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): October 14, 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 October 14, 2022, U.S. Bancorp (the “Company”) issued a press release reporting quarter-ended September 30, 2022 results, and posted on its website its 3Q22 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 3Q22 Earnings Conference Call Presentation is included as Exhibit 99.2 hereto and is incorporated herein by reference. The information included in the 3Q22 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 3Q22 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 October 14, 2022, deemed “filed” under the Securities Exchange Act of 1934.

99.2 3Q22 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: October 14, 2022

EX-99.1

Exhibit 99.1

	U.S. Bancorp Reports Third Quarter 2022 Results
	• Net income of $1.8 billion and record net revenue of $6.3 billion
	• Diluted earnings per common share of $1.16 or $1.18 as adjusted
	• Return on average assets of 1.22% and return on average common equity of 15.8% or 1.24% and 16.2% as adjusted, respectively

      3Q22 Key Financial Data   3Q22 Highlights

PROFITABILITY METRICS	3Q22	2Q22	3Q21
Return on average assets (%)	1.22	1.06	1.45
Return on average common equity (%)	15.8	13.9	15.9
Return on tangible common equity (%) (a)	21.0	18.6	20.2
Net interest margin (%)	2.83	2.59	2.53
Efficiency ratio (%) (a)	57.5	62.1	58.4
INCOME STATEMENT (b)	3Q22	2Q22	3Q21
Net interest income (taxable-equivalent basis)	$3,857	$3,464	$3,197
Noninterest income	$2,469	$2,548	$2,693
Net income attributable to U.S. Bancorp	$1,812	$1,531	$2,028
Diluted earnings per common share	$1.16	$.99	$1.30
Dividends declared per common share	$.48	$.46	$.46
BALANCE SHEET (b)	3Q22	2Q22	3Q21
Average total loans	$336,778	$324,187	$296,739
Average total deposits	$456,769	$456,516	$431,487
Net charge-off ratio	.19%	.20%	.20%
Book value per common share (period end)	$27.39	$28.13	$32.22
Basel III standardized CET1 (c)	9.7%	9.7%	10.2%
(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 income of $1,812 million and diluted earnings per common share of $1.16 as reported, $1.18 excluding merger and integration-related charges

•  Net revenue of $6,326 million including $3,857 million of net interest income and $2,469 million of noninterest income

•  Merger and integration-related charges of $42 million ($33 million net of tax or $(0.02) per diluted common share) associated with the planned acquisition of MUFG Union Bank

•  Return on average assets of 1.22% and return on average common equity of 15.8%. Excluding merger and integration-related charges, net income of $1,845 million, return on average assets of 1.24% and return on average common equity of 16.2%

•  On a taxable-equivalent basis, net interest income increased 20.6 percent year-over-year and 11.3 percent linked quarter due to the impact of rising interest rates on earning assets, partially offset by deposit pricing

•  Average total loan growth of 13.5% year-over-year and 3.9% on a linked quarter basis

•  Average total deposit growth of 5.9% year-over-year and 0.1% on a linked quarter basis

•  Net charge-off ratio of 0.19% in 3Q22 compared with 0.20% in 2Q22 and in 3Q21

•  CET1 capital ratio of 9.7% at September 30, 2022, and at June 30, 2022

CEO Commentary

“In the third quarter we earned $1.8 billion in net income with net revenue of $6.3 billion and a return on tangible common equity of 21.0% on a reported basis. Results were driven by strong growth in net interest income supported by loan and deposit growth and the benefit of higher interest rates. Our fee businesses continued to benefit from good underlying consumer and business conditions as well as new business and deepening of relationships. Credit quality remains strong and in the third quarter our net charge-off ratio improved on both a sequential and year over year basis. While credit continues to perform well, our consistently strong underwriting and credit risk management practices prepare us well for any change in the business cycle. We continue to focus on maintaining a healthy balance sheet and strong capital and liquidity positions. Given the uncertain economic environment, we are preparing for a range of possible outcomes and will continue to manage the bank in a prudent, disciplined manner. I want to thank our employees for their dedication to helping our clients, communities and shareholders.”

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

In the Spotlight

U.S. Bank and Elavon launch talech Register for Small Businesses

Elavon, a wholly-owned subsidiary of U.S. Bank, recently launched talech Register, a next generation, all-in-one payments and business analytics platform that empowers small business owners to better manage their operations. The point-of-sale platform combines unique, pay-as-you-go pricing and ease-of use to support modern small business owners. talech Register brings the simplicity, convenience and efficiency of the talech software platform to the point of sale for small business owners.

U.S. Bank Invests in Green Energy Initiatives

The U.S. Bank Foundation will invest $1 million in green energy initiatives through its annual Market Impact Grant program. The funding will support a variety of organizations and programs in low-to-moderate income communities across the country with an emphasis on supporting people of color and women. Additionally, our Community Development business has invested approximately $2.2 billion in renewable energy projects since the beginning of the year in support of green energy initiatives.

Access Commitment Expands to the Hispanic and Latinx Community

U.S. Bank recently announced an investment in the Smithsonian’s National Museum of the American Latino in Washington D.C. The museum is the cornerstone to learn how Latinos have contributed to U.S. art, history, culture and science. The investment is part of U.S. Bank Access Commitment, the bank’s long-term approach to building wealth, redefining how we serve diverse communities and creating more opportunities for employees.

One of the Best Companies for Working Parents

Seramount, formerly Working Mother, ranked U.S. Bank as one of the 100 Best Companies for working parents based on the company’s programs and benefits, including parental leave, fertility benefits, adoption benefits, caregiver benefits, mentoring and opportunities for advancement. This is the third consecutive year U.S. Bank has won this honor, which underscores how U.S. Bank puts people first by continuously looking for ways to better support employees.

        Investor contact: George Andersen, 612.303.3620 | Media contact: Jeff Shelman, 612.303.9933

U.S. Bancorp Third Quarter 2022 Results

INCOME STATEMENT HIGHLIGHTS
($ in millions, except per-share data)										Percent Change
	3Q 2022			2Q 2022			3Q 2021			3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022			YTD 2021			Percent  Change
Net interest income	$	3,827		$	3,435		$	3,171			11.4			20.7		$	10,435		$	9,371			11.4
Taxable-equivalent adjustment		30			29			26			3.4			15.4			86			79			8.9
Net interest income (taxable-equivalent basis)		3,857			3,464			3,197			11.3			20.6			10,521			9,450			11.3
Noninterest income		2,469			2,548			2,693			(3.1	)		(8.3	)		7,413			7,693			(3.6)
Total net revenue		6,326			6,012			5,890			5.2			7.4			17,934			17,143			4.6
Noninterest expense before merger and integration		3,595			3,527			3,429			1.9			4.8			10,624			10,195			4.2
Merger and integration charges		42			197			--			(78.7	)		nm			239			--			nm
Total noninterest expense		3,637			3,724			3,429			(2.3	)		6.1			10,863			10,195			6.6
Income before provision and income taxes		2,689			2,288			2,461			17.5			9.3			7,071			6,948			1.8
Provision for credit losses		362			311			(163	)		16.4			nm			785			(1,160	)		nm
Income before taxes		2,327			1,977			2,624			17.7			(11.3	)		6,286			8,108			(22.5)
Income taxes and taxable-equivalent adjustment		511			443			590			15.3			(13.4	)		1,378			1,801			(23.5)
Net income		1,816			1,534			2,034			18.4			(10.7	)		4,908			6,307			(22.2)
Net (income) loss attributable to noncontrolling interests		(4	)		(3	)		(6	)		(33.3	)		33.3			(8	)		(17	)		52.9
Net income attributable to U.S. Bancorp		$1,812		$	1,531		$	2,028			18.4			(10.7	)	$	4,900		$	6,290			(22.1)
Net income applicable to U.S. Bancorp common shareholders		$1,718		$	1,464		$	1,934			17.3			(11.2	)	$	4,648		$	6,023			(22.8)
Diluted earnings per common share		$1.16		$	.99		$	1.30			17.2			(10.8	)	$	3.13		$	4.04			(22.5)

Net income attributable to U.S. Bancorp was $1,812 million for the third quarter of 2022, which was $216 million lower than the $2,028 million for the third quarter of 2021, and $281 million higher than the $1,531 million for the second quarter of 2022. Diluted earnings per common share was $1.16 in the third quarter of 2022, compared with $1.30 in the third quarter of 2021 and $0.99 in the second quarter of 2022. The third quarter of 2022 included $(0.02) per diluted common share of merger and integration-related charges associated with the planned acquisition of MUFG Union Bank compared with $(0.10) per diluted common share of merger and integration-related charges in the second quarter of 2022.

The decrease in net income year-over-year was primarily due to a higher provision for credit losses, driven by strong loan growth and increasing economic uncertainty, 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 11.0 percent compared with a year ago. Net interest income increased 20.6 percent on a year-over-year taxable-equivalent basis due to the impact of rising interest rates on earning assets and strong growth in loan and investment securities balances, partially offset by deposit pricing, funding mix 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 2.83 percent in the current quarter from 2.53 percent in the third quarter of 2021 primarily due to the impact of higher rates on earning assets, partially offset by deposit pricing and short-term borrowing costs. Noninterest income decreased 8.3 percent compared with a year ago reflecting lower mortgage banking revenue driven by a decline in refinancing activities, partially offset by higher payment services revenue and trust and investment management fees. Excluding merger and integration-related charges, noninterest expense increased 4.8 percent reflecting increases in compensation expense, employee benefits expense, net occupancy and equipment expense, marketing and business development expense and other noninterest expense. Provision for credit losses reflected a reserve build in the third quarter of 2022 as compared with a reserve release in the third quarter of 2021, primarily driven by loan growth and increasing economic uncertainty.

        2

U.S. Bancorp Third Quarter 2022 Results

Net income increased on a linked quarter basis driven by higher net interest income and lower merger and integration-related charges, partially offset by lower noninterest income and higher provision for credit losses. Net interest income increased 11.3 percent on a taxable-equivalent basis primarily due to the impact of rising interest rates on earning assets, strong loan growth and one more day in the quarter, partially offset by deposit pricing and short-term borrowing costs. The net interest margin increased on a linked quarter basis reflecting the impact of rising interest rates and reinvestment yields in the investment portfolio, partially offset by deposit pricing and short-term borrowing costs. Noninterest income decreased 3.1 percent compared with the second quarter of 2022 driven by lower mortgage banking revenue consistent with industry trends, lower payment services revenue being impacted by seasonality and foreign currency exchange rates in Europe, a decline in treasury management fees due to rising rates and lower government transaction processing and lower gains on the sale of securities, partially offset by higher other noninterest income. Excluding merger and integration-related charges, noninterest expense increased 1.9 percent on a linked quarter basis reflecting slightly higher compensation expense, professional services expense, and marketing and business development expense. Provision for credit losses increased 16.4 percent on a linked quarter basis driven by strong loan growth and increasing economic uncertainty.

        3

U.S. Bancorp Third Quarter 2022 Results

NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions)							Change
	3Q 2022		2Q 2022		3Q 2021		3Q22 vs 2Q22		3Q22 vs 3Q21		YTD 2022		YTD 2021		Change
Components of net interest income
Income on earning assets		$4,759		$3,854		$3,435		$905		$1,324		$12,058		$10,211		$1,847
Expense on interest-bearing liabilities		902		390		238		512		664		1,537		761		776
Net interest income		$3,857		$3,464		$3,197		$393		$660		$10,521		$9,450		$1,071
Average yields and rates paid
Earning assets yield		3.50%		2.88%		2.72%		.62%		.78%		3.00%		2.72%		.28%
Rate paid on interest-bearing liabilities		.89		.40		.27		.49		.62		.53		.28		.25
Gross interest margin		2.61%		2.48%		2.45%		.13%		.16%		2.47%		2.44%		.03%
Net interest margin		2.83%		2.59%		2.53%		.24%		.30%		2.62%		2.52%		.10%
Average balances
Investment securities (a)		$164,851		$171,296		$151,755		$(6,445)		$13,096		$170,267		$152,653		$17,614
Loans		336,778		324,187		296,739		12,591		40,039		324,731		295,014		29,717
Interest-bearing deposits with banks		29,130		31,116		40,710		(1,986)		(11,580)		30,030		37,947		(7,917)
Earning assets		541,666		536,761		503,325		4,905		38,341		536,131		500,616		35,515
Interest-bearing liabilities		403,573		390,373		353,129		13,200		50,444		390,816		356,731		34,085
(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the third quarter of 2022 was $3,857 million, an increase of $660 million (20.6 percent) over the third quarter of 2021. The increase was primarily due to the impact of rising interest rates on earning assets and strong growth in loan and investment securities balances, partially offset by deposit pricing, lower loan fees related to the forgiveness of PPP loans from a year ago, and funding mix. Average earning assets were $38.3 billion (7.6 percent) higher than the third quarter of 2021, reflecting increases of $40.0 billion (13.5 percent) in average total loans and $13.1 billion (8.6 percent) in average investment securities, while average interest-bearing deposits with banks decreased $11.6 billion (28.4 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 $393 million (11.3 percent) on a linked quarter basis primarily due to the impact of rising interest rates on earning assets, strong loan growth and one more day in the quarter, partially offset by deposit pricing and short-term borrowing costs. Average earning assets were $4.9 billion (0.9 percent) higher on a linked quarter basis, reflecting an increase of $12.6 billion (3.9 percent) in average loans partially offset by decreases of $6.4 billion (3.8 percent) in average investment securities and $2.0 billion (6.4 percent) in average interest-bearing deposits with banks. The decrease in average investment securities on a linked quarter basis was primarily due to prepayments, sales and maturities, net of purchases.

The net interest margin in the third quarter of 2022 was 2.83 percent, compared with 2.53 percent in the third quarter of 2021 and 2.59 percent in the second quarter of 2022. The increase in the net interest margin from the prior year was primarily due to the impact of higher rates on earning assets, partially offset by deposit pricing and short-term borrowing costs. The increase in the net interest margin on a linked quarter basis reflected the impact of rising interest rates and reinvestment yields in the investment portfolio, partially offset by deposit pricing and short-term borrowing costs.

        4

U.S. Bancorp Third Quarter 2022 Results

AVERAGE LOANS
($ in millions)							Percent Change
	3Q 2022		2Q 2022		3Q 2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD 2021		Percent Change
Commercial		$123,745		$115,758		$96,673		6.9			28.0		$	115,832	$	97,047		19.4
Lease financing		4,774		4,899		5,159		(2.6	)		(7.5	)		4,891		5,251		(6.9	)
Total commercial		128,519		120,657		101,832		6.5			26.2			120,723		102,298		18.0
Commercial mortgages		30,002		29,676		28,080		1.1			6.8			29,506		27,923		5.7
Construction and development		10,008		9,841		10,841		1.7			(7.7	)		10,035		10,834		(7.4	)
Total commercial real estate		40,010		39,517		38,921		1.2			2.8			39,541		38,757		2.0
Residential mortgages		84,018		80,228		74,104		4.7			13.4			80,589		74,215		8.6
Credit card		24,105		22,748		21,905		6.0			10.0			22,907		21,391		7.1
Retail leasing		6,259		6,708		7,643		(6.7	)		(18.1	)		6,689		7,829		(14.6	)
Home equity and second mortgages		11,142		10,726		10,936		3.9			1.9			10,757		11,451		(6.1	)
Other		42,725		43,603		41,398		(2.0	)		3.2			43,525		39,073		11.4
Total other retail		60,126		61,037		59,977		(1.5	)		.2			60,971		58,353		4.5
Total loans		$336,778		$324,187		$296,739		3.9			13.5		$	324,731	$	295,014		10.1

Average total loans for the third quarter of 2022 were $40.0 billion (13.5 percent) higher than the third quarter of 2021. The increase was primarily due to growth in commercial loans (26.2 percent), residential mortgages (13.4 percent) and credit card loans (10.0 percent), partially offset by lower retail leasing balances (18.1 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 on-balance sheet loan activities and slower refinance activity.

Average total loans were $12.6 billion (3.9 percent) higher than the second quarter of 2022 primarily due to higher commercial loans (6.5 percent) driven by new business and higher utilization, higher residential mortgages (4.7 percent) and higher credit card loans (6.0 percent).

        5

U.S. Bancorp Third Quarter 2022 Results

AVERAGE DEPOSITS
($ in millions)							Percent Change
	3Q		2Q		3Q		3Q22 vs			3Q22 vs			YTD		YTD		Percent
	2022		2022		2021		2Q22			3Q21			2022		2021		Change
Noninterest-bearing deposits	$	114,044	$	120,827	$	129,018		(5.6	)		(11.6	)	$	120,893	$	124,262		(2.7	)
Interest-bearing savings deposits
Interest checking		113,364		116,878		103,036		(3.0	)		10.0			115,095		101,280		13.6
Money market savings		125,389		123,788		112,543		1.3			11.4			122,943		116,968		5.1
Savings accounts		67,782		68,127		63,387		(.5	)		6.9			67,632		61,462		10.0
Total savings deposits		306,535		308,793		278,966		(.7	)		9.9			305,670		279,710		9.3
Time deposits		36,190		26,896		23,503		34.6			54.0			29,266		25,067		16.8
Total interest-bearing deposits		342,725		335,689		302,469		2.1			13.3			334,936		304,777		9.9
Total deposits	$	456,769	$	456,516	$	431,487		.1			5.9		$	455,829	$	429,039		6.2

Average total deposits for the third quarter of 2022 were $25.3 billion (5.9 percent) higher than the third quarter of 2021. Average noninterest-bearing deposits decreased $15.0 billion (11.6 percent) primarily within Corporate and Commercial Banking, Consumer and Business Banking and Payment Services. Average total savings deposits were $27.6 billion (9.9 percent) higher year-over-year driven by Corporate and Commercial Banking and Consumer and Business Banking. Average time deposits were $12.7 billion (54.0 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 $253 million (0.1 percent) from the second quarter of 2022. On a linked quarter basis, average noninterest-bearing deposits were lower by $6.8 billion (5.6 percent) primarily within Corporate and Commercial Banking and Wealth Management and Investment Services. Average total savings deposits decreased $2.3 billion (0.7 percent) driven by Corporate and Commercial Banking and Consumer and Business Banking. Average time deposits were $9.3 billion (34.6 percent) higher on a linked quarter basis 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 Third Quarter 2022 Results

NONINTEREST INCOME
($ in millions)							Percent Change
	3Q 2022		2Q 2022		3Q 2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD 2021		Percent Change
Credit and debit card revenue		$391		$399		$393		(2.0	)		(.5	)		$1,128		$1,125		.3
Corporate payment products revenue		190		172		156		10.5			21.8			520		420		23.8
Merchant processing services		406		425		392		(4.5	)		3.6			1,194		1,084		10.1
Trust and investment management fees		572		566		459		1.1			24.6			1,638		1,349		21.4
Deposit service charges		166		165		194		.6			(14.4	)		508		531		(4.3	)
Treasury management fees		151		169		155		(10.7	)		(2.6	)		476		462		3.0
Commercial products revenue		285		290		277		(1.7	)		2.9			841		837		.5
Mortgage banking revenue		81		142		418		(43.0	)		(80.6	)		423		1,063		(60.2	)
Investment products fees		56		59		62		(5.1	)		(9.7	)		177		177		--
Securities gains (losses), net		1		19		20		(94.7	)		(95.0	)		38		88		(56.8	)
Other		170		142		167		19.7			1.8			470		557		(15.6	)
Total noninterest income	$	2,469	$	2,548	$	2,693		(3.1	)		(8.3	)	$	7,413	$	7,693		(3.6	)

Third quarter noninterest income of $2,469 million was $224 million (8.3 percent) lower than the third quarter of 2021 reflecting lower mortgage banking revenue, deposit service charges and securities gains, partially offset by stronger payment services revenue and trust and investment management fees. Mortgage banking revenue decreased $337 million (80.6 percent) reflecting lower application volume, given declining refinance activities experienced in the mortgage industry, lower related gain on sale margins and fewer sales of performing loans. Deposit services charges decreased $28 million (14.4 percent) primarily due to the impact of the elimination of certain consumer NSF fees in the first quarter of 2022. Partially offsetting these decreases, payment services revenue increased $46 million (4.9 percent) compared with the third quarter of 2021 as corporate payment products revenue increased $34 million (21.8 percent) driven by improving business spending across all product groups while merchant processing services revenue increased $14 million (3.6 percent) driven by higher sales volume and higher merchant fees. Given recent uncertainties in Europe, the US dollar has strengthened considerably compared to European currencies. Adjusted for the impact of foreign currency rate changes, year-over-year merchant processing services revenue increased approximately 9.4 percent. Trust and investment management fees increased $113 million (24.6 percent) driven by lower money market fund fee waivers, activity related to the fourth quarter of 2021 acquisition of PFM Asset Management LLC (“PFM”) and core business growth, partially offset by unfavorable market conditions.

Noninterest income was $79 million (3.1 percent) lower in the third quarter of 2022 compared with the second quarter of 2022 reflecting lower mortgage banking revenue, payment services revenue, treasury management fees and gains on the sale of securities, partially offset by higher other noninterest income. Mortgage banking revenue decreased $61 million (43.0 percent) reflecting lower volumes of performing loan sales and a decrease in the fair value of mortgage servicing rights, net of hedging activities. Payment services revenue decreased $9 million (0.9 percent). Credit and debit card revenue decreased $8 million (2.0 percent) due to lower sales volume and rate. Merchant processing services revenue decreased $18 million (4.5 percent) due to the impact of foreign currency exchange rates as well as lower interchange rates. The declines in these payment services revenue categories were partially offset by stronger corporate payment products revenue which increased $18 million (10.5 percent) primarily due to continued strengthening of business activities and seasonality of government spending. Treasury management fees decreased $18 million (10.7 percent) driven by seasonally lower IRS processing volumes and the impact of earnings credits during a period of rising interest rates. Partially offsetting these decreases, other noninterest income increased $28 million (19.7 percent) due to higher tax-advantaged investment syndication revenue and gains on the sale of certain assets.

        7

U.S. Bancorp Third Quarter 2022 Results

NONINTEREST EXPENSE
($ in millions)							Percent Change
	3Q 2022		2Q 2022		3Q 2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD 2021		Percent Change
Compensation	$	1,891	$	1,872	$	1,847		1.0			2.4		$	5,616	$	5,448		3.1
Employee benefits		369		374		336		(1.3	)		9.8			1,139		1,057		7.8
Net occupancy and equipment		272		265		259		2.6			5.0			806		780		3.3
Professional services		131		111		126		18.0			4.0			356		332		7.2
Marketing and business development		126		106		99		18.9			27.3			312		237		31.6
Technology and communications		355		350		361		1.4			(1.7	)		1,054		1,082		(2.6	)
Postage, printing and supplies		72		69		69		4.3			4.3			213		203		4.9
Other intangibles		43		40		41		7.5			4.9			130		119		9.2
Other		336		340		291		(1.2	)		15.5			998		937		6.5
Total before merger and integration		3,595		3,527		3,429		1.9			4.8			10,624		10,195		4.2
Merger and integration charges		42		197		--		(78.7	)		nm			239		--		nm
Total noninterest expense	$	3,637	$	3,724	$	3,429		(2.3	)		6.1		$	10,863	$	10,195		6.6

Third quarter noninterest expense of $3,637 million was $208 million (6.1 percent) higher than the third quarter of 2021. Included in the third quarter of 2022 were merger and integration-related charges associated with the planned acquisition of MUFG Union Bank of $42 million. Excluding merger and integration-related charges, third quarter noninterest expense increased $166 million (4.8 percent) compared with the third quarter of 2021 reflecting increases in compensation expense, employee benefits expense, net occupancy and equipment expense, marketing and business development expense and other noninterest expense. Compensation expense increased $44 million (2.4 percent) compared with the third quarter of 2021 primarily due to merit and hiring to support business growth, partially offset by lower performance-based incentives and variable compensation. Employee benefits expense increased $33 million (9.8 percent) driven by higher post-pandemic medical claims expense compared with the third quarter of 2021. Net occupancy and equipment expense increased $13 million (5.0 percent) to support business growth. Marketing and business development expense increased $27 million (27.3 percent) due to the timing of marketing campaigns as well as increased travel and entertainment. Other noninterest expense increased $45 million (15.5 percent) due to accruals related to future delivery exposures for merchant and airline processing as processing volumes recover, FDIC insurance expense driven by an increase in the assessment base and rate and other accrued liabilities, partially offset by lower other expenses related to the decline in mortgage production.

Noninterest expense decreased $87 million (2.3 percent) on a linked quarter basis. Excluding merger and integration-related charges of $42 million in the third quarter of 2022 and $197 million in the second quarter of 2022, third quarter noninterest expense increased $68 million (1.9 percent) reflecting higher compensation expense, professional services expense, and marketing and business development expense. Compensation expense increased $19 million (1.0 percent) primarily due to the number of payroll days in the quarter along with higher performance-based incentives, partially offset by lower variable compensation. Professional services expense increased $20 million (18.0 percent) primarily due to the timing of initiatives in the third quarter of 2022. Marketing and business development expense increased $20 million (18.9 percent) due to brand advertising and the timing of marketing campaigns.

Provision for Income Taxes

The provision for income taxes for the third quarter of 2022 resulted in a tax rate of 22.0 percent on a taxable-equivalent basis (effective tax rate of 20.9 percent), compared with 22.5 percent on a taxable-equivalent basis (effective tax rate of 21.7 percent) in the third quarter of 2021, and a tax rate of 22.4 percent on a taxable-equivalent basis (effective tax rate of 21.3 percent) in the second quarter of 2022.

        8

U.S. Bancorp Third Quarter 2022 Results

ALLOWANCE FOR CREDIT LOSSES
($ in millions)	3Q 2022			% (a)			2Q 2022			% (a)			1Q 2022			% (a)			4Q 2021			% (a)			3Q 2021			% (a)
Balance, beginning of period	$	6,255					$	6,105					$	6,155					$	6,300					$	6,610
Net charge-offs Commercial		24			.08			28			.10			26			.10			6			.02			13			.05
Lease financing		3			.25			2			.16			6			.49			--			--			1			.08
Total commercial		27			.08			30			.10			32			.12			6			.02			14			.05
Commercial mortgages		(6	)		(.08	)		(2	)		(.03	)		--			--			(3	)		(.04	)		1			.01
Construction and development		--			--			8			.33			(5	)		(.20	)		(1	)		(.04	)		12			.44
Total commercial real estate		(6	)		(.06	)		6			.06			(5	)		(.05	)		(4	)		(.04	)		13			.13
Residential mortgages		(5	)		(.02	)		(9	)		(.04	)		(6	)		(.03	)		(7	)		(.04	)		(10	)		(.05	)
Credit card		119			1.96			118			2.08			112			2.08			109			1.93			111			2.01
Retail leasing		1			.06			--			--			1			.06			1			.05			1			.05
Home equity and second mortgages		(2	)		(.07	)		(3	)		(.11	)		(2	)		(.08	)		(2	)		(.08	)		(3	)		(.11	)
Other		28			.26			19			.17			30			.27			29			.27			21			.20
Total other retail		27			.18			16			.11			29			.19			28			.18			19			.13
Total net charge-offs		162			.19			161			.20			162			.21			132			.17			147			.20
Provision for credit losses		362						311						112						(13	)					(163	)
Balance, end of period	$	6,455					$	6,255					$	6,105					$	6,155					$	6,300
Components
Allowance for loan losses	$	6,017					$	5,832					$	5,664					$	5,724					$	5,792
Liability for unfunded credit commitments		438						423						441						431						508
Total allowance for credit losses	$	6,455					$	6,255					$	6,105					$	6,155					$	6,300
Gross charge-offs	$	275					$	276					$	280					$	254					$	266
Gross recoveries	$	113					$	115					$	118					$	122					$	119
Allowance for credit losses as a percentage of
Period-end loans		1.88						1.88						1.91						1.97						2.12
Nonperforming loans		1,025						863						798						738						695
Nonperforming assets		953						812						753						701						667
(a)  Annualized and calculated on average loan balances

        9

U.S. Bancorp Third Quarter 2022 Results

The Company’s provision for credit losses for the third quarter of 2022 was $362 million, compared with a provision of $311 million in the second quarter of 2022 and a credit benefit of $163 million in the third quarter of 2021. The level of the provision compared with a year ago is driven by strong loan growth and changing economic conditions. During 2021, factors affecting economic conditions, including government stimulus and declining impacts from the pandemic in the U.S., contributed to economic improvement and related reserve releases. The consumer portfolio continues to benefit from 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 have been increasing due to ongoing supply chain challenges, rising inflationary concerns, market volatility, rising oil prices from the Russia-Ukraine conflict and pressure on corporate earnings related to these factors. 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 stable despite the changing economic outlook.

Total net charge-offs in the third quarter of 2022 were $162 million, compared with $161 million in the second quarter of 2022 and $147 million in the third quarter of 2021. The net charge-off ratio was 0.19 percent in the third quarter of 2022, compared with 0.20 percent in the second quarter of 2022 and in the third quarter of 2021. Net charge-offs increased $1 million (0.6 percent) compared with the second quarter of 2022. Net charge-offs increased $15 million (10.2 percent) compared with the third quarter of 2021, reflecting higher charge-offs in total commercial loans, credit cards and other retail portfolios, partially offset by a decrease in total commercial real estate loan charge-offs.

The allowance for credit losses was $6,455 million at September 30, 2022, compared with $6,255 million at June 30, 2022, and $6,300 million at September 30, 2021. The increase on a linked quarter basis was driven by continued strong loan growth and economic uncertainty. The ratio of the allowance for credit losses to period-end loans was 1.88 percent at September 30, 2022, compared with 1.88 percent at June 30, 2022, and 2.12 percent at September 30, 2021. The ratio of the allowance for credit losses to nonperforming loans was 1,025 percent at September 30, 2022, compared with 863 percent at June 30, 2022, and 695 percent at September 30, 2021.

Nonperforming assets were $677 million at September 30, 2022, compared with $770 million at June 30, 2022, and $944 million at September 30, 2021. The ratio of nonperforming assets to loans and other real estate was 0.20 percent at September 30, 2022, compared with 0.23 percent at June 30, 2022, and 0.32 percent at September 30, 2021. The year-over-year and linked quarter decreases in nonperforming assets reflected decreases across all loan categories with the largest drivers in total commercial and total commercial real estate nonperforming loans. Accruing loans 90 days or more past due were $393 million at September 30, 2022, compared with $423 million at June 30, 2022, and $385 million at September 30, 2021.

        10

U.S. Bancorp Third Quarter 2022 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)	Sep 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2021		Sep 30 2021
Delinquent loan ratios - 90 days or more past due excluding nonperforming loans
Commercial		.03		.07		.06		.04		.04
Commercial real estate		.05		.01		--		.03		.05
Residential mortgages		.10		.12		.18		.24		.15
Credit card		.74		.69		.74		.73		.66
Other retail		.11		.10		.11		.11		.11
Total loans		.11		.13		.14		.15		.13
Delinquent loan ratios - 90 days or more past due including nonperforming loans
Commercial		.12		.19		.21		.20		.25
Commercial real estate		.46		.53		.55		.76		.82
Residential mortgages		.35		.40		.45		.53		.47
Credit card		.74		.69		.74		.73		.66
Other retail		.32		.35		.37		.35		.36
Total loans		.30		.35		.38		.42		.43

ASSET QUALITY (a)
($ in millions)
	Sep 30 2022		Jun 30 2022		Mar 31 2022		Dec 31 2021		Sep 30 2021
Nonperforming loans
Commercial		$92		$116		$139		$139		$179
Lease financing		30		32		35		35		37
Total commercial		122		148		174		174		216
Commercial mortgages		110		147		178		213		215
Construction and development		57		59		38		71		81
Total commercial real estate		167		206		216		284		296
Residential mortgages		211		223		214		226		237
Credit card		--		--		--		--		--
Other retail		130		148		161		150		157
Total nonperforming loans		630		725		765		834		906
Other real estate		24		23		23		22		17
Other nonperforming assets		23		22		23		22		21
Total nonperforming assets		$677		$770		$811		$878		$944
Accruing loans 90 days or more past due		$393		$423		$450		$472		$385
Nonperforming assets to loans plus ORE (%)		.20		.23		.25		.28		.32
(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

        11

U.S. Bancorp Third Quarter 2022 Results

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

CAPITAL POSITION
($ in millions)	Sep 30 2022			Jun 30 2022			Mar 31 2022			Dec 31 2021			Sep 30 2021
Total U.S. Bancorp shareholders’ equity	$	47,513		$	48,605		$	51,200		$	54,918		$	53,743
Basel III Standardized Approach (a)
Common equity tier 1 capital	$	44,094		$	42,944		$	41,950		$	41,701		$	41,014
Tier 1 capital		51,346			50,195			49,198			48,516			47,426
Total risk-based capital		60,738			58,307			57,403			56,250			54,178
Common equity tier 1 capital ratio		9.7	%		9.7	%		9.8	%		10.0	%		10.2	%
Tier 1 capital ratio		11.2			11.4			11.5			11.6			11.7
Total risk-based capital ratio		13.3			13.2			13.4			13.4			13.4
Leverage ratio		8.7			8.6			8.6			8.6			8.7
Tangible common equity to tangible assets (b)		5.2			5.5			6.0			6.8			6.8
Tangible common equity to risk-weighted assets (b)		6.7			7.2			8.0			9.2			9.4
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)		9.4			9.4			9.5			9.6			9.7
(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 $47.5 billion at September 30, 2022, compared with $48.6 billion at June 30, 2022, and $53.7 billion at September 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’s target CET1 capital ratio is 8.5 percent. Based on interest rates as of October 13^th our CET1 ratio at the close of the acquisition would approximate 8.3 percent. We expect the CET1 ratio to increase toward 9.0 percent as the purchase accounting valuation adjustments accrete into capital through earnings. The Company does not expect to commence repurchasing its common stock until after the acquisition closes and its 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 September 30, 2022, and at June 30, 2022, compared with 10.2 percent at September 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 September 30, 2022, and at June 30, 2022, compared with 9.7 percent at September 30, 2021.

        12

U.S. Bancorp Third 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 fourth quarter of 2022. However, U.S. Bancorp no longer expects 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, October 14, 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 877-692-8955. Participants calling from outside the United States and Canada, please dial 234-720-6979. The PIN code for all participants is 6030554. For those unable to participate during the live call, a replay will be available at approximately 11 a.m. CT on Friday, October 14, 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 $601 billion in assets as of September 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. 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 Third 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, adjusted return on average common equity, adjusted return on tangible common equity and adjusted diluted earnings per common share 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 enhance 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						Nine Months Ended
(Dollars and Shares in Millions, Except Per Share Data)	September 30,						September 30,
(Unaudited)	2022			2021			2022			2021
Interest Income
Loans		$3,603			$2,711			$9,071			$8,112
Loans held for sale		49			54			163			176
Investment securities		867			606			2,390			1,741
Other interest income		209			38			347			103
Total interest income		4,728			3,409			11,971			10,132
Interest Expense
Deposits		534			78			791			245
Short-term borrowings		169			18			247			52
Long-term debt		198			142			498			464
Total interest expense		901			238			1,536			761
Net interest income		3,827			3,171			10,435			9,371
Provision for credit losses		362			(163	)		785			(1,160	)
Net interest income after provision for credit losses		3,465			3,334			9,650			10,531
Noninterest Income
Credit and debit card revenue		391			393			1,128			1,125
Corporate payment products revenue		190			156			520			420
Merchant processing services		406			392			1,194			1,084
Trust and investment management fees		572			459			1,638			1,349
Deposit service charges		166			194			508			531
Treasury management fees		151			155			476			462
Commercial products revenue		285			277			841			837
Mortgage banking revenue		81			418			423			1,063
Investment products fees		56			62			177			177
Securities gains (losses), net		1			20			38			88
Other		170			167			470			557
Total noninterest income		2,469			2,693			7,413			7,693
Noninterest Expense
Compensation		1,891			1,847			5,616			5,448
Employee benefits		369			336			1,139			1,057
Net occupancy and equipment		272			259			806			780
Professional services		131			126			356			332
Marketing and business development		126			99			312			237
Technology and communications		355			361			1,054			1,082
Postage, printing and supplies		72			69			213			203
Other intangibles		43			41			130			119
Merger and integration charges		42			--			239			--
Other		336			291			998			937
Total noninterest expense		3,637			3,429			10,863			10,195
Income before income taxes		2,297			2,598			6,200			8,029
Applicable income taxes		481			564			1,292			1,722
Net income		1,816			2,034			4,908			6,307
Net (income) loss attributable to noncontrolling interests		(4	)		(6	)		(8	)		(17	)
Net income attributable to U.S. Bancorp		$1,812			$2,028			$4,900			$6,290
Net income applicable to U.S. Bancorp common shareholders		$1,718			$1,934			$4,648			$6,023
Earnings per common share		$1.16			$1.30			$3.13			$4.04
Diluted earnings per common share		$1.16			$1.30			$3.13			$4.04
Dividends declared per common share		$.48			$.46			$1.40			$1.30
Average common shares outstanding		1,486			1,483			1,485			1,491
Average diluted common shares outstanding		1,486			1,484			1,486			1,492

        15

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	September 30, 2022			December 31, 2021			September 30, 2021
Assets		(Unaudited	)					(Unaudited	)
Cash and due from banks		$41,652			$28,905			$63,904
Investment securities
Held-to-maturity		85,574			41,858			--
Available-for-sale		68,523			132,963			149,376
Loans held for sale		3,647			7,775			6,191
Loans
Commercial		131,687			112,023			101,013
Commercial real estate		40,329			39,053			38,808
Residential mortgages		86,274			76,493			74,954
Credit card		24,538			22,500			22,137
Other retail		59,880			61,959			60,696
Total loans		342,708			312,028			297,608
Less allowance for loan losses		(6,017	)		(5,724	)		(5,792	)
Net loans		336,691			306,304			291,816
Premises and equipment		3,155			3,305			3,262
Goodwill		10,125			10,262			9,996
Other intangible assets		4,604			3,738			3,528
Other assets		47,002			38,174			39,422
Total assets		$600,973			$573,284			$567,495
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing		$115,206			$134,901			$135,549
Interest-bearing		355,942			321,182			307,353
Total deposits		471,148			456,083			442,902
Short-term borrowings		25,066			11,796			16,088
Long-term debt		32,228			32,125			35,671
Other liabilities		24,553			17,893			18,456
Total liabilities		552,995			517,897			513,117
Shareholders’ equity
Preferred stock		6,808			6,371			5,968
Common stock		21			21			21
Capital surplus		8,590			8,539			8,550
Retained earnings		71,782			69,201			68,297
Less treasury stock		(27,188	)		(27,271	)		(27,301	)
Accumulated other comprehensive income (loss)		(12,500	)		(1,943	)		(1,792	)
Total U.S. Bancorp shareholders’ equity		47,513			54,918			53,743
Noncontrolling interests		465			469			635
Total equity		47,978			55,387			54,378
Total liabilities and equity		$600,973			$573,284			$567,495

        16

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Total equity		$47,978			$49,069			$51,668			$55,387			$54,378
Preferred stock		(6,808	)		(6,808	)		(6,808	)		(6,371	)		(5,968	)
Noncontrolling interests		(465	)		(464	)		(468	)		(469	)		(635	)
Goodwill (net of deferred tax liability) (1)		(9,165	)		(9,204	)		(9,304	)		(9,323	)		(9,063	)
Intangible assets, other than mortgage servicing rights		(735	)		(780	)		(762	)		(785	)		(618	)
Tangible common equity (a)		30,805			31,813			34,326			38,439			38,094
Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation		44,094			42,944			41,950			41,701			41,014
Adjustments (2)		(1,300	)		(1,300	)		(1,298	)		(1,733	)		(1,733	)
Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (b)		42,794			41,644			40,652			39,968			39,281
Total assets		600,973			591,381			586,517			573,284			567,495
Goodwill (net of deferred tax liability) (1)		(9,165	)		(9,204	)		(9,304	)		(9,323	)		(9,063	)
Intangible assets, other than mortgage servicing rights		(735	)		(780	)		(762	)		(785	)		(618	)
Tangible assets (c)		591,073			581,397			576,451			563,176			557,814
Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (d)		456,928	*		441,804			427,174			418,571			404,021
Adjustments (3)		(337	)*		(317	)		(351	)		(357	)		(684	)
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (e)		456,591	*		441,487			426,823			418,214			403,337
Ratios*
Tangible common equity to tangible assets (a)/(c)		5.2	%		5.5	%		6.0	%		6.8	%		6.8	%
Tangible common equity to risk-weighted assets (a)/(d)		6.7			7.2			8.0			9.2			9.4
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e)		9.4			9.4			9.5			9.6			9.7
	Three Months Ended
	September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021			September 30, 2021
Net income applicable to U.S. Bancorp common shareholders		$1,718			$1,464			$1,466			$1,582			$1,934
Intangibles amortization (net-of-tax)		34			32			37			32			32
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization		1,752			1,496			1,503			1,614			1,966
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (f)		6,951			6,000			6,096			6,403			7,800
Average total equity		50,284			49,633			53,934			55,875			54,908
Average preferred stock		(6,808	)		(6,808	)		(6,619	)		(6,865	)		(5,968	)
Average noncontrolling interests		(464	)		(467	)		(468	)		(633	)		(635	)
Average goodwill (net of deferred tax liability) (1)		(9,192	)		(9,246	)		(9,320	)		(9,115	)		(9,019	)
Average intangible assets, other than mortgage servicing rights		(758	)		(783	)		(779	)		(656	)		(632	)
Average tangible common equity (g)		33,062			32,329			36,748			38,606			38,654
Return on tangible common equity (f)/(g)		21.0	%		18.6	%		16.6	%		16.6	%		20.2	%
Net interest income		$3,827			$3,435			$3,173			$3,123			$3,171
Taxable-equivalent adjustment (4)		30			29			27			27			26
Net interest income, on a taxable-equivalent basis		3,857			3,464			3,200			3,150			3,197
Net interest income, on a taxable-equivalent basis
(as calculated above)		3,857			3,464			3,200			3,150			3,197
Noninterest income		2,469			2,548			2,396			2,534			2,693
Less: Securities gains (losses), net		1			19			18			15			20
Total net revenue, excluding net securities gains (losses) (h)		6,325			5,993			5,578			5,669			5,870
Noninterest expense (i)		3,637			3,724			3,502			3,533			3,429
Efficiency ratio (i)/(h)		57.5	%		62.1	%		62.8	%		62.3	%		58.4	%

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

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

(2) Includes 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 September 30, 2022
Net income attributable to U.S. Bancorp		$1,812
Less: Notable items (1)		(33	)
Net income attributable to U.S. Bancorp, excluding notable items		1,845
Annualized net income attributable to U.S. Bancorp, excluding notable items (a)		7,320
Average assets (b)		588,764
Return on average assets, excluding notable items (a)/(b)		1.24	%
Net income applicable to U.S. Bancorp common shareholders		$1,718
Less: Notable items (1)		(33	)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items		1,751
Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (c)		6,947
Average common equity (d)		43,012
Return on average common equity, excluding notable items (c)/(d)		16.2	%
Net income applicable to U.S. Bancorp common shareholders		$1,718
Intangibles amortization (net-of-tax)		34
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization		1,752
Less: Notable items (1)		(33	)
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items		1,785
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (e)		7,082
Average total equity		50,284
Average preferred stock		(6,808	)
Average noncontrolling interests		(464	)
Average goodwill (net of deferred tax liability) (2)		(9,192	)
Average intangible assets, other than mortgage servicing rights		(758	)
Average tangible common equity (f)		33,062
Return on tangible common equity, excluding notable items (e)/(f)		21.4	%
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (g)		$1,751
Average diluted common shares outstanding (h)		1,486
Diluted earnings per common share, excluding notable items (g)/(h)		1.18	%

(1) Notable items for the three months ended September 30, 2022 include $33 million (net-of-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	3Q 2022		2Q 2022			3Q   2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD   2021		Percent Change
Corporate and Commercial Banking		$502		$379			$381		32.5			31.8			$1,293		$1,254		3.1
Consumer and Business Banking		467		502			665		(7.0	)		(29.8	)		1,349		1,876		(28.1	)
Wealth Management and Investment Services		400		320			204		25.0			96.1			923		637		44.9
Payment Services		330		389			400		(15.2	)		(17.5	)		1,089		1,334		(18.4	)
Treasury and Corporate Support		113		(59	)		378		nm			(70.1	)		246		1,189		(79.3	)
Consolidated Company		$1,812		$1,531			$2,028		18.4			(10.7	)		$4,900		$6,290		(22.1	)
	Income Before Provision and Taxes							Percent Change						Income Before Provision and Taxes
	3Q 2022		2Q 2022			3Q   2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD   2021		Percent Change
Corporate and Commercial Banking		$738		$605			$520		22.0			41.9			$1,897		$1,641		15.6
Consumer and Business Banking		663		594			860		11.6			(22.9	)		1,811		2,366		(23.5	)
Wealth Management and Investment Services		537		423			274		27.0			96.0			1,239		852		45.4
Payment Services		725		740			700		(2.0	)		3.6			2,089		1,996		4.7
Treasury and Corporate Support		26		(74	)		107		nm			(75.7	)		35		93		(62.4	)
Consolidated Company		$2,689		$2,288			$2,461		17.5			9.3			$7,071		$6,948		1.8
(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
	3Q 2022		2Q 2022		3Q   2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$934		$795		$701		17.5			33.2			$2,475		$2,158		14.7
Noninterest income		256		272		254		(5.9	)		.8			774		788		(1.8	)
Securities gains (losses), net		--		--		--		--			--			--		--		--
Total net revenue		1,190		1,067		955		11.5			24.6			3,249		2,946		10.3
Noninterest expense		452		462		435		(2.2	)		3.9			1,352		1,305		3.6
Other intangibles		--		--		--		--			--			--		--		--
Total noninterest expense		452		462		435		(2.2	)		3.9			1,352		1,305		3.6
Income before provision and taxes		738		605		520		22.0			41.9			1,897		1,641		15.6
Provision for credit losses		68		99		12		(31.3	)		nm			172		(32)		nm
Income before income taxes		670		506		508		32.4			31.9			1,725		1,673		3.1
Income taxes and taxable-equivalent adjustment		168		127		127		32.3			32.3			432		419		3.1
Net income		502		379		381		32.5			31.8			1,293		1,254		3.1
Net (income) loss attributable to noncontrolling interests		--		--		--		--			--			--		--		--
Net income attributable to U.S. Bancorp		$502		$379		$381		32.5			31.8			$1,293		$1,254		3.1
Average Balance Sheet Data
Loans		$131,614		$123,237		$102,800		6.8			28.0			$123,644		$102,427		20.7
Other earning assets		4,506		4,161		4,722		8.3			(4.6	)		4,447		4,485		(.8	)
Goodwill		1,912		1,912		1,650		--			15.9			1,912		1,648		16.0
Other intangible assets		3		4		5		(25.0	)		(40.0	)		4		5		(20.0	)
Assets		147,671		137,800		115,033		7.2			28.4			137,874		114,525		20.4
Noninterest-bearing deposits		53,388		59,162		63,565		(9.8	)		(16.0	)		58,517		60,648		(3.5	)
Interest-bearing deposits		100,433		93,708		69,304		7.2			44.9			93,762		70,406		33.2
Total deposits		153,821		152,870		132,869		.6			15.8			152,279		131,054		16.2
Total U.S. Bancorp shareholders’ equity		14,609		13,992		13,766		4.4			6.1			14,114		13,984		.9
(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 $738 million of income before provision and taxes in the third quarter of 2022, compared with $520 million in the third quarter of 2021, and contributed $502 million of the Company’s net income in the third quarter of 2022. The provision for credit losses increased $56 million compared with the third quarter of 2021 primarily due to loan loss provisions supporting growth in loan balances. Total net revenue was $235 million (24.6 percent) higher due to an increase of $233 million (33.2 percent) in net interest income and an increase of $2 million (0.8 percent) in total noninterest income. Net interest income increased primarily due to higher loan balances and the impact of higher rates on the margin benefit from deposits, partially offset by lower spreads on loans and lower noninterest-bearing deposits. Total noninterest income increased primarily due to stronger trust and investment management fees driven by lower money market fee waivers and core growth and higher commercial products revenue due to higher capital markets revenue, partially offset by lower treasury management fees driven by the impact of rising interest rates on earnings credits. Total noninterest expense increased $17 million (3.9 percent) compared with a year ago primarily due to higher FDIC insurance expense and higher compensation expense primarily due to merit and hiring to support business growth.

        3

CONSUMER AND BUSINESS BANKING (a)
($ in millions)								Percent Change
	3Q 2022		2Q 2022			3Q   2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$1,726		$1,606			$1,558		7.5			10.8			$4,835		$4,580		5.6
Noninterest income		336		395			714		(14.9	)		(52.9	)		1,191		1,915		(37.8	)
Securities gains (losses), net		--		--			--		--			--			--		--		--
Total net revenue		2,062		2,001			2,272		3.0			(9.2	)		6,026		6,495		(7.2	)
Noninterest expense		1,396		1,404			1,409		(.6	)		(.9	)		4,206		4,120		2.1
Other intangibles		3		3			3		--			--			9		9		--
Total noninterest expense		1,399		1,407			1,412		(.6	)		(.9	)		4,215		4,129		2.1
Income before provision and taxes		663		594			860		11.6			(22.9	)		1,811		2,366		(23.5	)
Provision for credit losses		40		(75	)		(27)		nm			nm			12		(136)		nm
Income before income taxes		623		669			887		(6.9	)		(29.8	)		1,799		2,502		(28.1	)
Income taxes and taxable-equivalent adjustment		156		167			222		(6.6	)		(29.7	)		450		626		(28.1	)
Net income		467		502			665		(7.0	)		(29.8	)		1,349		1,876		(28.1	)
Net (income) loss attributable to noncontrolling interests		--		--			--		--			--			--		--		--
Net income attributable to U.S. Bancorp		$467		$502			$665		(7.0	)		(29.8	)		$1,349		$1,876		(28.1	)
Average Balance Sheet Data
Loans		$142,986		$141,111			$140,468		1.3			1.8			$141,637		$140,914		.5
Other earning assets		3,043		2,577			7,645		18.1			(60.2	)		3,330		8,606		(61.3	)
Goodwill		3,241		3,244			3,506		(.1	)		(7.6	)		3,248		3,487		(6.9	)
Other intangible assets		3,726		3,635			2,755		2.5			35.2			3,514		2,693		30.5
Assets		158,439		156,106			160,515		1.5			(1.3	)		157,311		162,013		(2.9	)
Noninterest-bearing deposits		31,083		30,712			33,401		1.2			(6.9	)		30,990		32,857		(5.7	)
Interest-bearing deposits		166,196		168,319			159,475		(1.3	)		4.2			166,806		156,052		6.9
Total deposits		197,279		199,031			192,876		(.9	)		2.3			197,796		188,909		4.7
Total U.S. Bancorp shareholders’ equity		12,466		12,363			12,247		.8			1.8			12,361		12,352		.1
(a) preliminary data

Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.

Consumer and Business Banking generated $663 million of income before provision and taxes in the third quarter of 2022, compared with $860 million in the third quarter of 2021, and contributed $467 million of the Company’s net income in the third quarter of 2022. The provision for credit losses increased $67 million compared with prior year due to loan balance growth and more favorable credit trends in the prior year quarter. Total net revenue was lower by $210 million (9.2 percent) due to a decrease in total noninterest income of $378 million (52.9 percent), partially offset by an increase of $168 million (10.8 percent) in net interest income. Net interest income reflected the favorable impact of higher rates on the margin benefit from deposits and higher deposit balances, partially offset by lower spreads on loans and lower loan fees driven by the impact of loan forgiveness related to PPP. Total noninterest income decreased due to lower mortgage banking revenue reflecting lower application volume, given declining refinance activities experienced in the mortgage industry, lower related gain on sale margins and fewer sales of loans. Total noninterest expense decreased $13 million (0.9 percent) due to lower compensation expense reflecting lower revenue-related compensation due to mortgage production and lower mortgage related loan expense, partially offset by increases in net shared services expense due to investments in digital capabilities.

        4

WEALTH MANAGEMENT AND INVESTMENT SERVICES (a)
($ in millions)								Percent Change
	3Q 2022		2Q 2022			3Q   2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$477		$353			$236		35.1			nm			$1,107		$752		47.2
Noninterest income		652		652			558		--			16.8			1,900		1,639		15.9
Securities gains (losses), net		--		--			--		--			--			--		--		--
Total net revenue		1,129		1,005			794		12.3			42.2			3,007		2,391		25.8
Noninterest expense		586		579			516		1.2			13.6			1,749		1,528		14.5
Other intangibles		6		3			4		nm			50.0			19		11		72.7
Total noninterest expense		592		582			520		1.7			13.8			1,768		1,539		14.9
Income before provision and taxes		537		423			274		27.0			96.0			1,239		852		45.4
Provision for credit losses		3		(4	)		2		nm			50.0			7		2		nm
Income before income taxes		534		427			272		25.1			96.3			1,232		850		44.9
Income taxes and taxable-equivalent adjustment		134		107			68		25.2			97.1			309		213		45.1
Net income		400		320			204		25.0			96.1			923		637		44.9
Net (income) loss attributable to noncontrolling interests		--		--			--		--			--			--		--		--
Net income attributable to U.S. Bancorp		$400		$320			$204		25.0			96.1			$923		$637		44.9
Average Balance Sheet Data
Loans		$22,871		$22,317			$18,452		2.5			23.9			$21,972		$17,582		25.0
Other earning assets		249		251			225		(.8	)		10.7			253		247		2.4
Goodwill		1,700		1,718			1,618		(1.0	)		5.1			1,726		1,618		6.7
Other intangible assets		311		300			80		3.7			nm			292		69		nm
Assets		26,439		25,783			21,633		2.5			22.2			25,563		20,743		23.2
Noninterest-bearing deposits		23,852		25,053			24,542		(4.8	)		(2.8	)		25,437		23,096		10.1
Interest-bearing deposits		73,229		71,896			72,255		1.9			1.3			71,852		76,464		(6.0	)
Total deposits		97,081		96,949			96,797		.1			.3			97,289		99,560		(2.3	)
Total U.S. Bancorp shareholders’ equity		3,726		3,618			3,171		3.0			17.5			3,647		3,099		17.7
(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 $537 million of income before provision and taxes in the third quarter of 2022, compared with $274 million in the third quarter of 2021, and contributed $400 million of the Company’s net income in the third quarter of 2022. The provision for credit losses increased slightly compared with the prior year quarter. Total net revenue increased $335 million (42.2 percent) year-over-year reflecting an increase of $241 million in net interest income and $94 million (16.8 percent) in total noninterest income. Net interest income increased primarily due to the favorable impact of higher rates on the margin benefit from deposits. Total noninterest income increased primarily driven by higher trust and investment management fees reflecting lower money market fund fee waivers, the impact of the PFM acquisition and core business growth, partially offset by the impact of unfavorable market conditions. Total noninterest expense increased $72 million (13.8 percent) compared with the third 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
	3Q 2022		2Q 2022		3Q   2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022		YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$627		$619		$616		1.3			1.8			$1,868		$1,840		1.5
Noninterest income		995		994		946		.1			5.2			2,847		2,644		7.7
Securities gains (losses), net		--		--		--		--			--			--		--		--
Total net revenue		1,622		1,613		1,562		.6			3.8			4,715		4,484		5.2
Noninterest expense		863		839		828		2.9			4.2			2,524		2,389		5.7
Other intangibles		34		34		34		--			--			102		99		3.0
Total noninterest expense		897		873		862		2.7			4.1			2,626		2,488		5.5
Income before provision and taxes		725		740		700		(2.0	)		3.6			2,089		1,996		4.7
Provision for credit losses		285		221		166		29.0			71.7			636		216		nm
Income before income taxes		440		519		534		(15.2	)		(17.6	)		1,453		1,780		(18.4	)
Income taxes and taxable-equivalent adjustment		110		130		134		(15.4	)		(17.9	)		364		446		(18.4	)
Net income		330		389		400		(15.2	)		(17.5	)		1,089		1,334		(18.4	)
Net (income) loss attributable to noncontrolling interests		--		--		--		--			--			--		--		--
Net income attributable to U.S. Bancorp		$330		$389		$400		(15.2	)		(17.5	)		$1,089		$1,334		(18.4	)
Average Balance Sheet Data
Loans		$35,819		$33,854		$31,378		5.8			14.2			$33,820		$30,353		11.4
Other earning assets		392		1,023		5		(61.7	)		nm			810		5		nm
Goodwill		3,292		3,318		3,168		(.8	)		3.9			3,312		3,172		4.4
Other intangible assets		405		437		495		(7.3	)		(18.2	)		435		518		(16.0	)
Assets		42,090		41,050		37,170		2.5			13.2			40,573		35,966		12.8
Noninterest-bearing deposits		3,312		3,396		4,913		(2.5	)		(32.6	)		3,459		5,068		(31.7	)
Interest-bearing deposits		171		167		150		2.4			14.0			166		141		17.7
Total deposits		3,483		3,563		5,063		(2.2	)		(31.2	)		3,625		5,209		(30.4	)
Total U.S. Bancorp shareholders’ equity		8,257		8,115		7,561		1.7			9.2			8,131		7,543		7.8
(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 $725 million of income before provision and taxes in the third quarter of 2022, compared with $700 million in the third quarter of 2021, and contributed $330 million of the Company’s net income in the third quarter of 2022. The provision for credit losses increased $119 million (71.7 percent) from a year ago primarily due to the impacts of increasing delinquency rates, along with stronger growth in loan balances. Total net revenue increased $60 million (3.8 percent) due to higher net interest income of $11 million (1.8 percent) and higher total noninterest income of $49 million (5.2 percent). Net interest income increased primarily due to higher loan balances, higher loan yields driven by higher interest rates net of lower customer revolve rates and loan fees, mostly offset by higher funding costs. 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 corporate payment products revenue driven by improving business spending across all product groups and seasonality in government spending. In addition, merchant processing services revenue increased due to higher sales volume and higher merchant fees, partially offset by the impact of foreign currency rate changes in Europe. Credit and debit card revenue was negatively impacted by declining prepaid processing fees as the beneficial impact of government stimulus programs dissipated year-over-year, mostly offset by strong sales. Total noninterest expense increased $35 million (4.1 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
	3Q 2022			2Q 2022			3Q   2021		3Q22 vs 2Q22			3Q22 vs 3Q21			YTD 2022			YTD   2021		Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)		$93			$91			$86		2.2			8.1			$236			$120		96.7
Noninterest income		229			216			201		6.0			13.9			663			619		7.1
Securities gains (losses), net		1			19			20		(94.7	)		(95.0	)		38			88		(56.8	)
Total net revenue		323			326			307		(.9	)		5.2			937			827		13.3
Noninterest expense		297			400			200		(25.8	)		48.5			902			734		22.9
Other intangibles		--			--			--		--			--			--			--		--
Total noninterest expense		297			400			200		(25.8	)		48.5			902			734		22.9
Income (loss) before provision and taxes		26			(74	)		107		nm			(75.7	)		35			93		(62.4	)
Provision for credit losses		(34	)		70			(316)		nm			89.2			(42	)		(1,210)		96.5
Income (loss) before income taxes		60			(144	)		423		nm			(85.8	)		77			1,303		(94.1	)
Income taxes and taxable-equivalent adjustment		(57	)		(88	)		39		35.2			nm			(177	)		97		nm
Net income (loss)		117			(56	)		384		nm			(69.5	)		254			1,206		(78.9	)
Net (income) loss attributable to noncontrolling interests		(4	)		(3	)		(6)		(33.3	)		33.3			(8	)		(17)		52.9
Net income (loss) attributable to U.S. Bancorp		$113			$(59	)		$378		nm			(70.1	)		$246			$1,189		(79.3	)
Average Balance Sheet Data
Loans		$3,488			$3,668			$3,641		(4.9	)		(4.2	)		$3,658			$3,738		(2.1	)
Other earning assets		196,698			204,562			193,989		(3.8	)		1.4			202,560			192,259		5.4
Goodwill		--			--			--		--			--			--			--		--
Other intangible assets		--			--			--		--			--			--			--		--
Assets		214,125			219,172			219,095		(2.3	)		(2.3	)		220,746			217,952		1.3
Noninterest-bearing deposits		2,409			2,504			2,597		(3.8	)		(7.2	)		2,490			2,593		(4.0	)
Interest-bearing deposits		2,696			1,599			1,285		68.6			nm			2,350			1,714		37.1
Total deposits		5,105			4,103			3,882		24.4			31.5			4,840			4,307		12.4
Total U.S. Bancorp shareholders’ equity		10,762			11,078			17,528		(2.9	)		(38.6	)		12,551			16,349		(23.2	)
(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 $26 million of income before provision and taxes in the third quarter of 2022, compared with $107 million in the third quarter of 2021, and contributed $113 million of the Company’s net income in the third quarter of 2022. The provision for credit losses increased $282 million (89.2 percent) 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 third quarter of 2021. Total net revenue was higher by $16 million (5.2 percent) due to an increase of $7 million (8.1 percent) in net interest income and an increase of $9 million (4.1 percent) in total noninterest income. Net interest income increased primarily due to higher yields on the investment portfolio and interest-bearing deposits with banks, mostly offset by higher funding costs. The increase in total noninterest income was primarily due to higher tax-advantaged investment syndication revenue and gains on the sale of certain assets, partially offset by lower securities gains. Total noninterest expense increased $97 million (48.5 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 3Q22 Earnings Conference Call October 14, 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. 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

3Q22 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 9/30/22. 3 Non-GAAP; see slide 30 for calculations 4 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 57.5% 58.9%3 16.2%3 21.4%3 56.8%3

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 Engagement Trends 8/31/22 2

Commercial and Large Corporate Business Banking Consumer Banking ~6x >17x FY20 RTP Transactions at U.S. Bank First in market to send RTP2 Transaction Multiple ways to integrate RTP products #1 are out of U.S. Bank’s footprint ~50% New State Farm Deposit Accounts1 are new customers to U.S. Bank ~80% + >5x ~5.4x FY20 talech helps small businesses tackle accounts receivable and operational tasks 1 Data as of 9/30/2022 2 Real Time Payments Note: State Farm and logo are trademarks of State Farm Mutual Automobile Company New talech Customers State Farm Agent Production (Deposit & Credit Card) 2.6x Digital and Payments Initiatives

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 8/31/22 4 Data indexed to 100 as of 3/31/21 Relationship Growth4 Relationships with both a Banking & Payments Product Total Relationships 8/31/22

Average Loans +3.9% linked quarter +13.5% year-over-year On a linked quarter basis, average total loans were higher primarily due to higher commercial loans, higher residential mortgages and higher credit card loans. On a year-over-year basis, average total loans were higher primarily due to growth in commercial loans, higher residential mortgages, and higher credit card loans, partially offset by lower retail leasing balances. $ in billions

Average Deposits +0.1% linked quarter +5.9% 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 -1 bps YoY NPAs -12.1% QoQ -28.3% YoY $ in millions, except allowance for credit losses in billions Allowance for Credit Losses by Loan Class, 3Q22   Amount ($B) Loans and Leases Outstanding (%) Commercial $2.0 1.5% Commercial Real Estate 1.0 2.4% Residential Mortgage 0.7 0.8% Credit Card 1.8 7.5% Other Retail 1.0 1.6% Total $6.5 1.9% Credit Quality

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

Net Interest Income +11.3% linked quarter +20.6% 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 +11.4% linked quarter +25.3% year-over-year $3,197 $3,464 $3,857 Linked Quarter Net interest income increased, primarily due to the impact of rising interest rates on earnings assets, strong loan growth and one more day in the quarter, partially offset by deposit pricing and short-term borrowing costs. The net interest margin increased, reflecting the impact of rising interest rates and reinvestment yields in the investment portfolio, partially offset by deposit pricing and short-term borrowing costs. Year-over-Year Net interest income increased, primarily due to the impact of rising interest rates on earning assets and strong growth in loan and investment securities balances, partially offset by deposit pricing, lower loan fees related to the forgiveness of PPP loans from a year ago, and funding mix. The net interest margin increased, primarily due to the impact of higher rates on earning assets, partially offset by deposit pricing and short-term borrowing costs. PPP Impact Paycheck Protection Program (PPP) Income1 Net Interest Income, excluding PPP Net Interest Margin

Noninterest Income -3.1% linked quarter -8.3% year-over-year Linked Quarter Mortgage banking revenue decreased, reflecting lower volumes of performing loan sales and a decrease in the fair value of mortgage servicing rights, net of hedging activities. Payment services revenue decreased, as credit card revenue decreased due to lower sales volume and rate. Merchant processing services revenue decreased due to the impact of foreign currency exchange rates as well as lower interchange rates. Corporate payment products revenue increased due to continued strengthening of business activities and seasonality of government spending. Treasury management fees decreased due to seasonally lower IRS processing volumes and the impact of earnings credits during a period of rising interest rates. Year-over-Year Mortgage banking revenue decreased, reflecting lower application volume, given declining refinancing activity experienced in the mortgage industry, lower gain on sale margins, and lower performing loan sales. Deposit service charges revenue decreased, primarily due to the impact of the elimination of certain consumer NSF fees in the first quarter of 2022. Payment services revenue increased, reflecting higher corporate payments product revenue driven by improving business spending across all product groups. Merchant Processing services revenue increased due to higher sales volume and higher merchant fees. $ 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 Payments Revenue Breakdown Total payments revenue, which includes net interest income and fee revenue, accounted for 26% of 3Q22 net revenue. Total payment fee revenue grew nearly 4.9% 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 (3Q22) Payments fee revenue growth, on a linked quarter basis, is typically seasonally strongest in 2Q Tech-led3 Merchant Processing Fee Revenue Growth ~2.5x FY19 New Tech-led3 Partnerships Our multiyear investments in e-commerce and tech-led will continue to drive growth Payment Services

Noninterest Expense -2.3% linked quarter +6.1% year-over-year Linked Quarter Compensation expense increased, primarily due to the number of payroll days in the quarter along with higher performance-based incentives, partially offset by lower variable compensation. Professional services expense increased, due to the timing of initiatives. Marketing and business development expense increased due to brand advertising and the timing of marketing campaigns. Year-over-Year Compensation expense increased, primarily due to merit and hiring to support business growth, partially offset by lower performance-based incentives and variable compensation. Employee benefits expense increased, primarily due to higher medical claims expenses. Marketing and business development expense increased, due to the timing of marketing campaigns as well as increased travel and entertainment. $ in millions PPS = postage, printing and supplies 1 $197 million and $42 million of merger and integration charges included in 2Q22 and 3Q22, respectively Reported Excluding Notable Items1 +1.9% linked quarter +4.8% 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 $42 million of merger and integration-related charges associated with the planned acquisition of MUFG Union Bank Outlook1 4Q 2022 Guidance Revenue Up ~ 2% Compared to 3Q 2022 of $6,326 ($ 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% Compared to 3Q 2022 of $3,5953

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 Entered into a Letter of Agreement with the DOJ, and signed purchase agreement, to divest three Union Bank branches in San Bernardino County, California Continuing to work with regulators in the normal course of action Targeting transaction closing in 4Q22, subject to regulatory approval Finalizing integration and conversion plans across all business and corporate functions Conversion anticipated in the first half of 2023 Execute conversion and integration plan Union Bank Acquisition Update

Appendix

Average Loans Key Points Commercial CRE Res Mtg Other Retail Credit Card Average Loans ($bn) Linked Quarter Average total loans increased by $12.6 billion, or 3.9% Average commercial loans increased by $7.9 billion, or 6.5% Average residential mortgage loans increased by $3.8 billion, or 4.7% Average credit card loans increased by $1.4 billion, or 6.0% Year-over-Year Average total loans increased by $40.0 billion, or 13.5% Average commercial loans increased by $26.7 billion, or 26.2% Average residential mortgage loans increased by $9.9 billion, or 13.4% Average credit card loans increased $2.2 billion, or 10.0% Year-over-Year Growth (4.6%) 0.1% 6.5% 10.2% 13.5%

Key Points Average Deposits ($bn) Linked Quarter Average total deposits increased by $0.3 billion, or 0.1% Average low-cost deposits (NIB, interest checking, savings and money market) decreased by $9.0 billion, or 2.1% Year-over-Year Average total deposits increased by $25.3 billion, or 5.9% Average low-cost deposits (NIB, interest checking, savings and money market) increased by $12.6 billion, or 3.1% Year-over-Year Growth 6.4% 6.5% 6.5% 6.4% 5.9% Average Deposits Time Money Market Checking and Savings Noninterest-bearing

Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $mm3Q21 2Q22 3Q22 Average Loans$101,832 $120,657 $128,519 30-89 Delinquencies0.16% 0.20% 0.25% 90+ Delinquencies0.04% 0.07% 0.03% Nonperforming Loans0.21% 0.12% 0.09% (1.1%) 2.6% 8.0% 6.9% 6.5% Average loans increased by 6.5% on a linked quarter basis Net charge-offs ratio remained low at 0.08% Utilization increased quarter over quarter from 23.7% to 24.3% Linked Quarter Growth Credit Quality – Commercial

$mm3Q21 2Q22 3Q22 Average Loans$38,921 $39,517 $40,010 30-89 Delinquencies0.08% 0.06%0.02% 90+ Delinquencies0.05%0.01%0.05% Nonperforming Loans0.76% 0.52% 0.41% Linked Quarter Growth 0.9% (0.2%) 0.6% 1.1% 1.2% Average loans increased by 1.2% on a linked quarter basis  Continued low loss rates were supported by strong portfolio credit quality Key Points Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Credit Quality – Commercial Real Estate

$mm3Q212Q223Q22 Average Loans$74,104 $80,228$84,018 30-89 Delinquencies0.20%0.12% 0.10% 90+ Delinquencies0.15% 0.12% 0.10% Nonperforming Loans0.32%0.27%0.24% 1.0% 2.4% 2.1% 3.6% 4.7% Key Points Average loans increased by 4.7% on a linked quarter basis reflecting a combination of home purchases and slow down of payoffs on existing mortgages Continued low loss rates were supported by strong portfolio credit quality Originations continued to be high credit quality (weighted average credit score of 767, weighted average LTV of 74%) Linked Quarter Growth Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Credit Quality – Residential Mortgage

$mm3Q212Q223Q22 Average Loans$21,905 $22,748 $24,105 30-89 Delinquencies0.83% 0.84% 0.97% 90+ Delinquencies0.66%0.69% 0.74% Nonperforming Loans - %- %- % 3.7% 2.3% (2.5%) 4.1% 6.0% Key Points Linked Quarter Growth Average loans increased by 6.0% on a linked quarter basis  Net charge-off ratio remained low during the quarter driven by stable payment performance Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Credit Quality – Credit Card

$mm3Q212Q223Q22 Average Loans$59,977 $61,037$60,126 30-89 Delinquencies0.41%0.39% 0.41% 90+ Delinquencies0.11%0.10% 0.11% Nonperforming Loans0.26%0.24% 0.22% 2.9% 1.9% 1.0% (1.2%) (1.5%) Key Points Linked Quarter Growth Average loans decreased by (1.5%) on a linked quarter basis  Continued low net charge-offs were supported by strong portfolio credit quality Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Credit Quality – Other Retail

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

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

Non-GAAP Financial Measures 1 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 September 30, 2022 include $42 million ($33 million after-tax) of merger and integration charges associated with the planned acquisition of MUFG Union Bank, while 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.

XML

Document and Entity Information	Oct. 14, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 14, 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