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 (Date of earliest event reported): July 15, 2016

U.S. BANCORP

(Exact name of registrant as specified in its charter)

1-6880

(Commission File Number)

DELAWARE	41-0255900
(State or other jurisdiction	(I.R.S. Employer Identification
of incorporation)	Number)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices and 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 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 15, 2016, U.S. Bancorp (the “Company”) issued a press release reporting quarter ended June 30, 2016 results, and posted on its website its 2Q16 Earnings Conference Call Presentation, which contains certain additional historical and forward-looking information relating to the Company. The press release is included as Exhibit 99.1 hereto and is incorporated herein by reference. The information included in the press release is considered to be “filed” under the Securities Exchange Act of 1934. The 2Q16 Earnings Conference Call Presentation is included as Exhibit 99.2 hereto and is incorporated herein by reference. The information included in the 2Q16 Earnings Conference Call Presentation is considered to be “furnished” under the Securities Exchange Act of 1934. The press release and 2Q16 Earnings Conference Call Presentation contain forward-looking statements regarding the Company and each includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits.

99.1 Press Release issued by U.S. Bancorp on July 15, 2016, deemed “filed” under the Securities Exchange Act of 1934.

99.2 2Q16 Earnings Conference Call Presentation, deemed “furnished” under the Securities Exchange Act of 1934.

SIGNATURES

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/    Craig E. Gifford      

Craig E. Gifford

Executive Vice President and
Controller

DATE: July 15, 2016

EX-99.1

Exhibit 99.1

	News Release
	Contacts: Dana Ripley Media (612) 303-3167	Jennifer Thompson Investors/Analysts (612) 303-0778

U.S. BANCORP REPORTS RECORD REVENUE AND NET INCOME

FOR THE SECOND QUARTER OF 2016

Record Earnings Per Diluted Common Share of $0.83

Return on average assets of 1.43 percent and average common equity of 13.8 percent

Returned 77 percent of second quarter earnings to shareholders

MINNEAPOLIS, July 15, 2016 — U.S. Bancorp (NYSE: USB) today reported net income of $1,522 million for the second quarter of 2016, or $0.83 per diluted common share, compared with $1,483 million, or $0.80 per diluted common share, in the second quarter of 2015. The second quarter of 2016 included notable items related to equity investments, legal and regulatory matters and charitable contributions that, combined, increased diluted earnings per common share by $0.01.

Highlights for the second quarter of 2016 included:

Ø Industry-leading return on average assets of 1.43 percent, return on average common equity of 13.8 percent and efficiency ratio of 54.9 percent (54.0 percent excluding notable items)

Ø Record revenue, net income and diluted earnings per common share for the second quarter of 2016 both as reported and excluding notable items

Ø Returned 77 percent of second quarter earnings to shareholders through dividends and share buybacks

Ø Average total loans grew 1.6 percent on a linked quarter basis and 8.1 percent over the second quarter of 2015 (6.5 percent year-over-year, excluding the credit card portfolio acquisition at the end of the fourth quarter of 2015 and student loans, which were carried in held for sale in the second quarter of 2015)

Ø Average total deposits grew 3.9 percent on a linked quarter basis and 7.6 percent over the second quarter of 2015

Ø Net interest income grew 0.3 percent on a linked quarter basis and 4.5 percent year-over-year

¡ Average earnings assets grew 1.9 percent on a linked quarter basis and 5.2 percent year-over-year

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¡ Net interest margin of 3.02 percent for the second quarter of 2016 was down 4 basis points from 3.06 percent in the first quarter of 2016 and down 1 basis point from 3.03 percent in the second quarter of 2015

Ø Payments-related fee revenue grew 8.8 percent linked quarter and 4.9 percent year-over-year, driven by an increase in credit and debit card revenue, including the impact of recent portfolio acquisitions, as well as an increase in corporate payment products revenue

Ø Credit quality was relatively stable

¡ Nonperforming assets decreased 2.7 percent on a linked quarter basis

¡ Commercial nonperforming assets within the energy portfolio decreased $54 million linked quarter

¡ Reserves for energy portfolio commercial loans were 8.8 percent of outstanding balances at June 30, 2016, compared with 9.1 percent at March 31, 2016

Ø Strong capital position. At June 30, 2016, the estimated common equity tier 1 capital to risk-weighted assets ratio was 9.3 percent using the Basel III fully implemented standardized approach and was 12.0 percent using the Basel III fully implemented advanced approaches method

EARNINGS SUMMARY																Table 1
($ in millions, except per-share data)	2Q 2016		1Q 2016		2Q 2015		Percent Change 2Q16 vs 1Q16		Percent Change 2Q16 vs 2Q15		YTD 2016		YTD 2015		Percent Change
Net income attributable to U.S. Bancorp		$1,522		$1,386		$1,483		9.8		2.6		$2,908		$2,914		(.2	)
Diluted earnings per common share		$.83		$.76		$.80		9.2		3.8		$1.59		$1.56		1.9
Return on average assets (%)		1.43		1.32		1.46						1.38		1.45
Return on average common equity (%)		13.8		13.0		14.3						13.4		14.2
Net interest margin (%)		3.02		3.06		3.03						3.04		3.05
Efficiency ratio (%) (a)		54.9		54.6		53.2						54.8		53.7
Tangible efficiency ratio (%) (a)		54.1		53.7		52.3						53.9		52.9
Dividends declared per common share		$.255		$.255		$.255		—		—		$.510		$.500		2.0
Book value per common share (period end)		$24.37		$23.82		$22.51		2.3		8.3
(a)    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), and for tangible efficiency ratio, intangible amortization.

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Net income attributable to U.S. Bancorp was $1,522 million for the second quarter of 2016, 2.6 percent higher than the $1,483 million for the second quarter of 2015, and 9.8 percent higher than the $1,386 million for the first quarter of 2016. Diluted earnings per common share were $0.83 in the second quarter of 2016, $0.03 higher than the second quarter of 2015 and $0.07 higher than the $0.76 reported for the first quarter of 2016. The second quarter of 2016 included $0.01 in notable items, including $180 million of equity investment income, primarily the result of our membership in Visa Europe Limited (“Visa Europe”) which was sold to Visa, Inc. on June 21, 2016, and $110 million in accruals related to legal and regulatory matters along with a $40 million charitable contribution. Excluding the notable items, the increase in net income year-over-year was primarily due to an increase in net interest income of 4.5 percent , mainly a result of strong loan growth, and higher noninterest income of 4.4 percent, driven by growth in credit and debit card revenue, commercial products revenue, and trust and investment management fees. This increase was partially offset by higher noninterest expense related to merit increases and higher variable compensation expense, increased compliance costs, which peaked in the second quarter 2016, and higher marketing expense as a result of brand investment. Excluding the notable items, the increase in net income on a linked quarter basis was principally due to total net revenue growth of 4.6 percent reflecting typical seasonality in certain lines of businesses, including payments, mortgage banking and deposit services, partially offset by higher noninterest expense of 3.4 percent related to increased compliance costs and marketing expense.

U.S. Bancorp Chairman and Chief Executive Officer Richard K. Davis said, “U.S. Bancorp reported strong second quarter results, delivering record revenue and net income in an economy that continues to be challenged by global concerns and low interest rates. Despite these economic headwinds we continued to effectively execute on our strategy to be the most trusted choice and to unify the customer experience. The second quarter was a record quarter for us as we once again delivered industry-leading returns, steady loan growth and strength in our fee-based businesses. Steady loan growth, demonstrated by continued strength in commercial loans and momentum in consumer loans, led to increased net interest income despite a decline in net interest margin. Growth in our fee revenue continued across many of our fee-based businesses, including our payments business lines. We also reported strong results in our capital markets business as we were positioned well to provide products and services to our customers as they navigated through the recent market volatility. And we managed our capital effectively, delivering 77 percent of our second quarter earnings back to shareholders through dividends and share buybacks. During the quarter, we were pleased to receive the Federal Reserve’s non-objection to our capital plan, allowing us once again to return value to our shareholders by increasing our annual common dividend by 9.8 percent in the third quarter of 2016. We also

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made important investments in our vision for the future, including investments in the U.S. Bank brand that will help us more effectively articulate our compelling story to customers in order to generate long-term growth.

“The strength of our company continues to be driven by the commitment of our employees. Through their hard work and dedication, we continue to deliver consistent, predictable and repeatable industry-leading financial results. We remain well positioned to provide the right products and services to our customers so that they may achieve their financial objectives as we continue to create value for our shareholders.”

INCOME STATEMENT HIGHLIGHTS																							Table 2
(Taxable-equivalent basis, $ in millions, except per-share data)										Percent Change 2Q16 vs 1Q16			Percent Change 2Q16 vs 2Q15
	2Q 2016			1Q 2016			2Q 2015									YTD 2016			YTD 2015			Percent Change
Net interest income		$2,896			$2,888			$2,770			.3			4.5			$5,784			$5,522			4.7
Noninterest income		2,552			2,149			2,272			18.8			12.3			4,701			4,426			6.2
Total net revenue		5,448			5,037			5,042			8.2			8.1			10,485			9,948			5.4
Noninterest expense		2,992			2,749			2,682			8.8			11.6			5,741			5,347			7.4
Income before provision and taxes		2,456			2,288			2,360			7.3			4.1			4,744			4,601			3.1
Provision for credit losses		327			330			281			(.9	)		16.4			657			545			20.6
Income before taxes		2,129			1,958			2,079			8.7			2.4			4,087			4,056			.8
Taxable-equivalent adjustment		51			53			54			(3.8	)		(5.6	)		104			108			(3.7	)
Applicable income taxes		542			504			528			7.5			2.7			1,046			1,007			3.9
Net income		1,536			1,401			1,497			9.6			2.6			2,937			2,941			(.1	)
Net (income) loss attributable to noncontrolling interests		(14	)		(15	)		(14	)		6.7			—			(29	)		(27	)		(7.4	)
Net income attributable to U.S. Bancorp		$1,522			$1,386			$1,483			9.8			2.6			$2,908			$2,914			(.2	)
Net income applicable to U.S. Bancorp common shareholders		$1,435			$1,329			$1,417			8.0			1.3			$2,764			$2,782			(.6	)
Diluted earnings per common share		$.83			$.76			$.80			9.2			3.8			$1.59			$1.56			1.9

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NET INTEREST INCOME																						Table 3
(Taxable-equivalent basis; $ in millions)	2Q 2016			1Q 2016			2Q 2015			Change 2Q16 vs 1Q16			Change 2Q16 vs 2Q15			YTD 2016			YTD 2015		Change
Components of net interest income
Income on earning assets		$3,305			$3,275			$3,123			$30			$182			$6,580			$6,239		$341
Expense on interest-bearing liabilities		409			387			353			22			56			796			717		79
Net interest income		$2,896			$2,888			$2,770			$8			$126			$5,784			$5,522		$262
Average yields and rates paid
Earning assets yield		3.44	%		3.48	%		3.42	%		(.04	)%		.02	%		3.46	%		3.45%		.01%
Rate paid on interest-bearing liabilities		.58			.56			.52			.02			.06			.57			.54		.03
Gross interest margin		2.86	%		2.92	%		2.90	%		(.06	)%		(.04	)%		2.89	%		2.91%		(.02)%
Net interest margin		3.02	%		3.06	%		3.03	%		(.04	)%		(.01	)%		3.04	%		3.05%		(.01)%
Average balances
Investment securities (a)		$107,132			$106,031			$102,391			$1,101			$4,741			$106,581			$101,556		$5,025
Loans		266,582			262,281			246,560			4,301			20,022			264,432			247,251		17,181
Earning assets		385,368			378,208			366,428			7,160			18,940			381,788			363,650		18,138
Interest-bearing liabilities		285,796			279,516			270,573			6,280			15,223			282,656			269,235		13,421
(a) Excludes unrealized gain (loss)

Net Interest Income

Net interest income on a taxable-equivalent basis in the second quarter of 2016 was $2,896 million, an increase of $126 million (4.5 percent) over the second quarter of 2015. The increase was driven by loan growth and higher rates, partially offset by the loan portfolio mix. Average earning assets were $18.9 billion (5.2 percent) higher than the second quarter of 2015, driven by increases of $20.0 billion (8.1 percent) in average total loans and $4.7 billion (4.6 percent) in average investment securities. Net interest income increased $8 million (0.3 percent) on a linked quarter basis, primarily due to growth in average total loans, partially offset by the loan portfolio mix and higher funding costs. Average total loans were $4.3 billion (1.6 percent) higher on a linked quarter basis.

The net interest margin in the second quarter of 2016 was 3.02 percent, compared with 3.03 percent in the second quarter of 2015, and 3.06 percent in the first quarter of 2016. The decrease in the net interest margin on a year-over-year basis was principally due to securities purchases at lower average rates and lower reinvestment rates on maturing securities, partially offset by higher rates on new loans. On a linked quarter

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basis, the decrease in net interest margin primarily reflected the loan portfolio mix as well as lower average rates on new securities purchases and lower reinvestment rates on maturing securities.

Investment Securities

Average investment securities in the second quarter of 2016 were $4.7 billion (4.6 percent) higher year-over-year and $1.1 billion (1.0 percent) higher than the prior quarter. These increases were primarily due to purchases of U.S. Treasury and U.S. government agency-backed securities, net of prepayments and maturities, to support regulatory liquidity coverage ratio requirements.

AVERAGE LOANS																		Table 4
($ in millions)	2Q 2016		1Q 2016		2Q 2015		Percent Change 2Q16 vs 1Q16			Percent Change 2Q16 vs 2Q15			YTD 2016		YTD 2015		Percent Change
Commercial		$86,899		$84,582		$77,932		2.7			11.5			$85,741		$77,062		11.3
Lease financing		5,255		5,238		5,321		.3			(1.2	)		5,246		5,323		(1.4	)
Total commercial		92,154		89,820		83,253		2.6			10.7			90,987		82,385		10.4
Commercial mortgages		31,950		31,836		32,499		.4			(1.7	)		31,893		32,807		(2.8	)
Construction and development		11,038		10,565		9,947		4.5			11.0			10,801		9,751		10.8
Total commercial real estate		42,988		42,401		42,446		1.4			1.3			42,694		42,558		.3
Residential mortgages		55,501		54,208		51,114		2.4			8.6			54,854		51,269		7.0
Credit card		20,140		20,244		17,613		(.5	)		14.3			20,192		17,718		14.0
Retail leasing		5,326		5,179		5,696		2.8			(6.5	)		5,253		5,756		(8.7	)
Home equity and second mortgages		16,394		16,368		15,958		.2			2.7			16,381		15,928		2.8
Other		29,748		29,550		25,415		.7			17.0			29,649		26,504		11.9
Total other retail		51,468		51,097		47,069		.7			9.3			51,283		48,188		6.4
Total loans, excluding covered loans		262,251		257,770		241,495		1.7			8.6			260,010		242,118		7.4
Covered loans		4,331		4,511		5,065		(4.0	)		(14.5	)		4,422		5,133		(13.9	)
Total loans		$266,582		$262,281		$246,560		1.6			8.1			$264,432		$247,251		6.9

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Loans

Average total loans were $20.0 billion (8.1 percent) higher in the second quarter of 2016 than the second quarter of 2015 (6.5 percent excluding student loans and the credit card portfolio acquisition). The increase was driven by growth in total commercial loans (10.7 percent), residential mortgages (8.6 percent), and credit card loans (14.3 percent, 5.8 percent excluding the credit card portfolio acquisition), and total other retail loans (9.3 percent, 4.1 percent excluding student loans). These increases were partially offset by a decline in the run-off covered loans portfolio (14.5 percent). Average total loans were $4.3 billion (1.6 percent) higher in the second quarter of 2016 than the first quarter of 2016. The increase was driven by growth in total commercial loans (2.6 percent), residential mortgages (2.4 percent) and total commercial real estate (1.4 percent).

AVERAGE DEPOSITS																	Table 5
($ in millions)	2Q 2016		1Q 2016		2Q 2015		Percent Change 2Q16 vs 1Q16		Percent Change 2Q16 vs 2Q15			YTD 2016		YTD 2015		Percent Change
Noninterest-bearing deposits	$	79,171	$	78,569	$	77,347		.8		2.4		$	78,870	$	75,937		3.9
Interest-bearing savings deposits
Interest checking		60,842		57,910		55,205		5.1		10.2			59,376		54,933		8.1
Money market savings		92,904		86,462		79,898		7.5		16.3			89,683		76,910		16.6
Savings accounts		40,258		39,250		37,071		2.6		8.6			39,754		36,555		8.8
Total of savings deposits		194,004		183,622		172,174		5.7		12.7			188,813		168,398		12.1
Time deposits		34,211		33,687		36,223		1.6		(5.6	)		33,949		37,787		(10.2	)
Total interest-bearing deposits		228,215		217,309		208,397		5.0		9.5			222,762		206,185		8.0
Total deposits	$	307,386	$	295,878	$	285,744		3.9		7.6		$	301,632	$	282,122		6.9

Deposits

Average total deposits for the second quarter of 2016 were $21.6 billion (7.6 percent) higher than the second quarter of 2015. Average noninterest-bearing deposits increased $1.8 billion (2.4 percent) year-over-year, mainly in Consumer and Small Business Banking and Wholesale Banking and Commercial Real Estate, partially offset by a decline in Wealth Management and Securities Services. Average total savings deposits were $21.8 billion (12.7 percent) higher year-over-year, the result of growth across all business lines. Growth in Consumer and Small Business Banking total savings deposits included net new account

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growth of 2.8 percent. Average time deposits were $2.0 billion (5.6 percent) lower than the prior year quarter. Changes in time deposits are largely related to those deposits managed as an alternative to other funding sources such as wholesale borrowing, based largely on relative pricing and liquidity characteristics.

Average total deposits increased $11.5 billion (3.9 percent) over the first quarter of 2016. Average noninterest-bearing deposits increased $602 million (0.8 percent) on a linked quarter basis, mainly due to higher balances in Consumer and Small Business Banking, partially offset by lower balances in Wholesale Banking and Commercial Real Estate. Average total savings deposits increased $10.4 billion (5.7 percent) reflecting increases across all business lines. Average time deposits, which are managed based on funding needs, relative pricing, and liquidity characteristics increased $524 million (1.6 percent) on a linked quarter basis.

NONINTEREST INCOME																		Table 6
($ in millions)	2Q 2016		1Q 2016		2Q 2015		Percent Change 2Q16 vs 1Q16			Percent Change 2Q16 vs 2Q15			YTD 2016		YTD 2015		Percent Change
Credit and debit card revenue	$	296	$	266	$	266		11.3			11.3		$	562	$	507		10.8
Corporate payment products revenue		181		170		178		6.5			1.7			351		348		.9
Merchant processing services		403		373		395		8.0			2.0			776		754		2.9
ATM processing services		84		80		80		5.0			5.0			164		158		3.8
Trust and investment management fees		358		339		334		5.6			7.2			697		656		6.3
Deposit service charges		179		168		174		6.5			2.9			347		335		3.6
Treasury management fees		147		142		142		3.5			3.5			289		279		3.6
Commercial products revenue		238		197		214		20.8			11.2			435		414		5.1
Mortgage banking revenue		238		187		231		27.3			3.0			425		471		(9.8	)
Investment products fees		39		40		48		(2.5	)		(18.8	)		79		95		(16.8	)
Securities gains (losses), net		3		3		—		—			nm			6		—		nm
Other		386		184		210		nm			83.8			570		409		39.4
Total noninterest income	$	2,552	$	2,149	$	2,272		18.8			12.3		$	4,701	$	4,426		6.2

Noninterest Income

Second quarter noninterest income was $2,552 million, which was $280 million higher than the second quarter of 2015. Excluding the Visa Europe sale, noninterest income increased 4.4 percent reflecting increases in credit and debit card revenue, trust and investment management fees, and commercial products revenue. Credit and debit card revenue increased $30 million (11.3 percent) reflecting higher transaction

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volumes including acquired portfolios. Merchant processing services revenue increased $8 million (2.0 percent). Adjusted for the approximate $4 million impact of foreign currency rate changes, year-over-year merchant processing services revenue growth would have been approximately 3.0 percent. Trust and investment management fees increased $24 million (7.2 percent) reflecting lower money market fee waivers. Commercial products revenue increased $24 million (11.2 percent) driven by higher bond underwriting fees, foreign currency customer activity and other capital markets activity as a result of market volatility.

Noninterest income was $403 million higher in the second quarter of 2016 than the first quarter of 2016. Excluding the Visa Europe sale, noninterest income increased 10.4 percent reflecting seasonally higher fee-based revenue including credit and debit card revenue, merchant processing services revenue, mortgage banking revenue and deposit service charges. Credit and debit card revenue increased $30 million (11.3 percent), primarily due to seasonally higher transaction volumes. Merchant processing services revenue increased $30 million (8.0 percent) as a result of seasonally higher transaction volumes. Mortgage banking revenue increased $51 million (27.3 percent) mainly due to seasonally higher production volumes. Commercial products revenue increased $41 million (20.8 percent) primarily due to higher bond underwriting fees, foreign currency customer activity and capital markets volume, partially reflecting market volatility. Trust and investment management fees increased $19 million (5.6 percent) primarily due to account growth, improved market conditions and lower money market fee waivers. Deposit service charges increased $11 million (6.5 percent) due to seasonally higher transaction volumes.

NONINTEREST EXPENSE																		Table 7
($ in millions)	2Q 2016		1Q 2016		2Q 2015		Percent Change 2Q16 vs 1Q16			Percent Change 2Q16 vs 2Q15			YTD 2016		YTD 2015		Percent Change
Compensation	$	1,277	$	1,249	$	1,196		2.2			6.8		$	2,526	$	2,375		6.4
Employee benefits		278		300		293		(7.3	)		(5.1	)		578		610		(5.2	)
Net occupancy and equipment		243		248		247		(2.0	)		(1.6	)		491		494		(.6	)
Professional services		121		98		106		23.5			14.2			219		183		19.7
Marketing and business development		149		77		96		93.5			55.2			226		166		36.1
Technology and communications		241		233		221		3.4			9.0			474		435		9.0
Postage, printing and supplies		77		79		64		(2.5	)		20.3			156		146		6.8
Other intangibles		44		45		43		(2.2	)		2.3			89		86		3.5
Other		562		420		416		33.8			35.1			982		852		15.3
Total noninterest expense	$	2,992	$	2,749	$	2,682		8.8			11.6		$	5,741	$	5,347		7.4

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Noninterest Expense

Second quarter noninterest expense was $2,992 million, which was $310 million (11.6 percent) higher than the second quarter of 2015. Excluding the notable expense items, noninterest expense increased $160 million (6.0 percent) related to higher compensation expense, professional services expense, and technology and communications expense, partially offset by lower employee benefits expense. Compensation expense increased $81 million (6.8 percent), principally due to the impact of merit increases along with higher variable compensation including performance-based incentives. Professional services expense increased $15 million (14.2 percent) primarily due to compliance-related matters, while technology and communications expense increased $20 million (9.0 percent) due to acquired card portfolio conversion costs. Excluding the notable charitable contribution, the marketing and business development increase of $13 million reflected brand advertising. Postage, printing and supplies expense increased $13 million (20.3 percent) reflecting the impact of a prior year reimbursement from a business partner. Offsetting these increases was lower employee benefits expense of $15 million (5.1 percent) mainly due to lower pension costs.

Noninterest expense increased $243 million (8.8 percent) on a linked quarter basis, $93 million (3.4 percent) excluding the second quarter 2016 notable items, reflecting higher professional services and compensation expenses, partially offset by lower employee benefits expense. Excluding the notable charitable contribution, the marketing and business development expense increase of $32 million was driven by brand advertising. Professional services expense was $23 million (23.5 percent) higher compared with the first quarter of 2016 principally due to higher costs for compliance-related matters. Compensation expense increased $28 million (2.2 percent) due to merit increases and higher variable compensation including performance-based incentives. Partially offsetting these increases was a decrease in employee benefits expense of $22 million (7.3 percent), driven by seasonally lower payroll tax expense.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2016 resulted in a tax rate on a taxable-equivalent basis of 27.9 percent (effective tax rate of 26.1 percent), compared with 28.0 percent (effective tax rate of 26.1 percent) in the second quarter of 2015, and 28.4 percent (effective tax rate of 26.5 percent) in the first quarter of 2016, reflecting the favorable settlement of certain tax exam matters in the second quarter of 2016.

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U.S. Bancorp Reports Second Quarter 2016 Results

July 15, 2016

Page 11

ALLOWANCE FOR CREDIT LOSSES																										Table 8
($ in millions)	2Q						1Q						4Q						3Q						2Q
	2016			% (b)			2016			% (b)			2015			% (b)			2015			% (b)			2015			% (b)
Balance, beginning of period	$	4,320					$	4,306					$	4,306					$	4,326					$	4,351
Net charge-offs
Commercial		74			.34			78			.37			58			.28			68			.34			39			.20
Lease financing		5			.38			5			.38			5			.38			3			.23			3			.23
Total commercial		79			.34			83			.37			63			.29			71			.33			42			.20
Commercial mortgages		(4	)		(.05	)		(2	)		(.03	)		2			.02			—			—			4			.05
Construction and development		4			.15			(3	)		(.11	)		(2	)		(.08	)		(11	)		(.43	)		(3	)		(.12	)
Total commercial real estate		—			—			(5	)		(.05	)		—			—			(11	)		(.10	)		1			.01
Residential mortgages		17			.12			19			.14			16			.12			25			.19			33			.26
Credit card		170			3.39			164			3.26			166			3.50			153			3.38			169			3.85
Retail leasing		2			.15			1			.08			1			.08			2			.14			1			.07
Home equity and second mortgages		(1	)		(.02	)		2			.05			6			.15			7			.17			11			.28
Other		50			.68			51			.69			53			.71			45			.65			39			.62
Total other retail		51			.40			54			.43			60			.47			54			.44			51			.43
Total net charge-offs, excluding covered loans		317			.49			315			.49			305			.48			292			.47			296			.49
Covered loans		—			—			—			—			—			—			—			—			—			—
Total net charge-offs		317			.48			315			.48			305			.47			292			.46			296			.48
Provision for credit losses		327						330						305						282						281
Other changes (a)		(1	)					(1	)					—						(10	)					(10	)
Balance, end of period	$	4,329					$	4,320					$	4,306					$	4,306					$	4,326
Components
Allowance for loan losses	$	3,806					$	3,853					$	3,863					$	3,965					$	4,013
Liability for unfunded credit commitments		523						467						443						341						313
Total allowance for credit losses	$	4,329					$	4,320					$	4,306					$	4,306					$	4,326
Gross charge-offs	$	407					$	405					$	381					$	372					$	380
Gross recoveries	$	90					$	90					$	76					$	80					$	84
Allowance for credit losses as a percentage of
Period-end loans, excluding covered loans		1.62						1.65						1.67						1.71						1.76
Nonperforming loans, excluding covered loans		311						302						360						347						348
Nonperforming assets, excluding covered assets		263						255						288						280						279
Period-end loans		1.61						1.63						1.65						1.69						1.74
Nonperforming loans		312						303						361						347						349
Nonperforming assets		259						251						283						275						274
(a)    Includes net changes in credit losses to be reimbursed by the FDIC and reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset, and the impact of any loan sales.
(b)    Annualized and calculated on average loan balances

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U.S. Bancorp Reports Second Quarter 2016 Results

July 15, 2016

Page 12

Credit Quality

The Company’s provision for credit losses for the second quarter of 2016 was $327 million, which was $3 million (0.9 percent) lower than the prior quarter and $46 million (16.4 percent) higher than the second quarter of 2015. Credit quality was relatively stable.

The provision for credit losses was $10 million higher than net charge-offs in the second quarter of 2016, $15 million higher than net charge-offs in the first quarter of 2016 and $15 million lower than net charge-offs in the second quarter of 2015. The reserve build for the second quarter of 2016 was driven by portfolio growth, partially offset by reduced energy portfolio exposures and residential mortgage credit quality improvement. Total net charge-offs in the second quarter of 2016 were $317 million, compared with $315 million in the first quarter of 2016, and $296 million in the second quarter of 2015. Net charge-offs increased $2 million (0.6 percent) compared with the first quarter of 2016 mainly due to modest increases in construction and development and credit card net charge-offs. Net charge-offs increased $21 million (7.1 percent) compared with the second quarter of 2015 primarily due to higher commercial loan net charge-offs, partially offset by lower charge-offs related to residential mortgages. The net charge-off ratio was 0.48 percent in the second quarter of 2016, the first quarter of 2016 and in the second quarter of 2015.

The allowance for credit losses was $4,329 million at June 30, 2016, compared with $4,320 million at March 31, 2016, and $4,326 million at June 30, 2015. The ratio of the allowance for credit losses to period-end loans was 1.61 percent at June 30, 2016, compared with 1.63 percent at March 31, 2016, and 1.74 percent at June 30, 2015. The ratio of the allowance for credit losses to nonperforming loans was 312 percent at June 30, 2016, compared with 303 percent at March 31, 2016, and 349 percent at June 30, 2015.

Nonperforming assets were $1,672 million at June 30, 2016, compared with $1,719 million at March 31, 2016, and $1,577 million at June 30, 2015. The ratio of nonperforming assets to loans and other real estate was 0.62 percent at June 30, 2016, compared with 0.65 percent at March 31, 2016, and 0.63 percent at June 30, 2015. The $95 million (6.0 percent) increase in nonperforming assets on a year-over-year basis was driven by commercial loans within the energy portfolio, partially offset by improvements in the Company’s residential and commercial real estate portfolios. The decrease in nonperforming assets on a linked quarter basis of $47 million (2.7 percent) was driven by improvements in the energy portfolio and in residential mortgages. Accruing loans 90 days or more past due were $724 million ($478 million excluding covered loans) at June 30, 2016, compared with $804 million ($528 million excluding covered loans) at March 31, 2016, and $801 million ($469 million excluding covered loans) at June 30, 2015.

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U.S. Bancorp Reports Second Quarter 2016 Results

July 15, 2016

Page 13

Commercial loans to customers in the energy sector were approximately $3.0 billion ($11.3 billion of commitments) at June 30, 2016, compared with $3.4 billion ($11.9 billion of commitments) at March 31, 2016. The decline was primarily driven by the completion of our spring borrowing base redeterminations on reserve-based loans within our energy portfolio. During the second quarter 2016, criticized commitments within the energy portfolio decreased by $509 million while nonperforming loans in the energy portfolio decreased $54 million. Energy portfolio loans represent 1.1 percent of the Company’s total loans outstanding at June 30, 2016, and 1.3 percent at March 31, 2016. At June 30, 2016, the Company had credit reserves of 8.8 percent of total outstanding energy loan balances, compared with 9.1 percent of total outstanding energy loan balances at March 31, 2016.

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES										Table 9
(Percent)
	Jun 30 2016		Mar 31 2016		Dec 31 2015		Sep 30 2015		Jun 30 2015
Delinquent loan ratios - 90 days or more past due excluding nonperforming loans
Commercial		.05		.05		.05		.05		.05
Commercial real estate		.03		.04		.03		.05		.05
Residential mortgages		.27		.31		.33		.33		.30
Credit card		.98		1.10		1.09		1.10		1.03
Other retail		.13		.15		.15		.14		.14
Total loans, excluding covered loans		.18		.20		.21		.20		.19
Covered loans		5.81		6.23		6.31		6.57		6.66
Total loans		.27		.30		.32		.32		.32
Delinquent loan ratios - 90 days or more past due including nonperforming loans
Commercial		.58		.57		.25		.25		.16
Commercial real estate		.27		.28		.33		.39		.46
Residential mortgages		1.39		1.54		1.66		1.73		1.80
Credit card		1.00		1.14		1.13		1.16		1.12
Other retail		.43		.45		.46		.47		.51
Total loans, excluding covered loans		.70		.75		.67		.70		.70
Covered loans		5.98		6.39		6.48		6.80		6.88
Total loans		.79		.84		.78		.81		.82

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U.S. Bancorp Reports Second Quarter 2016 Results

July 15, 2016

Page 14

ASSET QUALITY										Table 10
($ in millions)
	Jun 30 2016		Mar 31 2016		Dec 31 2015		Sep 30 2015		Jun 30 2015
Nonperforming loans
Commercial		$450		$457		$160		$157		$78
Lease financing		39		16		14		12		12
Total commercial		489		473		174		169		90
Commercial mortgages		91		94		92		105		116
Construction and development		12		10		35		39		59
Total commercial real estate		103		104		127		144		175
Residential mortgages		628		677		712		735		769
Credit card		5		7		9		12		16
Other retail		157		157		162		171		178
Total nonperforming loans, excluding covered loans		1,382		1,418		1,184		1,231		1,228
Covered loans		7		7		8		11		11
Total nonperforming loans		1,389		1,425		1,192		1,242		1,239
Other real estate (a)		229		242		280		276		287
Covered other real estate (a)		34		33		32		31		35
Other nonperforming assets		20		19		19		18		16
Total nonperforming assets (b)		$1,672		$1,719		$1,523		$1,567		$1,577
Total nonperforming assets, excluding covered assets		$1,631		$1,679		$1,483		$1,525		$1,531
Accruing loans 90 days or more past due, excluding covered loans		$478		$528		$541		$510		$469
Accruing loans 90 days or more past due		$724		$804		$831		$825		$801
Performing restructured loans, excluding GNMA and covered loans		$2,676		$2,735		$2,766		$2,746		$2,815
Performing restructured GNMA and covered loans		$1,602		$1,851		$1,944		$2,031		$2,111
Nonperforming assets to loans plus ORE, excluding covered assets (%)		.62		.64		.58		.61		.63
Nonperforming assets to loans plus ORE (%)		.62		.65		.58		.61		.63
(a) Includes equity investments in entities whose principal assets are other real estate owned.
(b) Does not include accruing loans 90 days or more past due.

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U.S. Bancorp Reports Second Quarter 2016 Results

July 15, 2016

Page 15

COMMON SHARES														Table 11
(Millions)	2Q 2016			1Q 2016			4Q 2015			3Q 2015			2Q 2015
Beginning shares outstanding		1,732			1,745			1,754			1,767			1,780
Shares issued for stock incentive plans, acquisitions and other corporate purposes		2			3			1			3			1
Shares repurchased		(15	)		(16	)		(10	)		(16	)		(14	)
Ending shares outstanding		1,719			1,732			1,745			1,754			1,767

CAPITAL POSITION														Table 12
($ in millions)	Jun 30 2016			Mar 31 2016			Dec 31 2015			Sep 30 2015			Jun 30 2015
Total U.S. Bancorp shareholders’ equity		$47,390			$46,755			$46,131			$45,075			$44,537
Standardized Approach
Basel III transitional standardized approach
Common equity tier 1 capital		$33,444			$32,827			$32,612			$32,124			$31,674
Tier 1 capital		39,148			38,532			38,431			37,197			36,748
Total risk-based capital		47,049			45,412			45,313			44,015			43,526
Common equity tier 1 capital ratio		9.5	%		9.5	%		9.6	%		9.6	%		9.5	%
Tier 1 capital ratio		11.1			11.1			11.3			11.1			11.0
Total risk-based capital ratio		13.4			13.1			13.3			13.1			13.1
Leverage ratio		9.3			9.3			9.5			9.3			9.2
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented standardized approach		9.3			9.2			9.1			9.2			9.2
Advanced Approaches
Common equity tier 1 capital to risk-weighted assets for the Basel III transitional advanced approaches		12.3			12.3			12.5			13.0			12.9
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented advanced approaches		12.0			11.9			11.9			12.4			12.4
Tangible common equity to tangible assets		7.6			7.7			7.6			7.7			7.5
Tangible common equity to risk-weighted assets		9.3			9.3			9.2			9.3			9.2
Beginning January 1, 2014, the regulatory capital requirements effective for the Company follow Basel III, subject to certain transition provisions from Basel I over the following four years to full implementation by January 1, 2018. Basel III includes two comprehensive methodologies for calculating risk-weighted assets: a general standardized approach and more risk-sensitive advanced approaches, with the Company’s capital adequacy being evaluated against the methodology that is most restrictive.

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U.S. Bancorp Reports Second Quarter 2016 Results

July 15, 2016

Page 16

Capital Management

Total U.S. Bancorp shareholders’ equity was $47.4 billion at June 30, 2016, compared with $46.8 billion at March 31, 2016, and $44.5 billion at June 30, 2015. During the second quarter, the Company returned 77 percent of earnings to shareholders through dividends and share buybacks.

All regulatory ratios continue to be in excess of “well-capitalized” requirements. The estimated common equity tier 1 capital to risk-weighted assets ratio using the Basel III fully implemented standardized approach was 9.3 percent at June 30, 2016, compared with 9.2 percent at March 31, 2016, and at June 30, 2015. The estimated common equity tier 1 capital to risk-weighted assets ratio using the Basel III fully implemented advanced approaches method was 12.0 percent at June 30, 2016, compared with 11.9 percent at March 31, 2016, and 12.4 percent at June 30, 2015.

On Friday, July 15, 2016, at 8:00 a.m. CDT, Richard K. Davis, chairman and chief executive officer, and Kathy Rogers, vice chair and chief financial officer, will host a conference call to review the financial results. The conference call will be available online or by telephone. To access the webcast and presentation, go to www.usbank.com and click on “About U.S. Bank.” The “Webcasts & Presentations” link can be found under the Investor/Shareholder information heading, which is at the left side near the bottom of the page. To access the conference call from locations within the United States and Canada, please dial 866-316-1409. Participants calling from outside the United States and Canada, please dial 706-634-9086. The conference ID number for all participants is 8158556. For those unable to participate during the live call, a recording will be available at approximately 11:00 a.m. CDT on Friday, July 15 and be accessible through Friday, July 22 at 11:00 p.m. CDT. To access the recorded message within the United States and Canada, dial 855-859-2056. If calling from outside the United States and Canada, please dial 404-537-3406 to access the recording. The conference ID is 8158556.

Minneapolis-based U.S. Bancorp (NYSE: USB), with $438 billion in assets as of June 30, 2016, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,122 banking offices in 25 states and 4,923 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

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U.S. Bancorp Reports Second Quarter 2016 Results

July 15, 2016

Page 17

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 hereof. 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, 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, 2015, 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. However, factors other than these also could adversely affect U.S. Bancorp’s results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

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U.S. Bancorp Reports Second Quarter 2016 Results

July 15, 2016

Page 18

Non-GAAP Financial Measures

In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:

● Tangible common equity to tangible assets,

● Tangible common equity to risk-weighted assets,

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

● Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented advanced approaches.

These measures are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position relative to other financial services companies. These measures differ from currently effective capital ratios defined by banking regulations principally in that the numerator includes unrealized gains and losses related to available-for-sale securities and excludes preferred securities, including preferred stock, the nature and extent of which varies among different financial services companies. These measures are not defined in generally accepted accounting principles (“GAAP”), or are not currently effective or defined in federal banking regulations. As a result, these measures disclosed by the Company may be considered non-GAAP financial measures.

There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.

###

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U.S. Bancorp

Consolidated Statement of Income

(Dollars and Shares in Millions, Except Per Share Data)	Three Months Ended June 30,					Six Months Ended June 30,
(Unaudited)		2016		2015			2016		2015
Interest Income
Loans		$2,664		$2,463			$5,308		$4,956
Loans held for sale		36		65			67		106
Investment securities		523		505			1,040		1,000
Other interest income		29		35			58		67
Total interest income		3,252		3,068			6,473		6,129
Interest Expense
Deposits		152		113			291		231
Short-term borrowings		66		62			131		123
Long-term debt		189		177			371		361
Total interest expense		407		352			793		715
Net interest income		2,845		2,716			5,680		5,414
Provision for credit losses		327		281			657		545
Net interest income after provision for credit losses		2,518		2,435			5,023		4,869
Noninterest Income
Credit and debit card revenue		296		266			562		507
Corporate payment products revenue		181		178			351		348
Merchant processing services		403		395			776		754
ATM processing services		84		80			164		158
Trust and investment management fees		358		334			697		656
Deposit service charges		179		174			347		335
Treasury management fees		147		142			289		279
Commercial products revenue		238		214			435		414
Mortgage banking revenue		238		231			425		471
Investment products fees		39		48			79		95
Securities gains (losses), net		3		—			6		—
Other		386		210			570		409
Total noninterest income		2,552		2,272			4,701		4,426
Noninterest Expense
Compensation		1,277		1,196			2,526		2,375
Employee benefits		278		293			578		610
Net occupancy and equipment		243		247			491		494
Professional services		121		106			219		183
Marketing and business development		149		96			226		166
Technology and communications		241		221			474		435
Postage, printing and supplies		77		64			156		146
Other intangibles		44		43			89		86
Other		562		416			982		852
Total noninterest expense		2,992		2,682			5,741		5,347
Income before income taxes		2,078		2,025			3,983		3,948
Applicable income taxes		542		528			1,046		1,007
Net income		1,536		1,497			2,937		2,941
Net (income) loss attributable to noncontrolling interests		(14	)	(14	)		(29	)	(27	)
Net income attributable to U.S. Bancorp		$1,522		$1,483			$2,908		$2,914
Net income applicable to U.S. Bancorp common shareholders		$1,435		$1,417			$2,764		$2,782
Earnings per common share		$.83		$.80			$1.60		$1.57
Diluted earnings per common share		$.83		$.80			$1.59		$1.56
Dividends declared per common share		$.255		$.255			$.510		$.500
Average common shares outstanding		1,725		1,771			1,731		1,776
Average diluted common shares outstanding		1,731		1,779			1,737		1,784

Page 19

U.S. Bancorp

Consolidated Ending Balance Sheet

(Dollars in Millions)	June 30, 2016			December 31, 2015			June 30, 2015
Assets		(Unaudited)						(Unaudited)
Cash and due from banks		$14,038			$11,147			$17,925
Investment securities
Held-to-maturity		42,030			43,590			46,233
Available-for-sale		66,490			61,997			57,078
Loans held for sale		4,311			3,184			8,498
Loans
Commercial		92,514			88,402			84,620
Commercial real estate		43,290			42,137			42,258
Residential mortgages		55,904			53,496			51,337
Credit card		20,571			21,012			17,788
Other retail		52,008			51,206			47,652
Total loans, excluding covered loans		264,287			256,253			243,655
Covered loans		4,234			4,596			4,984
Total loans		268,521			260,849			248,639
Less allowance for loan losses		(3,806	)		(3,863	)		(4,013	)
Net loans		264,715			256,986			244,626
Premises and equipment		2,459			2,513			2,551
Goodwill		9,359			9,361			9,374
Other intangible assets		2,852			3,350			3,225
Other assets		32,209			29,725			29,565
Total assets		$438,463			$421,853			$419,075
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing		$86,572			$83,766			$86,189
Interest-bearing		231,018			216,634			210,659
Total deposits		317,590			300,400			296,848
Short-term borrowings		18,433			27,877			27,784
Long-term debt		36,941			32,078			34,141
Other liabilities		17,470			14,681			15,071
Total liabilities		390,434			375,036			373,844
Shareholders’ equity
Preferred stock		5,501			5,501			4,756
Common stock		21			21			21
Capital surplus		8,402			8,376			8,335
Retained earnings		48,269			46,377			44,434
Less treasury stock		(14,241	)		(13,125	)		(12,144	)
Accumulated other comprehensive income (loss)		(562	)		(1,019	)		(865	)
Total U.S. Bancorp shareholders’ equity		47,390			46,131			44,537
Noncontrolling interests		639			686			694
Total equity		48,029			46,817			45,231
Total liabilities and equity		$438,463			$421,853			$419,075

Page 20

U.S. Bancorp

Non-GAAP Financial Measures

(Dollars in Millions, Unaudited)	June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015
Total equity		$48,029			$47,393			$46,817			$45,767			$45,231
Preferred stock		(5,501	)		(5,501	)		(5,501	)		(4,756	)		(4,756	)
Noncontrolling interests		(639	)		(638	)		(686	)		(692	)		(694	)
Goodwill (net of deferred tax liability) (1)		(8,246	)		(8,270	)		(8,295	)		(8,324	)		(8,350	)
Intangible assets, other than mortgage servicing rights		(796	)		(820	)		(838	)		(779	)		(744	)
Tangible common equity (a)		32,847			32,164			31,497			31,216			30,687
Tangible common equity (as calculated above)		32,847			32,164			31,497			31,216			30,687
Adjustments (2)		133			99			67			118			125
Common equity tier 1 capital estimated for the Basel III fully implemented standardized and advanced approaches (b)		32,980			32,263			31,564			31,334			30,812
Total assets		438,463			428,638			421,853			415,943			419,075
Goodwill (net of deferred tax liability) (1)		(8,246	)		(8,270	)		(8,295	)		(8,324	)		(8,350	)
Intangible assets, other than mortgage servicing rights		(796	)		(820	)		(838	)		(779	)		(744	)
Tangible assets (c)		429,421			419,548			412,720			406,840			409,981
Risk-weighted assets, determined in accordance with prescribed transitional standardized approach regulatory requirements (d)		351,462	*		346,227			341,360			336,227			333,177
Adjustments (3)		3,079	*		3,485			3,892			3,532			3,532
Risk-weighted assets estimated for the Basel III fully implemented standardized approach (e)		354,541	*		349,712			345,252			339,759			336,709
Risk-weighted assets, determined in accordance with prescribed transitional advanced approaches regulatory requirements		271,495	*		267,309			261,668			248,048			245,038
Adjustments (4)		3,283	*		3,707			4,099			3,723			3,721
Risk-weighted assets estimated for the Basel III fully implemented advanced approaches (f)		274,778	*		271,016			265,767			251,771			248,759
Ratios *
Tangible common equity to tangible assets (a)/(c)		7.6	%		7.7	%		7.6	%		7.7	%		7.5	%
Tangible common equity to risk-weighted assets (a)/(d)		9.3			9.3			9.2			9.3			9.2
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented standardized approach (b)/(e)		9.3			9.2			9.1			9.2			9.2
Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented advanced approaches (b)/(f)		12.0			11.9			11.9			12.4			12.4

      *  Preliminary data. Subject to change prior to filings with applicable regulatory agencies.

    (1) Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.

    (2) Includes net losses on cash flow hedges included in accumulated other comprehensive income (loss) and other adjustments.

    (3) Includes higher risk-weighting for unfunded loan commitments, investment securities, residential mortgages, mortgage servicing rights and other adjustments.

    (4) Primarily reflects higher risk-weighting for mortgage servicing rights.

Page 21

Supplemental Business Line Schedules

2Q 2016

U.S. Bancorp Second Quarter 2016 Business Line Results

July 15, 2016

Page 2

LINE OF BUSINESS FINANCIAL PERFORMANCE (a)
($ in millions)
	Net Income Attributable to U.S. Bancorp						Percent Change						Net Income Attributable to U.S. Bancorp							2Q 2016
Business Line	2Q 2016		1Q 2016		2Q 2015		2Q16 vs 1Q16			2Q16 vs 2Q15			YTD 2016		YTD 2015		Percent Change			Earnings Composition
Wholesale Banking and Commercial Real Estate		$233		$118		$235		97.5			(.9	)		$351		$435		(19.3	)		15	%
Consumer and Small Business Banking		343		368		325		(6.8	)		5.5			711		684		3.9			22
Wealth Management and Securities Services		100		80		64		25.0			56.3			180		115		56.5			7
Payment Services		328		292		255		12.3			28.6			620		517		19.9			22
Treasury and Corporate Support		518		528		604		(1.9	)		(14.2	)		1,046		1,163		(10.1	)		34
Consolidated Company		$1,522		$1,386		$1,483		9.8			2.6			$2,908		$2,914		(.2	)		100	%
(a) preliminary data

Lines of Business

The Company’s major lines of business are Wholesale Banking and Commercial Real Estate, Consumer and Small Business Banking, Wealth Management and Securities Services, Payment Services, and Treasury and Corporate Support. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. Noninterest expenses incurred by centrally managed operations or business lines that directly support another business line’s operations are charged to the applicable business line based on its utilization of those services, primarily measured by the volume of customer activities, number of employees or other relevant factors. These allocated expenses are reported as net shared services expense within noninterest expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2016, certain organization and methodology changes were made and, accordingly, prior period results were restated and presented on a comparable basis.

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WHOLESALE BANKING AND COMMERCIAL REAL ESTATE (a)
(Taxable-equivalent basis, $ in millions)							Percent Change
	2Q 2016		1Q 2016		2Q 2015		2Q16 vs 1Q16			2Q16 vs 2Q15			YTD 2016		YTD 2015		Percent Change
Condensed Income Statement
Net interest income		$537		$521		$487		3.1			10.3			$1,058		$967		9.4
Noninterest income		249		206		224		20.9			11.2			455		444		2.5
Securities gains (losses), net		—		—		—		—			—			—		—		—
Total net revenue		786		727		711		8.1			10.5			1,513		1,411		7.2
Noninterest expense		354		340		323		4.1			9.6			694		650		6.8
Other intangibles		1		1		1		—			—			2		2		—
Total noninterest expense		355		341		324		4.1			9.6			696		652		6.7
Income before provision and taxes		431		386		387		11.7			11.4			817		759		7.6
Provision for credit losses		65		201		17		(67.7	)		nm			266		74		nm
Income before income taxes		366		185		370		97.8			(1.1	)		551		685		(19.6	)
Income taxes and taxable-equivalent adjustment		133		67		135		98.5			(1.5	)		200		250		(20.0	)
Net income		233		118		235		97.5			(.9	)		351		435		(19.3	)
Net (income) loss attributable to noncontrolling interests		—		—		—		—			—			—		—		—
Net income attributable to U.S. Bancorp		$233		$118		$235		97.5			(.9	)		$351		$435		(19.3	)
Average Balance Sheet Data
Loans		$90,723		$88,829		$82,797		2.1			9.6			$89,774		$82,385		9.0
Other earning assets		2,242		2,247		2,535		(.2	)		(11.6	)		2,245		2,365		(5.1	)
Goodwill		1,647		1,647		1,647		—			—			1,647		1,647		—
Other intangible assets		17		18		21		(5.6	)		(19.0	)		18		21		(14.3	)
Assets		99,195		97,252		91,670		2.0			8.2			98,223		91,086		7.8
Noninterest-bearing deposits		35,852		36,412		35,324		(1.5	)		1.5			36,131		34,903		3.5
Interest-bearing deposits		61,372		54,762		50,085		12.1			22.5			58,068		50,202		15.7
Total deposits		97,224		91,174		85,409		6.6			13.8			94,199		85,105		10.7
Total U.S. Bancorp shareholders’ equity		8,900		8,755		8,116		1.7			9.7			8,828		8,083		9.2
(a) preliminary data

Wholesale Banking and Commercial Real Estate offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients. Wholesale Banking and Commercial Real Estate contributed $233 million of the Company’s net income in the second quarter of 2016, compared with $235 million in the second quarter of 2015. Wholesale Banking and Commercial Real Estate’s net income decreased $2 million (0.9 percent) from the same quarter of 2015 due to increases in the provision for credit losses and total noninterest expense, partially offset by an increase in total net revenue. Total net revenue increased $75 million (10.5 percent) due to a $50 million (10.3 percent) increase in net interest income and a $25 million (11.2 percent) increase in

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total noninterest income. Net interest income increased year-over-year primarily due to higher average loan and deposit balances, partially offset by lower rates and fees on loans. The increase in total noninterest income was driven by higher bond underwriting fees, foreign currency customer activity and other capital markets activity, partially offset by higher loan-related charges. Total noninterest expense was $31 million (9.6 percent) higher compared with a year ago primarily due to an increase in variable costs allocated to manage the business. The provision for credit losses increased $48 million primarily due to an increase in net charge-offs.

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CONSUMER AND SMALL BUSINESS BANKING (a)
(Taxable-equivalent basis, $ in millions)								Percent Change
	2Q 2016		1Q 2016			2Q 2015		2Q16 vs 1Q16			2Q16 vs 2Q15			YTD 2016			YTD 2015		Percent Change
Condensed Income Statement
Net interest income		$1,179		$1,167			$1,141		1.0			3.3			$2,346			$2,280		2.9
Noninterest income		638		552			629		15.6			1.4			1,190			1,249		(4.7	)
Securities gains (losses), net		—		—			—		—			—			—			—		—
Total net revenue		1,817		1,719			1,770		5.7			2.7			3,536			3,529		.2
Noninterest expense		1,223		1,200			1,198		1.9			2.1			2,423			2,371		2.2
Other intangibles		8		8			10		—			(20.0	)		16			20		(20.0	)
Total noninterest expense		1,231		1,208			1,208		1.9			1.9			2,439			2,391		2.0
Income before provision and taxes		586		511			562		14.7			4.3			1,097			1,138		(3.6	)
Provision for credit losses		47		(67	)		51		nm			(7.8	)		(20	)		63		nm
Income before income taxes		539		578			511		(6.7	)		5.5			1,117			1,075		3.9
Income taxes and taxable-equivalent adjustment		196		210			186		(6.7	)		5.4			406			391		3.8
Net income		343		368			325		(6.8	)		5.5			711			684		3.9
Net (income) loss attributable to noncontrolling interests		—		—			—		—			—			—			—		—
Net income attributable to U.S. Bancorp		$343		$368			$325		(6.8	)		5.5			$711			$684		3.9
Average Balance Sheet Data
Loans		$137,023		$134,989			$128,544		1.5			6.6			$136,006			$129,767		4.8
Other earning assets		4,347		3,723			8,689		16.8			(50.0	)		4,034			6,901		(41.5	)
Goodwill		3,681		3,681			3,681		—			—			3,681			3,681		—
Other intangible assets		2,399		2,513			2,564		(4.5	)		(6.4	)		2,455			2,529		(2.9	)
Assets		151,947		149,325			147,472		1.8			3.0			150,633			146,993		2.5
Noninterest-bearing deposits		27,306		26,274			25,774		3.9			5.9			26,790			25,289		5.9
Interest-bearing deposits		115,146		112,999			109,623		1.9			5.0			114,070			109,015		4.6
Total deposits		142,452		139,273			135,397		2.3			5.2			140,860			134,304		4.9
Total U.S. Bancorp shareholders’ equity		11,153		11,084			10,809		.6			3.2			11,119			11,167		(.4	)
(a) preliminary data

Consumer and Small Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and mobile devices, such as mobile phones and tablet computers. It encompasses community banking, metropolitan banking and indirect lending, as well as mortgage banking. Consumer and Small Business Banking contributed $343 million of the Company’s net income in the second quarter of 2016, compared with $325 million in the second quarter of 2015. Consumer and Small Business Banking’s net income increased $18 million (5.5 percent) from the same quarter of 2015 due to an increase in total net revenue and a decrease in the provision for credit losses, partially offset by an increase in total noninterest expense. Total net revenue increased $47 million (2.7 percent) due to an increase in net interest income and higher noninterest income. Net interest income was

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$38 million (3.3 percent) higher, primarily due to higher average loan and deposit balances, partially offset by lower loan rates. Noninterest income was $9 million (1.4 percent) higher, driven by higher mortgage banking revenue, reflecting the impact of higher origination and sales revenue. Total noninterest expense in the second quarter of 2016 increased $23 million (1.9 percent) over the same quarter of the prior year, primarily due to higher net shared services expense and higher compensation expense, reflecting the impact of merit increases and higher variable compensation, along with higher professional services expense, principally due to compliance-related matters. The provision for credit losses decreased $4 million (7.8 percent) primarily due to a lower net charge-offs, partially offset by an unfavorable change in the reserve allocation.

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WEALTH MANAGEMENT AND SECURITIES SERVICES (a)
(Taxable-equivalent basis, $ in millions)
								Percent Change
	2Q 2016		1Q 2016			2Q 2015		2Q16 vs 1Q16			2Q16 vs 2Q15			YTD 2016			YTD 2015			Percent Change
Condensed Income Statement
Net interest income		$122		$117			$82		4.3			48.8			$239			$162			47.5
Noninterest income		401		379			374		5.8			7.2			780			732			6.6
Securities gains (losses), net		—		—			—		—			—			—			—			—
Total net revenue		523		496			456		5.4			14.7			1,019			894			14.0
Noninterest expense		359		367			348		(2.2	)		3.2			726			701			3.6
Other intangibles		6		6			7		—			(14.3	)		12			14			(14.3	)
Total noninterest expense		365		373			355		(2.1	)		2.8			738			715			3.2
Income before provision and taxes		158		123			101		28.5			56.4			281			179			57.0
Provision for credit losses		1		(2	)		1		nm			—			(1	)		(1	)		—
Income before income taxes		157		125			100		25.6			57.0			282			180			56.7
Income taxes and taxable-equivalent adjustment		57		45			36		26.7			58.3			102			65			56.9
Net income		100		80			64		25.0			56.3			180			115			56.5
Net (income) loss attributable to noncontrolling interests		—		—			—		—			—			—			—			—
Net income attributable to U.S. Bancorp		$100		$80			$64		25.0			56.3			$180			$115			56.5
Average Balance Sheet Data
Loans		$7,051		$7,043			$6,077		.1			16.0			$7,048			$6,020			17.1
Other earning assets		127		126			196		.8			(35.2	)		127			200			(36.5	)
Goodwill		1,568		1,567			1,567		.1			.1			1,567			1,567			—
Other intangible assets		104		109			129		(4.6	)		(19.4	)		107			133			(19.5	)
Assets		10,005		10,170			8,983		(1.6	)		11.4			10,089			9,091			11.0
Noninterest-bearing deposits		13,076		12,875			13,706		1.6			(4.6	)		12,976			13,188			(1.6	)
Interest-bearing deposits		48,396		45,552			46,243		6.2			4.7			46,975			44,016			6.7
Total deposits		61,472		58,427			59,949		5.2			2.5			59,951			57,204			4.8
Total U.S. Bancorp shareholders’ equity		2,381		2,371			2,304		.4			3.3			2,376			2,302			3.2
(a) preliminary data

Wealth Management and Securities Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through five businesses: Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody and Fund Services. Wealth Management and Securities Services contributed $100 million of the Company’s net income in the second quarter of 2016, compared with $64 million in the second quarter of 2015. The business line’s contribution was $36 million (56.3 percent) higher than the same quarter of 2015, reflecting an increase in total net revenue, partially offset by an increase in total noninterest expense. Total net revenue increased $67 million (14.7 percent) year-over-year driven by an increase in net interest income of $40 million (48.8 percent), principally due to the impact of higher rates on the margin benefit

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from deposits, along with a $27 million (7.2 percent) increase in total noninterest income, reflecting the impact of lower money market fee waivers. Total noninterest expense increased $10 million (2.8 percent) primarily as a result of higher compensation, reflecting the impact of merit increases and higher variable compensation. The provision for credit losses was flat compared to the prior year quarter.

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PAYMENT SERVICES (a)
(Taxable-equivalent basis, $ in millions)
										Percent Change
	2Q 2016			1Q 2016			2Q 2015			2Q16 vs 1Q16			2Q16 vs 2Q15			YTD 2016			YTD 2015			Percent Change
Condensed Income Statement
Net interest income		$513			$527			$459			(2.7	)		11.8			$1,040			$926			12.3
Noninterest income		923			816			850			13.1			8.6			1,739			1,627			6.9
Securities gains (losses), net		—			—			—			—			—			—			—			—
Total net revenue		1,436			1,343			1,309			6.9			9.7			2,779			2,553			8.9
Noninterest expense		664			648			663			2.5			.2			1,312			1,261			4.0
Other intangibles		29			30			25			(3.3	)		16.0			59			50			18.0
Total noninterest expense		693			678			688			2.2			.7			1,371			1,311			4.6
Income before provision and taxes		743			665			621			11.7			19.6			1,408			1,242			13.4
Provision for credit losses		215			192			208			12.0			3.4			407			405			.5
Income before income taxes		528			473			413			11.6			27.8			1,001			837			19.6
Income taxes and taxable-equivalent adjustment		192			172			150			11.6			28.0			364			304			19.7
Net income		336			301			263			11.6			27.8			637			533			19.5
Net (income) loss attributable to noncontrolling interests		(8	)		(9	)		(8	)		11.1			—			(17	)		(16	)		(6.3	)
Net income attributable to U.S. Bancorp		$328			$292			$255			12.3			28.6			$620			$517			19.9
Average Balance Sheet Data
Loans		$28,193			$27,817			$25,298			1.4			11.4			$28,005			$25,172			11.3
Other earning assets		275			600			353			(54.2	)		(22.1	)		438			328			33.5
Goodwill		2,472			2,464			2,474			.3			(.1	)		2,468			2,478			(.4	)
Other intangible assets		506			508			403			(.4	)		25.6			507			414			22.5
Assets		33,997			33,999			31,510			—			7.9			33,998			31,250			8.8
Noninterest-bearing deposits		925			961			881			(3.7	)		5.0			943			886			6.4
Interest-bearing deposits		97			95			692			2.1			(86.0	)		96			684			(86.0	)
Total deposits		1,022			1,056			1,573			(3.2	)		(35.0	)		1,039			1,570			(33.8	)
Total U.S. Bancorp shareholders’ equity		6,376			6,326			5,817			.8			9.6			6,351			5,799			9.5
(a) preliminary data

Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services, consumer lines of credit and merchant processing. Payment Services contributed $328 million of the Company’s net income in the second quarter of 2016, compared with $255 million in the second quarter of 2015. The $73 million (28.6 percent) increase in the business line’s contribution over the prior year was primarily due to an increase in total net revenue. Total net revenue increased $127 million (9.7 percent) year-over-year. Net interest income increased $54 million (11.8 percent), primarily due to higher average loan balances and fees. Total noninterest income was $73 million (8.6 percent) higher year-over-year due to a sale of an equity investment and an increase in credit and debit card revenue on higher transaction volumes. Total noninterest expense increased $5 million (0.7

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percent) over the second quarter of 2015, reflecting higher compensation expense and increased technology and communications expense, which was impacted by card portfolio acquisitions, along with higher net shared services expense, partially offset by the impact of a previously reserved regulatory item in the prior year. The provision for credit losses increased $7 million (3.4 percent) primarily due to an unfavorable change in the reserve allocation.

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TREASURY AND CORPORATE SUPPORT (a)
(Taxable-equivalent basis, $ in millions)										Percent Change
	2Q 2016			1Q 2016			2Q 2015			2Q16 vs 1Q16			2Q16 vs 2Q15			YTD 2016			YTD 2015			Percent Change
Condensed Income Statement
Net interest income		$545			$556			$601			(2.0	)		(9.3	)		$1,101			$1,187			(7.2	)
Noninterest income		338			193			195			75.1			73.3			531			374			42.0
Securities gains (losses), net		3			3			—			—			nm			6			—			nm
Total net revenue		886			752			796			17.8			11.3			1,638			1,561			4.9
Noninterest expense		348			149			107			nm			nm			497			278			78.8
Other intangibles		—			—			—			—			—			—			—			—
Total noninterest expense		348			149			107			nm			nm			497			278			78.8
Income before provision and taxes		538			603			689			(10.8	)		(21.9	)		1,141			1,283			(11.1	)
Provision for credit losses		(1	)		6			4			nm			nm			5			4			25.0
Income before income taxes		539			597			685			(9.7	)		(21.3	)		1,136			1,279			(11.2	)
Income taxes and taxable-equivalent adjustment		15			63			75			(76.2	)		(80.0	)		78			105			(25.7	)
Net income		524			534			610			(1.9	)		(14.1	)		1,058			1,174			(9.9	)
Net (income) loss attributable to noncontrolling interests		(6	)		(6	)		(6	)		—			—			(12	)		(11	)		(9.1	)
Net income attributable to U.S. Bancorp		$518			$528			$604			(1.9	)		(14.2	)		$1,046			$1,163			(10.1	)
Average Balance Sheet Data
Loans		$3,592			$3,603			$3,844			(.3	)		(6.6	)		$3,599			$3,907			(7.9	)
Other earning assets		111,795			109,231			108,095			2.3			3.4			110,512			106,605			3.7
Goodwill		—			—			—			—			—			—			—			—
Other intangible assets		—			—			—			—			—			—			—			—
Assets		133,606			130,811			128,266			2.1			4.2			132,210			126,465			4.5
Noninterest-bearing deposits		2,012			2,047			1,662			(1.7	)		21.1			2,030			1,671			21.5
Interest-bearing deposits		3,204			3,901			1,754			(17.9	)		82.7			3,553			2,268			56.7
Total deposits		5,216			5,948			3,416			(12.3	)		52.7			5,583			3,939			41.7
Total U.S. Bancorp shareholders’ equity		18,374			18,202			17,468			.9			5.2			18,287			16,946			7.9
(a) preliminary data

Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business lines, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis. Treasury and Corporate Support recorded net income of $518 million in the second quarter of 2016, compared with $604 million in the second quarter of 2015. The decrease in net income of $86 million (14.2 percent) from the prior year was due to an increase in total noninterest expense, partially offset by an increase in total net revenue. Total noninterest income increased $146 million (74.9 percent) over the second quarter of last year, mainly due to the Visa Europe sale, while net interest income decreased $56 million (9.3 percent) from the second quarter of 2015

U.S. Bancorp Second Quarter 2016 Business Line Results

July 15, 2016

Page 12

principally due to the impact of higher rates credited to the business lines on deposits, partially offset by growth in the investment portfolio. Total noninterest expense increased $241 million principally due to the current year notable items and higher compensation expense, reflecting the impact of merit increases and higher variable compensation, along with higher marketing and business development expense due to brand advertising, partially offset by lower employee benefits expense, driven by lower pension costs. The provision for credit losses was $5 million lower year-over-year primarily due to lower net charge-offs.

EX-99.2

U.S. Bancorp

2Q16 Earnings

Conference Call

Richard K. Davis

Chairman and CEO

July 15, 2016

Kathy Rogers

Vice Chairman and CFO

Exhibit 99.2

2

U.S. BANCORP  |

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 hereof.  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, 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, 2015, 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. However, factors other than these also could adversely affect U.S.

Bancorp’s results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties.  Forward-looking

statements speak only as of the date hereof, 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.

2Q16 Highlights

•

Record net income of $1.5 billion; $0.83 per diluted common share

–

Notable items related to equity investments, legal and regulatory matters and charitable

contributions combined to increase diluted EPS by $0.01

•

Record revenue, net income and diluted earnings per share on both a reported as well

as a core basis

•

Average loans grew 1.6% vs. 1Q16 and 8.1% vs. 2Q15

–

Loan growth of 6.5% vs. 2Q15 excluding student loans* and the credit card portfolio acquisition

at the end of 4Q15

•

Average deposits grew 3.9% vs. 1Q16 and 7.6% vs. 2Q15

•

Payments-related fee revenue grew 8.8% vs. 1Q16 and 4.9% vs. 2Q15 driven by an

increase in credit and debit card revenue including the impact of recent portfolio

acquisitions

•

Commercial products fee growth of 20.8% vs. 1Q16 and 11.2% vs. 2Q15

•

Nonperforming assets decreased 2.7% linked quarter

•

Returned 77% of earnings to shareholders through dividends and share buybacks

* Student loans were carried in held for sale in the second quarter of 2015.

3

U.S. BANCORP  |

Notable Items

$ in millions

2Q16

1Q16

2Q15

Revenue Items

Visa Europe gain

180

$     

-

$        

-

$        

Expense Items

Foundation contribution

40

-

-

Legal and regulatory matters accrual

110

-

-

Net pretax effect - gain / (loss)

30

$       

-

$        

-

$        

After tax gain / (loss)

22

$       

-

$        

-

$        

Net income to common

22

$       

-

$        

-

$        

Diluted EPS

0.01

$    

-

$        

-

$        

4

U.S. BANCORP  |

Performance Ratios

Return on Average Common Equity

and Return on Average Assets

Efficiency Ratio and

Net Interest Margin

Return on Avg Common Equity

Return on Avg Assets

Efficiency Ratio

Net Interest Margin

Excludes notable items

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)

14.3%

14.1%

13.7%

13.0%

13.8%

1.46%

1.44%

1.41%

1.32%

1.43%

1.0%

1.5%

2.0%

2.5%

3.0%

8%

11%

14%

17%

20%

2Q15

3Q15

4Q15

1Q16

2Q16

53.2%

53.9%

53.9%

54.6%

54.9%

54.0

%

3.03%

3.04%

3.06%

3.06%

3.02%

1.6%

2.2%

2.8%

3.4%

4.0%

48%

52%

56%

60%

64%

2Q15

3Q15

4Q15

1Q16

2Q16

5

U.S. BANCORP  |

Revenue Growth

* Notable item:  2Q16 Visa Europe sale gain $180 million

Taxable-equivalent basis

Year-Over-Year Change

(2.8%)

3.1%

0.8%

2.7%

8.1%

$ in millions

4.5%

excluding 2Q16

notable item*

$5,042

$5,147

$5,211

$5,037

$5,448

$180

4,000

4,500

5,000

5,500

6,000

2Q15

3Q15

4Q15

1Q16

2Q16

6

U.S. BANCORP  |

Loan and Deposit Growth

Year-Over-Year Growth

Average Balances

200

230

260

290

320

2Q15

3Q15

4Q15

1Q16

2Q16

Loans

Deposits

6.5% *

4.2%

$256.7

5.8%

$262.3

8.1%

$266.6

2.5%

$246.6

2.7%

$250.5

6.9%

$294.5

6.3%

$295.9

7.6%

$307.4

8.9%

$285.7

6.9%

$289.7

$ in billions

3.8% *

4.0% *

* Adjusted for credit card portfolio acquisition and student loan classification

5.2% *

7

U.S. BANCORP  |

8

U.S. BANCORP  |

Credit Quality

Net Charge-offs

Nonperforming Assets

Net Charge-offs (Left Scale)

NCOs to Avg Loans (Right Scale)

Nonperforming Assets (Left Scale)

NPAs to Loans plus ORE (Right Scale)

$ in millions

9

U.S. BANCORP  |

Energy Credit

Loans by Segment

$ in millions, ending balances

2Q16

1Q16

2Q15

2Q16

1Q16

2Q15

Loans

$3,024

$3,417

$3,255

(12%)

(7%)

$265,497

$261,105

$245,384

2%

8%

Commitments

$11,329

$11,931

$12,459

(5%)

(9%)

$552,312

$544,426

$505,151

1%

9%

Nonperforming Assets

$222

$276

$1

(20%)

NM

$1,450

$1,443

$1,575

-

(8%)

     NPAs/Loans +OREO %

7.34%

8.08%

0.03%

0.55%

0.55%

0.64%

%Change

vs. 2Q15

Energy

%Change

vs. 1Q16

%Change

vs. 2Q15

All Other

%Change

vs. 1Q16

Energy

2Q16

1Q16

2Q15

Reserves

$265

$310

$88

(15%)

201%

     Reserves to Loans %

8.8%

9.1%

2.7%

Criticized Commitments

3,658

4,167

1,409

(12%)

160%

     Total Criticized/Commitments

32%

35%

11%

Investment Grade %

Total Loans

19%

Total Commitments

45%

Unfunded Commitments

54%

%Change

vs. 1Q16

%Change

vs. 2Q15

10

U.S. BANCORP  |

Earnings Summary

Taxable-equivalent basis

$ and shares in millions, except per-share data

Notable

Items

2Q16

1Q16

2Q15

vs 1Q16

vs 2Q15

2Q16

vs 1Q16

vs 2Q15

Net Interest Income

2,896

$ 

2,888

$ 

2,770

$ 

0.3

4.5

-

$          

0.3

4.5

Noninterest Income

2,552

2,149

2,272

18.8

12.3

180

10.4

4.4

Net Revenue

5,448

5,037

5,042

8.2

8.1

180

4.6

4.5

Noninterest Expense

2,992

2,749

2,682

(8.8)

(11.6)

150

(3.4)

(6.0)

Operating Income

2,456

2,288

2,360

7.3

4.1

30

6.0

2.8

Net Charge-offs

317

315

296

(0.6)

(7.1)

-

(0.6)

(7.1)

Excess Provision

10

15

(15)

33.3

NM

-

33.3

NM

Income before Taxes

2,129

1,958

2,079

8.7

2.4

30

7.2

1.0

Applicable Income Taxes

593

557

582

(6.5)

(1.9)

8

(5.0)

(0.5)

Noncontrolling Interests

(14)

(15)

(14)

6.7

-

-

6.7

-

Net Income

1,522

1,386

1,483

9.8

2.6

22

8.2

1.1

Preferred Dividends/Other

87

57

66

(52.6)

(31.8)

-

(52.6)

(31.8)

NI to Common

1,435

$ 

1,329

$ 

1,417

$ 

8.0

1.3

22

$      

6.3

(0.3)

Diluted EPS

0.83

$   

0.76

$   

0.80

$   

9.2

3.8

$0.01

7.9

2.5

Average Diluted Shares

1,731

1,743

1,779

0.7

2.7

% B/(W)

Reported

Excl Notable Items

% B/(W)

11

U.S. BANCORP  |

Net Interest Income

Net Interest Income

Key Points

vs. 2Q15

•

Average earning assets grew $18.9 billion, or 5.2%

•

Net interest margin lower 1 bp

(3.02% vs. 3.03%)

–

Due to lower average rates on new securities purchases and

lower reinvestment rates on maturing securities, partially

offset by higher rates on new loans

vs. 1Q16

•

Average earning assets grew $7.2 billion, or 1.9%

•

Net interest margin lower 4 bps (3.02% vs. 3.06%)

–

Primarily reflected the loan portfolio mix as well as lower

average rates on new securities purchases and lower

reinvestment rates on maturing securities

Year-Over-Year Change

0.9%

2.7%

2.6%

4.9%

4.5%

$ in millions

Taxable-equivalent basis

12

U.S. BANCORP  |

Noninterest Income

Noninterest Income

Key Points

vs. 2Q15

•

Noninterest income increased $280 million, or 12.3% (4.4%

excluding the Visa Europe sale)

–

Higher credit and debit card revenue (11.3% increase) due to higher

transaction volumes including acquired portfolios

–

Higher trust and investment management fees (7.2% increase)

reflecting lower money market fee waivers

–

Higher commercial products revenue (11.2% increase) driven by

higher bond underwriting fees, foreign currency customer activity

and other capital markets activity as a result of market volatility

–

Higher other income due to the impact of the Visa Europe sale gain

vs. 1Q16

•

Noninterest income increased $403 million, or 18.8% (10.4%

excluding the Visa Europe sale)

–

Higher credit and debit card revenue (11.3% increase) primarily due

to seasonally higher transaction volumes

–

Higher merchant processing revenue (8.0% increase) due to

seasonally higher transaction volumes

–

Higher mortgage banking revenue (27.3% increase) mainly due to

seasonally higher production volumes

–

Higher trust and investment fees (5.6% increase) due to account

growth, improved market conditions and lower money market fee

waivers

–

Higher commercial products revenue (20.8% increase) due to

higher bond underwriting fees and capital markets volume

–

Higher other income primarily due to the Visa Europe sale gain

Year-Over-Year Change

(7.0%)

3.7%

(1.3%)

(0.2%)

12.3%

$2,552

$2,272

$2,326

$2,340

$2,149

All Other

Mortgage

Service Charges

Trust and Inv Mgmt

Payments

* Adjusted for notable item: 2Q16 Visa Europe sale gain $180 million

Payments = credit and debit card, corporate payment products and merchant processing

Service charges = deposit service charges, treasury management and ATM processing

$ in millions

4.4%

adjusted*

13

U.S. BANCORP  |

Noninterest Expense

Noninterest Expense

Key Points

vs. 2Q15

•

Noninterest expense increased $310 million, or 11.6%

(6.0% increase excluding notable expense items)

–

Higher compensation (6.8% increase) reflecting the impact of merit

increases and higher variable compensation

–

Higher professional services expense (14.2% increase) primarily due

to compliance-related matters

–

Higher marketing and business development expense (excluding the

notable charitable contribution) reflecting brand advertising

–

Lower employee benefits expense mainly due to lower pension costs

vs. 1Q16

•

Noninterest expense increased $243 million, or 8.8%

(3.4% increase excluding the notable expense items)

–

Higher professional services expense (23.5% increase) principally

due to higher costs related to compliance-related matters

–

Higher marketing and business development expense (excluding the

notable charitable contribution) reflecting brand advertising

–

Higher compensation expense (2.2% increase) due to merit

increases and higher variable compensation

–

Lower employee benefits expense (7.3% decrease) driven by

seasonally lower payroll tax expense

Year-Over-Year Change

(2.6%)

6.2%

0.2%

3.2%

11.6%

$2,992

$2,682

$2,775

$2,809

$2,749

All Other

Tech and Communications

Prof Svcs, Marketing and PPS

Occupancy and Equipment

Compensation and Benefits

Notable items: 2Q16 related to accruals for legal and regulatory matters $110 million and charitable contribution $40 million

$ in millions

14

U.S. BANCORP  |

Capital Position

* RWA = risk-weighted assets

$ in billions

2Q16

1Q16

4Q15

3Q15

2Q15

Total U.S. Bancorp shareholders' equity

47.4

$  

46.7

$  

46.1

$  

45.1

$  

44.5

$  

Standardized Approach

Basel III transitional standardized approach

Common equity tier 1 capital ratio

9.5%

9.5%

9.6%

9.6%

9.5%

Tier 1 capital ratio

11.1%

11.1%

11.3%

11.1%

11.0%

Total risk-based capital ratio

13.4%

13.1%

13.3%

13.1%

13.1%

Leverage ratio

9.3%

9.3%

9.5%

9.3%

9.2%

Common equity tier 1 capital to RWA* estimated for the

Basel III fully implemented standardized approach

9.3%

9.2%

9.1%

9.2%

9.2%

Advanced Approaches

Common equity tier 1 capital to RWA for the Basel III

transitional advanced approaches

12.3%

12.3%

12.5%

13.0%

12.9%

Common equity tier 1 capital to RWA estimated for the 

Basel III fully implemented advanced approaches

12.0%

11.9%

11.9%

12.4%

12.4%

Tangible common equity ratio

7.6%

7.7%

7.6%

7.7%

7.5%

Tangible common equity as a % of RWA

9.3%

9.3%

9.2%

9.3%

9.2%

15

U.S. BANCORP

|

Appendix

16

U.S. BANCORP  |

Average Loans

Average Loans

Key Points

vs. 2Q15

•

Average total loans increased by $20.0 billion,

or 8.1% (6.5% growth excluding the student

loans and the Fidelity portfolio acquisition at

end of 4Q15)

•

Average total commercial loans increased

$8.9 billion, or 10.7%

•

Average residential mortgage loans increased

$4.4 billion or 8.6%

vs. 1Q16

•

Average total loans increased by $4.3 billion, or

1.6%

•

Average total commercial loans increased

$2.3 billion, or 2.6%

•

Average residential mortgage loans increased

$1.3 billion or 2.4%

Year-Over-Year Growth

2.5%

2.7%

4.2%

5.8%

8.1%

Covered

Commercial

CRE

Res Mtg

Retail

Credit Card

$266.6

$246.6

$250.5

$256.7

$262.3

4.0%*

$ in billions

3.8%*

5.2%*

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

the Fidelity credit card portfolio at the end of 4Q15

17

U.S. BANCORP  |

Average Deposits

Average Deposits

Key Points

vs. 2Q15

•

Average total deposits increased by

$21.6 billion, or 7.6%

•

Average low-cost deposits (NIB, interest

checking, money market and savings) 

increased by $23.7 billion, or 9.5%

vs. 1Q16

•

Average total deposits increased by

$11.5 billion, or 3.9%

•

Average low-cost deposits increased by

$11.0 billion, or 4.2%

Year-Over-Year Growth

8.9%

6.9%

6.9%

6.3%

7.6%

Time

Money Market

Checking and Savings

Noninterest-bearing

$285.7

$289.7

$294.5

$295.9

$307.4

$ in billions

18

U.S. BANCORP  |

Credit Quality –

Commercial Loans

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

•

Average linked quarter loan growth of 2.6% and year-over-year loan growth of 10.7% demonstrates continued

momentum with customers

•

Net charge-offs increased year-over-year but remained flat linked quarter and at historically low levels

•

Nonperforming loans increased year-over-year primarily due to weakness in energy, but remained flat quarter-over-quarter

•

Line utilization remained relatively stable

2Q15

1Q16

2Q16

Average Loans

$83,253

$89,820

$92,154

30-89 Delinquencies

0.23%

0.21%

0.22%

90+ Delinquencies

0.05%

0.05%

0.05%

Nonperforming Loans

0.11%

0.52%

0.53%

$ in millions

20%

24%

28%

32%

36%

Revolving Line Utilization Trend

$83,253

$84,704

$86,803

$89,820

$92,154

0.20%

0.33%

0.29%

0.37%

0.34%

0.0%

0.5%

1.0%

1.5%

2.0%

0

25,000

50,000

75,000

100,000

2Q15

3Q15

4Q15

1Q16

2Q16

Average Loans

Net Charge

-offs Ratio

19

U.S. BANCORP  |

A&D

Construction

$770

Credit Quality –

Commercial Real Estate

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

•

Average loans increased 1.3% year-over-year

•

Nonperforming loans remained at historically low levels

•

Recoveries within the CRE portfolio continued to offset loan charge-offs

$ in millions

Investor

$20,930

Owner

Occupied

$11,020

Multi-family

$3,698

Retail

$972

Residential

Construction

$2,220

Office

$1,034

Other

$2,344

* TDR = troubled debt restructuring

2Q15

1Q16

2Q16

Average Loans

$42,446

$42,401

$42,988

30-89 Delinquencies

0.12%

0.19%

0.11%

90+ Delinquencies

0.05%

0.04%

0.03%

Nonperforming Loans

0.41%

0.24%

0.24%

Performing

TDRs*

$240

$212

$185

20

U.S. BANCORP  |

Credit Quality –

Residential Mortgage

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

•

Originations continued to be high credit quality (weighted average FICO 758, weighted average LTV 69%)

•

88% of the balances have been originated since the beginning of 2009; the origination quality metrics and

performance to date have significantly outperformed prior vintages with similar seasoning

$ in millions

2Q15

1Q16

2Q16

Average Loans

$51,114

$54,208

$55,501

30-89 Delinquencies

0.38%

0.24%

0.28%

90+ Delinquencies

0.30%

0.31%

0.27%

1.50%

1.23%

1.12%

*Excludes GNMA loans, whose repayments are insured by the FHA or guaranteed by the Department of VA ($1,572 million in 2Q16)

Nonperforming

Loans

21

U.S. BANCORP  |

Credit Quality –

Credit Card

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

•

Year-over-year growth in average loans of 14.3% driven, in part, by Fidelity portfolio acquisition at the end of 4Q15

•

Origination strength was driven by high credit quality accounts with a commitment weighted average FICO of 758

$ in millions

2Q15

1Q16

2Q16

Average Loans

$17,613

$20,244

$20,140

30-89 Delinquencies

1.16%

1.09%

1.15%

90+ Delinquencies

1.03%

1.10%

0.98%

Nonperforming Loans

0.09%

0.04%

0.02%

22

U.S. BANCORP  |

Credit Quality –

Home Equity

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

•

High-quality originations (weighted average FICO on commitments was 766, weighted average CLTV 72%)

originated primarily through the retail branch network to existing bank customers on their primary residences

•

Net charge-offs ratio continued to decline, due to strong recoveries, on a linked quarter and year-over-year basis

$ in millions

2Q15

1Q16

2Q16

Average Loans

$15,958

$16,368

$16,394

30-89 Delinquencies

0.36%

0.39%

0.36%

90+ Delinquencies

0.25%

0.26%

0.24%

0.98%

0.80%

0.78%

Subprime: 1%

Wtd Avg LTV*: 89%

NCO: (2.25%)

Prime: 97%

Wtd

Avg

LTV*: 72%

NCO: (0.05%)

Other: 2%

Wtd Avg LTV*: 70%

NCO: 2.19%

*LTV at origination

Nonperforming

Loans

23

U.S. BANCORP  |

Credit Quality –

Retail Leasing

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

•

Continued high-quality originations (weighted average FICO 785) support the portfolio’s stable credit profile

•

Delinquencies, nonperforming loans, and net charge-offs remained at very low levels

$ in millions

2Q15

1Q16

2Q16

Average Loans

$5,696

$5,179

$5,326

30-89 Delinquencies

0.17%

0.17%

0.18%

90+ Delinquencies

0.00%

0.02%

0.00%

0.04%

0.04%

0.04%

Nonperforming

Loans

* Manheim Used Vehicle Value Index source: www.manheimconsulting.com, January 1995 = 100, quarter value = average monthly ending values

24

U.S. BANCORP  |

Credit Quality –

Other Retail

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

•

Overall growth continued to be driven by auto loans and installment, which were up 6.9% and 12.7%

year-over-year, respectively

•

Delinquency rates, nonperforming loans, and net charge-offs remained stable

$ in millions

2Q15

1Q16

2Q16

Average Loans

$25,415

$29,550

$29,748

30-89 Delinquencies

0.48%

0.42%

0.47%

90+ Delinquencies

0.10%

0.10%

0.10%

0.07%

0.08%

0.09%

Nonperforming

Loans

25

U.S. BANCORP  |

Credit Quality –

Auto Loans

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

•

Continued growth in auto loans driven by high-quality originations in the indirect channel (weighted average FICO 772)

•

Net charge-offs seasonally improved on a linked quarter basis

$ in millions

2Q15

1Q16

2Q16

Average Loans

$15,609

$16,623

$16,690

30-89 Delinquencies

0.35%

0.39%

0.48%

90+ Delinquencies

0.02%

0.02%

0.03%

0.04%

0.07%

0.08%

Direct: 6%

Wtd Avg FICO: 748

NCO: 0.18%

Indirect: 94%

Wtd Avg FICO: 766

NCO: 0.32%

Auto loans are included in Other Retail category

Nonperforming

Loans

26

U.S. BANCORP  |

Non-GAAP Financial Measures

* Preliminary data. Subject to change prior to filings with applicable regulatory agencies.

(1) Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.

(2) Includes net losses on cash flow hedges included in accumulated other comprehensive income (loss) and other adjustments.

(3) Includes higher risk-weighting for unfunded loan commitments, investment securities, residential mortgages, mortgage servicing rights and other adjustments.

(4) Primarily reflects higher risk-weighting for mortgage servicing rights.

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in Millions, Unaudited) 

2016

2016

2015

2015

2015

Total equity 

$48,029

$47,393

$46,817

$45,767

$45,231

Preferred stock 

(5,501)

(5,501)

(5,501)

(4,756)

(4,756)

Noncontrolling interests 

(639)

(638)

(686)

(692)

(694)

Goodwill (net of deferred tax liability) (1)

(8,246)

(8,270)

(8,295)

(8,324)

(8,350)

Intangible assets, other than mortgage servicing rights 

(796)

(820)

(838)

(779)

(744)

Tangible common equity (a) 

32,847

32,164

31,497

31,216

30,687

Tangible common equity (as calculated above)

32,847

32,164

31,497

31,216

30,687

Adjustments (2)

133

99

67

118

125

Common equity tier 1 capital estimated for the Basel III fully

implemented standardized and advanced approaches (b)

32,980

32,263

31,564

31,334

30,812

Total assets 

438,463

428,638

421,853

415,943

419,075

Goodwill (net of deferred tax liability) (1)

(8,246)

(8,270)

(8,295)

(8,324)

(8,350)

Intangible assets, other than mortgage servicing rights 

(796)

(820)

(838)

(779)

(744)

Tangible assets (c) 

429,421

419,548

412,720

406,840

409,981

Risk-weighted assets, determined in accordance with prescribed

transitional standardized approach regulatory requirements (d)

351,462

*

346,227

341,360

336,227

333,177

Adjustments (3)

3,079

*

3,485

3,892

3,532

3,532

Risk-weighted assets estimated for the Basel III fully implemented     

standardized approach (e)

354,541

*

349,712

345,252

339,759

336,709

Risk-weighted assets, determined in accordance with prescribed

transitional advanced approaches regulatory requirements

271,495

*

267,309

261,668

248,048

245,038

Adjustments (4)

3,283

*

3,707

4,099

3,723

3,721

Risk-weighted assets estimated for the Basel III fully implemented     

advanced approaches (f)

274,778

*

271,016

265,767

251,771

248,759

Ratios *

Tangible common equity to tangible assets (a)/(c) 

7.6

%

7.7

%

7.6

%

7.7

%

7.5

%

Tangible common equity to risk-weighted assets (a)/(d) 

9.3

9.3

9.2

9.3

9.2

Common equity tier 1 capital to risk-weighted assets estimated for the

Basel III fully implemented standardized approach (b)/(e)

9.3

9.2

9.1

9.2

9.2

Common equity tier 1 capital to risk-weighted assets estimated for the

Basel III fully implemented advanced approaches (b)/(f)

12.0

11.9

11.9

12.4

12.4

U.S. Bancorp

2Q16 Earnings

Conference Call

July 15, 2016