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): April 19, 2023

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
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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)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br>symbol	Name of each exchange<br>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 April 19, 2023, U.S. Bancorp (the “Company”) issued a press release reporting quarter-ended March 31, 2023 results, and posted on its website its 1Q23 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 1Q23 Earnings Conference Call Presentation is included as Exhibit 99.2 hereto and is incorporated herein by reference. The information included in the 1Q23 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 1Q23 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 April 19, 2023, deemed “filed” under the Securities Exchange Act of 1934.
99.2	1Q23 Earnings Conference Call Presentation, deemed “furnished” under the Securities Exchange Act of 1934.
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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/    Lisa R. Stark
Lisa R. Stark
Executive Vice President and<br>Controller

DATE: April 19, 2023

EX-99.1

Exhibit 99.1

1Q23 Key Financial Data	1Q23Highlights
PROFITABILITY METRICS	1Q23	4Q22	1Q22
---	---	---	---
Return on average assets (%)	1.03	.59	1.09
Return on average common equity (%)	14.1	8.0	12.7
Return on tangible common equity (%) (a)	22.0	11.5	16.6
Net interest margin (%)	3.10	3.01	2.44
Efficiency ratio (%) (a)	63.2	63.3	62.8
INCOME STATEMENT (b)	1Q23	4Q22	1Q22
Net interest income (taxable-equivalent basis)	$4,668	$4,325	$3,200
Noninterest income	$2,507	$2,043	$2,396
Net income attributable to U.S. Bancorp	$1,698	$925	$1,557
Diluted earnings per common share	$1.04	$.57	$.99
Dividends declared per common share	$.48	$.48	$.46
BALANCE SHEET (b)	1Q23	4Q22	1Q22
Average total loans	$386,750	$359,811	$312,966
Average total deposits	$510,324	$481,834	$454,176
Net charge-off ratio	.39%	.64%	.21%
Book value per common share (period end)	$30.12	$28.71	$29.87
Basel III standardized CET1 (c)	8.5%	8.4%	9.8%
(a) See Non-GAAP Financial Measures reconciliation on page 18
(b) Dollars in millions, except per share data
(c) CET1 = Common equity tier 1 capital ratio
•  Net income of $1,881 million and diluted earnings per common share of $1.16 as adjusted for merger and integration-related charges associated with the acquisition of MUFG Union Bank<br>(“MUB”)<br> <br><br> <br>•  Net revenue of $7,175 million including $4,668 million of net interest income and $2,507 million of noninterest income<br><br><br><br><br><br>•  Net interest margin of 3.10%, an increase of 9 basis<br>points on a linked quarter basis, driven by the impact of earning asset mix and related yields<br> <br><br><br><br>•  Merger and integration-related charges of $244 million<br>($183 million net-of-tax or $(0.12) per diluted common share)<br> <br><br><br><br>•  Return on average assets of 1.15% and return on average<br>common equity of 15.7%, as adjusted for merger and integration-related charges related to the acquisition of MUB<br> <br><br><br><br>•  On a taxable-equivalent basis, net interest income<br>increased 45.9 percent year-over-year and 7.9 percent linked quarter due to the impact of the acquisition of MUB and rising interest rates on earning assets, partially offset by deposit pricing<br><br><br><br><br><br>•  Average total loan growth of 23.6% year-over-year and<br>7.5% on a linked quarter basis<br> <br><br> <br>•  Average total deposit growth of 12.4% year-over-year and 5.9% on a linked quarter basis<br> <br><br><br><br>•  CET1 capital ratio of 8.5% at March 31, 2023, compared<br>with 8.4% at December 31, 2022
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CEO Commentary
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“Our financial performance this quarter demonstrates how our scale, differentiated business mix, and through-the-cycle approach to risk management converge to drive industry-leading returns to shareholders anchored by a strong balance sheet. Our first quarter diluted earnings per common share, as adjusted, totaled $1.16, revenues exceeded $7 billion for the first time in our Company’s history, and we delivered a reported return on tangible common equity of 22.0%. The strength and stability of our balance sheet is foundational to the Company, and our commitment to managing the business with a long-term view is unwavering. Our strong liquidity position is enhanced by a well-diversified deposit profile and access to ample alternative funding sources. Our common equity tier 1 capital ratio ended the quarter at our target level of 8.5%, and we expect that ratio to expand over the next several quarters as we realize the accretive benefit of recently-acquired Union Bank. The integration is proceeding as planned, and we continue to target conversion over the upcoming Memorial Day weekend. I’d like to thank our employees for their commitment to doing the right thing for customers and communities every day.”

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

In the Spotlight

U.S. Bank Named One of the 2023 World’s Most Ethical Companies

For the ninth consecutive year, U.S. Bank has been named one of the World’s Most Ethical Companies by Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Ethisphere recognized 135 honorees that span 19 countries and more than 35 industries. U.S. Bank is one of four honorees in the banking category and the largest of the two U.S.-based banks recognized by Ethisphere.

U.S. Bank Helping Customers Manage Cash Flow

U.S. Bank continues to implement additional changes to help consumer and business clients avoid fees. Since late 2022, U.S. Bank has eliminated Extended Overdraft Fees for consumer and business accounts that are eight or more days continuously overdrawn, discontinued non-sufficient funds (NSF) fees for business accounts (consumer NSF fees were removed in early 2022), eliminated Return Deposit Item fees for consumer accounts, and removed overdraft fees for Authorize Positive Settle Negative (APSN) transaction scenarios for consumer and business accounts.

Key Metrics

•	MUB transition progressing as planned and we remain on track for conversion over Memorial Day weekend
•	Tangible common equity accretion of 7.5% in 1Q23
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•	Robust liquidity profile highlighted by total available liquidity of $315 billion and a year-end 2022 Liquidity Coverage Ratio (LCR) of 122%
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•	High quality deposit base with insured deposits accounting for 51% of total deposits. Of the uninsured deposits, approximately 80% are retail customers or operational in nature.
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•	Deposit balances were relatively stable from March 8, 2023, to the end of the quarter
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•	Superior credit quality and diversified loan portfolio; commercial real estate office accounts for 2% of total loans and 1% of total commitments
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Investor contact: George Andersen, 612.303.3620 | Media contact: Jeff Shelman, 612.303.9933

.<br><br><br><br>	U.S. Bancorp First Quarter 2023 Results
INCOME STATEMENT HIGHLIGHTS
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( in millions, except per-share data)														ADJUSTED (a) (b)
									Percent Change											Percent Change
			4Q			1Q			1Q23 vs			1Q23 vs		1Q			4Q			1Q23 vs			1Q23 vs
			2022			2022			4Q22			1Q22		2023			2022			4Q22			1Q22
Net interest income	4,634		$	4,293		$	3,173			7.9			46.0	$	4,634		$	4,293			7.9			46.0
Taxable-equivalent adjustment	34			32			27			6.3			25.9		34			32			6.3			25.9
Net interest income (taxable-equivalent basis)	4,668			4,325			3,200			7.9			45.9		4,668			4,325			7.9			45.9
Noninterest income	2,507			2,043			2,396			22.7			4.6		2,507			2,442			2.7			4.6
Total net revenue	7,175			6,368			5,596			12.7			28.2		7,175			6,767			6.0			28.2
Noninterest expense	4,555			4,043			3,502			12.7			30.1		4,311			3,953			9.1			23.1
Income before provision and income taxes	2,620			2,325			2,094			12.7			25.1		2,864			2,814			1.8			36.8
Provision for credit losses	427			1,192			112			(64.2	)		nm		427			401			6.5			nm
Income before taxes	2,193			1,133			1,982			93.6			10.6		2,437			2,413			1.0			23.0
Income taxes and taxable-equivalent adjustment	489			203			424			nm			15.3		550			531			3.6			29.7
Net income	1,704			930			1,558			83.2			9.4		1,887			1,882			.3			21.1
Net (income) loss attributable to noncontrolling interests	(6	)		(5	)		(1	)		(20.0	)		nm		(6	)		(5	)		(20.0	)		nm
Net income attributable to U.S. Bancorp	1,698		$	925		$	1,557			83.6			9.1	$	1,881		$	1,877			.2			20.8
Net income applicable to U.S. Bancorp common shareholders	1,592		$	853		$	1,466			86.6			8.6	$	1,773		$	1,801			(1.6	)		20.9
Diluted earnings per common share	1.04		$	.57		$	.99			82.5			5.1	$	1.16		$	1.20			(3.3	)		17.2
(a) 1Q23 excludes 244 million (183 million net-of-tax) of merger and integration-related charges. 4Q22 excludes notable items associated with the MUB acquisition, including 399 million (297 million net-of-tax) of losses primarily related to balance sheet repositioning and capital management actions, 90 million (67 million net-of-tax) of merger and integration-related charges and 791 million (588 million net-of-tax) related to the<br>initial provision for credit losses and optimization activities.
(b) See Non-GAAP Financial Measures<br>reconciliation on page 18

All values are in US Dollars.

On December 1, 2022, the Company completed the acquisition of MUFG Union Bank. As such, the first quarter of 2023 incorporates the full benefit of the acquisition into the reported results. The fourth quarter of 2022 reflected one month of results from MUB. Both periods reflect the impact of recognizing purchase accounting fair value marks to market and credit related marks to both the balance sheet and the accretion of these purchase accounting adjustments to the income statement in accordance with generally accepted accounting principles. The following table provides a summary of the impacts from MUB included in the operating results of the Company, excluding the impacts of notable items.

MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS
( in millions)
		4Q22(a)
Loans
Average balances	52,770	$	18,342	1Q23 Net Deposit Outflows
End of period balances	52,280		53,080	( in billions)
				Deal-related:
Deposits				MUB transitional customers	4.7
Average balances	78,238	$	28,553	Divestitures	1.1
End of period balances	70,889		81,992	Seasonal flows	3.4
				Other flows	1.9
Net interest income (taxable-equivalent basis) (b)	705	$	255		11.1
Noninterest income (c)	127		47
Total net revenue	832		302
Noninterest expense (d)	546		221
Income before provision and income taxes	286	$	81
(a) Includes activity from the date of acquisition (December 1, 2022) through<br>December 31, 2022
(b) Net of intercompany funding activity between U.S. Bank National<br>Association and MUFG Union Bank
(c)  Net of the impact of balance sheet repositioning and capital<br>management actions taken in connection with the acquisition
(d) Net of merger and integration charges

All values are in US Dollars.

2

U.S. Bancorp First Quarter 2023 Results

On a reported basis, net income attributable to U.S. Bancorp was $1,698 million for the first quarter of 2023, which was $141 million higher than the $1,557 million for the first quarter of 2022 and $773 million higher than the $925 million for the fourth quarter of 2022. Diluted earnings per common share were $1.04 in the first quarter of 2023, compared with $0.99 in the first quarter of 2022 and $0.57 in the fourth quarter of 2022. The first quarter of 2023 included $183 million, or $(0.12) per diluted common share, of merger and integration-related charges associated with the acquisition of MUB. The fourth quarter of 2022 included $(952) million, or $(0.63) per diluted common share, of notable items associated with the MUB acquisition, including the impact of certain transactions to support balance sheet repositioning and capital management actions, merger and integration-related charges and the initial provision for credit losses. On an adjusted basis, excluding the impacts of these notable items, net income applicable to common shareholders was $1.8 billion, representing a 20.9 percent increase from the first quarter of 2022, and diluted earnings per common share were $1.16 in the first quarter of 2023, compared with $0.99 per share a year ago, representing a 17.2 percent increase.

The increase in net income year-over-year was driven by higher total net revenue, partially offset by higher provision expense, and noninterest expense, including the merger and integration-related charges. Pretax income excluding merger and integration-related charges in the current quarter increased 23.0 percent compared with a year ago. Net interest income increased 45.9 percent on a year-over-year taxable-equivalent basis due to the impact of rising interest rates on earning assets and the impacts of the MUB acquisition. The net interest margin increased to 3.10 percent in the first quarter of 2023 from 2.44 percent in the first quarter of 2022 primarily due to the impact of higher rates on earning assets and the acquisition of MUB. Noninterest income increased 4.6 percent compared with a year ago driven by higher payment services revenue, trust and investment management fees, and commercial products revenue, partially offset by lower mortgage banking revenue and losses on securities. Noninterest expense increased 30.1 percent (23.1 percent excluding merger and integration-related charges), primarily driven by MUB operating expenses, including core deposit intangible amortization expense and higher legacy compensation expense to support business growth. Provision for credit losses increased $315 million compared with the first quarter of 2022 driven by the acquisition of MUB, normalizing credit losses and continued economic uncertainty.

Net income increased 83.6 percent on a linked quarter basis reflecting the impact of the MUB acquisition, which contributed to higher total net revenue, and lower provision for credit losses, partially offset by higher noninterest expense. Pretax income excluding the merger and integration-related charges in the current quarter and the prior quarter notable items increased 1.0 percent on a linked quarter basis. Net interest income increased 7.9 percent on a taxable-equivalent basis due to the impacts of the MUB acquisition, partially offset by deposit pricing. The net interest margin increased to 3.10 percent in the first quarter of 2023 from 3.01 percent in the fourth quarter of 2022 primarily due to the impact of higher rates on earning assets and loan growth, partially offset by deposit pricing. Excluding the impact of the fourth quarter of 2022 notable items, noninterest income increased 2.7 percent compared with the fourth quarter of 2022 driven by higher trust and investment management fees, commercial products revenue and mortgage banking revenue, partially offset by higher losses on securities and lower other noninterest income. Excluding merger and integration-related charges related to the acquisition of MUB, noninterest expense increased 9.1 percent on a linked quarter basis driven by MUB operating expenses, core deposit intangible amortization, higher compensation expense and other noninterest expense. Provision for credit losses decreased primarily due to the impact of the initial provision for credit losses related to the acquisition of MUB in the prior quarter, partially offset by an increase related to normalizing credit losses and continued economic uncertainty.

3

U.S. Bancorp First Quarter 2023 Results
NET INTEREST INCOME
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(Taxable-equivalent basis; in millions)
Components of net interest income
Income on earning assets	6,999	6,008	3,445	991	$3,554
Expense on interest-bearing liabilities	2,331	1,683	245	648	2,086
Net interest income	4,668	4,325	3,200	343	$1,468
Average yields and rates paid
Earning assets yield	4.65%	4.17%	2.62%	.48%	2.03%
Rate paid on interest-bearing liabilities	2.06	1.55	.26	.51	1.80
Gross interest margin	2.59%	2.62%	2.36%	(.03)%	.23%
Net interest margin	3.10%	3.01%	2.44%	.09%	.66%
Average balances
Investment securities (a)	166,125	166,993	174,762	(868)	$(8,637)
Loans	386,750	359,811	312,966	26,939	73,784
Interest-bearing deposits with banks	43,305	35,565	29,851	7,740	13,454
Earning assets	607,614	572,678	529,837	34,936	77,777
Interest-bearing liabilities	458,074	430,600	378,223	27,474	79,851
(a) Excludes unrealized gain (loss)

All values are in US Dollars.

Net interest income on a taxable-equivalent basis in the first quarter of 2023 was $4,668 million, an increase of $1,468 million (45.9 percent) over the first quarter of 2022. The increase was primarily due to the impact of rising interest rates on earning assets and the acquisition of MUB. Average earning assets were $77.8 billion (14.7 percent) higher than the first quarter of 2022, reflecting increases of $73.8 billion (23.6 percent) in average total loans and $13.5 billion (45.1 percent) in average interest-bearing deposits with banks, while average investment securities decreased $8.6 billion (4.9 percent) driven by balance sheet repositioning and liquidity management in connection with the acquisition of MUB. The decrease in average investment securities year-over-year was due to sales of securities in both the legacy portfolio and acquired portfolio, partially offset by the increase due to acquired MUB securities.

Net interest income on a taxable-equivalent basis increased $343 million (7.9 percent) on a linked quarter basis primarily due to the impacts of the MUB acquisition, partially offset by two fewer days in the quarter and deposit pricing. Average earning assets were $34.9 billion (6.1 percent) higher on a linked quarter basis, reflecting increases of $26.9 billion (7.5 percent) in average loans and $7.7 billion (21.8 percent) in average interest-bearing deposits with banks. Average investment securities decreased by $868 million reflecting balance sheet repositioning and liquidity management in connection with the acquisition of MUB.

The net interest margin in the first quarter of 2023 was 3.10 percent, compared with 2.44 percent in the first quarter of 2022 and 3.01 percent in the fourth 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 and the acquisition of MUB. The increase in the net interest margin on a linked quarter basis reflected the impact of rising interest rates on earning assets and loan growth, partially offset by deposit pricing.

4

U.S. Bancorp First Quarter 2023 Results
AVERAGE LOANS
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( in millions)
						1Q23 vs<br><br><br>1Q22
Commercial	131,227	128,269	107,819	2.3			21.7
Lease financing	4,456	4,649	5,003	(4.2	)		(10.9	)
Total commercial	135,683	132,918	112,822	2.1			20.3
Commercial mortgages	43,627	34,997	28,826	24.7			51.3
Construction and development	11,968	10,725	10,258	11.6			16.7
Total commercial real estate	55,595	45,722	39,084	21.6			42.2
Residential mortgages	116,287	97,092	77,449	19.8			50.1
Credit card	25,569	25,173	21,842	1.6			17.1
Retail leasing	5,241	5,774	7,110	(9.2	)		(26.3	)
Home equity and second mortgages	12,774	11,927	10,394	7.1			22.9
Other	35,601	41,205	44,265	(13.6	)		(19.6	)
Total other retail	53,616	58,906	61,769	(9.0	)		(13.2	)
Total loans	386,750	359,811	312,966	7.5			23.6

All values are in US Dollars.

Average total loans for the first quarter of 2023 were $73.8 billion (23.6 percent) higher than the first quarter of 2022. The increase was driven by growth in the Company’s legacy loan portfolio as well as $52.8 billion in average loan balances from the MUB acquisition, which are primarily reflected in commercial loans, commercial mortgages and residential mortgages. Increases in commercial loans (21.7 percent), total commercial real estate loans (42.2 percent), residential mortgages (50.1 percent) and credit card loans (17.1 percent) were partially offset by lower total other retail loans (13.2 percent). The increase in legacy portfolio 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. The increase in legacy residential mortgages was driven by on-balance sheet loan activities and slower refinancing activity. The increase in credit card loans was primarily driven by higher spend volumes, account growth and lower payment rates.

Average total loans were $26.9 billion (7.5 percent) higher than the fourth quarter of 2022 primarily due to the $34.4 billion impact of a full quarter of the MUB acquisition, partially offset by a decrease in the legacy portfolio. Increases in commercial loans (2.3 percent), total commercial real estate loans (21.6 percent) and residential mortgages (19.8 percent) were primarily driven by the MUB acquisition. The increases were partially offset by lower total other retail loans (9.0 percent).

5

U.S. Bancorp First Quarter 2023 Results
AVERAGE DEPOSITS
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( in millions)						Percent Change
		4Q		1Q		1Q23 vs		1Q23 vs
		2022		2022		4Q22		1Q22
Noninterest-bearing deposits	129,741	$	118,912	$	127,963		9.1		1.4
Interest-bearing savings deposits
Interest checking	129,350		124,522		115,062		3.9		12.4
Money market savings	146,970		135,949		119,588		8.1		22.9
Savings accounts	68,827		67,991		66,978		1.2		2.8
Total savings deposits	345,147		328,462		301,628		5.1		14.4
Time deposits	35,436		34,460		24,585		2.8		44.1
Total interest-bearing deposits	380,583		362,922		326,213		4.9		16.7
Total deposits	510,324	$	481,834	$	454,176		5.9		12.4

All values are in US Dollars.

Average total deposits for the first quarter of 2023 were $56.1 billion (12.4 percent) higher than the first quarter of 2022, including the impact of the MUB acquisition. Average noninterest-bearing deposits increased $1.8 billion (1.4 percent) driven by the impact of the acquisition of MUB, partially offset by a decrease across legacy Company business lines. Average total savings deposits were $43.5 billion (14.4 percent) higher year-over-year driven by the acquisition of MUB and increases within Corporate and Commercial Banking and Wealth Management and Investment Services, partially offset by a decrease in Consumer and Business Banking. Average time deposits were $10.9 billion (44.1 percent) higher than the prior year first quarter mainly due to the acquisition of MUB and an increase within 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 $28.5 billion (5.9 percent) from the fourth quarter of 2022, including the impact of a full quarter of the MUB acquisition. On a linked quarter basis, average noninterest-bearing deposits increased $10.8 billion (9.1 percent) primarily driven by the acquisition of MUB, partially offset by decreases across legacy Company business lines. Average total savings deposits increased $16.7 billion (5.1 percent) driven by the acquisition of MUB, partially offset by decreases within Corporate and Commercial Banking and Consumer and Business Banking. Average time deposits were $1.0 billion (2.8 percent) higher on a linked quarter basis mainly within Consumer and Business Banking and due to the acquisition of MUB, partially offset by decreases 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.

The first quarter 2023 industry disruption contributed to the decrease in legacy Company deposits but was not meaningful to the overall balance sheet or deposit composition. The Company maintains a diverse and stable funding base that includes a mix of both consumer and operational wholesale deposits. Consumer deposits account for more than 50 percent of total deposits and a significant portion of the operational wholesale deposits are contractual or relationship based, not yield-seeking. At March 31, 2023, approximately 51 percent of deposits are insured through the FDIC insurance fund. Of the uninsured deposits, approximately 80 percent of these deposits are retail customers or operational in nature, creating greater stability to these deposits. In addition, the Company has total available liquidity representing 126 percent of uninsured balances.

6

U.S. Bancorp First Quarter 2023 Results
NONINTEREST INCOME
---	---	---	---	---	---	---	---	---	---	---
( in millions)
		4Q		1Q				1Q23 vs
		2022		2022				1Q22
Card revenue	360		384		338	(6.3	)		6.5
Corporate payment products revenue	189		178		158	6.2			19.6
Merchant processing services	387		385		363	.5			6.6
Trust and investment management fees	590		571		500	3.3			18.0
Service charges	324		314		333	3.2			(2.7	)
Commercial products revenue	334		264		266	26.5			25.6
Mortgage banking revenue	128		104		200	23.1			(36.0	)
Investment products fees	68		58		62	17.2			9.7
Securities gains (losses), net	(32		--		18	nm			nm
Other	159		184		158	(13.6	)		.6
Total before balance sheet optimization	2,507		2,442		2,396	2.7			4.6
Balance sheet optimization	--		(399		--	nm			--
Total noninterest income	2,507		2,043		2,396	22.7			4.6

All values are in US Dollars.

First quarter noninterest income of $2,507 million was $111 million (4.6 percent) higher than the first quarter of 2022 driven by stronger payment services revenue, trust and investment management fees, and commercial products revenue, partially offset by lower mortgage banking revenue and losses on securities. Payment services revenue increased $77 million (9.0 percent) compared with the first quarter of 2022. Card revenue increased $22 million (6.5 percent) driven by higher sales volume and the acquisition of MUB, corporate payment products revenue increased $31 million (19.6 percent) due to higher business spending across all product groups and merchant processing services revenue increased $24 million (6.6 percent) driven by higher sales volume and merchant fees. Trust and investment management fees increased $90 million (18.0 percent) driven by lower money market fund fee waivers and core business growth, partially offset by unfavorable market conditions. Commercial products revenue increased $68 million (25.6 percent) driven by higher trading revenue and the acquisition of MUB. Mortgage banking revenue decreased $72 million (36.0 percent) reflecting lower application volume, given declining refinancing activities experienced in the mortgage industry, lower related gain on sale margins and fewer sales of performing loans, partially offset by a favorable change in the valuation of mortgage servicing rights, net of hedging activities.

Noninterest income was $464 million (22.7 percent) higher in the first quarter of 2023 compared with the fourth quarter of 2022. The fourth quarter of 2022 included $(399) million of balance sheet repositioning and capital management actions taken in connection with the MUB acquisition. Excluding the fourth quarter notable items, first quarter noninterest income was $65 million (2.7 percent) higher than the fourth quarter of 2022 driven by higher trust and investment management fees, commercial products revenue and mortgage banking revenue, partially offset by losses on securities and lower other noninterest income. Trust and investment management fees increased $19 million (3.3 percent) driven by the acquisition of MUB. Commercial products revenue increased $70 million (26.5 percent) driven by an increase in corporate bond fees, as well as higher trading account revenue. Mortgage banking revenue increased $24 million (23.1 percent) reflecting an increase in the fair value of mortgage servicing rights, net of hedging activities, and higher gain on sale margins. Other noninterest income decreased $25.0 million (13.6 percent) excluding the prior quarter notable items, primarily due to lower tax-advantaged investment syndication revenue.

7

U.S. Bancorp First Quarter 2023 Results
NONINTEREST EXPENSE
---	---	---	---	---	---	---	---	---	---	---
( in millions)						Percent Change
		4Q2022		1Q2022		1Q23 vs4Q22			1Q23 vs1Q22
Compensation and employee benefits	2,646	$	2,402	$	2,249		10.2			17.7
Net occupancy and equipment	321		290		269		10.7			19.3
Professional services	134		173		114		(22.5	)		17.5
Marketing and business development	122		144		80		(15.3	)		52.5
Technology and communications	503		459		421		9.6			19.5
Other intangibles	160		85		47		88.2			nm
Other	425		400		322		6.3			32.0
Total before merger and integration	4,311		3,953		3,502		9.1			23.1
Merger and integration charges	244		90		--		nm			nm
Total noninterest expense	4,555	$	4,043	$	3,502		12.7			30.1

All values are in US Dollars.

First quarter noninterest expense of $4,555 million was $1,053 million (30.1 percent) higher than the first quarter of 2022. Included in the first quarter of 2023 were merger and integration-related charges associated with the acquisition of MUB of $244 million. Excluding the first quarter merger and integration-related charges, first quarter noninterest expense increased $809 million (23.1 percent) compared with the first quarter of 2022, driven by the impact of MUB operating expenses, core deposit intangible amortization expense, higher compensation expense and higher other noninterest expense. Compensation expense increased $397 million (17.7 percent) compared with the first quarter of 2022 primarily due to MUB expense as well as merit and hiring to support business growth and lower capitalized loan costs driven by lower mortgage production, partially offset by lower performance-based incentives. Intangible amortization increased $113 million driven by the core deposit intangible created as a result of the MUB acquisition. Other noninterest expense increased $103 million (32.0 percent) due to lower prior year accruals related to future delivery exposures for merchant and airline processing and other liabilities, higher FDIC insurance expense driven by an increase in the assessment base and rate and MUB expense.

Noninterest expense increased $512 million (12.7 percent) on a linked quarter basis. Excluding merger and integration-related charges of $244 million in the first quarter of 2023 and $90 million in the fourth quarter of 2022, first quarter noninterest expense increased $358 million (9.1 percent) driven by the impact of MUB operating expenses, core deposit intangible amortization, higher compensation expense and other noninterest expense. Compensation expense increased $244 million (10.2 percent) primarily due to MUB expense, higher performance-based incentives and lower capitalized loan costs driven by lower mortgage production, partially offset by lower variable compensation. Intangible amortization increased $75 million (88.2 percent) driven by the core deposit intangible created as a result of the MUB acquisition. Other noninterest expense increased $25 million (6.3 percent) due to MUB expense, higher FDIC insurance expense driven by an increase in the assessment base and rate and lower prior quarter accruals related to future delivery exposures for merchant and airline processing and other liabilities, partially offset by lower costs related to tax-advantaged projects.

Provision for Income Taxes

The provision for income taxes for the first quarter of 2023 resulted in a tax rate of 22.3 percent on a taxable-equivalent basis (effective tax rate of 21.1 percent), compared with 21.4 percent on a taxable-equivalent basis (effective tax rate of 20.3 percent) in the first quarter of 2022, and a tax rate of 17.9 percent on a taxable-equivalent basis (effective tax rate of 15.5 percent) in the fourth quarter of 2022.

8

U.S. Bancorp First Quarter 2023 Results
ALLOWANCE FOR CREDIT LOSSES
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
( in millions)			% (a)		4Q<br><br><br>2022			% (a)		3Q<br><br><br>2022		% (a)		2Q<br><br><br>2022		% (a)		1Q<br><br><br>2022		% (a)
Balance, beginning of period	7,404				$	6,455				$	6,255			$	6,105			$	6,155
Change in accounting principle (b)	(62	)				--					--				--				--
Allowance for acquired credit losses (c)	127					336					--				--				--
Net charge-offsUSB Combined	282			.30		210			.23		162		.19		161		.20		162		.21
Acquisition impact (d)	91					368					--				--				--
Total net charge-offs	373			.39		578			.64		162		.19		161		.20		162		.21
Provision for credit losses
USB Combined	427					401					362				311				112
Balance sheet optimization impact	--					129					--				--				--
Acquisition impact of initial provision	--					662					--				--				--
Total provision for credit losses	427					1,192					362				311				112
Other changes	--					(1	)				--				--				--
Balance, end of period	7,523				$	7,404				$	6,455			$	6,255			$	6,105
Components
Allowance for loan losses	7,020				$	6,936				$	6,017			$	5,832			$	5,664
Liability for unfunded credit commitments	503					468					438				423				441
Total allowance for credit losses	7,523				$	7,404				$	6,455			$	6,255			$	6,105
Allowance for credit losses as a percentage of
Period-end loans (%)	1.94					1.91					1.88				1.88				1.91
Nonperforming loans (%)	660					762					1,025				863				798
Nonperforming assets (%)	637					729					953				812				753
(a)  Annualized and calculated on average<br>loan balances (b)  Effective January 1, 2023, the Company adopted accounting guidance which removed the<br>separate recognition and measurement of troubled debt restructurings (c)   Allowance for purchased credit<br>deteriorated and charged-off loans acquired from MUB (d)  1Q23 included<br>91 million of net charge-offs related to initial purchase accounting adjustments for MUB acquired loans. 4Q22 included 179 million of net charge-offs related to uncollectible MUB acquired loans, of which the majority of this balance<br>related to loans that were previously charged-off by MUB, as well as 189 million of net charge-offs related to balance sheet repositioning and capital management actions taken in connection with the<br>acquisition.

All values are in US Dollars.

SUMMARY OF NET CHARGE-OFFS
($ in millions)	1Q<br><br><br>2023			% (a)			4Q2022			% (a)			3Q<br><br><br>2022			% (a)			2Q<br><br><br>2022			% (a)			1Q<br><br><br>2022			% (a)
Net charge-offs
Commercial	$	42			.13		$	133			.41		$	24			.08		$	28			.10		$	26			.10
Lease financing		5			.46			5			.43			3			.25			2			.16			6			.49
Total commercial		47			.14			138			.41			27			.08			30			.10			32			.12
Commercial mortgages		115			1.07			25			.28			(6	)		(.08	)		(2	)		(.03	)		--			--
Construction and development		2			.07			17			.63			--			--			8			.33			(5	)		(.20	)
Total commercial real estate		117			.85			42			.36			(6	)		(.06	)		6			.06			(5	)		(.05	)
Residential mortgages		(1	)		--			(3	)		(.01	)		(5	)		(.02	)		(9	)		(.04	)		(6	)		(.03	)
Credit card		175			2.78			175			2.76			119			1.96			118			2.08			112			2.08
Retail leasing		1			.08			1			.07			1			.06			--			--			1			.06
Home equity and second mortgages		(1	)		(.03	)		--			--			(2	)		(.07	)		(3	)		(.11	)		(2	)		(.08	)
Other		35			.40			225			2.17			28			.26			19			.17			30			.27
Total other retail		35			.26			226			1.52			27			.18			16			.11			29			.19
Total net charge-offs	$	373			.39		$	578			.64		$	162			.19		$	161			.20		$	162			.21
Gross charge-offs	$	469					$	669					$	275					$	276					$	280
Gross recoveries	$	96					$	91					$	113					$	115					$	118
(a)  Annualized and calculated on average<br>loan balances

9

U.S. Bancorp First Quarter 2023 Results

The Company’s provision for credit losses for the first quarter of 2023 was $427 million, compared with $1,192 million in the fourth quarter of 2022 and $112 million in the first quarter of 2022. The fourth quarter of 2022 provision included the initial provision for credit losses of $662 million related to the MUB acquisition and the provision impact of balance sheet repositioning and capital management actions taken in connection with the acquisition in the fourth quarter of $129 million. Excluding these prior quarter notable items, the first quarter of 2023 provision was $26 million (6.5 percent) higher than the fourth quarter of 2022 and $315 million higher than the first quarter of 2022. During 2022 and continuing into 2023, economic uncertainty and recession risk have been increasing due to rising interest rates, inflationary concerns, market volatility, and pressure on corporate earnings related to these factors. Expected loss estimates consider various factors including customer specific information impacting changes in risk ratings, projected delinquencies, and the impact of economic deterioration on borrowers’ liquidity and ability to repay. While these credit quality factors have continued to perform better than pre-pandemic levels, the changing economic outlook is contributing to increased provision for credit losses. Consumer portfolio credit losses are stabilizing amid rising delinquencies and lower collateral values. We also anticipate some stress in commercial portfolios as the impact of rising interest rates filters through financials and commercial real estate valuations.

Total net charge-offs in the first quarter of 2023 were $373 million, compared with $578 million in the fourth quarter of 2022 and $162 million in the first quarter of 2022. Net charge-offs for the first quarter of 2023 included $91 million of charge-offs related to uncollectible acquired loans, considered purchase credit deteriorated as of the date of the MUB acquisition. Net charge-offs for the fourth quarter of 2022 included $179 million of charge-offs related to uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million of charge-offs related to balance sheet repositioning and capital management actions taken in connection with the acquisition of MUB. The net charge-off ratio was 0.39 percent in the first quarter of 2023 (0.30 percent excluding the impact of the MUB acquisition-related charge-offs), compared with 0.64 percent in the fourth quarter of 2022 (0.23 percent excluding the impact of the MUB acquisition-related items noted above) and 0.21 percent in the first quarter of 2022. Net charge-offs, excluding the impact of the current quarter and prior quarter MUB acquisition-related items noted above, increased $72 million (34.3 percent) compared with the fourth quarter of 2022 and $120 million (74.1 percent) compared with the first quarter of 2022, reflecting higher charge-offs in most loan categories consistent with normalizing credit conditions.

The allowance for credit losses was $7,523 million at March 31, 2023, compared with $7,404 million at December 31, 2022, and $6,105 million at March 31, 2022. The allowance for credit losses at March 31, 2023, included a $(62) million impact from a change in accounting principle related to discontinuing the separate recognition and measurement of troubled debt restructurings. The increase in the allowance for credit losses on a linked quarter basis was primarily driven by increasing economic uncertainty and normalizing credit losses. The increase in the allowance for credit losses compared with the prior year quarter was primarily driven by economic uncertainty. The ratio of the allowance for credit losses to period-end loans was 1.94 percent at March 31, 2023, compared with 1.91 percent at December 31, 2022, and at March 31, 2022. The ratio of the allowance for credit losses to nonperforming loans was 660 percent at March 31, 2023, compared with 762 percent at December 31, 2022, and 798 percent at March 31, 2022.

Nonperforming assets were $1,181 million at March 31, 2023, compared with $1,016 million at December 31, 2022, and $811 million at March 31, 2022. The ratio of nonperforming assets to loans and other real estate was 0.30 percent at March 31, 2023, compared with 0.26 percent at December 31, 2022, and 0.25 percent at March 31, 2022. The increase in nonperforming assets on a linked quarter basis was primarily due to higher total commercial real estate nonperforming loans. The year-over-year increase in nonperforming assets primarily reflected $491 million of nonperforming assets acquired from MUB. Accruing loans 90 days or more past due were $494 million at March 31, 2023, compared with $491 million at December 31, 2022, and $450 million at March 31, 2022.

10

U.S. Bancorp First Quarter 2023 Results
DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
---	---	---	---	---	---
(Percent)
Delinquent loan ratios - 90 days or more past due
Commercial	.05	.07	.03	.07	.06
Commercial real estate	.01	.01	.05	.01	--
Residential mortgages	.08	.08	.10	.12	.18
Credit card	1.00	.88	.74	.69	.74
Other retail	.12	.12	.11	.10	.11
Total loans	.13	.13	.11	.13	.14
Delinquent loan ratios - 90 days or more past due and nonperforming loans
Commercial	.18	.19	.12	.19	.21
Commercial real estate	.98	.62	.46	.53	.55
Residential mortgages	.33	.36	.35	.40	.45
Credit card	1.01	.88	.74	.69	.74
Other retail	.37	.37	.32	.35	.37
Total loans	.42	.38	.30	.35	.38
ASSET QUALITY (a)
( in millions)
Nonperforming loans
Commercial	150	139	92	116	$139
Lease financing	28	30	30	32	35
Total commercial	178	169	122	148	174
Commercial mortgages	432	251	110	147	178
Construction and development	103	87	57	59	38
Total commercial real estate	535	338	167	206	216
Residential mortgages	292	325	211	223	214
Credit card	1	1	--	--	--
Other retail	133	139	130	148	161
Total nonperforming loans	1,139	972	630	725	765
Other real estate	23	23	24	23	23
Other nonperforming assets	19	21	23	22	23
Total nonperforming assets	1,181	1,016	677	770	$811
Accruing loans 90 days or more past due	494	491	393	423	$450
Nonperforming assets to loans plus ORE (%)	.30	.26	.20	.23	.25
(a) Throughout this document, nonperforming assets and related<br>ratios do not include accruing loans 90 days or more past due

All values are in US Dollars.

11

U.S. Bancorp First Quarter 2023 Results
COMMON SHARES
---	---	---	---	---	---	---	---	---	---	---	---	---
(Millions)	1Q<br><br><br>2023			4Q<br><br><br>2022		3Q<br><br><br>2022		2Q<br><br><br>2022		1Q<br><br><br>2022
Beginning shares outstanding		1,531			1,486		1,486		1,486		1,484
Shares issued for stock incentive plans, acquisitions and other corporate purposes		3			45		--		--		3
Shares repurchased		(1	)		--		--		--		(1	)
Ending shares outstanding		1,533			1,531		1,486		1,486		1,486
CAPITAL POSITION										Preliminary Data
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
($ in millions)	Mar 312023			Dec 312022			Sep 302022			Jun 302022			Mar 312022
Total U.S. Bancorp shareholders’ equity	$	52,989		$	50,766		$	47,513		$	48,605		$	51,200
Basel III Standardized Approach (a)	****	****	****	****	****	****				****	****	****	****	****	****
Common equity tier 1 capital	$	42,027		$	41,560		$	44,094		$	42,944		$	41,950
Tier 1 capital		49,278			48,813			51,346			50,195			49,198
Total risk-based capital		59,920			59,015			60,738			58,307			57,403
Common equity tier 1 capital ratio		8.5	%		8.4	%		9.7	%		9.7	%		9.8	%
Tier 1 capital ratio		10.0			9.8			11.2			11.4			11.5
Total risk-based capital ratio		12.1			11.9			13.3			13.2			13.4
Leverage ratio		7.5			7.9			8.7			8.6			8.6
Tangible common equity to tangible assets (b)		4.8			4.5			5.2			5.5			6.0
Tangible common equity to risk-weighted assets (b)		6.5			6.0			6.7			7.2			8.0
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the currentexpected credit losses methodology (b)		8.3			8.1			9.4			9.4			9.5
(a) Amounts and ratios calculated in accordance with transitional regulatory requirements<br>related to the current expected credit losses methodology
(b) See Non-GAAP Financial Measures reconciliation on<br>page 18

Total U.S. Bancorp shareholders’ equity was $53.0 billion at March 31, 2023, compared with $50.8 billion at December 31, 2022, and $51.2 billion at March 31, 2022. 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 MUB’s core regional banking franchise. The Company does not expect to evaluate potential repurchases until we achieve a CET1 ratio of 9.0 percent, at which point we will evaluate the potential capital requirements given the regulatory landscape.

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 8.5 percent at March 31, 2023, compared with 8.4 percent at December 31, 2022, and 9.8 percent at March 31, 2022. The common equity tier 1 capital to risk-weighted assets ratio, reflecting the full implementation of the current expected credit losses methodology was 8.3 percent at March 31, 2023, compared with 8.1 percent at December 31, 2022, and 9.5 percent at March 31, 2022.

12

U.S. Bancorp First Quarter 2023 Results
Investor Conference Call
---

On Wednesday, April 19, 2023 at 9 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 access code for all participants is 6030554. For those unable to participate during the live call, a replay will be available at approximately 12 p.m. CT on Wednesday, April 19, 2023. 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 77,000 employees and $682 billion in assets as of March 31, 2023, 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. Union Bank, consisting primarily of retail banking branches on the West Coast, joined U.S. Bancorp in 2022. U.S. Bancorp has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2023 World’s Most Ethical Companies. 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, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations 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 that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:

•	Deterioration in general business and economic conditions or turbulence in domestic or global<br>financial markets, which 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<br>volatility;
•	Turmoil and volatility in the financial services industry, including failures or rumors of failures<br>of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association and MUFG Union Bank, N.A., to attract and retain depositors, and could affect the ability of financial services<br>providers, including U.S. Bancorp, to borrow or raise capital;
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•	Actions taken by governmental agencies to stabilize the financial system and the effectiveness of<br>such actions;
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•	Changes to regulatory capital, liquidity and resolution-related requirements applicable to large<br>banking organizations in response to recent developments affecting the banking sector;
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•	Changes to statutes, regulations, or regulatory policies or practices, including capital and<br>liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
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•	Changes in interest rates;
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•	Increases in unemployment rates;
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•	Deterioration in the credit quality of its loan portfolios or in the value of the collateral<br>securing those loans;
---	---
•	Risks related to originating and selling mortgages, including repurchase and indemnity demands, and<br>related to U.S. Bancorp’s role as a loan servicer;
---	---
•	Impacts of current, pending or future litigation and governmental proceedings;
---	---

13

U.S. Bancorp First Quarter 2023 Results
•	Increased competition from both banks and non-banks;
---	---
•	Effects of climate change and related physical and transition risks;
---	---
•	Changes in customer behavior and preferences and the ability to implement technological changes to<br>respond to customer needs and meet competitive demands;
---	---
•	Breaches in data security;
---	---
•	Failures or disruptions in or breaches of U.S. Bancorp’s operational or security systems or<br>infrastructure, or those of third parties;
---	---
•	Failures to safeguard personal information;
---	---
•	Impacts of pandemics, including the COVID-19 pandemic,<br>natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events;
---	---
•	Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
---	---
•	Failure to execute on strategic or operational plans;
---	---
•	Effects of mergers and acquisitions and related integration;
---	---
•	Effects of critical accounting policies and judgments;
---	---
•	Effects of changes in or interpretations of tax laws and regulations;
---	---
•	Management’s ability to effectively manage credit risk, market risk, operational risk,<br>compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and
---	---
•	The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of<br>U.S. Bancorp’s Form 10-K for the year ended December 31, 2022, and subsequent filings with the Securities and Exchange Commission.
---	---

In addition, U.S. Bancorp’s 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 acquisition may not be realized or may take longer than anticipated to be realized; and the possibility that the combination of MUFG Union Bank with U.S. Bancorp, including the integration of MUFG Union Bank, may be more costly or difficult to complete than anticipated or have unanticipated adverse results.

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.

14

U.S. Bancorp First Quarter 2023 Results
Non-GAAP FinancialMeasures
---

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<br>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 net income and adjusted diluted earnings per common share exclude notable items related to the acquisition of MUFG Union Bank. 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.

15

CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)	Three Months Ended<br><br><br>March 31,
(Unaudited)	2023		2022
Interest Income
Loans		5,277		2,599
Loans held for sale		31		60
Investment securities		1,074		717
Other interest income		582		42
Total interest income		6,964		3,418
Interest Expense
Deposits		1,505		80
Short-term borrowings		449		21
Long-term debt		376		144
Total interest expense		2,330		245
Net interest income		4,634		3,173
Provision for credit losses		427		112
Net interest income after provision for credit losses		4,207		3,061
Noninterest Income
Card revenue		360		338
Corporate payment products revenue		189		158
Merchant processing services		387		363
Trust and investment management fees		590		500
Service charges		324		333
Commercial products revenue		334		266
Mortgage banking revenue		128		200
Investment products fees		68		62
Securities gains (losses), net		(32		18
Other		159		158
Total noninterest income		2,507		2,396
Noninterest Expense
Compensation and employee benefits		2,646		2,249
Net occupancy and equipment		321		269
Professional services		134		114
Marketing and business development		122		80
Technology and communications		503		421
Other intangibles		160		47
Merger and integration charges		244		--
Other		425		322
Total noninterest expense		4,555		3,502
Income before income taxes		2,159		1,955
Applicable income taxes		455		397
Net income		1,704		1,558
Net (income) loss attributable to noncontrolling interests		(6		(1
Net income attributable to U.S. Bancorp		1,698		1,557
Net income applicable to U.S. Bancorp common shareholders		1,592		1,466
Earnings per common share		1.04		.99
Diluted earnings per common share		1.04		.99
Dividends declared per common share		.48		.46
Average common shares outstanding		1,532		1,485
Average diluted common shares outstanding		1,532		1,486

All values are in US Dollars.

16

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions)	March 31,<br>2023		December 31,<br>2022		March 31,<br>2022
Assets		(Unaudited				(Unaudited
Cash and due from banks		67,228		53,542		44,303
Investment securities
Held-to-maturity		88,462		88,740		43,654
Available-for-sale		65,491		72,910		123,593
Loans held for sale		2,381		2,200		3,321
Loans
Commercial		137,326		135,690		117,470
Commercial real estate		55,158		55,487		39,191
Residential mortgages		116,948		115,845		78,487
Credit card		25,489		26,295		22,163
Other retail		52,945		54,896		61,623
Total loans		387,866		388,213		318,934
Less allowance for loan losses		(7,020		(6,936		(5,664
Net loans		380,846		381,277		313,270
Premises and equipment		3,735		3,858		3,207
Goodwill		12,560		12,373		10,250
Other intangible assets		6,883		7,155		4,194
Other assets		54,791		52,750		40,725
Total assets		682,377		674,805		586,517
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing		124,595		137,743		129,793
Interest-bearing		380,744		387,233		331,753
Total deposits		505,339		524,976		461,546
Short-term borrowings		56,875		31,216		21,042
Long-term debt		42,045		39,829		32,931
Other liabilities		24,664		27,552		19,330
Total liabilities		628,923		623,573		534,849
Shareholders’ equity
Preferred stock		6,808		6,808		6,808
Common stock		21		21		21
Capital surplus		8,699		8,712		8,515
Retained earnings		72,807		71,901		69,987
Less treasury stock		(25,193		(25,269		(27,193
Accumulated other comprehensive income (loss)		(10,153		(11,407		(6,938
Total U.S. Bancorp shareholders’ equity		52,989		50,766		51,200
Noncontrolling interests		465		466		468
Total equity		53,454		51,232		51,668
Total liabilities and equity		682,377		674,805		586,517

All values are in US Dollars.

17

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited)	March 31,<br>2023		December 31,<br>2022		September 30,<br><br><br>2022		June 30,<br>2022		March 31,<br><br><br>2022
Total equity		53,454		51,232		47,978		49,069		51,668
Preferred stock		(6,808		(6,808		(6,808		(6,808		(6,808
Noncontrolling interests		(465		(466		(465		(464		(468
Goodwill (net of deferred tax liability) (1)		(11,575		(11,395		(9,165		(9,204		(9,304
Intangible assets (net of deferred tax liability), other than mortgage servicing rights		(2,611		(2,792		(735		(780		(762
Tangible common equity (a)		31,995		29,771		30,805		31,813		34,326
Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements<br>related to the current expected credit losses methodology implementation		42,027		41,560		44,094		42,944		41,950
Adjustments (2)		(866		(1,299		(1,300		(1,300		(1,298
Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses<br>methodology (b)		41,161		40,261		42,794		41,644		40,652
Total assets		682,377		674,805		600,973		591,381		586,517
Goodwill (net of deferred tax liability) (1)		(11,575		(11,395		(9,165		(9,204		(9,304
Intangible assets (net of deferred tax liability), other than mortgage servicing rights		(2,611		(2,792		(735		(780		(762
Tangible assets (c)		668,191		660,618		591,073		581,397		576,451
Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to<br>the current expected credit losses methodology implementation (d)		494,048		496,500		456,928		441,804		427,174
Adjustments (3)		(735		(620		(337		(317		(351
Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology<br>(e)		493,313		495,880		456,591		441,487		426,823
Ratios*
Tangible common equity to tangible assets (a)/(c)		4.8		4.5		5.2		5.5		6.0
Tangible common equity to risk-weighted assets (a)/(d)		6.5		6.0		6.7		7.2		8.0
Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current<br>expected credit losses methodology (b)/(e)		8.3		8.1		9.4		9.4		9.5
	Three Months Ended
	March 31,<br>2023		December 31,<br>2022		September 30,<br><br><br>2022		June 30,<br>2022		March 31,<br>2022
Net income applicable to U.S. Bancorp common shareholders		1,592		853		1,718		1,464		1,466
Intangibles amortization<br>(net-of-tax)		126		67		34		32		37
Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization		1,718		920		1,752		1,496		1,503
Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization<br>(f)		6,967		3,650		6,951		6,000		6,096
Average total equity		53,132		49,731		50,284		49,633		53,934
Average preferred stock		(6,808		(6,808		(6,808		(6,808		(6,619
Average noncontrolling interests		(465		(466		(464		(467		(468
Average goodwill (net of deferred tax liability) (1)		(11,444		(9,202		(9,192		(9,246		(9,320
Average intangible assets (net of deferred tax liability), other than mortgage servicing rights		(2,681		(1,637		(758		(783		(779
Average tangible common equity (g)		31,734		31,618		33,062		32,329		36,748
Return on tangible common equity (f)/(g)		22.0		11.5		21.0		18.6		16.6
Net interest income		4,634		4,293		3,827		3,435		3,173
Taxable-equivalent adjustment (4)		34		32		30		29		27
Net interest income, on a taxable-equivalent basis		4,668		4,325		3,857		3,464		3,200
Net interest income, on a taxable-equivalent basis
(as calculated above)		4,668		4,325		3,857		3,464		3,200
Noninterest income		2,507		2,043		2,469		2,548		2,396
Less: Securities gains (losses), net		(32		(18		1		19		18
Total net revenue, excluding net securities gains (losses) (h)		7,207		6,386		6,325		5,993		5,578
Noninterest expense (i)		4,555		4,043		3,637		3,724		3,502
Efficiency ratio (i)/(h)		63.2		63.3		57.5		62.1		62.8

All values are in US Dollars.

*	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<br>requirements.
---	---
(2)	Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected<br>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<br>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<br>included for federal income tax purposes.
---	---

18

NON-GAAP FINANCIAL MEASURES
	Three Months Ended
(Dollars in Millions, Unaudited)	March 31,2023			December 31,2022
Net income applicable to U.S. Bancorp common shareholders	$	1,592		$	853
Less: Notable items, including the impact of earnings allocated to participating stock awards (1)		(181	)		(948	)
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a)		1,773			1,801
Average diluted common shares outstanding (b)		1,532			1,501
Diluted earnings per common share, excluding notable items (a)/(b)	$	1.16		$	1.20
Net income attributable to U.S. Bancorp	$	1,698
Less: Notable items (1)		(183	)
Net income attributable to U.S. Bancorp, excluding notable items		1,881
Annualized net income attributable to U.S. Bancorp, excluding notable items (c)		7,629
Average assets (d)		665,447
Return on average assets, excluding notable items (c)/(d)		1.15	%
Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated<br>above)		1,773
Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (e)		7,191
Average common equity (f)		45,859
Return on average common equity, excluding notable items (e)/(f)		15.7	%
Net charge-offs	$	373		$	578
Less: Notable items (2)		91			368
Net charge-offs, excluding notable items		282			210
Annualized net charge-offs, excluding notable items (g)		1,144			833
Average loan balances (h)		386,750			359,811
Net charge-off ratio,<br>excluding notable items (g)/(h)		.30	%		.23	%
(1)	Notable items for the three months ended March 31, 2023 included $183 million<br>(net-of-tax) of merger and integration charges.
---	---
Notable items for the three months ended December 31, 2022 included the following:
---
-	$399 million ($297 million net-of-tax) of losses primarily related to interest rate economic hedges, entered into after<br>regulatory approval was obtained, to manage the impact of interest rate volatility on capital prior to closing the MUFG Union Bank acquisition.
---	---
-	$90 million ($67 million net-of-tax) of merger and integration charges.
---	---
-	$791 million ($588 million net-of-tax) of provision for credit losses related to acquired loans and balance sheet repositioning<br>and capital management actions taken in connection with the acquisition.
---	---
(2)	Notable items for the three months ended March 31, 2023 included $91 million of net charge-offs related to<br>initial purchase accounting adjustments for MUB acquired loans.
---	---

Notable items for the three months ended December 31, 2022 included $179 million of net charge-offs related to uncollectible MUB acquired loans, of which the majority of this balance related to loans that were previously charged-off by MUB, as well as $189 million of net charge-offs related to balance sheet repositioning and capital management actions taken in connection with the acquisition.

19

LINE OF BUSINESS FINANCIALPERFORMANCE
($ in millions)	Net Income Attributable<br>to U.S. Bancorp
Business Line	1Q2023		4Q2022		1Q2022				1Q23 vs<br><br><br>1Q22
Corporate and Commercial Banking		580		544		408	6.6			42.2
Consumer and Business Banking		692		484		382	43.0			81.2
Wealth Management and Investment Services		399		427		229	(6.6	)		74.2
Payment Services		335		231		375	45.0			(10.7	)
Treasury and Corporate Support		(308		(761		163	59.5			nm
Consolidated Company		1,698		925		1,557	83.6			9.1
	Income Before Provision<br><br>and Taxes
	1Q2023		4Q2022		1Q2022				1Q23 vs<br><br><br>1Q22
Corporate and Commercial Banking		777		704		549	10.4			41.5
Consumer and Business Banking		936		861		556	8.7			68.3
Wealth Management and Investment Services		520		571		313	(8.9	)		66.1
Payment Services		673		652		630	3.2			6.8
Treasury and Corporate Support		(286		(463		46	38.2			nm
Consolidated Company		2,620		2,325		2,094	12.7			25.1

All values are in US Dollars.

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 2023, certain organization and methodology changes were made and, accordingly, prior period results were restated and presented on a comparable basis.

2

CORPORATE AND COMMERCIALBANKING	Preliminary data
( in millions)							Percent Change
---	---	---	---	---	---	---	---	---	---	---	---	---
		4Q<br><br><br>2022			1Q<br><br><br>2022		1Q23 vs<br><br><br>4Q22			1Q23 vs<br><br><br>1Q22
Condensed Income Statement
Net interest income (taxable-equivalent<br>basis)	1,081	$	986		$	746		9.6			44.9
Noninterest income	309		235			247		31.5			25.1
Securities gains (losses), net	--		--			--		--			--
Total net revenue	1,390		1,221			993		13.8			40.0
Noninterest expense	587		507			444		15.8			32.2
Other intangibles	26		10			--		nm			nm
Total noninterest expense	613		517			444		18.6			38.1
Income before provision and taxes	777		704			549		10.4			41.5
Provision for credit losses	3		(21	)		5		nm			(40.0	)
Income before income taxes	774		725			544		6.8			42.3
Income taxes and taxable-equivalent<br>adjustment	194		181			136		7.2			42.6
Net income	580		544			408		6.6			42.2
Net (income) loss attributable to noncontrolling<br>interests	--		--			--		--			--
Net income attributable to U.S. Bancorp	580	$	544		$	408		6.6			42.2
Average Balance Sheet Data					****	****
Loans	150,436	$	140,521		$	115,867		7.1			29.8
Other earning assets	5,768		4,761			4,676		21.2			23.4
Goodwill	2,824		1,922			1,912		46.9			47.7
Other intangible assets	592		215			4		nm			nm
Assets	170,976		159,773			127,891		7.0			33.7
Noninterest-bearing deposits	58,447		54,591			63,010		7.1			(7.2	)
Interest-bearing deposits	105,011		107,317			87,010		(2.1	)		20.7
Total deposits	163,458		161,908			150,020		1.0			9.0
Total U.S. Bancorp shareholders’ equity	17,350		15,505			13,729		11.9			26.4

All values are in US Dollars.

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 $777 million of income before provision and taxes in the first quarter of 2023, compared with $549 million in the first quarter of 2022, and contributed $580 million of the Company’s net income in the first quarter of 2023. The provision for credit losses decreased $2 million (40.0 percent) compared with the first quarter of 2022 primarily due to slower ending loan balance growth in the current year quarter. Total net revenue was $397 million (40.0 percent) higher due to an increase of $335 million (44.9 percent) in net interest income, and an increase of $62 million (25.1 percent) in total noninterest income. Net interest income increased due to the impacts of the MUB acquisition, 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 the MUB acquisition and higher commercial products revenue mainly due to higher trading revenue. Total noninterest expense increased $169 million (38.1 percent) compared with a year ago primarily due to higher FDIC insurance expense and higher net shared services expense driven by investment in support of business growth and the impacts of the MUB acquisition, including intangible amortization driven by the core deposit intangible.

3

CONSUMER AND BUSINESS<br>BANKING
( in millions)
						1Q23 vs<br><br><br>1Q22
Condensed Income Statement
Net interest income (taxable-equivalent<br>basis)	2,315	2,069	1,500	11.9			54.3
Noninterest income	397	358	454	10.9			(12.6	)
Securities gains (losses), net	--	--	--	--			--
Total net revenue	2,712	2,427	1,954	11.7			38.8
Noninterest expense	1,688	1,535	1,395	10.0			21.0
Other intangibles	88	31	3	nm			nm
Total noninterest expense	1,776	1,566	1,398	13.4			27.0
Income before provision and taxes	936	861	556	8.7			68.3
Provision for credit losses	13	216	48	(94.0	)		(72.9	)
Income before income taxes	923	645	508	43.1			81.7
Income taxes and taxable-equivalent<br>adjustment	231	161	126	43.5			83.3
Net income	692	484	382	43.0			81.2
Net (income) loss attributable to noncontrolling<br>interests	--	--	--	--			--
Net income attributable to U.S. Bancorp	692	484	382	43.0			81.2
Average Balance Sheet Data
Loans	170,132	154,832	140,429	9.9			21.2
Other earning assets	2,179	2,485	4,383	(12.3	)		(50.3	)
Goodwill	4,491	3,256	3,261	37.9			37.7
Other intangible assets	5,594	4,584	3,176	22.0			76.1
Assets	187,860	170,962	156,953	9.9			19.7
Noninterest-bearing deposits	43,496	35,702	31,265	21.8			39.1
Interest-bearing deposits	185,400	171,253	165,885	8.3			11.8
Total deposits	228,896	206,955	197,150	10.6			16.1
Total U.S. Bancorp shareholders’ equity	16,704	13,779	12,214	21.2			36.8

All values are in US Dollars.

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 $936 million of income before provision and taxes in the first quarter of 2023, compared with $556 million in the first quarter of 2022, and contributed $692 million of the Company’s net income in the first quarter of 2023. The provision for credit losses decreased $35 million (72.9 percent) compared with prior year due to more favorable product mix in the current year quarter. Total net revenue was higher by $758 million (38.8 percent) due to an increase of $815 million (54.3 percent) in net interest income, partially offset by a decrease in total noninterest income of $57 million (12.6 percent). Net interest income increased due to the impacts of the MUB acquisition and the favorable impact of higher rates on the margin benefit from deposits, partially offset by lower spreads on loans and lower loan fees. Total noninterest income decreased primarily due to lower mortgage banking revenue reflecting lower application volume, lower related gain on sale margins and fewer sales of loans. Noninterest income was also adversely impacted by lower residual gains on vehicle sales and the impact of pricing changes on deposit service charges, partially offset by the impact of the MUB acquisition. Total noninterest expense increased $378 million (27.0 percent) due to increases in net shared services expense due to investments in digital capabilities and the impact of the MUB acquisition, including intangible amortization driven by the core deposit intangible, as well as lower capitalized loan costs driven by lower mortgage production.

4

WEALTH MANAGEMENT AND INVESTMENT<br>SERVICES
( in millions)
		4Q<br><br><br>2022					1Q23 vs<br><br><br>1Q22
Condensed Income Statement
Net interest income (taxable-equivalent<br>basis)	488		522	276	(6.5	)		76.8
Noninterest income	700		653	595	7.2			17.6
Securities gains (losses), net	--		--	--	--			--
Total net revenue	1,188		1,175	871	1.1			36.4
Noninterest expense	651		595	548	9.4			18.8
Other intangibles	17		9	10	88.9			70.0
Total noninterest expense	668		604	558	10.6			19.7
Income before provision and taxes	520		571	313	(8.9	)		66.1
Provision for credit losses	(12		2	8	nm			nm
Income before income taxes	532		569	305	(6.5	)		74.4
Income taxes and taxable-equivalent<br>adjustment	133		142	76	(6.3	)		75.0
Net income	399		427	229	(6.6	)		74.2
Net (income) loss attributable to noncontrolling<br>interests	--		--	--	--			--
Net income attributable to U.S. Bancorp	399		427	229	(6.6	)		74.2
Average Balance Sheet Data
Loans	24,335		23,705	20,707	2.7			17.5
Other earning assets	380		315	241	20.6			57.7
Goodwill	1,787		1,700	1,761	5.1			1.5
Other intangible assets	442		355	265	24.5			66.8
Assets	28,625		27,462	24,421	4.2			17.2
Noninterest-bearing deposits	21,896		22,578	27,429	(3.0	)		(20.2	)
Interest-bearing deposits	83,619		78,236	70,402	6.9			18.8
Total deposits	105,515		100,814	97,831	4.7			7.9
Total U.S. Bancorp shareholders’ equity	4,106		3,815	3,593	7.6			14.3

All values are in US Dollars.

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 $520 million of income before provision and taxes in the first quarter of 2023, compared with $313 million in the first quarter of 2022, and contributed $399 million of the Company’s net income in the first quarter of 2023. The provision for credit losses decreased $20 million compared with the first quarter of 2022 primarily due to slower ending loan balance growth in the current year quarter. Total net revenue increased $317 million (36.4 percent) year-over-year reflecting an increase of $212 million (76.8 percent) in net interest income and $105 million (17.6 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 and the impacts of the MUB acquisition, partially offset by the impact of unfavorable market conditions. Total noninterest expense increased $110 million (19.7 percent) compared with the first quarter of 2022 reflecting increasing compensation costs as a result of merit and core business growth, higher net shared services expense driven by investment in support of business growth and the impact of the MUB acquisition.

5

PAYMENT SERVICES
( in millions)
						1Q23 vs<br><br><br>1Q22
Condensed Income Statement
Net interest income (taxable-equivalent<br>basis)	651	631	622	3.2			4.7
Noninterest income	937	950	857	(1.4	)		9.3
Securities gains (losses), net	--	--	--	--			--
Total net revenue	1,588	1,581	1,479	.4			7.4
Noninterest expense	886	895	815	(1.0	)		8.7
Other intangibles	29	34	34	(14.7	)		(14.7	)
Total noninterest expense	915	929	849	(1.5	)		7.8
Income before provision and taxes	673	652	630	3.2			6.8
Provision for credit losses	226	344	130	(34.3	)		73.8
Income before income taxes	447	308	500	45.1			(10.6	)
Income taxes and taxable-equivalent<br>adjustment	112	77	125	45.5			(10.4	)
Net income	335	231	375	45.0			(10.7	)
Net (income) loss attributable to noncontrolling<br>interests	--	--	--	--			--
Net income attributable to U.S. Bancorp	335	231	375	45.0			(10.7	)
Average Balance Sheet Data
Loans	36,935	37,023	31,740	(.2	)		16.4
Other earning assets	302	110	1,023	nm			(70.5	)
Goodwill	3,320	3,284	3,325	1.1			(.2	)
Other intangible assets	385	387	464	(.5	)		(17.0	)
Assets	42,860	42,663	38,499	.5			11.3
Noninterest-bearing deposits	3,184	3,265	3,673	(2.5	)		(13.3	)
Interest-bearing deposits	108	152	160	(28.9	)		(32.5	)
Total deposits	3,292	3,417	3,833	(3.7	)		(14.1	)
Total U.S. Bancorp shareholders’ equity	8,968	8,542	8,017	5.0			11.9

All values are in US Dollars.

Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing.

Payment Services generated $673 million of income before provision and taxes in the first quarter of 2023, compared with $630 million in the first quarter of 2022, and contributed $335 million of the Company’s net income in the first quarter of 2023. The provision for credit losses increased $96 million (73.8 percent) from a year ago primarily due to the impacts of increasing delinquency rates and lower consumer liquidity. Total net revenue increased $109 million (7.4 percent) due to higher net interest income of $29 million (4.7 percent) and higher total noninterest income of $80 million (9.3 percent). Net interest income increased primarily due to higher loan yields driven by higher interest rates net of lower customer revolve rates, higher loan balances, and higher 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. 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. Total noninterest expense increased $66 million (7.8 percent) reflecting higher net shared services expense driven by investment in infrastructure and technology development, in addition to higher compensation expense due to merit and core business growth.

6

TREASURY AND CORPORATE SUPPORT				Preliminary data
( in millions)						Percent Change
		4Q<br><br><br>2022		1Q<br><br><br>2022		1Q23 vs4Q22			1Q23 vs<br><br><br>1Q22
Condensed Income Statement
Net interest income (taxable-equivalent<br>basis)	133		117		56		13.7			nm
Noninterest income	196		(135		225		nm			(12.9	)
Securities gains (losses), net	(32		(18		18		(77.8	)		nm
Total net revenue	297		(36		299		nm			(.7	)
Noninterest expense	583		426		253		36.9			nm
Other intangibles	--		1		--		nm			--
Total noninterest expense	583		427		253		36.5			nm
Income (loss) before provision and taxes	(286		(463		46		38.2			nm
Provision for credit losses	197		651		(79		(69.7	)		nm
Income (loss) before income taxes	(483		(1,114		125		56.6			nm
Income taxes and taxable-equivalent<br>adjustment	(181		(358		(39		49.4			nm
Net income (loss)	(302		(756		164		60.1			nm
Net (income) loss attributable to noncontrolling<br>interests	(6		(5		(1		(20.0	)		nm
Net income (loss) attributable to U.S.<br>Bancorp	(308		(761		163		59.5			nm
Average Balance Sheet Data
Loans	4,912		3,730		4,223		31.7			16.3
Other earning assets	212,235		205,196		206,548		3.4			2.8
Goodwill	--		--		--		--			--
Other intangible assets	36		19		--		89.5			nm
Assets	235,126		221,204		229,638		6.3			2.4
Noninterest-bearing deposits	2,718		2,776		2,586		(2.1	)		5.1
Interest-bearing deposits	6,445		5,964		2,756		8.1			nm
Total deposits	9,163		8,740		5,342		4.8			71.5
Total U.S. Bancorp shareholders’ equity	5,539		7,624		15,913		(27.3	)		(65.2	)

All values are in US Dollars.

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 $286 million of loss before provision and taxes in the first quarter of 2023, compared with $46 million of income before provision and taxes in the first quarter of 2022, and contributed $308 million of net loss to the Company’s net income in the first quarter of 2023. The provision for credit losses increased $276 million primarily due to increased economic uncertainty in the current quarter relative to the reduction in the allowance for credit losses associated with improving economic conditions in the first quarter of 2022. Total net revenue was lower by $2 million (0.7 percent) due to an increase of $77 million in net interest income, offset by a decrease of $79 million (32.5 percent) in total noninterest income. Net interest income increased primarily due to the acquisition of MUB, partially offset by higher funding costs. The decrease in total noninterest income was primarily due to lower tax-advantaged investment syndication revenue and securities losses. Total noninterest expense increased $330 million primarily due to merger and integration-related charges related to the acquisition of MUB, the impact of the acquisition of MUB and higher compensation expense reflecting merit, hiring to support business growth, core business growth and higher production incentives, 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

Exhibit 99.2 April 19, 2023 U.S. Bancorp 1Q23 Earnings Conference Call U.S. Ba U.S. nk Bank 1

Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations 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 that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties: deterioration in general business and economic conditions or turbulence in domestic or global financial markets, which 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; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association and MUFG Union Bank N.A., to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to recent developments affecting the banking sector; changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S.Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities; changes in interest rates; increases in unemployment rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S.Bancorp’s role as a loan servicer; impacts of current, pending or future litigation and governmental proceedings; increased competition from both banks and non-banks; effects of climate change and related physical and transition risks; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; breaches in data security; failures or disruptions in or breaches of U.S.Bancorp’s operational or security systems or infrastructure, or those of third parties; failures to safeguard personal information; impacts of pandemics, including the COVID-19 pandemic, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events; impacts of supply chain disruptions, rising inflation, slower growth or a recession; failure to execute on strategic or operational plans; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; effects of changes in or interpretations of tax laws and regulations;management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and the risks and uncertainties more fully discussed in the section entitled“RiskFactors” of U.S.Bancorp’s Form 10-K for the year ended December 31, 2022, and subsequent filings with the Securities and Exchange Commission. In addition, U.S.Bancorp’s 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 acquisition may not be realized or may take longer than anticipated to be realized; and the possibility that the combination of MUFG Union Bank with U.S. Bancorp, including the integration of MUFG Union Bank, may be more costly or difficult to complete than anticipated or have unanticipated adverse results. 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. 2 U.S. Bank

1Q23 Highlights Earnings Per Share • Solid financial performance › Continuing to generate sustainable earnings through our highly Reported $1.04 diversified business mix and scale 1,2 Adjusted $1.16 • Well-managed, strong balance sheet › Able to withstand economic pressures to meet customer and shareholder needs Net Revenue • Resilient liquidity and robust deposit profile $ 7.2 Billion › We maintain a diversified funding profile with numerous alternative funding sources Quarterly Record • Prudent capital management › Financial discipline and strong credit profile help to ensure 2 performance under stress; reduced AOCI impact linked quarter Tangible Book Value • On track for Union Bank conversion over Memorial Day $20.87 / per share weekend 7.3% vs. 4Q22 1 U.S. Bank 3 Adjusted for notable items (shown on slide 15) which include merger and integration-related charges 2 Non-GAAP; see slide 27 and 30 for calculation

1Q23 Highlights Income Statement Credit Quality Adjusted 1,2 change vs. Change vs. Reported Adjusted 1,2 $ in millions 1Q23 4Q22 1Q22 $ in millions, except EPS 1Q23 1Q23 4Q22 1Q22 3 Nonperforming assets $1,181 16.2 % 45.6 % Net interest income $4,668 $4,668 7.9 % 45.9 % NPA ratio 0.30 % 4 bps 5 bps Noninterest income 2,507 2,507 2.7 4.6 2 Adjusted net charge-off ratio 0.30 % 7 bps 9 bps Net income 1,698 1,881 0.2 20.8 Diluted EPS $1.04 $1.16 (3.3) % 17.2 % Balance Sheet Capital Ending Period Balance Avg balance Ending balance change vs. Change vs. $ in billions 1Q23 1Q23 4Q22 1Q22 1Q23 4Q22 1Q22 4 CET1 capital ratio Total assets $665.4 $682.4 1.1 % 16.3 % 8.5 % 10bps (130 bps) Earning assets 607.6 623.1 1.4 15.3 Total risk-based capital ratio 12.1 % 20 bps (130bps) Total loans 386.8 387.9 (0.1) 21.6 Book value per share $30.12 4.9 % 0.8 % 2 Tangible book value per share Total deposits 510.3 505.3 (3.7) % 9.5 % $20.87 7.3 % (9.6) % 5 Earnings returned (millions) $785 1 1Q23 is adjusted for notable items (shown on slide 15) which include acquisition impacts related to merger and integration-related charges. 4Q22 is adjusted for balance sheet repositioning and capital management actions, merger & integration charges, and provision for credit losses 2 Non-GAAP; see slides 15 and 27 to 30 for calculations 3 Taxable-equivalent basis; see slide 27 for calculation 4 Common equity tier 1 capital to risk-weighted assets, reflecting Basel III standardized with 5 year CECL transition 5 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares repurchased in connection with 4 U.S. Bank stock compensation plans

Performance Ratios 1 Return on Return on Return on Efficiency Ratio & 1 2 Average Assets Average Common Equity Tangible Common Equity Net Interest Margin 63.3% 63.2% 62.8% 3 16.8% 3 3 15.7% 24.3% 3 3 23.4% 3 59.8% 3 58.4% 1.20% 3 1.15% 1.09% 12.7% 14.1% 22.0% 16.6% 1.03% 3.10% 3.01% 8.0% 0.59% 11.5% 2.44% 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 1Q22 4Q22 1Q23 Adjusted for notable Items Adjusted for notable Items Adjusted for notable Items Efficiency Ratio Return on Average Assets Adjusted for notable Items Return on Average Common Equity Return on Tangible Common Equity Net Interest Margin 1 Non-GAAP; see slides 27 and 28 for calculations 2 Net interest margin on a taxable-equivalent basis 3 Non-GAAP; see slides 27 and 28 for calculations; 1Q23 is adjusted for notable items (shown on slide 15) which include acquisition impacts related to merger and 5 U.S. Bank integration-related charges. 4Q22 is adjusted for balance sheet repositioning and capital management actions, merger and integration charges, and provision for credit losses

Union Bank Conversion – Update We remain on track for the Union Bank conversion over Memorial Day weekend Year End 2022 New consumer mortgage, business lending and commercial lending customers offered branded products May 1, 2023 Union Bank mortgage accounts transition to U.S. Bank May 27-30, 2023 Total Merger & Union Bank deposit accounts transition to U.S. Bank Integration Costs Enrollment in U.S. Bank mobile and online banking June – July 2023 Incurred through 1Q23: New U.S. Bank credit cards issued $573M Credit card accounts move to U.S. Bank New U.S. Bank Debit and/or ATM cards issued Total expected: Later in 2023 ~$1.4B Trust and investment accounts transition to U.S. Bank 6 U.S. Bank

Strength and Stability of U.S. Bank The strength and stability of U.S. Bank is showcased by our highly diverse mix of businesses, strong risk management capabilities, and “through-the-cycle” earnings power Quality of Robust Liquidity Strong Capital Base Superior Credit Deposits Profile Quality Well-capitalized post- Union Bank acquisition; Abundant cash levels and Resilient deposit base with Disciplined, through-the- Leading stress test results low-cost borrowing mix of consumer / cycle underwriting capacity commercial customers standards Commercial Real Estate 2 Insured Deposits YE 2022 LCR CET1 Capital Ratio (CRE) to Total Loans 51% 122% 8.5% 14% Operational Deposits as Tangible Common Equity CRE Office Total Available Liquidity 1 a % of Uninsured Accretion vs. 4Q22 2% of total loans $315 B 1% of total commitments 80% +7.5% Data as of 3/31/23 unless otherwise indicated 7 U.S. Bank 1. Operational deposits reflects wholesale, trust, term >30 days and retail. 2 Common equity tier 1 capital to risk-weighted assets, reflecting Basel III standardized with 5 year CECL transition

Deposit Summary Our granular and diverse deposit base remains a stable source of funding 1Q23 trends were in line with expectations Deposit Balance Walk ($B) Quarter Highlights $525 3.2% $508 0.6% $505 Key drivers of deposit balance decline: • Seasonal outflow early in the quarter (~1.7%) • Union Bank deal-related outflows (~1.1%) • Industry flows due to macroeconomic factors Expected through-the-cycle deposit beta of ~40% 12/31/2022 3/8/2023 3/31/2023 th Key Immediate Impacts following March 8 Money Market Funds End of Period Balance ($B) • Net deposit inflow $10• Increased customer inquiries • New account generation $122 $112 • Money Market inflows 3/8/2023 3/31/2023 8 U.S. Bank

Deposit Summary – Detailed Composition Deposit composition is highly diversified with limited concentration and significant levels of operational deposits 2 1 Insured vs. Uninsured Deposits Deposits by Business Line Total Deposit Base Uninsured Composition 16% Institutional Services 20% Non-Operational 33% Consumer Banking Uninsured 49% Trust Operational Corporate and Commercial 30% Banking Uninsured deposits 51% Wholesale Operational are largely 27% As of March 31, 2023 Insured operational in 51% nature Term > 30 Days 6% Total End of Period Deposits ($B) 17% Retail NIB / IB Mix $505 $525 Nature of Operational Deposits 25% 26% • Wholesale Operational Deposits: › Tied to Treasury Management services of large corporate clients (e.g., payroll management, tax remittance, utilities payments, 75% 74% invoicing, etc.) • Trust Operational Deposits: › Contractually-bound (e.g., collection / aggregation of principal and 4Q22 1Q23 interest on client assets, periodic payments to bond holders) IB Deposits NIB Deposits $ in Billions 9 U.S. Bank 1. Consumer includes Wealth Management; CCB includes Treasury and Corporate Support Deposits 2. Insured deposits represent FDIC insurance coverage, excluding all intercompany and subsidiary deposits Operational

Robust Liquidity Profile Resilient liquidity profile allows for numerous alternative funding sources $315B Total Available Liquidity Exceeds Uninsured 1 Deposits 126% $167 2 Liquidity Coverage Ratio (LCR) $44 122% $46 $58 3 Strong Debt Ratings 4 Moody's S&P Fitch DBRS Total Available Liquidity U.S. Bancorp as of 3/31/23 A2 A+ A+ AA Long-term Senior Debt U.S. Bank N.A. Aa2 AA- AA AA (high) Cash IP Securities FHLB FRB Long-term Deposits 1 2. 3. Insured deposits represent FDIC insurance coverage, excluding all intercompany and subsidiary deposits Source: Company LCR Filings as of YE2022 Debt ratings U.S. Bank 10 4. as of 1/27/23 S&P does not provide a deposit rating; the long-term issuer credit rating is shown

Investment Securities Composition Our balanced investment securities portfolio gives us flexibility to manage interest rate volatility Investment Securities Portfolio Investment Securities Portfolio End of Period Balance ($B) Composition Duration continues to move lower $170 $163 2.4% $161 6.5% Agency Residential MBS US Treasury and Agencies 7.0% Municipals 13.5% Agency Commercial MBS 3Q22 4Q22 1Q23 70.6% Asset Backed Securities Accumulated Other Comprehensive Income End of Period Balance ($B) As of March 31, 2023 Improvement of 11% linked quarter MBS = Mortgage-backed securities 3Q22 4Q22 1Q23 ($4.8) ($5.0) ($5.6) HTM / AFS Composition Held-to-maturity Available-for-sale ($5.4) ($6.4) ($6.9) As of March 31, 2023 55% 45% ($10.2) ($11.4) ($12.5) Other Available-for-sale U.S. Bank 11

Capital Management Following our acquisition of Union Bank in 4Q22, we expect to accrete capital back quickly through earnings; Currently operating at our target capital policy level of 150 basis points above the regulatory minimum 1,2 CET1 Ratio Capital Stack Total Risk Based Capital Impact of Union Bank acquisition Ratio 1 1.6% 8.5% 12.1% Capital Volatility 1.5% Buffer Stress Capital Buffer 2.5% Tangible Common Equity (SCB) 9.7% 8.5% Ratio 8.4% 3 6.5% Minimal Capital 4.5% Requirement Lowest CCAR Stress 3Q22 4Q22 1Q23 CET1 Target Decline vs. Peers 4 0.7% 1 Ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology 2 Common equity tier 1 capital to risk-weighted assets, reflecting Basel III standardized with 5 year CECL transition U.S. Bank 3 12 Non-GAAP; Tangible Common Equity to Risk Weighted Assets; see slide 30 for calculation 4 Based on 2022 CCAR Stress Testing Results; peer data set includes RF, KEY, TFC, PNC, WFC, COF, BAC, CFG, JPM, and MTB

Prudent Loan Growth Disciplined loan growth focused on high margin / high return business that exceeds our cost of capital; Low concentration in CRE office space Total Loan Portfolio Mix Loans by Lending Segment CRE Loans by Property Type Ending % of Ending Change vs. 1Q23 Balance Total 4Q22 1Q22 Consumer Multi Family 30% 51% Commercial $137 35% 1.2 % 16.9 % Other 21% Commercial Real Estate $55 14% (0.6) 40.7 CRE (ex. Office) 12% Residential Mortgages $117 30% 1.0 49.0 1 OO Real Estate 20% Credit Card $26 7% (3.1) 15.0 Office 12% Commercial Industrial 9% 35% Other Retail $53 14% (3.6) (14.1) 2 CRE Office SFR Construction 8% 2% Total loans $388 (0.1) % 21.6 % CRE Office represents 2% of total U.S. Bank loan portfolio Strong Regional Positioning Commitments by Lending Segment • Commercial Real Estate (CRE): strong positioning with low mix in office properties; originations have been limited since Consumer 46% the beginning of the pandemic Office portfolio CRE (ex. represents 1% of • Leveraged Lending: minimal exposure representing <1% of Office) 8% total total commitments commitments Commercial CRE Office 1% • Credit Card Portfolio: disciplined underwriting geared 45% towards prime / super prime clients $ in Billions U.S. Bank 1 13 OO = Owner Occupied 2 SFR = Single Family Residential

Credit Quality Net Charge-off and 2 Annual Net Charge-off Rates Nonperforming Assets Change vs. 1 Adjusted Strong credit performance 1 during severe recession Reported Adjusted 4Q22 1Q22 1Q23 1Q23 3.0% USB through the cycle average Net Charge-offs 2.5% 2.0% NCOs ($M) $373 $282 $72 $120 1.5% NCOs/Avg Loans 0.39% 0.30% 7bps 9bps 1.0% Non-performing Assets 0.5% 0.0% Balance ($M) $1,181 $1,181 $165 $370 2022 2005 2009 2013 2017 2021 NPAs/Period-end Loans plus NCO Rate for USB 0.30% 0.30% 4bps 5bps Recession Indicator OREO NCO Rate for Peers $700 Allowance for Credit Losses 3.80% Provision for Credit Losses Trending $600 by Loan Category, 1Q23 3.30% $500 $427 Amount Loans and Leases Outstanding 1 $401 $400 ($B) (%) $362 2.80% $191 $145 $311 $300 $200 Commercial $2.2 1.6% $150 2.30% $112 $200 Commercial Real Estate 1.4 2.5% 1.94% 1.88% 1.91% 1.91% 1.88% 1.80% $100 Residential Mortgage 0.9 0.8% 1 $282 1 $162 $161 $162 $210 $- Credit Card 2.1 8.3% 1.30% $(50) 1Q22 2Q22 3Q22 4Q22 1Q23 $(100) Other Retail 0.9 1.7% 0.80% Allowance for Credit $(200) NCOs Reserve Build Total $7.5 1.9% Losses/Period-end Loans $(300) 0.30% $ in millions, unless specified 14 U.S. Bank 1 2. Non-GAAP; see slide 29 for calculations; adjusted to exclude acquisition accounting treatment. Source: S&P Global Market Intelligence; Peer banks include: BAC, CFG, FITB, JPM, KEY, PNC, RF, TFC and WFC NCO Rate

1Q23 Earnings Summary - Detail Excluding Excluding Notable Notable 1 1 Items Items 1 Reported % Change Notable Items % Change % Change 1Q23 4Q22 1Q23 4Q22 1Q22 vs. 4Q22 vs. 1Q22 vs. 4Q22 vs. 1Q22 $ in millions, except EPS Net Interest Income $4,634 $4,293 $3,173 7.9 % 46.0 % 7 .9 % 46.0 % $ - $ - Taxable-equivalent Adjustment 34 32 27 6.3 2 5.9 - - 6.3 25.9 Net Interest Income (taxable-equivalent basis) 4,668 4,325 3,200 7 .9 45.9 - - 7.9 45.9 Noninterest Income 2,507 2,043 2,396 22.7 4.6 - (399) 2.7 4.6 Net Revenue 7,175 6,368 5,596 12.7 28.2 - (399) 6.0 28.2 Noninterest Expense 4,555 4,043 3,502 12.7 3 0.1 244 90 9.1 23.1 Operating Income 2,620 2,325 2,094 1 2.7 2 5.1 (244) (489) 1 .8 36.8 Provision for credit losses 427 1,192 112 (64.2) nm - 791 6.5 nm Income Before Taxes 2,193 1,133 1,982 93.6 10.6 (244) (1,280) 1 .0 23.0 Applicable Income Taxes 489 203 424 nm 15.3 (61) (328) 3.6 29.7 Net Income 1,704 930 1,558 83.2 9.4 (183) (952) 0.3 21.1 Non Controlling Interests (6) (5) (1) (20.0) nm - - (20.0) nm Net Income to Company 1,698 925 1,557 83.6 9 .1 (183) (952) 0.2 20.8 Preferred Dividends/ Other 106 72 91 47.2 16.5 (2 ) (4) 41.7 18.4 Net Income to Common $1,592 $853 $1,466 86.6 % 8.6 % ($181) ($948) (1.6) % 20.9 % 2 Net Interest Margin 3.10% 3.01% 2.44% 0.1 % 0 .7 % nm nm nm nm 3 Efficiency Ratio 63.2% 63.3% 62.8% (0.1) % 0.4 % 3.4 % 1.3 % 1.4 % (3.0) % Diluted EPS $1.04 $0.57 $0.99 8 2.5 % 5.1 % ($0.12) ($0.63) (3.3) % 17.2 % 1 Adjusted for notable items which include acquisition impacts related to balance sheet optimization, merger and integration charges, and provision for credit losses 2 15 U.S. Bank Taxable-equivalent basis 3 Non-GAAP; see slide 27 for calculation

Net Revenue 1Q23 4Q22 1Q22 Net Interest Income $4,668 $4,325 $3,200 Payments $936 $947 $859 Service Charges $324 $314 $333 Mortgage $128 $104 $200 Trust & Inv Mgmt $590 $571 $500 All Other $529 $506 $504 1 Noninterest Income, Adjusted $2,507 $2,442 $2,396 1 Total Revenue, Adjusted $7,175 $6,767 $5,596 2 Notable Items $0 ($399) $0 Net Revenue, Reported $7,175 $6,368 $5,596 Union Bank Net Revenue Contribution $832 $302 N/ A Reported • Net interest income increased over prior year primarily due to the impact of rising +12.7% Linked Quarter interest rates on earning assets and the acquisition of MUB +28.2% Year-Over-Year• Noninterest income is higher vs. prior year driven by stronger payment service revenue, trust and investment management fees, and commercial products revenue Excluding Notable Items • Excluding the fourth quarter notable items, noninterest income is higher on a linked quarter basis driven by higher trust and investment management fees, commercial +6.0% Linked Quarter products revenue and mortgage banking revenue +28.2% Year-Over-Year • Acquisition of Union Bank added $832m of revenue for the quarter $ in millions Payments = card, corporate payment products and merchant processing All other = commercial products, investment products fees, securities gains (losses) and other 16 U.S. Bank 1 Adjusted for notable items of the impact of balance sheet optimization in 4Q22 of $315 million for Legacy and $84 million for Union Bank 2 Notable items include $399 million impact of balance sheet optimization to noninterest income in 4Q22

Noninterest Expense 1Q23 4Q22 1Q22 Compensation & Benefits $2,646 $2,402 $2,249 Technology & Communications $503 $459 $421 Occupancy & Equipment $321 $290 $269 Professional Services, Marketing/ Business Development $256 $317 $194 All Other $585 $485 $369 1 Total Noninterest Expense, Adjusted $4,311 $3,953 $3,502 2 Notable Items $244 $90 $0 Total Noninterest Expense, Reported $4,555 $4,043 $3,502 Union Bank Noninterest Expense $546 $221 N/ A • Adjusted expense increased vs. prior year driven by the impact of MUB operating expense, core deposit Reported intangible amortization expense, higher compensation expense and higher other noninterest expense. Higher compensation was due to the MUB expense, merit and hiring and lower capitalized loan costs. Higher +12.7% Linked Quarter intangible amortization was due to MUB acquisition. Other noninterest expense increased due to future delivery exposures liabilities and higher FDIC insurance expense. +30.1% Year-Over-Year • On a linked quarter basis, adjusted expense increased driven by the impact of MUB operating expense, core deposit intangible amortization expense, higher compensation expense and other noninterest expense. Excluding Notable Items Higher compensation was driven by MUB expense, higher performance-based incentives and lower capitalized loan costs. Higher intangible amortization was due to the MUB acquisition. Other noninterest +9.1% Linked Quarter expense increased due to MUB expense, future delivery exposures liabilities and higher FDIC insurance expense. +23.1% Year-Over-Year • Union Bank added $546M of adjusted expense, which included $121M of intangible amortization driven by the core deposit intangible. $ in millions 1 17 U.S. Bank Adjusted for notable items of $244 million in 1Q23 and $90M in 4Q23 2 Notable items include merger and integration charges of $244 million in 1Q23 and $90 million in 4Q22

1 Second Quarter / Full Year 2023 Outlook Updated Guidance 1Q23 2Q23 FY 2023 Average Earnings Assets $607.6b $600b - $605b $600b - $610b 2 Net interest margin 3.10% ~3.00% 3.00-3.05% Total Revenue $7.2b $7.1b - $7.3b $28.5b - $30.5b Includes purchase accounting accretion $104m ~$85m ~$350m 3 Total Noninterest expense, adjusted $4.3b $4.3b - $4.4b $17.0b - $17.5b Includes Core Deposit Intangibles $121m ~$120m ~$500m Amortization related to Union Bank 2,3,4 Income Tax Rate, adjusted ~23% ~23% ~23% Notable Items: Merger & Integration $244m $250m - $300m $900m - $1.0b Bolded items indicates change in guidance 1 All results and guidance are for Combined Company, adjusted 2 Taxable-equivalent basis 3 18 U.S. Bank Adjusted for notable items (shown on slide 15) which include acquisition impacts related to merger and integration charges 4 Non-GAAP; see slide 30 for calculation

Appendix 19 U.S. Bank

Payment Services Fee Revenue Growth 1 1Q23 vs. prior year Card Revenue 18.0% 20.0% ▪ Card revenue improved 6.5% YoY driven by sales growth 15.0% and partially offset by lower prepaid activity. 10.0% 6.5% 5.0% ▪ Merchant processing fee revenue increased 6.6% YoY 0.6% 0.5% 0.8% 0.0% driven by sales growth. -2.0% -0.5% -5.0% -1.8% -6.3% ▪ Corporate Payments fee revenue increased 19.6% -10.0% driven by sales growth; Corporate T&E recovered over -11.5% -15.0% pre-pandemic levels at 105%. Linked Quarter Year-over-Year 1Q22 2Q22 3Q22 4Q22 1Q23 Merchant Processing Fee Revenue Corporate Payments Fee Revenue 20.0% 17.1% 30.0% 24.6% 25.4% 14.2% 13.6% 15.0% 25.0% 21.8% 19.6% 20.0% 10.0% 6.6% 14.8% 15.0% 5.5% 10.5% 8.9% 5.0% 3.6% 10.0% 6.2% 0.5% 1.9% 5.0% 0.0% 0.0% -0.5% -5.0% -5.0% -5.2% -4.5% -6.3% -10.0% -10.0% Linked Quarter Year-over-Year Linked Quarter Year-over-Year 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 1 20 U.S. Bank Includes prepaid card

Payment Services 3 Payments Revenue Breakdown Seasonal Considerations A Shift to Tech-led Revenue Payment Fees as a % of Net Historical Linked Quarter Seasonal Trends Our multiyear investments in e- 2 Revenue (1Q23) for Payment Fees Revenue commerce and tech-led will continue to drive growth Segment 1Q 2Q 3Q 4Q 1 Cardâá Stableá 5.0% 3 Tech-led Merchant Processing Fee 87.0% 2.6% Corporate Payments Stable ááâ Revenue Growth 5.4% Merchant Processingâááâ 56% Merchant Processing All Other Revenue 12% 1 Card Corporate Payments 1Q23 vs. 1Q23 vs. • Total payments revenue, which includes net • 1Q payments fee revenue is typically 1Q22 4Q19 seasonally down on a linked quarter basis interest income and fee revenue, accounted 3 for 22% of 1Q23 net revenue reflecting lower post holiday sales activity New Tech-led Partnerships • Payments fee revenue growth, on a • Total payment fee revenue grew 9.0% year- linked quarter basis, is typically over-year due to higher sales volumes across all businesses seasonally strongest in 2Q ~0.74x FY19 2019 2020 2021 2022 2023 YTD 1 Includes prepaid card 2 Linked quarter change based on trends from 2015 – 2019 3 21 U.S. Bank Tech-led includes digital, omni-commerce and e-commerce as well as investments in integrated software providers; tech-led revenue also includes talech starting in 2022

1Q23 3Q22 1Q22 3Q21 1Q21 3Q20 1Q20 3Q19 1Q19 3Q18 1Q18 3Q17 1Q17 3Q16 1Q16 3Q15 Credit Quality – Commercial Average Loans ($mm) and Net Charge-offs Ratio Key Statistics (a) Linked Quarter Growth $ in millions 1Q22 4Q22 1Q23 Average Loans $112,822 $132,918 $135,683 8.0% 6.9% 6.5% 3.4 % 2.1% 30-89 Delinquencies 0.20% 0.26% 0.33% 90+ Delinquencies 0.06% 0.07% 0.05% $135,683 $132,918 $128,519 Nonperforming Loans 0.15% 0.12% 0.13% $120,657 $9,498 $3,339 $112,822 40% 2 Revolving Line Utilization Trend 35% 0.41% 30% 0 0. .1 14 4% % 0.12% 0.10% 0.10% 0.08% 25% 20% 1Q22 2Q22 3Q22 4Q22 1Q23 15% 1 Legacy Union Bank NCO%, Adjusted Reported NCO% Key Points • Average loans increased by 2.1% on a linked quarter basis. Excluding the full quarter impact of Union Bank on average loan balances in 1Q23, linked quarter loans declined by (2.6%) 2 • Utilization decreased quarter over quarter from 23.9% to 23.7% 1 Non-GAAP, see slide 29 for calculation; 4Q22 NCOs adjusted for acquisition related activities 22 U.S. Bank 2 Legacy only (a) Average loans at 4Q22 includes only 1 month of Union Bank (12/1 acquisition date), whereas 1Q23 includes a full quarter

Credit Quality – Commercial Real Estate Average Loans ($mm) and Net Charge-offs Ratio Key Statistics (a) Linked Quarter Growth $ in millions 1Q22 4Q22 1Q23 Average Loans $39,084 $ 45,722 $55,595 0.6% 1.1% 1.2% 14.3% 21.6% 30-89 Delinquencies 0.22% 0.16% 0.13% 90+ Delinquencies 0.00% 0.01% 0.01% $55,595 Nonperforming Loans 0.55% 0.61% 0.97% $45,722 $15,330 $40,010 $39,517 $39,084 $5,394 0.85% CRE by Loan Type CRE by Property Class 3 SFR Construction , 8% 0.36% OO Real Owner 0.19% 2 Estate , 0.06% 0.03% Occupied 20% Mortgage 19% -0.05% -0.06% 59% Other, 18% Multi- 1Q22 2Q22 3Q22 4Q22 1Q23 Construction Family, 32% Industrial, 21% 10% Office, 13% 1 Legacy Union Bank NCO%, Adjusted Reported NCO% Key Points • Average loans increased by 21.6% on a linked quarter basis. Excluding the full quarter impact of Union Bank on average loan balances in 1Q23, linked quarter loans declined by (0.2%) • Net charge-off rate on a reported basis is 0.85%. After adjusting for acquisition impacts occurring in 1Q23, the net charge-off rate is 0.19% 1 Non-GAAP, see slide 29 for calculation; 4Q22 and 1Q23 NCOs adjusted for acquisition related activities 2 OO = Owner Occupied 3 SFR = Single Family Residential 23 U.S. Bank (a) Average loans at 4Q22 includes only 1 month of Union Bank (12/1 acquisition date), whereas 1Q23 includes a full quarter

Credit Quality – Residential Mortgage Average Loans ($mm) and Net Charge-offs Ratio Key Statistics (a) Linked Quarter Growth $ in millions 1Q22 4Q22 1Q23 Average Loans $77,449 $97,092 $116,287 2.1% 3.6% 4.7% 15.6% 19.8% 30-89 Delinquencies 0.13% 0.17% 0.13% $116,287 90+ Delinquencies 0.18% 0.08% 0.08% Nonperforming Loans 0.27% 0.28% 0.25% $97,092 $26,334 $84,018 $8,897 $80,228 $77,449 Residential Mortgage Delinquencies ($mm) $800 $600 $400 $200 0.00% -0.01% -0.02% -0.03% -0.04% $0 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 30-89 days past due 90+ days past due Legacy Union Bank Reported NCO% Key Points • Average loans increased by 19.8% on a linked quarter basis. Excluding the full quarter impact of Union Bank on average loan balances in 1Q23, linked quarter loan growth was 2.0%. • Continued low loss rates were supported by strong portfolio credit quality and collateral values. 1 1 • Originations continued to be high credit quality (weighted average credit score of 767 , weighted average LTV of 74% ) 1 24 U.S. Bank Legacy only (a) Average loans at 4Q22 includes only 1 month of Union Bank (12/1 acquisition date), whereas 1Q23 includes a full quarter

Credit Quality – Credit Card Average Loans ($mm) and Net Charge-offs Ratio Key Statistics (a) Linked Quarter Growth $ in millions 1Q22 4Q22 1Q23 Average Loans $21,842 $25,173 $25,569 (2.5%) 4.1% 6.0% 4.4% 1.6% 30-89 Delinquencies 0.88% 1.08% 1.10% 90+ Delinquencies 0.74% 0.88% 1.00% $25,569 $25,173 Nonperforming Loans - % - % - % $24,105 $22,748 $21,842 Credit Card Delinquencies ($mm) $800 $600 $400 2.76% 2.78% $200 2.08% 2.08% 1.96% 2.19% $0 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 30-89 days past due 90+ days past due 1 Average Loans Reported NCO% NCO%, Adjusted 4Q22 & 1Q23 Average Loans include $74 million and $218 million, respectively, of Union Bank Balances Key Points • Average loans increased by 1.6% on a linked quarter basis. Excluding the full quarter impact of Union Bank on average loan balances in 1Q23, linked quarter loan growth was 1.0% • Net charge-off rate was 2.78% in the quarter 1 25 U.S. Bank Non-GAAP, see slide 29 for calculation; 4Q22 NCOs adjusted for acquisition related activities (a) Average loans at 4Q22 includes only 1 month of Union Bank (12/1 acquisition date), whereas 1Q23 includes a full quarter

Credit Quality – Other Retail Average Loans ($mm) and Net Charge-offs Ratio Key Statistics (a) Linked Quarter Growth $ in millions 1Q22 4Q22 1Q23 Average Loans $61,769 $58,906 $53,316 1.0% (1.2%) (1.5%) (2.0%) (9.0%) 30-89 Delinquencies 0.38% 0.56% 0.48% $61,769 $61,037 $60,126 $58,906 90+ Delinquencies 0.11% 0.12% 0.12% $53,616 1.52% Nonperforming Loans 0.26% 0.25% 0.25% Revolving Credit 7.1% Auto Loans 0.26% 32.4% 0.25% 0.19% 0.18% 0.11% Retail Leasing 9.8% 1Q22 2Q22 3Q22 4Q22 1Q23 Installment Home 26.9% Equity 1 Average Loans Reported NCO% NCO%, adjusted 23.8% 4Q22 & 1Q23 Average Loans include $638 million and $1,390 million, respectively, of Union Bank balances Key Points • Average loans decreased by (9.0%) on a linked quarter basis related to previous quarter balance sheet optimization activities; adjusting for the impact of balance sheet optimization for 4Q22 average loans, loans declined by (2.6%) on a linked quarter basis. • Net charge-off rate was 0.26% 1 26 U.S. Bank Non-GAAP, see slide 29 for calculation, 4Q22 NCOs, adjusted, excludes acquisition impacts and balance sheet optimization one-time items (a) Average loans at 4Q22 includes only 1 month of Union Bank (12/1 acquisition date), whereas 1Q23 includes a full quarter

Non-GAAP Financial Measures (Dollars in Millions, Unaudited) Three Months Ended March 31, December 31, March 31, 2023 2022 2022 Net interest income $4,634 $4,293 $3,173 Taxable-equivalent adjustment (1) 34 32 27 Net interest income, on a taxable-equivalent basis 4,668 4,325 3,200 Net interest income, on a taxable-equivalent basis (as calculated above) 4,668 4,325 3,200 Noninterest income 2,507 2,043 2,396 Less: Securities gains (losses), net (32) (18) 18 Total net revenue, excluding net securities gains (losses) (a) 7,207 6,386 5,578 Noninterest expense (b) 4,555 4,043 3,502 Efficiency ratio (b)/(a) 63.2 % 63.3 % 62.8 % Total net revenue, excluding net securities gains (losses) (as calculated above) $7,207 $6,386 Less: Notable items (2) -- (399) Less: Securities (gains) losses, net included in notable items -- 18 Total net revenue, excluding net securities gains (losses) and notable items (c) 7,207 6,767 Noninterest expense 4,555 4,043 Less: Notable items (2) 244 90 Noninterest expense, excluding notable items (d) 4,311 3,953 Efficiency ratio, excluding notable items (d)/(c) 59.8 % 58.4 % Net income attributable to U.S. Bancorp $1,698 $925 Less: Notable items (2) (183) (952) Net income attributable to U.S. Bancorp, excluding notable items 1,881 1,877 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 7,629 7,447 Average assets (f) 665,447 622,064 Return on average assets, excluding notable items (e)/(f ) 1.15 % 1.20 % Net income applicable to U.S. Bancorp common shareholders $1,592 $853 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (181) (948) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,773 1,801 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 7,191 7,145 Average common equity (h) 45,859 42,457 Return on average common equity, excluding notable items (g)/(h) 15.7 % 16.8 % Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (i) $1,773 $1,801 Average diluted common shares outstanding (j) 1,532 1,501 Diluted earnings per common share, excluding notable items (i)/(j) $1.16 $1.20 27 U.S. Bank (1), (2) – see slide 31 for corresponding notes

Non-GAAP Financial Measures Three Months Ended March 31, December 31, March 31, (Dollars in Millions, Unaudited) 2023 2022 2022 Net income applicable to U.S. Bancorp common shareholders $1,592 $853 $1,466 Intangibles amortization (net-of-tax) 126 67 37 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,718 920 1,503 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 6,967 3,650 6,096 Average total equity 53,132 49,731 53,934 Average preferred stock (6,808) (6,808) (6,619) Average noncontrolling interests (465) (466) (468) Average goodwill (net of deferred tax liability) (3) (11,444) (9,202) (9,320) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (2,681) (1,637) (779) Average tangible common equity (b) 31,734 31,618 36,748 Return on tangible common equity (a)/(b) 22.0 % 11.5 % 1 6.6 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $1,718 $920 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (181) (948) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,899 1,868 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 7,702 7,411 Average tangible common equity (as calculated above) (d) 31,734 31,618 24.3 % 23.4 % Return on tangible common equity, excluding notable items (c)/(d ) 28 U.S. Bank (2), (3) – see slide 31 for corresponding notes

Non-GAAP Financial Measures Three Months Ended March 31, December 31, (Dollars in Millions, Unaudited) 2023 2022 Net charge-offs $373 $578 Less: Notable items (2) 91 368 Net charge-offs, excluding notable items 282 210 Annualized net charge-offs, excluding notable items (a) 1,144 833 Average loan balances (b) 386,750 359,811 Net charge-off ratio, excluding notable items (a)/(b) 0.30 % 0.23 % Provision for Credit Losses Combined, Reported $1,192 Less: Notable items (2) 791 Provision for Credit Losses Combined, Adjusted 401 Commercial loan net charge-offs $138 Less: Notable items (2) 104 Net charge-offs, excluding notable items 34 Annualized net charge-offs, excluding notable items (c) 135 Commercial average loan balances (d) 132,918 Commercial loan net charge-off ratio, excluding notable items (c)/(d) 0.10 % Credit card loan net charge-offs $175 Less: Notable items (2) 36 Net charge-offs, excluding notable items 139 Annualized net charge-offs, excluding notable items (e) 551 Credit Card average loan balances (f) 25,173 Credit Card loan net charge-off ratio, excluding notable items (e)/(f) 2.19 % Other Retail loan net charge-offs $226 Less: Notable items (2) 189 Net charge-offs, excluding notable items 37 Annualized net charge-offs, excluding notable items (g) 147 Other Retail average loan balances (h) 58,906 Other Retail loan net charge-off ratio, excluding notable items (g)/(h) 0 .25 % Commercial Real Estate loan net charge-offs $117 $42 Less: Notable items (2) 91 39 Net charge-offs, excluding notable items 26 3 Annualized net charge-offs, excluding notable items (i) 105 12 Commercial Real Estate average loan balances (j) 55,595 45,722 Commercial Real Estate loan net charge-off ratio, excluding notable items (i)/(j) 0.19 % 0.03 % 29 U.S. Bank (2) – see slide 31 for corresponding notes

Non-GAAP Financial Measures March 31, (Dollars and Shares in Millions Except Per Share Data, Unaudited) 2023 Income before taxes $2,159 Taxable-equivalent adjustment (1) 34 Less: Notable items (2) (244) Income before taxes (taxable-equivalent basis), excluding notable items (a) 2,437 Income taxes $455 Taxable-equivalent adjustment (1) 34 Less: Notable items (2) (61) Income taxes and taxable-equivalent adjustment, excluding notable items (b) 550 Income tax rate (taxable-equivalent basis), excluding notable items (b)/(a) 22.6 % Total equity $53,454 Preferred stock (6,808) Noncontrolling interests (465) Goodwill (net of deferred tax liability) (3) (11,575) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (2,611) Ta Tan ng giib blle e c co om mm mo on n e eq qu uiitty y ((c c)) 31,995 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implimentation (d) 494,048 * Common shares outstanding (e) 1,533 Ratios Tangible common equity to risk-weighted assets (c)/ (d) 6.5 % Tangible book value per common share (c)/ (e) $20.87 30 U.S. Bank * Preliminary data. Subject to change prior to filings with applicable regulatory agencies. (1), (2), (3) – see slide 31 for corresponding notes

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 for the three months ended March 31, 2023 included $183 million (net-of-tax) of merger and integration charges and $91 million of net charge-offs related to initial purchase accounting adjustments for MUB acquired loans. Notable items for the three months ended December 31, 2022 included the following: ▪ $399 million ($297 million net-of-tax) of losses primarily related to interest rate economic hedges, entered into after regulatory approval was obtained, to manage the impact of interest rate volatility on capital prior to closing the MUFG Union Bank acquisition. ▪ $90 million ($67 million net-of-tax) of merger and integration charges. ▪ $791 million ($588 million net-of-tax) of provision for credit losses related to acquired loans and balance sheet repositioning and capital management actions taken in connection with the acquisition. ▪ $179 million of net charge-offs, reflecting uncollectible acquired loans previously charged-off by MUFG Union Bank, and $189 million related to balance sheet repositioning and capital management actions taken in connection with the acquisition (3) Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 31 U.S. Bank

32 U.S. Bank