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: September 13, 2023

(Date of earliest event reported)

U.S. BANCORP

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-6880	41-0255900
(Commission file number)	(IRS Employer Identification No.)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices, including zip code)

(651) 466-3000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 12b-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 13(a) of the Exchange Act.

Item 7.01 Regulation FD Disclosure.

As previously announced, Andrew Cecere, U.S. Bancorp’s Chairman, President and Chief Executive Officer, and John C. Stern, U.S. Bancorp’s Senior Executive Vice President and Chief Financial Officer, will make a presentation at the Barclays Global Financial Services Conference in New York City at 9:00 a.m. Eastern time on Wednesday, September 13, 2023. A copy of the presentation slides, which will be discussed during the presentation, is attached hereto as Exhibit 99.1. These slides can also be accessed by clicking on “Webcasts & Presentations” from the Investor Relations section of U.S. Bancorp’s website at ir.usbank.com. A live webcast of the presentation can also be accessed at this location on the website, and a replay of the webcast will be available at the same location on the website and will remain posted for one year.

The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Barclays Global Financial Services Conference Slides
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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/ James L. Chosy
	James L. Chosy
	Senior Executive Vice President and General Counsel

Date: September 13, 2023

3

EX-99.1

Exhibit 99.1 September 13, 2023 U.S. Bank Barclays Global Financial Services Conference Andy Cecere Chairman, President and Chief Executive Officer John Stern Senior Executive Vice President and Chief Financial Officer 1 U.S. Ba U n.k S. Bank

Forward-looking Statements and Additional Information ThefollowinginformationappearsinaccordancewiththePrivateSecuritiesLitigationReformActof1995: Thispresentationcontainsforward-lookingstatementsaboutU.S.Bancorp.Statementsthatarenothistoricalorcurrentfacts,includingstatementsaboutbeliefsand expectations,areforward-lookingstatementsandarebasedontheinformationavailableto,andassumptionsandestimatesmadeby,managementasofthedatehereof. Theseforward-lookingstatementscover,amongotherthings,futureeconomicconditionsandtheanticipatedfuturerevenue,expenses,financialcondition,assetquality, capitalandliquiditylevels,plans,prospectsandoperationsofU.S.Bancorp.Forward-lookingstatementsoftenusewordssuchas“anticipates,”“targets,”“expects,” “hopes,”“estimates,”“projects,”“forecasts,”“intends,”“plans,”“goals,”“believes,”“continue”andothersimilarexpressionsorfutureorconditionalverbssuchas“will,” “may,”“might,”“should,”“would”and“could.” Forward-lookingstatementsinvolveinherentrisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthosesetforthinforward-lookingstatements, includingthefollowingrisksanduncertainties:deteriorationingeneralbusinessandeconomicconditionsorturbulenceindomesticorglobalfinancialmarkets,whichcould adverselyaffectU.S.Bancorp’srevenuesandthevaluesofitsassetsandliabilities,reducetheavailabilityoffundingtocertainfinancialinstitutions,leadtoatighteningof credit,andincreasestockpricevolatility;turmoilandvolatilityinthefinancialservicesindustry,includingfailuresorrumorsoffailuresofotherdepositoryinstitutions,which couldaffecttheabilityofdepositoryinstitutions,includingU.S.BankNationalAssociation,toattractandretaindepositors,andcouldaffecttheabilityoffinancialservices providers,includingU.S.Bancorp,toborroworraisecapital;increasesinFederalDepositInsuranceCorporation(“FDIC”)assessmentsduetobankfailures;actionstaken bygovernmentalagenciestostabilizethefinancialsystemandtheeffectivenessofsuchactions;changestoregulatorycapital,liquidityandresolution-relatedrequirements applicabletolargebankingorganizationsinresponsetorecentdevelopmentsaffectingthebankingsector;changestostatutes,regulations,orregulatorypoliciesor practices,includingcapitalandliquidityrequirements,andtheenforcementandinterpretationofsuchlawsandregulations,andU.S.Bancorp’sabilitytoaddressorsatisfy thoserequirementsandotherrequirementsorconditionsimposedbyregulatoryentities;changesininterestrates;increasesinunemploymentrates;deteriorationinthe creditqualityofitsloanportfoliosorinthevalueofthecollateralsecuringthoseloans;risksrelatedtooriginatingandsellingmortgages,includingrepurchaseand indemnitydemands,andrelatedtoU.S.Bancorp’sroleasaloanservicer;impactsofcurrent,pendingorfuturelitigationandgovernmentalproceedings;increased competitionfrombothbanksandnon-banks;effectsofclimatechangeandrelatedphysicalandtransitionrisks;changesincustomerbehaviorandpreferencesandthe abilitytoimplementtechnologicalchangestorespondtocustomerneedsandmeetcompetitivedemands;breachesindatasecurity;failuresordisruptionsinorbreaches ofU.S.Bancorp’soperational,technologyorsecuritysystemsorinfrastructure,orthoseofthirdparties;failurestosafeguardpersonalinformation;impactsofpandemics, includingtheCOVID-19pandemic,naturaldisasters,terroristactivities,civilunrest,internationalhostilitiesandgeopoliticalevents;impactsofsupplychaindisruptions, risinginflation,slowergrowthorarecession;failuretoexecuteonstrategicoroperationalplans;effectsofmergersandacquisitionsandrelatedintegration;effectsof criticalaccountingpoliciesandjudgments;effectsofchangesinorinterpretationsoftaxlawsandregulations;management’sabilitytoeffectivelymanagecreditrisk, marketrisk,operationalrisk,compliancerisk,strategicrisk,interestraterisk,liquidityriskandreputationrisk;andtherisksanduncertaintiesmorefullydiscussedinthe sectionentitled“RiskFactors”ofU.S.Bancorp’sForm10-KfortheyearendedDecember31,2022,andsubsequentfilingswiththeSecuritiesandExchangeCommission. Inaddition,U.S.Bancorp’sacquisitionofMUFGUnionBankpresentsrisksanduncertainties,including,amongothers:theriskthatthecostsavings,anyrevenue synergiesandotheranticipatedbenefitsoftheacquisitionmaynotberealizedormaytakelongerthananticipatedtoberealized;andthepossibilitythatthecombinationof MUFGUnionBankwithU.S.Bancorp,includingtheintegrationofMUFGUnionBank,maybemorecostlyordifficulttocompletethananticipatedorhaveunanticipated adverseresults. Inaddition,factorsotherthantheserisksalsocouldadverselyaffectU.S.Bancorp’sresults,andthereadershouldnotconsidertheseriskstobeacompletesetofall potentialrisksoruncertainties.Readersarecautionednottoplaceunduerelianceonanyforward-lookingstatements.Forward-lookingstatementsspeakonlyasofthe datehereof,andU.S.Bancorpundertakesnoobligationtoupdatetheminlightofnewinformationorfutureevents. Thispresentationincludesnon-GAAPfinancialmeasurestodescribeU.S.Bancorp’sperformance.ThecalculationsofthesemeasuresareprovidedintheAppendix. ThesedisclosuresshouldnotbeviewedasasubstituteforoperatingresultsdeterminedinaccordancewithGAAP,noraretheynecessarilycomparabletonon-GAAP performancemeasuresthatmaybepresentedbyothercompanies. 2 U.S. Bank

1 Third Quarter / Full Year 2023 Outlook Guidance 2Q23 3Q23 FY 2023 2 Net interest income $4.4B $4.2B - $4.4B $17.5B - $18.0B 3 Total Revenue, adjusted $7.2B $6.9B - $7.1B $28.0B - $29.0B Includes purchase accounting accretion $85M ~$75M ~$330M 3 Total Noninterest expense, adjusted $4.3B ~$4.3B ~$17.0B Includes Core Deposit Intangibles $119M ~$120M ~$500M Amortization related to Union Bank 2,3 Income Tax Rate, adjusted 24% ~23-24% ~23-24% Notable Items: Merger & Integration $310M ~$250M ~$1.0B 1 All results and guidance are on an adjusted basis 2 Taxable-equivalent basis 3 U.S. Bank 3 Non-GAAP; Adjusted for notable items which include balance sheet repositioning and capital management actions and merger and integration charges; see slide 6 for calculations

Union Bank Post Conversion Opportunities Meaningfully • Bolstered balance sheet with high quality, low-cost consumer deposits enhanced scale and • Well-established West Coast franchise with top 5 California deposit market share share in an attractive • Leading SBA lender in California market Creates significant • Remain on track to recognize ~$900 million of run rate cost synergies entering 2024 value through • Significant revenue synergies across consumer, wealth, business and corporate banking synergies Loyal customer base benefits from our robust suite of products and services Consumer Accounts Consumer & Business Banking leading digital app & product space (e.g., cards) ~1 million Opportunity to Business Banking Clients Integrated Payment Services deploy broad Merchant acquiring, real-time payments ~190K product set and offer HNW / Affluent Households digital capabilities Wealth Management ~50K Commercial Relationships Corporate & Commercial Banking Treasury management, Capital Markets ~3,000 $883M ~$1.4B Merger & Integration Costs: Incurred through 2Q23 Total expected 4 U.S. Bank

Appendix 5 U.S. Bank

Non-GAAP Financial Measures 3 Months Ended June 30, (Dollars in Millions, Unaudited) 2023 Income before taxes $1,751 Taxable-equivalent adjustment (1) 34 Less: Notable items (2) (575) Income before taxes (taxable-equivalent basis), excluding notable items (a) 2,360 Income taxes $382 Taxable-equivalent adjustment (1) 34 Less: Notable items tax impact (2) (143) Income taxes and taxable-equivalent adjustment, excluding notable items (b) 559 Income tax rate (taxable-equivalent basis), excluding notable items (b)/(a) 23.7 % Total Revenue $7,141 Taxable-equivalent adjustment (1) 34 Less: Notable items (2) ( 22) Total Net Revenue (taxable-equivalent basis), excluding notable items 7,197 Total Noninterest expense $4,569 Less: Notable items (2) (310) Total Noninterest expense, excluding notable items 4,259 Notes: (1) 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. (2) Notable items of $575 million ($432 million net-of-tax) for the three months ended June 30, 2023 included $(22) million of noninterest income related to balance sheet 6 U.S. Bank repositioning and capital management actions, $310 million of merger and integration-related charges and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions.

7 U.S. Bank

XML

Document and Entity Information	Sep. 13, 2023
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Sep. 13, 2023
Entity Registrant Name	US BANCORP \DE\
Entity Incorporation, State or Country Code	DE
Entity File Number	1-6880
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