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: March 7, 2013
(Date of earliest event reported)
U.S. BANCORP
(Exact name of registrant as specified in its charter)
Delaware | 1-6880 | 41-0255900 | ||
(State or other jurisdiction of incorporation) |
(Commission file number) |
(IRS Employer Identification No.) |
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices, including zip code)
(651) 466-3000
(Registrants 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)) |
Item 8.01 | Other Events. |
On March 7, 2013, U.S. Bancorp announced a summary of its results under the stress tests required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated into this Item 8.01 by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
99.1 | Press release dated March 7, 2013 |
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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 Executive Vice President, General Counsel and Corporate Secretary |
Date: March 8, 2013
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Exhibit 99.1
News Release | ||||
Contact: | Thomas Joyce, Public Relations (612) 303-3167 Judith T. Murphy, Investor Relations (612) 303-0783 |
U.S. BANCORP DISCLOSES SUMMARY RESULTS OF DODD-FRANK ACT STRESS TEST
MINNEAPOLIS (March 7, 2013) Today U.S. Bancorp disclosed a summary of its Dodd-Frank Act Stress Test (DFA) results. The disclosure includes U.S. Bancorps projected stressed minimum capital ratios for the period from the fourth quarter of 2012 through the fourth quarter of 2014, assuming annual common stock dividends equal to the average dollar amount paid in the previous year and no stock redemption or repurchase activity, in addition to estimates of losses, revenues, net income before taxes, and loan losses by type of loan over the same time period. All projections were made under the Supervisory Severely Adverse Scenario set by the Federal Reserve, a two-year hypothetical stressed economic scenario designed to assess the overall strength and resilience of the banking industry, which is much more severe than actually expected by the Company.
A summary of the Companys DFA results is included in the table below. The Companys DFA results may differ from those calculated and published by the Federal Reserve due to differences in models, methodologies and tax rate, among other things. A document summarizing the risks and methodologies used to calculate the results, as well as an analysis of the significant reasons for the changes in capital ratios under the hypothetical stressed economic scenario is available on our website at www.usbank.com.
2013 CCAR
U.S. Bancorp Disclosure
Dodd-Frank Stress Testing Results
Projected Stressed Capital Ratios, Losses, Revenues, Net Income before Taxes, and Loan Losses by Type of Loan
U.S. Bancorp Estimates in the Supervisory Severely Adverse Scenario
U.S. Bancorp
The capital ratios are calculated using capital action assumptions provided within the Dodd-Frank Act stress testing rule. These projections represent hypothetical estimates that involve an economic outcome that is more adverse than expected. These estimates are not forecasts of expected losses, revenues, net income before taxes, or capital ratios. The minimum capital ratio presented is for the period Q4 2012 to Q4 2014.
Projected Capital Ratios through Q4 2014 under the Supervisory Severely Adverse Scenario
Actual | Stressed Capital Ratios | |||||||||||
Q3 2012 | Q4 2014 | Minimum | ||||||||||
Tier 1 Common Ratio (%) |
9.0 | % | 8.5 | % | 8.5 | % | ||||||
Tier 1 Capital Ratio (%) |
10.9 | % | 10.4 | % | 10.4 | % | ||||||
Total Risk-based Capital Ratio (%) |
13.3 | % | 12.4 | % | 12.4 | % | ||||||
Tier 1 Leverage Ratio (%) |
9.2 | % | 8.7 | % | 8.7 | % |
Minneapolis-based U.S. Bancorp, with $354 billion in assets as of December 31, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The company operates 3,084 banking offices in 25 states and 5,065 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
Forward-Looking Statements
The following information appears in accordance with 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 made. The forward-looking statements contained in this press release include, among other things, projected future capital ratios, revenue, net income before taxes, and loan losses of U.S. Bancorp based on a hypothetical scenario containing assumptions that may not come to pass in the future. There can be no assurance that U.S. Bancorps actual results would match the results disclosed herein if the assumed scenario were to occur.
Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. Global and domestic economies could fail to recover from the recent economic downturn or could experience another severe contraction, which could adversely affect U.S. Bancorps revenues and the values of its assets and liabilities. Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Continued stress in the commercial real estate markets, as well as a delay or failure of recovery in the residential real estate markets, could cause additional credit losses and deterioration in asset values. In addition, U.S. Bancorps business and financial performance is likely to be negatively impacted by recently enacted and future legislation and regulation. U.S. Bancorps results could also be adversely affected by deterioration in general business and economic conditions; changes in interest 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 securities held in its investment securities portfolio; legal and regulatory developments; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and managements ability to effectively manage credit risk, residual value risk, market risk, operational risk, interest rate risk, and liquidity risk.
For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorps Annual Report on Form 10-K for the year ended December 31, 2012, 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. Forward-looking statements speak only as of the date they are made, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
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