U.s. Bancorp · NYSE:USB
U.s. Bancorp — Goldman Sachs U.S. Financial Services Conference 2022
14 slides from U.s. Bancorp's conference presentation, Dec 7, 2022
Slide 1: Goldman Sachs U.S. Financial Services Conference 2022
December 7, 2022 Goldman Sachs U.S. Financial Services Conference 2022 Andy Cecere Chairman, President and Chief Executive Officer Terry Dolan Vice Chair and Chief Financial Officer U.S. Bank U.S. Bank 1
Slide 2: Forward-looking statements and additional information
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 st
Slide 3: U.S. Bancorp
U.S. Bancorp NYSE Traded USB Branches 2,205 Assets $601B Founded 1863 ATMs 4,089 Deposits $471B Market Value $67B Loans $343B As of 9/30/22, except market value as of 11/30/22 U.S. Bank 3
Slide 4: Our differentiated business mix supports consistent growth
Our differentiated business mix supports consistent growth Consumer & Business Banking 35% Payment Services 28% Corporate & Commercial Wealth Management Banking & Investment Services 19% 18% Consumer & Business Banking Corporate & Commercial Banking Payment Services Wealth Management & Investment Se
Slide 5: Strategic initiatives and added scale will drive our growth
Strategic initiatives and added scale will drive our growth Digital Meaningfully Transformation enhances scale Significant value creation Payments Ecosystem + Underpenetrated client base = for our customers, shareholders, communities, and employees Strategic Strategically & fin
Slide 6: Digital transformation is leading to greater efficiencies
Digital transformation is leading to greater efficiencies Investments in technology have created “best-in- class” products and capabilities… …driving strong growth and efficiencies Branch Count Digital Transactions (% of Total)1 3,018 82% 2,205 66% Ranked #1 for Most Admired Mobile Check Superregion
Slide 7: Our payments ecosystem is a key differentiator
Our payments ecosystem is a key differentiator Our digital and payments initiatives are both Consumer and Business Banking deepening our core competencies and New talech Customers expanding our competitive advantage across our lines of business >5x ~5.4x talech helps small businesses FY20 tackle acc
Slide 8: Union Bank enhances our scale in an attractive CA market
Union Bank enhances our scale in an attractive CA market Meaningfully increasing our reach… …in a substantial California market Pro Forma Branch Footprint: Improves CA deposit market share1 to #5 from #10 Increases deposits per branch by >60% in California ~80% Union Bank branches are within 3 miles
Slide 9: Great opportunity to deploy our broad capabilities
Great opportunity to deploy our broad capabilities Union Bank is adding1 approximately: >1,000,000 50,000 Consumers HNW2 / Affluent Households 190,000 700 Business Banking Clients Commercial Relationships Who will be able to access to our robust product and digital capabilities Consumer & Payment Bu
Slide 10: A financially attractive and strategic acquisition
A financially attractive and strategic acquisition High Quality Deposits Bolstering our balance sheet with high quality, low-cost consumer deposits Compelling value Robust Revenue Opportunities proposition for our customers, communities, Numerous opportunities to penetrate a large and loyal client b
Slide 11: Union Bank acquisition financial update
Union Bank acquisition financial update Original Deal Assumptions Updated Expectations Loans • $58 billion (at 6/30/2021) • ~$53 billion (as of 12/31/2022) Deposits • $90 billion (at 6/30/2021) • ~$85 billion (as of 12/31/2022) 2023 EPS • ~6% (75% Cost Synergies)1 • ~8 - 9% (35% Cost Synergies)2 Acc
Slide 12: Outlook
Outlook1 4Q 2022 Guidance Full Year 2022 Guidance Core Positive operating leverage of at Core Up ~ 2% Operating least 200 basis points Revenue Compared to 3Q 2022 of $6,326 MM Leverage Core Up ~ 2% Expenses Compared to 3Q 2022 of $3,595 MM Union Adds ~$50MM in PPNR2 to USB Bank standalone core resul
Slide 13: Appendix
Appendix U.S. Bank 13
Slide 14: Non-GAAP financial measures
Non-GAAP financial measures ($ in millions) Net Revenue Line of Business Financial Performance 3Q22 YTD Corporate and Commercial Banking $ 3,249 Consumer and Business Banking 6,026 Wealth Management and Investment Services 3,007 Payment Services 4,715 Treasury and Corporate Support 937 Total Company
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