Exhibit 99.1

							U.S. Bancorp Reports Second Quarter 2019 Results • Net revenue of $5,822 million and net income of $1,821 million • Industry leading return on average assets of 1.55% and return on average common equity of 15.0%
2Q19 Key Financial Data							2Q19 Highlights
PROFITABILITY METRICS	2Q19		1Q19		2Q18		• Net income of $1,821 million and diluted earnings per    common share of $1.09 • Industry leading return on average assets of 1.55% and    return on average common equity of 15.0% • Return on tangible common equity of 19.2% • Returned 79% of 2Q earnings to shareholders through    dividends and share buybacks • Net interest income grew 3.4% year-over-year (3.3% on a    taxable-equivalent basis) • Total net revenue grew 3.2% year-over-year with positive    operating leverage of 1.0% on a year-over-year basis • Average total loans grew 1.1% on a linked quarter basis    and 3.8% (4.5% excluding the impact of loan sales) year-    over-year
Return on average assets (%)		1.55		1.49		1.54
Return on average common equity (%)		15.0		14.3		15.3
Return on tangible common equity (%) (a)		19.2		18.4		19.8
Net interest margin (%)		3.13		3.16		3.13
Efficiency ratio (%) (a)		54.3		55.4		54.8
INCOME STATEMENT (b)	2Q19		1Q19		2Q18
Net interest income (taxable-equivalent basis)		$3,332		$3,286		$3,226
Noninterest income		$2,490		$2,291		$2,414
Net income attributable to U.S. Bancorp		$1,821		$1,699		$1,750
Diluted earnings per common share		$1.09		$1.00		$1.02
Dividends declared per common share		$.37		$.37		$.30
BALANCE SHEET (b)	2Q19		1Q19		2Q18
Average total loans		$289,218		$286,110		$278,624
Average total deposits		$345,232		$335,366		$334,822
Net charge-off ratio		.49%		.52%		.48%
Book value per common share (period end)		$29.63		$28.81		$27.02
Basel III standardized CET1 (c)		9.5%		9.3%		9.1%
(a) See Non-GAAP Financial Measures reconciliation on page 16
(b) Dollars in millions, except per share data
(c) CET1 = Common equity tier 1 capital ratio

CEO Commentary

“We delivered strong results this quarter and we feel good about underlying momentum heading into the second half of the year. In the second quarter, we delivered a return on tangible common equity of 19.2% and returned 79% of our earnings through dividends and share buybacks. Despite a more challenging interest rate environment, our loan and deposit trends were healthy and drove good growth in net interest income. Fee income growth was supported by solid results across our payments services, trust, wealth management, and commercial products businesses. Expense growth was well controlled even as we continued to invest in our digital initiatives, and credit quality was stable. We remain focused on creating value for our customers, communities and shareholders and appreciate the efforts of our employees who make it possible.”

— Andy Cecere, Chairman, President and CEO, U.S. Bancorp                            

In the Spotlight

2019 Annual Stress Test and Capital Plan

Based on the 2019 stress test results, which reflect U.S. Bancorp’s strong financial profile and ability to withstand adverse economic conditions, the Company’s board of directors approved an increase in the Company’s quarterly dividend of 13.5% to $0.42 per common share beginning in the third quarter of 2019, as well as a new share repurchase program effective July 1, 2019.

Recognized for Advancing Gender Parity

The Women’s Forum of New York recently announced that U.S. Bancorp will be recognized at its 2019 Breakfast of Corporate Champions for its 35% female board of directors representation, raising the bar and accelerating toward the goal of achieving 50/50 gender parity across all boardrooms by 2025.

U.S. Bank Begins Market Expansion in Charlotte, NC

Expanding our already strong presence in Charlotte, with nearly 800 employees and tens of thousands of customers, the Company began its “digital-first, branch-lite” customer strategy to deepen existing relationships and build a new generation of customers. This represents a part of our Physical Asset Optimization program which includes retail banking expansion in new markets, reinvestment in our existing core retail banking markets, as well as optimizing existing branches in connection with ongoing transformation to digital financial services.

U.S. Bank Leader Named Digital Banker of the Year

American Banker recently named Ankit Bhatt of U.S. Bank its Digital Banker of the Year for his leadership traits and ability to successfully lead teams which build products that put customers first, including the recent complete rebuild and overhaul of the U.S. Bank mobile app.

Investor contact: Jennifer Thompson, 612.303.0778 | Media contact: Rebekah Fawcett, 612.303.9986

U.S. Bancorp Second Quarter 2019 Results

INCOME STATEMENT HIGHLIGHTS
($ in millions, except per-share data)							Percent Change
	2Q		1Q		2Q		2Q19 vs		2Q19 vs		YTD		YTD  Percent
	2019		2019		2018		1Q19		2Q18		2019		2018  Change
Net interest income		$3,305		$3,259		$3,197		1.4		3.4		$6,564		$6,365	3.1
Taxable-equivalent adjustment		27		27		29		--		(6.9)		54		58	(6.9)
Net interest income (taxable-equivalent basis)		3,332		3,286		3,226		1.4		3.3		6,618		6,423	3.0
Noninterest income		2,490		2,291		2,414		8.7		3.1		4,781		4,686	2.0
Total net revenue		5,822		5,577		5,640		4.4		3.2		11,399		11,109	2.6
Noninterest expense		3,153		3,087		3,085		2.1		2.2		6,240		6,140	1.6
Income before provision and income taxes		2,669		2,490		2,555		7.2		4.5		5,159		4,969	3.8
Provision for credit losses		365		377		327		(3.2)		11.6		742		668	11.1
Income before taxes		2,304		2,113		2,228		9.0		3.4		4,417		4,301	2.7
Income taxes and taxable-equivalent adjustment		476		405		470		17.5		1.3		881		861	2.3
Net income		1,828		1,708		1,758		7.0		4.0		3,536		3,440	2.8
Net (income) loss attributable to noncontrolling interests		(7)		(9)		(8)		22.2		12.5		(16)		(15)	(6.7)
Net income attributable to U.S. Bancorp		$1,821		$1,699		$1,750		7.2		4.1		$3,520		$3,425	2.8
Net income applicable to U.S. Bancorp common shareholders		$1,741		$1,613		$1,678		7.9		3.8		$3,354		$3,275	2.4
Diluted earnings per common share		$1.09		$1.00		$1.02		9.0		6.9		$2.10		$1.98	6.1

Net income attributable to U.S. Bancorp was $1,821 million for the second quarter of 2019, which was 4.1 percent higher than the second quarter of 2018, and 7.2 percent higher than the first quarter of 2019. Diluted earnings per common share were $1.09 in the second quarter of 2019, compared with $1.02 in the second quarter of 2018 and $1.00 in the first quarter of 2019.

The increase in net income year-over-year was due to total net revenue growth of 3.2 percent partially offset by noninterest expense growth of 2.2 percent. Net interest income increased 3.4 percent (3.3 percent on a taxable-equivalent basis), mainly a result of the impact of loan growth and mix, as well as higher yields on reinvestment of securities, partially offset by the impact of a flatter yield curve, higher rates on deposits and changes in funding mix. Noninterest income increased 3.1 percent compared with a year ago, driven by growth in payment services revenue, trust and investment management fees, commercial products revenue, and other noninterest revenue, partially offset by a decline in deposit service charges. Noninterest expense increased 2.2 percent primarily due to higher personnel expense, and higher technology investment and occupancy costs in support of business growth. Partially offsetting these increases was lower other noninterest expense driven by lower costs related to tax-advantaged projects and FDIC assessment costs.

Net income increased on a linked quarter basis primarily due to an increase in total net revenue of 4.4 percent partially offset by noninterest expense growth of 2.1 percent. The increase in total net revenue reflected higher net interest income of 1.4 percent primarily due to loan growth, an additional day in the second quarter, and higher interest recoveries, partially offset by the impact of a flatter yield curve, higher rates on deposits and changes in funding mix. Noninterest income increased 8.7 percent compared with the first quarter of 2019 driven by seasonally higher payment services revenue as well as higher commercial products revenue, mortgage banking revenue, and trust and investment management fees. Noninterest expense increased 2.1 percent on a linked quarter basis primarily driven by higher marketing and business development expense, compensation expense, technology and communications expense, and other noninterest expense, partially offset by seasonally lower employee benefits expense.

        2

U.S. Bancorp Second Quarter 2019 Results

NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)							Change
	2Q 2019		1Q 2019		2Q 2018		2Q19 vs 1Q19		2Q19 vs 2Q18		YTD 2019		YTD 2018		Change
Components of net interest income Income on earning assets		$4,480		$4,381		$3,980		$99		$500		$8,861		$7,802		$1,059
Expense on interest-bearing liabilities		1,148		1,095		754		53		394		2,243		1,379		864
Net interest income		$3,332		$3,286		$3,226		$46		$106		$6,618		$6,423		$195
Average yields and rates paid
Earning assets yield		4.21%		4.22%		3.86%		(.01)%		.35%		4.21%		3.81%		.40%
Rate paid on interest-bearing liabilities		1.40		1.38		.97		.02		.43		1.39		.89		.50
Gross interest margin		2.81%		2.84%		2.89%		(.03)%		(.08)%		2.82%		2.92%		(.10)%
Net interest margin		3.13%		3.16%		3.13%		(.03)%		-- %		3.14%		3.13%		.01%
Average balances
Investment securities (a)		$115,460		$114,179		$114,578		$1,281		$882		$114,823		$114,039		$784
Loans		289,218		286,110		278,624		3,108		10,594		287,672		279,004		8,668
Earning assets		426,933		419,494		412,676		7,439		14,257		423,234		412,265		10,969
Interest-bearing liabilities		329,743		322,156		312,217		7,587		17,526		325,971		311,917		14,054

(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the second quarter of 2019 was $3,332 million, an increase of $106 million (3.3 percent) over the second quarter of 2018. The increase was principally driven by earning assets growth and higher yields on reinvestment of securities, partially offset by a flatter yield curve, deposit pricing, and funding mix shift. Average earning assets were $14.3 billion (3.5 percent) higher than the second quarter of 2018, reflecting increases of $10.6 billion (3.8 percent) in average total loans, $882 million (0.8 percent) in average investment securities, and $3.2 billion (19.9 percent) in average other earning assets. Excluding the impact of the fourth quarter of 2018 sale of the majority of the Company’s FDIC covered loans, average total loans grew 4.5 percent compared with the second quarter of 2018.

Net interest income on a taxable-equivalent basis increased $46 million (1.4 percent) on a linked quarter basis primarily driven by earning assets growth, an additional day in the second quarter, and higher interest recoveries. These increases were partially offset by the adverse impact of a flatter yield curve since the first quarter of 2019. Average earning assets were $7.4 billion (1.8 percent) higher on a linked quarter basis, reflecting increases of $3.1 billion (1.1 percent) in average total loans and $1.3 million (1.1 percent) in average investment securities.

The net interest margin in the second quarter of 2019 was 3.13 percent, compared with 3.13 percent in the second quarter of 2018 and 3.16 percent in the first quarter of 2019. Net interest margin was flat year-over-year reflecting the impacts of higher short-term interest rates, the reinvestment of securities, and loan portfolio mix, offset by the adverse impact of the flattening yield curve as well as deposit and funding mix. The decrease in net interest margin on a linked quarter basis was primarily due to changes in the yield curve during the quarter, seasonally lower credit card revolving rates, and higher cash balances, partially offset by higher yields on securities and interest recoveries that are not expected to continue.

Average investment securities in the second quarter of 2019 increased $882 million (0.8 percent) over the second quarter of 2018 and $1.3 billion (1.1 percent) over the first quarter of 2019 primarily due to purchases of mortgage-backed securities, net of prepayments and maturities.

        3

U.S. Bancorp Second Quarter 2019 Results

AVERAGE LOANS
($ in millions)							Percent Change
	2Q 2019		1Q 2019		2Q 2018		2Q19 vs 1Q19			2Q19 vs 2Q18			YTD 2019		YTD 2018		Percent Change
Commercial		$97,776		$96,447		$92,835		1.4			5.3			$97,115		$92,386		5.1
Lease financing		5,457		5,513		5,518		(1.0	)		(1.1	)		5,485		5,526		(.7	)
Total commercial		103,233		101,960		98,353		1.2			5.0			102,600		97,912		4.8
Commercial mortgages		28,465		28,459		28,710		--			(.9	)		28,462		28,942		(1.7	)
Construction and development		10,900		11,011		11,147		(1.0	)		(2.2	)		10,955		11,168		(1.9	)
Total commercial real estate		39,365		39,470		39,857		(.3	)		(1.2	)		39,417		40,110		(1.7	)
Residential mortgages		66,834		65,582		60,834		1.9			9.9			66,212		60,505		9.4
Credit card		22,830		22,597		21,220		1.0			7.6			22,714		21,252		6.9
Retail leasing		8,547		8,586		8,150		(.5	)		4.9			8,566		8,067		6.2
Home equity and second mortgages		15,831		15,993		16,048		(1.0	)		(1.4	)		15,912		16,121		(1.3	)
Other		32,578		31,922		31,265		2.1			4.2			32,251		32,065		.6
Total other retail		56,956		56,501		55,463		.8			2.7			56,729		56,253		.8
Covered loans (a)		--		--		2,897		--			nm			--		2,972		nm
Total loans		$289,218		$286,110		$278,624		1.1			3.8			$287,672		$279,004		3.1
(a)  During the fourth quarter of 2018, the majority of the Company’s covered loans were sold or the loss share coverage expired, with any remaining loan balances reclassified to be included in their respective portfolio category.

Average total loans were $10.6 billion (3.8 percent) higher than the second quarter of 2018. Excluding the impact of the fourth quarter of 2018 sale of the majority of the Company’s FDIC covered loans, average total loans grew 4.5 percent over the prior year quarter. The increase was due to growth in total commercial loans (5.0 percent), residential mortgages (9.9 percent), credit card loans (7.6 percent), and total other retail loans (2.7 percent). These increases were partially offset by decreases in total commercial real estate loans (1.2 percent) given the later stage of the business cycle and the sale of covered loans in the fourth quarter of 2018.

Average total loans were $3.1 billion (1.1 percent) higher than the first quarter of 2019 primarily driven by growth in total commercial loans (1.2 percent) and residential mortgages (1.9 percent) and seasonal growth in credit card balances.

        4

U.S. Bancorp Second Quarter 2019 Results

AVERAGE DEPOSITS
($ in millions)							Percent Change
	2Q 2019		1Q 2019		2Q 2018		2Q19 vs 1Q19			2Q19 vs 2Q18			YTD 2019		YTD 2018		Percent Change
Noninterest-bearing deposits		$73,096		$73,433		$78,987		(.5	)		(7.5	)		$73,263		$79,234		(7.5	)
Interest-bearing savings deposits
Interest checking		70,433		72,177		69,918		(2.4	)		.7			71,301		70,136		1.7
Money market savings		108,633		99,432		103,333		9.3			5.1			104,058		103,350		.7
Savings accounts		45,988		45,216		45,069		1.7			2.0			45,604		44,730		2.0
Total savings deposits		225,054		216,825		218,320		3.8			3.1			220,963		218,216		1.3
Time deposits		47,082		45,108		37,515		4.4			25.5			46,100		37,252		23.8
Total interest-bearing deposits		272,136		261,933		255,835		3.9			6.4			267,063		255,468		4.5
Total deposits		$345,232		$335,366		$334,822		2.9			3.1			$340,326		$334,702		1.7

Average total deposits for the second quarter of 2019 were $ 10.4 billion (3.1 percent) higher than the second quarter of 2018. Average noninterest-bearing deposits decreased $5.9 billion (7.5 percent) year-over-year primarily due to balance migration to interest-bearing deposits and the continued deployment by customers of business deposits within Corporate and Commercial Banking and corporate trust balances within Wealth Management and Investment Services. Average total savings deposits were $6.7 billion (3.1 percent) higher year-over-year driven by Wealth Management and Investment Services, Consumer and Business Banking, and Corporate and Commercial Banking. Average time deposits were $9.6 billion (25.5 percent) higher than the prior year quarter. Changes in time deposits are driven by growth in consumer deposits related to the migration of balances to higher yielding balances. It was also due to funding decisions based largely on relative pricing and liquidity characteristics.

Average total deposits increased $9.9 billion (2.9 percent) from the first quarter of 2019. On a linked quarter basis, average noninterest-bearing deposits decreased $337 million (0.5 percent). Average total savings deposits increased $8.2 billion (3.8 percent) on a linked quarter basis primarily due to increases in Wealth Management and Investment Services and Consumer and Business Banking. Average time deposits increased $2.0 billion (4.4 percent) on a linked quarter basis primarily in savings certificates and personal certificates of deposit as customers seek higher yield alternatives.

        5

U.S. Bancorp Second Quarter 2019 Results

NONINTEREST INCOME
($ in millions)							Percent Change
	2Q		1Q		2Q		2Q19 vs		2Q19 vs		YTD		YTD		Percent
	2019		2019		2018		1Q19		2Q18		2019		2018		Change
Credit and debit card revenue		$365		$304		$351		20.1		4.0		$669		$675		(.9)
Corporate payment products revenue		167		162		158		3.1		5.7		329		312		5.4
Merchant processing services		404		378		387		6.9		4.4		782		750		4.3
Trust and investment management fees		415		399		401		4.0		3.5		814		799		1.9
Deposit service charges		227		217		273		4.6		(16.8)		444		534		(16.9)
Treasury management fees		153		146		155		4.8		(1.3)		299		305		(2.0)
Commercial products revenue		249		219		234		13.7		6.4		468		454		3.1
Mortgage banking revenue		189		169		191		11.8		(1.0)		358		375		(4.5)
Investment products fees		47		45		47		4.4		--		92		93		(1.1)
Securities gains (losses), net		17		5		10		nm		70.0		22		15		46.7
Other		257		247		207		4.0		24.2		504		374		34.8
Total noninterest income		$2,490		$2,291		$2,414		8.7		3.1		$4,781		$4,686		2.0

Second quarter noninterest income of $2,490 million was $76 million (3.1 percent) higher than the second quarter of 2018 driven by growth in payment services revenue, trust and investment management fees, commercial products revenue, and other noninterest revenue, partially offset by a decline in deposit service charges. Payment services revenue increased $40 million (4.5 percent) due to higher credit and debit card revenue of $14 million (4.0 percent), an increase in corporate payment products revenue of $9 million (5.7 percent), and higher merchant processing services revenue of $17 million (4.4 percent), all driven by higher sales volume. Trust and investment management fees increased $14 million (3.5 percent) due to business growth and favorable market conditions. Commercial products revenue increased $15 million (6.4 percent) primarily due to higher corporate bond fees and trading revenue, partially offset by lower syndication fees. Other noninterest income also increased year-over-year primarily due to higher equity investment income, tax-advantaged investment syndication revenue, and transition services agreement revenue associated with the sale of the Company’s ATM third-party servicing business in 2018. These increases were partially offset by lower deposit service charges. Deposit service charges decreased $46 million (16.8 percent) primarily due to the ATM third-party servicing sale in 2018.

Noninterest income was $199 million (8.7 percent) higher in the second quarter of 2019 compared with the first quarter of 2019 driven by higher payment services revenue, commercial products revenue, mortgage banking revenue and trust and investment management fees. Payment services revenue increased $92 million (10.9 percent) primarily due to strong consumer spending recovering from significantly lower sales in the first quarter of 2019 and the impact of seasonally higher sales typically expected in the second quarter of the year. Commercial products revenue increased $30 million (13.7 percent) primarily due to higher corporate bond fees and other capital markets revenue due to more favorable markets and certain merger and acquisition related bond issuances during the second quarter of 2019. Mortgage banking revenue increased $20 million (11.8 percent) reflecting higher origination and sales volumes, partially offset by an unfavorable change in the valuation of mortgage servicing rights, net of hedging activities. Trust and investment management fees increased $16 million (4.0 percent) primarily due to business growth and favorable market conditions.

        6

U.S. Bancorp Second Quarter 2019 Results

NONINTEREST EXPENSE
($ in millions)							Percent Change
	2Q		1Q		2Q		2Q19 vs		2Q19 vs		YTD		YTD		Percent
	2019		2019		2018		1Q19		2Q18		2019		2018		Change
Compensation		$1,574		$1,559		$1,542		1.0		2.1		$3,133		$3,065		2.2
Employee benefits		314		333		299		(5.7)		5.0		647		629		2.9
Net occupancy and equipment		281		277		262		1.4		7.3		558		527		5.9
Professional services		106		95		95		11.6		11.6		201		178		12.9
Marketing and business development		111		89		111		24.7		--		200		208		(3.8)
Technology and communications		270		257		242		5.1		11.6		527		477		10.5
Postage, printing and supplies		73		72		80		1.4		(8.8)		145		160		(9.4)
Other intangibles		42		40		40		5.0		5.0		82		79		3.8
Other		382		365		414		4.7		(7.7)		747		817		(8.6)
Total noninterest expense		$3,153		$3,087		$3,085		2.1		2.2		$6,240		$6,140		1.6

Second quarter noninterest expense of $3,153 million was $68 million (2.2 percent) higher than the second quarter of 2018 primarily due to higher personnel costs, occupancy costs, and technology investment, partially offset by lower other noninterest expense. Compensation expense increased $32 million (2.1 percent) principally due to the impact of merit increases and hiring to support business growth. Employee benefits expense increased $15 million (5.0 percent) primarily due to increased medical costs. Technology and communications expense increased $28 million (11.6 percent) and net occupancy and equipment expense increased $19 million (7.3) percent to support business growth. Partially offsetting these increases was a decrease in other noninterest expense of $32 million (7.7 percent) due to lower FDIC assessment costs, driven by the elimination of the surcharge in the fourth quarter of 2018, and lower costs related to tax-advantaged projects.

Noninterest expense increased $66 million (2.1 percent) on a linked quarter basis due to higher compensation expense of $15 million (1.0 percent), the impact of seasonal merit increases and an additional day in the second quarter. Professional services expense increased $11 million (11.6 percent) and marketing and business development expense increased $22 million (24.7 percent) both due to seasonally higher activity in the second quarter. These increases were partially offset by a seasonal decrease in employee benefits due to higher payroll taxes during the first quarter of the year.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2019 resulted in a tax rate of 20.7 percent on a taxable-equivalent basis (effective tax rate of 19.7 percent), compared with 21.1 percent (effective tax rate of 20.1 percent) in the second quarter of 2018, and 19.2 percent on a taxable-equivalent basis (effective tax rate of 18.1 percent) in the first quarter of 2019.

        7

U.S. Bancorp Second Quarter 2019 Results

ALLOWANCE FOR CREDIT LOSSES
($ in millions)	2Q						1Q						4Q						3Q						2Q
	2019			% (a)			2019			% (a)			2018			% (a)			2018			% (a)			2018			% (a)
Balance, beginning of period		$4,451						$4,441						$4,426						$4,411						$4,417
Net charge-offs
Commercial		56			.23			71			.30			64			.27			63			.27			54			.23
Lease financing		3			.22			2			.15			3			.22			3			.22			4			.29
Total commercial		59			.23			73			.29			67			.26			66			.26			58			.24
Commercial mortgages		2			.03			--			--			(8	)		(.11	)		(5	)		(.07	)		--			--
Construction and development		(1	)		(.04	)		--			--			1			.04			(4	)		(.14	)		--			--
Total commercial real estate		1			.01			--			--			(7	)		(.07	)		(9	)		(.09	)		--			--
Residential mortgages		4			.02			3			.02			2			.01			4			.03			4			.03
Credit card		227			3.99			225			4.04			219			3.88			206			3.75			210			3.97
Retail leasing		2			.09			4			.19			3			.14			3			.14			3			.15
Home equity and second mortgages		(1	)		(.03	)		(1	)		(.03	)		1			.02			(1	)		(.02	)		(2	)		(.05	)
Other		58			.71			63			.80			68			.85			59			.74			59			.76
Total other retail		59			.42			66			.47			72			.51			61			.43			60			.43
Total net charge-offs		350			.49			367			.52			353			.49			328			.46			332			.48
Provision for credit losses		365						377						368						343						327
Other changes		--						--						--						--						(1	)
Balance, end of period		$4,466						$4,451						$4,441						$4,426						$4,411
Components
Allowance for loan losses		$4,019						$3,990						$3,973						$3,954						$3,920
Liability for unfunded credit commitments		447						461						468						472						491
Total allowance for credit losses		$4,466						$4,451						$4,441						$4,426						$4,411
Gross charge-offs		$464						$473						$442						$428						$437
Gross recoveries		$114						$106						$89						$100						$105
Allowance for credit losses as a percentage of
Period-end loans		1.53						1.55						1.55						1.57						1.57
Nonperforming loans		556						519						544						544						484
Nonperforming assets		469						443						449						441						404
(a)  Annualized and calculated on average loan balances

        8

U.S. Bancorp Second Quarter 2019 Results

Credit quality was relatively stable on a linked quarter and year-over-year basis. The Company’s provision for credit losses for the second quarter of 2019 was $365 million, which was $12 million (3.2 percent) lower than the prior quarter and $38 million (11.6 percent) higher than the second quarter of 2018 primarily reflecting loan growth.

Total net charge-offs in the second quarter of 2019 were $350 million, compared with $367 million in the first quarter of 2019, and $332 million in the second quarter of 2018. Net charge-offs decreased $17 million (4.6 percent) compared with the first quarter of 2019 primarily due to lower total commercial net charge-offs. Net charge-offs increased $18 million (5.4 percent) compared with the second quarter of 2018 primarily due to higher credit card net charge-offs. The net charge-off ratio was 0.49 percent in the second quarter of 2019, compared with 0.52 percent in the first quarter of 2019 and 0.48 percent in the second quarter of 2018.

The allowance for credit losses was $4,466 million at June 30, 2019, compared with $4,451 million at March 31, 2019, and $4,411 million at June 30, 2018. The ratio of the allowance for credit losses to period-end loans was 1.53 percent at June 30, 2019, compared with 1.55 percent at March 31, 2019, and 1.57 percent at June 30, 2018. The ratio of the allowance for credit losses to nonperforming loans was 556 percent at June 30, 2019, compared with 519 percent at March 31, 2019, and 484 percent at June 30, 2018.

Nonperforming assets were $953 million at June 30, 2019, compared with $1,005 million at March 31, 2019, and $1,091 million at June 30, 2018. The ratio of nonperforming assets to loans and other real estate was 0.33 percent at June 30, 2019, compared with 0.35 percent at March 31, 2019, and 0.39 percent at June 30, 2018. The decrease in nonperforming assets on a linked quarter basis and a year-over-year basis was driven by decreases in nonperforming residential mortgages, total commercial real estate, and other real estate owned. Accruing loans 90 days or more past due were $752 million at June 30, 2019, compared with $595 million at March 31, 2019, and $640 million at June 30, 2018. Commercial loan 90 day delinquencies were elevated this quarter related to one customer that is expected to resolve without a credit loss.

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)	Jun 30 2019		Mar 31 2019		Dec 31 2018		Sep 30 2018		Jun 30  2018
Delinquent loan ratios - 90 days or more past due excluding nonperforming loans
Commercial		.26		.07		.07		.06		.06
Commercial real estate		--		.01		--		.01		.01
Residential mortgages		.17		.18		.18		.19		.18
Credit card		1.14		1.29		1.25		1.18		1.15
Other retail		.17		.19		.19		.17		.16
Covered loans		--		--		--		.86		4.46
Total loans		.26		.21		.20		.20		.23
Delinquent loan ratios - 90 days or more past due including nonperforming loans
Commercial		.53		.34		.27		.28		.28
Commercial real estate		.24		.33		.29		.27		.27
Residential mortgages		.55		.62		.63		.69		.84
Credit card		1.14		1.29		1.25		1.18		1.15
Other retail		.47		.49		.54		.49		.48
Covered loans		--		--		--		.86		4.68
Total loans		.53		.51		.49		.48		.55

        9

U.S. Bancorp Second Quarter 2019 Results

ASSET QUALITY (a)
($ in millions)
	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
	2019		2019		2018		2018		2018
Nonperforming loans
Commercial		$254		$247		$186		$193		$199
Lease financing		25		24		23		23		25
Total commercial		279		271		209		216		224
Commercial mortgages		81		79		76		77		72
Construction and development		11		48		39		28		32
Total commercial real estate		92		127		115		105		104
Residential mortgages		263		287		296		317		400
Credit card		--		--		--		--		--
Other retail		169		173		197		175		178
Covered loans		--		--		--		--		6
Total nonperforming loans		803		858		817		813		912
Other real estate		88		93		111		100		108
Covered other real estate		--		--		--		19		20
Other nonperforming assets		62		54		61		72		51
Total nonperforming assets		$953		$1,005		$989		$1,004		$1,091
Accruing loans 90 days or more past due		$752		$595		$584		$551		$640
Performing restructured loans, excluding GNMA		$2,142		$2,173		$2,218		$2,272		$2,194
Performing restructured GNMA		$1,598		$1,578		$1,639		$1,668		$1,665
Nonperforming assets to loans plus ORE (%)		.33		.35		.34		.36		.39
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

        10

U.S. Bancorp Second Quarter 2019 Results

COMMON SHARES
(Millions)	2Q 2019		1Q 2019		4Q 2018		3Q 2018		2Q 2018
Beginning shares outstanding		1,599		1,608		1,623		1,636		1,649
Shares issued for stock incentive plans, acquisitions and other corporate purposes		--		3		1		1		--
Shares repurchased		(15)		(12)		(16)		(14)		(13)
Ending shares outstanding		1,584		1,599		1,608		1,623		1,636

CAPITAL POSITION
($ in millions)	Jun 30 2019			Mar 31 2019			Dec 31 2018			Sep 30 2018			Jun 30 2018
Total U.S. Bancorp shareholders’ equity	$	52,913		$	52,057		$	51,029		$	50,375		$	49,628
Basel III Standardized Approach
Common equity tier 1 capital	$	36,909		$	35,732		$	34,724		$	34,097		$	34,161
Tier 1 capital		42,923			41,748			40,741			40,114			39,611
Total risk-based capital		50,370			49,194			48,178			47,531			47,258
Common equity tier 1 capital ratio		9.5	%		9.3	%		9.1	%		9.0	%		9.1	%
Tier 1 capital ratio		11.0			10.9			10.7			10.6			10.5
Total risk-based capital ratio		13.0			12.8			12.6			12.6			12.6
Leverage ratio		9.3			9.2			9.0			9.0			8.9
Basel III Advanced Approaches
Common equity tier 1 capital ratio		12.3			12.0			11.8			11.8			11.6
Tangible common equity to tangible assets (a)		7.9			7.9			7.8			7.7			7.8
Tangible common equity to risk-weighted assets (a)		9.7			9.5			9.4			9.3			9.3
(a) See Non-GAAP Financial Measures reconciliation on page 16

Total U.S. Bancorp shareholders’ equity was $52.9 billion at June 30, 2019, compared with $52.1 billion at March 31, 2019, and $49.6 billion at June 30, 2018. During the second quarter, the Company returned 79 percent of earnings to shareholders through dividends and share buybacks.

All regulatory ratios continue to be in excess of “well-capitalized” requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 9.5 percent at June 30, 2019, compared with 9.3 percent at March 31, 2019, and 9.1 percent at June 30, 2018. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III advanced approaches method was 12.3 percent at June 30, 2019, compared with 12.0 percent at March 31, 2019, and 11.6 percent at June 30, 2018.

        11

U.S. Bancorp Second Quarter 2019 Results

  Investor Conference Call

On Wednesday, July 17, 2019, at 8:30 a.m. CDT, Chairman, President and CEO Andy Cecere along with Vice Chairman and Chief Financial Officer Terry Dolan 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, visit U.S. Bancorp’s website at usbank.com and click on “About US”, “Investor Relations” and “Webcasts & Presentations.” 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 5545338. For those unable to participate during the live call, a recording will be available at approximately 11:00 a.m. CDT on Wednesday, July 17 and will be accessible until Wednesday, July 24 at 11:00 p.m. CDT. To access the recorded message within the United States and Canada, please 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 5545338.

  About U.S. Bancorp

U.S. Bancorp, with 74,000 employees and $482 billion in assets as of June 30, 2019, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical Company. Visit U.S. Bank at www.usbank.com or follow on social media to stay up to date with company news.

  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. Deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price 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, changes to statutes, regulations, or regulatory policies or practices could affect U.S. Bancorp in substantial and unpredictable ways. U.S. Bancorp’s results could also be adversely affected by 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 its investment securities; legal and regulatory developments; litigation; increased competition from both banks and non-banks; changes in the level of tariffs and other trade policies of the United States and its global trading partners; changes in customer behavior and preferences; breaches in data security; failures to safeguard personal information; 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, 2018, on file with the Securities and Exchange Commission, including the sections entitled “Corporate Risk Profile” and “Risk Factors” 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. In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks 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.

        12

U.S. Bancorp Second Quarter 2019 Results

  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

• Return on tangible common equity

These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative 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 capital measures are not defined in generally accepted accounting principles (“GAAP”), or are not defined in banking regulations. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. Management believes this information helps investors assess trends in the Company’s capital adequacy.

The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures, including the efficiency ratio and net interest margin utilize net interest income on a taxable-equivalent basis.

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.

        13

CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)  (Unaudited)	Three Months Ended   June 30,						Six Months Ended     June 30,
	2019			2018			2019			2018
Interest Income
Loans		$3,582			$3,197			$7,122			$6,292
Loans held for sale		34			39			59			72
Investment securities		745			653			1,450			1,266
Other interest income		90			59			171			109
Total interest income		4,451			3,948			8,802			7,739
Interest Expense
Deposits		762			427			1,457			772
Short-term borrowings		91			86			184			161
Long-term debt		293			238			597			441
Total interest expense		1,146			751			2,238			1,374
Net interest income		3,305			3,197			6,564			6,365
Provision for credit losses		365			327			742			668
Net interest income after provision for credit losses		2,940			2,870			5,822			5,697
Noninterest Income
Credit and debit card revenue		365			351			669			675
Corporate payment products revenue		167			158			329			312
Merchant processing services		404			387			782			750
Trust and investment management fees		415			401			814			799
Deposit service charges		227			273			444			534
Treasury management fees		153			155			299			305
Commercial products revenue		249			234			468			454
Mortgage banking revenue		189			191			358			375
Investment products fees		47			47			92			93
Securities gains (losses), net		17			10			22			15
Other		257			207			504			374
Total noninterest income		2,490			2,414			4,781			4,686
Noninterest Expense
Compensation		1,574			1,542			3,133			3,065
Employee benefits		314			299			647			629
Net occupancy and equipment		281			262			558			527
Professional services		106			95			201			178
Marketing and business development		111			111			200			208
Technology and communications		270			242			527			477
Postage, printing and supplies		73			80			145			160
Other intangibles		42			40			82			79
Other		382			414			747			817
Total noninterest expense		3,153			3,085			6,240			6,140
Income before income taxes		2,277			2,199			4,363			4,243
Applicable income taxes		449			441			827			803
Net income		1,828			1,758			3,536			3,440
Net (income) loss attributable to noncontrolling interests		(7	)		(8	)		(16	)		(15	)
Net income attributable to U.S. Bancorp		$1,821			$1,750			$3,520			$3,425
Net income applicable to U.S. Bancorp common shareholders		$1,741			$1,678			$3,354			$3,275
Earnings per common share		$1.09			$1.02			$2.10			$1.99
Diluted earnings per common share		$1.09			$1.02			$2.10			$1.98
Dividends declared per common share		$.37			$.30			$.74			$.60
Average common shares outstanding		1,590			1,642			1,596			1,647
Average diluted common shares outstanding		1,592			1,646			1,599			1,651

        14

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	June 30, 2019			December 31, 2018			June 30, 2018
Assets		(Unaudited	)					(Unaudited	)
Cash and due from banks		$16,932			$21,453			$19,021
Investment securities
Held-to-maturity		46,383			46,050			46,055
Available-for-sale		69,197			66,115			66,347
Loans held for sale		3,819			2,056			3,256
Loans
Commercial		103,980			102,444			99,357
Commercial real estate		39,334			39,539			39,399
Residential mortgages		67,913			65,034			61,309
Credit card		23,426			23,363			21,566
Other retail		57,375			56,430			55,723
Covered loans		--			--			2,823
Total loans		292,028			286,810			280,177
Less allowance for loan losses		(4,019	)		(3,973	)		(3,920	)
Net loans		288,009			282,837			276,257
Premises and equipment		3,690			2,457			2,431
Goodwill		9,548			9,369			9,425
Other intangible assets		3,161			3,392			3,415
Other assets		40,980			33,645			35,122
Total assets		$481,719			$467,374			$461,329
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing		$76,170			$81,811			$82,215
Interest-bearing		277,007			263,664			257,865
Total deposits		353,177			345,475			340,080
Short-term borrowings		15,032			14,139			18,136
Long-term debt		41,008			41,340			37,172
Other liabilities		18,962			14,763			15,684
Total liabilities		428,179			415,717			411,072
Shareholders’ equity
Preferred stock		5,984			5,984			5,419
Common stock		21			21			21
Capital surplus		8,465			8,469			8,468
Retained earnings		61,252			59,065			56,742
Less treasury stock		(21,465	)		(20,188	)		(18,707	)
Accumulated other comprehensive income (loss)		(1,344	)		(2,322	)		(2,315	)
Total U.S. Bancorp shareholders’ equity		52,913			51,029			49,628
Noncontrolling interests		627			628			629
Total equity		53,540			51,657			50,257
Total liabilities and equity		$481,719			$467,374			$461,329

        15

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)							June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Total equity								$53,540			$52,686			$51,657			$51,007			$50,257
Preferred stock								(5,984	)		(5,984	)		(5,984	)		(5,984	)		(5,419	)
Noncontrolling interests								(627	)		(629	)		(628	)		(632	)		(629	)
Goodwill (net of deferred tax liability) (1)								(8,708	)		(8,716	)		(8,549	)		(8,682	)		(8,585	)
Intangible assets, other than mortgage servicing rights								(703	)		(685	)		(601	)		(627	)		(571	)
Tangible common equity (a)								37,518			36,672			35,895			35,082			35,053
Total assets								481,719			475,775			467,374			464,607			461,329
Goodwill (net of deferred tax liability) (1)								(8,708	)		(8,716	)		(8,549	)		(8,682	)		(8,585	)
Intangible assets, other than mortgage servicing rights								(703	)		(685	)		(601	)		(627	)		(571	)
Tangible assets (b)								472,308			466,374			458,224			455,298			452,173
Risk-weighted assets, determined in accordance with the Basel III standardized approach (c)								388,709	*		384,394			381,661			377,713			375,466
Ratios *
Tangible common equity to tangible assets (a)/(b)								7.9	%		7.9	%		7.8	%		7.7	%		7.8	%
Tangible common equity to risk-weighted assets (a)/(c)								9.7			9.5			9.4			9.3			9.3
							Three Months Ended
							June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018
Net income applicable to U.S. Bancorp common shareholders								$1,741			$1,613			$1,777			$1,732			$1,678
Intangibles amortization (net-of-tax)								33			32			32			32			32
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization								1,774			1,645			1,809			1,764			1,710
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (d)								7,115			6,671			7,177			6,998			6,859
Average total equity								53,066			52,218			51,370			50,768			49,950
Average preferred stock								(5,984	)		(5,984	)		(5,984	)		(5,714	)		(5,419	)
Average noncontrolling interests								(628	)		(629	)		(630	)		(630	)		(628	)
Average goodwill (net of deferred tax liability) (1)								(8,715	)		(8,732	)		(8,574	)		(8,620	)		(8,602	)
Average intangible assets, other than mortgage servicing rights								(681	)		(671	)		(605	)		(584	)		(588	)
Average tangible common equity (e)								37,058			36,202			35,577			35,220			34,713
Return on tangible common equity (d)/(e)								19.2	%		18.4	%		20.2	%		19.9	%		19.8	%
	Three Months Ended															Six Months Ended
	June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			June 30, 2019			June 30, 2018
Net interest income		$3,305			$3,259			$3,303			$3,251			$3,197			$6,564			$6,365
Taxable-equivalent adjustment (2)		27			27			28			30			29			54			58
Net interest income, on a taxable-equivalent basis		3,332			3,286			3,331			3,281			3,226			6,618			6,423
Net interest income, on a taxable-equivalent basis (as calculated above)		3,332			3,286			3,331			3,281			3,226			6,618			6,423
Noninterest income		2,490			2,291			2,498			2,418			2,414			4,781			4,686
Less: Securities gains (losses), net		17			5			5			10			10			22			15
Total net revenue, excluding net securities gains (losses) (f)		5,805			5,572			5,824			5,689			5,630			11,377			11,094
Noninterest expense (g)		3,153			3,087			3,280			3,044			3,085			6,240			6,140
Less: Intangible amortization		42			40			41			41			40			82			79
Noninterest expense, excluding intangible amortization (h)		3,111			3,047			3,239			3,003			3,045			6,158			6,061
Efficiency ratio (g)/(f)		54.3	%		55.4	%		56.3	%		53.5	%		54.8	%		54.8	%		55.3	%
Tangible efficiency ratio (h)/(f)		53.6			54.7			55.6			52.8			54.1			54.1			54.6

   * 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) Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

        16

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 2019
Business Line	2Q 2019		1Q 2019		2Q   2018		2Q19 vs 1Q19		2Q19 vs 2Q18			YTD 2019		YTD   2018		Percent Change			Earnings Composition
Corporate and Commercial Banking		$416		$402		$416		3.5		--			$818		$804		1.7			23	%
Consumer and Business Banking		559		555		543		.7		2.9			1,114		1,087		2.5			31
Wealth Management and Investment Services		228		214		191		6.5		19.4			442		399		10.8			12
Payment Services		358		326		360		9.8		(.6	)		684		701		(2.4	)		20
Treasury and Corporate Support		260		202		240		28.7		8.3			462		434		6.5			14
Consolidated Company		$1,821		$1,699		$1,750		7.2		4.1			$3,520		$3,425		2.8			100	%
(a) preliminary data

Lines of Business

The Company’s major lines of business are Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment 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. Income taxes are assessed to each line of business at a managerial tax rate of 25.0 percent. The residual tax expense or benefit to arrive at the consolidated effective tax rate is included in Treasury and Corporate Support. 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 2019, certain organization and methodology changes were made and, accordingly, prior period results were restated and presented on a comparable basis.

   2

CORPORATE AND COMMERCIAL BANKING (a)
($ in millions)									Percent Change
	2Q  2019		1Q 2019			2Q 2018			2Q19 vs 1Q19		2Q19 vs 2Q18		YTD  2019		YTD 2018		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$718		$726			$726			(1.1)		(1.1)		$1,444		$1,448		(.3)
Noninterest income		245		209			223			17.2		9.9		454		430		5.6
Securities gains (losses), net		--		--			--			--		--		--		--		--
Total net revenue		963		935			949			3.0		1.5		1,898		1,878		1.1
Noninterest expense		409		409			405			--		1.0		818		801		2.1
Other intangibles		1		1			1			--		--		2		2		--
Total noninterest expense		410		410			406			--		1.0		820		803		2.1
Income before provision and taxes		553		525			543			5.3		1.8		1,078		1,075		.3
Provision for credit losses		(2)		(11	)		(12	)		81.8		83.3		(13)		2		nm
Income before income taxes		555		536			555			3.5		--		1,091		1,073		1.7
Income taxes and taxable-equivalent adjustment		139		134			139			3.7		--		273		269		1.5
Net income		416		402			416			3.5		--		818		804		1.7
Net (income) loss attributable to noncontrolling interests		--		--			--			--		--		--		--		--
Net income attributable to U.S. Bancorp		$416		$402			$416			3.5		--		$818		$804		1.7
Average Balance Sheet Data
Loans		$96,588		$96,410			$93,454			.2		3.4		$96,500		$93,672		3.0
Other earning assets		3,883		3,168			3,092			22.6		25.6		3,527		2,976		18.5
Goodwill		1,647		1,647			1,647			--		--		1,647		1,647		--
Other intangible assets		9		9			11			--		(18.2)		9		11		(18.2)
Assets		106,680		105,142			102,521			1.5		4.1		105,915		102,551		3.3
Noninterest-bearing deposits		28,874		29,981			33,314			(3.7)		(13.3)		29,424		33,779		(12.9)
Interest-bearing deposits		70,690		71,095			70,362			(.6)		.5		70,892		70,156		1.0
Total deposits		99,564		101,076			103,676			(1.5)		(4.0)		100,316		103,935		(3.5)
Total U.S. Bancorp shareholders’ equity		10,362		10,439			10,498			(.7)		(1.3)		10,400		10,457		(.5)
(a) preliminary data

Corporate and Commercial Banking offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets services, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients.

Corporate and Commercial Banking contributed $416 million of the Company’s net income in the second quarter of 2019 and in the second quarter of 2018. Total net revenue increased $14 million (1.5 percent) due to an increase of $22 million (9.9 percent) in total noninterest income, partially offset by a decrease of $8 million (1.1 percent) in net interest income. Net interest income decreased primarily due to lower noninterest bearing deposit balances compared to last year and lower spreads on loans, reflecting a competitive marketplace, partially offset by the impact of higher rates on the margin benefit from deposits and loan growth. Noninterest bearing deposits are declining as customers deploy balances to support business growth. Total noninterest income increased year-over-year primarily due to higher trading revenue and corporate bond underwriting fees, partially offset by lower foreign currency customer activity from a year ago. Total noninterest expense was $4 million (1.0 percent) higher compared with a year ago primarily due to an increase in net shared services expense driven by technology development and investment in infrastructure, higher salary expense driven by merit increases, and an increase in production incentives. These increases were partially offset by lower FDIC assessment costs. The provision for credit losses increased $10 million (83.3 percent) reflecting an unfavorable change in the reserve allocation due to growth in the portfolio, partially offset by lower net charge-offs.

   3

CONSUMER AND BUSINESS BANKING (a)
($ in millions)							Percent Change
	2Q  2019		1Q 2019		2Q   2018		2Q19 vs 1Q19		2Q19 vs 2Q18		YTD 2019		YTD   2018		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$1,581		$1,567		$1,519		.9		4.1		$3,148		$3,031		3.9
Noninterest income		567		535		594		6.0		(4.5)		1,102		1,171		(5.9)
Securities gains (losses), net		--		--		--		--		--		--		--		--
Total net revenue		2,148		2,102		2,113		2.2		1.7		4,250		4,202		1.1
Noninterest expense		1,318		1,287		1,327		2.4		(.7)		2,605		2,628		(.9)
Other intangibles		5		5		7		--		(28.6)		10		14		(28.6)
Total noninterest expense		1,323		1,292		1,334		2.4		(.8)		2,615		2,642		(1.0)
Income before provision and taxes		825		810		779		1.9		5.9		1,635		1,560		4.8
Provision for credit losses		79		70		55		12.9		43.6		149		110		35.5
Income before income taxes		746		740		724		.8		3.0		1,486		1,450		2.5
Income taxes and taxable-equivalent adjustment		187		185		181		1.1		3.3		372		363		2.5
Net income		559		555		543		.7		2.9		1,114		1,087		2.5
Net (income) loss attributable to noncontrolling interests		--		--		--		--		--		--		--		--
Net income attributable to U.S. Bancorp		$559		$555		$543		.7		2.9		$1,114		$1,087		2.5
Average Balance Sheet Data
Loans		$143,714		$141,755		$139,904		1.4		2.7		$142,740		$140,495		1.6
Other earning assets		3,334		2,389		3,810		39.6		(12.5)		2,864		3,611		(20.7)
Goodwill		3,475		3,475		3,632		--		(4.3)		3,475		3,632		(4.3)
Other intangible assets		2,717		2,882		2,932		(5.7)		(7.3)		2,799		2,902		(3.5)
Assets		157,384		154,680		154,579		1.7		1.8		156,039		154,999		.7
Noninterest-bearing deposits		27,060		26,554		27,348		1.9		(1.1)		26,809		27,289		(1.8)
Interest-bearing deposits		128,883		127,274		125,221		1.3		2.9		128,082		124,185		3.1
Total deposits		155,943		153,828		152,569		1.4		2.2		154,891		151,474		2.3
Total U.S. Bancorp shareholders’ equity		11,737		11,742		11,855		--		(1.0)		11,739		11,845		(.9)
(a) preliminary data

Consumer and Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and mobile devices. It encompasses community banking, metropolitan banking and indirect lending, as well as mortgage banking.

Consumer and Business Banking contributed $559 million of the Company’s net income in the second quarter of 2019, compared with $543 million in the second quarter of 2018. Total net revenue increased $35 million (1.7 percent) due to a $62 million (4.1 percent) increase in net interest income, partially offset by a $27 million (4.5 percent) decrease in total noninterest income. Net interest income increased primarily due to the impact of higher rates on the margin benefit from deposits as well as growth in both interest-bearing deposit balances and loan volumes, partially offset by the lower spreads on loans. Total noninterest income decreased principally due to a reduction in ATM processing services revenue due to the sale of the Company’s ATM third-party servicing business in 2018, partially offset by the transition services agreement revenue associated with the sale. Total noninterest expense in the second quarter of 2019 decreased $11 million (0.8 percent) primarily due to lower FDIC assessment costs and lower mortgage banking costs, partially offset by higher net shared services expense, reflecting the impact of technology development and investment in infrastructure supporting business growth as well as costs to manage the business. The provision for credit losses increased $24 million (43.6 percent) primarily due to an unfavorable change in the reserve allocation due to slower improvement in housing prices in the second quarter and higher net charge-offs.

   4

WEALTH MANAGEMENT AND INVESTMENT SERVICES (a)
($ in millions)								Percent Change
	2Q 2019		1Q 2019			2Q   2018		2Q19 vs 1Q19			2Q19 vs 2Q18			YTD 2019			YTD   2018		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$299		$288			$282		3.8			6.0			$587			$557		5.4
Noninterest income		445		430			430		3.5			3.5			875			861		1.6
Securities gains (losses), net		--		--			--		--			--			--			--		--
Total net revenue		744		718			712		3.6			4.5			1,462			1,418		3.1
Noninterest expense		435		433			453		.5			(4.0	)		868			877		(1.0	)
Other intangibles		3		3			4		--			(25.0	)		6			8		(25.0	)
Total noninterest expense		438		436			457		.5			(4.2	)		874			885		(1.2	)
Income before provision and taxes		306		282			255		8.5			20.0			588			533		10.3
Provision for credit losses		2		(3	)		--		nm			nm			(1	)		1		nm
Income before income taxes		304		285			255		6.7			19.2			589			532		10.7
Income taxes and taxable-equivalent adjustment		76		71			64		7.0			18.8			147			133		10.5
Net income		228		214			191		6.5			19.4			442			399		10.8
Net (income) loss attributable to noncontrolling interests		--		--			--		--			--			--			--		--
Net income attributable to U.S. Bancorp		$228		$214			$191		6.5			19.4			$442			$399		10.8
Average Balance Sheet Data
Loans		$9,907		$9,828			$9,225		.8			7.4			$9,867			$9,105		8.4
Other earning assets		340		245			166		38.8			nm			293			165		77.6
Goodwill		1,617		1,617			1,619		--			(.1	)		1,617			1,619		(.1	)
Other intangible assets		50		54			66		(7.4	)		(24.2	)		52			68		(23.5	)
Assets		13,185		13,194			12,248		(.1	)		7.7			13,189			12,137		8.7
Noninterest-bearing deposits		13,609		13,306			14,792		2.3			(8.0	)		13,458			14,584		(7.7	)
Interest-bearing deposits		61,432		54,173			56,869		13.4			8.0			57,823			56,927		1.6
Total deposits		75,041		67,479			71,661		11.2			4.7			71,281			71,511		(.3	)
Total U.S. Bancorp shareholders’ equity		2,528		2,515			2,476		.5			2.1			2,522			2,464		2.4
(a) preliminary data

Wealth Management and Investment Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through four businesses: Wealth Management, Global Corporate Trust & Custody, U.S. Bancorp Asset Management and Fund Services.

Wealth Management and Investment Services contributed $228 million of the Company’s net income in the second quarter of 2019, compared with $191 million in the second quarter of 2018. Total net revenue increased $32 million (4.5 percent) year-over-year due to increases in net interest income of $17 million (6.0 percent) and noninterest income of $15 million (3.5 percent). Net interest income increased year-over-year primarily due to the impact of higher rates on the margin benefit from deposits and higher deposit balances. Total noninterest income increased primarily due to business growth and favorable market conditions. Total noninterest expense decreased $19 million (4.2 percent) primarily due to lower FDIC assessment costs and litigation settlements in the prior year quarter, partially offset by increased net shared services expense due to technology development. The provision for credit losses increased $2 million reflecting an unfavorable change in the reserve allocation.

   5

PAYMENT SERVICES (a)
($ in millions)							Percent Change
	2Q 2019		1Q 2019		2Q   2018		2Q19 vs 1Q19			2Q19 vs 2Q18			YTD 2019		YTD   2018		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$592		$623		$592		(5.0	)		--			$1,215		$1,202		1.1
Noninterest income		950		851		902		11.6			5.3			1,801		1,750		2.9
Securities gains (losses), net		--		--		--		--			--			--		--		--
Total net revenue		1,542		1,474		1,494		4.6			3.2			3,016		2,952		2.2
Noninterest expense		736		722		705		1.9			4.4			1,458		1,409		3.5
Other intangibles		33		31		28		6.5			17.9			64		55		16.4
Total noninterest expense		769		753		733		2.1			4.9			1,522		1,464		4.0
Income before provision and taxes		773		721		761		7.2			1.6			1,494		1,488		.4
Provision for credit losses		295		286		281		3.1			5.0			581		553		5.1
Income before income taxes		478		435		480		9.9			(.4	)		913		935		(2.4	)
Income taxes and taxable-equivalent adjustment		120		109		120		10.1			--			229		234		(2.1	)
Net income		358		326		360		9.8			(.6	)		684		701		(2.4	)
Net (income) loss attributable to noncontrolling interests		--		--		--		--			--			--		--		--
Net income attributable to U.S. Bancorp		$358		$326		$360		9.8			(.6	)		$684		$701		(2.4	)
Average Balance Sheet Data
Loans		$33,277		$32,414		$30,591		2.7			8.8			$32,848		$30,328		8.3
Other earning assets		327		448		302		(27.0	)		8.3			387		289		33.9
Goodwill		2,806		2,814		2,535		(.3	)		10.7			2,810		2,538		10.7
Other intangible assets		533		513		392		3.9			36.0			523		394		32.7
Assets		39,519		38,615		36,535		2.3			8.2			39,070		36,348		7.5
Noninterest-bearing deposits		1,148		1,157		1,085		(.8	)		5.8			1,152		1,106		4.2
Interest-bearing deposits		115		111		109		3.6			5.5			113		108		4.6
Total deposits		1,263		1,268		1,194		(.4	)		5.8			1,265		1,214		4.2
Total U.S. Bancorp shareholders’ equity		7,050		7,029		6,601		.3			6.8			7,040		6,611		6.5
(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 $358 million of the Company’s net income in the second quarter of 2019, compared with $360 million in the second quarter of 2018. Total net revenue increased $48 million (3.2 percent) due to an increase total noninterest income of $48 million (5.3 percent). Net interest income was flat year-over-year primarily due to growth in total average loans as well as loan fees, offset by compression on loan rates. Total noninterest income increased year-over-year mainly due to higher credit and debit card revenue, corporate payment products revenue, and merchant processing services driven by higher sales volumes. Total noninterest expense increased $36 million (4.9 percent) over the second quarter of 2018 principally due to higher net shared services expense to support business growth, technology development and investment in infrastructure in addition to an increase in personnel expense in support of business development. The provision for credit losses increased $14 million (5.0 percent) reflecting higher net charge-offs, partially offset by a favorable change in the reserve allocation.

   6

TREASURY AND CORPORATE SUPPORT (a)
($ in millions)									Percent Change
	2Q 2019			1Q 2019			2Q   2018		2Q19 vs  1Q19		2Q19 vs  2Q18		YTD  2019		YTD    2018		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$142			$82			$107		73.2		32.7		$224		$185		21.1
Noninterest income		266			261			255		1.9		4.3		527		459		14.8
Securities gains (losses), net		17			5			10		nm		70.0		22		15		46.7
Total net revenue		425			348			372		22.1		14.2		773		659		17.3
Noninterest expense		213			196			155		8.7		37.4		409		346		18.2
Other intangibles		--			--			--		--		--		--		--		--
Total noninterest expense		213			196			155		8.7		37.4		409		346		18.2
Income before provision and taxes		212			152			217		39.5		(2.3)		364		313		16.3
Provision for credit losses		(9	)		35			3		nm		nm		26		2		nm
Income before income taxes		221			117			214		88.9		3.3		338		311		8.7
Income taxes and taxable-equivalent adjustment		(46	)		(94	)		(34)		51.1		(35.3)		(140)		(138)		(1.4)
Net income		267			211			248		26.5		7.7		478		449		6.5
Net (income) loss attributable to noncontrolling interests		(7	)		(9	)		(8)		22.2		12.5		(16)		(15)		(6.7)
Net income attributable to U.S. Bancorp		$260			$202			$240		28.7		8.3		$462		$434		6.5
Average Balance Sheet Data
Loans		$5,732			$5,703			$5,450		.5		5.2		$5,717		$5,404		5.8
Other earning assets		129,831			127,134			126,682		2.1		2.5		128,491		126,220		1.8
Goodwill		--			--			--		--		--		--		--		--
Other intangible assets		--			--			--		--		--		--		--		--
Assets		154,830			151,768			148,606		2.0		4.2		153,308		148,354		3.3
Noninterest-bearing deposits		2,405			2,435			2,448		(1.2)		(1.8)		2,420		2,476		(2.3)
Interest-bearing deposits		11,016			9,280			3,274		18.7		nm		10,153		4,092		nm
Total deposits		13,421			11,715			5,722		14.6		nm		12,573		6,568		91.4
Total U.S. Bancorp shareholders’ equity		20,761			19,864			17,892		4.5		16.0		20,315		17,698		14.8
(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 $260 million in the second quarter of 2019, compared with $240 million in the second quarter of 2018. Total net revenue increased $53 million (14.2 percent) year-over-year driven by increases in net interest income of $35 million (32.7 percent) and $18 million (6.8 percent) in total noninterest income. Net interest income increased year-over-year primarily due to growth in the investment portfolio. Total noninterest income increased year-over-year primarily reflecting higher income from equity investments partially offset by the gain on sale of the student loan portfolio in the second quarter of last year. Total noninterest expense increased $58 million (37.4 percent) year-over-year due to higher compensation expense, reflecting the impact of increased staffing and merit increases, and higher implementation costs of capital investments to support business growth. These increases were partially offset by lower net shared services expense and lower costs related to tax-advantaged projects. The provision for credit losses was $12 million lower year-over-year due to a favorable change in the reserve allocation.

   7