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: November 5, 2015

(Date of earliest event reported)

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))

Item 7.01 Regulation FD Disclosure.

As previously announced, Kathleen A. Rogers, U.S. Bancorp’s Vice Chairman and Chief Financial Officer, and P.W. (Bill) Parker, U.S. Bancorp’s Vice Chairman and Chief Risk Officer, will make a presentation at the BancAnalysts Association of Boston Conference in Boston, Massachusetts, at 8:10 a.m. local time on Thursday, November 5, 2015. 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 on U.S. Bancorp’s website at usbank.com by clicking on “About U.S. Bank” and then “Webcasts & Presentations” under the “Investor/Shareholder Information” heading, which is located at the left side of the bottom of the page. A live audio 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 90 days.

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 purposes of Section 18 of the Securities Exchange Act of 1934, as amended, 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 BancAnalysts Association of Boston Conference Slides

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 Executive Vice President, General Counsel and Corporate Secretary

Date: November 5, 2015

3

EX-99.1

BancAnalysts Association

of Boston Conference

November 5, 2015

Kathy Rogers

Vice Chairman and CFO

Exhibit 99.1

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

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.  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.  A reversal or

slowing of the current economic recovery or another severe contraction could adversely affect U.S. Bancorp’s 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.  Stress in the commercial real estate markets, as well as a downturn in the residential real estate markets, could cause

credit losses and deterioration in asset values.  In addition, U.S. Bancorp’s business and financial performance is likely to be negatively

impacted by recently enacted and future legislation and regulation.  U.S. Bancorp’s 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; litigation; increased competition from both banks and non-banks; changes in customer

behavior and preferences; breaches in data security; effects of mergers and acquisitions and related integration; effects of critical

accounting policies and judgments; and management’s ability to effectively manage credit risk, residual value risk, market risk,

operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputational 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, 2014, 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.

This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance.  The calculations of these measures

are provided within or in the appendix of the presentation.  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.

2

U.S. BANCORP  |

Agenda

•

Company Overview

•

Financial Management

•

Capital Management

•

Growth Strategies

•

Interest Rates

•

4Q Update

•

Long-term Goals

3

U.S. BANCORP  |

U.S. Bancorp 3Q15 Dimensions

Market value as of 10/30/15

NYSE Traded

USB

Founded

1863

Market Value

$74B

Branches

3,151

ATMs

5,001

Customers

18.5M

Assets

$416B

Deposits

$295B

Loans

$255B

4

U.S. BANCORP  |

Industry Position

Source: company reports, SNL and FactSet

Assets and deposits as of 9/30/15, market value as of 10/30/15

Assets

Market Value

Deposits

U.S.

U.S.

U.S.

Rank

Company

$ Billions

Rank

Company

$ Billions

Rank

Company

$ Billions

1

J.P. Morgan

2,417

1

J.P. Morgan

1,273

1

Wells Fargo

279

2

Bank of America

2,153

2

Wells Fargo

1,202

2

J.P. Morgan

239

3

Citigroup

1,808

3

Bank of America

1,162

3

Bank of America

175

4

Wells Fargo

1,751

4

Citigroup

904

4

Citigroup

158

5

U.S. Bancorp

416

5

U.S. Bancorp

295

5

U.S. Bancorp

74

6

PNC

362

6

PNC

245

6

PNC

47

7

BB&T

209

7

BB&T

148

7

BB&T

29

8

SunTrust

187

8

SunTrust

146

8

SunTrust

21

9

Fifth Third

142

9

Fifth Third

101

9

Fifth Third

15

10

Regions

125

10

Regions

97

10

Regions

12

5

U.S. BANCORP  |

Peer Banks

Peer Bank Ticker Symbols

BAC

Bank of America

PNC

PNC

BBT

BB&T

RF

Regions

FITB

Fifth Third

STI

SunTrust

JPM

J.P. Morgan

USB

U.S. Bancorp

KEY

KeyCorp

WFC

Wells Fargo

Bank of America

SunTrust

Wells Fargo

KeyCorp

BBT

Fifth Third

Regions

PNC

J.P. Morgan

U.S. Bancorp

6

U.S. BANCORP  |

Industry Leading Returns 3Q15

Source: SNL and company reports; Peer banks: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC

Efficiency ratio computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and

noninterest income excluding net securities gains (losses)

Return on Average Assets

1.44%

1.32%

1.17%

1.13%

1.11%

1.07%

1.03%

0.92%

0.83%

0.82%

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

14.1%

12.7%

11.5%

10.0%

9.6%

9.3%

8.2%

8.1%

7.0%

6.0%

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

53.9%

56.4%

58.2%

61.3%

61.6%

64.0%

66.5%

66.7%

67.3%

67.8%

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

Return on Average Common Equity

Efficiency Ratio

7

U.S. BANCORP  |

Agenda

•

Company Overview

•

Financial Management

•

Capital Management

•

Growth Strategies

•

Interest Rates

•

4Q Update

•

Long-term Goals

8

U.S. BANCORP  |

Revenue Diversification

Revenue Mix

By Business Line

Consumer and

Small Business

Banking

42%

Payment Services

30%

Wealth Mgmt and

Securities Services

11%

Wholesale

Banking and

Commercial

Real Estate

17%

Fee Income / Total Revenue

2015 YTD, taxable-equivalent basis

Business line revenue percentages exclude Treasury and Corporate Support (see slide 38)

46%

45%

45%

45%

35%

40%

45%

50%

55%

2012

2013

2014

3Q15 YTD

55%

45%

9

U.S. BANCORP  |

Best in Class Debt Rating

Debt ratings: holding company as of 10/30/15

USB is highest rated peer bank across all rating agencies

•

Funding advantage

•

Competitive advantages

–

Pricing

–

Flight-to-quality

–

Sales Force

Confidence

Holding

Company

Rating

Outlook

Rating

Outlook

Rating

Outlook

Rating

Outlook

USB

A1

s

A+

s

AA

s

AA

s

WFC

A2

s

A+

on

AA-

s

AA

s

BBT

A2

s

A-

s

A+

s

A (high)

s

JPM

A3

s

A

on

A+

s

A (high)

s

PNC

A3

s

A-

s

A+

s

A (high)

s

BAC

Baa1

s

A-

on

A

s

A (low)

s

FITB

Baa1

s

BBB+

s

A

s

A (low)

s

STI

Baa1

s

BBB+

s

A-

s

A (low)

s

KEY

Baa1

s

BBB+

s

A-

s

BBB (high)

s

RF

Baa3

s

BBB

s

BBB

s

BBB

s

Moody's

S&P

Fitch

DBRS

10

U.S. BANCORP  |

Credit Quality

$ in millions

Net Charge-offs

Nonperforming Assets

$336

$308

$279

$296

$292

0.55%

0.50%

0.46%

0.48%

0.46%

0.00%

0.75%

1.50%

2.25%

3.00%

0

130

260

390

520

3Q14

4Q14

1Q15

2Q15

3Q15

$1,923

$1,808

$1,696

$1,577

$1,567

0.78%

0.73%

0.69%

0.63%

0.61%

0.00%

0.75%

1.50%

2.25%

3.00%

0

700

1,400

2,100

2,800

3Q14

4Q14

1Q15

2Q15

3Q15

Net Charge-offs (Left Scale)

NCOs to Avg Loans (Right Scale)

Nonperforming Assets (Left Scale)

NPAs to Loans plus ORE (Right Scale)

11

U.S. BANCORP  |

Efficiency

53.9%

56.4%

58.2%

61.3%

61.6%

64.0%

66.5%

66.7%

67.3%

67.8%

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

•

Single processing platforms

•

Full consolidation of acquisitions

•

Operating scale in all significant

businesses

•

Business line monthly review

process

Source: SNL and company reports; Peer banks: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC

Efficiency ratio computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and

noninterest income excluding net securities gains (losses)

3Q15 Efficiency Ratio

Sources of

Competitive Advantage

12

U.S. BANCORP  |

Efficiency Effort

Goals

•

Return to positive operating leverage

•

Reinvest savings into growth initiatives as economy

strengthens

13

U.S. BANCORP  |

Prior 5 Quarters

Average Balances

Linked Quarter Growth

1.1%

1.0%

0.8%

0.7%       1.3%   *Core

Prior 5 Years

Average Balances

Year-Over-Year Growth

Loan Growth

$ in billions

* 3Q14 excludes Charter One acquisition, 1Q15 excludes the reclassification of certain municipal loans to securities, 2Q15 and 3Q15

exclude student loans which were transferred to held for sale at the end of 1Q15 and returned to held for investment during 3Q15

$193.0

$201.4

$215.4

$227.5

$241.7

100

140

180

220

260

2010

2011

2012

2013

2014

$243.9

$246.4

$248.0

$246.6

$250.5

200

215

230

245

260

3Q14

4Q14

1Q15

2Q15

3Q15

3.9%

4.4%

6.9%

5.6%

6.3%

1.4%

1.0%

0.6%

(0.6%)

1.6%

14

U.S. BANCORP  |

Prior 5 Quarters

Average Balances

Year-Over-Year Growth

5.5%

5.5%

6.4%

7.4%

6.9%  *Core

Prior 5 Years

Average Balances

Year-Over-Year Growth

Deposit Growth

$ in billions

* Adjusted for Charter One acquisition

$184.7

$213.2

$235.7

$250.5

$266.6

140

180

220

260

300

2010

2011

2012

2013

2014

$271.0

$275.5

$278.5

$285.7

$289.7

200

230

260

290

320

3Q14

4Q14

1Q15

2Q15

3Q15

10.1%

15.4%

10.6%

6.3%

6.5%

7.4%

7.2%

8.1%

8.9%

6.9%

15

U.S. BANCORP  |

Prior 5 Quarters

Year-Over-Year Change

2.0%

3.2%

1.9%

1.4%

1.6%  *Core

Prior 5 Years

Year-Over-Year Change

Revenue Growth

$18,148

$19,108

$20,288

$19,602

$20,161

10,000

13,000

16,000

19,000

22,000

2010

2011

2012

2013

2014

$4,990

$5,169

$4,906

$5,042

$5,147

3,500

4,000

4,500

5,000

5,500

3Q14

4Q14

1Q15

2Q15

3Q15

$ in million, taxable-equivalent basis

* Excluding notable items: 2Q14 Visa gain $214 million; 4Q14 Nuveen gain $124 million; and

3Q15 Visa gain $135 million and student loan market value adjustment ($58) million

2.0%

5.7%

1.9%

(2.8%)

3.1%

8.9%

5.3%

6.2%

(3.4%)

2.9%

16

U.S. BANCORP  |

Agenda

•

Company Overview

•

Financial Management

•

Capital Management

•

Growth Strategies

•

Interest Rates

•

4Q Update

•

Long-term Goals

17

U.S. BANCORP  |

Capital Management

Earnings

Distribution

Target

•

Annual dividend increased from

$0.98 to $1.02 per share in 2Q15,

a 4.1% increase

•

Five-quarter authorization to

repurchase up to $3.0 billion of

outstanding stock effective

April 1, 2015

•

CET1* at 9.2% in 3Q15, above

target of 8.0%

Capital Actions

Reinvest and

Acquisitions

Dividends

Share

Repurchases

20 -

40%

30 -

40%

30 -

40%

Payout Ratio

80%

70%

76%

71%

72%

* Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented standardized approach

29%

31%

32%

32%

32%

42%

41%

38%

44%

48%

0%

25%

50%

75%

100%

2013

2014

1Q15

2Q15

3Q15

Dividends

Share Repurchases

18

U.S. BANCORP  |

Agenda

•

Company Overview

•

Financial Management

•

Capital Management

•

Growth Strategies

•

Interest Rates

•

4Q Update

•

Long-term Goals

19

U.S. BANCORP  |

Business Mix

Payment Services

•

Retail Payment Solutions

•

Corporate Payment Systems

•

Global Merchant Acquiring

Wealth Management

and Securities Services

•

Wealth Management

•

Asset Management

•

Corporate Trust Services

•

Fund Services

•

Institutional Trust & Custody

Consumer and Small

Business Banking

•

Branch Banking

•

Small Business Banking

•

Consumer

Lending

•

Mortgage Banking

•

Omnichannel

Wholesale Banking and

Commercial Real Estate

•

Corporate Banking

•

Commercial Banking

•

Commercial Real Estate

Revenue Mix

By Business Line

Consumer and

Small Business

Banking

Payment Services

Wealth Mgmt and

Securities Services

Wholesale

Banking and

Commercial

Real Estate

20

U.S. BANCORP  |

Payment Services

Business Line Summary

•

Provides a full suite of payment processing services

to consumers, small businesses, corporations and

merchants

–

a

unique

position

versus

other

banks

•

Expanding internationally in merchant acquiring through

continued investment in partnerships and our international

merchant payment platform

•

Leading player in payments innovation and emerging

technologies including enhanced security and

authentication

Business Line Scale

Ranking

Annual Volume

•

#5 U.S. credit card issuer

$64 billion

•

#5 U.S. debit card issuer

$58 billion

•

#3 U.S. corporate card issuer

$54 billion

•

#5 U.S. merchant acquirer /

$375 billion

#4 European merchant acquirer

Retail Payment

Solutions

60%

Global

Merchant

Acquiring

30%

Corporate

Payment

Systems

10%

Revenue Contribution

to USB

Payment Services

Revenue Mix

30%

Source: The Nilson Report (Visa and MasterCard issuers)

Revenue contribution and mix 3Q15 YTD; Revenue contribution percentages exclude Treasury and Corporate Support (see slide 38)

Consumer and Small

Business Banking

Wealth Mgmt and

Securities Services

Wholesale Banking and

Commercial Real Estate

Payment Services

21

U.S. BANCORP  |

Wealth Management and Securities Services

Business Line Summary

•

Delivers a full array of wealth management services

through differentiated service delivery models to address

the needs of a broad range of clients

•

Leading provider of corporate trust services in the

U.S. with a growing international presence

•

Continued opportunity to expand all businesses through

new products and services, building deeper relationships

and strategic acquisitions

Business Line Scale

•

$126 billion in assets under management and $5.1 trillion

in assets under administration

•

#1 U.S. corporate trustee

•

#1 U.S. municipal trustee

•

#1 U.S. structured trustee

•

#3 Third party mutual fund servicer

Wealth

Management

40%

Fund

Services

20%

Corporate

Trust

30%

Revenue Contribution

to USB

Wealth Mgmt and

Securities Services

Revenue Mix

Source: Securities Data Corp (corporate trust) based on number of issues, Investment Company Institute (fund services)

Revenue contribution and mix 3Q15 YTD; Revenue contribution percentages exclude Treasury and Corporate Support (see slide 38)

US Bank

Asset Mgmt

1%

Institutional

Trust & Custody

9%

Consumer and Small

Business Banking

Wealth Mgmt and

Securities Services

Wholesale Banking and

Commercial Real Estate

Payment Services

11%

22

U.S. BANCORP  |

Wholesale Banking and Commercial Real Estate

Business Line Summary

•

Provides products and services to 90% of the Fortune

500 and 87% of the Fortune 1,000

•

Expanded loan capital markets and derivatives,

enhanced foreign exchange capabilities, added high-

grade fixed income and municipal bond capabilities

•

National Commercial Real Estate business is

relationship-based and serves strong national and

regional developers

Business Line Scale

•

$3.0 billion of revenue in 2014, $84 billion in loans and

$87 billion in deposits (3Q15 average balances)

•

A leading treasury management provider

•

A leading provider of banking services to federal, state and

municipal governments

Corporate

Banking

63%

Commercial

Real Estate

20%

Commercial

Banking

17%

Wholesale Banking

and Commercial RE 

Revenue Mix

Revenue contribution and mix 3Q15 YTD; Revenue contribution percentages exclude Treasury and Corporate Support (see slide 38)

Revenue Contribution

to USB

Consumer and Small

Business Banking

Wealth Mgmt and

Securities Services

Wholesale Banking and

Commercial Real Estate

Payment Services

17%

23

U.S. BANCORP  |

Consumer and Small Business Banking

Business Line Summary

•

Provides a full suite of banking products and services to

consumer and small business customers across 25-state

branch footprint

•

Differentiating U.S. Bank from competitors through

continued improvement in the customer experience,

investments in innovative products and deeper customer

relationships

•

Omnichannel strategy driving investments in industry-

leading digital channel capabilities and new state-of-

the-art branch formats

Business Line Scale

•

25 contiguous state distribution footprint;

#4 U.S. branch network;

#1 in-store and on-site branch network

•

#5 U.S. mortgage originator

•

#3 SBA lender

Mortgage

Banking

22%

Community

Banking

28%

Consumer and Small

Business Banking

Revenue Mix

42%

Metropolitan

Banking

30%

In-store and

On-site Banking

7%

Consumer

Lending

13%

Source: SNL and Inside Mortgage Finance

Revenue contribution and mix 3Q15 YTD; Revenue contribution percentages exclude Treasury and Corporate Support (see slide 38)

Revenue Contribution

to USB

Consumer and Small

Business Banking

Wealth Mgmt and

Securities Services

Wholesale Banking and

Commercial Real Estate

Payment Services

24

U.S. BANCORP  |

Omnichannel Strategy

All channels

comprise ‘Omnichannel’

Online

Mobile

ATM

Telephone

Branch

The customer

Omnichannel: How the customer interacts both seamlessly and

holistically across the bank

Strategic Pillars

25

U.S. BANCORP  |

Success in Digital

is Foundational for Omnichannel

Great progress has fueled great results with more to do…

Achievements:

1.

Money movement & payments

•

Live with real time P2P

•

Apple / Android pay

•

Mobile wizard for payments

2.

Application & fulfilment

•

Enables digital application

•

Online fulfilment

•

Optimization for touch devices

3.

Photo banking:

•

Mobile check deposit

•

Photo Bill pay

•

Imminent launch of ‘photo apply’

26

U.S. BANCORP  |

Agenda

•

Company Overview

•

Financial Management

•

Capital Management

•

Growth Strategies

•

Interest Rates

•

4Q Update

•

Long-term Goals

27

U.S. BANCORP  |

Net Interest Margin –

Where Are We Today?

Taxable-equivalent basis

Net Interest Income

•

The net interest margin was

stable in 3Q15 versus 2Q15

•

Two major headwinds are

behind us

Securities build for Liquidity

Coverage Ratio is complete

Checking Account Advance

product discontinued 2Q14

•

Expect the 4Q15 net interest

margin to be relatively stable

Key Points

$2,748

$2,799

$2,752

$2,770

$2,821

3.16%

3.14%

3.08%

3.03%

3.04%

2.0%

2.5%

3.0%

3.5%

4.0%

2,000

2,250

2,500

2,750

3,000

3Q14

4Q14

1Q15

2Q15

3Q15

Net Interest Income

Net Interest Margin

28

U.S. BANCORP  |

Net Interest Income Simulation –

as Rates Move

•

The Company uses net interest

income simulation analysis for

measuring and analyzing

consolidated interest rate risk,

running 28 interest rate risk

scenarios

•

Projections are largely dependent

on assumptions of noninterest-

bearing deposit runoff and non-

maturity deposit re-pricing

We are appropriately conservative

•

The Company is currently asset

sensitive

•

Well positioned for rising rates

Sensitivity of Net Interest Income

Key Points

1.30%

1.38%

1.66%

1.71%

1.72%

1.75%

2.19%

2.37%

2.39%

0.00%

1.00%

2.00%

3.00%

4.00%

3Q14

4Q14

1Q15

2Q15

3Q15

Up 50 bps Immediate

Up 200 bps Gradual

1.68%

29

U.S. BANCORP  |

Branch network

•

#4 U.S. branch

network with 25

contiguous state

distribution footprint

•

#1 in-store and

on-site branch

network

Source: SNL

Deposit Gathering Advantages:

Branch Distribution

3Q15 Branches

Metro traditional offices

Community traditional offices

In-Store and On-Site offices

3,151 U.S. Bank branch offices

5,001 U.S. Bank branded ATMs

30

U.S. BANCORP  |

Deposit Gathering Advantages:

Digital Distribution

•

3 million active mobile users and growing

•

Mobile is now the most frequently accessed

channel at U.S. Bank

U.S. Bank received the top score in

2015 in the Privacy and Security

category for its mobile app

“Coolest” Brand in Banking, 2015

U.S. Bank Innovation team named #2

for groups “shaping the  future of

banking”, 2015

U.S. Bank ties for top spot in Forrester

Research, Inc.'s 2014 U.S. Mobile

Banking Functionality Benchmark

31

U.S. BANCORP  |

Deposit Growth Success

•

Increased market share

#1 in 4 states

Top 3 in 11 states

Top 5 in 16 states

Top 3 in 89 MSAs

•

Corporate Trust expansion

through organic growth and

acquisition

Key Points

Source: SNL

Consumer and

Small Business Banking

47%

All Other

7%

Corporate

Trust

16%

Wholesale Banking and

Commercial Real Estate

30%

3Q15 Deposits By Business Line

Change

Average Balance ($B)

3Q10

3Q15

(Annualized)

    Noninterest-bearing

39.8

$    

80.9

$    

15.2%

    Total Savings

99.3

174.7

12.0%

Low Cost Deposits

139.1

$  

255.6

$  

13.0%

    Time

43.6

34.1

-4.8%

Total Deposits

182.7

$  

289.7

$  

9.7%

32

U.S. BANCORP  |

Agenda

•

Company Overview

•

Financial Management

•

Capital Management

•

Growth Strategies

•

Interest Rates

•

4Q Update

•

Long-term Goals

33

U.S. BANCORP  |

•

Loan Growth:

1-1.5% growth

•

Credit Quality:

Modest increase in NCOs

•

Net Interest Margin:

Relatively stable

•

Mortgage Fees:

Lower 5-15% due to seasonality

•

Noninterest Expense:

Expenses increasing vs. 3Q15

-

seasonality

4Q15 Linked Quarter Update

4Q15 expense vs. 3Q15:

•

Seasonal increase in tax credit amortization:

~$70 -

$75 million

•

Expected reduction in elevated 3Q15 expenses:

~$60 million

•

Early benefits from efficiency effort will mostly offset

other expected seasonal expense increases in 4Q:

Neutral

34

U.S. BANCORP  |

Agenda

•

Company Overview

•

Financial Management

•

Capital Management

•

Growth Strategies

•

Interest Rates

•

4Q Update

•

Long-term Goals

35

U.S. BANCORP  |

Long-term Goals

Long-term Goals

•

Optimal business line mix

•

Investments generating

positive returns

•

Profitability:

ROE 16-19%

ROA 1.60-1.90%

Efficiency Ratio low 50s

•

Capital distributions:

Earnings distribution 60-80%

Current Status

Four simple and stable business lines

Mortgage, wealth management, corporate

banking, international payments, branch

technology, internet and mobile channels,

and select acquisitions

2014 Profitability:

ROE 14.7%

ROA 1.54%

Efficiency Ratio 53.2%

2014 Capital distributions:

Distributed 72% of earnings

(dividends 31%, share repurchases 41%)

36

U.S. BANCORP  |

Appendix

37

U.S. BANCORP  |

Non-GAAP Financial Measures

Line of Business Financial Performance

Taxable-equivalent basis

$ in millions

Revenue

Line of Business Financial Performance

3Q15 YTD

Wholesale Banking and Commercial Real Estate

2,187

$         

Consumer and Small Business Banking

5,334

Wealth Management and Securities Services

1,370

Payment Services

3,911

Treasury and Corporate Support

2,293

Consolidated Company

15,095

Less Treasury and Corporate Support

2,293

Consolidated Company excluding Treasury and Corporate Support

12,802

$       

Percent of Total

Wholesale Banking and Commercial Real Estate

14%

Consumer and Small Business Banking

36%

Wealth Management and Securities Services

9%

Payment Services

26%

Treasury and Corporate Support

15%

Total

100%

Percent of Total excluding Treasury and Corporate Support

Wholesale Banking and Commercial Real Estate

17%

Consumer and Small Business Banking

42%

Wealth Management and Securities Services

11%

Payment Services

30%

Total

100%

38

U.S. BANCORP  |

BancAnalysts Association

of Boston Conference