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): December 9, 2020

U.S. BANCORP

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-6880	41-0255900
(Commission file number)	(IRS Employer Identification No.)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices, including 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
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrQ	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 12b-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 13(a) of the Exchange Act.

Item 7.01 Regulation FD Disclosure.

As previously announced, Andrew Cecere, U.S. Bancorp’s Chairman, President and Chief Executive Officer, and Terrance R. Dolan, U.S. Bancorp’s Vice Chair and Chief Financial Officer, will make a presentation at the Goldman Sachs U.S. Financial Services Conference held virtually, at 10:40 a.m. Eastern time on Wednesday, December 9, 2020. A copy of the presentation slides, which will be discussed during the presentation, is attached hereto as Exhibit 99.1. These slides can also be accessed by clicking on “Webcasts & Presentations” from the Investor Relations section of U.S. Bancorp’s website at ir.usbank.com. A live webcast of the presentation can also be accessed at this location on the website, and a replay of the webcast will be available at the same location on the website and will remain posted for three months.

The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Goldman Sachs U.S. Financial Services Conference Slides
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURE

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/ James L. Chosy
	James L. Chosy Senior Executive Vice President and General Counsel

Date: December 9, 2020

3

EX-99.1

Exhibit 99.1 Goldman Sachs U.S. Financial Services Conference 2020 Andy Cecere Chairman, President and Chief Executive Officer Terry Dolan Vice Chair and Chief Financial Officer December 9, 2020 U.S. BANCORPExhibit 99.1 Goldman Sachs U.S. Financial Services Conference 2020 Andy Cecere Chairman, President and Chief Executive Officer Terry Dolan Vice Chair and Chief Financial Officer December 9, 2020 U.S. BANCORP

Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: Today’s 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 September 30, 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. U.S. BANCORP | 2Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: Today’s 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 September 30, 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. U.S. BANCORP | 2

U.S. Bancorp Overview NYSE Traded USB Branches 2,730 Assets $540B Founded 1863 ATMs 4,406 Deposits $413B Market Value $68B Loans $307B Regional National International Corporate & Commercial Banking Payment Services and Consumer & Business Banking and Wealth Management and Wealth Management & Investment Services Investment Services As of 9/30/20, except market value as of 12/04/20 U.S. BANCORP | 3U.S. Bancorp Overview NYSE Traded USB Branches 2,730 Assets $540B Founded 1863 ATMs 4,406 Deposits $413B Market Value $68B Loans $307B Regional National International Corporate & Commercial Banking Payment Services and Consumer & Business Banking and Wealth Management and Wealth Management & Investment Services Investment Services As of 9/30/20, except market value as of 12/04/20 U.S. BANCORP | 3

Our Position In the Industry Assets Deposits Market Value 1 J.P. Morgan $3,246 1 J.P. Morgan $2,001 1 J.P. Morgan $373 2 Bank of America 2,738 2 Bank of America 1,703 2 Bank of America 253 3 Citigroup 2,234 3 Wells Fargo 1,383 3 Wells Fargo 122 4 Wells Fargo 1,922 4 Citigroup 1,263 4 Citigroup 122 5 U.S. Bancorp 540 5 U.S. Bancorp 413 5 U.S. Bancorp 68 6 Truist Financial 499 6 Truist Financial 371 6 Truist Financial 65 7 PNC 462 7 PNC 355 7 PNC 60 8 Fifth Third 202 8 Fifth Third 157 8 Fifth Third 20 9 Citizens Financial 179 9 Citizens Financial 143 9 KeyCorp 16 10 KeyCorp 171 10 KeyCorp 137 10 Citizens Financial 15 Source: company reports and Bloomberg Assets and deposits as of 9/30/20; market value as of 12/04/20 U.S. BANCORP | 4Our Position In the Industry Assets Deposits Market Value 1 J.P. Morgan $3,246 1 J.P. Morgan $2,001 1 J.P. Morgan $373 2 Bank of America 2,738 2 Bank of America 1,703 2 Bank of America 253 3 Citigroup 2,234 3 Wells Fargo 1,383 3 Wells Fargo 122 4 Wells Fargo 1,922 4 Citigroup 1,263 4 Citigroup 122 5 U.S. Bancorp 540 5 U.S. Bancorp 413 5 U.S. Bancorp 68 6 Truist Financial 499 6 Truist Financial 371 6 Truist Financial 65 7 PNC 462 7 PNC 355 7 PNC 60 8 Fifth Third 202 8 Fifth Third 157 8 Fifth Third 20 9 Citizens Financial 179 9 Citizens Financial 143 9 KeyCorp 16 10 KeyCorp 171 10 KeyCorp 137 10 Citizens Financial 15 Source: company reports and Bloomberg Assets and deposits as of 9/30/20; market value as of 12/04/20 U.S. BANCORP | 4

Our differentiated business mix supports consistent growth Consumer & Payment Business Banking Services 42% 25% Corporate & Wealth Management Commercial Banking & Investment Services 20% 13% Consumer & Business Banking Corporate & Commercial Banking Payment Services Wealth Management & Investment Services Branch banking, small business banking, Corporate Banking, Commercial Banking and Retail Payment Solutions, Wealth Management, Asset Management, consumer lending, mortgage banking and Commercial Real Estate Global Merchant Acquiring and Corporate Trust, Fund Services and Custody omnichannel delivery Corporate Payment Systems 3Q 2020 YTD taxable-equivalent basis Business line revenue percentages exclude Treasury and Corporate Support; see slide 16 for reconciliation U.S. BANCORP | 5Our differentiated business mix supports consistent growth Consumer & Payment Business Banking Services 42% 25% Corporate & Wealth Management Commercial Banking & Investment Services 20% 13% Consumer & Business Banking Corporate & Commercial Banking Payment Services Wealth Management & Investment Services Branch banking, small business banking, Corporate Banking, Commercial Banking and Retail Payment Solutions, Wealth Management, Asset Management, consumer lending, mortgage banking and Commercial Real Estate Global Merchant Acquiring and Corporate Trust, Fund Services and Custody omnichannel delivery Corporate Payment Systems 3Q 2020 YTD taxable-equivalent basis Business line revenue percentages exclude Treasury and Corporate Support; see slide 16 for reconciliation U.S. BANCORP | 5

Long History of Industry-leading Returns on Equity… Return on Average Equity Return on Average Equity Return on Average Equity * * * (5-Year Average) (10-Year Average) (15-Year Average) 14.6% 13.3% 13.1% 12.7% 11.9% 11.7% 11.3% 11.1% 11.1% 10.9% 10.6% 10.4% 10.1% 9.8% 9.7% 9.2% 9.0% 8.9% 8.6% 8.6% 8.4% 8.1% 6.9% 6.6% 6.5% 5.8% 4.9% 3.4% 2.8% 2.2% USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Source: S&P Global Market Intelligence; Peer banks include: BAC, CFG, FITB, JPM, KEY, PNC, RF, TFC and WFC * 5-Year average ranges from 2015-2019, 10-Year average ranges from 2010-2019, 15-Year average ranges from 2005-2019 U.S. BANCORP | 6Long History of Industry-leading Returns on Equity… Return on Average Equity Return on Average Equity Return on Average Equity * * * (5-Year Average) (10-Year Average) (15-Year Average) 14.6% 13.3% 13.1% 12.7% 11.9% 11.7% 11.3% 11.1% 11.1% 10.9% 10.6% 10.4% 10.1% 9.8% 9.7% 9.2% 9.0% 8.9% 8.6% 8.6% 8.4% 8.1% 6.9% 6.6% 6.5% 5.8% 4.9% 3.4% 2.8% 2.2% USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Source: S&P Global Market Intelligence; Peer banks include: BAC, CFG, FITB, JPM, KEY, PNC, RF, TFC and WFC * 5-Year average ranges from 2015-2019, 10-Year average ranges from 2010-2019, 15-Year average ranges from 2005-2019 U.S. BANCORP | 6

* … driven by superior PPNR and credit quality performance * * * Pre-Provision Net Revenue Pre-Provision Net Revenue Pre-Provision Net Revenue / Avg Assets / Avg Assets / Avg Assets 2.8% ** ** ** (5-Year Average) (10-Year Average) (15-Year Average) 2.5% 2.4% 2.2% 2.2% 2.1% 2.1% 2.1% 2.0% 2.0% 2.0% 1.9% 1.8% 1.7% 1.7% 1.7% 1.7% 1.6% 1.6% 1.6% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.4% 1.1% 0.9% 0.9% USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Net Charge-off Rates • Our NCO ratios tend to run higher than peer 3.0% average in periods of economic strength due 2.5% to our higher than average mix of credit card loans 2.0% • During periods of stress, our disciplined 1.5% underwriting is validated by lower NCO ratios vs peers 1.0% 0.5% 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 NCO Rate for USB NCO Rate for Peers Recession Indicator Source: S&P Global Market Intelligence; Peer banks include: BAC, CFG, FITB, JPM, KEY, PNC, RF, TFC and WFC * PPNR defined by S&P Global Market Intelligence as: Net interest income, on a fully tax-equivalent basis, plus fees and other noninterest income minus non-credit-related expenses. Nonrecurring U.S. BANCORP | 7 revenue and nonrecurring expense and securities gains and losses are excluded. ** 5-Year average ranges from 2015-2019, 10-Year average ranges from 2010-2019, 15-Year average ranges from 2005-2019 NCO Rate* … driven by superior PPNR and credit quality performance * * * Pre-Provision Net Revenue Pre-Provision Net Revenue Pre-Provision Net Revenue / Avg Assets / Avg Assets / Avg Assets 2.8% ** ** ** (5-Year Average) (10-Year Average) (15-Year Average) 2.5% 2.4% 2.2% 2.2% 2.1% 2.1% 2.1% 2.0% 2.0% 2.0% 1.9% 1.8% 1.7% 1.7% 1.7% 1.7% 1.6% 1.6% 1.6% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.4% 1.1% 0.9% 0.9% USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 USB Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Net Charge-off Rates • Our NCO ratios tend to run higher than peer 3.0% average in periods of economic strength due 2.5% to our higher than average mix of credit card loans 2.0% • During periods of stress, our disciplined 1.5% underwriting is validated by lower NCO ratios vs peers 1.0% 0.5% 0.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 NCO Rate for USB NCO Rate for Peers Recession Indicator Source: S&P Global Market Intelligence; Peer banks include: BAC, CFG, FITB, JPM, KEY, PNC, RF, TFC and WFC * PPNR defined by S&P Global Market Intelligence as: Net interest income, on a fully tax-equivalent basis, plus fees and other noninterest income minus non-credit-related expenses. Nonrecurring U.S. BANCORP | 7 revenue and nonrecurring expense and securities gains and losses are excluded. ** 5-Year average ranges from 2015-2019, 10-Year average ranges from 2010-2019, 15-Year average ranges from 2005-2019 NCO Rate

Investing for the Future Innovation is providing opportunities for W e are investing in people and technology with the goal of improving Optimization growth and efficiency and driving Superior Returns U.S. BANCORP | 8Investing for the Future Innovation is providing opportunities for W e are investing in people and technology with the goal of improving Optimization growth and efficiency and driving Superior Returns U.S. BANCORP | 8

The shift towards digital is driving engagement and efficiency Most consumer transactions Customer preference is increasingly Engagement improves with now occur digitally migrating to our mobile platform mobile app uptake Transactions (% of Total) Mobile App vs Online Active Mobile Transactions Engagement 76% 2.3x 67% 64% 2.1x 1.8x 36% 33% 24% 8/31/18 8/31/19 8/31/20 6 months 12 months 18 months Total Digital Branch, ATM, Phone and IVR 8/31/19 8/31/20 Digital Lending Small Business Loan Sales (% of Total) Business Sales, % Digital Share 72% 64% 54% >2x 46% 36% 28% 8/31/18 8/31/19 8/31/20 8/31/19 8/31/20 Total Digital Branch and Phone Total Digital includes both online and mobile platforms U.S. BANCORP | 9The shift towards digital is driving engagement and efficiency Most consumer transactions Customer preference is increasingly Engagement improves with now occur digitally migrating to our mobile platform mobile app uptake Transactions (% of Total) Mobile App vs Online Active Mobile Transactions Engagement 76% 2.3x 67% 64% 2.1x 1.8x 36% 33% 24% 8/31/18 8/31/19 8/31/20 6 months 12 months 18 months Total Digital Branch, ATM, Phone and IVR 8/31/19 8/31/20 Digital Lending Small Business Loan Sales (% of Total) Business Sales, % Digital Share 72% 64% 54% >2x 46% 36% 28% 8/31/18 8/31/19 8/31/20 8/31/19 8/31/20 Total Digital Branch and Phone Total Digital includes both online and mobile platforms U.S. BANCORP | 9

Leveraging the U.S. Bank Payments Ecosystem We facilitate money movement and deliver technologies to power commerce seamlessly for our customers Empower real-time decision making, funding, and payments • Embed real-time payment capabilities across payment flows to Deposits Card issuing enhance working capital and cash management application Lending • Leverage data to drive One U.S. Bank, like improved credit Merchant decisioning U.S. Bank processing Capital solutions Create seamless customer experiences Payments Omni-commerce Ecosystem Cash • Create frictionless, smart, and unified experiences focused on DIY capabilities and DIT management • Create disbursement solutions that provide choice of payment AR and AP Investment services method and instant payment capabilities solutions Drive customer acquisition, usage, and distribution • Leverage distribution channels and data driven prospecting across U.S. Bank to increase sales efficiency and product penetration Payments services Banking services • Expand value-added services to retain customers and expand into new market segments U.S. BANCORP | 10Leveraging the U.S. Bank Payments Ecosystem We facilitate money movement and deliver technologies to power commerce seamlessly for our customers Empower real-time decision making, funding, and payments • Embed real-time payment capabilities across payment flows to Deposits Card issuing enhance working capital and cash management application Lending • Leverage data to drive One U.S. Bank, like improved credit Merchant decisioning U.S. Bank processing Capital solutions Create seamless customer experiences Payments Omni-commerce Ecosystem Cash • Create frictionless, smart, and unified experiences focused on DIY capabilities and DIT management • Create disbursement solutions that provide choice of payment AR and AP Investment services method and instant payment capabilities solutions Drive customer acquisition, usage, and distribution • Leverage distribution channels and data driven prospecting across U.S. Bank to increase sales efficiency and product penetration Payments services Banking services • Expand value-added services to retain customers and expand into new market segments U.S. BANCORP | 10

Use Cases: Business Payments Solutions Leveraging Real-Time Payments Providing Digital Solutions in B2C The Opportunity: There is lag time from when consumers The Opportunity: Customer preference has shifted to digital make card purchases and when funds hit our business but most B2C payments still occur by physical check customers’ bank accounts • Funding timing significantly impacts our small business customers’ • Few companies provide instant B2C payments cash flow • Sufficient IT resources are often a barrier to companies providing • Traditionally, funding takes one to three workdays, does not occur on electronic payments to their customers weekends or holidays, and could be subject to a limit on the amount Our solution: Merchant Everyday Funding Our solution: Payee Choice • Payee Choice enables our business customers to empower • Merchants are funded at the end of each day through their U.S. Bank their customers to choose how they want to be paid Business DDA • Zelle, direct deposit, prepaid card or check • No daily funding limits • Easy plug-n-play technology frees up their IT resources • Seven days a week, including holidays The impact: Allows our business customers to optimize their The impact: Allows our business customers to optimize their cash flow resources and serve their clients better • Pay invoices quicker • Increasing usage in higher education, healthcare, and insurance • Cover business expenses faster • Reduces reliance on physical checks U.S. BANCORP | 11Use Cases: Business Payments Solutions Leveraging Real-Time Payments Providing Digital Solutions in B2C The Opportunity: There is lag time from when consumers The Opportunity: Customer preference has shifted to digital make card purchases and when funds hit our business but most B2C payments still occur by physical check customers’ bank accounts • Funding timing significantly impacts our small business customers’ • Few companies provide instant B2C payments cash flow • Sufficient IT resources are often a barrier to companies providing • Traditionally, funding takes one to three workdays, does not occur on electronic payments to their customers weekends or holidays, and could be subject to a limit on the amount Our solution: Merchant Everyday Funding Our solution: Payee Choice • Payee Choice enables our business customers to empower • Merchants are funded at the end of each day through their U.S. Bank their customers to choose how they want to be paid Business DDA • Zelle, direct deposit, prepaid card or check • No daily funding limits • Easy plug-n-play technology frees up their IT resources • Seven days a week, including holidays The impact: Allows our business customers to optimize their The impact: Allows our business customers to optimize their cash flow resources and serve their clients better • Pay invoices quicker • Increasing usage in higher education, healthcare, and insurance • Cover business expenses faster • Reduces reliance on physical checks U.S. BANCORP | 11

Innovation is allowing us to optimize our distribution network Our digital banking offerings are driving the transformation of our distribution network Our existing branch network Digital first - branch lite expansion Branch-equivalent distribution Branch count 3,133 3,106 3,067 -10% We are selectively expanding into new high- We have formed an alliance with State Farm to 3,018 growth markets serve customers at greater scale 2,795 2,730 Focus on markets where we have a critical mass This alliance is a relationship-based model that of existing customers, employees and brand leverages the strengths of two like-minded identity cultures 2015 2016 2017 2018 2019 9/30/20 Charlotte, NC is our first out-of-footprint expansion We target an additional 15 percent net branch * closures completed by early 2021 * Announced on 10/14/20 Note: State Farm and logo are trademarks of State Farm Mutual Automobile Company U.S. BANCORP | 12Innovation is allowing us to optimize our distribution network Our digital banking offerings are driving the transformation of our distribution network Our existing branch network Digital first - branch lite expansion Branch-equivalent distribution Branch count 3,133 3,106 3,067 -10% We are selectively expanding into new high- We have formed an alliance with State Farm to 3,018 growth markets serve customers at greater scale 2,795 2,730 Focus on markets where we have a critical mass This alliance is a relationship-based model that of existing customers, employees and brand leverages the strengths of two like-minded identity cultures 2015 2016 2017 2018 2019 9/30/20 Charlotte, NC is our first out-of-footprint expansion We target an additional 15 percent net branch * closures completed by early 2021 * Announced on 10/14/20 Note: State Farm and logo are trademarks of State Farm Mutual Automobile Company U.S. BANCORP | 12

We are managing for the long-term while delivering near-term results that support a pathway to the future. U.S. BANCORP | 13We are managing for the long-term while delivering near-term results that support a pathway to the future. U.S. BANCORP | 13

4Q20 Guidance Update • Net interest income • Noninterest income • Expenses • Credit quality • Tax rate U.S. BANCORP | 144Q20 Guidance Update • Net interest income • Noninterest income • Expenses • Credit quality • Tax rate U.S. BANCORP | 14

Appendix U.S. BANCORP | 15Appendix U.S. BANCORP | 15

Non-GAAP Financial Measures ($ in millions) Net Revenue Line of Business Financial Performance 3Q20 YTD Corporate and Commercial Banking $ 3, 368 Consumer and Business Banking 7,198 Wealth Management and Investment Services 2,178 Payment Services 4,207 Treasury and Corporate Support 623 Total Company 17, 574 Less Treasury and Corporate Support 623 Total Company excl. Treasury and Corporate Support $ 16,951 Percent of Total Company Corporate and Commercial Banking 19% Consumer and Business Banking 41% Wealth Management and Investment Services 12% Payment Services 24% Treasury and Corporate Support 4% Total 100% Percent of Total Company excl. Treasury and Corporate Support Corporate and Commercial Banking 20% Consumer and Business Banking 42% Wealth Management and Investment Services 13% Payment Services 25% Total Company excl. Treasury and Corporate Support 100% U.S. BANCORP | 16Non-GAAP Financial Measures ($ in millions) Net Revenue Line of Business Financial Performance 3Q20 YTD Corporate and Commercial Banking $ 3, 368 Consumer and Business Banking 7,198 Wealth Management and Investment Services 2,178 Payment Services 4,207 Treasury and Corporate Support 623 Total Company 17, 574 Less Treasury and Corporate Support 623 Total Company excl. Treasury and Corporate Support $ 16,951 Percent of Total Company Corporate and Commercial Banking 19% Consumer and Business Banking 41% Wealth Management and Investment Services 12% Payment Services 24% Treasury and Corporate Support 4% Total 100% Percent of Total Company excl. Treasury and Corporate Support Corporate and Commercial Banking 20% Consumer and Business Banking 42% Wealth Management and Investment Services 13% Payment Services 25% Total Company excl. Treasury and Corporate Support 100% U.S. BANCORP | 16

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Document and Entity Information	Dec. 09, 2020
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Document Type	8-K
Document Period End Date	Dec. 09, 2020
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Entity Address, Address Line One	800 Nicollet Mall
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Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, $.01 par value per share
Trading Symbol	USB
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Document And Entity Information [Line Items]
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
Depositary Shares Each Representing 11000th Interest In A Share Of Series K Not Cumulative Perpetual Preferred Stock Par Value 1.00 [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
Depositary Shares Each Representing 11000th Interest In A Share Of Series L Not Cumulative Perpetual Preferred Stock Par Value 1.00 [Member]
Document And Entity Information [Line Items]
Security 12b Title	Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrQ
Security Exchange Name	NYSE
M 0.850 Medium Term Notes Series X Senior Due June 72024 [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