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, 2022

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $.01 par value per share	USB	New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrA	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrH	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrP	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrQ	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrR	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)	USB PrS	New York Stock Exchange
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024	USB/24B	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act.  ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On July 15, 2022, U.S. Bancorp (the “Company”) issued a press release reporting quarter-ended June 30, 2022 results, and posted on its website its 2Q22 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 2Q22 Earnings Conference Call Presentation is included as Exhibit 99.2 hereto and is incorporated herein by reference. The information included in the 2Q22 Earnings Conference Call Presentation is considered to be “furnished” under the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933. The press release and 2Q22 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.

(d) Exhibits.

99.1 Press Release issued by U.S. Bancorp on July 15, 2022, deemed “filed” under the Securities Exchange Act of 1934.

99.2 2Q22 Earnings Conference Call Presentation, deemed “furnished” under the Securities Exchange Act of 1934.

 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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/    Lisa R. Stark

Lisa R. Stark

Executive Vice President and
Controller

DATE: July 15, 2022

EX-99.1

Exhibit 99.1

	U.S. Bancorp Reports Second Quarter 2022 Results
	• Net income of $1.5 billion and record net revenue of $6.0 billion • Return on average assets of 1.16% and return on average common equity of 15.3%, excluding merger and integration charges • Common Equity Tier 1 capital ratio of 9.7% and strong levels of liquidity

      2Q22 Key Financial Data   2Q22 Highlights

PROFITABILITY METRICS	2Q22	1Q22	2Q21
Return on average assets (%)	1.06	1.09	1.44
Return on average common equity (%)	13.9	12.7	16.3
Return on tangible common equity (%) (a)	18.6	16.6	20.9
Net interest margin (%)	2.59	2.44	2.53
Efficiency ratio (%) (a)	62.1	62.8	59.0
INCOME STATEMENT (b)	2Q22	1Q22	2Q21
Net interest income (taxable-equivalent basis)	$3,464	$3,200	$3,164
Noninterest income	$2,548	$2,396	$2,619
Net income attributable to U.S. Bancorp	$1,531	$1,557	$1,982
Diluted earnings per common share	$.99	$.99	$1.28
Dividends declared per common share	$.46	$.46	$.42
BALANCE SHEET (b)	2Q22	1Q22	2Q21
Average total loans	$324,187	$312,966	$294,284
Average total deposits	$456,516	$454,176	$429,210
Net charge-off ratio	.20%	.21%	.25%
Book value per common share (period end)	$28.13	$29.87	$31.74
Basel III standardized CET1 (c)	9.7%	9.8%	9.9%

(a) See Non-GAAP Financial Measures reconciliation on page 17

(b) Dollars in millions, except per share data

(c) CET1 = Common equity tier 1 capital ratio

•  Net revenue of $6,012 million including $3,464 million of net interest income and $2,548 million of noninterest income

•  Net income of $1,531 million and diluted earnings per common share of $0.99, including merger and integration charges

•  Merger and integration-related charges of $197 million ($153 million net of tax or $(0.10) per diluted common share) related to the planned acquisition of MUFG Union Bank

•  Return on average assets of 1.06% and return on average common equity of 13.9%. Excluding merger and integration-related charges, net income of $1,684 million, return on average assets of 1.16% and return on average common equity of 15.3%

•  Noninterest income growth of 6.3% linked quarter driven by payment services revenue and trust and investment management fees

•  Average total loans growth of 10.2% year-over-year and 3.6% on a linked quarter basis

•  Average total deposits growth of 6.4% year-over-year and 0.5% on a linked quarter basis

•  Net charge-off ratio of 0.20% in 2Q22 compared with 0.21% in 1Q22 and 0.25% in 2Q21

•  CET1 capital ratio of 9.7% at June 30, 2022, compared with 9.8% at March 31, 2022

CEO Commentary

“In the second quarter, we achieved record net revenue totaling $6.0 billion, supported by strong growth in both net interest income and fee revenue. We posted diluted earnings per share of $0.99 including merger and integration-related charges of $(0.10) related to the planned acquisition of MUFG Union Bank. Loan growth was robust, we saw good momentum in our payments businesses reflecting strong business activity and our expense growth was well managed. This quarter our return on tangible common equity was 20.5%, excluding merger and integration-related charges. Credit quality remains strong and our net charge-off ratio improved modestly in the quarter. Given strong loan growth and increased uncertainty surrounding the macro-economic outlook, we increased our loan loss reserve reflecting our through-the-cycle risk management approach. As we head into the second half of the year we face an uncertain economic environment. However, we are well positioned for the range of possible outcomes given strong liquidity and capital ratios, our diversified business mix, and our well-established risk management track record.”

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

In the Spotlight

Community Benefits Plan

U.S. Bancorp announced a $100 billion, five-year community benefits plan (CBP) as part of the planned acquisition of MUFG Union Bank. The CBP, which will be effective once the acquisition closes, is intended to continue and expand the important work underway by both organizations to build and support equitable access to capital for the communities we serve. A majority of the commitments, 60% of the total, will support efforts in California, the state most impacted by the acquisition.

U.S. Bank Collaborates to Simplify, Accelerate Supply-Chain Financing

U.S. Bank entered into a collaboration agreement with trade-finance fintech LiquidX^® to help expedite and simplify supply-chain transactions between suppliers and buyers. Suppliers and buyers will be able to connect their supply-chain systems directly to U.S. Bank and transact through LiquidX’s easy-to-use platform which is expected to reduce supply-chain-finance friction and cash-flow challenges facing many companies. This collaboration will enable suppliers to be paid nearly immediately and buyers to receive extended payment terms.

Managing Finances and Operations for Small Businesses

U.S. Bank recently launched Business Essentials, a unified platform that provides a one-stop shop in a seamless digital experience. It’s a holistic banking, payments, and software offering for small businesses. Business Essentials is backed by expert human support from bankers who specialize in small business. The platform makes it easy for clients to take care of their financial needs today and provides insights and support to help them make smart decisions for tomorrow.

Spanish-Language Voice Assistant

U.S. Bank is the first financial institution in the United States to offer a Spanish-speaking virtual voice assistant for banking. The Spanish-language version of our best-in-class Smart Assistant in the U.S. Bank Mobile App has the same features and functionality as the popular English-language version. This new technology demonstrates U.S. Bank’s continued emphasis on putting customer experience first, by creating new digital tools that enable them to bank however, whenever and wherever is best for them.

        Investor contact: Jennifer Thompson, 612.303.0778 | Media contact: Jeff Shelman, 612.303.9933

U.S. Bancorp Second Quarter 2022 Results

INCOME STATEMENT HIGHLIGHTS
($ in millions, except per-share data)										Percent Change
	2Q 2022			1Q 2022			2Q 2021			2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022			YTD 2021			Percent  Change
Net interest income		$3,435		$	3,173		$	3,137			8.3			9.5		$	6,608		$	6,200			6.6
Taxable-equivalent adjustment		29			27			27			7.4			7.4			56			53			5.7
Net interest income (taxable-equivalent basis)		3,464			3,200			3,164			8.3			9.5			6,664			6,253			6.6
Noninterest income		2,548			2,396			2,619			6.3			(2.7	)		4,944			5,000			(1.1)
Total net revenue		6,012			5,596			5,783			7.4			4.0			11,608			11,253			3.2
Noninterest expense before merger and integration		3,527			3,502			3,387			.7			4.1			7,029			6,766			3.9
Merger and integration charges		197			--			--			nm			nm			197			--			nm
Total noninterest expense		3,724			3,502			3,387			6.3			9.9			7,226			6,766			6.8
Income before provision and income taxes		2,288			2,094			2,396			9.3			(4.5	)		4,382			4,487			(2.3)
Provision for credit losses		311			112			(170	)		nm			nm			423			(997	)		nm
Income before taxes		1,977			1,982			2,566			(.3	)		(23.0	)		3,959			5,484			(27.8)
Income taxes and taxable-equivalent adjustment		443			424			578			4.5			(23.4	)		867			1,211			(28.4)
Net income		1,534			1,558			1,988			(1.5	)		(22.8	)		3,092			4,273			(27.6)
Net (income) loss attributable to noncontrolling interests		(3	)		(1	)		(6	)		nm			50.0			(4	)		(11	)		63.6
Net income attributable to U.S. Bancorp		$1,531		$	1,557		$	1,982			(1.7	)		(22.8	)	$	3,088		$	4,262			(27.5)
Net income applicable to U.S. Bancorp common shareholders		$1,464		$	1,466		$	1,914			(.1	)		(23.5	)	$	2,930		$	4,089			(28.3)
Diluted earnings per common share		$.99		$	.99		$	1.28			--			(22.7	)	$	1.97		$	2.73			(27.8)

Net income attributable to U.S. Bancorp was $1,531 million for the second quarter of 2022, which was $451 million lower than the $1,982 million for the second quarter of 2021, and $26 million lower than the $1,557 million for the first quarter of 2022. Diluted earnings per common share were $0.99 in the second quarter of 2022, compared with $1.28 in the second quarter of 2021 and $0.99 in the first quarter of 2022. The second quarter of 2022 included $(0.10) per diluted common share of merger and integration-related charges related to the planned acquisition of MUFG Union Bank.

The decrease in net income year-over-year was primarily due to a higher provision for credit losses primarily driven by strong loan growth and merger and integration-related charges linked to the planned acquisition of MUFG Union Bank. Pretax income before the provision for credit losses and excluding merger and integration-related charges increased 3.7 percent compared with a year ago. Net interest income increased 9.5 percent on a year-over-year taxable-equivalent basis due to higher average loans and investment securities balances as well as rising interest rates and the impact of a favorable yield curve on earning assets, partially offset by deposit pricing and lower loan fees driven by the impact of loan forgiveness related to the SBA Paycheck Protection Program (“PPP”) in the prior year quarter. The net interest margin increased to 2.59 percent in the current quarter from 2.53 percent in the second quarter of 2021 primarily due to the impact of rising interest rates and higher yields on investment securities, partially offset by deposit pricing and lower noninterest-bearing deposits. Noninterest income decreased 2.7 percent compared with a year ago reflecting lower mortgage banking revenue as refinancing activities decline, lower other noninterest income and lower gains on the sale of securities, mostly offset by stronger payment services revenue and trust and investment management fees. Excluding the merger and integration-related charges, noninterest expense increased 4.1 percent reflecting increases in compensation expense, employee benefits expense, and marketing and business development expense. Provision for credit losses reflected a reserve build in the second quarter of 2022 as compared with a reserve release in the second quarter of 2021 driven by a combination of loan growth and economic uncertainty.

        2

U.S. Bancorp Second Quarter 2022 Results

Net income decreased on a linked quarter basis driven by higher provision for credit losses and merger and integration-related charges, mostly offset by higher total net revenue. Net interest income increased 8.3 percent on a taxable-equivalent basis primarily due to higher average loans, the impact of rising interest rates on loans and investment securities and one more day in the quarter, partially offset by deposit pricing. The net interest margin increased on a linked quarter basis reflecting the impact of rising interest rates and reinvestment yields on investment securities, partially offset by deposit pricing and lower noninterest-bearing deposits. Noninterest income increased 6.3 percent compared with the first quarter of 2022 driven by stronger payment services revenue, trust and investment management fees and commercial products revenue, partially offset by lower mortgage banking revenue. Excluding the merger and integration-related charges, noninterest expense increased 0.7 percent on a linked quarter basis reflecting seasonally higher compensation expense, marketing and business development expense and other noninterest expense, partially offset by lower employee benefits expense. Provision for credit losses reflected a reserve build in the second quarter of 2022 as compared with a reserve release in the first quarter of 2022 driven by a combination of loan growth and increased economic uncertainty, partially offset by stabilizing credit quality.

        3

U.S. Bancorp Second Quarter 2022 Results

NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)							Change
	2Q 2022		1Q 2022		2Q 2021		2Q22 vs 1Q22		2Q22 vs 2Q21		YTD 2022		YTD 2021		Change
Components of net interest income
Income on earning assets		$3,854		$3,445		$3,409		$409		$445		$7,299		$6,776		$523
Expense on interest-bearing liabilities		390		245		245		145		145		635		523		112
Net interest income		$3,464		$3,200		$3,164		$264		$300		$6,664		$6,253		$411
Average yields and rates paid
Earning assets yield		2.88%		2.62%		2.73%		.26%		.15%		2.75%		2.73%		.02%
Rate paid on interest-bearing liabilities		.40		.26		.28		.14		.12		.33		.29		.04
Gross interest margin		2.48%		2.36%		2.45%		.12%		.03%		2.42%		2.44%		(.02)%
Net interest margin		2.59%		2.44%		2.53%		.15%		.06%		2.51%		2.52%		(.01)%
Average balances
Investment securities (a)		$171,296		$174,762		$160,615		$(3,466)		$10,681		$173,019		$153,109		$19,910
Loans		324,187		312,966		294,284		11,221		29,903		318,608		294,138		24,470
Interest-bearing deposits with banks		31,116		29,851		31,358		1,265		(242)		30,487		36,542		(6,055)
Earning assets		536,761		529,837		500,751		6,924		36,010		533,318		499,239		34,079
Interest-bearing liabilities		390,373		378,223		356,565		12,150		33,808		384,332		358,562		25,770
(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the second quarter of 2022 was $3,464 million, an increase of $300 million (9.5 percent) over the second quarter of 2021. The increase was primarily due to higher average loans and investment securities balances in addition to rising interest rates and a favorable yield curve impacting earning assets, partially offset by deposit pricing and lower loan fees driven by the impact of loan forgiveness related to PPP in the second quarter of 2021. Average earning assets were $36.0 billion (7.2 percent) higher than the second quarter of 2021, reflecting increases of $10.7 billion (6.7 percent) in average investment securities and $29.9 billion (10.2 percent) in average total loans, while average interest-bearing deposits with banks decreased $242 million (0.8 percent). The increase in average investment securities year-over-year was primarily due to purchases of mortgage-backed and U.S. Treasury securities, net of prepayments, sales and maturities.

Net interest income on a taxable-equivalent basis increased $264 million (8.3 percent) on a linked quarter basis primarily due to higher average loans, the impact of rising interest rates in the loan and the investment portfolios and one more day in the quarter, partially offset by deposit pricing. Average earning assets were $6.9 billion (1.3 percent) higher on a linked quarter basis, reflecting an increase of $11.2 billion (3.6 percent) in average loans and a decrease of $3.5 billion (2.0 percent) in average investment securities, while average interest-bearing deposits with banks increased $1.3 billion (4.2 percent).

The net interest margin in the second quarter of 2022 was 2.59 percent, compared with 2.53 percent in the second quarter of 2021 and 2.44 percent in the first quarter of 2022. The increase in the net interest margin from the prior year was primarily due to the impact of rising interest rates and higher yields in the investment portfolio, partially offset by deposit pricing and lower noninterest-bearing deposits. The increase in interest margin on a linked quarter basis reflected the impact of rising interest rates and reinvestment yields on investment securities, partially offset by higher deposit rates paid and lower noninterest-bearing deposits.

        4

U.S. Bancorp Second Quarter 2022 Results

AVERAGE LOANS
($ in millions)							Percent Change
	2Q 2022		1Q 2022		2Q 2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022		YTD 2021		Percent Change
Commercial		$115,758		$107,819		$97,713		7.4			18.5		$	111,810	$	97,237		15.0
Lease financing		4,899		5,003		5,261		(2.1	)		(6.9	)		4,951		5,298		(6.5	)
Total commercial		120,657		112,822		102,974		6.9			17.2			116,761		102,535		13.9
Commercial mortgages		29,676		28,826		27,721		2.9			7.1			29,253		27,844		5.1
Construction and development		9,841		10,258		10,843		(4.1	)		(9.2	)		10,049		10,831		(7.2	)
Total commercial real estate		39,517		39,084		38,564		1.1			2.5			39,302		38,675		1.6
Residential mortgages		80,228		77,449		73,351		3.6			9.4			78,847		74,271		6.2
Credit card		22,748		21,842		21,116		4.1			7.7			22,297		21,130		5.5
Retail leasing		6,708		7,110		7,873		(5.7	)		(14.8	)		6,908		7,924		(12.8	)
Home equity and second mortgages		10,726		10,394		11,368		3.2			(5.6	)		10,561		11,713		(9.8	)
Other		43,603		44,265		39,038		(1.5	)		11.7			43,932		37,890		15.9
Total other retail		61,037		61,769		58,279		(1.2	)		4.7			61,401		57,527		6.7
Total loans		$324,187		$312,966		$294,284		3.6			10.2		$	318,608	$	294,138		8.3

Average total loans for the second quarter of 2022 were $29.9 billion (10.2 percent) higher than the second quarter of 2021. The increase was primarily due to strong growth in commercial loans (18.5 percent), residential mortgages (9.4 percent) and other retail loans (11.7 percent), partially offset by lower retail leasing balances (14.8 percent) and construction and development loans (9.2 percent). The increase in commercial loans was due to higher utilization driven by working capital needs of corporate customers, slower pay-offs given higher volatility in the capital markets and core growth, partly offset by reductions related to the forgiveness of PPP loans. The increase in residential mortgages was driven by stronger on-balance sheet loan activities and slower refinance activity.

Average total loans were $11.2 billion (3.6 percent) higher than the first quarter of 2022 primarily due to higher commercial loans (7.4 percent) driven by continued strong new business and higher utilization, as well as higher residential mortgages (3.6 percent).

        5

U.S. Bancorp Second Quarter 2022 Results

AVERAGE DEPOSITS
($ in millions)							Percent Change
	2Q		1Q		2Q		2Q22 vs			2Q22 vs			YTD		YTD		Percent
	2022		2022		2021		1Q22			2Q21			2022		2021		Change
Noninterest-bearing deposits	$	120,827	$	127,963	$	125,297		(5.6	)		(3.6	)	$	124,375	$	121,844		2.1
Interest-bearing savings deposits
Interest checking		116,878		115,062		103,356		1.6			13.1			115,975		100,387		15.5
Money market savings		123,788		119,588		113,673		3.5			8.9			121,700		119,218		2.1
Savings accounts		68,127		66,978		62,102		1.7			9.7			67,555		60,484		11.7
Total savings deposits		308,793		301,628		279,131		2.4			10.6			305,230		280,089		9.0
Time deposits		26,896		24,585		24,782		9.4			8.5			25,747		25,862		(.4	)
Total interest-bearing deposits		335,689		326,213		303,913		2.9			10.5			330,977		305,951		8.2
Total deposits	$	456,516	$	454,176	$	429,210		.5			6.4		$	455,352	$	427,795		6.4

Average total deposits for the second quarter of 2022 were $27.3 billion (6.4 percent) higher than the second quarter of 2021. Average noninterest-bearing deposits decreased $4.5 billion (3.6 percent) driven by Corporate and Commercial Banking, Consumer and Business Banking and Payment Services. Average total savings deposits were $29.7 billion (10.6 percent) higher year-over-year driven by Corporate and Commercial Banking and Consumer and Business Banking. Average time deposits were $2.1 billion (8.5 percent) higher than the prior year primarily within Corporate and Commercial Banking, partially offset by a decrease in Consumer and Business Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Average total deposits grew $2.3 billion (0.5 percent) from the first quarter of 2022. On a linked quarter basis, average noninterest-bearing deposits were lower by $7.1 billion (5.6 percent) driven by Corporate and Commercial Banking and Wealth Management and Investment Services. Average total savings deposits increased $7.2 billion (2.4 percent) across all business lines. Average time deposits were $2.3 billion (9.4 percent) higher linked quarter primarily within Corporate and Commercial Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

        6

U.S. Bancorp Second Quarter 2022 Results

NONINTEREST INCOME
($ in millions)							Percent Change
	2Q 2022		1Q 2022		2Q 2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022		YTD 2021		Percent Change
Credit and debit card revenue		$399		$338		$396		18.0			.8			$737		$732		.7
Corporate payment products revenue		172		158		138		8.9			24.6			330		264		25.0
Merchant processing services		425		363		374		17.1			13.6			788		692		13.9
Trust and investment management fees		566		500		446		13.2			26.9			1,066		890		19.8
Deposit service charges		165		177		176		(6.8	)		(6.3	)		342		337		1.5
Treasury management fees		169		156		160		8.3			5.6			325		307		5.9
Commercial products revenue		290		266		280		9.0			3.6			556		560		(.7	)
Mortgage banking revenue		142		200		346		(29.0	)		(59.0	)		342		645		(47.0	)
Investment products fees		59		62		60		(4.8	)		(1.7	)		121		115		5.2
Securities gains (losses), net		19		18		43		5.6			(55.8	)		37		68		(45.6	)
Other		142		158		200		(10.1	)		(29.0	)		300		390		(23.1	)
Total noninterest income	$	2,548	$	2,396	$	2,619		6.3			(2.7	)	$	4,944	$	5,000		(1.1	)

Second quarter noninterest income of $2,548 million was $71 million (2.7 percent) lower than the second quarter of 2021 reflecting lower mortgage banking revenue, other noninterest income and lower gains on the sale of securities, mostly offset by stronger payment services revenue and trust and investment management fees. Mortgage banking revenue decreased $204 million (59.0 percent) due to lower application volumes, given declining refinance activities experienced in the mortgage industry, lower related gain on sale margins and lower performing loan sales, partially offset by the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities. Other noninterest income decreased $58 million (29.0 percent) primarily due to lower retail leasing end-of-term residual gains, lower gain on sale of certain assets and lower tax-advantaged investment syndication revenue. Partially offsetting these decreases, payment services revenue increased $88 million (9.7 percent) compared with the second quarter of 2021 as corporate payment products revenue increased $34 million (24.6 percent) primarily due to higher sales volume and merchant processing services revenue increased $51 million (13.6 percent) driven by higher sales volumes and merchant fees. Trust and investment management fees increased $120 million (26.9 percent) driven by business growth, activity related to the fourth quarter of 2021 acquisition of PFM Asset Management LLC (“PFM”) and lower money market fund fee waivers.

Noninterest income was $152 million (6.3 percent) higher in the second quarter of 2022 compared with the first quarter of 2022 reflecting stronger payment services revenue, trust and investment management fees and commercial products revenue, partially offset by lower mortgage banking revenue. Payment services revenue increased $137 million (15.9 percent) as credit and debit card revenue increased $61 million (18.0 percent) driven by seasonally higher sales volume and rate, corporate payment products revenue increased $14 million (8.9 percent) primarily due to higher sales volume and merchant processing services revenue increased $62 million (17.1 percent) driven by higher sales volumes and merchant fees. Trust and investment management fees increased $66 million (13.2 percent) driven by higher fees, activity related to the acquisition of PFM, billing cycle timing and lower money market fund fee waivers, partially offset by unfavorable market conditions. Partially offsetting these increases, mortgage banking revenue decreased $58 million (29.0 percent) driven by lower application volume and related gain on sale margins, and lower performing loan sales, partially offset by the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities.

        7

U.S. Bancorp Second Quarter 2022 Results

NONINTEREST EXPENSE
($ in millions)							Percent Change
	2Q 2022		1Q 2022		2Q 2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022		YTD 2021		Percent Change
Compensation	$	1,872	$	1,853	$	1,798		1.0			4.1		$	3,725	$	3,601		3.4
Employee benefits		374		396		337		(5.6	)		11.0			770		721		6.8
Net occupancy and equipment		265		269		258		(1.5	)		2.7			534		521		2.5
Professional services		111		114		108		(2.6	)		2.8			225		206		9.2
Marketing and business development		106		80		90		32.5			17.8			186		138		34.8
Technology and communications		350		349		362		.3			(3.3	)		699		721		(3.1	)
Postage, printing and supplies		69		72		65		(4.2	)		6.2			141		134		5.2
Other intangibles		40		47		40		(14.9	)		--			87		78		11.5
Other		340		322		329		5.6			3.3			662		646		2.5
Total before merger and integration		3,527		3,502		3,387		.7			4.1			7,029		6,766		3.9
Merger and integration charges		197		--		--		nm			nm			197		--		nm
Total noninterest expense	$	3,724	$	3,502	$	3,387		6.3			9.9		$	7,226	$	6,766		6.8

Second quarter noninterest expense of $3,724 million was $337 million (9.9 percent) higher than the second quarter of 2021. Included in the second quarter of 2022 were merger and integration-related charges associated with the planned acquisition of MUFG Union Bank of $197 million. Excluding the merger and integration-related charges, second quarter noninterest expense increased $140 million (4.1 percent) compared with the second quarter of 2021 reflecting increases in compensation expense, employee benefits expense, and marketing and business development expense. Compensation expense increased $74 million (4.1 percent) compared with the second quarter of 2021 primarily due to merit and hiring to support business growth, partially offset by lower performance-based incentives. Employee benefits expense increased $37 million (11.0 percent) driven by higher medical expenses. Marketing and business development expense increased $16 million (17.8 percent) due to increased travel and entertainment.

Noninterest expense increased $222 million (6.3 percent) on a linked quarter basis. Excluding merger and integration-related charges, second quarter noninterest expense increased $25 million (0.7 percent) reflecting higher compensation expense, marketing and business development expense and other noninterest expense, partially offset by lower employee benefits expense. Compensation expense increased $19 million (1.0 percent) driven by the impact of seasonal merit increases, one additional day in the second quarter, and higher variable compensation, partially offset by the impact of seasonally higher stock-based compensation in the first quarter. Marketing and business development expense increased $26 million (32.5 percent) due to the timing of marketing campaigns and higher travel and entertainment. Other noninterest expense increased $18 million (5.6 percent), excluding merger and integration-related charges, primarily due to higher liabilities related to future delivery exposures for merchant and airline processing. Partially offsetting these increases, employee benefits expense decreased $22 million (5.6 percent) mainly due to seasonally higher payroll taxes in the first quarter of 2022.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2022 resulted in a tax rate of 22.4 percent on a taxable-equivalent basis (effective tax rate of 21.3 percent), compared with 22.5 percent on a taxable-equivalent basis (effective tax rate of 21.7 percent) in the second quarter of 2021, and a tax rate of 21.4 percent on a taxable-equivalent basis (effective tax rate of 20.3 percent) in the first quarter of 2022.

        8

U.S. Bancorp Second Quarter 2022 Results

ALLOWANCE FOR CREDIT LOSSES
($ in millions)	2Q 2022			% (a)			1Q 2022			% (a)			4Q 2021			% (a)			3Q 2021			% (a)			2Q 2021			% (a)
Balance, beginning of period	$	6,105					$	6,155					$	6,300					$	6,610					$	6,960
Net charge-offs Commercial		28			.10			26			.10			6			.02			13			.05			26			.11
Lease financing		2			.16			6			.49			--			--			1			.08			1			.08
Total commercial		30			.10			32			.12			6			.02			14			.05			27			.11
Commercial mortgages		(2	)		(.03	)		--			--			(3	)		(.04	)		1			.01			--			--
Construction and development		8			.33			(5	)		(.20	)		(1	)		(.04	)		12			.44			--			--
Total commercial real estate		6			.06			(5	)		(.05	)		(4	)		(.04	)		13			.13			--			--
Residential mortgages		(9	)		(.04	)		(6	)		(.03	)		(7	)		(.04	)		(10	)		(.05	)		(10	)		(.05	)
Credit card		118			2.08			112			2.08			109			1.93			111			2.01			148			2.81
Retail leasing		--			--			1			.06			1			.05			1			.05			(1	)		(.05	)
Home equity and second mortgages		(3	)		(.11	)		(2	)		(.08	)		(2	)		(.08	)		(3	)		(.11	)		(3	)		(.11	)
Other		19			.17			30			.27			29			.27			21			.20			19			.20
Total other retail		16			.11			29			.19			28			.18			19			.13			15			.10
Total net charge-offs		161			.20			162			.21			132			.17			147			.20			180			.25
Provision for credit losses		311						112						(13	)					(163	)					(170	)
Balance, end of period	$	6,255					$	6,105					$	6,155					$	6,300					$	6,610
Components
Allowance for loan losses	$	5,832					$	5,664					$	5,724					$	5,792					$	6,026
Liability for unfunded credit commitments		423						441						431						508						584
Total allowance for credit losses	$	6,255					$	6,105					$	6,155					$	6,300					$	6,610
Gross charge-offs	$	276					$	280					$	254					$	266					$	314
Gross recoveries	$	115					$	118					$	122					$	119					$	134
Allowance for credit losses as a percentage of
Period-end loans		1.88						1.91						1.97						2.12						2.23
Nonperforming loans		863						798						738						695						649
Nonperforming assets		812						753						701						667						624
(a)  Annualized and calculated on average loan balances

        9

U.S. Bancorp Second Quarter 2022 Results

The Company’s provision for credit losses for the second quarter of 2022 was $311 million, compared with a provision of $112 million in the first quarter of 2022 and a benefit of $170 million in the second quarter of 2021. The level of the provision is driven by strong loan growth from a year ago and changing economic conditions. During 2021, factors affecting economic conditions, including passing of additional government stimulus and widespread vaccine availability in the U.S., contributed to economic improvement and related reserve releases. The consumer portfolio performance continues to be supported by strong credit quality and asset values, while select commercial portfolios continue to recover from the effects of the pandemic. In 2022, economic uncertainty and recession risk has been increasing due to ongoing supply chain challenges, rising inflationary concerns, market volatility, rising oil prices from the Russia-Ukraine conflict and, to a lesser extent, additional virus variants. In addition to these factors, expected loss estimates consider various factors including customer specific information impacting changes in risk ratings, projected delinquencies, potential effects of inflationary pressures and the impact of rising interest rates on borrowers’ liquidity and ability to repay. Generally, these credit quality factors continue to be relatively strong despite the changing economic outlook.

Total net charge-offs in the second quarter of 2022 were $161 million, compared with $162 million in the first quarter of 2022 and $180 million in the second quarter of 2021. The net charge-off ratio was 0.20 percent in the second quarter of 2022, compared with 0.21 percent in the first quarter of 2022 and 0.25 percent in the second quarter of 2021. Net charge-offs decreased $1 million (0.6 percent) compared with the first quarter of 2022. Net charge-offs decreased $19 million (10.6 percent) compared with the second quarter of 2021 primarily reflecting improvement in credit cards.

The allowance for credit losses was $6,255 million at June 30, 2022, compared with $6,105 million at March 31, 2022, and $6,610 million at June 30, 2021. The increase on a linked quarter basis was driven by continued strong loan growth and increased economic uncertainty, partially offset by stabilizing credit quality. The ratio of the allowance for credit losses to period-end loans was 1.88 percent at June 30, 2022, compared with 1.91 percent at March 31, 2022, and 2.23 percent at June 30, 2021. The ratio of the allowance for credit losses to nonperforming loans was 863 percent at June 30, 2022, compared with 798 percent at March 31, 2022, and 649 percent at June 30, 2021.

Nonperforming assets were $770 million at June 30, 2022, compared with $811 million at March 31, 2022, and $1,059 million at June 30, 2021. The ratio of nonperforming assets to loans and other real estate was 0.23 percent at June 30, 2022, compared with 0.25 percent at March 31, 2022, and 0.36 percent at June 30, 2021. The year-over-year decrease in nonperforming assets reflected decreases across all loan categories with the largest drivers in total commercial and total commercial real estate nonperforming loans, while the decrease on a linked quarter basis was primarily due to a decrease in total commercial nonperforming loans. Accruing loans 90 days or more past due were $423 million at June 30, 2022, compared with $450 million at March 31, 2022, and $376 million at June 30, 2021.

        10

U.S. Bancorp Second Quarter 2022 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)	Jun 30 2022		Mar 31 2022		Dec 31 2021		Sep 30 2021		Jun 30 2021
Delinquent loan ratios - 90 days or more past due excluding nonperforming loans
Commercial		.07		.06		.04		.04		.04
Commercial real estate		.01		--		.03		.05		.01
Residential mortgages		.12		.18		.24		.15		.16
Credit card		.69		.74		.73		.66		.70
Other retail		.10		.11		.11		.11		.10
Total loans		.13		.14		.15		.13		.13
Delinquent loan ratios - 90 days or more past due including nonperforming loans
Commercial		.19		.21		.20		.25		.32
Commercial real estate		.53		.55		.76		.82		.81
Residential mortgages		.40		.45		.53		.47		.49
Credit card		.69		.74		.73		.66		.70
Other retail		.35		.37		.35		.36		.39
Total loans		.35		.38		.42		.43		.47

ASSET QUALITY (a)
($ in millions)
	Jun 30 2022		Mar 31 2022		Dec 31 2021		Sep 30 2021		Jun 30 2021
Nonperforming loans
Commercial		$116		$139		$139		$179		$247
Lease financing		32		35		35		37		44
Total commercial		148		174		174		216		291
Commercial mortgages		147		178		213		215		224
Construction and development		59		38		71		81		88
Total commercial real estate		206		216		284		296		312
Residential mortgages		223		214		226		237		244
Credit card		--		--		--		--		--
Other retail		148		161		150		157		171
Total nonperforming loans		725		765		834		906		1,018
Other real estate		23		23		22		17		17
Other nonperforming assets		22		23		22		21		24
Total nonperforming assets		$770		$811		$878		$944		$1,059
Accruing loans 90 days or more past due		$423		$450		$472		$385		$376
Nonperforming assets to loans plus ORE (%)		.23		.25		.28		.32		.36
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

        11

U.S. Bancorp Second Quarter 2022 Results

COMMON SHARES
(Millions)	2Q 2022		1Q 2022			4Q 2021		3Q 2021		2Q 2021
Beginning shares outstanding		1,486		1,484			1,483		1,483		1,497
Shares issued for stock incentive plans, acquisitions and other corporate purposes		--		3			1		--		1
Shares repurchased		--		(1	)		--		--		(15	)
Ending shares outstanding		1,486		1,486			1,484		1,483		1,483

CAPITAL POSITION
($ in millions)	Jun 30 2022			Mar 31 2022			Dec 31 2021			Sep 30 2021			Jun 30 2021
Total U.S. Bancorp shareholders’ equity	$	48,605		$	51,200		$	54,918		$	53,743		$	53,039
Basel III Standardized Approach (a)
Common equity tier 1 capital	$	42,944		$	41,950		$	41,701		$	41,014		$	39,691
Tier 1 capital		50,195			49,198			48,516			47,426			46,103
Total risk-based capital		58,307			57,403			56,250			54,178			53,625
Common equity tier 1 capital ratio		9.7	%		9.8	%		10.0	%		10.2	%		9.9	%
Tier 1 capital ratio		11.4			11.5			11.6			11.7			11.5
Total risk-based capital ratio		13.2			13.4			13.4			13.4			13.4
Leverage ratio		8.6			8.6			8.6			8.7			8.5
Tangible common equity to tangible assets (b)		5.5			6.0			6.8			6.8			6.8
Tangible common equity to risk-weighted assets (b)		7.2			8.0			9.2			9.4			9.3
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)		9.4			9.5			9.6			9.7			9.5
(a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology
(b) See Non-GAAP Financial Measures reconciliation on page 17

Total U.S. Bancorp shareholders’ equity was $48.6 billion at June 30, 2022, compared with $51.2 billion at March 31, 2022, and $53.0 billion at June 30, 2021. The Company suspended all common stock repurchases at the beginning of the third quarter of 2021, except for those done exclusively in connection with its stock-based compensation programs, due to its pending acquisition of MUFG Union Bank’s core regional banking franchise. The Company expects to operate at a CET1 capital ratio near its target ratio of 8.5 percent at the time of closing the acquisition and increasing toward 9.0 percent after closing of the acquisition. The Company does not expect to commence repurchasing its common stock until after the acquisition closes and the CET1 ratio approximates 9.0 percent.

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 9.7 percent at June 30, 2022, compared with 9.8 percent at March 31, 2022, and 9.9 percent at June 30, 2021. The Company’s common equity tier 1 capital to risk-weighted assets ratio, reflecting the full implementation of the current expected credit losses methodology was 9.4 percent at June 30, 2022, compared with 9.5 percent at March 31, 2022, and at June 30, 2021.

        12

U.S. Bancorp Second Quarter 2022 Results

  MUFG Union Bank Acquisition

In September 2021, U.S. Bancorp announced that it had entered into a definitive acquisition agreement to acquire the core regional banking franchise of MUFG Union Bank, N.A. Closing of the transaction is subject to customary closing conditions, including regulatory approvals which are not within U.S. Bancorp’s control. The parties continue to make significant progress in planning for closing and integration while awaiting regulatory approvals. At this time, U.S. Bancorp continues to expect to receive U.S. regulatory approvals in time for closing to occur in the second half of 2022. However, U.S. Bancorp no longer expects that system integration will be able to occur in 2022 and currently expects it will occur in the first half of 2023.

  Investor Conference Call

On Friday, July 15, 2022 at 8 a.m. CT, Chairman, President and Chief Executive Officer Andy Cecere and Vice Chair and Chief Financial Officer Terry Dolan will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp 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 866-374-5140. Participants calling from outside the United States and Canada, please dial 404-400-0571. The PIN code for all participants is 56931119#. For those unable to participate during the live call, a replay will be available at approximately 11 a.m. CT on Friday, July 15, 2022. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About Us”, “Investor Relations” and “Webcasts & Presentations.”

  About U.S. Bancorp

U.S. Bancorp, with approximately 70,000 employees and $591 billion in assets as of June 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.

  Forward-looking Statements

“Safe Harbor” Statement under 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 often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”

Forward-looking statements involve inherent risks and uncertainties, including the following risks and uncertainties and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of Exhibit 13 to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2021, which could cause actual results to differ materially from those anticipated. Continued 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. 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; the impacts of the COVID-19 pandemic on its business, financial position, results of operations, liquidity and prospects; increases in unemployment 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; civil unrest; the effects of climate change; changes in customer behavior and preferences; breaches in data security, including as a result of work-from-home arrangements; failures to safeguard personal information; the impacts of international hostilities or geopolitical events; impacts of supply chain disruptions and rising inflation; effects of mergers and acquisitions and related integration; effects of critical

        13

U.S. Bancorp Second Quarter 2022 Results

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 reputation risk. In addition, U.S. Bancorp’s proposed acquisition of MUFG Union Bank presents risks and uncertainties, including, among others: the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed acquisition may not be realized or may take longer than anticipated to be realized; the risk that U.S. Bancorp’s business could be disrupted as a result of the announcement and pendency of the proposed acquisition and diversion of management’s attention from ongoing business operations and opportunities; the possibility that the proposed acquisition, including the integration of MUFG Union Bank, may be more costly or difficult to complete than anticipated; delays in closing the proposed acquisition; and the failure of required governmental approvals to be obtained or any other closing conditions in the definitive purchase agreement to be satisfied.

For discussion of these and other risks that may cause actual results to differ from those described in forward-looking statements, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2021, 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. Readers are cautioned not to place undue reliance on any forward-looking statements. 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.

  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, reflecting the full implementation of the current expected credit losses methodology, and

• 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 currently effective or defined in banking regulations. In addition, certain of these measures differ from currently effective capital ratios defined by banking regulations principally in that the currently effective ratios, which are subject to certain transitional provisions, temporarily exclude the impact of the 2020 adoption of accounting guidance related to impairment of financial instruments based on the current expected credit losses methodology. 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.

The adjusted return on average assets, return on average common equity and return on tangible common equity exclude merger and integration-related charges. Management uses these measures in their analysis of the Company’s performance and believes these measures provide a greater understanding of ongoing operations and enhances comparability of results with prior periods.

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.

        14

CONSOLIDATED STATEMENT OF INCOME
	Three Months Ended						Six Months Ended
(Dollars and Shares in Millions, Except Per Share Data)	June 30,						June 30,
(Unaudited)	2022			2021			2022			2021
Interest Income
Loans		$2,869			$2,677			$5,468			$5,401
Loans held for sale		54			55			114			122
Investment securities		806			618			1,523			1,135
Other interest income		96			32			138			65
Total interest income		3,825			3,382			7,243			6,723
Interest Expense
Deposits		177			82			257			167
Short-term borrowings		57			18			78			34
Long-term debt		156			145			300			322
Total interest expense		390			245			635			523
Net interest income		3,435			3,137			6,608			6,200
Provision for credit losses		311			(170	)		423			(997	)
Net interest income after provision for credit losses		3,124			3,307			6,185			7,197
Noninterest Income
Credit and debit card revenue		399			396			737			732
Corporate payment products revenue		172			138			330			264
Merchant processing services		425			374			788			692
Trust and investment management fees		566			446			1,066			890
Deposit service charges		165			176			342			337
Treasury management fees		169			160			325			307
Commercial products revenue		290			280			556			560
Mortgage banking revenue		142			346			342			645
Investment products fees		59			60			121			115
Securities gains (losses), net		19			43			37			68
Other		142			200			300			390
Total noninterest income		2,548			2,619			4,944			5,000
Noninterest Expense
Compensation		1,872			1,798			3,725			3,601
Employee benefits		374			337			770			721
Net occupancy and equipment		265			258			534			521
Professional services		111			108			225			206
Marketing and business development		106			90			186			138
Technology and communications		350			362			699			721
Postage, printing and supplies		69			65			141			134
Other intangibles		40			40			87			78
Merger and integration charges		197			--			197			--
Other		340			329			662			646
Total noninterest expense		3,724			3,387			7,226			6,766
Income before income taxes		1,948			2,539			3,903			5,431
Applicable income taxes		414			551			811			1,158
Net income		1,534			1,988			3,092			4,273
Net (income) loss attributable to noncontrolling interests		(3	)		(6	)		(4	)		(11	)
Net income attributable to U.S. Bancorp		$1,531			$1,982			$3,088			$4,262
Net income applicable to U.S. Bancorp common shareholders		$1,464			$1,914			$2,930			$4,089
Earnings per common share		$.99			$1.29			$1.97			$2.73
Diluted earnings per common share		$.99			$1.28			$1.97			$2.73
Dividends declared per common share		$.46			$.42			$.92			$.84
Average common shares outstanding		1,486			1,489			1,485			1,495
Average diluted common shares outstanding		1,487			1,490			1,486			1,497

        15

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	June 30, 2022			December 31, 2021			June 30, 2021
Assets		(Unaudited	)					(Unaudited	)
Cash and due from banks		$39,124			$28,905			$44,573
Investment securities
Held-to-maturity		61,503			41,858			--
Available-for-sale		98,806			132,963			160,288
Loans held for sale		3,943			7,775			5,856
Loans
Commercial		125,983			112,023			103,521
Commercial real estate		39,753			39,053			38,770
Residential mortgages		82,114			76,493			73,366
Credit card		23,697			22,500			21,816
Other retail		60,822			61,959			59,439
Total loans		332,369			312,028			296,912
Less allowance for loan losses		(5,832	)		(5,724	)		(6,026	)
Net loans		326,537			306,304			290,886
Premises and equipment		3,177			3,305			3,295
Goodwill		10,157			10,262			9,911
Other intangible assets		4,487			3,738			3,363
Other assets		43,647			38,174			40,714
Total assets		$591,381			$573,284			$558,886
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing		$129,130			$134,901			$135,143
Interest-bearing		337,972			321,182			302,039
Total deposits		467,102			456,083			437,182
Short-term borrowings		24,963			11,796			13,413
Long-term debt		29,408			32,125			36,360
Other liabilities		20,839			17,893			18,257
Total liabilities		542,312			517,897			505,212
Shareholders’ equity
Preferred stock		6,808			6,371			5,968
Common stock		21			21			21
Capital surplus		8,555			8,539			8,518
Retained earnings		70,772			69,201			67,039
Less treasury stock		(27,190	)		(27,271	)		(27,305	)
Accumulated other comprehensive income (loss)		(10,361	)		(1,943	)		(1,202	)
Total U.S. Bancorp shareholders’ equity		48,605			54,918			53,039
Noncontrolling interests		464			469			635
Total equity		49,069			55,387			53,674
Total liabilities and equity		$591,381			$573,284			$558,886

        16

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Total equity		$49,069			$51,668			$55,387			$54,378			$53,674
Preferred stock		(6,808	)		(6,808	)		(6,371	)		(5,968	)		(5,968	)
Noncontrolling interests		(464	)		(468	)		(469	)		(635	)		(635	)
Goodwill (net of deferred tax liability) (1)		(9,204	)		(9,304	)		(9,323	)		(9,063	)		(8,987	)
Intangible assets, other than mortgage servicing rights		(780	)		(762	)		(785	)		(618	)		(650	)
Tangible common equity (a)		31,813			34,326			38,439			38,094			37,434
Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation		42,944			41,950			41,701			41,014			39,691
Adjustments (2)		(1,300	)		(1,298	)		(1,733	)		(1,733	)		(1,732	)
Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (b)		41,644			40,652			39,968			39,281			37,959
Total assets		591,381			586,517			573,284			567,495			558,886
Goodwill (net of deferred tax liability) (1)		(9,204	)		(9,304	)		(9,323	)		(9,063	)		(8,987	)
Intangible assets, other than mortgage servicing rights		(780	)		(762	)		(785	)		(618	)		(650	)
Tangible assets (c)		581,397			576,451			563,176			557,814			549,249
Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (d)		441,804	*		427,174			418,571			404,021			401,301
Adjustments (3)		(317	)*		(351	)		(357	)		(684	)		(1,027	)
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (e)		441,487	*		426,823			418,214			403,337			400,274
Ratios*
Tangible common equity to tangible assets (a)/(c)		5.5	%		6.0	%		6.8	%		6.8	%		6.8	%
Tangible common equity to risk-weighted assets (a)/(d)		7.2			8.0			9.2			9.4			9.3
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e)		9.4			9.5			9.6			9.7			9.5
	Three Months Ended
	June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021			June 30, 2021
Net income applicable to U.S. Bancorp common shareholders		$1,464			$1,466			$1,582			$1,934			$1,914
Intangibles amortization (net-of-tax)		32			37			32			32			32
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization		1,496			1,503			1,614			1,966			1,946
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (f)		6,000			6,096			6,403			7,800			7,805
Average total equity		49,633			53,934			55,875			54,908			53,593
Average preferred stock		(6,808	)		(6,619	)		(6,865	)		(5,968	)		(5,968	)
Average noncontrolling interests		(467	)		(468	)		(633	)		(635	)		(631	)
Average goodwill (net of deferred tax liability) (1)		(9,246	)		(9,320	)		(9,115	)		(9,019	)		(9,003	)
Average intangible assets, other than mortgage servicing rights		(783	)		(779	)		(656	)		(632	)		(662	)
Average tangible common equity (g)		32,329			36,748			38,606			38,654			37,329
Return on tangible common equity (f)/(g)		18.6	%		16.6	%		16.6	%		20.2	%		20.9	%
Net interest income		$3,435			$3,173			$3,123			$3,171			$3,137
Taxable-equivalent adjustment (4)		29			27			27			26			27
Net interest income, on a taxable-equivalent basis		3,464			3,200			3,150			3,197			3,164
Net interest income, on a taxable-equivalent basis
(as calculated above)		3,464			3,200			3,150			3,197			3,164
Noninterest income		2,548			2,396			2,534			2,693			2,619
Less: Securities gains (losses), net		19			18			15			20			43
Total net revenue, excluding net securities gains (losses) (h)		5,993			5,578			5,669			5,870			5,740
Noninterest expense (i)		3,724			3,502			3,533			3,429			3,387
Efficiency ratio (i)/(h)		62.1	%		62.8	%		62.3	%		58.4	%		59.0	%

* 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 the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes.

(3) Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology.

(4) 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.

        17

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	Three Months Ended June 30, 2022
Net income attributable to U.S. Bancorp		$1,531
Less: Notable items (1)		(153	)
Net income attributable to U.S. Bancorp, excluding notable items		1,684
Annualized net income attributable to U.S. Bancorp, excluding notable items (a)		6,755
Average assets (b)		579,911
Return on average assets, excluding notable items (a)/(b)		1.16	%
Net income applicable to U.S. Bancorp common shareholders		$1,464
Less: Notable items (1)		(153	)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items		1,617
Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (c)		6,486
Average common equity (d)		42,358
Return on average common equity, excluding notable items (c)/(d)		15.3	%
Net income applicable to U.S. Bancorp common shareholders		$1,464
Intangibles amortization (net-of-tax)		32
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization		1,496
Less: Notable items (1)		(153	)
Net income applicable to U.S. Bancorp, excluding intangibles amortization and notable items		1,649
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (e)		6,614
Average total equity		49,633
Average preferred stock		(6,808	)
Average noncontrolling interests		(467	)
Average goodwill (net of deferred tax liability) (2)		(9,246	)
Average intangible assets, other than mortgage servicing rights		(783	)
Average tangible common equity (f)		32,329
Return on tangible common equity, excluding notable items (e)/(f)		20.5	%

(1) Notable items for the three months ended June 30, 2022 include $153 million (after-tax) of merger and integration charges.

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

        18

LINE OF BUSINESS FINANCIAL PERFORMANCE (a)
($ in millions)	Net Income Attributable to U.S. Bancorp							Percent Change						Net Income Attributable to U.S. Bancorp
Business Line	2Q 2022			1Q 2022		2Q   2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022		YTD   2021		Percent Change
Corporate and Commercial Banking		$377			$416		$418		(9.4	)		(9.8	)		$793		$880		(9.9	)
Consumer and Business Banking		501			379		646		32.2			(22.4	)		880		1,211		(27.3	)
Wealth Management and Investment Services		320			202		208		58.4			53.8			522		429		21.7
Payment Services		391			371		441		5.4			(11.3	)		762		934		(18.4	)
Treasury and Corporate Support		(58	)		189		269		nm			nm			131		808		(83.8	)
Consolidated Company		$1,531			$1,557		$1,982		(1.7	)		(22.8	)		$3,088		$4,262		(27.5	)
	Income Before Provision and Taxes							Percent Change						Income Before Provision and Taxes
	2Q 2022			1Q 2022		2Q   2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022		YTD   2021		Percent Change
Corporate and Commercial Banking		$603			$559		$558		7.9			8.1			$1,162		$1,128		3.0
Consumer and Business Banking		593			553		793		7.2			(25.2	)		1,146		1,507		(24.0	)
Wealth Management and Investment Services		423			278		274		52.2			54.4			701		574		22.1
Payment Services		742			625		679		18.7			9.3			1,367		1,295		5.6
Treasury and Corporate Support		(73	)		79		92		nm			nm			6		(17)		nm
Consolidated Company		$2,288			$2,094		$2,396		9.3			(4.5	)		$4,382		$4,487		(2.3	)
(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. Business line results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or 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 2022, 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 2022		1Q 2022		2Q   2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022		YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$784		$739		$726		6.1			8.0			$1,523		$1,448		5.2
Noninterest income		272		245		265		11.0			2.6			517		533		(3.0	)
Securities gains (losses), net		--		--		--		--			--			--		--		--
Total net revenue		1,056		984		991		7.3			6.6			2,040		1,981		3.0
Noninterest expense		453		425		433		6.6			4.6			878		853		2.9
Other intangibles		--		--		--		--			--			--		--		--
Total noninterest expense		453		425		433		6.6			4.6			878		853		2.9
Income before provision and taxes		603		559		558		7.9			8.1			1,162		1,128		3.0
Provision for credit losses		100		4		--		nm			nm			104		(46)		nm
Income before income taxes		503		555		558		(9.4	)		(9.9	)		1,058		1,174		(9.9	)
Income taxes and taxable-equivalent adjustment		126		139		140		(9.4	)		(10.0	)		265		294		(9.9	)
Net income		377		416		418		(9.4	)		(9.8	)		793		880		(9.9	)
Net (income) loss attributable to noncontrolling interests		--		--		--		--			--			--		--		--
Net income attributable to U.S. Bancorp		$377		$416		$418		(9.4	)		(9.8	)		$793		$880		(9.9	)
Average Balance Sheet Data
Loans		$123,210		$115,865		$102,275		6.3			20.5			$119,557		$102,201		17.0
Other earning assets		4,161		4,676		4,409		(11.0	)		(5.6	)		4,416		4,364		1.2
Goodwill		1,912		1,912		1,647		--			16.1			1,912		1,647		16.1
Other intangible assets		4		4		5		--			(20.0	)		4		5		(20.0	)
Assets		137,773		127,889		114,186		7.7			20.7			132,856		114,229		16.3
Noninterest-bearing deposits		58,266		62,353		60,696		(6.6	)		(4.0	)		60,298		58,524		3.0
Interest-bearing deposits		93,678		86,957		70,019		7.7			33.8			90,336		70,943		27.3
Total deposits		151,944		149,310		130,715		1.8			16.2			150,634		129,467		16.3
Total U.S. Bancorp shareholders’ equity		13,989		13,728		13,816		1.9			1.3			13,859		14,092		(1.7	)
(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 generated $603 million of income before provision and taxes in the second quarter of 2022, compared with $558 million in the second quarter of 2021, and contributed $377 million of the Company’s net income in the second quarter of 2022. The provision for credit losses increased $100 million compared with the second quarter of 2021 primarily due to loan loss provisions supporting stronger growth in loan balances in the current year linked quarter, partially offset by improving portfolio credit quality in the current year. Total net revenue was $65 million (6.6 percent) higher due to an increase of $58 million (8.0 percent) in net interest income and an increase of $7 million (2.6 percent) in total noninterest income. Net interest income increased primarily due to higher loan and interest-bearing deposit balances, partially offset by lower spreads on loans and unfavorable changes in deposit rates. Total noninterest income increased primarily due to stronger treasury management fees driven by core growth and increased federal government volume. Total noninterest expense increased $20 million (4.6 percent) compared with a year ago primarily due to higher FDIC insurance expense and higher compensation expense primarily due to merit, variable compensation and hiring to support business growth, partially offset by lower performance-based incentives related to capital markets activity.

        3

CONSUMER AND BUSINESS BANKING (a)
($ in millions)								Percent Change
	2Q 2022			1Q 2022		2Q   2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022			YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$1,617			$1,512		$1,534		6.9			5.4			$3,129			$3,035		3.1
Noninterest income		395			461		634		(14.3	)		(37.7	)		856			1,203		(28.8	)
Securities gains (losses), net		--			--		--		--			--			--			--		--
Total net revenue		2,012			1,973		2,168		2.0			(7.2	)		3,985			4,238		(6.0	)
Noninterest expense		1,416			1,417		1,372		(.1	)		3.2			2,833			2,725		4.0
Other intangibles		3			3		3		--			--			6			6		--
Total noninterest expense		1,419			1,420		1,375		(.1	)		3.2			2,839			2,731		4.0
Income before provision and taxes		593			553		793		7.2			(25.2	)		1,146			1,507		(24.0	)
Provision for credit losses		(75	)		47		(68)		nm			(10.3	)		(28	)		(108)		74.1
Income before income taxes		668			506		861		32.0			(22.4	)		1,174			1,615		(27.3	)
Income taxes and taxable-equivalent adjustment		167			127		215		31.5			(22.3	)		294			404		(27.2	)
Net income		501			379		646		32.2			(22.4	)		880			1,211		(27.3	)
Net (income) loss attributable to noncontrolling interests		--			--		--		--			--			--			--		--
Net income attributable to U.S. Bancorp		$501			$379		$646		32.2			(22.4	)		$880			$1,211		(27.3	)
Average Balance Sheet Data
Loans		$141,135			$140,828		$140,826		.2			.2			$140,984			$141,170		(.1	)
Other earning assets		2,579			4,381		8,018		(41.1	)		(67.8	)		3,475			9,092		(61.8	)
Goodwill		3,244			3,261		3,476		(.5	)		(6.7	)		3,252			3,476		(6.4	)
Other intangible assets		3,634			3,176		2,828		14.4			28.5			3,406			2,661		28.0
Assets		156,132			157,411		161,695		(.8	)		(3.4	)		156,770			162,803		(3.7	)
Noninterest-bearing deposits		31,642			31,975		33,702		(1.0	)		(6.1	)		31,807			33,244		(4.3	)
Interest-bearing deposits		168,486			166,059		158,164		1.5			6.5			167,279			154,450		8.3
Total deposits		200,128			198,034		191,866		1.1			4.3			199,086			187,694		6.1
Total U.S. Bancorp shareholders’ equity		12,366			12,255		12,337		.9			.2			12,311			12,407		(.8	)
(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 generated $593 million of income before provision and taxes in the second quarter of 2022, compared with $793 million in the second quarter of 2021, and contributed $501 million of the Company’s net income in the second quarter of 2022. The provision for credit losses decreased $7 million (10.3 percent) due to balance reductions and stronger improvements in credit quality in the current quarter compared with the prior year linked quarter. Total net revenue was lower by $156 million (7.2 percent) due to a decrease in total noninterest income of $239 million (37.7 percent), partially offset by an increase of $83 million (5.4 percent) in net interest income. Net interest income reflected strong growth in average interest-bearing deposits and favorable funding mix, partially offset by lower spreads on loans and lower loan fees driven by the impact of loan forgiveness related to PPP in the second quarter of 2021. Total noninterest income decreased primarily due to lower mortgage banking revenue reflecting lower application volumes, given declining refinance activities, lower related gain on sale margins and lower performing loan sales, partially offset by the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities. Total noninterest expense increased $44 million (3.2 percent) primarily due to increases in net shared services expense due to investments in digital capabilities, partially offset by lower compensation expense reflecting lower revenue-related compensation due to mortgage production net of higher salaries as a result of merit and core business growth.

        4

WEALTH MANAGEMENT AND INVESTMENT SERVICES (a)
($ in millions)								Percent Change
	2Q 2022			1Q 2022		2Q   2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022		YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$352			$275		$246		28.0			43.1			$627		$514		22.0
Noninterest income		652			596		549		9.4			18.8			1,248		1,080		15.6
Securities gains (losses), net		--			--		--		--			--			--		--		--
Total net revenue		1,004			871		795		15.3			26.3			1,875		1,594		17.6
Noninterest expense		578			583		517		(.9	)		11.8			1,161		1,013		14.6
Other intangibles		3			10		4		(70.0	)		(25.0	)		13		7		85.7
Total noninterest expense		581			593		521		(2.0	)		11.5			1,174		1,020		15.1
Income before provision and taxes		423			278		274		52.2			54.4			701		574		22.1
Provision for credit losses		(4	)		8		(4)		nm			--			4		1		nm
Income before income taxes		427			270		278		58.1			53.6			697		573		21.6
Income taxes and taxable-equivalent adjustment		107			68		70		57.4			52.9			175		144		21.5
Net income		320			202		208		58.4			53.8			522		429		21.7
Net (income) loss attributable to noncontrolling interests		--			--		--		--			--			--		--		--
Net income attributable to U.S. Bancorp		$320			$202		$208		58.4			53.8			$522		$429		21.7
Average Balance Sheet Data
Loans		$22,320			$20,713		$17,442		7.8			28.0			$21,521		$17,147		25.5
Other earning assets		251			259		237		(3.1	)		5.9			255		258		(1.2	)
Goodwill		1,718			1,761		1,618		(2.4	)		6.2			1,739		1,618		7.5
Other intangible assets		300			265		84		13.2			nm			283		63		nm
Assets		25,786			24,455		20,470		5.4			26.0			25,124		20,297		23.8
Noninterest-bearing deposits		25,019			27,402		23,288		(8.7	)		7.4			26,204		22,339		17.3
Interest-bearing deposits		71,759			70,281		73,347		2.1			(2.2	)		71,024		78,489		(9.5	)
Total deposits		96,778			97,683		96,635		(.9	)		.1			97,228		100,828		(3.6	)
Total U.S. Bancorp shareholders’ equity		3,618			3,595		3,089		.6			17.1			3,607		3,062		17.8
(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 generated $423 million of income before provision and taxes in the second quarter of 2022, compared with $274 million in the second quarter of 2021, and contributed $320 million of the Company’s net income in the second quarter of 2022. The provision for credit losses was unchanged compared with the prior year quarter. Total net revenue increased $209 million (26.3 percent) year-over-year reflecting an increase of $106 million (43.1 percent) in net interest income and an increase of $103 million (18.8 percent) in total noninterest income. Net interest income increased primarily due to favorable funding mix, higher average noninterest-bearing deposits and higher average loan balances. Total noninterest income increased primarily due to lower money market fund fee waivers, the impact of the PFM acquisition and core business growth in trust and investment management fees. Total noninterest expense increased $60 million (11.5 percent) compared with the second quarter of 2021 reflecting higher compensation expense as a result of merit, the PFM acquisition, core business growth and performance-based incentives, as well as higher net shared services expense driven by investment in support of business growth.

        5

PAYMENT SERVICES (a)
($ in millions)							Percent Change
	2Q 2022		1Q 2022		2Q   2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022		YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$619		$622		$595		(.5	)		4.0			$1,241		$1,224		1.4
Noninterest income		994		858		913		15.9			8.9			1,852		1,698		9.1
Securities gains (losses), net		--		--		--		--			--			--		--		--
Total net revenue		1,613		1,480		1,508		9.0			7.0			3,093		2,922		5.9
Noninterest expense		837		821		796		1.9			5.2			1,658		1,562		6.1
Other intangibles		34		34		33		--			3.0			68		65		4.6
Total noninterest expense		871		855		829		1.9			5.1			1,726		1,627		6.1
Income before provision and taxes		742		625		679		18.7			9.3			1,367		1,295		5.6
Provision for credit losses		221		130		91		70.0			nm			351		50		nm
Income before income taxes		521		495		588		5.3			(11.4	)		1,016		1,245		(18.4	)
Income taxes and taxable-equivalent adjustment		130		124		147		4.8			(11.6	)		254		311		(18.3	)
Net income		391		371		441		5.4			(11.3	)		762		934		(18.4	)
Net (income) loss attributable to noncontrolling interests		--		--		--		--			--			--		--		--
Net income attributable to U.S. Bancorp		$391		$371		$441		5.4			(11.3	)		$762		$934		(18.4	)
Average Balance Sheet Data
Loans		$33,854		$31,740		$30,030		6.7			12.7			$32,802		$29,831		10.0
Other earning assets		1,023		1,023		5		--			nm			1,023		5		nm
Goodwill		3,318		3,325		3,176		(.2	)		4.5			3,322		3,175		4.6
Other intangible assets		438		464		518		(5.6	)		(15.4	)		450		530		(15.1	)
Assets		41,054		38,540		35,618		6.5			15.3			39,803		35,356		12.6
Noninterest-bearing deposits		3,396		3,673		5,030		(7.5	)		(32.5	)		3,534		5,146		(31.3	)
Interest-bearing deposits		167		160		141		4.4			18.4			164		137		19.7
Total deposits		3,563		3,833		5,171		(7.0	)		(31.1	)		3,698		5,283		(30.0	)
Total U.S. Bancorp shareholders’ equity		8,115		8,019		7,413		1.2			9.5			8,067		7,535		7.1
(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 generated $742 million of income before provision and taxes in the second quarter of 2022, compared with $679 million in the second quarter of 2021, and contributed $391 million of the Company’s net income in the second quarter of 2022. The provision for credit losses increased $130 million primarily due to stronger growth in loan balances in the current year linked quarter and relatively stable credit quality in the current period compared with a stronger reduction in delinquencies in the prior year quarter. Total net revenue increased $105 million (7.0 percent) due to higher net interest income of $24 million (4.0 percent) and higher total noninterest income of $81 million (8.9 percent). Net interest income increased primarily due to higher loan balances and loan fees, partially offset by lower loan yields driven by declining customer revolve rates. Total noninterest income increased year-over-year mainly due to continued strengthening of consumer and business spending across most sectors. As a result, there was strong growth in merchant processing services revenue driven by higher sales volume and higher merchant fees, partially offset by higher rebates, as well as solid growth in corporate payment products revenue driven by improving business spending across all product groups. Strong sales also drove an increase in credit and debit card revenue, mostly offset by declining prepaid processing fees as the beneficial impact of government stimulus programs dissipated year-over-year. Total noninterest expense increased $42 million (5.1 percent) reflecting higher net shared services expense driven by investment in infrastructure and technology development, in addition to higher compensation expense due to merit, core business growth and variable compensation.

        6

TREASURY AND CORPORATE SUPPORT (a)
($ in millions)									Percent Change
	2Q 2022			1Q 2022			2Q   2021		2Q22 vs 1Q22			2Q22 vs 2Q21			YTD 2022			YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$92			$52			$63		76.9			46.0			$144			$32		nm
Noninterest income		216			218			215		(.9	)		.5			434			418		3.8
Securities gains (losses), net		19			18			43		5.6			(55.8	)		37			68		(45.6	)
Total net revenue		327			288			321		13.5			1.9			615			518		18.7
Noninterest expense		400			209			229		91.4			74.7			609			535		13.8
Other intangibles		--			--			--		--			--			--			--		--
Total noninterest expense		400			209			229		91.4			74.7			609			535		13.8
Income (loss) before provision and taxes		(73	)		79			92		nm			nm			6			(17)		nm
Provision for credit losses		69			(77	)		(189)		nm			nm			(8	)		(894)		99.1
Income (loss) before income taxes		(142	)		156			281		nm			nm			14			877		(98.4	)
Income taxes and taxable-equivalent adjustment		(87	)		(34	)		6		nm			nm			(121	)		58		nm
Net income (loss)		(55	)		190			275		nm			nm			135			819		(83.5	)
Net (income) loss attributable to noncontrolling interests		(3	)		(1	)		(6)		nm			50.0			(4	)		(11)		63.6
Net income (loss) attributable to U.S. Bancorp		$(58	)		$189			$269		nm			nm			$131			$808		(83.8	)
Average Balance Sheet Data
Loans		$3,668			$3,820			$3,711		(4.0	)		(1.2	)		$3,744			$3,789		(1.2	)
Other earning assets		204,560			206,532			193,798		(1.0	)		5.6			205,541			191,382		7.4
Goodwill		--			--			--		--			--			--			--		--
Other intangible assets		--			--			--		--			--			--			--		--
Assets		219,166			229,107			219,396		(4.3	)		(.1	)		224,110			217,372		3.1
Noninterest-bearing deposits		2,504			2,560			2,581		(2.2	)		(3.0	)		2,532			2,591		(2.3	)
Interest-bearing deposits		1,599			2,756			2,242		(42.0	)		(28.7	)		2,174			1,932		12.5
Total deposits		4,103			5,316			4,823		(22.8	)		(14.9	)		4,706			4,523		4.0
Total U.S. Bancorp shareholders’ equity		11,078			15,869			16,307		(30.2	)		(32.1	)		13,460			15,750		(14.5	)
(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 generated a $73 million loss before provision and taxes in the second quarter of 2022, compared with $92 million of income before provision and taxes in the second quarter of 2021, and recorded a net loss of $58 million in the second quarter of 2022. The provision for credit losses increased $258 million reflecting the increase in allowance for credit losses due to increasing economic uncertainty in the current quarter relative to the reduction in the allowance for credit losses associated with improving economic conditions in the second quarter of 2021. Total net revenue was higher by $6 million (1.9 percent) due to an increase of $29 million (46.0 percent) in net interest income, mostly offset by a decrease of $23 million (8.9 percent) in total noninterest income. Net interest income increased primarily due to higher investment portfolio and cash balances. The decrease in total noninterest income was primarily due to lower securities gains and lower gains on the disposition of assets, partially offset by higher commercial products revenue. Total noninterest expense increased $171 million (74.7 percent) primarily due to merger and integration-related charges related to the acquisition of MUFG Union Bank and higher compensation expense reflecting merit, hiring to support business growth and core business growth net of lower variable compensation, partially offset by lower net shared services costs. Income taxes are assessed to each line of business at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

        7

EX-99.2

U.S. Bancorp 2Q22 Earnings Conference Call July 15, 2022 Exhibit 99.2

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 often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements involve inherent risks and uncertainties, including the following risks and uncertainties and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of Exhibit 13 to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2021, which could cause actual results to differ materially from those anticipated. Continued 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. 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; the impacts of the COVID-19 pandemic on its business, financial position, results of operations, liquidity and prospects; increases in unemployment 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; civil unrest; the effects of climate change; changes in customer behavior and preferences; breaches in data security, including as a result of work-from-home arrangements; failures to safeguard personal information; the impacts of international hostilities or geopolitical events; impacts of supply chain disruptions and rising inflation; 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 reputation risk. In addition, U.S. Bancorp’s proposed acquisition of MUFG Union Bank presents risks and uncertainties, including, among others: the risk that the cost savings, any revenue synergies and other anticipated benefits of the proposed acquisition may not be realized or may take longer than anticipated to be realized; the risk that U.S. Bancorp’s business could be disrupted as a result of the announcement and pendency of the proposed acquisition and diversion of management’s attention from ongoing business operations and opportunities; the possibility that the proposed acquisition, including the integration of MUFG Union Bank, may be more costly or difficult to complete than anticipated; delays in closing the proposed acquisition; and the failure of required governmental approvals to be obtained or any other closing conditions in the definitive purchase agreement to be satisfied. For discussion of these and other risks that may cause actual results to differ from those described in forward-looking statements, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2021, 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. Readers are cautioned not to place undue reliance on any forward-looking statements. 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 in the Appendix. 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. Forward-looking Statements and Additional Information

2Q22 Highlights 1 Taxable-equivalent basis; see slide 28 for calculation 2 Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology was 9.4% as of 6/30/22. 3 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased

Performance Ratios Return on Average Assets Efficiency Ratio1 & Net Interest Margin2 Return on Average Common Equity Return on Tangible Common Equity1 1 Non-GAAP; see slides 28 and 29 for calculations 2 Net interest margin on a taxable-equivalent basis 3 Non-GAAP; Excluding merger and integration charges; see slides 28 and 29 for calculations 1.16%3 15.3%3 20.5%3 62.1% 58.9%3

Digital Engagement Trends 5/31/22 1 Represents core Consumer Banking customers active in at least one channel in the previous 90 days 2 Interactive Voice Response Total Digital includes both online and mobile platforms

Digital and payments initiatives across our businesses Commercial and Large Corporate Business Banking Consumer Banking ~6x >10x FY20 RTP Transactions at U.S. Bank First in market to send RTP4 Transaction Multiple ways to integrate RTP products #1 are out of U.S. Bank’s footprint ~55% New State Farm Deposit Accounts3 are new customers to U.S. Bank ~80% + Deposit growth is equivalent to one large MSA2 Credit Card production is equivalent to four large MSAs1 >5x ~3.4x FY20 talech helps small businesses tackle accounts receivable and operational tasks 1 Data from December 2020 to present 2 Data from April 2021 to present 3 Data as of 6/30/2022 4 Real Time Payments Note: State Farm and logo are trademarks of State Farm Mutual Automobile Company New talech Customers

Business Banking and Payments Trends With 1.1 million business1 banking relationships, there is a significant opportunity for us to deepen current relationships and acquire new customers. Banking and Payments2 Relationships Business Banking only Business Banking & Payments Payments only Payments & Business Banking 1 Defined as businesses with under $25M in revenue 2 Payments includes merchant acquiring and card relationships within Retail Payment Solutions 3 Data as of 5/31/22 4 Data indexed to 100 as of 3/31/21 Relationship Growth4 Relationships with both a Banking & Payments Product Total Relationships 5/31/22

Average Loans +3.6% linked quarter +10.2% year-over-year On a linked quarter basis, average total loans were higher primarily due to growth in commercial loans and higher residential mortgages. On a year-over-year basis, average total loans were higher primarily due to higher commercial loans, higher residential mortgages, and higher other retail loans, partially offset by lower retail leasing balances and construction and development loans. $ in billions

Average Deposits +0.5% linked quarter +6.4% year-over-year Interest-bearing Deposits Average noninterest-bearing (NIB) deposits decreased on a linked quarter basis and on a year-over-year basis. On a linked quarter basis, the decrease was driven by Corporate and Commercial Banking and Wealth Management and Investment Services, while the year-over-year decrease was primarily driven by Corporate and Commercial Banking, Consumer and Business Banking and Payments Services. Average time deposits, which are managed based on funding needs, relative pricing and liquidity characteristics, were higher on a linked quarter basis and on a year-over-year basis. $ in billions

NCO Ratio -1 bps QoQ -5 bps YoY NPAs -5.1% QoQ -27.3% YoY $ in millions, except allowance for credit losses in billions Allowance for Credit Losses by Loan Class, 2Q22   Amount ($B) Loans and Leases Outstanding (%) Commercial $1.9 1.5% Commercial Real Estate 1.0 2.4% Residential Mortgage 0.7 0.8% Credit Card 1.7 7.4% Other Retail 1.0 1.6% Total $6.3 1.9% Credit Quality

Earnings Summary 1 Merger and integration-related charges associated with the planned acquisition of MUFG Union Bank.

Net Interest Income +8.3% linked quarter +9.5% year-over-year $ in millions 1 Includes PPP interest income and PPP loan fees Net interest income on a taxable-equivalent basis; see slide 28 for calculation Including PPP Excluding PPP +8.7% linked quarter +12.5% year-over-year $3,164 $3,200 $3,464 Linked Quarter Net interest income increased, primarily due to higher loan balances, the impact of rising interest rates in the loan and investment portfolios and one more day in the quarter, partially offset by deposit pricing. The net interest margin increased, reflecting the impact of rising interest rates and reinvestment yields on investment securities, partially offset by higher deposit rates paid and lower noninterest-bearing deposits. Year-over-Year Net interest income increased, primarily due to higher loan and investment securities balances in addition to rising interest rates and a favorable yield curve impacting earning assets, partially offset by deposit pricing. The net interest margin increased, primarily due to the impact of rising interest rates and higher yields in the investment portfolio, partially offset by deposit pricing and lower noninterest-bearing deposits. PPP Impact 1

Noninterest Income +6.3% linked quarter -2.7% year-over-year Linked Quarter Payment services revenue increased, as credit card revenue increased due to seasonally higher sales volume and rate. Merchant processing services revenue increased due to higher sales volumes and merchant fees. Trust and Investment Management Services revenue increased, primarily due to higher fees, activity related to the acquisition of PFM, billing cycle timing and lower money market fund fee waivers, partially offset by unfavorable market conditions. Mortgage banking revenue decreased, driven by lower application volume and related gain on sale margins as well as lower performing loan sales, partially offset by the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities. Year-over-Year Mortgage banking revenue decreased, driven by lower application volume, given declining refinancing activity, lower gain on sale margins, and lower performing loan sales, partially offset by the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities. Other noninterest income decreased, driven by lower retail leasing end-of-term residual gains, lower gain on sale of certain assets and lower tax-advantaged investment syndication revenue. Trust and Investment Management fees increased, due to business growth, activity related to the fourth quarter of 2021 acquisition of PFM Asset Management LLC and lower money market fund fees waivers. $ in millions Payments = credit and debit card, corporate payment products and merchant processing Service charges = deposit service charges and treasury management All other = commercial products, investment products fees, securities gains (losses) and other

Payment Services Fee Revenue Growth 1 Includes prepaid card

Merchant Processing Credit and Debit Card1 Corporate Payments All Other Revenue Payment Services Payments Revenue Breakdown Total payments revenue, which includes net interest income and fee revenue, accounted for 27% of 2Q22 net revenue. Total payment fee revenue grew nearly 9.7% year-over-year due to the continued cyclical recovery and increased sales volumes reflecting underlying business momentum as our investments pay off. Seasonal Considerations A Shift to Tech-led3 Revenue Historical Linked Quarter Seasonal Trends for Payment Fees Revenue2 1 Includes prepaid card 2 Linked quarter change based on trends from 2015 – 2019 3 Tech-led includes digital, omni-commerce and e-commerce as well as investments in integrated software providers Payment Fees as a % of Net Revenue (2Q22) Payments fee revenue growth, on a linked quarter basis, is typically seasonally strongest in 2Q Our multiyear investments in e-commerce and tech-led will continue to drive growth Tech-led3 Merchant Processing Fee Revenue Growth ~1.6x FY19 New Tech-led3 Partnerships

Noninterest Expense +6.3% linked quarter +9.9% year-over-year Linked Quarter Compensation expense increased, due to seasonal merit increases, one additional day in the second quarter, and higher variable compensation, partially offset by the impact of seasonally higher stock-based compensation in the first quarter. Marketing and business development expense increased due to the timing of marketing campaigns and higher travel and entertainment. Other noninterest expense in 2Q22 included merger and integration charges of $197 million associated with the planned acquisition of Union Bank. Year-over-Year Compensation expense increased, primarily due to merit and hiring to support business growth, partially offset by lower performance-based incentives. Employee benefits expense increased, primarily due to higher medical expenses. Marketing and business development expense increased, due to increased travel and entertainment. $ in millions PPS = postage, printing and supplies 1 $197 million of merger and integration charges Reported Excluding Notable Items1 +0.7% linked quarter +4.1% year-over-year

Capital Position 1 Ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology 2 Non-GAAP; see slide 30 for calculations

1 All guidance for stand alone USB 2 Core guidance excludes notable items for merger and integration charges associated with the planned acquisition of MUFG Union Bank 3 Excludes $197 million of merger and integration-related charges associated with the planned acquisition of MUFG Union Bank Outlook1 3Q 2022 Guidance Revenue Up 3 – 5% Compared to 2Q 2022 of $6,012 ($ in millions) Core2 Expenses Full Year 2022 Guidance Up 5 – 6% Compared to FY 2021 of $22,827 Positive operating leverage of at least 200 basis points Core2 Operating Leverage Revenue Up 2 – 3% Compared to 2Q 2022 of $3,5273

Progress What’s Next Integration planning including technology and business line operations largely complete $100 billion community benefits plan announced Participated in numerous stakeholder town-hall meetings Participated in a joint public meeting with the Fed and OCC Continuing to work with regulators in the normal course of action Targeting transaction closing in 2H’22, subject to regulatory approval Finalizing integration and conversion plans across all business and corporate functions Conversion anticipated in 1H’23 Execute conversion and integration plan Union Bank Acquisition Update

Appendix

Average Loans Linked Quarter Average total loans increased by $11.2 billion, or 3.6% Average commercial loans increased by $7.8 billion, or 6.9% Average residential mortgage loans increased by $2.8 billion, or 3.6% Average credit card loans increased by $0.9 billion, or 4.1% Year-over-Year Average total loans increased by $29.9 billion, or 10.2% Average commercial loans increased by $17.7 billion, or 17.2% Average residential mortgage loans increased by $6.9 billion, or 9.4% Average other retail loans increased $2.8 billion, or 4.7% Key Points Year-over-Year Growth (7.5%) (4.6%) 0.1% 6.5% 10.2% Commercial CRE Res Mtg Other Retail Credit Card Average Loans ($bn)

Key Points Year-over-Year Growth 6.4% 6.4% 6.5% 6.5% 6.4% Time Money Market Checking and Savings Noninterest-bearing Average Deposits Average Deposits ($bn) Linked Quarter Average total deposits increased by $2.3 billion, or 0.5% Average low-cost deposits (NIB, interest checking, savings and money market) remained flat Year-over-Year Average total deposits increased by $27.3 billion, or 6.4% Average low-cost deposits (NIB, interest checking, savings and money market) increased by $25.2 billion, or 6.2%

Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm2Q21 1Q22 2Q22 Average Loans$102,974 $112,822 $120,657 30-89 Delinquencies0.17% 0.20% 0.20% 90+ Delinquencies0.04% 0.06% 0.07% Nonperforming Loans0.28% 0.15% 0.12% 0.9% (1.1%) 2.6% 8.0% 6.9% Average loans increased by 6.9% on a linked quarter basis Net charge-offs ratio remained low at 0.10%, while 30-89 day delinquency was flat from the previous quarter Utilization increased quarter over quarter from 22.7% to 23.7% Credit Quality – Commercial Linked Quarter Growth

$mm2Q21 1Q22 2Q22 Average Loans$38,564 $39,084 $39,517 30-89 Delinquencies0.08% 0.22%0.06% 90+ Delinquencies0.01%- %0.01% Nonperforming Loans0.80% 0.55% 0.52% Linked Quarter Growth (0.6%) 0.9% (0.2%) 0.6% 1.1% Average loans increased by 1.1% on a linked quarter basis  Net charge offs during the quarter continued to reflect relatively low losses during the quarter Key Points Credit Quality – Commercial Real Estate Average Loans ($mm) and Net Charge-offs Ratio Key Statistics

Credit Quality – Residential Mortgage $mm2Q211Q222Q22 Average Loans$73,351 $77,449 $80,228 30-89 Delinquencies0.24%0.13% 0.12% 90+ Delinquencies0.16% 0.18% 0.12% Nonperforming Loans0.33%0.27%0.27% (2.5%) 1.0% 2.4% 2.1% 3.6% Key Points Average loans increased by 3.6% on a linked quarter basis reflecting a combination of home purchases and slow down of payoffs on existing mortgages Net recovery performance continued to reflect overall portfolio credit quality and strength in housing values Originations continued to be high credit quality (weighted average credit score of 769, weighted average LTV of 71%) Linked Quarter Growth Average Loans ($mm) and Net Charge-offs Ratio Key Statistics

Credit Quality – Credit Card $mm2Q211Q222Q22 Average Loans$21,116 $21,842 $22,748 30-89 Delinquencies0.72% 0.88% 0.84% 90+ Delinquencies0.70%0.74% 0.69% Nonperforming Loans - %- %- % (0.1%) 3.7% 2.3% (2.5%) 4.1% Key Points Linked Quarter Growth Average loans increased by 4.1% on a linked quarter basis  Net charge-off ratio remained low during the quarter driven by sustained borrower liquidity Average Loans ($mm) and Net Charge-offs Ratio Key Statistics

$mm2Q211Q222Q22 Average Loans$58,279 $61,769$61,037 30-89 Delinquencies0.34%0.38% 0.39% 90+ Delinquencies0.10%0.11% 0.10% Nonperforming Loans0.29%0.26% 0.24% 2.7% 2.9% 1.9% 1.0% (1.2%) Credit Quality – Other Retail Key Points Linked Quarter Growth Average loans decreased by 1.2% on a linked quarter basis  Continued relative low net charge-offs were supported by strong portfolio credit quality and collateral values in housing and used autos Average Loans ($mm) and Net Charge-offs Ratio Key Statistics

Non-GAAP Financial Measures (1), (2) – see slide 31 for corresponding notes

Non-GAAP Financial Measures (2), (3) – see slide 31 for corresponding notes

Non-GAAP Financial Measures * Preliminary data. Subject to change prior to filings with applicable regulatory agencies. (3), (4), (5) – see slide 31 for corresponding notes

Notes 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. Notable items for the three months ended June 30, 2022 include $197 million ($153 million after-tax) of merger and integration charges. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes. Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology.

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Document and Entity Information	Jul. 15, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 15, 2022
Entity Registrant Name	US BANCORP \DE\
Entity File Number	1-6880
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0255900
Entity Address, Address Line One	800 Nicollet Mall
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55402
City Area Code	651
Local Phone Number	466-3000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000036104
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	USB
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrA
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrH
Security Exchange Name	NYSE
Series K Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrP
Security Exchange Name	NYSE
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024 [Member]
Document Information [Line Items]
Title of 12(b) Security	0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024
Trading Symbol	USB/24B
Security Exchange Name	NYSE
Series L Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrQ
Security Exchange Name	NYSE
Series M Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrR
Security Exchange Name	NYSE
Series O Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)
Trading Symbol	USB PrS
Security Exchange Name	NYSE