US Bancorp : RBC Capital Markets Financial Institutions Conference Presentation

RBC Capital Markets

Financial Institutions Conference 2021

Terry Dolan

Vice Chair and Chief Financial Officer

Jeff von Gillern

Vice Chair, Technology and Operations Services

March 10, 2021

U.S. BANCORP

Forward-looking statements and additional information

The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:

Today's presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. The COVID-19 pandemic is adversely affecting U.S. Bancorp, its customers, counterparties, employees, and third-party service providers, and the ultimate extent of the impacts on its business, financial position, results of operations, liquidity, and prospects is uncertain. Continued deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect U.S. Bancorp's revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices could affect U.S. Bancorp in substantial and unpredictable ways. U.S. Bancorp's results could also be adversely affected by changes in interest rates; further increases in unemployment rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of its investment securities; legal and regulatory developments; litigation; increased competition from both banks and non-banks; civil unrest; changes in customer behavior and preferences; breaches in data security; failures to safeguard personal information; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management's ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk.

For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp's Annual Report on Form 10-K for the year ended December 31, 2020, on file with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Corporate Risk Profile" contained in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. In addition, factors other than these risks also could adversely affect U.S. Bancorp's results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

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.

U.S. Bancorp

NYSE Traded Founded Market Value

USB 1863 $79B

Branches 2,434

ATMs 4,232

Assets $554B

Deposits $430B

Loans $298B

Regional

National

International

Payment Services and Investment Services

Consumer & Business Banking and Wealth ManagementCorporate & Commercial Banking and Wealth Management & Investment Services

Our position in the industry

Assets

Deposits

Market Value

• 1 J.P. Morgan

• 2 Bank of America

• 3 Citigroup

• 4 Wells Fargo

• 5 U.S. Bancorp

• 5

  U.S. Bancorp

  430

  5

  U.S. Bancorp

  79

• 6 Truist Financial

  $3,386 2,820 2,260 1,955 554

  • 1 J.P. Morgan

  • 2 Bank of America

  • 3 Wells Fargo

  • 4 Citigroup

  509

  • 6 Truist Financial

    $2,144 1,795 1,404 1,281

    1 J.P. Morgan $461

    2 Bank of America 319

    3 Wells Fargo 155

    4 Citigroup 147

    381

    6 Truist Financial 79

• 7 PNC

  467

  • 7 PNC

    365

    7 PNC 75

• 8 Fifth Third

  205

  • 8 Fifth Third

    159

    8 Fifth Third 26

• 9 Citizens Financial

  183

  • 9 Citizens Financial

    147

    9 KeyCorp 20

• 10 KeyCorp

170

• 10 KeyCorp

135

10 Citizens Financial 19

Assets and deposits as of 12/31/20; market value as of 3/5/21