U.s. Bancorp · NYSE:USB
U.s. Bancorp — BofA 2024 Financial Services Conference
12 slides from U.s. Bancorp's conference presentation, Feb 22, 2024
Slide 1: BofA 2024 Financial Services Conference
February 22, 2024 BofA 2024 Financial Services Conference Tim Welsh Vice Chair, Consumer and Business Banking John Stern Senior Executive Vice President and Chief Financial Officer U.S. Bancorp ©U.S. Bank | Confidential 1
Slide 2: Forward-looking statements
Forward-looking statements 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
Slide 3: A trusted partner with a strong foundation
A trusted partner with a strong foundation NYSE Traded USB Branches 2,274 Assets $663B Founded 1863 ATMs 4,524 Deposits $512B Market Cap $65B Loans $374B Regional National International Branch footprint Mortgage, Wealth and Payment Services Business, Commercial & Corporate Banking Investment Service
Slide 4: Our differentiated business mix supports consistent growth
Our differentiated business mix supports consistent growth Consumer & Payment Services - 25% Business Banking - 37% Wealth, Corporate, Commercial & Institutional Banking - 38% Consumer & Business Banking Wealth, Corporate, Commercial & Payment Services Institutional Banking Branch Banking, Small Bus
Slide 5: Evolution of Consumer & Business Banking
Evolution of Consumer & Business Banking Five Years Ago Today OUR PRIORITY Becoming central to the financial lives of our clients Traditional Branch Network #1 50 states #1 “Becoming Central to the financial lives of our customers” Digital mortgage Discrete Product & Business Mobile app1 Nationwide
Slide 6: Business Composition and National Footprint
Business Composition and National Footprint Serving millions of clients across three major business areas Consumer Banking Consumer Lending Business Banking › Healthy deposit franchise with › Flexible and adaptable business › Integrated ecosystem of banking, growing balances model payments, and tech
Slide 7: Our Payments Ecosystem is a Key Differentiator
Our Payments Ecosystem is a Key Differentiator Leveraging our payments ecosystem to grow our business banking relationships and expand our wallet share – contributing to meaningful revenue opportunities Payments Ecosystem Business Banking Opportunity Continued momentum and Deposits Card issuing Le
Slide 8: Guidance – 1Q and FY 2024
Guidance – 1Q and FY 2024 1Q 2024 Guidance Net interest income1 $4.0B – $4.1B FY 2024 Guidance Net interest income1 ~$16.6B+ Total noninterest income, Mid-single digit growth as adjusted2 vs FY 2023 of ~$10.8B Total noninterest expense, ~$17.0B as adjusted2 1 Taxable-equivalent basis ©U.S. Bank | Co
Slide 9: ©U.S. Bank | Confidential
©U.S. Bank | Confidential 9
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures Year Ended ($in millions) December 31, 2023 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 10,272 Consumer and Business Banking 9,993 Payment Services 6,758 Treasury and Corporate Support 1,121 Total Company 28
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Year Ended ($ in Millions) December 31, 2023 Total noninterest income $ 10,617 Less: notable items (2) (140) Total noninterest income, as adjusted 10,757 Noninterest expense $ 18,873 Less: notable items (3) 1,853 Total noninterest expense, as adjusted $ 17,020 ©U.S. Bank
Slide 12: Notable Items
Notable Items 1. 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. 2. Notable items for the year ended December 31, 2023 noninterest income included $(140) million related to investment securitie
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