest income of $2,414 million was $66
million (2.8 percent) higher than the second quarter of 2017 led by
strong growth in payment services revenue and trust and investment
management fees. ATM processing services revenue also increased
year-over-year. These increases were partially offset by lower
mortgage banking revenue and commercial products revenue which were
impacted by industry trends in these revenue categories. Payment
services revenue increased $45 million (5.3 percent) due to higher
credit and debit card revenue of $21 million (6.4 percent), an
increase in corporate payment products revenue of $18 million (12.9
percent), and higher merchant processing services of $6 million
(1.6 percent) all driven by higher sales volumes. Trust and
investment management fees increased $21 million (5.5 percent) due
to business growth and favorable market conditions. ATM processing
services revenue increased $15 million (20.0 percent) primarily due
to higher transaction volumes. The decrease in mortgage banking
revenue of $21 million (9.9 percent) was primarily due to lower
mortgage production, partially offset by a favorable change in the
valuation of mortgage servicing rights, net of hedging activities.
Treasury management fees declined $5 million (3.1 percent)
reflecting core business growth offset by the impact of earnings
credits during rising interest rates. In addition, the decrease in
commercial products revenue of $9 million (3.7 percent) was mainly
due to lower trading revenue, commercial leasing fees, and loan
fees, partially offset by higher foreign currency customer
activity.
Noninterest income was $142 million (6.3 percent) higher in the
second quarter of 2018 compared with the first quarter of 2018
reflecting stronger payment services revenue as credit and debit
card revenue grew $27 million (8.3 percent) due to seasonally
higher sales volumes and merchant processing services increased $24
million (6.6 percent) primarily due to higher volumes. Commercial
products revenue increased $14 million (6.4 percent) due to
stronger capital markets volume. Other noninterest income increased
$40 million (24.0 percent), which included the student loan
portfolio sale and equity investment income.
NONINTEREST EXPENSE
($ in millions)
Percent Change 2Q 1Q
2Q 2Q18 vs 2Q18 vs YTD
YTD Percent 2018
2018 2017 1Q18
2Q17 2018 2017
Change Compensation $1,542 $1,523 $1,416 1.2 8.9
$3,065 $2,807 9.2 Employee benefits 299 330 274 (9.4 ) 9.1 629 575
9.4 Net occupancy and equipment 262 265 255 (1.1 ) 2.7 527 502 5.0
Professional services 95 83 105 14.5 (9.5 ) 178 201 (11.4 )
Marketing and business development 111 97 109 14.4 1.8 208 199 4.5
Technology and communications 242 235 223 3.0 8.5 477 440 8.4
Postage, printing and supplies 80 80 81 -- (1.2 ) 160 162 (1.2 )
Other intangibles 40 39 43 2.6 (7.0 ) 79 87 (9.2 ) Other 414
403 478 2.7 (13.4 ) 817 920 (11.2 ) Total
noninterest expense $3,085 $3,055 $2,984 1.0 3.4
$6,140 $5,893 4.2
Second quarter noninterest expense of $3,085 million was $101
million (3.4 percent) higher than the second quarter of 2017
primarily due to higher personnel costs and technology investment,
partially offset by lower other noninterest expense. Compensation
expense increased $126 million (8.9 percent) principally due to the
impact of hiring to support business growth and compliance
programs, merit increases, and higher variable compensation related
to business production. Employee benefits expense increased $25
million (9.1 percent) primarily driven by increased medical costs
and staffing. Other noninterest expense decreased $64 million (13.4
percent) due to lower mortgage servicing-related costs.
Noninterest expense increased $30 million (1.0 percent) on a
linked quarter basis primarily due to higher compensation expense,
reflecting the impact of seasonal merit increases as well as hiring
to support business growth, and higher variable compensation
related to business production. Marketing and business development
and professional services expense are also seasonally higher during
the second quarter. These increases were largely offset by a
seasonal decrease in employee benefits due to higher payroll taxes
during the first quarter of each year.
Provision for Income Taxes
The provision for income taxes for the second quarter of 2018
resulted in a tax rate of 21.1 percent on a taxable-equivalent
basis (effective tax rate of 20.1 percent), compared with 28.5
percent (effective tax rate of 26.7 percent) in the second quarter
of 2017, and 18.9 percent on a taxable-equivalent basis (effective
tax rate of 17.7 percent) in the first quarter of 2018. The lower
2018 tax rates reflect the tax reform legislation enacted during
the fourth quarter of 2017. In addition, the first quarter of 2018
reflected the tax benefit of restricted stock vesting that occurs
principally in the first quarter of each year, as well as a
favorable settlement of tax matters.
ALLOWANCE FOR CREDIT LOSSES
($ in millions)
2Q 1Q
4Q 3Q
2Q 2018 % (b)
2018 % (b) 2017
% (b) 2017 % (b)
2017 % (b) Balance, beginning of period
$4,417 $4,417 $4,407 $4,377 $4,366 Net charge-offs
Commercial 54 .23 56 .25 22 .09 79 .34 75 .33 Lease financing 4
.29 4 .29 6 .44 4 .29 3 .22
Total commercial 58 .24 60 .25 28 .11 83 .34 78 .33 Commercial
mortgages -- -- (4 ) (.06 ) 18 .24 (2 ) (.03 ) (7 ) (.09 )
Construction and development -- -- 1 .04 -- --
(5 ) (.17 ) (2 ) (.07 ) Total commercial real estate -- -- (3 )
(.03 ) 18 .17 (7 ) (.07 ) (9 ) (.08 ) Residential mortgages
4 .03 7 .05 10 .07 7 .05 8 .05 Credit card 210 3.97 211 4.02
205 3.83 187 3.55 204 3.97 Retail leasing 3 .15 3 .15 3 .15
2 .10 2 .11 Home equity and second mortgages (2 ) (.05 ) (1 ) (.03
) (2 ) (.05 ) (1 ) (.02 ) (1 ) (.02 ) Other 59 .76 64
.79 63 .76 59 .73 58 .75 Total other retail 60
.43 66 .47 64 .44 60 .42 59 .43
Total net charge-offs, excluding covered
loans
332 .48 341 .50 325 .47 330 .48 340 .50 Covered loans -- --
-- -- -- -- -- -- -- -- Total net
charge-offs 332 .48 341 .49 325 .46 330 .47 340 .49 Provision for
credit losses 327 341 335 360 350 Other changes (a) (1 ) --
-- -- 1 Balance, end of period $4,411
$4,417 $4,417 $4,407 $4,377
Components Allowance for loan losses $3,920 $3,918 $3,925 $3,908
$3,856
Liability for unfunded credit
commitments
491 499 492 499 521 Total
allowance for credit losses $4,411 $4,417 $4,417
$4,407 $4,377 Gross charge-offs $437
$453 $464 $433 $437 Gross recoveries $105 $112 $139 $103 $97
Allowance for credit losses as a percentage of
Period-end loans, excluding covered
loans
1.58 1.60 1.58 1.59 1.59
Nonperforming loans, excluding covered
loans
484 431 438 425 385
Nonperforming assets, excluding covered
assets
412 373 374 359 331 Period-end loans 1.57 1.59 1.58 1.58
1.58 Nonperforming loans 484 431 438 426 383 Nonperforming assets
404 367 368 352 324
(a) Includes net changes in credit losses
to be reimbursed by the FDIC and reductions in the allowance for
covered loans where the reversal of a previously recorded allowance
was offset by an associated decrease in the indemnification asset,
and the impact of any loan sales.
(b) Annualized and calculated on average loan balances
The Company’s provision for credit losses for the second quarter
of 2018 was $327 million, which was $14 million (4.1 percent) lower
than the prior quarter and $23 million (6.6 percent) lower than the
second quarter of 2017. Credit quality was relatively stable
compared with a year ago and the first quarter of 2018 with lower
nonperforming assets.
Total net charge-offs in the second quarter of 2018 were $332
million, compared with $341 million in the first quarter of 2018,
and $340 million in the second quarter of 2017. Net charge-offs
decreased $9 million (2.6 percent) compared with the first quarter
of 2018 mainly due to lower total other retail net charge-offs,
partially offset by lower commercial real estate recoveries. Net
charge-offs decreased $8 million (2.4 percent) compared with the
second quarter of 2017 primarily due to lower commercial net
charge-offs, partially offset by lower commercial mortgage
recoveries and higher credit card net charge-offs. The net
charge-off ratio was 0.48 percent in the second quarter of 2018,
compared with 0.49 percent in the first quarter of 2018 and in the
second quarter of 2017.
The allowance for credit losses was $4,411 million at June 30,
2018, compared with $4,417 million at March 31, 2018, and $4,377
million at June 30, 2017. The ratio of the allowance for credit
losses to period-end loans was 1.57 percent at June 30, 2018,
compared with 1.59 percent at March 31, 2018, and 1.58 percent at
June 30, 2017. The ratio of the allowance for credit losses to
nonperforming loans was 484 percent at June 30, 2018, compared with
431 percent at March 31, 2018, and 383 percent at June 30,
2017.
Nonperforming assets were $1,091 million at June 30, 2018,
compared with $1,204 million at March 31, 2018, and $1,349 million
at June 30, 2017. The ratio of nonperforming assets to loans and
other real estate was 0.39 percent at June 30, 2018, compared with
0.43 percent at March 31, 2018, and 0.49 percent at June 30, 2017.
The year-over-year decrease in nonperforming assets was driven by
improvements in nonperforming residential mortgages, total
commercial loans, and other real estate owned, partially offset by
increases in nonperforming other retail loans and other
nonperforming assets. Accruing loans 90 days or more past due were
$640 million ($514 million excluding covered loans) at June 30,
2018, compared with $702 million ($566 million excluding covered
loans) at March 31, 2018, and $639 million ($477 million excluding
covered loans) at June 30, 2017.
DELINQUENT LOAN RATIOS AS A PERCENT OF
ENDING LOAN BALANCES (Percent)
Jun 30
Mar 31 Dec 31 Sep 30
Jun 30 2018 2018
2017 2017 2017 Delinquent
loan ratios - 90 days or more past due
excluding
nonperforming loans Commercial .06 .06 .06 .05 .05 Commercial real
estate .01 .01 .01 .01 -- Residential mortgages .18 .22 .22 .18 .20
Credit card 1.15 1.29 1.28 1.20 1.10 Other retail .16 .18 .17 .15
.14 Total loans, excluding covered loans .19 .21 .21 .18 .17
Covered loans 4.46 4.57 4.74 4.66 4.71 Total loans .23 .25 .26 .23
.23 Delinquent loan ratios - 90 days or more past due
including nonperforming loans Commercial .28 .37 .31 .33 .39
Commercial real estate .27 .31 .37 .30 .29 Residential mortgages
.84 .93 .96 .98 1.10 Credit card 1.15 1.29 1.28 1.20 1.10 Other
retail .48 .48 .46 .43 .42 Total loans, excluding covered loans .51
.58 .57 .55 .59 Covered loans 4.68 4.77 4.93 4.84 5.06 Total loans
.55 .62 .62 .60 .64
ASSET
QUALITY (a)
($ in millions)
Jun 30 Mar 31 Dec 31 Sep 30
Jun 30 2018 2018
2017 2017 2017 Nonperforming
loans Commercial $199 $274 $225 $231 $283 Lease financing 25
27 24 38 39 Total commercial 224 301 249 269
322 Commercial mortgages 72 86 108 89 84 Construction and
development 32 33 34 33 35 Total
commercial real estate 104 119 142 122 119 Residential
mortgages 400 430 442 474 530 Credit card -- -- 1 1 1 Other retail
178 168 168 163 158 Total nonperforming
loans, excluding covered loans 906 1,018 1,002 1,029 1,130
Covered loans 6 6 6 6 12 Total
nonperforming loans 912 1,024 1,008 1,035 1,142 Other real
estate 108 124 141 164 157 Covered other real estate 20 20 21 26 25
Other nonperforming assets 51 36 30 26
25 Total nonperforming assets $1,091 $1,204 $1,200
$1,251 $1,349 Total nonperforming assets, excluding
covered assets $1,065 $1,178 $1,173 $1,219
$1,312
Accruing loans 90 days or more past due,
excluding covered loans
$514 $566 $572 $497 $477 Accruing loans
90 days or more past due $640 $702 $720 $649
$639
Performing restructured loans, excluding
GNMA and covered loans
$2,164 $2,190 $2,306 $2,419 $2,473
Performing restructured GNMA and covered loans $1,695 $1,598
$1,713 $1,600 $1,803
Nonperforming assets to loans plus ORE,
excluding covered assets (%)
.38 .43 .42 .44 .48 Nonperforming assets to loans plus ORE (%) .39
.43 .43 .45 .49 (a) Throughout this document, nonperforming
assets and related ratios do not include accruing loans 90 days or
more past due
COMMON SHARES
(Millions)
2Q 1Q 4Q
3Q 2Q 2018
2018 2017 2017
2017 Beginning shares outstanding 1,649 1,656 1,667
1,679 1,692
Shares issued for stock incentive plans,
acquisitions and other corporate purposes
-- 4 1 -- 1 Shares repurchased (13 ) (11 ) (12 )
(12 ) (14 ) Ending shares outstanding 1,636
1,649 1,656 1,667
1,679
CAPITAL POSITION ($ in
millions)
Jun 30 Mar 31 Dec
31 Sep 30 Jun 30 2018
2018 2017
2017 2017
Total U.S. Bancorp shareholders' equity $49,628 $49,187 $49,040
$48,723 $48,320
Basel III Standardized Approach (a)
Common equity tier 1 capital $34,161 $33,539 $34,369 $34,876
$34,408 Tier 1 capital 39,611 38,991 39,806 40,411 39,943 Total
risk-based capital 47,258 46,640 47,503 48,104 47,824 Fully
implemented common equity tier 1 capital ratio (a) 9.1 % 9.0 % 9.1
% (b) 9.4 % (b) 9.3 % (b) Tier 1 capital ratio 10.5 10.4 10.8 11.1
11.1 Total risk-based capital ratio 12.6 12.5 12.9 13.2 13.2
Leverage ratio 8.9 8.8 8.9 9.1 9.1
Basel III Advanced
Approaches (a) Fully implemented common equity tier 1 capital
ratio (a) 11.6 11.5 11.6 (b) 11.8 (b) 11.7 (b)
Tangible
common equity to tangible assets (b) 7.8 7.7 7.6 7.7 7.5
Tangible common equity to risk-weighted assets (b) 9.3 9.3
9.4 9.5 9.4
Common equity tier 1 capital ratio
calculated under the transitional standardized approach (a)
-- --
9.3
9.6 9.5
Common equity tier 1 capital ratio
calculated under the transitional advanced approaches (a)
-- -- 12.0 12.1 12.0
(a) Beginning January 1, 2018, the
regulatory capital requirements fully reflect implementation of
Basel III. Prior to 2018, the Company's capital ratios reflected
certain transitional adjustments. Basel III includes two
comprehensive methodologies for calculating risk-weighted assets: a
general standardized approach and more risk-sensitive advanced
approaches, with the Company's capital adequacy being evaluated
against the methodology that is most restrictive.
(b) See Non-GAAP Financial Measures reconciliation on page 16
Total U.S. Bancorp shareholders’ equity was $49.6 billion at
June 30, 2018, compared with $49.2 billion at March 31, 2018, and
$48.3 billion at June 30, 2017. During the second quarter, the
Company returned 69 percent of earnings to shareholders through
dividends and share buybacks.
All regulatory ratios continue to be in excess of
“well-capitalized” requirements. The common equity tier 1 capital
to risk-weighted assets ratio using the Basel III standardized
approach was 9.1 percent at June 30, 2018, compared with 9.0
percent at March 31, 2018, and 9.5 percent at June 30, 2017. The
common equity tier 1 capital to risk-weighted assets ratio using
the Basel III advanced approaches method was 11.6 percent at June
30, 2018, compared with 11.5 percent at March 31, 2018, and 12.0
percent at June 30, 2017.
Investor Conference Call
On Wednesday, July 18, 2018, at 8:00 a.m. CDT, Andy Cecere,
Chairman, President and Chief Executive Officer, and Terry Dolan,
Vice Chairman and Chief Financial Officer, will host a conference
call to review the financial results. The conference call will be
available online or by telephone. To access the webcast and
presentation, visit U.S. Bancorp’s website at usbank.com and click
on “About US”, “Investor Relations” and “Webcasts &
Presentations.” To access the conference call from locations within
the United States and Canada, please dial 866-316-1409.
Participants calling from outside the United States and Canada,
please dial 706-634-9086. The conference ID number for all
participants is 9049069. For those unable to participate during the
live call, a recording will be available at approximately 11:00
a.m. CDT on Wednesday, July 18 and will be accessible until
Wednesday, July 25 at 11:00 p.m. CDT. To access the recorded
message within the United States and Canada, please dial
855-859-2056. If calling from outside the United States and Canada,
please dial 404-537-3406 to access the recording. The conference ID
is 9049069.
About U.S. Bancorp
U.S. Bancorp, with 74,000 employees and $461 billion in assets
as of June 30, 2018, is the parent company of U.S. Bank, the
fifth-largest commercial bank in the United States. The
Minneapolis-based bank blends its relationship teams, branches and
ATM network with mobile and online tools that allow customers to
bank how, when and where they prefer. U.S. Bank is committed to
serving its millions of retail, business, wealth management,
payment, commercial and corporate, and investment services
customers across the country and around the world as a trusted
financial partner, a commitment recognized by the Ethisphere
Institute naming the bank a 2018 World’s Most Ethical Company.
Visit U.S. Bank at www.usbank.com or follow on social media to stay
up to date with company news.
Forward-looking Statements
The following information appears in accordance with the Private
Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements about
U.S. Bancorp. Statements that are not historical or current facts,
including statements about beliefs and expectations, are
forward-looking statements and are based on the information
available to, and assumptions and estimates made by, management as
of the date hereof. These forward-looking statements cover, among
other things, anticipated future revenue and expenses and the
future plans and prospects of U.S. Bancorp. Forward-looking
statements involve inherent risks and uncertainties, and important
factors could cause actual results to differ materially from those
anticipated. A reversal or slowing of the current economic recovery
or another severe contraction could adversely affect U.S. Bancorp’s
revenues and the values of its assets and liabilities. Global
financial markets could experience a recurrence of significant
turbulence, which could reduce the availability of funding to
certain financial institutions and lead to a tightening of credit,
a reduction of business activity, and increased market volatility.
Stress in the commercial real estate markets, as well as a downturn
in the residential real estate markets could cause credit losses
and deterioration in asset values. In addition, changes to
statutes, regulations, or regulatory policies or practices could
affect U.S. Bancorp in substantial and unpredictable ways. U.S.
Bancorp’s results could also be adversely affected by deterioration
in general business and economic conditions; changes in interest
rates; deterioration in the credit quality of its loan portfolios
or in the value of the collateral securing those loans;
deterioration in the value of its investment securities; legal and
regulatory developments; litigation; increased competition from
both banks and non-banks; changes in customer behavior and
preferences; breaches in data security; effects of mergers and
acquisitions and related integration; effects of critical
accounting policies and judgments; and management’s ability to
effectively manage credit risk, market risk, operational risk,
compliance risk, strategic risk, interest rate risk, liquidity risk
and reputational risk.
For discussion of these and other risks that could cause actual
results to differ from expectations, refer to U.S. Bancorp’s Annual
Report on Form 10-K for the year ended December 31, 2017, on file
with the Securities and Exchange Commission, including the sections
entitled “Corporate Risk Profile” and “Risk Factors” contained in
Exhibit 13, and all subsequent filings with the Securities and
Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934. However, factors other than these
also could adversely affect U.S. Bancorp’s results, and the reader
should not consider these factors to be a complete set of all
potential risks or uncertainties. Forward-looking statements speak
only as of the date hereof, and U.S. Bancorp undertakes no
obligation to update them in light of new information or future
events.
Non-GAAP Financial Measures
In addition to capital ratios defined by banking regulators, the
Company considers various other measures when evaluating capital
utilization and adequacy, including:
- Tangible common equity to tangible
assets
- Tangible common equity to risk-weighted
assets
- Return on tangible common equity
These capital measures are viewed by management as useful
additional methods of evaluating the Company’s utilization of its
capital held and the level of capital available to withstand
unexpected negative market or economic conditions. Additionally,
presentation of these measures allows investors, analysts and
banking regulators to assess the Company’s capital position
relative to other financial services companies. These capital
measures are not defined in generally accepted accounting
principles (“GAAP”) or are not defined in federal banking
regulations. As a result, these capital measures disclosed by the
Company may be considered non-GAAP financial measures. In addition,
certain capital measures related to prior periods are presented on
the same basis as those capital measures in the current period. The
effective capital ratios defined by banking regulations for these
periods were subject to certain transitional provisions. Management
believes this information helps investors assess trends in the
Company’s capital adequacy.
The Company also discloses net interest income and related
ratios and analysis on a taxable-equivalent basis, which may also
be considered non-GAAP financial measures. The Company believes
this presentation to be the preferred industry measurement of net
interest income as it provides a relevant comparison of net
interest income arising from taxable and tax-exempt sources. In
addition, certain performance measures, including the efficiency
ratio and net interest margin utilize net interest income on a
taxable-equivalent basis.
There may be limits in the usefulness of these measures to
investors. As a result, the Company encourages readers to consider
the consolidated financial statements and other financial
information contained in this press release in their entirety, and
not to rely on any single financial measure. A table follows that
shows the Company’s calculation of these non-GAAP financial
measures.
CONSOLIDATED STATEMENT OF INCOME
Three Months Ended Six
Months Ended (Dollars and Shares in Millions, Except Per Share
Data) June 30, June 30, (Unaudited) 2018
2017 2018 2017
Interest Income Loans $3,197 $2,889 $6,292
$5,679 Loans held for sale 39 29 72 64 Investment securities 653
555 1,266 1,085 Other interest income 59 46
109 84 Total interest income 3,948
3,519 7,739 6,912
Interest Expense Deposits 427 238 772 437
Short-term borrowings 86 33 161 57 Long-term debt 238
199 441 389 Total interest
expense 751 470 1,374 883
Net interest income 3,197 3,049 6,365 6,029 Provision for
credit losses 327 350 668
695 Net interest income after provision for credit losses
2,870 2,699 5,697 5,334
Noninterest Income Credit and debit
card revenue 351 330 675 629 Corporate payment products revenue 158
140 312 277 Merchant processing services 387 381 750 735 ATM
processing services 90 75 169 146 Trust and investment management
fees 401 380 799 748 Deposit service charges 183 179 365 351
Treasury management fees 155 160 305 313 Commercial products
revenue 234 243 454 490 Mortgage banking revenue 191 212 375 419
Investment products fees 47 44 93 86 Securities gains (losses), net
10 9 15 38 Other 207 195 374
375 Total noninterest income 2,414 2,348 4,686 4,607
Noninterest Expense Compensation 1,542 1,416 3,065 2,807
Employee benefits 299 274 629 575 Net occupancy and equipment 262
255 527 502 Professional services 95 105 178 201 Marketing and
business development 111 109 208 199 Technology and communications
242 223 477 440 Postage, printing and supplies 80 81 160 162 Other
intangibles 40 43 79 87 Other 414 478
817 920 Total noninterest expense 3,085
2,984 6,140 5,893 Income
before income taxes 2,199 2,063 4,243 4,048 Applicable income taxes
441 551 803 1,050
Net income 1,758 1,512 3,440 2,998 Net (income) loss attributable
to noncontrolling interests (8 ) (12 ) (15 )
(25 ) Net income attributable to U.S. Bancorp $1,750
$1,500 $3,425 $2,973 Net income
applicable to U.S. Bancorp common shareholders $1,678
$1,430 $3,275 $2,817
Earnings per common share $1.02 $.85 $1.99 $1.67 Diluted earnings
per common share $1.02 $.85 $1.98 $1.66 Dividends declared per
common share $.30 $.28 $.60 $.56 Average common shares outstanding
1,642 1,684 1,647 1,689 Average diluted common shares outstanding
1,646 1,690 1,651
1,695
CONSOLIDATED ENDING BALANCE
SHEET
June 30, December 31, June 30, (Dollars
in Millions) 2018 2017 2017
Assets (Unaudited) (Unaudited) Cash and due from
banks $19,021 $19,505 $28,964 Investment securities
Held-to-maturity 46,055 44,362 43,659 Available-for-sale 66,347
68,137 67,455 Loans held for sale 3,256 3,554 3,661 Loans
Commercial 99,357 97,561 96,836 Commercial real estate 39,399
40,463 41,908 Residential mortgages 61,309 59,783 58,796 Credit
card 21,566 22,180 20,861 Other retail 55,723 57,324
55,445 Total loans, excluding covered loans
277,354 277,311 273,846 Covered loans 2,823 3,121
3,437 Total loans 280,177 280,432 277,283 Less
allowance for loan losses (3,920 ) (3,925 ) (3,856 )
Net loans 276,257 276,507 273,427 Premises and equipment 2,431
2,432 2,413 Goodwill 9,425 9,434 9,361 Other intangible assets
3,415 3,228 3,216 Other assets 35,122 34,881
31,688 Total assets $461,329 $462,040
$463,844
Liabilities and
Shareholders' Equity Deposits Noninterest-bearing $82,215
$87,557 $93,029 Interest-bearing 257,865 259,658
254,233 Total deposits 340,080 347,215 347,262
Short-term borrowings 18,136 16,651 14,412 Long-term debt 37,172
32,259 37,814 Other liabilities 15,684 16,249
15,407 Total liabilities 411,072 412,374 414,895
Shareholders' equity Preferred stock 5,419 5,419 5,419 Common stock
21 21 21 Capital surplus 8,468 8,464 8,425 Retained earnings 56,742
54,142 52,033 Less treasury stock (18,707 ) (17,602 ) (16,332 )
Accumulated other comprehensive income (loss) (2,315 )
(1,404 ) (1,246 ) Total U.S. Bancorp shareholders' equity
49,628 49,040 48,320 Noncontrolling interests 629 626
629 Total equity 50,257 49,666
48,949 Total liabilities and equity
$461,329 $462,040 $463,844
NON-GAAP FINANCIAL
MEASURES
June 30, March 31,
December 31, September 30, June 30, (Dollars in Millions,
Unaudited) 2018 2018 2017 2017
2017 Total equity $50,257 $49,812 $49,666 $49,351 $48,949
Preferred stock (5,419) (5,419) (5,419) (5,419) (5,419)
Noncontrolling interests (629) (625) (626) (628) (629) Goodwill
(net of deferred tax liability) (1) (8,585) (8,609) (8,613) (8,141)
(8,181) Intangible assets, other than mortgage servicing rights
(571) (608) (583) (595) (634)
Tangible common equity (a) 35,053 34,551 34,425 34,568 34,086
Total assets 461,329 460,119 462,040 459,227 463,844
Goodwill (net of deferred tax liability) (1) (8,585) (8,609)
(8,613) (8,141) (8,181) Intangible assets, other than mortgage
servicing rights (571) (608) (583) (595)
(634) Tangible assets (b) 452,173 450,902 452,844
450,491 455,029
Risk-weighted assets, determined in
accordance with the Basel III standardized approach (c)
375,466 * 373,141 367,771 363,957 361,164 Tangible common
equity (as calculated above) 34,425 34,568 34,086 Adjustments (2)
(550) (52) (51)
Common equity tier 1 capital estimated for
the Basel III fully implemented standardized and advanced
approaches (d)
33,875 34,516 34,035
Risk-weighted assets, determined in
accordance with prescribed transitional standardized approach
regulatory requirements
367,771 363,957 361,164 Adjustments (3) 4,473 3,907
3,967
Risk-weighted assets estimated for the
Basel III fully implemented standardized approach (e)
372,244 367,864 365,131
Risk-weighted assets, determined in
accordance with prescribed transitional advanced approaches
regulatory requirements
287,211 287,800 287,124 Adjustments (4) 4,769 4,164
4,231
Risk-weighted assets estimated for the
Basel III fully implemented advanced approaches (f)
291,980 291,964 291,355
Ratios * Tangible common
equity to tangible assets (a)/(b) 7.8 % 7.7 % 7.6 % 7.7 % 7.5 %
Tangible common equity to risk-weighted assets (a)/(c) 9.3 9.3 9.4
9.5 9.4
Common equity tier 1 capital to
risk-weighted assets estimated for the Basel III fully implemented
standardized approach (d)/(e)
9.1 9.4 9.3
Common equity tier 1 capital to
risk-weighted assets estimated for the Basel III fully implemented
advanced approaches (d)/(f)
11.6 11.8 11.7 Three Months Ended June 30,
March 31, December 31, September 30, June 30, 2018 2018
2017 2017 2017 Net income applicable to
U.S. Bancorp common shareholders $1,678 $1,597 $1,611 $1,485 $1,430
Intangibles amortization (net-of-tax) 32 31 28
29 28
Net income applicable to U.S. Bancorp
common shareholders, excluding intangibles amortization
1,710 1,628 1,639 1,514 1,458
Annualized net income applicable to U.S.
Bancorp common shareholders, excluding intangibles amortization
(g)
6,859 6,602 6,503 6,007 5,848 Average total equity 49,950
49,450 49,461 49,447 48,909 Less: Average preferred stock 5,419
5,419 5,419 5,419 5,419 Less: Average noncontrolling interests 628
625 627 628 636 Less: Average goodwill (net of deferred tax
liability) (1) 8,602 8,627 8,154 8,153 8,160 Less: Average
intangible assets, other than mortgage servicing rights 588
603 591 615 650
Average U.S. Bancorp common shareholders'
equity, excluding intangible assets (h)
34,713 34,176 34,670 34,632 34,044 Return on tangible common
equity (g)/(h) 19.8 % 19.3 % 18.8 % 17.3 % 17.2 % *
Preliminary data. Subject to change prior to filings with
applicable regulatory agencies. (1) Includes goodwill related to
certain investments in unconsolidated financial institutions per
prescribed regulatory requirements. (2) Includes net losses on cash
flow hedges included in accumulated other comprehensive income
(loss) and other adjustments. (3) Includes higher risk-weighting
for unfunded loan commitments, investment securities, residential
mortgages, mortgage servicing rights and other adjustments. (4)
Primarily reflects higher risk-weighting for mortgage servicing
rights.
NON-GAAP FINANCIAL MEASURES
Three Months Ended Six
Months Ended June 30, March 31, December 31, September 30, June 30,
June 30, June 30, (Dollars in Millions, Unaudited) 2018
2018 2017 2017 2017 2018
2017 Net interest income $3,197 $3,168 $3,175 $3,176 $3,049
$6,365 $6,029 Taxable-equivalent adjustment (1) 29 29
53 51 51 58 101 Net interest
income, on a taxable-equivalent basis 3,226 3,197 3,228 3,227 3,100
6,423 6,130 Net interest income, on a taxable-equivalent
basis (as calculated above) 3,226 3,197 3,228 3,227 3,100 6,423
6,130 Noninterest income 2,414 2,272 2,370 2,340 2,348 4,686 4,607
Less: Securities gains (losses), net 10 5 10 9
9 15 38 Total net revenue, excluding
net securities gains (losses) (a) 5,630 5,464 5,588 5,558 5,439
11,094 10,699 Noninterest expense (b) 3,085 3,055 3,899
2,998 2,984 6,140 5,893 Less: Intangible amortization 40 39
44 44 43 79 87
Noninterest expense, excluding intangible amortization (c) 3,045
3,016 3,855 2,954 2,941 6,061 5,806 Efficiency ratio (b)/(a)
54.8 % 55.9 % 69.8 % 53.9 % 54.9 % 55.3 % 55.1 % Tangible
efficiency ratio (c)/(a) 54.1 55.2 69.0
53.1 54.1 54.6 54.3 (1) Interest
and rates are presented on a fully taxable-equivalent basis based
on a federal income tax rate of 21 percent for 2018 and 35 percent
for 2017.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180718005067/en/
U.S. BancorpInvestor contact:Jennifer Thompson,
612-303-0778orMedia contact:Stacey Wempen, 612-303-7620
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