U.s. Bancorp · NYSE:USB
U.s. Bancorp — Barclays Americas Select Franchise Conference 2024
33 slides from U.s. Bancorp's conference presentation, May 2024
Slide 1: Barclays Americas Select Franchise Conference 2024
(bancorp Moy, 2024 Barclays Americas Select Franchise Conference 2024 Terry Dolan Vice Chair and Chief Administration Officer John Stern Senior Executive Vice President and Chief Financial Officer
Slide 2: 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 expectations, are forward-l
Slide 3: U.S. Bancorp
U.S. Bancorp Branches and ATMs as of 3/31/24, market cap source: Bloomberg as of 4/26/24; Assets, Deposits and Loans are on an average basis for the three months ended 3/31/24
Slide 4: Peer comparison of assets, deposits and market cap
$3,969 $2,375 $556 3,247 1,908 298 1,917 1,342 210 654 503 563 420 62 531 389 51 221 176 25 213 168 18 186 143 16 151 127 14 U.S. Bancorp Source: Peer company reports, based on U.S. Bancorp’s financial peer group described in its 2024 proxy statement, and Bloomberg. Assets and deposits are 1Q24 aver
Slide 5: Long-term performance versus peers
Data as of 12/31/23 and covers years 2014 through 2023 1 Reflects adjusted net income applicable to common shareholders excluding notable items and preferred dividends / other for benchmarking purposes 2 Includes intangibles amortization expense for benchmarking purposes 3 Non-GAAP metrics; see appe
Slide 6: High Net Worth Clients
+ = 1 High Net Worth Clients U.S. Bancorp
Slide 7: What drives our higher returns
What drives our higher returns Our business mix ~Y Our efficient operating platform (&) Our risk management philosophy Our culture () Our commitment to corporate social responsibility W is.encorp
Slide 8: Business mix
U.S. Bancorp Business line revenue percentages of total net revenue for the three months ended 3/31/24, on a taxable-equivalent basis, exclude Treasury and Corporate Support; see appendix for reconciliation
Slide 9: Business line revenue
1 Business line revenue percentages of total net revenue for the three months ended 3/31/24, on a taxable-equivalent basis, exclude Treasury and Corporate Support; see appendix for reconciliation U.S. Bancorp
Slide 10: Market positions and rankings
1 Assets Under Management (AUM) data as of 2/29/24 and Assets Under Custody and Administration (AUCA) data as of 1/31/24 2 Inside Mortgage Finance 4Q 2023 3 SBA Lender Report 2023 4 Thomson Reuters LPC as of June 30, 2023; ranking based upon number of issues; Q3 2023 Refinitiv LPC 5 iMoneyNet Money
Slide 11: Payments and client growth
h h Data as of December 2023 1 Non-GAAP financial measure. FY 2020 revenue of $1.4B has been adjusted to add approximately $1.4B, for a total of $2.7B, to reflect the impact of 450 bps higher rate environment in 2023 to FY 2020 average U.S. Bancorp balances of $30B. This adjustment allows for the co
Slide 12: Digital strategy driving efficiencies
Digital strategy driving efficiencies Our digital strategy continues to evolve, becoming core to our operating model and a key differentiator within the industry at Ee Clear Objectives Simplicity in Execution Generate Efficiencies Modernize infrastructure to Simplified solutions to facilitate Accele
Slide 13: $ in millions, unless specified 1 Non-GAAP; see appendix for calculations and description of
▪ ▪ ▪ U.S. Bancorp $ in millions, unless specified 1 Non-GAAP; see appendix for calculations and description of notable items
Slide 14: Net charge-off rate
4.0% 3.5% 3.0% 2.5% NCO Rate 2.0% 1.5% 1.0% 0.5% 0.0% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Year Recession Indicator NCO Rate for Top 100 Banks NCO Rate for U.S. Bancorp • • • • • U.S. Bancorp 1 Source: FRB St Louis Fred databas
Slide 15: Recognition and awards
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Slide 16: Community reinvestment rating
U.S. Bancorp 1 Rating for U.S. Bank National Association for the 1/1/2016 to 12/31/2020 examination period.
Slide 17: Capital
▪ ▪ ▪ ▪ ▪ U.S. Bancorp 1 Non-GAAP financial measure; see the appendix for calculations and description of notable items 2 Common equity tier 1 capital to risk-weighted assets, reflecting Basel III standardized with 5 year current expected credit losses (CECL) transition
Slide 18: Loans
• • • U.S. Bancorp $ in billions
Slide 19: Loan portfolio detail
• • • Data as of 3/31/24 except where indicated otherwise U.S. Bancorp 2 OO = Owner Occupied 3 SFR = Single Family Residential
Slide 20: Deposits
• • U.S. Bancorp 1 Retail includes Consumer and Wealth average deposit balances 2 Insured deposits represent FDIC insurance coverage, excluding all intercompany and subsidiary deposits
Slide 21: Securities portfolio
▪ ▪ ▪ ▪ $ in Billions U.S. Bancorp As of March 31, 2024, MBS = Mortgage-backed securities, MTM = Market-to-Market, Burndown as of market implied 3/31/2024 Accumulated other comprehensive income (AOCI) position is net-of-tax
Slide 22: Outlook
U.S. Bancorp 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and descriptions of notable items
Slide 23: Appendix
U.S. Bancorp
Slide 24: Market positions and rankings
1 Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, U.S. Bancorp 2 Federal Reserve Statistical Release of Insured U.S.-Chartered commercial banks that have consolidated assets of $300 million or more, ranked by consolidated assets as of June 30
Slide 25: Business line positions
1 Year ended 12/31/23 net revenue taxable-equivalent basis; Excludes Treasury and Corporate Support; Non-GAAP, see appendix for calculations 2 Among peer banks within 26 state footprint based on FDIC data as of 6/30/23 3 Inside Mortgage Finance 4Q 2023 U.S. Bancorp 4 Statistical Surveys BDG Lender R
Slide 26: Payment Services
Retail Payment ✓ Solutions ✓ ✓ Merchant Acquiring Corporate ✓ Payments (Elavon) ✓ 1 Volume per Nilson Report (issue 1242), June 2023 2 Rankings provided are based on FY22 and 1H23 per Nilson among V/MA issuer volume. Includes consumer, small business and commercial volume. Debit card rank is for FY2
Slide 27: U.S. Bancorp (1) – see last page in appendix for corresponding notes
U.S. Bancorp (1) – see last page in appendix for corresponding notes
Slide 28: U.S. Bancorp (1) – see last page in appendix for corresponding notes
U.S. Bancorp (1) – see last page in appendix for corresponding notes
Slide 29: U.S. Bancorp (1), (2) – see last page in appendix for corresponding notes
U.S. Bancorp (1), (2) – see last page in appendix for corresponding notes
Slide 30: U.S. Bancorp (1) – see last page in appendix for corresponding notes
U.S. Bancorp (1) – see last page in appendix for corresponding notes
Slide 31: Non-GAAP financial measures
Non-GAAP financial measures WD cs.toncorp ($ in millions) Three Months Ended March 31, 2024 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 2,378 Consumer and Business Banking 2,437 Payment Services 1,715 Treasury and Corporate Support 185
Slide 32: Notable items
Notable items 1. 2. Notable items of $265 million ($199 million net-of-tax) for the three months ended March 31, 2024 included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the year-ended December 3
Slide 33: U.S. Bancorp
U.S. Bancorp
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