8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 15, 2020

U.S. BANCORP

(Exact name of registrant as specified in its charter)

1-6880

(Commission File Number)

DELAWARE	41-0255900
(State or other jurisdiction	(I.R.S. Employer Identification
of incorporation)	Number)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices and zip code)

(651) 466-3000

(Registrant’s telephone number, including area code)

(not applicable)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $.01 par value per share	USB	New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrA	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrH	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrM	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrO	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrP	New York Stock Exchange
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024	USB/24B	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act.  ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 15, 2020, U.S. Bancorp (the “Company”) issued a press release reporting quarter-ended June 30, 2020 results, and posted on its website its 2Q20 Earnings Conference Call Presentation, which contains certain additional historical and forward-looking information relating to the Company. The press release is included as Exhibit 99.1 hereto and is incorporated herein by reference. The information included in the press release is considered to be “filed” under the Securities Exchange Act of 1934. The 2Q20 Earnings Conference Call Presentation is included as Exhibit 99.2 hereto and is incorporated herein by reference. The information included in the 2Q20 Earnings Conference Call Presentation is considered to be “furnished” under the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933. The press release and 2Q20 Earnings Conference Call Presentation contain forward-looking statements regarding the Company and each includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

99.1 Press Release issued by U.S. Bancorp on July 15, 2020, deemed “filed” under the Securities Exchange Act of 1934.

99.2 2Q20 Earnings Conference Call Presentation, deemed “furnished” under the Securities Exchange Act of 1934.

 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

U.S. BANCORP

By /s/    Lisa R. Stark

Lisa R. Stark

Executive Vice President and
Controller

DATE: July 15, 2020

EX-99.1

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
PROFITABILITY  METRICS	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    income • 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)		9.0%		9.0%		9.5%
(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

U.S. Bancorp Second Quarter 2020 Results

INCOME STATEMENT HIGHLIGHTS
($ in millions, except per-share data)							Percent Change
	2Q  2020		1Q  2020		2Q  2019		2Q20 vs 1Q20		2Q20 vs 2Q19		YTD 2020		YTD 2019		Percent Change
Net interest income		$3,200		$3,223		$3,305		(.7)		(3.2)		$6,423		$6,564		(2.1)
Taxable-equivalent adjustment		24		24		27		--		(11.1)		48		54		(11.1)
Net interest income (taxable-equivalent basis)		3,224		3,247		3,332		(.7)		(3.2)		6,471		6,618		(2.2)
Noninterest income		2,614		2,525		2,490		3.5		5.0		5,139		4,781		7.5
Total net revenue		5,838		5,772		5,822		1.1		.3		11,610		11,399		1.9
Noninterest expense		3,318		3,316		3,153		.1		5.2		6,634		6,240		6.3
Income before provision and income taxes		2,520		2,456		2,669		2.6		(5.6)		4,976		5,159		(3.5)
Provision for credit losses		1,737		993		365		74.9		nm		2,730		742		nm
Income before taxes		783		1,463		2,304		(46.5)		(66.0)		2,246		4,417		(49.2)
Income taxes and taxable-equivalent adjustment		88		284		476		(69.0)		(81.5)		372		881		(57.8)
Net income		695		1,179		1,828		(41.1)		(62.0)		1,874		3,536		(47.0)
Net (income) loss attributable to noncontrolling interests		(6)		(8)		(7)		25.0		14.3		(14)		(16)		12.5
Net income attributable to U.S. Bancorp		$689		$1,171		$1,821		(41.2)		(62.2)		$1,860		$3,520		(47.2)
Net income applicable to U.S. Bancorp common shareholders		$614		$1,088		$1,741		(43.6)		(64.7)		$1,702		$3,354		(49.3)
Diluted earnings per common share		$.41		$.72		$1.09		(43.1)		(62.4)		$1.12		$2.10		(46.7)

Net income attributable to U.S. Bancorp was $689 million for the second quarter of 2020, which was 62.2 percent lower than the $1,821 million for the second quarter of 2019, and 41.2 percent lower than the $1,171 million for the first quarter of 2020. Diluted earnings per common share were $0.41 in the second quarter of 2020, compared with $1.09 in the second quarter of 2019 and $0.72 in the first quarter of 2020. During a challenging period adversely impacted by the COVID-19 pandemic, the Company’s diversified business mitigated the potential loss of revenue and supported a provision for credit losses of $1,737 million resulting in a $1,300 million increase in the allowance for credit losses in the second quarter of 2020 compared with a $993 million provision for credit losses in the first quarter of 2020.

The decrease in net income year-over-year was primarily due to an increase in the provision for credit losses driven by deteriorating economic conditions caused by the impact of COVID-19 on the U.S. and global economies. Net interest income decreased 3.2 percent, on a year-over-year basis, primarily due to the impact of declining interest rates, partially offset by deposit and funding mix and loan growth. The net interest margin declined 51 basis points to 2.62 percent in the second quarter of 2020. The decline was primarily due to a declining yield curve (23 basis points), the Company’s decision to increase liquidity near the end of the first quarter of 2020 (21 basis points) given the economic environment, and loan mix, partially offset by changes in deposit and funding composition. Noninterest income increased 5.0 percent compared with a year ago, driven by significant growth in mortgage banking revenue due to refinancing activities, strong growth in commercial products revenue, and an increase in gains on the sale of securities. Growth in these fee categories was partially offset by a decline in payment services revenue and deposit service charges related to lower consumer and commercial spending as well as higher fee waivers related to customers impacted by COVID-19. Additionally, other noninterest income declined on a year-over-year basis due to lower equity investment income, tax credit syndication revenues and asset impairments as a result of property damage from civil unrest occurring during the quarter. Noninterest expense increased 5.2 percent reflecting approximately $66 million of costs related to the COVID-19 environment and an increase in revenue-related production expenses of approximately $84 million in the second quarter of 2020. Additionally, noninterest expense reflected an increase in personnel and technology and communications expense related to developing digital capabilities and related business investment, partially offset by lower marketing and business development expense.

        2

U.S. Bancorp Second Quarter 2020 Results

Net income decreased on a linked quarter basis primarily due to an increase in the provision for credit losses as a result of the current economic environment. The Company’s pre-provision income increased 2.6 percent, on a linked quarter basis, driven by higher total net revenue of 1.1 percent, partially offset by a slight increase in noninterest expense of 0.1 percent on a linked quarter basis. Net interest income decreased 0.7 percent primarily due to the adverse impact of lower interest rates, partially offset by loan growth and the benefit of deposit pricing changes and funding mix. The net interest margin declined by 29 basis points, on a linked quarter basis, primarily reflecting the lower yield curve and approximately 16 basis points of decline related to maintaining a higher liquidity position. Noninterest income increased 3.5 percent compared with the first quarter of 2020 driven by higher commercial products revenue, mortgage banking revenue, and an increase in gains on the sale of securities, partially offset by lower payment services revenue, deposit service charges, and other noninterest income. Noninterest expense was relatively flat, on a linked quarter basis, reflecting higher personnel costs and technology and communications expense related to developing digital capabilities and related business investment, partially offset by lower other noninterest expense and marketing and business development expense.

        3

U.S. Bancorp Second Quarter 2020 Results

NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)							Change
	2Q 2020		1Q 2020		2Q 2019		2Q20 vs 1Q20		2Q20 vs 2Q19		YTD 2020		YTD 2019		Change
Components of net interest income
Income on earning assets		$3,697		$4,142		$4,480		$(445)		$(783)		$7,839		$8,861		$(1,022)
Expense on interest-bearing liabilities		473		895		1,148		(422)		(675)		1,368		2,243		(875)
Net interest income		$3,224		$3,247		$3,332		$(23)		$(108)		$6,471		$6,618		$(147)
Average yields and rates paid
Earning assets yield		3.00%		3.71%		4.21%		(.71)%		(1.21)%		3.34%		4.21%		(.87)%
Rate paid on interest-bearing liabilities		.50		1.02		1.40		(.52)		(.90)		.75		1.39		(.64)
Gross interest margin		2.50%		2.69%		2.81%		(.19)%		(.31)%		2.59%		2.82%		(.23)%
Net interest margin		2.62%		2.91%		3.13%		(.29)%		(.51)%		2.76%		3.14%		(.38)%
Average balances
Investment securities (a)		$120,867		$120,843		$115,460		$24		$5,407		$120,856		$114,823		$6,033
Loans		318,107		297,657		289,218		20,450		28,889		307,882		287,672		20,210
Earning assets		494,119		447,722		426,933		46,397		67,186		470,921		423,234		47,687
Interest-bearing liabilities		380,320		352,761		329,743		27,559		50,577		366,540		325,971		40,569

(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the second quarter of 2020 was $3,224 million, a decrease of $108 million (3.2 percent) compared with the second quarter of 2019. The decrease was principally driven by the impact of declining interest rates, partially offset by deposit and funding mix and loan growth. Average earning assets were $67.2 billion (15.7 percent) higher than the second quarter of 2019, reflecting increases of $28.9 billion (10.0 percent) in average total loans, $5.4 billion (4.7 percent) in average investment securities, and $29.7 billion in average other earning assets.

Net interest income on a taxable-equivalent basis decreased $23 million (0.7 percent) on a linked quarter basis primarily driven by the impact of lower interest rates, partially offset by loan growth and the benefit of deposit pricing and funding mix. Average earning assets were $46.4 billion (10.4 percent) higher on a linked quarter basis, reflecting an increase of $20.5 billion (6.9 percent) in average total loans and $24.4 billion (99.6 percent) in average other earning assets. The growth in average loans reflects significant line utilization of $22 billion by corporate customers during late first quarter of 2020 and funding business loans of $7.3 billion by June 30, 2020, to qualifying borrowers participating in the SBA’s Paycheck Protection Program (“PPP”) during the second quarter. Many corporate customers were able to access the capital markets during the second quarter and reduced line balances by approximately $10 billion throughout the second quarter. Average investment securities were essentially flat on a linked quarter basis.

The net interest margin in the second quarter of 2020 was 2.62 percent, compared with 3.13 percent in the second quarter of 2019 and 2.91 percent in the first quarter of 2020. The decrease in the net interest margin year-over-year was primarily due to the impact of the lower yield curve and higher cash balances to maintain liquidity given the environment, partially offset by deposit pricing and funding mix. The decrease in net interest margin on a linked quarter basis reflects the impact of the lower yield curve and higher cash balances in support of liquidity, partially offset by the impact of deposit and funding mix.

The increase in average investment securities in the second quarter of 2020 compared with the second quarter of 2019 was primarily due to purchases of mortgage-backed securities, net of prepayments and maturities, partially offset by U.S. Treasury securities sales and maturities, net of purchases.

        4

U.S. Bancorp Second Quarter 2020 Results

AVERAGE LOANS
($ in millions)							Percent Change
	2Q 2020		1Q 2020		2Q 2019		2Q20 vs 1Q20			2Q20 vs 2Q19			YTD 2020		YTD 2019		Percent Change
Commercial	$	122,442	$	100,329	$	97,776		22.0			25.2		$	111,385	$	97,115		14.7
Lease financing		5,597		5,658		5,457		(1.1	)		2.6			5,628		5,485		2.6
Total commercial		128,039		105,987		103,233		20.8			24.0			117,013		102,600		14.0
Commercial mortgages		30,194		29,523		28,465		2.3			6.1			29,858		28,462		4.9
Construction and development		10,894		10,555		10,900		3.2			(.1	)		10,725		10,955		(2.1	)
Total commercial real estate		41,088		40,078		39,365		2.5			4.4			40,583		39,417		3.0
Residential mortgages		71,122		70,892		66,834		.3			6.4			71,007		66,212		7.2
Credit card		21,510		23,836		22,830		(9.8	)		(5.8	)		22,673		22,714		(.2	)
Retail leasing		8,412		8,474		8,547		(.7	)		(1.6	)		8,443		8,566		(1.4	)
Home equity and second mortgages		14,386		14,838		15,831		(3.0	)		(9.1	)		14,612		15,912		(8.2	)
Other		33,550		33,552		32,578		--			3.0			33,551		32,251		4.0
Total other retail		56,348		56,864		56,956		(.9	)		(1.1	)		56,606		56,729		(.2	)
Total loans	$	318,107	$	297,657	$	289,218		6.9			10.0		$	307,882	$	287,672		7.0

Average total loans for the second quarter of 2020 were $28.9 billion (10.0 percent) higher than the second quarter of 2019. The increase was primarily due to higher total commercial loans (24.0 percent), reflecting the utilization of bank credit facilities by customers to support liquidity requirements as well as the impact of loans made under the SBA’s Paycheck Protection Program, along with growth in residential mortgages (6.4 percent) given the lower interest rate environment. These increases were partially offset by lower credit card loans (5.8 percent) and total other retail loans (1.1 percent).

Average total loans were $20.5 billion (6.9 percent) higher than the first quarter of 2020 primarily driven by growth in total commercial loans (20.8 percent), reflecting the utilization of bank credit facilities by customers to support liquidity requirements as well as the impact of loans made under the SBA’s Paycheck Protection Program, partially offset by lower credit card loans (9.8 percent) driven by lower consumer spending during the second quarter.

        5

U.S. Bancorp Second Quarter 2020 Results

AVERAGE DEPOSITS
($ in millions)							Percent Change
	2Q 2020		1Q 2020		2Q 2019		2Q20 vs 1Q20		2Q20 vs 2Q19			YTD 2020		YTD 2019		Percent Change
Noninterest-bearing deposits		$95,106		$74,142		$73,096		28.3		30.1			$84,624		$73,263		15.5
Interest-bearing savings deposits
Interest checking		83,789		77,359		70,433		8.3		19.0			80,573		71,301		13.0
Money market savings		129,692		121,946		108,633		6.4		19.4			125,819		104,058		20.9
Savings accounts		51,237		48,048		45,988		6.6		11.4			49,643		45,604		8.9
Total savings deposits		264,718		247,353		225,054		7.0		17.6			256,035		220,963		15.9
Time deposits		43,479		41,309		47,082		5.3		(7.7	)		42,394		46,100		(8.0	)
Total interest-bearing deposits		308,197		288,662		272,136		6.8		13.3			298,429		267,063		11.7
Total deposits		$403,303		$362,804		$345,232		11.2		16.8			$383,053		$340,326		12.6

Average total deposits for the second quarter of 2020 were $58.1 billion (16.8 percent) higher than the second quarter of 2019. Average noninterest-bearing deposits increased $22.0 billion (30.1 percent) driven by Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services. Average total savings deposits were $39.7 billion (17.6 percent) higher year-over-year driven by Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services. Average time deposits were $3.6 billion (7.7 percent) lower than the prior year quarter. Changes in time deposits are largely related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Average total deposits increased $40.5 billion (11.2 percent) from the first quarter of 2020. On a linked quarter basis, average noninterest-bearing deposits increased $20.9 billion (28.3 percent) driven by Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services. Average total savings deposits increased $17.4 billion (7.0 percent) over the first quarter of 2020 primarily due to increases in Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services. Average time deposits, which are managed based on funding needs, relative pricing and liquidity characteristics, increased $2.2 billion (5.3 percent) on a linked quarter basis primarily driven by Corporate and Commercial Banking.

The growth in average noninterest-bearing deposits and total average savings deposits is primarily a result of the economic impact of the COVID-19 pandemic on the world economy resulting in actions by the federal government to increase liquidity in the financial system, customers maintaining balance sheet liquidity by utilizing existing credit facilities and government stimulus programs.

        6

U.S. Bancorp Second Quarter 2020 Results

NONINTEREST INCOME
($ in millions)							Percent Change
	2Q 2020		1Q 2020		2Q 2019		2Q20 vs 1Q20		2Q20 vs 2Q19		YTD 2020		YTD 2019		Percent Change
Credit and debit card revenue		$284		$304		$365		(6.6)		(22.2)		$588		$669		(12.1)
Corporate payment products revenue		101		145		167		(30.3)		(39.5)		246		329		(25.2)
Merchant processing services		266		337		404		(21.1)		(34.2)		603		782		(22.9)
Trust and investment management fees		434		427		415		1.6		4.6		861		814		5.8
Deposit service charges		133		209		227		(36.4)		(41.4)		342		444		(23.0)
Treasury management fees		137		143		153		(4.2)		(10.5)		280		299		(6.4)
Commercial products revenue		355		246		249		44.3		42.6		601		468		28.4
Mortgage banking revenue		648		395		189		64.1		nm		1,043		358		nm
Investment products fees		45		49		47		(8.2)		(4.3)		94		92		2.2
Securities gains (losses), net		81		50		17		62.0		nm		131		22		nm
Other		130		220		257		(40.9)		(49.4)		350		504		(30.6)
Total noninterest income		$2,614		$2,525		$2,490		3.5		5.0		$5,139		$4,781		7.5

Second quarter noninterest income of $2,614 million was $124 million (5.0 percent) higher than the second quarter of 2019 reflecting higher commercial products revenue and mortgage banking revenue, as well as an increase in gains on the sale of securities. Growth in these fee categories was partially offset by lower payment services revenue, deposit service charges, and other noninterest income. Commercial products revenue increased $106 million (42.6 percent) primarily due to higher corporate bond issuance fees and trading revenue. Mortgage banking revenue increased $459 million due to higher mortgage production and stronger gain on sale margins, partially offset by the unfavorable net impact of the change in fair value of mortgage servicing rights and related hedging activities. Partially offsetting these increases, payment services revenue decreased $285 million (30.4 percent) reflecting lower credit and debit card revenue of $81 million (22.2 percent), lower corporate payment products revenue of $66 million (39.5 percent) and lower merchant processing services revenue of $138 million (34.2 percent) driven by lower sales volume due to the worldwide impact of the COVID-19 pandemic on consumer and business spending. Deposit service charges decreased $94 million (41.4 percent) primarily due to lower volume and fee waivers related to customers impacted by COVID-19. Other noninterest income decreased $127 million (49.4 percent) due to lower equity investment income, tax-advantaged investment syndication revenue, and asset impairments as a result of property damage from civil unrest in the second quarter of 2020.

Noninterest income was $89 million (3.5 percent) higher in the second quarter of 2020 compared with the first quarter of 2020, reflecting higher commercial products revenue, mortgage banking revenue, and an increase in gains on the sale of securities, partially offset by lower payment services revenue, deposit service charges, and other noninterest income. Commercial products revenue increased $109 million (44.3 percent) on a linked quarter basis due to higher trading revenue and corporate bond fees. Mortgage banking revenue increased $253 million (64.1 percent) due to higher mortgage production and stronger gain on sale margins, partially offset by the unfavorable net impact of the change in fair value of mortgage servicing rights and related hedging activities. Payment services revenue decreased $135 million (17.2 percent) compared with the first quarter of 2020 driven by lower credit and debit card revenue of $20 million (6.6 percent), lower corporate payment products revenue of $44 million (30.3 percent), and lower merchant processing services revenue of $71 million (21.1 percent) primarily driven by lower sales volume due to the worldwide impact of the COVID-19 pandemic on spending. Deposit service charges decreased $76 million (36.4 percent) primarily due to lower volume and fee waivers related to customers impacted by COVID-19. Other noninterest income decreased $90 million (40.9 percent) primarily due to gains on sales of certain businesses in the first quarter of 2020, asset impairments as a result of property damage from civil unrest in the second quarter of 2020, and lower tax-advantaged investment syndication revenue.

        7

U.S. Bancorp Second Quarter 2020 Results

NONINTEREST EXPENSE
($ in millions)							Percent Change
	2Q 2020		1Q 2020		2Q 2019		2Q20 vs 1Q20		2Q20 vs 2Q19		YTD 2020		YTD 2019		Percent Change
Compensation		$1,685		$1,620		$1,574		4.0		7.1		$3,305		$3,133		5.5
Employee benefits		314		352		314		(10.8)		--		666		647		2.9
Net occupancy and equipment		271		276		281		(1.8)		(3.6)		547		558		(2.0)
Professional services		106		99		106		7.1		--		205		201		2.0
Marketing and business development		67		74		111		(9.5)		(39.6)		141		200		(29.5)
Technology and communications		309		289		270		6.9		14.4		598		527		13.5
Postage, printing and supplies		72		72		73		--		(1.4)		144		145		(.7)
Other intangibles		43		42		42		2.4		2.4		85		82		3.7
Other		451		492		382		(8.3)		18.1		943		747		26.2
Total noninterest expense		$3,318		$3,316		$3,153		.1		5.2		$6,634		$6,240		6.3

Second quarter noninterest expense of $3,318 million was $165 million (5.2 percent) higher than the second quarter of 2019 driven by incremental costs related to COVID-19 and revenue-related expenses due to higher mortgage production and capital markets activities of approximately $150 million in addition to business investments, including increased digital capabilities. The categories of expense impacted included personnel expense, technology and communications expense, and other noninterest expense, partially offset by lower marketing and business development expense. Compensation expense increased $111 million (7.1 percent) compared with the second quarter of 2019 due to merit and variable compensation related to business production in mortgage banking and fixed income capital markets. Technology and communications expense increased $39 million (14.4 percent) primarily due to capital expenditures supporting business growth. Other noninterest expense increased $69 million (18.1 percent) which reflected approximately $79 million of expenses related to COVID-19, including increased liabilities driven by future delivery exposure related to merchant processing for airlines, and higher state franchise taxes, partially offset by lower costs related to tax-advantaged projects in the second quarter of 2020. These increases were partly offset by lower marketing and business development expense of $44 million (39.6 percent) due to the timing of marketing campaigns and reduction in travel as a result of COVID-19.

Noninterest expense was essentially flat on a linked quarter basis reflecting higher compensation expense and technology and communications expense, partially offset by lower employee benefits expense and other noninterest expense. Compensation expense increased $65 million (4.0 percent) primarily due to merit and revenue-related expenses. Technology and communications expense increased $20 million (6.9 percent) primarily due to capital expenditures supporting business growth. These increases were partly offset by lower employee benefits expense of $38 million (10.8 percent) primarily due to higher payroll taxes during the first quarter of the year and lower medical expenses. Other noninterest expense decreased $41 million (8.3 percent) due to lower accruals in the second quarter of 2020 for liabilities related to future delivery exposures related to merchant and airline processing, partially offset by higher state franchise taxes.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2020 resulted in a tax rate of 11.2 percent on a taxable-equivalent basis (effective tax rate of 8.4 percent), compared with 20.7 percent on a taxable-equivalent basis (effective tax rate of 19.7 percent) in the second quarter of 2019, and a tax rate of 19.4 percent on a taxable-equivalent basis (effective tax rate of 18.1 percent) in the first quarter of 2020. The reduced tax rate for the second quarter of 2020 is primarily a result of reduced pretax income being impacted by current economic conditions, including the higher provision for credit losses.

        8

U.S. Bancorp Second Quarter 2020 Results

ALLOWANCE FOR CREDIT LOSSES
($ in millions)	2Q						1Q						4Q						3Q						2Q
	2020			% (a)			2020			% (a)			2019			% (a)			2019			% (a)			2019			% (a)
Balance, beginning of period	$	6,590					$	4,491					$	4,481					$	4,466					$	4,451
Change in accounting principle (b)		--						1,499						--						--						--
Net charge-offs
Commercial		105			.34			69			.28			74			.30			72			.29			56			.23
Lease financing		6			.43			5			.36			4			.29			3			.22			3			.22
Total commercial		111			.35			74			.28			78			.30			75			.29			59			.23
Commercial mortgages		19			.25			(1	)		(.01	)		7			.10			3			.04			2			.03
Construction and development		3			.11			(1	)		(.04	)		--			--			3			.11			(1	)		(.04	)
Total commercial real estate		22			.22			(2	)		(.02	)		7			.07			6			.06			1			.01
Residential mortgages		(3	)		(.02	)		1			.01			(1	)		(.01	)		(3	)		(.02	)		4			.02
Credit card		229			4.28			234			3.95			230			3.79			211			3.53			227			3.99
Retail leasing (c)		33			1.58			19			.90			4			.19			3			.14			2			.09
Home equity and second mortgages		--			--			1			.03			--			--			(1	)		(.03	)		(1	)		(.03	)
Other		45			.54			66			.79			67			.79			61			.72			58			.71
Total other retail		78			.56			86			.61			71			.49			63			.43			59			.42
Total net charge-offs		437			.55			393			.53			385			.52			352			.48			350			.49
Provision for credit losses		1,737						993						395						367						365
Balance, end of period	$	7,890					$	6,590					$	4,491					$	4,481					$	4,466
Components
Allowance for loan losses	$	7,383					$	6,216					$	4,020					$	4,007					$	4,019
Liability for unfunded credit commitments		507						374						471						474						447
Total allowance for credit losses	$	7,890					$	6,590					$	4,491					$	4,481					$	4,466
Gross charge-offs	$	522					$	491					$	479					$	451					$	464
Gross recoveries	$	85					$	98					$	94					$	99					$	114
Allowance for credit losses as a percentage of
Period-end loans		2.54						2.07						1.52						1.52						1.53
Nonperforming loans		737						809						649						541						556
Nonperforming assets		673						697						542						458						469
(a)  Annualized and calculated on average loan balances (b)  Effective January 1, 2020, the Company adopted accounting guidance which changed impairment recognition of financial instruments to a model that is based on expected losses rather than incurred losses. (c)   Includes end of term losses on residual lease values as of January 1, 2020

        9

U.S. Bancorp Second Quarter 2020 Results

During the second quarter of 2020, economic conditions continued to deteriorate due to the impact of the COVID-19 health crisis. As a result, economic projections for the gross domestic product declined dramatically and unemployment levels increased significantly with information related to the evolving impacts of the COVID-19 health crisis. As a result, the Company’s expectations related to delinquencies, credit risk rating, nonperforming assets and related future credit losses continue to reflect deteriorating credit quality. As a result, the Company’s provision for credit losses for the second quarter of 2020 was $1,737 million, which was $744 million higher than the prior quarter and $1,372 million higher than the second quarter of 2019. The Company’s provision for the second quarter of 2020 reflects a $1,300 million increase in the allowance for credit losses to recognize the expected losses from these deteriorating economic conditions. Changes in expected loss estimates consider various factors including the changing economic activity, potential mitigating effects of government stimulus, estimated duration of the health crisis, customer specific information impacting changes in risk ratings, projected delinquencies and the impact of industrywide loan modification efforts designed to limit long term effects of the pandemic event, among other factors.

Total net charge-offs in the second quarter of 2020 were $437 million, compared with $393 million in the first quarter of 2020, and $350 million in the second quarter of 2019. The net charge-off ratio was 0.55 percent in the second quarter of 2020, compared with 0.53 percent in the first quarter of 2020 and 0.49 percent in the second quarter of 2019. Net charge-offs increased $44 million (11.2 percent) compared with the first quarter of 2020 mainly due to higher total commercial, total commercial real estate and retail leasing net charge-offs, partially offset by lower other retail net charge-offs. Net charge-offs increased $87 million (24.9 percent) compared with the second quarter of 2019 primarily due to higher total commercial, total commercial real estate, and retail leasing net charge-offs, partly offset by lower other retail net charge-offs. The year-over-year increase in retail leasing net charge-offs reflects the inclusion of end of term losses on residual lease values as of January 1, 2020.

The allowance for credit losses was $7,890 million at June 30, 2020, compared with $6,590 million at March 31, 2020, and $4,466 million at June 30, 2019. The increase year-over-year was due to the impact of the change in accounting principle on January 1, 2020, which added $1.5 billion to the allowance for credit losses and the reserve build related to the potential economic impact of COVID-19. The increase on a linked quarter basis was also primarily due to the reserve build related to the potential economic impact of COVID-19. The ratio of the allowance for credit losses to period-end loans was 2.54 percent at June 30, 2020, compared with 2.07 percent at March 31, 2020, and 1.53 percent at June 30, 2019. The ratio of the allowance for credit losses to nonperforming loans was 737 percent at June 30, 2020, compared with 809 percent at March 31, 2020, and 556 percent at June 30, 2019.

Nonperforming assets were $1,173 million at June 30, 2020, compared with $946 million at March 31, 2020, and $953 million at June 30, 2019. The ratio of nonperforming assets to loans and other real estate was 0.38 percent at June 30, 2020, compared with 0.30 percent at March 31, 2020, and 0.33 percent at June 30, 2019. The year-over-year increase in nonperforming assets was primarily due to increases in total commercial and total commercial real estate nonperforming loans. Accruing loans 90 days or more past due were $556 million at June 30, 2020, compared with $579 million at March 31, 2020, and $752 million at June 30, 2019. The Company expects credit losses and nonperforming assets to continue to increase given current economic conditions.

        10

U.S. Bancorp Second Quarter 2020 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
	2020		2020		2019		2019		2019
Delinquent loan ratios - 90 days or more past due excluding nonperforming loans
Commercial		.07		.06		.08		.10		.26
Commercial real estate		--		--		.01		.01		--
Residential mortgages		.16		.15		.17		.17		.17
Credit card		1.22		1.29		1.23		1.16		1.14
Other retail		.16		.17		.17		.18		.17
Total loans		.18		.18		.20		.20		.26
Delinquent loan ratios - 90 days or more past due including nonperforming loans
Commercial		.45		.31		.27		.40		.53
Commercial real estate		.48		.25		.21		.23		.24
Residential mortgages		.50		.49		.51		.53		.55
Credit card		1.22		1.29		1.23		1.16		1.14
Other retail		.48		.45		.46		.47		.47
Total loans		.52		.44		.44		.49		.53

ASSET QUALITY (a)
($ in millions)
	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
	2020		2020		2019		2019		2019
Nonperforming loans
Commercial	$	403	$	276	$	172	$	290	$	254
Lease financing		53		33		32		29		25
Total commercial		456		309		204		319		279
Commercial mortgages		188		89		74		82		81
Construction and development		7		12		8		7		11
Total commercial real estate		195		101		82		89		92
Residential mortgages		242		243		241		251		263
Credit card		--		--		--		--		--
Other retail		178		162		165		170		169
Total nonperforming loans		1,071		815		692		829		803
Other real estate		52		70		78		84		88
Other nonperforming assets		50		61		59		66		62
Total nonperforming assets	$	1,173	$	946	$	829	$	979	$	953
Accruing loans 90 days or more past due	$	556	$	579	$	605	$	600	$	752
Performing restructured loans, excluding GNMA	$	1,994	$	2,080	$	2,129	$	2,145	$	2,142
Performing restructured GNMA	$	1,522	$	1,619	$	1,622	$	1,690	$	1,598
Nonperforming assets to loans plus ORE (%)		.38		.30		.28		.33		.33
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

        11

U.S. Bancorp Second Quarter 2020 Results

COMMON SHARES
(Millions)	2Q 2020		1Q 2020		4Q 2019		3Q 2019		2Q 2019
Beginning shares outstanding		1,506		1,534		1,571		1,584		1,599
Shares issued for stock incentive plans, acquisitions and other corporate purposes		--		3		3		1		--
Shares repurchased		--		(31)		(40)		(14)		(15)
Ending shares outstanding		1,506		1,506		1,534		1,571		1,584

CAPITAL POSITION
($ in millions)	Jun 30 2020			Mar 31 2020			Dec 31 2019			Sep 30 2019			Jun 30 2019
Total U.S. Bancorp shareholders’ equity	$	51,850		$	51,532		$	51,853		$	53,517		$	52,913
Basel III Standardized Approach (a)
Common equity tier 1 capital	$	36,351		$	36,224		$	35,713		$	37,653		$	36,909
Tier 1 capital		42,781			42,651			41,721			43,667			42,923
Total risk-based capital		51,457			51,277			49,744			51,684			50,370
Common equity tier 1 capital ratio		9.0	%		9.0	%		9.1	%		9.6	%		9.5	%
Tier 1 capital ratio		10.6			10.5			10.7			11.2			11.0
Total risk-based capital ratio		12.8			12.7			12.7			13.2			13.0
Leverage ratio		8.0			8.8			8.8			9.3			9.3
Tangible common equity to tangible assets (b)		6.7			6.7			7.5			8.0			7.9
Tangible common equity to risk-weighted assets (b)		9.0			8.9			9.3			9.7			9.7
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)		8.7			8.6
(a) Calculated in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation at March 31, 2020
(b) See Non-GAAP Financial Measures reconciliation on page 17

Total U.S. Bancorp shareholders’ equity was $51.9 billion at June 30, 2020, compared with $51.5 billion at March 31, 2020, and $52.9 billion at June 30, 2019. The Company announced on March 15, 2020, that it suspended its common stock repurchase program. This action was taken to maintain strong capital levels given the impact and uncertainties of COVID-19 on the economy and global markets.

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 9.0 percent at June 30, 2020, and at March 31, 2020, compared with 9.5 percent at June 30, 2019. The Company’s common equity tier 1 capital to risk-weighted assets ratio, reflecting the full implementation of the current expected credit losses methodology was 8.7 percent at June 30, 2020, compared with 8.6 percent at March 31, 2020.

        12

U.S. Bancorp Second Quarter 2020 Results

  Investor Conference Call

On Wednesday, July 15, 2020, at 8 a.m. CT, Chairman, President and Chief Executive Officer Andy Cecere and Vice Chair and Chief Financial Officer Terry Dolan 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 4179908. For those unable to participate during the live call, a recording will be available at approximately 11:00 a.m. CT on Wednesday, July 15 and will be accessible until Wednesday, July 22 at 11:59 p.m. CT. 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 4179908.

  About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $547 billion in assets as of June 30, 2020, is the parent company of U.S. Bank National Association, 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 one of the 2020 World’s Most Ethical Companies. Visit U.S. Bank at www.usbank.com or follow on social media to stay up to date with company news.

  Forward-looking Statements

“Safe Harbor” Statement under 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. The COVID-19 pandemic is adversely affecting U.S. Bancorp, its customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility. 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 changes in interest rates; further increases in unemployment 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 the level of tariffs and other trade policies of the United States and its global trading partners; changes in customer behavior and preferences; breaches in data security; failures to safeguard personal information; 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 reputation risk.

For discussion of these and other risks that may 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, 2019, 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, including the section entitled “Risk Factors” in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks 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.

        13

U.S. Bancorp Second Quarter 2020 Results

  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

• Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology, and

• 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 currently effective or defined in banking regulations. In addition, certain of these measures differ from currently effective capital ratios defined by banking regulations principally in that the currently effective ratios, which are subject to certain transitional provisions, temporarily exclude the impact of the first quarter of 2020 adoption of accounting guidance related to impairment of financial instruments based on the current expected credit losses methodology. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. 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.

        14

CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)	Three Months Ended     June 30,						Six Months Ended     June 30,
(Unaudited)	2020			2019			2020			2019
Interest Income
Loans		$2,949			$3,582			$6,260			$7,122
Loans held for sale		52			34			96			59
Investment securities		630			745			1,322			1,450
Other interest income		41			90			110			171
Total interest income		3,672			4,451			7,788			8,802
Interest Expense
Deposits		194			762			719			1,457
Short-term borrowings		34			91			105			184
Long-term debt		244			293			541			597
Total interest expense		472			1,146			1,365			2,238
Net interest income		3,200			3,305			6,423			6,564
Provision for credit losses		1,737			365			2,730			742
Net interest income after provision for credit losses		1,463			2,940			3,693			5,822
Noninterest Income
Credit and debit card revenue		284			365			588			669
Corporate payment products revenue		101			167			246			329
Merchant processing services		266			404			603			782
Trust and investment management fees		434			415			861			814
Deposit service charges		133			227			342			444
Treasury management fees		137			153			280			299
Commercial products revenue		355			249			601			468
Mortgage banking revenue		648			189			1,043			358
Investment products fees		45			47			94			92
Securities gains (losses), net		81			17			131			22
Other		130			257			350			504
Total noninterest income		2,614			2,490			5,139			4,781
Noninterest Expense
Compensation		1,685			1,574			3,305			3,133
Employee benefits		314			314			666			647
Net occupancy and equipment		271			281			547			558
Professional services		106			106			205			201
Marketing and business development		67			111			141			200
Technology and communications		309			270			598			527
Postage, printing and supplies		72			73			144			145
Other intangibles		43			42			85			82
Other		451			382			943			747
Total noninterest expense		3,318			3,153			6,634			6,240
Income before income taxes		759			2,277			2,198			4,363
Applicable income taxes		64			449			324			827
Net income		695			1,828			1,874			3,536
Net (income) loss attributable to noncontrolling interests		(6	)		(7	)		(14	)		(16	)
Net income attributable to U.S. Bancorp		$689			$1,821			$1,860			$3,520
Net income applicable to U.S. Bancorp common shareholders		$614			$1,741			$1,702			$3,354
Earnings per common share		$.41			$1.09			$1.13			$2.10
Diluted earnings per common share		$.41			$1.09			$1.12			$2.10
Dividends declared per common share		$.42			$.37			$.84			$.74
Average common shares outstanding		1,506			1,590			1,512			1,596
Average diluted common shares outstanding		1,507			1,592			1,513			1,599

        15

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	June 30, 2020			December 31, 2019			June 30, 2019
		(Unaudited)						(Unaudited)
Assets
Cash and due from banks		$52,392			$22,405			$16,932
Investment securities
Held-to-maturity		--			--			46,383
Available-for-sale		128,120			122,613			69,197
Loans held for sale		8,178			5,578			3,819
Loans
Commercial		120,261			103,863			103,980
Commercial real estate		41,076			39,746			39,334
Residential mortgages		71,329			70,586			67,913
Credit card		21,257			24,789			23,426
Other retail		56,412			57,118			57,375
Total loans		310,335			296,102			292,028
Less allowance for loan losses		(7,383	)		(4,020	)		(4,019	)
Net loans		302,952			292,082			288,009
Premises and equipment		3,616			3,702			3,690
Goodwill		9,842			9,655			9,548
Other intangible assets		2,518			3,223			3,161
Other assets		39,034			36,168			40,980
Total assets		$546,652			$495,426			$481,719
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing		$109,723			$75,590			$76,170
Interest-bearing		303,583			286,326			277,007
Total deposits		413,306			361,916			353,177
Short-term borrowings		20,595			23,723			15,032
Long-term debt		42,579			40,167			41,008
Other liabilities		17,692			17,137			18,962
Total liabilities		494,172			442,943			428,179
Shareholders’ equity
Preferred stock		5,984			5,984			5,984
Common stock		21			21			21
Capital surplus		8,483			8,475			8,465
Retained earnings		62,526			63,186			61,252
Less treasury stock		(25,962	)		(24,440	)		(21,465	)
Accumulated other comprehensive income (loss)		798			(1,373	)		(1,344	)
Total U.S. Bancorp shareholders’ equity		51,850			51,853			52,913
Noncontrolling interests		630			630			627
Total equity		52,480			52,483			53,540
Total liabilities and equity		$546,652			$495,426			$481,719

        16

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Total equity		$52,480			$52,162			$52,483			$54,147			$53,540
Preferred stock		(5,984	)		(5,984	)		(5,984	)		(5,984	)		(5,984	)
Noncontrolling interests		(630	)		(630	)		(630	)		(630	)		(627	)
Goodwill (net of deferred tax liability) (1)		(8,954	)		(8,958	)		(8,788	)		(8,781	)		(8,708	)
Intangible assets, other than mortgage servicing rights		(678	)		(742	)		(677	)		(687	)		(703	)
Tangible common equity (a)		36,234			35,848			36,404			38,065			37,518
Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation		36,351			36,224
Adjustments (2)		(1,702	)		(1,377	)
Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (b)		34,649			34,847
Total assets		546,652			542,909			495,426			487,671			481,719
Goodwill (net of deferred tax liability) (1)		(8,954	)		(8,958	)		(8,788	)		(8,781	)		(8,708	)
Intangible assets, other than mortgage servicing rights		(678	)		(742	)		(677	)		(687	)		(703	)
Tangible assets (c)		537,020			533,209			485,961			478,203			472,308
Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (d)		401,832	*		404,627			391,269			390,622			388,709
Adjustments (3)		(1,394	)*		(958	)
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (e)		400,438	*		403,669
Ratios*
Tangible common equity to tangible assets (a)/(c)		6.7	%		6.7	%		7.5	%		8.0	%		7.9	%
Tangible common equity to risk-weighted assets (a)/(d)		9.0			8.9			9.3			9.7			9.7
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e)		8.7			8.6
	Three Months Ended
	June 30, 2020			March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019
Net income applicable to U.S. Bancorp common shareholders		$614			$1,088			$1,408			$1,821			$1,741
Intangibles amortization (net-of-tax)		34			33			35			33			33
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization		648			1,121			1,443			1,854			1,774
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (f)		2,606			4,509			5,725			7,356			7,115
Average total equity		52,871			51,776			53,777			53,921			53,066
Average preferred stock		(5,984	)		(5,984	)		(5,984	)		(5,984	)		(5,984	)
Average noncontrolling interests		(630	)		(630	)		(630	)		(629	)		(628	)
Average goodwill (net of deferred tax liability) (1)		(8,960	)		(8,825	)		(8,796	)		(8,725	)		(8,715	)
Average intangible assets, other than mortgage servicing rights		(706	)		(688	)		(683	)		(689	)		(681	)
Average tangible common equity (g)		36,591			35,649			37,684			37,894			37,058
Return on tangible common equity (f)/(g)		7.1	%		12.6	%		15.2	%		19.4	%		19.2	%
Net interest income		$3,200			$3,223			$3,207			$3,281			$3,305
Taxable-equivalent adjustment (4)		24			24			24			25			27
Net interest income, on a taxable-equivalent basis		3,224			3,247			3,231			3,306			3,332
Net interest income, on a taxable-equivalent basis (as calculated above)		3,224			3,247			3,231			3,306			3,332
Noninterest income		2,614			2,525			2,436			2,614			2,490
Less: Securities gains (losses), net		81			50			26			25			17
Total net revenue, excluding net securities gains (losses) (h)		5,757			5,722			5,641			5,895			5,805
Noninterest expense (i)		3,318			3,316			3,401			3,144			3,153
Less: Intangible amortization		43			42			44			42			42
Noninterest expense, excluding intangible amortization (j)		3,275			3,274			3,357			3,102			3,111
Efficiency ratio (i)/(h)		57.6  %			58.0	%		60.3	%		53.3	%		54.3	%
Tangible efficiency ratio (j)/(h)		56.9			57.2			59.5			52.6			53.6

  * 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 the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes.

(3) Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology.

(4) Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

        17

LINE OF BUSINESS FINANCIAL PERFORMANCE (a)
($ in millions)	Net Income Attributable to U.S. Bancorp								Percent Change						Net Income Attributable to U.S. Bancorp
Business Line	2Q 2020			1Q 2020			2Q   2019		2Q20 vs 1Q20			2Q20 vs 2Q19			YTD 2020			YTD 2019		Percent Change
Corporate and Commercial Banking		$598			$169			$465		nm			28.6			$767			$881		(12.9	)
Consumer and Business Banking		692			644			581		7.5			19.1			1,336			1,174		13.8
Wealth Management and Investment Services		204			216			235		(5.6	)		(13.2	)		420			461		(8.9	)
Payment Services		400			316			354		26.6			13.0			716			688		4.1
Treasury and Corporate Support		(1,205	)		(174	)		186		nm			nm			(1,379	)		316		nm
Consolidated Company		$689			$1,171			$1,821		(41.2	)		(62.2	)		$1,860			$3,520		(47.2	)
(a) preliminary data

Lines of Business

The Company’s major lines of business are Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. Business line results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2020, certain organization and methodology changes were made and, accordingly, prior period results were restated and presented on a comparable basis.

        2

CORPORATE AND COMMERCIAL BANKING (a)
($ in millions)								Percent Change
	2Q  2020		1Q 2020		2Q 2019			2Q20 vs 1Q20			2Q20 vs 2Q19			YTD  2020		YTD 2019		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$890		$798		$774			11.5			15.0			$1,688		$1,552		8.8
Noninterest income		340		273		244			24.5			39.3			613		452		35.6
Securities gains (losses), net		--		--		--			--			--			--		--		--
Total net revenue		1,230		1,071		1,018			14.8			20.8			2,301		2,004		14.8
Noninterest expense		411		421		413			(2.4	)		(.5	)		832		820		1.5
Other intangibles		--		--		1			--			nm			--		2		nm
Total noninterest expense		411		421		414			(2.4	)		(.7	)		832		822		1.2
Income before provision and taxes		819		650		604			26.0			35.6			1,469		1,182		24.3
Provision for credit losses		21		425		(16	)		(95.1	)		nm			446		7		nm
Income before income taxes		798		225		620			nm			28.7			1,023		1,175		(12.9	)
Income taxes and taxable-equivalent adjustment		200		56		155			nm			29.0			256		294		(12.9	)
Net income		598		169		465			nm			28.6			767		881		(12.9	)
Net (income) loss attributable to noncontrolling interests		--		--		--			--			--			--		--		--
Net income attributable to U.S. Bancorp		$598		$169		$465			nm			28.6			$767		$881		(12.9	)
Average Balance Sheet Data
Loans		$122,950		$103,373		$98,922			18.9			24.3			$113,161		$98,800		14.5
Other earning assets		3,847		4,555		3,883			(15.5	)		(.9	)		4,201		3,527		19.1
Goodwill		1,647		1,647		1,647			--			--			1,647		1,647		--
Other intangible assets		6		7		9			(14.3	)		(33.3	)		7		9		(22.2	)
Assets		135,504		115,314		108,823			17.5			24.5			125,409		108,063		16.1
Noninterest-bearing deposits		38,658		29,346		29,061			31.7			33.0			34,002		29,623		14.8
Interest-bearing deposits		95,373		80,659		70,740			18.2			34.8			88,017		70,959		24.0
Total deposits		134,031		110,005		99,801			21.8			34.3			122,019		100,582		21.3
Total U.S. Bancorp shareholders’ equity		17,295		15,810		15,436			9.4			12.0			16,553		15,389		7.6
(a) preliminary data

Corporate and Commercial Banking offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets services, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients.

Corporate and Commercial Banking contributed $598 million of the Company’s net income in the second quarter of 2020, compared with $465 million in the second quarter of 2019. Total net revenue increased $212 million (20.8 percent) due to an increase of $116 million (15.0 percent) in net interest income and an increase of $96 million (39.3 percent) in total noninterest income. Net interest income increased primarily due to strong loan growth as well as higher noninterest-bearing and interest-bearing deposit balances, partially offset by the impact on net interest margin due to changes in loan mix and lower spreads on loans, reflecting changing interest rates given the economic environment. Total noninterest income increased year-over-year primarily due to higher capital markets and trading revenue as corporate customers access the fixed income capital markets for bond issuances. Total noninterest expense was $3 million (0.7 percent) lower compared with a year ago primarily driven by lower net shared services expense and lower other noninterest expense due to a reduction in travel as a result of COVID-19, partially offset by higher variable compensation related to fixed income capital markets business production. The provision for credit losses increased $37 million primarily due to higher net charge-offs, partially offset by a favorable change in the reserve allocation driven by payoffs of funded exposures net of the impact of credit risk rating downgrades.

        3

CONSUMER AND BUSINESS BANKING (a)
($ in millions)							Percent Change
	2Q  2020		1Q 2020		2Q 2019		2Q20 vs 1Q20		2Q20 vs 2Q19		YTD 2020		YTD  2019		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$1,486		$1,543		$1,597		(3.7)		(7.0)		$3,029		$3,178		(4.7)
Noninterest income		921		757		567		21.7		62.4		1,678		1,102		52.3
Securities gains (losses), net		--		--		--		--		--		--		--		--
Total net revenue		2,407		2,300		2,164		4.7		11.2		4,707		4,280		10.0
Noninterest expense		1,370		1,314		1,305		4.3		5.0		2,684		2,555		5.0
Other intangibles		4		4		5		--		(20.0)		8		10		(20.0)
Total noninterest expense		1,374		1,318		1,310		4.2		4.9		2,692		2,565		5.0
Income before provision and taxes		1,033		982		854		5.2		21.0		2,015		1,715		17.5
Provision for credit losses		110		123		79		(10.6)		39.2		233		149		56.4
Income before income taxes		923		859		775		7.5		19.1		1,782		1,566		13.8
Income taxes and taxable-equivalent adjustment		231		215		194		7.4		19.1		446		392		13.8
Net income		692		644		581		7.5		19.1		1,336		1,174		13.8
Net (income) loss attributable to noncontrolling interests		--		--		--		--		--		--		--		--
Net income attributable to U.S. Bancorp		$692		$644		$581		7.5		19.1		$1,336		$1,174		13.8
Average Balance Sheet Data
Loans		$150,206		$146,715		$143,777		2.4		4.5		$148,459		$142,804		4.0
Other earning assets		6,576		4,967		3,333		32.4		97.3		5,772		2,864		nm
Goodwill		3,475		3,475		3,475		--		--		3,475		3,475		--
Other intangible assets		1,935		2,405		2,717		(19.5)		(28.8)		2,170		2,799		(22.5)
Assets		167,501		161,760		157,445		3.5		6.4		164,630		156,103		5.5
Noninterest-bearing deposits		34,662		27,869		27,051		24.4		28.1		31,265		26,800		16.7
Interest-bearing deposits		144,319		133,766		128,932		7.9		11.9		139,041		128,135		8.5
Total deposits		178,981		161,635		155,983		10.7		14.7		170,306		154,935		9.9
Total U.S. Bancorp shareholders’ equity		14,973		14,931		15,119		.3		(1.0)		14,952		15,060		(.7)
(a) preliminary data

Consumer and Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and mobile devices. It encompasses community banking, metropolitan banking and indirect lending, as well as mortgage banking.

Consumer and Business Banking contributed $692 million of the Company’s net income in the second quarter of 2020, compared with $581 million in the second quarter of 2019. Total net revenue increased $243 million (11.2 percent) reflecting a decrease in net interest income of $111 million (7.0 percent) that was more than offset by an increase of $354 million (62.4 percent) in total noninterest income. Net interest income decreased primarily due to the impact of declining interest rates on deposit spreads, partially offset by growth in noninterest-bearing and interest-bearing deposit balances and loan growth driven in part by loans made under the SBA’s Paycheck Protection Program. Total noninterest income increased primarily due to higher mortgage banking revenue driven by higher mortgage production and related gain on sale margins, partially offset by the unfavorable net impact in the change in fair value of mortgage servicing rights and related hedging activities, partially offset by lower deposit service charges due to lower volume and fee waivers related to customers impacted by COVID-19. Total noninterest expense in the second quarter of 2020 increased $64 million (4.9 percent) primarily due to higher variable compensation, related to strong mortgage banking origination activities, and net shared services expense, reflecting the impact of investment in infrastructure supporting business growth. The provision for credit losses increased $31 million (39.2 percent) due to higher net charge-offs and an unfavorable change in the reserve allocation reflecting deterioration in credit quality given the economic environment.

        4

WEALTH MANAGEMENT AND INVESTMENT SERVICES (a)
($ in millions)								Percent Change
	2Q 2020			1Q 2020		2Q 2019		2Q20 vs 1Q20			2Q20 vs 2Q19			YTD 2020		YTD 2019			Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$256			$283		$305		(9.5	)		(16.1	)		$539		$598			(9.9	)
Noninterest income		463			464		445		(.2	)		4.0			927		875			5.9
Securities gains (losses), net		--			--		--		--			--			--		--			--
Total net revenue		719			747		750		(3.7	)		(4.1	)		1,466		1,473			(.5	)
Noninterest expense		446			433		432		3.0			3.2			879		853			3.0
Other intangibles		3			3		3		--			--			6		6			--
Total noninterest expense		449			436		435		3.0			3.2			885		859			3.0
Income before provision and taxes		270			311		315		(13.2	)		(14.3	)		581		614			(5.4	)
Provision for credit losses		(2	)		23		2		nm			nm			21		(1	)		nm
Income before income taxes		272			288		313		(5.6	)		(13.1	)		560		615			(8.9	)
Income taxes and taxable-equivalent adjustment		68			72		78		(5.6	)		(12.8	)		140		154			(9.1	)
Net income		204			216		235		(5.6	)		(13.2	)		420		461			(8.9	)
Net (income) loss attributable to noncontrolling interests		--			--		--		--			--			--		--			--
Net income attributable to U.S. Bancorp		$204			$216		$235		(5.6	)		(13.2	)		$420		$461			(8.9	)
Average Balance Sheet Data
Loans		$11,194			$10,607		$9,898		5.5			13.1			$10,902		$9,858			10.6
Other earning assets		285			281		341		1.4			(16.4	)		283		293			(3.4	)
Goodwill		1,616			1,617		1,617		(.1	)		(.1	)		1,616		1,617			(.1	)
Other intangible assets		40			44		50		(9.1	)		(20.0	)		42		52			(19.2	)
Assets		14,308			13,949		13,178		2.6			8.6			14,129		13,180			7.2
Noninterest-bearing deposits		16,298			13,218		13,612		23.3			19.7			14,758		13,459			9.7
Interest-bearing deposits		65,300			68,783		61,417		(5.1	)		6.3			67,041		57,805			16.0
Total deposits		81,598			82,001		75,029		(.5	)		8.8			81,799		71,264			14.8
Total U.S. Bancorp shareholders’ equity		2,478			2,465		2,432		.5			1.9			2,472		2,437			1.4
(a) preliminary data

Wealth Management and Investment Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through four businesses: Wealth Management, Global Corporate Trust & Custody, U.S. Bancorp Asset Management and Fund Services.

Wealth Management and Investment Services contributed $204 million of the Company’s net income in the second quarter of 2020, compared with $235 million in the second quarter of 2019. Total net revenue decreased $31 million (4.1 percent) year-over-year reflecting a decrease in net interest income of $49 million (16.1 percent), partly offset by an increase of $18 million (4.0 percent) in noninterest income. Net interest income decreased year-over-year primarily due to declining margin benefit of deposits, given lower interest rates, partially offset by higher noninterest-bearing and interest-bearing deposit balances and deposit mix. Total noninterest income increased primarily due to the impact of favorable market conditions and business growth on trust and investment management fees. Total noninterest expense increased $14 million (3.2 percent) compared with the second quarter of 2019 reflecting increased net shared services expense due to technology development and higher compensation expense due to the impact of merit increases, increased staffing, and higher business incentives. The provision for credit losses decreased $4 million reflecting a favorable change in the reserve allocation driven by the strong credit quality of the loan portfolio.

        5

PAYMENT SERVICES (a)
($ in millions)								Percent Change
	2Q 2020			1Q 2020		2Q 2019		2Q20 vs 1Q20			2Q20 vs 2Q19			YTD 2020		YTD 2019		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	602		$	651	$	585		(7.5	)		2.9		$	1,253	$	1,202		4.2
Noninterest income		658			794		952		(17.1	)		(30.9	)		1,452		1,806		(19.6	)
Securities gains (losses), net		--			--		--		--			--			--		--		--
Total net revenue		1,260			1,445		1,537		(12.8	)		(18.0	)		2,705		3,008		(10.1	)
Noninterest expense		722			726		737		(.6	)		(2.0	)		1,448		1,445		.2
Other intangibles		36			35		33		2.9			9.1			71		64		10.9
Total noninterest expense		758			761		770		(.4	)		(1.6	)		1,519		1,509		.7
Income before provision and taxes		502			684		767		(26.6	)		(34.6	)		1,186		1,499		(20.9	)
Provision for credit losses		(31	)		262		295		nm			nm			231		581		(60.2	)
Income before income taxes		533			422		472		26.3			12.9			955		918		4.0
Income taxes and taxable-equivalent adjustment		133			106		118		25.5			12.7			239		230		3.9
Net income		400			316		354		26.6			13.0			716		688		4.1
Net (income) loss attributable to noncontrolling interests		--			--		--		--			--			--		--		--
Net income attributable to U.S. Bancorp	$	400		$	316	$	354		26.6			13.0		$	716	$	688		4.1
Average Balance Sheet Data
Loans	$	30,321		$	33,688	$	33,277		(10.0	)		(8.9	)	$	32,005	$	32,848		(2.6	)
Other earning assets		447			399		327		12.0			36.7			423		387		9.3
Goodwill		3,101			2,955		2,806		4.9			10.5			3,028		2,810		7.8
Other intangible assets		590			563		533		4.8			10.7			576		523		10.1
Assets		35,473			38,798		39,588		(8.6	)		(10.4	)		37,137		39,112		(5.0	)
Noninterest-bearing deposits		3,165			1,471		1,221		nm			nm			2,318		1,198		93.5
Interest-bearing deposits		117			114		115		2.6			1.7			116		113		2.7
Total deposits		3,282			1,585		1,336		nm			nm			2,434		1,311		85.7
Total U.S. Bancorp shareholders’ equity		5,876			6,083		6,043		(3.4	)		(2.8	)		5,980		6,009		(.5	)
(a) preliminary data

Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services, consumer lines of credit and merchant processing.

Payment Services contributed $400 million of the Company’s net income in the second quarter of 2020, compared with $354 million in the second quarter of 2019. Total net revenue decreased $277 million (18.0 percent) due to an increase of $17 million (2.9 percent) in net interest income that was more than offset by a decrease of $294 million (30.9 percent) in total noninterest income. Net interest income increased primarily due to favorable loan spreads, mostly offset by lower loan volume and loan fees. Total noninterest income decreased year-over-year mainly due to the impacts of COVID-19 on consumer and business spending volumes in all payment businesses including merchant processing services, corporate payment products, and credit and debit card revenue. Total noninterest expense decreased $12 million (1.6 percent) compared with the second quarter of 2019 reflecting lower marketing and business development expense due to the timing of marketing campaigns and a reduction in costs related to equipment sales driven by lower volumes, partially offset by higher software expense due to capital expenditures and acquisitions. The provision for credit losses decreased $326 million primarily due to a favorable change in the reserve allocation driven by lower outstanding loan balances and lower delinquency rates, partially offset by higher net charge-offs.

        6

TREASURY AND CORPORATE SUPPORT (a)
($ in millions)									Percent Change
	2Q 2020			1Q 2020			2Q   2019		2Q20 vs  1Q20		2Q20 vs  2Q19		YTD 2020			YTD 2019		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	(10	)	$	(28	)		$71		64.3		nm	$	(38	)		$88		nm
Noninterest income		151			187			265		(19.3)		(43.0)		338			524		(35.5)
Securities gains (losses), net		81			50			17		62.0		nm		131			22		nm
Total net revenue		222			209			353		6.2		(37.1)		431			634		(32.0)
Noninterest expense		326			380			224		(14.2)		45.5		706			485		45.6
Other intangibles		--			--			--		--		--		--			--		--
Total noninterest expense		326			380			224		(14.2)		45.5		706			485		45.6
Income before provision and taxes		(104	)		(171	)		129		39.2		nm		(275	)		149		nm
Provision for credit losses		1,639			160			5		nm		nm		1,799			6		nm
Income before income taxes		(1,743	)		(331	)		124		nm		nm		(2,074	)		143		nm
Income taxes and taxable-equivalent adjustment		(544	)		(165	)		(69)		nm		nm		(709	)		(189)		nm
Net income		(1,199	)		(166	)		193		nm		nm		(1,365	)		332		nm
Net (income) loss attributable to noncontrolling interests		(6	)		(8	)		(7)		25.0		14.3		(14	)		(16)		12.5
Net income (loss) attributable to U.S. Bancorp	$	(1,205	)	$	(174	)		$186		nm		nm	$	(1,379	)		$316		nm
Average Balance Sheet Data
Loans	$	3,436		$	3,274			$3,344		4.9		2.8	$	3,355			$3,362		(.2)
Other earning assets		164,857			139,863			129,831		17.9		27.0		152,360			128,491		18.6
Goodwill		--			--			--		--		--		--			--		--
Other intangible assets		--			--			--		--		--		--			--		--
Assets		191,520			164,986			152,564		16.1		25.5		178,251			151,063		18.0
Noninterest-bearing deposits		2,323			2,238			2,151		3.8		8.0		2,281			2,183		4.5
Interest-bearing deposits		3,088			5,340			10,932		(42.2)		(71.8)		4,214			10,051		(58.1)
Total deposits		5,411			7,578			13,083		(28.6)		(58.6)		6,495			12,234		(46.9)
Total U.S. Bancorp shareholders’ equity		11,619			11,857			13,408		(2.0)		(13.3)		11,736			13,121		(10.6)
(a) preliminary data

Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business lines, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Treasury and Corporate Support recorded a net loss of $1,205 million in the second quarter of 2020, compared with net income of $186 million in the second quarter of 2019 due to a significant increase in the provision for credit losses for the Company. Total net revenue decreased $131 million (37.1 percent) year-over-year driven by decreases in net interest income of $81 million and $50 million (17.7 percent) in total noninterest income. Net interest income decreased primarily due to lower spreads within the investment portfolio compared with a year ago. Total noninterest income decreased primarily due to lower equity investment income, tax-advantaged investment syndication revenue, and asset impairments as a result of property damage from civil unrest in the second quarter of 2020, partially offset by higher securities gains. Total noninterest expense increased $102 million (45.5 percent) year-over-year primarily due to COVID-related expenses, higher state franchise taxes, higher compensation expense reflecting merit increases, and higher implementation costs of capital investments to support business growth. These increases were partially offset by lower net shared services expense, lower costs related to tax-advantaged projects and a reduction in travel expenses as a result of COVID-19. The provision for credit losses increased $1,634 million reflecting an unfavorable change in the reserve allocation due to adverse changes in economic conditions and the expected impact to credit losses in the current environment. Income taxes are assessed to each line of business at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

        7

EX-99.2

U.S. Bancorp 2Q20 Earnings Conference Call July 15, 2020 Exhibit 99.2

Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation 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. The COVID-19 pandemic is adversely affecting U.S. Bancorp, its customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility. 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 changes in interest rates; further increases in unemployment 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 the level of tariffs and other trade policies of the United States and its global trading partners; changes in customer behavior and preferences; breaches in data security; failures to safeguard personal information; 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 reputation risk. For discussion of these and other risks that may 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, 2019, on file with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Corporate Risk Profile” 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, including the section entitled “Risk Factors” in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2020. In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks 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. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

2Q20 Highlights * Taxable-equivalent basis; see slide 28 for calculation ** Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology was 8.7% as of 6/30/20.

Performance Ratios Efficiency Ratio* & Net Interest Margin** * Non-GAAP; see slides 28 and 29 for calculations ** Net interest margin on a taxable-equivalent basis Return on Average Common Equity Return on Tangible Common Equity* Return on Average Assets

Digital Engagement Trends Three months ended Three months ended * Represents core Consumer Banking customers active in at least one channel in the previous 90 days Total Digital includes both online and mobile platforms

Average Loans +6.9% linked quarter +10.0% year-over-year On a linked quarter basis, average total loans were higher primarily driven by growth in total commercial loans, reflecting the utilization of bank credit facilities by customers to support liquidity requirements as well as the impact of loans made under the SBA’s Paycheck Protection Program, partially offset by lower credit card loans driven by lower consumer spending during the second quarter. On a year-over-year basis, growth in average total loans was primarily driven by higher total commercial loans, reflecting the utilization of bank credit facilities by customers to support liquidity requirements as well as the impact of loans made under the SBA’s Paycheck Protection Program, along with growth in residential mortgages given the lower interest rate environment. These increases were partially offset by lower credit card loans and total other retail loans. $ in billions

Average Deposits $ in billions +11.2% linked quarter +16.8% year-over-year Interest-bearing Deposits Average noninterest-bearing (NIB) deposits increased on both a linked quarter and year-over-year basis, primarily driven by Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services. Average total savings deposits (which include money market, interest checking and savings accounts) grew on both a linked quarter and year-over-year basis, primarily due to increases in Corporate and Commercial Banking, Consumer and Business Banking, and Wealth Management and Investment Services. The growth in average noninterest-bearing deposits and total average savings deposits is primarily a result of the economic impact of the COVID-19 pandemic on the world economy resulting in actions by the federal government to increase liquidity in the financial system, customers maintaining balance sheet liquidity by utilizing existing credit facilities and government stimulus programs.

Credit Quality $ in millions NCO Ratio +2 bps QoQ +6 bps YoY NPAs +24.0% QoQ +23.1% YoY

2Q202Q20 Retail (includes Restaurants) 5.4% 4.6% Autos3.0%2.1% Energy 2.3% 1.1% Media & Entertainment2.2%2.2% Lodging 1.1% 1.4% Airline 0.6% 0.6% Credit Risk Management – Consistent Underwriting Commercial Exposures by Impacted Industries** Key Points Debt rating agencies: Moody’s and S&P * FICO and LTV at origination ** Excludes operating leases and unfunded unconditionally cancellable Prime-based lender for retail portfolios Investment grade equivalent in commercial portfolios with limited leveraged lending Commercial Real Estate is relationship-based with consistent underwriting Portfolio 2Q20 Wtd Avg FICO/Bond rating equivalent * 2Q20 Avg LTV * Residential mortgage 768 68% Home equity 791 65% Auto loan 792 98% Auto lease 783 91% Credit card 773 N/A Commercial Baa3/BBB- N/A Commercial real estate Ba1/BB+ 59% The impact of COVID-19 has disrupted several industries globally During periods of stress, our disciplined credit culture remains strong, driven primarily by our consistent underwriting standards Commitments Loans

Earnings Summary

Net Interest Income Linked Quarter Net interest income decreased, primarily driven by the impact of lower interest rates, partially offset by loan growth and the benefit of deposit pricing and funding mix. The net interest margin decreased, primarily due to impact of the lower yield curve and higher cash balances in support of liquidity, partially offset by the impact of deposit and funding mix. Year-over-Year Net interest income decreased, principally driven by the impact of declining interest rates, partially offset by deposit and funding mix and loan growth. The net interest margin decreased, primarily due to impact of the lower yield curve and higher cash balances to maintain liquidity given the environment, partially offset by deposit pricing and funding mix. $ in millions Net interest income on a taxable-equivalent basis; see slide 28 for calculation -0.7% linked quarter -3.2% year-over-year

Noninterest Income $ in millions; Payments = credit and debit card, corporate payment products and merchant processing; Service charges = deposit service charges and treasury management; All other = commercial products, investment products fees, securities gains (losses) and other +3.5% linked quarter +5.0% year-over-year Linked Quarter Payment services revenue declined, driven by lower credit and debit card revenue, lower corporate payment products revenue and lower merchant processing services revenue driven by lower sales volume due to the worldwide impact of the COVID-19 pandemic on spending. Commercial products revenue increased, due to higher trading revenue and corporate bond fees. Mortgage banking revenue increased, due to higher mortgage production and gain on sale margins, partially offset by changes valuation of mortgage servicing rights, net of hedging activities. Year-over-Year Payment services revenue decreased, reflecting lower credit and debit card revenue, lower corporate payment products revenue and lower merchant processing services revenue driven by lower sales volume due to the worldwide impact of the COVID-19 pandemic on consumer and business spending. Commercial products revenue increased, primarily due to higher corporate bond issuance fees and trading revenue. Mortgage banking revenue increased, due to higher mortgage production and stronger gain on sale margins, partially offset by the unfavorable net impact of the change in fair value of mortgage servicing rights and related hedging activities.

Payment Services Fee Revenue Select Revenue Exposure, YTD 2020 Contribution to U.S. Bank’s Net Revenues Merchant Acquiring Revenue Corporate Payment Systems Revenue Retail Payment Solutions Revenue Commercial revenue breakdown: Travel and Entertainment represents 11.7% of total CPS revenue YTD

Noninterest Expense $ in millions PPS = postage, printing and supplies +0.1% linked quarter +5.2% year-over-year Linked Quarter Compensation expense increased, primarily due to merit and revenue-related expenses. Technology and communications expense increased, primarily due to capital expenditures supporting business growth. Other noninterest expense decreased due to lower accruals in the second quarter of 2020 for liabilities related to future delivery exposures related to merchant and airline processing, partially offset by higher state franchise taxes. Year-over-Year Compensation expense increased, due to merit and variable compensation related to business production in mortgage banking and fixed income capital markets. Technology and communications expense increased, primarily due to capital expenditures supporting business growth. Other noninterest expense increased, which reflected approximately $79 million of expenses related to COVID-19, including increased liabilities driven by future delivery exposure related to merchant processing for airlines, and higher state franchise taxes, partially offset by lower costs related to tax-advantaged projects in the second quarter of 2020.

Capital Position * Non-GAAP; see slide 30 for calculations

Responding to Challenging Times Customers Paycheck Protection Program Funding approval secured for over 101,000 applicants $7.3 billion in loans Potential impact: 840,000 employees Forbearance, deferral and fee waiver programs Branch operation adjustments that allowed for ongoing support of customers $30M in new and redirected community investments Virtual volunteer network Facilitated $50 million in debt capital to seven Community Development Financial Institutions helping them provide SBA Paycheck Protection Program loans to small businesses in underserved communities Thoughtful and measured return to office strategies Creation of enterprise Safety Standards Extended Premium Pay Program for front line workers In-person guidance for client meetings Employee Matching Gift contributions doubled Employees Communities COVID-19 Rebuilding in Minneapolis Mobile branch deployment to damaged branches locally $100 million annually in additional capital to African-American owned and led businesses New $15 million fund to award community grants $1 million Community Development Financial Institutions program to award grants and commercial loans Aim to double partnerships with African-American suppliers over the next 12 months Juneteenth holiday 8 hours of additional paid volunteer time Matching gifts program extended Commitment to refined talent management strategy $1 million additional investment in employee assistance fund Social Issues

Appendix

Average Loans vs. 2Q19 Average total loans increased by $28.9 billion, or 10.0% Average commercial loans increased by $24.8 billion, or 24.0% Average residential mortgage loans increased by $4.3 billion, or 6.4% Average credit card loans decreased by $1.3 billion, or 5.8% Average retail loans decreased by $0.6 billion, or 1.1% vs. 1Q20 Average total loans increased by $20.5 billion, or 6.9% Average commercial loans increased by $22.1 billion, or 20.8% Average credit card loans decreased by $2.3 billion, or 9.8% Key Points Year-over-Year Growth 3.8% 4.0% 3.9% 4.0% 10.0% Commercial CRE Res Mtg Retail Credit Card Average Loans ($bn)

Average Deposits Key Points Average Deposits ($bn) vs. 2Q19 Average total deposits increased by $58.1 billion, or 16.8% Average low-cost deposits (NIB, interest checking, savings and money market) increased by $61.7 billion, or 20.7% vs. 1Q20 Average total deposits increased by $40.5 billion, or 11.2% Average low-cost deposits (NIB, interest checking, savings and money market) increased by $38.3 billion, or 11.9% Year-over-Year Growth 3.1% 6.0% 6.6% 8.2% 16.8% Time Money Market Checking and Savings Noninterest-bearing

Credit Quality – Commercial Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q19 1Q20 2Q20 Average Loans$103,233 $105,987 $128,039 30-89 Delinquencies0.34% 0.28%0.33% 90+ Delinquencies0.26%0.06%0.07% Nonperforming Loans0.27% 0.24% 0.38% Linked Quarter Growth 1.2% 0.4% 0.2% 2.0% 20.8% Linked quarter loan growth of 20.8% was driven by revolving line utilization and incremental liquidity facilities for existing clients early in 2Q20 – utilization rates have returned to near normal rates in June 2020 Net charge-offs increased on a linked quarter basis due to stress in certain industries impacted by COVID-19

Investor $21,159 Owner Occupied $9,035 A&D Const $250 Multi-family $3,769 Retail $307 Residential Construction $2,367 Office $939 Other $2,586 Resi Land $676 $mm2Q19 1Q20 2Q20 Average Loans$39,365 $40,078$41,088 30-89 Delinquencies0.07% 0.20%0.25% 90+ Delinquencies0.00%0.00%0.00% Nonperforming Loans0.23% 0.25% 0.47% Performing TDRs*$137 $166 $180 Credit Quality – Commercial Real Estate Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points * TDR = troubled debt restructuring Linked Quarter Growth (0.3%) (1.0%) 1.9% 0.9% 2.5% Average loans increased by 2.5% on a linked quarter basis Net charge-offs and nonperforming loans increased on a linked quarter basis due to stress in certain industries impacted by COVID-19

Credit Quality – Residential Mortgage Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q191Q202Q20 Average Loans$66,834 $70,892 $71,122 30-89 Delinquencies0.26%0.23%0.34% 90+ Delinquencies0.17% 0.15% 0.16% Nonperforming Loans0.39%0.34%0.34% * Excludes GNMA loans, whose repayments are insured by the FHA or guaranteed by the Department of VA ($1,522 million in 2Q20) Linked Quarter Growth 1.9% 2.7% 1.9% 1.4% 0.3% Originations continued to be high credit quality (weighted average FICO of 768, weighted average LTV of 68%) More than 94% of balances have been originated since the beginning of 2009; the origination quality metrics and performance to date have significantly outperformed prior vintages with similar seasoning

Credit Quality – Credit Card Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q191Q202Q20 Average Loans$22,830 $23,836 $21,510 30-89 Delinquencies1.23%1. 29%1.08% 90+ Delinquencies1.14%1.29%1.22% Nonperforming Loans0.00%0.00%0.00% Linked Quarter Growth 1.0% 3.7% 1.8% (1.1%) (9.8%) Decline in average loans was driven mainly by reduced consumer spending Weighted average FICO on new originations remained strong at 773 Early stage delinquencies have decreased linked quarter driven by fiscal stimulus and payment relief options; while net charge-off rate increased due to reduction in average balances

Credit Quality – Home Equity Average Loans ($mm) and Net Charge-offs Ratio Key Points Linked Quarter Growth (1.0%) (1.5%) (2.4%) (2.5%) (3.0%) Key Statistics Key Statistics $mm2Q191Q202Q20 Average Loans$15,831 $14,838 $14,386 30-89 Delinquencies0.51%0.53%0.46% 90+ Delinquencies0.34%0.30%0.37% Nonperforming Loans0.75%0.75%0.79% Loans: 10% Wtd Avg LTV*: 76% Wtd Avg FICO*: 751 Lines: 90% Wtd Avg LTV*: 70% Wtd Avg FICO*: 755 *LTV and FICO at origination High-quality originations (weighted average FICO on commitments of 791, weighted average CLTV of 65%) were originated primarily through the retail branch network to existing bank customers on their primary residences Net charge-offs remained relatively stable on a linked quarter basis

Credit Quality – Retail Leasing Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q191Q202Q20 Average Loans$8,547 $8,474 $8,412 30-89 Delinquencies0.45%0.52%0.51% 90+ Delinquencies0.02%0.04%0.06% Nonperforming Loans0.13%0.18%0.23% * Manheim Used Vehicle Value Index source: www.manheimconsulting.com, January 1995 = 100, quarter value = average monthly ending values Linked Quarter Growth (0.5%) (1.2%) 0.5% (0.1%) (0.7%) Continued high-quality originations during 2Q20 (weighted average FICO of 783) Delinquencies remained at low levels Includes end of term losses on residual values as of 1/1/2020. Residual losses included in net charge-offs for 2Q20 were $30 million for the quarter compared to $11 million in noninterest income for 2Q19

Credit Quality – Other Retail Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q191Q202Q20 Average Loans$32,578 $33,552 $33,550 30-89 Delinquencies0.80%0.79%0.43% 90+ Delinquencies0.13%0.14%0.10% Nonperforming Loans0.12%0.10%0.14% Linked Quarter Growth 2.1% 2.7% 0.2 % 0.1% 0.0% Average loans remained relatively flat linked quarter Early stage delinquencies have decreased linked quarter driven by fiscal stimulus and payment relief options

Credit Quality – Auto Loans Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q191Q202Q20 Average Loans$19,023 $19,276 $18,758 30-89 Delinquencies1.01%1.08%0.56% 90+ Delinquencies0.09%0.12%0.07% Nonperforming Loans0.15%0.15%0.21% Direct: 4% Wtd Avg FICO: 753 NCO: 0.19% Indirect: 96% Wtd Avg FICO: 779 NCO: 0.33% Auto loans are included in Other Retail category Linked Quarter Growth 1.0% 2.1% 0.0% (0.8%) (2.7%) Reduction in loans due to reduction in auto purchases during the pandemic; however, originations remain high quality in the indirect channel (weighted average FICO of 793) Early stage delinquencies have decreased linked quarter driven by fiscal stimulus and payment relief options

Non-GAAP Financial Measures (4) – see slide 31 for corresponding notes

Non-GAAP Financial Measures (1) – see slide 31 for corresponding notes

Non-GAAP Financial Measures * Preliminary data. Subject to change prior to filings with applicable regulatory agencies. (1), (2), (3) – see slide 31 for corresponding notes

Notes Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes. Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology. Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

U.S. Bancorp 2Q20 Earnings Conference Call July 15, 2020

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Document and Entity Information	Jul. 15, 2020
Document And Entity Information [Line Items]
Entity Registrant Name	US BANCORP \DE\
Entity Incorporation State Country Code	DE
Amendment Flag	false
Entity Central Index Key	0000036104
Document Type	8-K
Document Period End Date	Jul. 15, 2020
Entity File Number	1-6880
Entity Tax Identification Number	41-0255900
Entity Address, Address Line One	800 Nicollet Mall
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	(651)
Local Phone Number	466-3000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
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Security 12b Title	Common Stock, $.01 par value per share
Trading Symbol	USB
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
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Security 12b Title	Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrA
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrH
Security Exchange Name	NYSE
Series F Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares (each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrM
Security Exchange Name	NYSE
Series H Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares (each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrO
Security Exchange Name	NYSE
Series K Preferred Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrP
Security Exchange Name	NYSE
Medium-term Notes [Member]
Document And Entity Information [Line Items]
Security 12b Title	0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024
Trading Symbol	USB/24B
Security Exchange Name	NYSE