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OFFON

US BANCORP

(USB)
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US Bancorp : U.S. Bancorp Reports Second Quarter 2021 Results (Form 8-K)

07/15/2021 | 06:59am EST

U.S. Bancorp Reports Second Quarter 2021 Results

• Net income of $2.0 billion and net revenue of $5.8 billion

• Return on average assets of 1.44% and return on average common equity of 16.3%

• Common Equity Tier 1 capital ratio of 9.9% and strong levels of liquidity

2Q21 Key Financial Data

2Q21 Highlights

PROFITABILITY METRICS

2Q21 1Q21 2Q20

•  Net income of $1,982 million and diluted earnings per common share of $1.28

•  Return on average assets of 1.44% and return on average common equity of 16.3%

•  Net revenue of $5,783 million, including $3,164 million of net interest income and $2,619 million of noninterest income

•  Returned 79% of 2Q earnings to shareholders through dividends and share buybacks

•  Average total earning assets growth of 1.3% year-over-year

•  Average total deposits growth of 6.4% year-over-year

•  Net charge-off ratio of 0.25% in 2Q21 compared with 0.31% in 1Q21 and 0.55% in 2Q20

•  Allowance for credit losses declined $350 million during the quarter given improving economic outlook and credit trends

•  Nonperforming assets decreased 11.9% on a linked quarter basis and 9.7% year-over year

•  CET1 capital ratio increased to 9.9% at June 30, 2021, compared with 9.0% at June 30, 2020

Return on average assets (%)

1.44 1.69 .51

Return on average common equity (%)

16.3 19.0 5.3

Return on tangible common

equity (%) (a)

20.9 24.3 7.1

Net interest margin (%)

2.53 2.50 2.62

Efficiency ratio (%) (a)

59.0 62.1 57.6

INCOME STATEMENT (b)

2Q21 1Q21 2Q20

Net interest income (taxable-equivalent basis)

$3,164 $3,089 $3,224

Noninterest income

$2,619 $2,381 $2,614

Net income attributable to U.S. Bancorp

$1,982 $2,280 $689

Diluted earnings per common share

$1.28 $1.45 $.41

Dividends declared per common share

$.42 $.42 $.42

BALANCE SHEET (b)

2Q21 1Q20 2Q20

Average total loans

$294,284 $293,989 $318,107

Average total deposits

$429,210 $426,364 $403,303

Net charge-off ratio

.25% .31% .55%

Book value per common share (period end)

$31.74 $30.53 $30.46

Basel III standardized CET1 (c)

9.9% 9.9% 9.0%

(a) See Non-GAAP Financial Measures reconciliation on page 16

(b) Dollars in millions, except per share data

(c) CET1 = Common equity tier 1 capital ratio

CEO Commentary

'Our second quarter results were indicative of steadily improving economic conditions and continued execution of our strategic growth plan across our business lines and markets. As of late June, total sales volumes for each of our three payments businesses exceeded 2019 levels for the first time since the beginning of the pandemic. For a second consecutive quarter, credit quality was better than expected as our net charge-off ratio set another record low. Our capital and liquidity positions remain strong and following the results of the Federal Reserve's stress test in late June we announced that we will recommend that our Board of Directors approve a 9.5% increase in our common dividend payable in the third quarter. As we head into the second half of 2021, we are well positioned to benefit from improving economic conditions; however, we are even more excited about the significant secular growth opportunities we see driving industry leading returns over the longer term. I want to thank our employees for their continued dedication to help our clients, communities, and shareholders.'

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

In the Spotlight

2021 Annual Stress Test

The Company's results for the 2021 stress test reflected a strong financial profile and well-established financial discipline which allowed the Company to maintain strong capital and liquidity positions throughout the recent adverse economic conditions. Based on the stress test results, the Company will be subject to a stress capital buffer of 2.5 percent for the period beginning October 1, 2021 and ending on September 30, 2022. As a result, the Company will recommend that its Board of Directors approve a 9.5 percent increase to its third quarter dividend payable in October 2021.

Focus on Diversity, Equity and Inclusion

U.S. Bank has again been named to DiversityInc's list of Top 50 Companies for Diversity. The company ranked No. 18 (up from No. 40 last year) on the overall Top 50 List, tying for the largest jump on the list in 2021. The assessment collects data across six key areas: Leadership Accountability, Human Capital Diversity Metrics, Talent Programs, Workforce Practices, Supplier Diversity, and Philanthropy.

U.S. Bank Access Commitment

U.S. Bank recently established the U.S. Bank Access Fund, a $25 million fund supporting more than 30,000 women of color microbusiness owners over three years, prioritizing Black women business owners. The fund will help sustain and create new job opportunities, provide access to capital, technical assistance and networking opportunities. U.S. Bank leaders will also share expertise with business owners through seminars and roundtables.

U.S. Bank to Acquire the Asset Management Division of PFM

U.S. Bank has entered into a definitive agreement to purchase PFM Asset Management LLC, which is expected to close in the fourth quarter of 2021. Based on March 31, 2021 balances, this transaction will nearly double U.S. Bancorp Asset Management's market share to more than $325 billion assets under management and administration, increasing U.S. Bank's presence nationally and solidifying our position as a leading provider of investment solutions.

Investor contact: Jennifer Thompson, 612.303.0778 | Media contact: Jeff Shelman, 612.422.1423

U.S. Bancorp Second Quarter 2021 Results
INCOME STATEMENT HIGHLIGHTS

($ in millions, except per-share data)

Percent Change
2Q
2021
1Q
2021
2Q
2020
2Q21 vs
1Q21
2Q21 vs
2Q20
YTD
2021
YTD
2020
Percent
Change

Net interest income

$3,137 $3,063 $3,200 2.4 (2.0) $6,200 $6,423 (3.5 )

Taxable-equivalent adjustment

27 26 24 3.8 12.5 53 48 10.4

Net interest income (taxable-equivalent basis)

3,164 3,089 3,224 2.4 (1.9) 6,253 6,471 (3.4 )

Noninterest income

2,619 2,381 2,614 10.0 .2 5,000 5,139 (2.7 )

Total net revenue

5,783 5,470 5,838 5.7 (.9) 11,253 11,610 (3.1 )

Noninterest expense

3,387 3,379 3,318 .2 2.1 6,766 6,634 2.0

Income before provision and income taxes

2,396 2,091 2,520 14.6 (4.9) 4,487 4,976 (9.8 )

Provision for credit losses

(170 ) (827 ) 1,737 79.4 nm (997 ) 2,730 nm

Income before taxes

2,566 2,918 783 (12.1 ) nm 5,484 2,246 nm

Income taxes and taxable-equivalent adjustment

578 633 88 (8.7 ) nm 1,211 372 nm

Net income

1,988 2,285 695 (13.0 ) nm 4,273 1,874 nm

Net (income) loss attributable to noncontrolling interests

(6 ) (5 ) (6 ) (20.0 ) -- (11 ) (14 ) 21.4

Net income attributable to U.S. Bancorp

$1,982 $2,280 $689 (13.1 ) nm $4,262 $1,860 nm

Net income applicable to U.S. Bancorp common shareholders

$1,914 $2,175 $614 (12.0 ) nm $4,089 $1,702 nm

Diluted earnings per common share

$1.28 $1.45 $.41 (11.7 ) nm $2.73 $1.12 nm

Net income attributable to U.S. Bancorp was $1,982 million for the second quarter of 2021, which was $1,293 million higher than the $689 million for the second quarter of 2020, and $298 million lower than the $2,280 million for the first quarter of 2021. Diluted earnings per common share were $1.28 in the second quarter of 2021, compared with $0.41 in the second quarter of 2020 and $1.45 in the first quarter of 2021.

The increase in net income year-over-year was primarily due to lower provision for credit losses driven by a reserve release as a result of improvement in the global economy combined with government stimulus programs compared with a reserve build during 2020. Net interest income decreased 1.9 percent on a year-over-year taxable-equivalent basis, primarily due to the impact of lower rates compared with a year ago and declining average loan balances, partially offset by the benefit of deposit and funding mix as well as higher loan fees related to the Small Business Administration ('SBA') Paycheck Protection Program. The net interest margin declined from a year ago to 2.53 percent in the second quarter of 2021 primarily due to the mix of earning assets and higher premium amortization within the investment portfolio, partially offset by the net benefit of funding composition and higher loan fees. Noninterest income increased 0.2 percent compared with a year ago driven by improvements in payment services revenue, deposit service charges, and other noninterest income, mostly offset by lower commercial products revenue, mortgage banking revenue, and securities gains. Noninterest expense increased 2.1 percent reflecting increases in personnel expense, primarily related to performance-based incentive compensation and employee benefits expense driven by substantially improving financial results, as well as higher marketing and business development expense and technology and communications expense, partially offset by lower net occupancy and equipment expense and other noninterest expense.

Net income decreased on a linked quarter basis primarily due to higher provision for credit losses as a result of a larger reserve release in the first quarter of 2021, partially offset by 5.7 percent growth in total revenue including increasing net interest income and stronger noninterest income. Net interest income on a taxable-equivalent basis increased 2.4 percent primarily due to higher yields and volumes in the investment portfolio, favorable earning asset mix, higher loan fees, one more day in the quarter, and favorable deposit and funding mix, partially offset by lower loan yields. The net interest margin increased on a linked quarter basis primarily reflecting changes in the investment portfolio mix, favorable funding and deposit mix, and higher loan fees, partially offset by lower loan yields. Noninterest income increased 10.0 percent compared with the first quarter of 2021 driven by increases in payment services revenue, mortgage banking revenue, securities gains, and other noninterest income. Noninterest expense was relatively flat on a linked quarter basis reflecting costs of investments in marketing and business development expense offset by lower personnel expense.

2

U.S. Bancorp Second Quarter 2021 Results
NET INTEREST INCOME
(Taxable-equivalent basis; $ in millions) Change

2Q

2021

1Q

2021

2Q

2020

2Q21 vs

1Q21

2Q21 vs
2Q20

YTD

2021

YTD

2020

Change

Components of net interest income

Income on earning assets

$3,409 $3,367 $3,697 $42 $(288) $6,776 $7,839 $(1,063)

Expense on interest-bearing liabilities

245 278 473 (33) (228) 523 1,368 (845)

Net interest income

$3,164 $3,089 $3,224 $75 $(60) $6,253 $6,471 $(218)

Average yields and rates paid

Earning assets yield

2.73% 2.73% 3.00% --% (.27)% 2.73% 3.34% (.61)%

Rate paid on interest-bearing liabilities

.28 .31 .50 (.03) (.22) .29 .75 (.46)

Gross interest margin

2.45% 2.42% 2.50% .03% (.05)% 2.44% 2.59% (.15)%

Net interest margin

2.53% 2.50% 2.62% .03% (.09)% 2.52% 2.76% (.24)%

Average balances

Investment securities (a)

$160,615 $145,520 $120,867 $15,095 $39,748 $153,109 $120,856 $32,253

Loans

294,284 293,989 318,107 295 (23,823) 294,138 307,882 (13,744)

Earning assets

500,751 497,711 494,119 3,040 6,632 499,239 470,921 28,318

Interest-bearing liabilities

356,565 360,582 380,320 (4,017) (23,755) 358,562 366,540 (7,978)
(a) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis in the second quarter of 2021 was $3,164 million, a decrease of $60 million (1.9 percent) compared with the second quarter of 2020. The decrease was primarily due to the impact of lower rates compared with a year ago and lower loan volumes, partially offset by the benefit of deposit and funding mix as well as higher loan fees. Average earning assets were $6.6 billion (1.3 percent) higher than the second quarter of 2020, reflecting an increase of $39.7 billion (32.9 percent) in average investment securities, while average total loans decreased $23.8 billion (7.5 percent) due to continued paydowns by corporate customers that accessed the capital markets last year and average other earning assets decreased $10.8 billion (22.1 percent) primarily driven by lower cash balances as the Company continues to purchase mortgage-backed, U.S. Treasury and state and political securities.

Net interest income on a taxable-equivalent basis increased $75 million (2.4 percent) on a linked quarter basis primarily due to higher yields and volumes in the investment portfolio, favorable earning asset mix, higher loan fees, one more day in the quarter, and favorable deposit and funding mix, partially offset by lower loan yields. Average earning assets were $3.0 billion (0.6 percent) higher on a linked quarter basis, reflecting increases of $15.1 billion (10.4 percent) in average investment securities and a slight increase in average loans, partially offset by a decrease of $10.1 billion (21.1 percent) in average other earning assets driven by lower cash balances as the Company deployed liquidity to purchase mortgage-backed, U.S. Treasury and state and political securities.

The net interest margin in the second quarter of 2021 was 2.53 percent, compared with 2.62 percent in the second quarter of 2020 and 2.50 percent in the first quarter of 2021. The decrease in the net interest margin from the prior year was primarily due to the mix of earning assets and higher premium amortization within the investment portfolio, partially offset by the net benefit of funding composition and higher loan fees. The increase in the net interest margin on a linked quarter basis reflected changes in the investment portfolio mix, favorable funding and deposit mix, and higher loan fees, partially offset by lower loan yields.

The increase in average investment securities on a year-over-year and linked quarter basis was due to purchases of mortgage-backed, U.S. Treasury and state and political securities, net of prepayments and maturities.

3

U.S. Bancorp Second Quarter 2021 Results
AVERAGE LOANS
($ in millions) Percent Change

2Q

2021

1Q

2021

2Q

2020

2Q21 vs

1Q21

2Q21 vs

2Q20

YTD

2021

YTD

2020

Percent

Change

Commercial

$97,713 $96,757 $122,442 1.0 (20.2) $97,237 $111,385 (12.7)

Lease financing

5,261 5,334 5,597 (1.4 ) (6.0 ) 5,298 5,628 (5.9)

Total commercial

102,974 102,091 128,039 .9 (19.6 ) 102,535 117,013 (12.4)

Commercial mortgages

27,721 27,968 30,194 (.9 ) (8.2 ) 27,844 29,858 (6.7)

Construction and development

10,843 10,818 10,894 .2 (.5 ) 10,831 10,725 1.0

Total commercial real estate

38,564 38,786 41,088 (.6 ) (6.1 ) 38,675 40,583 (4.7)

Residential mortgages

73,351 75,201 71,122 (2.5 ) 3.1 74,271 71,007 4.6

Credit card

21,116 21,144 21,510 (.1 ) (1.8 ) 21,130 22,673 (6.8)

Retail leasing

7,873 7,975 8,412 (1.3 ) (6.4 ) 7,924 8,443 (6.1)

Home equity and second mortgages

11,368 12,062 14,386 (5.8 ) (21.0 ) 11,713 14,612 (19.8)

Other

39,038 36,730 33,550 6.3 16.4 37,890 33,551 12.9

Total other retail

58,279 56,767 56,348 2.7 3.4 57,527 56,606 1.6

Total loans

$294,284 $293,989 $318,107 .1 (7.5 ) $294,138 $307,882 (4.5)

Average total loans for the second quarter of 2021 were $23.8 billion (7.5 percent) lower than the second quarter of 2020. The decrease was primarily due to lower total commercial loans (19.6 percent) driven by continued paydowns by corporate customers that accessed the capital markets last year, lower home equity and second mortgages (21.0 percent) as more customers chose to refinance their existing first lien residential mortgage balances during the prior year due to the low interest rate environment, and lower total commercial real estate (6.1 percent) as a result of paydowns. These decreases were partially offset by growth in residential mortgages (3.1 percent) driven by loan repurchases from the Government National Mortgage Association ('GNMA'), as well as growth in other retail loans (16.4 percent) driven by growth in installment loans due to the impact of COVID-19 on recreational vehicle sales.

Average total loans were $295 million (0.1 percent) higher than the first quarter of 2021 primarily driven by higher total commercial loans (0.9 percent) and higher other retail loans (6.3 percent) driven by growth in installment loans, partially offset by lower residential mortgages (2.5 percent) as a result of customer paydowns.

4

U.S. Bancorp Second Quarter 2021 Results
AVERAGE DEPOSITS
($ in millions) Percent Change
2Q 1Q 2Q 2Q21 vs 2Q21 vs YTD YTD Percent
2021 2021 2020 1Q21 2Q20 2021 2020 Change

Noninterest-bearing deposits

$ 125,297 $ 118,352 $ 95,106 5.9 31.7 $ 121,844 $ 84,624 44.0

Interest-bearing savings deposits

Interest checking

103,356 97,385 83,789 6.1 23.4 100,387 80,573 24.6

Money market savings

113,673 124,825 129,692 (8.9 ) (12.4 ) 119,218 125,819 (5.2 )

Savings accounts

62,102 58,848 51,237 5.5 21.2 60,484 49,643 21.8

Total savings deposits

279,131 281,058 264,718 (.7 ) 5.4 280,089 256,035 9.4

Time deposits

24,782 26,954 43,479 (8.1 ) (43.0 ) 25,862 42,394 (39.0 )

Total interest-bearing deposits

303,913 308,012 308,197 (1.3 ) (1.4 ) 305,951 298,429 2.5

Total deposits

$ 429,210 $ 426,364 $ 403,303 .7 6.4 $ 427,795 $ 383,053 11.7

Average total deposits for the second quarter of 2021 were $25.9 billion (6.4 percent) higher than the second quarter of 2020, including approximately $7 billion related to the acquisition of deposit balances from State Farm Bank in the fourth quarter of 2020. Average noninterest-bearing deposits increased $30.2 billion (31.7 percent) across all business lines. Average total savings deposits were $14.4 billion (5.4 percent) higher year-over-year driven by Consumer and Business Banking. Average time deposits were $18.7 billion (43.0 percent) lower than the prior year quarter primarily within Corporate and Commercial Banking. Changes in time deposits are largely related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Average total deposits increased $2.8 billion (0.7 percent) from the first quarter of 2021. On a linked quarter basis, average noninterest-bearing deposits increased $6.9 billion (5.9 percent) driven by Corporate and Commercial Banking, Wealth Management and Investment Services and Consumer and Business Banking. Average total savings deposits decreased $1.9 billion (0.7 percent) compared with the first quarter of 2021 primarily due to decreases in Wealth Management and Investment Services, partially offset by increases in Consumer and Business Banking. Average time deposits, which are managed based on funding needs, relative pricing and liquidity characteristics, decreased $2.2 billion (8.1 percent) on a linked quarter basis across all business lines.

The growth in average noninterest-bearing deposits and total average savings deposits year-over-year was primarily a result of the actions by the federal government to increase liquidity in the financial system and government stimulus programs.

5

U.S. Bancorp Second Quarter 2021 Results
NONINTEREST INCOME
($ in millions) Percent Change
2Q 1Q 2Q 2Q21 vs 2Q21 vs YTD YTD Percent
2021 2021 2020 1Q21 2Q20 2021 2020 Change

Credit and debit card revenue

$396 $336 $284 17.9 39.4 $732 $588 24.5

Corporate payment products revenue

138 126 101 9.5 36.6 264 246 7.3

Merchant processing services

374 318 266 17.6 40.6 692 603 14.8

Trust and investment management fees

446 444 434 .5 2.8 890 861 3.4

Deposit service charges

176 161 133 9.3 32.3 337 342 (1.5 )

Treasury management fees

160 147 137 8.8 16.8 307 280 9.6

Commercial products revenue

280 280 355 -- (21.1 ) 560 601 (6.8 )

Mortgage banking revenue

346 299 648 15.7 (46.6 ) 645 1,043 (38.2 )

Investment products fees

60 55 45 9.1 33.3 115 94 22.3

Securities gains (losses), net

43 25 81 72.0 (46.9 ) 68 131 (48.1 )

Other

200 190 130 5.3 53.8 390 350 11.4

Total noninterest income

$2,619 $2,381 $2,614 10.0 .2 $5,000 $5,139 (2.7 )

Second quarter noninterest income of $2,619 million was $5 million (0.2 percent) higher than the second quarter of 2020. During 2020, payment services revenue had been adversely affected by the impact of the pandemic on consumer and business spending, particularly related to travel and entertainment activities. However, spending has continued to strengthen across most sectors driven by government stimulus, local jurisdictions reducing restrictions and consumer behaviors normalizing. As a result, payments services revenue increased $257 million (39.5 percent) compared with the second quarter of 2020. The components of payments revenue included strong growth in credit and debit card revenue of $112 million (39.4 percent) driven by higher net interchange revenue related to sales volume and prepaid card processing activities related to government stimulus programs as well as stronger transaction and cash advance fees, higher corporate payment products revenue of $37 million (36.6 percent) reflecting improving business spending, and higher merchant processing services revenue of $108 million (40.6 percent) driven by higher sales volume. Deposit service charges increased $43 million (32.3 percent) primarily due to customer activity and ATM processing revenue. Other noninterest income increased $70 million (53.8 percent) primarily due to higher retail leasing end of term residual gains and related fees and higher tax-advantaged investment syndication revenue. Mostly offsetting favorable impacts on noninterest income, mortgage banking revenue decreased $302 million (46.6 percent) driven by lower production volume and related gain on sale margins, partially offset by the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities. Commercial products revenue decreased $75 million (21.1 percent) primarily due to lower capital markets activity and trading revenue, partially offset byhigher non-yield loan fees as a result of higher unused commitments.

Noninterest income was $238 million (10.0 percent) higher in the second quarter of 2021 compared with the first quarter of 2021. Payment services revenue increased $128 million (16.4 percent) compared with the first quarter of 2021 as the global economy continues to recover from the impacts of the COVID-19 pandemic. Credit and debit card revenue increased $60 million (17.9 percent), corporate payment products revenue increased $12 million (9.5 percent) and merchant processing services increased $56 million (17.6 percent) all primarily driven by higher sales volume. Mortgage banking revenue increased $47 million (15.7 percent) due to the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities, partially offset by lower production volume and related gain on sale margins.

6

U.S. Bancorp Second Quarter 2021 Results
NONINTEREST EXPENSE
($ in millions) Percent Change

2Q

2021

1Q

2021

2Q

2020

2Q21 vs

1Q21

2Q21 vs

2Q20

YTD

2021

YTD

2020

Percent

Change

Compensation

$ 1,798 $ 1,803 $ 1,685 (.3 ) 6.7 $ 3,601 $ 3,305 9.0

Employee benefits

337 384 314 (12.2 ) 7.3 721 666 8.3

Net occupancy and equipment

258 263 271 (1.9 ) (4.8 ) 521 547 (4.8 )

Professional services

108 98 106 10.2 1.9 206 205 .5

Marketing and business development

90 48 67 87.5 34.3 138 141 (2.1 )

Technology and communications

362 359 309 .8 17.2 721 598 20.6

Postage, printing and supplies

65 69 72 (5.8 ) (9.7 ) 134 144 (6.9 )

Other intangibles

40 38 43 5.3 (7.0 ) 78 85 (8.2 )

Other

329 317 451 3.8 (27.1 ) 646 943 (31.5 )

Total noninterest expense

$ 3,387 $ 3,379 $ 3,318 .2 2.1 $ 6,766 $ 6,634 2.0

Second quarter noninterest expense of $3,387 million was $69 million (2.1 percent) higher than the second quarter of 2020 reflecting increases in compensation expense, employee benefits expense, marketing and business development expense, and technology and communications expense, partially offset by lower net occupancy and equipment expense and other noninterest expense. Compensation expense increased $113 million (6.7 percent) compared with the second quarter of 2020 due to performance-based incentives, merit, and revenue-related compensation driven by business production. Employee benefits expense increased $23 million (7.3 percent) primarily due to payroll taxes and related benefits, higher medical claims expense, and higher pension expense. Marketing and business development expense increased $23 million (34.3 percent) due to the timing of marketing campaigns supporting business development. Technology and communications expense increased $53 million (17.2 percent) primarily due to higher call center volume related to prepaid cards and capital expenditures supporting business technology investments. These increases were partially offset by lower net occupancy and equipment expense of $13 million (4.8 percent) primarily due to branch optimization initiatives and lower other noninterest expense of $122 million (27.1 percent) primarily due to higher COVID-19 related accruals in the second quarter of 2020 including recognizing liabilities related to future delivery exposures for merchant and airline processing as well as lower costs related to tax-advantaged projects and lower FDIC insurance expense in the current year quarter.

Noninterest expense increased $8 million (0.2 percent) on a linked quarter basis primarily driven by an increase of $42 million (87.5 percent) in marketing and business development expense primarily due to the timing of marketing campaigns supporting business development. Mostly offsetting unfavorable impacts on noninterest expense, compensation expense decreased $5 million (0.3 percent) driven by the impact of seasonally higher stock-based compensation in the first quarter partially offset by the impact of seasonal merit increases, one additional day in the second quarter, performance-based incentives, and higher variable compensation. Employee benefits decreased $47 million (12.2 percent) driven by higher payroll taxes in the first quarter.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2021 resulted in a tax rate of 22.5 percent on a taxable-equivalent basis (effective tax rate of 21.7 percent), compared with 11.2 percent on a taxable-equivalent basis (effective tax rate of 8.4 percent) in the second quarter of 2020, and a tax rate of 21.7 percent on a taxable-equivalent basis (effective tax rate of 21.0 percent) in the first quarter of 2021. The increase in the tax rate year-over-year was due to the marginal impact of providing taxes on higher pretax earnings in the second quarter of 2021.

7

U.S. Bancorp Second Quarter 2021 Results
ALLOWANCE FOR CREDIT LOSSES
($ in millions)

2Q

2021

% (a)

1Q

2021

% (a)

4Q

2020

% (a)

3Q

2020

% (a)

2Q

2020

% (a)

Balance, beginning of period

$ 6,960 $ 8,010 $ 8,010 $ 7,890 $ 6,590

Net charge-offs

Commercial

26 .11 52 .22 142 .56 167 .60 105 .34

Lease financing

1 .08 4 .30 8 .57 11 .78 6 .43

Total commercial

27 .11 56 .22 150 .56 178 .61 111 .35

Commercial mortgages

-- -- (12 ) (.17 ) 82 1.12 85 1.13 19 .25

Construction and development

-- -- 5 .19 2 .07 (2 ) (.07 ) 3 .11

Total commercial real estate

-- -- (7 ) (.07 ) 84 .83 83 .81 22 .22

Residential mortgages

(10 ) (.05 ) (5 ) (.03 ) (7 ) (.04 ) (3 ) (.02 ) (3 ) (.02 )

Credit card

148 2.81 144 2.76 165 2.99 201 3.63 229 4.28

Retail leasing

(1 ) (.05 ) 1 .05 9 .43 20 .94 33 1.58

Home equity and second mortgages

(3 ) (.11 ) (2 ) (.07 ) (3 ) (.09 ) (2 ) (.06 ) -- --

Other

19 .20 36 .40 43 .48 38 .43 45 .54

Total other retail

15 .10 35 .25 49 .34 56 .39 78 .56

Total net charge-offs

180 .25 223 .31 441 .58 515 .66 437 .55

Provision for credit losses

(170 ) (827 ) 441 635 1,737

Balance, end of period

$ 6,610 $ 6,960 $ 8,010 $ 8,010 $ 7,890

Components

Allowance for loan losses

$ 6,026 $ 6,343 $ 7,314 $ 7,407 $ 7,383

Liability for unfunded credit commitments

584 617 696 603 507

Total allowance for credit losses

$ 6,610 $ 6,960 $ 8,010 $ 8,010 $ 7,890

Gross charge-offs

$ 314 $ 374 $ 556 $ 611 $ 522

Gross recoveries

$ 134 $ 151 $ 115 $ 96 $ 85

Allowance for credit losses as a percentage of Period-end loans

2.23 2.36 2.69 2.61 2.54

Nonperforming loans

649 617 654 678 737

Nonperforming assets

624 579 617 631 673

(a)  Annualized and calculated on average loan balances

8

U.S. Bancorp Second Quarter 2021 Results

The Company's provision for credit losses for the second quarter of 2021 was a benefit of $170 million, which was $657 million higher than the prior quarter and $1,907 million lower than the second quarter of 2020.During the first half of 2021, factors affecting economic conditions, including passing of additional government stimulus, widespread vaccine availability in the U.S. and reduced levels of new virus cases, have contributed to an economic recovery. However, rising inflationary concerns and the impact of pandemic stress continue to weigh on select portfolios. In addition to these factors, expected loss estimates considered various factors including customer specific information impacting changes in risk ratings, projected delinquencies and potential effects of diminishing liquidity without support of mortgage forbearance and direct federal stimulus. Currently, consumer credit trends continue to perform better than expected, while select commercial portfolios continue to be monitored for structural shifts associated with the pandemic.

Total net charge-offs in the second quarter of 2021 were $180 million, compared with $223 million in the first quarter of 2021, and $437 million in the second quarter of 2020. The net charge-off ratio was 0.25 percent in the second quarter of 2021, compared with 0.31 percent in the first quarter of 2021 and 0.55 percent in the second quarter of 2020. Net charge-offs decreased $43 million (19.3 percent) compared with the first quarter of 2021 mainly due to lower total commercial and total other retail net charge-offs. Charge-off rates benefitted from improving economic conditions, borrower liquidity and strong asset prices in the market that support repayment and recovery on problem loans. Net charge-offs decreased $257 million (58.8 percent) compared with the second quarter of 2020 reflecting improvement across most loan categories with the largest drivers being total commercial, credit card and total other retail net charge-offs.

The allowance for credit losses was $6,610 million at June 30, 2021, compared with $6,960 million at March 31, 2021, and $7,890 million at June 30, 2020. The decrease on a linked quarter basis was driven by improvement in the global economy and strong portfolio performance compared with the reserve build during 2020 driven by the concerns associated with the economic impact of COVID-19. The ratio of the allowance for credit losses to period-end loans was 2.23 percent at June 30, 2021, compared with 2.36 percent at March 31, 2021, and 2.54 percent at June 30, 2020. The ratio of the allowance for credit losses to nonperforming loans was 649 percent at June 30, 2021, compared with 617 percent at March 31, 2021, and 737 percent at June 30, 2020.

Nonperforming assets were $1,059 million at June 30, 2021, compared with $1,202 million at March 31, 2021, and $1,173 million at June 30, 2020. The ratio of nonperforming assets to loans and other real estate was 0.36 percent at June 30, 2021, compared with 0.41 percent at March 31, 2021, and 0.38 percent at June 30, 2020. The year-over-year decrease in nonperforming assets was primarily due to a decrease in total commercial nonperforming loans, partially offset by an increase in total commercial real estate nonperforming loans. The decrease in nonperforming assets on a linked quarter basis was driven by decreases in the commercial and commercial real estate portfolios. Accruing loans 90 days or more past due were $376 million at June 30, 2021, compared with $476 million at March 31, 2021, and $556 million at June 30, 2020. The Company expects credit quality to return to more normalized levels over time as the economy rebounds and consumer spending resumes. However, some manageable levels of elevated nonperforming assets in certain industries and loan categories impacted by the pandemic may experience longer recovery periods.

9

U.S. Bancorp Second Quarter 2021 Results
DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES
(Percent)

Jun 30

2021

Mar 31

2021

Dec 31

2020

Sep 30

2020

Jun 30

2020

Delinquent loan ratios - 90 days or more past due excluding nonperforming loans

Commercial

.04 .06 .05 .06 .07

Commercial real estate

.01 .01 .01 -- --

Residential mortgages

.16 .19 .18 .15 .16

Credit card

.70 .95 .88 .91 1.22

Other retail

.10 .12 .15 .14 .16

Total loans

.13 .16 .16 .15 .18

Delinquent loan ratios - 90 days or more past due including nonperforming loans

Commercial

.32 .39 .42 .48 .45

Commercial real estate

.81 .94 1.15 .82 .48

Residential mortgages

.49 .54 .50 .46 .50

Credit card

.70 .95 .88 .91 1.22

Other retail

.39 .42 .42 .40 .48

Total loans

.47 .54 .57 .53 .52
ASSET QUALITY (a)
($ in millions)

Jun 30

2021

Mar 31

2021

Dec 31

2020

Sep 30

2020

Jun 30

2020

Nonperforming loans

Commercial

$247 $298 $321 $403 $403

Lease financing

44 49 54 56 53

Total commercial

291 347 375 459 456

Commercial mortgages

224 266 411 323 188

Construction and development

88 90 39 7 7

Total commercial real estate

312 356 450 330 195

Residential mortgages

244 253 245 240 242

Credit card

-- -- -- -- --

Other retail

171 172 154 152 178

Total nonperforming loans

1,018 1,128 1,224 1,181 1,071

Other real estate

17 19 24 35 52

Other nonperforming assets

24 55 50 54 50

Total nonperforming assets

$1,059 $1,202 $1,298 $1,270 $1,173

Accruing loans 90 days or more past due

$376 $476 $477 $461 $556

Nonperforming assets to loans plus ORE (%)

.36 .41 .44 .41 .38

(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due

10

U.S. Bancorp Second Quarter 2021 Results
COMMON SHARES
(Millions) 2Q
2021
1Q
2021
4Q
2020
3Q
2020
2Q
2020

Beginning shares outstanding

1,497 1,507 1,506 1,506 1,506

Shares issued for stock incentive plans, acquisitions and other corporate purposes

1 3 1 -- --

Shares repurchased

(15 ) (13 ) -- -- --

Ending shares outstanding

1,483 1,497 1,507 1,506 1,506
CAPITAL POSITION
($ in millions) Jun 30 Mar 31 Dec 31 Sep 30 Jun 30
2021 2021 2020 2020 2020

Total U.S. Bancorp shareholders' equity

$ 53,039 $ 51,678 $ 53,095 $ 52,565 $ 51,850

Basel III Standardized Approach (a)

Common equity tier 1 capital

$ 39,691 $ 39,103 $ 38,045 $ 37,485 $ 36,351

Tier 1 capital

46,103 45,517 44,474 43,916 42,781

Total risk-based capital

53,625 53,625 52,602 52,086 51,457

Common equity tier 1 capital ratio

9.9 % 9.9 % 9.7 % 9.4 % 9.0 %

Tier 1 capital ratio

11.5 11.5 11.3 11.0 10.6

Total risk-based capital ratio

13.4 13.5 13.4 13.1 12.8

Leverage ratio

8.5 8.4 8.3 8.3 8.0

Tangible common equity to tangible assets (b)

6.8 6.6 6.9 7.0 6.7

Tangible common equity to risk-weighted assets (b)

9.3 9.1 9.5 9.3 9.0

Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)

9.5 9.5 9.3 9.0 8.7

(a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology

(b) See Non-GAAP Financial Measures reconciliation on page 16

Total U.S. Bancorp shareholders' equity was $53.0 billion at June 30, 2021, compared with $51.7 billion at March 31, 2021, and $51.9 billion at June 30, 2020. The Federal Reserve has announced that the capital restrictions instituted in the third quarter of 2020 in response to the economic uncertainty from the pandemic will expire on June 30, 2021. Based on the results of the 2021 Annual Stress Test, the Company will recommend that its Board of Directors approve a 9.5 percent increase to its third quarter dividend payable in October 2021. The Company's existing share repurchase program announced in December 2020 which authorizes the repurchase of up to $3.0 billion of its common stock beginning January 1, 2021, remains in effect.

All regulatory ratios continue to be in excess of 'well-capitalized' requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 9.9 percent at June 30, 2021, and at March 31, 2021, compared with 9.0 percent at June 30, 2020. The Company's common equity tier 1 capital to risk-weighted assets ratio, reflecting the full implementation of the current expected credit losses methodology was 9.5 percent at June 30, 2021, and at March 31, 2021, compared with 8.7 percent at June 30, 2020.

11

U.S. Bancorp Second Quarter 2021 Results

Investor Conference Call

On Thursday, July 15, 2021, at 8 a.m. CT, Chairman, President and Chief Executive Officer Andy Cecere and Vice Chair and Chief Financial Officer Terry Dolan will host a conference call to review the financial results. The conference call will be available online or by telephone. To access the webcast and presentation, visit U.S. Bancorp's website at usbank.com and click on 'About Us,' 'Investor Relations' and 'Webcasts & Presentations.' To access the conference call from locations within the United States and Canada, please dial 866.316.1409. Participants calling from outside the United States and Canada, please dial 706.634.9086. The conference ID number for all participants is 8286744. For those unable to participate during the live call, a recording will be available at approximately 11 a.m. CT on Thursday, July 15 and will be accessible until Thursday, July 22 at 10:59 p.m. CT. To access the recorded message within the United States and Canada, please dial 855.859.2056. If calling from outside the United States and Canada, please dial 404.537.3406 to access the recording. The conference ID is 8286744.

About U.S. Bancorp

U.S. Bancorp, with nearly 70,000 employees and $559 billion in assets as of June 30, 2021, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2021 World's Most Ethical Companies and Fortune's most admired superregional bank. Learn more at usbank.com/about.

Forward-looking Statements

'Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements 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, including as a result of work-from-home arrangements; 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 'Corporate Risk Profile' and 'Risk Factors' contained in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. In addition, factors other than these risks also could adversely affect U.S. Bancorp's results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. 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.

12

U.S. Bancorp Second Quarter 2021 Results

Non-GAAP Financial Measures

In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:

Tangible common equity to tangible assets

Tangible common equity to risk-weighted assets

Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology, and

Return on tangible common equity.

These capital measures are viewed by management as useful additional methods of evaluating the Company's utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company's capital position relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles ('GAAP'), or are not currently effective or defined in banking regulations. In addition, certain of these measures differ from currently effective capital ratios defined by banking regulations principally in that the currently effective ratios, which are subject to certain transitional provisions, temporarily exclude the impact of the 2020 adoption of accounting guidance related to impairment of financial instruments based on the current expected credit losses methodology. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. Management believes this information helps investors assess trends in the Company's capital adequacy.

The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures, including the efficiency ratio and net interest margin utilize net interest income on a taxable-equivalent basis.

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.

13

CONSOLIDATED STATEMENT OF INCOME
(Dollars and Shares in Millions, Except Per Share Data)

Three Months Ended

June 30,

Six Months Ended

June 30,

(Unaudited) 2021 2020 2021 2020

Interest Income

Loans

$2,677 $2,949 $5,401 $6,260

Loans held for sale

55 52 122 96

Investment securities

618 630 1,135 1,322

Other interest income

32 41 65 110

Total interest income

3,382 3,672 6,723 7,788

Interest Expense

Deposits

82 194 167 719

Short-term borrowings

18 34 34 105

Long-term debt

145 244 322 541

Total interest expense

245 472 523 1,365

Net interest income

3,137 3,200 6,200 6,423

Provision for credit losses

(170 ) 1,737 (997 ) 2,730

Net interest income after provision for credit losses

3,307 1,463 7,197 3,693

Noninterest Income

Credit and debit card revenue

396 284 732 588

Corporate payment products revenue

138 101 264 246

Merchant processing services

374 266 692 603

Trust and investment management fees

446 434 890 861

Deposit service charges

176 133 337 342

Treasury management fees

160 137 307 280

Commercial products revenue

280 355 560 601

Mortgage banking revenue

346 648 645 1,043

Investment products fees

60 45 115 94

Securities gains (losses), net

43 81 68 131

Other

200 130 390 350

Total noninterest income

2,619 2,614 5,000 5,139

Noninterest Expense

Compensation

1,798 1,685 3,601 3,305

Employee benefits

337 314 721 666

Net occupancy and equipment

258 271 521 547

Professional services

108 106 206 205

Marketing and business development

90 67 138 141

Technology and communications

362 309 721 598

Postage, printing and supplies

65 72 134 144

Other intangibles

40 43 78 85

Other

329 451 646 943

Total noninterest expense

3,387 3,318 6,766 6,634

Income before income taxes

2,539 759 5,431 2,198

Applicable income taxes

551 64 1,158 324

Net income

1,988 695 4,273 1,874

Net (income) loss attributable to noncontrolling interests

(6 ) (6 ) (11 ) (14 )

Net income attributable to U.S. Bancorp

$1,982 $689 $4,262 $1,860

Net income applicable to U.S. Bancorp common shareholders

$1,914 $614 $4,089 $1,702

Earnings per common share

$1.29 $.41 $2.73 $1.13

Diluted earnings per common share

$1.28 $.41 $2.73 $1.12

Dividends declared per common share

$.42 $.42 $.84 $.84

Average common shares outstanding

1,489 1,506 1,495 1,512

Average diluted common shares outstanding

1,490 1,507 1,497 1,513

14

CONSOLIDATED ENDING BALANCE SHEET
(Dollars in Millions) June 30,
2021
December 31,
2020
June 30,
2020

Assets

(Unaudited ) (Unaudited )

Cash and due from banks

$44,573 $62,580 $52,392

Available-for-sale investment securities

160,288 136,840 128,120

Loans held for sale

5,856 8,761 8,178

Loans

Commercial

103,521 102,871 120,261

Commercial real estate

38,770 39,311 41,076

Residential mortgages

73,366 76,155 71,329

Credit card

21,816 22,346 21,257

Other retail

59,439 57,024 56,412

Total loans

296,912 297,707 310,335

Less allowance for loan losses

(6,026 ) (7,314 ) (7,383 )

Net loans

290,886 290,393 302,952

Premises and equipment

3,295 3,468 3,616

Goodwill

9,911 9,918 9,842

Other intangible assets

3,363 2,864 2,518

Other assets

40,714 39,081 39,034

Total assets

$558,886 $553,905 $546,652

Liabilities and Shareholders' Equity

Deposits

Noninterest-bearing

135,143 $118,089 $109,723

Interest-bearing

302,039 311,681 303,583

Total deposits

437,182 429,770 413,306

Short-term borrowings

13,413 11,766 20,595

Long-term debt

36,360 41,297 42,579

Other liabilities

18,257 17,347 17,692

Total liabilities

505,212 500,180 494,172

Shareholders' equity

Preferred stock

5,968 5,983 5,984

Common stock

21 21 21

Capital surplus

8,518 8,511 8,483

Retained earnings

67,039 64,188 62,526

Less treasury stock

(27,305 ) (25,930 ) (25,962 )

Accumulated other comprehensive income (loss)

(1,202 ) 322 798

Total U.S. Bancorp shareholders' equity

53,039 53,095 51,850

Noncontrolling interests

635 630 630

Total equity

53,674 53,725 52,480

Total liabilities and equity

$558,886 $553,905 $546,652

15

NON-GAAP FINANCIAL MEASURES
(Dollars in Millions, Unaudited) June 30,
2021
March 31,
2021
December 31,
2020
September 30,
2020
June 30,
2020

Total equity

$53,674 $52,308 $53,725 $53,195 $52,480

Preferred stock

(5,968 ) (5,968 ) (5,983 ) (5,984 ) (5,984 )

Noncontrolling interests

(635 ) (630 ) (630 ) (630 ) (630 )

Goodwill (net of deferred tax liability) (1)

(8,987 ) (8,992 ) (9,014 ) (8,992 ) (8,954 )

Intangible assets, other than mortgage servicing rights

(650 ) (675 ) (654 ) (676 ) (678 )

Tangible common equity (a)

37,434 36,043 37,444 36,913 36,234

Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation

39,691 39,103 38,045 37,485 36,351

Adjustments (2)

(1,732 ) (1,732 ) (1,733 ) (1,733 ) (1,702 )

Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (b)

37,959 37,371 36,312 35,752 34,649

Total assets

558,886 553,375 553,905 540,455 546,652

Goodwill (net of deferred tax liability) (1)

(8,987 ) (8,992 ) (9,014 ) (8,992 ) (8,954 )

Intangible assets, other than mortgage servicing rights

(650 ) (675 ) (654 ) (676 ) (678 )

Tangible assets (c)

549,249 543,708 544,237 530,787 537,020

Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (d)

401,301* 396,351 393,648 397,657 401,832

Adjustments (3)

(1,027)* (1,440 ) (1,471 ) (1,449 ) (1,394 )

Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (e)

400,274* 394,911 392,177 396,208 400,438

Ratios*

Tangible common equity to tangible assets (a)/(c)

6.8 % 6.6 % 6.9 % 7.0 % 6.7 %

Tangible common equity to risk-weighted assets (a)/(d)

9.3 9.1 9.5 9.3 9.0

Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e)

9.5 9.5 9.3 9.0 8.7
Three Months Ended
June 30,
2021
March 31,
2021
December 31,
2020
September 30,
2020
June 30,
2020

Net income applicable to U.S. Bancorp common shareholders

$1,914 $2,175 $1,425 $1,494 $614

Intangibles amortization (net-of-tax)

32 30 37 35 34

Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization

1,946 2,205 1,462 1,529 648

Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (f)

7,805 8,943 5,816 6,083 2,606

Average total equity

53,593 53,359 53,801 53,046 52,871

Average preferred stock

(5,968 ) (6,213 ) (6,217 ) (5,984 ) (5,984 )

Average noncontrolling interests

(631 ) (630 ) (630 ) (630 ) (630 )

Average goodwill (net of deferred tax liability) (1)

(9,003 ) (9,010 ) (9,003 ) (8,975 ) (8,960 )

Average intangible assets, other than mortgage servicing rights

(662 ) (649 ) (673 ) (711 ) (706 )

Average tangible common equity (g)

37,329 36,857 37,278 36,746 36,591

Return on tangible common equity (f)/(g)

20.9 % 24.3 % 15.6 % 16.6 % 7.1 %

Net interest income

$3,137 $3,063 $3,175 $3,227 $3,200

Taxable-equivalent adjustment (4)

27 26 26 25 24

Net interest income, on a taxable-equivalent basis

3,164 3,089 3,201 3,252 3,224

Net interest income, on a taxable-equivalent basis (as calculated above)

3,164 3,089 3,201 3,252 3,224

Noninterest income

2,619 2,381 2,550 2,712 2,614

Less: Securities gains (losses), net

43 25 34 12 81

Total net revenue, excluding net securities gains (losses) (h)

5,740 5,445 5,717 5,952 5,757

Noninterest expense (i)

3,387 3,379 3,364 3,371 3,318

Efficiency ratio (i)/(h)

59.0 % 62.1 % 58.8 % 56.6 % 57.6 %
*

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

(1)

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

(2)

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

(3)

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

(4)

Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

16

LINE OF BUSINESS FINANCIAL PERFORMANCE (a)
($ in millions) Net Income Attributable Net Income Attributable
to U.S. Bancorp Percent Change to U.S. Bancorp
Business Line 2Q
2021
1Q
2021

2Q

2020

2Q21 vs
1Q21
2Q21 vs
2Q20
YTD
2021
YTD
2020
Percent
Change

Corporate and Commercial Banking

$378 $424 $574 (10.8 ) (34.1 ) $802 $716 12.0

Consumer and Business Banking

739 650 656 13.7 12.7 1,389 1,263 10.0

Wealth Management and Investment Services

149 184 205 (19.0 ) (27.3 ) 333 425 (21.6 )

Payment Services

443 491 391 (9.8 ) 13.3 934 691 35.2

Treasury and Corporate Support

273 531 (1,137) (48.6 ) nm 804 (1,235 ) nm

Consolidated Company

$1,982 $2,280 $689 (13.1 ) nm $4,262 $1,860 nm

(a) preliminary data

Lines of Business

The Company's major lines of business are Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance. Business line results are derived from the Company's business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company's diverse customer base. During 2021, certain organization and methodology changes were made and, accordingly, prior period results were restated and presented on a comparable basis.

2

CORPORATE AND COMMERCIAL BANKING (a)
($ in millions) Percent Change

2Q

2021

1Q

2021

2Q

2020

2Q21 vs

1Q21

2Q21 vs

2Q20

YTD

2021

YTD

2020

Percent

Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$683 $672 $878 1.6 (22.2 ) $1,355 $1,663 (18.5 )

Noninterest income

255 259 339 (1.5 ) (24.8 ) 514 610 (15.7 )

Securities gains (losses), net

-- -- -- -- -- -- -- --

Total net revenue

938 931 1,217 .8 (22.9 ) 1,869 2,273 (17.8 )

Noninterest expense

411 405 430 1.5 (4.4 ) 816 873 (6.5 )

Other intangibles

-- -- -- -- -- -- -- --

Total noninterest expense

411 405 430 1.5 (4.4 ) 816 873 (6.5 )

Income before provision and taxes

527 526 787 .2 (33.0 ) 1,053 1,400 (24.8 )

Provision for credit losses

23 (40 ) 22 nm 4.5 (17 ) 446 nm

Income before income taxes

504 566 765 (11.0 ) (34.1 ) 1,070 954 12.2

Income taxes and taxable-equivalent adjustment

126 142 191 (11.3 ) (34.0 ) 268 238 12.6

Net income

378 424 574 (10.8 ) (34.1 ) 802 716 12.0

Net (income) loss attributable to noncontrolling interests

-- -- -- -- -- -- -- --

Net income attributable to U.S. Bancorp

$378 $424 $574 (10.8 ) (34.1 ) $802 $716 12.0

Average Balance Sheet Data

Loans

$95,145 $94,866 $122,930 .3 (22.6 ) $95,006 $113,147 (16.0 )

Other earning assets

4,409 4,308 3,847 2.3 14.6 4,359 4,201 3.8

Goodwill

1,647 1,647 1,647 -- -- 1,647 1,647 --

Other intangible assets

5 5 6 -- (16.7 ) 5 7 (28.6 )

Assets

107,058 107,016 135,484 -- (21.0 ) 107,037 125,394 (14.6 )

Noninterest-bearing deposits

54,958 51,074 38,749 7.6 41.8 53,027 34,074 55.6

Interest-bearing deposits

66,023 67,784 95,388 (2.6 ) (30.8 ) 66,899 88,034 (24.0 )

Total deposits

120,981 118,858 134,137 1.8 (9.8 ) 119,926 122,108 (1.8 )

Total U.S. Bancorp shareholders' equity

13,200 13,712 15,274 (3.7 ) (13.6 ) 13,455 14,631 (8.0 )

(a) preliminary data

Corporate and Commercial Banking offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets services, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients.

Corporate and Commercial Banking contributed $378 million of the Company's net income in the second quarter of 2021, compared with $574 million in the second quarter of 2020. Total net revenue decreased $279 million (22.9 percent) due to a decrease of $195 million (22.2 percent) in net interest income and a decrease of $84 million (24.8 percent) in total noninterest income. Net interest income decreased primarily due to lower average loan and deposit balances as well as the impact of declining interest rates on the margin benefit from deposits, partially offset by favorable deposit mix with higher noninterest-bearing balances, higher loan fees, and slightly higher loan spreads. Loan balances increased significantly in the second quarter of 2020 as corporate customers utilized lines of credit to build liquidity during the pandemic. These balances were substantially repaid in 2020. Total noninterest income decreased year-over-year primarily driven by lower capital markets activities, including trading revenue, partially offset by higher non-yield loan fees on unused commitments and stronger treasury management revenue due to core growth driven by the economic recovery as well as higher IRS volumes as a result of the extended tax filing deadline. Capital markets activities were substantially higher in the second quarter of 2020 as corporate customers increased liquidity given the pandemic and significant decline in longer term interest rates. Total noninterest expense decreased $19 million (4.4 percent) compared with a year ago primarily due to lower production incentives, lower FDIC insurance expense and higher capitalized loan costs, partially offset by an increase in net shared services expense driven by technology development and investment in infrastructure. The provision for credit losses increased $1 million (4.5 percent) primarily due to an unfavorable change in the reserve allocation driven by loan balance growth compared to a decline in end of period outstanding loan balances in the second quarter of 2020.

3

CONSUMER AND BUSINESS BANKING (a)
($ in millions) Percent Change

2Q

2021

1Q

2021

2Q

2020

2Q21 vs

1Q21

2Q21 vs

2Q20

YTD

2021

YTD

2020

Percent

Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$1,650 $1,627 $1,475 1.4 11.9 $3,277 $3,007 9.0

Noninterest income

646 578 886 11.8 (27.1 ) 1,224 1,607 (23.8 )

Securities gains (losses), net

-- -- -- -- -- -- -- --

Total net revenue

2,296 2,205 2,361 4.1 (2.8 ) 4,501 4,614 (2.4 )

Noninterest expense

1,404 1,379 1,372 1.8 2.3 2,783 2,689 3.5

Other intangibles

3 3 4 -- (25.0 ) 6 8 (25.0 )

Total noninterest expense

1,407 1,382 1,376 1.8 2.3 2,789 2,697 3.4

Income before provision and taxes

889 823 985 8.0 (9.7 ) 1,712 1,917 (10.7 )

Provision for credit losses

(96 ) (44 ) 110 nm nm (140 ) 233 nm

Income before income taxes

985 867 875 13.6 12.6 1,852 1,684 10.0

Income taxes and taxable-equivalent adjustment

246 217 219 13.4 12.3 463 421 10.0

Net income

739 650 656 13.7 12.7 1,389 1,263 10.0

Net (income) loss attributable to noncontrolling interests

-- -- -- -- -- -- -- --

Net income attributable to U.S. Bancorp

$739 $650 $656 13.7 12.7 $1,389 $1,263 10.0

Average Balance Sheet Data

Loans

$152,470 $153,178 $150,210 (.5 ) 1.5 $152,822 $148,462 2.9

Other earning assets

8,033 10,203 6,576 (21.3 ) 22.2 9,112 5,772 57.9

Goodwill

3,475 3,475 3,475 -- -- 3,475 3,525 (1.4 )

Other intangible assets

2,827 2,491 1,935 13.5 46.1 2,660 2,173 22.4

Assets

173,285 175,525 167,514 (1.3 ) 3.4 174,399 164,690 5.9

Noninterest-bearing deposits

40,477 39,028 34,499 3.7 17.3 39,757 31,130 27.7

Interest-bearing deposits

174,356 166,707 144,158 4.6 20.9 170,552 138,888 22.8

Total deposits

214,833 205,735 178,657 4.4 20.2 210,309 170,018 23.7

Total U.S. Bancorp shareholders' equity

13,361 13,561 13,752 (1.5 ) (2.8 ) 13,460 13,389 .5

(a) preliminary data

Consumer and Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and mobile devices. It encompasses community banking, metropolitan banking and indirect lending, as well as mortgage banking.

Consumer and Business Banking contributed $739 million of the Company's net income in the second quarter of 2021, compared with $656 million in the second quarter of 2020. Total net revenue decreased $65 million (2.8 percent) due to a decrease in total noninterest income of $240 million (27.1 percent), partially offset by an increase of $175 million (11.9 percent) in net interest income. Net interest income reflected continued strong growth in deposit balances as well as favorable deposit mix, favorable loan spreads driven by growth in installment loans and GNMA buybacks, and higher loan fees driven by PPP loan forgiveness. This was partially offset by lower deposit spreads. Total noninterest income decreased primarily due to lower mortgage banking revenue reflecting lower production volume and related gain on sale margins as refinancing activities decline, partially offset by the favorable net impact of the change in fair value of mortgage servicing rights, net of hedging activities. Partially offsetting the decline in mortgage banking fee revenues, retail product fees were stronger driven by retail leasing end of term residual gains and related fees while deposit service charges increased as a result of customer activity and ATM processing revenue. Total noninterest expense increased $31 million (2.3 percent) primarily due to an increase in net shared services expense due to investments in digital capabilities. The provision for credit losses decreased $206 million due to a favorable change in the reserve allocation primarily reflecting lower delinquency rates in consumer portfolios and a reduction in end of period outstanding balances in the second quarter of 2021 compared with growth in the second quarter of 2020.

4

WEALTH MANAGEMENT AND INVESTMENT SERVICES (a)
($ in millions) Percent Change
2Q
2021
1Q
2021
2Q
2020
2Q21 vs
1Q21
2Q21 vs
2Q20
YTD
2021
YTD
2020
Percent
Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$167 $203 $250 (17.7 ) (33.2 ) $370 $534 (30.7 )

Noninterest income

547 531 499 3.0 9.6 1,078 1,001 7.7

Securities gains (losses), net

-- -- -- -- -- -- -- --

Total net revenue

714 734 749 (2.7 ) (4.7 ) 1,448 1,535 (5.7 )

Noninterest expense

501 479 474 4.6 5.7 980 941 4.1

Other intangibles

4 2 3 nm 33.3 6 6 --

Total noninterest expense

505 481 477 5.0 5.9 986 947 4.1

Income before provision and taxes

209 253 272 (17.4 ) (23.2 ) 462 588 (21.4 )

Provision for credit losses

10 8 (2) 25.0 nm 18 21 (14.3 )

Income before income taxes

199 245 274 (18.8 ) (27.4 ) 444 567 (21.7 )

Income taxes and taxable-equivalent adjustment

50 61 69 (18.0 ) (27.5 ) 111 142 (21.8 )

Net income

149 184 205 (19.0 ) (27.3 ) 333 425 (21.6 )

Net (income) loss attributable to noncontrolling interests

-- -- -- -- -- -- -- --

Net income attributable to U.S. Bancorp

$149 $184 $205 (19.0 ) (27.3 ) $333 $425 (21.6 )

Average Balance Sheet Data

Loans

$12,926 $12,446 $11,206 3.9 15.3 $12,688 $10,909 16.3

Other earning assets

237 279 285 (15.1 ) (16.8 ) 258 283 (8.8 )

Goodwill

1,618 1,619 1,616 (.1 ) .1 1,618 1,617 .1

Other intangible assets

84 42 40 nm nm 63 42 50.0

Assets

15,916 15,682 14,335 1.5 11.0 15,800 14,153 11.6

Noninterest-bearing deposits

22,249 20,377 16,396 9.2 35.7 21,318 14,848 43.6

Interest-bearing deposits

61,146 71,766 65,466 (14.8 ) (6.6 ) 66,427 67,195 (1.1 )

Total deposits

83,395 92,143 81,862 (9.5 ) 1.9 87,745 82,043 7.0

Total U.S. Bancorp shareholders' equity

2,640 2,574 2,481 2.6 6.4 2,607 2,475 5.3

(a) preliminary data

Wealth Management and Investment Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through four businesses: Wealth Management, Global Corporate Trust & Custody, U.S. Bancorp Asset Management and Fund Services.

Wealth Management and Investment Services contributed $149 million of the Company's net income in the second quarter of 2021, compared with $205 million in the second quarter of 2020. Total net revenue decreased $35 million (4.7 percent) year-over-year reflecting a decrease in net interest income of $83 million (33.2 percent), partially offset by an increase of $48 million (9.6 percent) in noninterest income. Net interest income decreased year-over-year primarily due to the declining margin benefit of deposits given lower interest rates, partially offset by higher noninterest-bearing deposits and favorable deposit mix. Total noninterest income increased primarily due to the impact of core business growth on trust and investment management fees and favorable market conditions, partially offset by higher fee waivers related to money market funds. Total noninterest expense increased $28 million (5.9 percent) compared with the second quarter of 2020 reflecting higher compensation expense as a result of performance-based incentives, merit, and revenue-related compensation and an increase in net shared services expense. The provision for credit losses increased $12 million reflecting an unfavorable change in the reserve allocation primarily driven by increased loan balance growth and stable credit quality relative to credit quality improvement in the second quarter of 2020.

5

PAYMENT SERVICES (a)
($ in millions) Percent Change
2Q
2021
1Q
2021
2Q
2020
2Q21 vs
1Q21
2Q21 vs
2Q20
YTD
2021
YTD
2020
Percent
Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$596 $629 $610 (5.2 ) (2.3 ) $1,225 $1,267 (3.3 )

Noninterest income

913 785 658 16.3 38.8 1,698 1,452 16.9

Securities gains (losses), net

-- -- -- -- -- -- -- --

Total net revenue

1,509 1,414 1,268 6.7 19.0 2,923 2,719 7.5

Noninterest expense

794 767 741 3.5 7.2 1,561 1,495 4.4

Other intangibles

33 33 36 -- (8.3 ) 66 71 (7.0 )

Total noninterest expense

827 800 777 3.4 6.4 1,627 1,566 3.9

Income before provision and taxes

682 614 491 11.1 38.9 1,296 1,153 12.4

Provision for credit losses

91 (41 ) (31) nm nm 50 231 (78.4 )

Income before income taxes

591 655 522 (9.8 ) 13.2 1,246 922 35.1

Income taxes and taxable-equivalent adjustment

148 164 131 (9.8 ) 13.0 312 231 35.1

Net income

443 491 391 (9.8 ) 13.3 934 691 35.2

Net (income) loss attributable to noncontrolling interests

-- -- -- -- -- -- -- --

Net income attributable to U.S. Bancorp

$443 $491 $391 (9.8 ) 13.3 $934 $691 35.2

Average Balance Sheet Data

Loans

$30,030 $29,630 $30,321 1.3 (1.0 ) $29,831 $32,005 (6.8 )

Other earning assets

5 5 5 -- -- 5 6 (16.7 )

Goodwill

3,177 3,173 3,101 .1 2.5 3,176 2,977 6.7

Other intangible assets

519 544 590 (4.6 ) (12.0 ) 531 573 (7.3 )

Assets

35,620 35,095 35,011 1.5 1.7 35,359 36,647 (3.5 )

Noninterest-bearing deposits

5,030 5,264 3,165 (4.4 ) 58.9 5,146 2,318 nm

Interest-bearing deposits

141 132 117 6.8 20.5 137 116 18.1

Total deposits

5,171 5,396 3,282 (4.2 ) 57.6 5,283 2,434 nm

Total U.S. Bancorp shareholders' equity

7,413 7,658 6,975 (3.2 ) 6.3 7,535 7,042 7.0

(a) preliminary data

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

Payment Services contributed $443 million of the Company's net income in the second quarter of 2021, compared with $391 million in the second quarter of 2020. Total net revenue increased $241 million (19.0 percent) primarily due to higher noninterest income of $255 million (38.8 percent), partially offset by slightly lower net interest income of $14 million (2.3 percent). Net interest income decreased primarily due to lower average loan balances partly due to higher credit card payment rates and loan fees, partially offset by higher loan yields and higher deposit balances as a result of state unemployment programs utilizing prepaid debit cards. Total noninterest income increased year-over-year mainly due to continued strengthening of consumer and business spending across most sectors driven by government stimulus, local jurisdictions reducing restrictions and consumer behaviors normalizing. As a result, there was strong growth in credit and debit card revenue driven by higher net interchange revenue related to sales volume and prepaid card processing activities related to government stimulus programs as well as stronger transaction and cash advance fees along with higher corporate payment products revenue driven by improving business spending and higher merchant processing services revenue driven by higher sales volume. Total noninterest expense increased $50 million (6.4 percent) reflecting the timing of marketing campaigns and incremental costs related to the prepaid card business. The provision for credit losses increased $122 million primarily due to balance growth in the current period, compared to a decrease in balances in the prior year quarter, partially offset by lower delinquency rates in the second quarter of 2021.

6

TREASURY AND CORPORATE SUPPORT (a)
($ in millions) Percent Change
2Q
2021
1Q
2021

2Q

2020

2Q21 vs
1Q21
2Q21 vs
2Q20
YTD
2021
YTD
2020
Percent
Change

Condensed Income Statement

Net interest income (taxable-equivalent basis)

$68 $(42) $11 nm nm $26 $-- nm

Noninterest income

215 203 151 5.9 42.4 418 338 23.7

Securities gains (losses), net

43 25 81 72.0 (46.9 ) 68 131 (48.1 )

Total net revenue

326 186 243 75.3 34.2 512 469 9.2

Noninterest expense

237 311 258 (23.8 ) (8.1 ) 548 551 (.5 )

Other intangibles

-- -- -- -- -- -- -- --

Total noninterest expense

237 311 258 (23.8 ) (8.1 ) 548 551 (.5 )

Income (loss) before provision and taxes

89 (125 ) (15) nm nm (36 ) (82 ) 56.1

Provision for credit losses

(198 ) (710 ) 1,638 72.1 nm (908 ) 1,799 nm

Income (loss) before income taxes

287 585 (1,653) (50.9 ) nm 872 (1,881 ) nm

Income taxes and taxable-equivalent adjustment

8 49 (522) (83.7 ) nm 57 (660 ) nm

Net income (loss)

279 536 (1,131) (47.9 ) nm 815 (1,221 ) nm

Net (income) loss attributable to noncontrolling interests

(6 ) (5 ) (6) (20.0 ) -- (11 ) (14 ) 21.4

Net income (loss) attributable to U.S. Bancorp

$273 $531 $(1,137) (48.6 ) nm $804 $(1,235 ) nm

Average Balance Sheet Data

Loans

$3,713 $3,869 $3,440 (4.0 ) 7.9 $3,791 $3,359 12.9

Other earning assets

193,783 188,927 165,299 2.6 17.2 191,367 152,777 25.3

Goodwill

-- -- -- -- -- -- -- --

Other intangible assets

-- -- -- -- -- -- -- --

Assets

219,486 215,416 191,962 1.9 14.3 217,462 178,672 21.7

Noninterest-bearing deposits

2,583 2,609 2,297 (1.0 ) 12.5 2,596 2,254 15.2

Interest-bearing deposits

2,247 1,623 3,068 38.4 (26.8 ) 1,936 4,196 (53.9 )

Total deposits

4,830 4,232 5,365 14.1 (10.0 ) 4,532 6,450 (29.7 )

Total U.S. Bancorp shareholders' equity

16,348 15,224 13,759 7.4 18.8 15,789 14,156 11.5

(a) preliminary data

Treasury and Corporate Support includes the Company's investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business lines, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Treasury and Corporate Support contributed $273 million of the Company's net income in the second quarter of 2021, compared with a net loss of $1,137 million in the second quarter of 2020. Total net revenue increased $83 million (34.2 percent) year-over-year due to an increase of $57 million in net interest income and an increase in noninterest income of $26 million (11.2 percent). Net interest income increased primarily due to favorable funding and deposit mix, partially offset by higher premium amortization in the investment portfolio compared with a year ago. Total noninterest income increased primarily due to higher other noninterest income driven by tax-advantaged investment syndication revenue, partially offset by lower securities gains. Total noninterest expense decreased $21 million (8.1 percent) primarily due to lower COVID-19 related accruals compared with the second quarter of 2020 including recognizing liabilities related to future delivery exposures for merchant and airline processing and lower net shared services expense, partially offset by higher compensation expense as a result of merit and performance-based incentives as well as related payroll taxes and benefits. The provision for credit losses decreased $1,836 million reflecting the residual impact of changes in the allowance for credit losses being impacted by deteriorating economic conditions in the second quarter of 2020 compared to improving conditions in the current year quarter. 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

Disclaimer

U.S. Bancorp published this content on 15 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 July 2021 10:58:11 UTC.


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Sales 2021 22 824 M - -
Net income 2021 7 643 M - -
Net Debt 2021 - - -
P/E ratio 2021 12,1x
Yield 2021 2,83%
Capitalization 92 215 M 92 215 M -
Capi. / Sales 2021 4,04x
Capi. / Sales 2022 3,65x
Nbr of Employees 68 108
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Andrew J. Cecere Chairman, President & Chief Executive Officer
Terrance R. Dolan Chief Financial Officer & Vice Chairman
Jeffry H. von Gillern Vice Chairman-Technology & Operations Services
Katherine B. Quinn Vice Chairman & Chief Administrative Officer
Olivia Faulkner Kirtley Lead Independent Director
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