U.S. Bancorp 8K Reports Second Quarter 2015 Earnings | USB 15 Jul 15

U.S. Bancorp

2Q15 Earnings Conference Call

Richard K. Davis

Chairman,

President

and

CEO

Kathy Rogers

Vice Chairman and CFO

July 15, 2015

Exhibit 99.2

| 2Q15 Earnings Conference Call

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 made. 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. A reversal or slowing of the current economic recovery or

another severe contraction could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities. Global financial markets

could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to

a tightening of credit, a reduction of business activity, and increased market volatility. Stress in the commercial real estate markets, as well as a

downturn in the residential real estate markets, could cause credit losses and deterioration in asset values. In addition, U.S. Bancorp’s business

and financial performance is likely to be negatively impacted by recently enacted and future legislation and regulation. U.S. Bancorp’s results

could also be adversely affected by deterioration in general business and economic conditions; changes in interest 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 securities held in its

investment securities portfolio; legal and regulatory developments; litigation; increased competition from both banks and non-banks; changes in

customer behavior and preferences; breaches in data security; effects of mergers and acquisitions and related integration; effects of critical

accounting policies and judgments; and management’s ability to effectively manage credit risk, residual value risk, market risk, operational risk,

compliance risk, strategic risk, interest rate risk, liquidity risk and reputational 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, 2014, 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. Forward-looking statements speak only as of the date they are made,

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 within or in the appendix of the presentation. 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.

| 2Q15 Earnings Conference Call

Net income of $1.5 billion; $0.80 per diluted common share

Average loan growth of 4.0% vs. 2Q14 and 0.7% vs. 1Q15 (excluding student

loans, which were reclassified to held for sale at the end of 1Q15)

Average deposit growth of 8.9% vs. 2Q14 and 2.6% vs. 1Q15

Improving trends in payments-related fee revenue

Net charge-offs declined 15.2% vs. 2Q14 and increased 6.1% vs. 1Q15

Nonperforming assets declined 18.8% vs. 2Q14 and 7.0% vs. 1Q15

Capital generation continues to reinforce capital position

•

Common equity tier 1 capital ratio of 9.2% estimated for the Basel III fully

implemented standardized approach

Returned 76% of earnings to shareholders in 2Q15

•

Repurchased 14 million shares of common stock during the quarter

2Q15 Highlights

| 2Q15 Earnings Conference Call

Return on Average Common Equity

and Return on Average Assets

Efficiency Ratio and

Net Interest Margin

Return on Avg Common Equity

Return on Avg Assets

Efficiency Ratio

Net Interest Margin

Performance Ratios

* Excluding $214 million gain on Visa Inc. Class B common stock sale and $200 million FHA DOJ settlement

** Excluding $124 million gain related to an equity interest in Nuveen and $88 million expense for charitable contributions and legal accruals

Efficiency ratio computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest

income excluding net securities gains (losses)

2Q14

3Q14

4Q14

1Q15

2Q15

2Q14

3Q14

4Q14

1Q15

2Q15

11%

14%

17%

20%

1.0%

1.5%

2.0%

2.5%

3.0%

48%

52%

56%

60%

64%

1.6%

2.2%

2.8%

3.4%

4.0%

1.60%

1.51%

1.50%

1.44%

1.46%

15.1%

14.5%

14.4%

14.1%

14.3%

51.3%*

53.8%**

53.1%

52.4%

54.3%

53.2%

3.27%

3.16%

3.14%

3.08%

3.03%

| 2Q15 Earnings Conference Call

Notable items: 2Q14 Visa gain $214 million, 4Q14 Nuveen gain $124 million

Taxable-equivalent basis

Year-Over-Year Change

4.9%

2.0%

5.7%

1.9%

(2.8%)

$ in millions

$4,906

$5,188

$4,990

$5,169

$5,042

$214

$124

3,500

4,000

4,500

5,000

5,500

2Q14

3Q14

4Q14

1Q15

2Q15

Revenue Growth

1.4% excluding

2Q14 notable

3.2% excluding

4Q14 notable

0.5% excluding

2Q14 notable

| 2Q15 Earnings Conference Call

Year-Over-Year Growth

Average Balances

210

230

250

270

290

2Q14

3Q14

4Q14

1Q15

2Q15

Loans

Deposits

5.1%

$248.0

2.5%

$246.6

6.8%

$240.5

6.3%

$243.9

5.9%

$246.4

8.1%

$278.5

8.9%

$285.7

6.0%

$262.4

7.4%

$271.0

7.2%

$275.5

Loan and Deposit Growth

$ in billions

2Q15 adjusted*

loan growth = 4.0%

* Excluding the impact of the reclassification of approximately $3 billion of student loans to held for sale at the end of 1Q15

| 2Q15 Earnings Conference Call

Net Charge-offs

Nonperforming Assets

Net Charge-offs (Left Scale)

NCOs to Avg Loans (Right Scale)

Nonperforming Assets (Left Scale)

NPAs to Loans plus ORE (Right Scale)

Credit Quality

$ in millions

0.00%

0.75%

1.50%

2.25%

3.00%

130

260

390

520

2Q14

3Q14

4Q14

1Q15

2Q15

$349

$336

$308

$279

$296

0.58%

0.55%

0.50%

0.46%

0.48%

$1,943

$1,923

$1,808

$1,696

$1,577

0.80%

0.78%

0.73%

0.69%

0.63%

0.00%

0.75%

1.50%

2.25%

3.00%

700

1,400

2,100

2,800

2Q14

3Q14

4Q14

1Q15

2Q15

| 2Q15 Earnings Conference Call

Taxable-equivalent basis

Earnings Summary

$ and shares in millions, except per-share data

YTD

2Q15

1Q15

2Q14

vs 1Q15

vs 2Q14

2015

2014

%B/(W)

Net Interest Income

2,770

2,752

2,744

0.7

0.9

5,522

5,450

1.3

Noninterest Income

2,272

2,154

2,444

5.5

(7.0)

4,426

4,552

(2.8)

Net Revenue

5,042

4,906

5,188

2.8

(2.8)

9,948

10,002

(0.5)

Noninterest Expense

2,682

2,665

2,753

(0.6)

2.6

5,347

5,297

(0.9)

Operating Income

2,360

2,241

2,435

5.3

(3.1)

4,601

4,705

(2.2)

Net Charge-offs

296

279

349

(6.1)

15.2

575

690

16.7

Excess Provision

(15)

(25)

(40.0)

(30)

(60)

(50.0)

Income before Taxes

2,079

1,977

2,111

5.2

(1.5)

4,056

4,075

(0.5)

Applicable Income Taxes

582

533

602

(9.2)

3.3

1,115

1,154

3.4

Noncontrolling Interests

(14)

(13)

(14)

(7.7)

(27)

(29)

6.9

Net Income

1,483

1,431

1,495

3.6

(0.8)

2,914

2,892

0.8

Preferred Dividends/Other

2.9

132

134

1.5

NI to Common

1,417

1,365

1,427

3.8

(0.7)

2,782

2,758

0.9

Diluted EPS

0.80

0.76

0.78

5.3

2.6

1.56

1.51

3.3

Average Diluted Shares

1,779

1,789

1,821

0.6

2.3

1,784

1,825

2.2

% B/(W)

| 2Q15 Earnings Conference Call

Net Interest Income

Key Points

vs. 2Q14

Average earning assets grew $30.4 billion, or 9.1%

Net interest margin lower 24 bps (3.03% vs. 3.27%)

Growth in the investment portfolio at lower average rates as well

as lower reinvestment rates on investment securities, lower loan

fees due to the Checking Account Advance product wind down,

lower rates on new loans and a change in loan portfolio mix

Partially offset by lower funding costs

vs. 1Q15

Average earning assets grew $5.6 billion, or 1.5%

Net interest margin lower 5 bps (3.03% vs. 3.08%)

Continued change in loan portfolio mix, the impact of higher

cash balances at the Federal Reserve as a result of continued

deposit growth, along with growth in lower rate investment

securities and lower investment portfolio reinvestment rates

Year-Over-Year Change

2.7%

1.3%

2.4%

1.7%

0.9%

Net Interest Income

$ in millions

Taxable-equivalent basis

$2,744

$2,748

$2,799

$2,752

$2,770

0.0%

2.0%

4.0%

6.0%

8.0%

1,000

2,000

3,000

4,000

2Q14

3Q14

4Q14

1Q15

2Q15

Net Interest Income

Net Interest Margin

3.27%

3.16%

3.14%

3.08%

3.03%

| 2Q15 Earnings Conference Call

| 2Q15 Earnings Conference Call

Noninterest Income

Key Points

vs. 2Q14

Noninterest income decreased $172 million, or 7.0%

(1.9% increase excluding notable item in 2Q14)

•

Higher trust and investment management fees (7.4% increase)

•

Higher merchant processing revenue (2.9% increase, 7.6%

increase adjusted for the impact of foreign currency rate changes)

•

Higher credit and debit card revenue (2.7% increase) on volume

increase of 6.6%

•

Lower mortgage revenue primarily due to an unfavorable change in

the valuation of mortgage servicing rights net of hedging activities

vs. 1Q15

Noninterest income increased $118 million, or 5.5%

•

Seasonally higher credit and debit card revenue (10.4% increase),

merchant processing services revenue (10.0% increase), and

deposit service charges (8.1% increase)

•

Higher trust and investment management fees (3.7% increase)

•

Partially offset by lower mortgage banking revenue

Year-Over-Year Change

7.4%

3.0%

9.9%

2.2%

(7.0%)

$2,444

$2,242

$2,370

$2,154

$2,272

All Other

Mortgage

Service Charges

Trust and Inv Mgmt

Payments

Notable items: 2Q14 Visa gain $214 million, 4Q14 Nuveen gain $124 million

Payments = credit and debit card, corporate payment products and merchant processing

Service charges = deposit service charges, treasury management and ATM processing

$ in millions

$637

$432

$587

$446

$472

$278

$260

$235

$240

$231

$393

$402

$396

$376

$396

$311

$315

$322

$334

$825

$833

$830

$770

$839

700

1,400

2,100

2,800

2Q14

3Q14

4Q14

1Q15

2Q15

| 2Q15 Earnings Conference Call

| 2Q15 Earnings Conference Call

Noninterest Expense

$643

$503

$594

$479

$459

$214

$219

$214

$221

$273

$261

$347

$229

$266

$241

$249

$248

$247

$1,382

$1,396

$1,496

$1,489

800

1,600

2,400

3,200

2Q14

3Q14

4Q14

1Q15

2Q15

Noninterest Expense

Key Points

vs. 2Q14

Noninterest expense decreased $71 million, or 2.6%

(5.1% increase excluding notable item in 2Q14)

•

Higher compensation (6.3% increase) reflecting the impact of

merit increases, acquisitions, and higher staffing for risk and

compliance activities

•

Higher employee benefits expense (14.0% increase) primarily

due to higher pension costs

•

Lower postage, printing and supplies expense (20.0% decrease)

vs. 1Q15

Noninterest expense increased $17 million, or 0.6%

•

Higher professional services expense (37.7% increase) due to

mortgage servicing and compliance related matters

•

Higher marketing and business development expense (37.1%

increase) due to the timing of various marketing programs

•

Partially offset by lower employee benefit expense (7.6%

decrease) primarily resulting from seasonally lower payroll taxes

Year-Over-Year Change

7.7%

1.9%

4.5%

4.8%

(2.6%)

$2,753

$2,614

$2,804

$2,665

$2,682

All Other

Tech and Communications

Prof Svcs, Marketing and PPS

Occupancy and Equipment

Compensation and Benefits

Notable items: 2Q14 FHA DOJ settlement $200 million, 4Q14 charitable contributions and accruals for legal matters $88 million

$ in millions

| 2Q15 Earnings Conference Call

| 2Q15 Earnings Conference Call

Capital Position

*RWA = risk-weighted assets

$ in billions

2Q15

1Q15

4Q14

3Q14

2Q14

Total U.S. Bancorp shareholders' equity

44.5

44.3

43.5

43.1

42.7

Standardized Approach

Basel III transitional standardized approach

Common equity tier 1 capital ratio

9.5%

9.6%

9.7%

9.6%

Tier 1 capital ratio

11.0%

11.1%

11.3%

Total risk-based capital ratio

13.1%

13.3%

13.6%

13.2%

Leverage ratio

9.2%

9.3%

9.4%

9.6%

Common equity tier 1 capital to RWA* estimated for the

Basel III fully implemented standardized approach

9.2%

9.0%

8.9%

Advanced Approaches

Common equity tier 1 capital to RWA for the Basel III

transitional advanced approaches

12.9%

12.3%

12.4%

12.3%

Common equity tier 1 capital to RWA estimated for the

Basel III fully implemented advanced approaches

12.4%

11.8%

11.7%

Tangible common equity ratio

7.5%

7.6%

7.5%

7.6%

7.5%

Tangible common equity as a % of RWA

9.2%

9.3%

9.2%

| 2Q15 Earnings Conference Call

76%

Reinvest and

Acquisitions

Dividends

Repurchases

Capital Actions

27%

29%

31%

32%

35%

42%

41%

38%

44%

25%

50%

75%

100%

2012

2013

2014

1Q15

2Q15

Dividends

Share Repurchases

62%

70%

Payout Ratio

71%

72%

Dividend increase announced June 16

•

Annual dividend increased from $0.98 to $1.02 per share, a 4.1% increase

One year authorization to repurchase up to $3.0 billion of outstanding common

stock effective April 1, 2015

Returned 76% of earnings to shareholders during 2Q15

Earnings Distribution Target

32%

24%

44%

2Q15

Actual

20 -

40%

30 -

40%

30 -

40%

Appendix

| 2Q15 Earnings Conference Call

12.4%

13.6%

15.5%

15.1%

11.0%

6.9%

6.1%

4.2%

6.5%

4.8%

10.5%

5.8%

2.2%

(0.3%)

(1.4%)

5.9%

4.9%

3.6%

2.4%

1.3%

2.3%

3.6%

3.5%

(1.8%)

140

210

280

2Q14

3Q14

4Q14

1Q15

2Q15

Average Loans

Key Points

vs. 2Q14

Average total loans increased by $6.1 billion, or

2.5% ($9.5 billion, or 4.0% increase excluding

student loans, which were reclassified to held

for sale at the end of 1Q15)

Average total commercial loans increased $8.2

billion, or 11.0%; average commercial real

estate loans increased $2.0 billion, or 4.8%

vs. 1Q15

Average total loans declined by $1.4 billion, or

0.6% (0.7% increase excluding student loans,

which were reclassified to held for sale at the

end of 1Q15)

Average total commercial loans increased $1.7

billion, or 2.1%; average commercial real estate

loans decreased $0.2 billion, or 0.5%

Year-Over-Year Growth

6.8%

6.3%

5.9%

5.1%

2.5%

Covered

Commercial

CRE

Res Mtg

Retail

Credit Card

$246.6

$240.5

$243.9

$246.4

$248.0

Average Loans

4.0%*

$ in billions

5.7%*

* Excluding the impact of the reclassification of approximately $3 billion of student loans to held for sale at the end of 1Q15

| 2Q15 Earnings Conference Call

(5.9%)

(13.1%)

(4.9%)

(8.2%)

(14.1%)

10.8%

18.3%

19.7%

24.7%

30.2%

8.3%

10.9%

8.3%

7.3%

6.1%

7.4%

8.6%

3.3%

5.2%

7.7%

160

240

320

2Q14

3Q14

4Q14

1Q15

2Q15

Average Deposits

Key Points

vs. 2Q14

Average total deposits increased by $23.3

billion, or 8.9%

Average low-cost deposits (NIB, interest

checking, money market and savings)

increased by $29.3 billion, or 13.3%

vs. 1Q15

Average total deposits increased by $7.3

billion, or 2.6%

Average low-cost deposits increased by $10.4

billion, or 4.4%

Year-Over-Year Growth

6.0%

7.4%

7.2%

8.1%

8.9%

Time

Money Market

Checking and Savings

Noninterest-bearing

$262.4

$271.0

$275.5

$278.5

$285.7

Average Deposits

$ in billions

| 2Q15 Earnings Conference Call

| 2Q15 Earnings Conference Call

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

Average quarter-over-quarter loan growth of 2.3% and year-over-year loan growth of 11.5% is supported by strong

credit quality

Net charge-offs, nonperforming loans and delinquencies remained at historically low levels

2Q14

1Q15

2Q15

Average Loans

$69,920

$76,183

$77,932

30-89 Delinquencies

0.23%

0.19%

90+ Delinquencies

0.06%

0.05%

Nonperforming Loans

0.24%

0.10%

Credit Quality –

Commercial Loans

$ in millions

0.0%

0.5%

1.0%

1.5%

2.0%

25,000

50,000

75,000

100,000

2Q14

3Q14

4Q14

1Q15

2Q15

20%

24%

28%

32%

36%

Revolving Line Utilization Trend

$69,920

$72,190

$74,333

$76,183

$77,932

0.30%

0.29%

0.26%

0.21%

0.20%

Average Loans

Net Charge-offs Ratio

| 2Q15 Earnings Conference Call

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

Year-over-year average leases increased 4.3%

Net charge-offs, nonperforming loans and delinquencies continued at modest levels

2Q14

1Q15

2Q15

Average Loans

$5,100

$5,325

$5,321

30-89 Delinquencies

0.75%

0.84%

0.81%

90+ Delinquencies

0.00%

Nonperforming Loans

0.31%

0.24%

0.23%

Credit Quality –

Commercial Leases

$ in millions

Small Ticket

$3,197

Equipment

Finance

$2,124

Commercial Leases

| 2Q15 Earnings Conference Call

$5,100

$5,155

$5,292

$5,325

$5,321

0.7%

0.0%

0.7%

1.4%

2.1%

3,000

6,000

9,000

2Q14

3Q14

4Q14

1Q15

2Q15

0.24%

0.46%

0.23%

Average Loans

Net Charge

-offs Ratio

-0.15%

| 2Q15 Earnings Conference Call

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

Year-over-year average loans increased 4.8%

Historically low delinquency and nonperforming loan levels improved both on a quarter-over-quarter and year-over-

year basis

The net charge-off ratio of 0.01% continued a two-year trend of minimal CRE net charge-offs

2Q14

1Q15

2Q15

Average Loans

$40,497

$42,671

$42,446

30-89 Delinquencies

0.14%

0.24%

0.12%

90+ Delinquencies

0.06%

0.07%

0.05%

Nonperforming Loans

0.55%

0.51%

0.41%

Performing TDRs*

$330

$259

$240

Credit Quality –

Commercial Real Estate (CRE)

$ in millions

Investor

$21,028

Owner

Occupied

$11,471

Multi-family

$3,075

Retail

$773

Residential

Construction

$2,103

A&D

Construction

$666

Office

$1,203

Other

$2,127

* TDR = troubled debt restructuring

CRE Mortgage

CRE Construction

$40,497

$40,839

$40,966

$42,671

$42,446

-0.04%

0.04%

-0.10%

-0.17%

0.01%

-0.5%

0.0%

0.5%

1.0%

1.5%

20,000

40,000

60,000

2Q14

3Q14

4Q14

1Q15

2Q15

Average Loans

Net Charge

-offs Ratio

| 2Q15 Earnings Conference Call

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

Originations are of high credit quality (weighted average FICO 757, weighted average LTV 70%)

83% of the balances have been originated since the beginning of 2009; the origination quality metrics and

performance to date have significantly outperformed prior vintages with similar seasoning

Credit Quality –

Residential Mortgage

$ in millions

2Q14

1Q15

2Q15

Average Loans

$51,815

$51,426

$51,114

30-89 Delinquencies

0.48%

0.38%

90+ Delinquencies

0.49%

0.33%

0.30%

Nonperforming Loans

1.57%

1.61%

1.50%

*Excludes GNMA loans, whose repayments are insured by the FHA or guaranteed by the Department of VA ($2,080 million in 2Q15)

$51,815

$51,994

$51,872

$51,426

$51,114

0.44%

0.32%

0.30%

0.28%

0.26%

0.0%

0.5%

1.0%

1.5%

2.0%

15,000

30,000

45,000

60,000

2Q14

3Q14

4Q14

1Q15

2Q15

Average Loans

Net Charge

-offs Ratio

$1,922

$1,899

$1,866

$1,851

$1,931

1,000

2,000

3,000

4,000

2Q14

3Q14

4Q14

1Q15

2Q15

Residential Mortgage Performing TDRs*

| 2Q15 Earnings Conference Call

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

Average loans increased 1.3% year-over-year driven by high quality originations (weighted average FICO 756)

Delinquencies and losses remain historically low, reflecting stability in both underwriting and credit quality

Nonperforming loans continued to decline

$17,384

$17,753

$17,990

$17,823

$17,613

3.92%

3.53%

3.71%

3.85%

0.0%

3.0%

6.0%

9.0%

12.0%

6,000

12,000

18,000

24,000

2Q14

3Q14

4Q14

1Q15

2Q15

Average Loans

Net Charge-offs Ratio

Credit Quality –

Credit Card

$ in millions

2Q14

1Q15

2Q15

Average Loans

$17,384

$17,823

$17,613

30-89 Delinquencies

1.13%

1.16%

90+ Delinquencies

1.06%

1.19%

1.03%

Nonperforming Loans

0.29%

0.13%

0.09%

$52

$40

$30

$22

$16

0.29%

0.22%

0.16%

0.13%

0.09%

0.0%

0.5%

1.0%

1.5%

2.0%

2Q14

3Q14

4Q14

1Q15

2Q15

Credit Card Nonperforming Loans

| 2Q15 Earnings Conference Call

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

High-quality originations (weighted average FICO on commitments was 768, weighted average CLTV 71%)

originated primarily through the retail branch network to existing bank customers on their primary residences

Net charge-offs ratio declined on a linked quarter and year-over-year basis

Credit Quality –

Home Equity

$ in millions

2Q14

1Q15

2Q15

Average Loans

$15,327

$15,897

$15,958

30-89 Delinquencies

0.50%

0.41%

0.36%

90+ Delinquencies

0.26%

0.25%

Nonperforming Loans

1.11%

1.07%

0.98%

Subprime: 1%

Wtd Avg LTV*: 90%

NCO: 1.83%

Prime: 96%

Wtd Avg LTV*: 72%

NCO: 0.24%

Other: 3%

Wtd Avg LTV*: 71%

NCO: 0.84%

*LTV at origination

$15,327

$15,704

$15,853

$15,897

$15,958

0.0%

1.0%

2.0%

3.0%

4.0%

5,000

10,000

15,000

20,000

2Q14

3Q14

4Q14

1Q15

2Q15

0.60%

0.61%

0.43%

0.36%

0.28%

Average Loans

Net Charge-offs Ratio

| 2Q15 Earnings Conference Call

Home Equity

| 2Q15 Earnings Conference Call

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

Continued high-quality originations (weighted average FICO 790) support the portfolio’s stable credit profile

Delinquencies remained relatively stable at very low levels

Strong used auto values continued to contribute to historically low net charge-offs

Credit Quality –

Retail Leasing

$ in millions

2Q14

1Q15

2Q15

Average Loans

$6,014

$5,819

$5,696

30-89 Delinquencies

0.16%

0.12%

0.17%

90+ Delinquencies

0.00%

Nonperforming Loans

0.02%

0.04%

* Manheim Used Vehicle Value Index source: www.manheimconsulting.com, January 1995 = 100, quarter value = average monthly ending values

Average Loans

Net Charge-offs Ratio

$6,014

$5,991

$5,939

$5,819

$5,696

0.0%

0.2%

0.4%

0.6%

0.8%

2,000

4,000

6,000

8,000

2Q14

3Q14

4Q14

1Q15

2Q15

100

110

120

130

140

ManheimUsed Vehicle Index*

0.07%

0.00%

0.07%

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

Student loans were moved to held for sale at the end of the first quarter of 2015

Growth in auto and installment loans partially offset the reclassification of student loans

Net charge-offs and delinquencies remained low on a linked quarter and year-over-year basis

Credit Quality –

Other Retail

$ in millions

2Q14

1Q15

2Q15

Average Loans

$26,587

$27,604

$25,415

30-89 Delinquencies

0.47%

0.44%

0.48%

90+ Delinquencies

0.11%

0.10%

Nonperforming Loans

0.06%

0.07%

Installment

$6,529

Auto Loans

$15,609

Revolving

Credit

$3,277

$26,587

$27,003

$27,317

$27,604

$25,415

0.68%

0.72%

0.76%

0.60%

0.62%

0.0%

0.5%

1.0%

1.5%

2.0%

10,000

20,000

30,000

40,000

2Q14

3Q14

4Q14

1Q15

2Q15

Average Loans

Net Charge

-offs Ratio

| 2Q15 Earnings Conference Call

Other Retail

| 2Q15 Earnings Conference Call

Average Loans and Net Charge-offs Ratios

Key Statistics

Key Points

Continued growth (10.6% year-over-year) in auto loans driven by high-quality originations in the indirect channel

(weighted average FICO 768)

Net charge-offs seasonally improved on a linked quarter basis and, as expected, increased slightly year-over-year

as growth initiatives continued to mature

Credit Quality –

Auto Loans

$ in millions

2Q14

1Q15

2Q15

Average Loans

$14,108

$15,013

$15,609

30-89 Delinquencies

0.38%

0.30%

0.35%

90+ Delinquencies

0.03%

0.01%

0.02%

Nonperforming Loans

0.01%

0.03%

0.04%

Direct: 6%

Wtd Avg FICO: 748

NCO: 0.11%

Indirect: 94%

Wtd Avg FICO: 764

NCO: 0.16%

Auto Loans are included in Other Retail category

$14,108

$14,404

$14,644

$15,013

$15,609

0.0%

0.5%

1.0%

1.5%

2.0%

5,000

10,000

15,000

20,000

2Q14

3Q14

4Q14

1Q15

2Q15

0.11%

0.25%

0.33%

0.19%

0.15%

Average Loans

Net Charge

-offs Ratio

| 2Q15 Earnings Conference Call

Indirect and Direct Channel

| 2Q15 Earnings Conference Call

Non-GAAP Financial Measures

June 30,

March 31,

December 31,

September 30,

June 30,

(Dollars in Millions, Unaudited)

2015

2014

Total equity

$45,231

$44,965

$44,168

$43,829

$43,386

Preferred stock

(4,756)

Noncontrolling interests

(694)

(688)

(689)

(688)

(686)

Goodwill (net of deferred tax liability) (1)

(8,350)

(8,360)

(8,403)

(8,503)

(8,548)

Intangible assets, other than mortgage servicing rights

(744)

(783)

(824)

(877)

(925)

Tangible common equity (a)

30,687

30,378

29,496

29,005

28,471

Tangible common equity (as calculated above)

30,687

30,378

29,496

29,005

28,471

Adjustments (2)

125

158

172

187

224

Common equity tier 1 capital estimated for the Basel III fully

implemented standardized and advanced approaches (b)

30,812

30,536

29,668

29,192

28,695

Total assets

419,075

410,233

402,529

391,284

389,065

Goodwill (net of deferred tax liability) (1)

(8,350)

(8,360)

(8,403)

(8,503)

(8,548)

Intangible assets, other than mortgage servicing rights

(744)

(783)

(824)

(877)

(925)

Tangible assets (c)

409,981

401,090

393,302

381,904

379,592

Risk-weighted assets, determined in accordance with prescribed

regulatory requirements (d)

333,177

327,709

317,398

311,914

309,929

Adjustments (3)

3,532

3,153

11,110

12,837

12,753

Risk-weighted assets estimated for the Basel III fully implemented

standardized approach (e)

336,709

330,862

328,508

324,751

322,682

Risk-weighted assets, determined in accordance with prescribed

transitional advanced approaches regulatory requirements

245,038

254,892

248,596

243,909

241,929

Adjustments (4)

3,721

3,321

3,270

3,443

3,383

Risk-weighted assets estimated for the Basel III fully implemented

advanced approaches (f)

248,759

258,213

251,866

247,352

245,312

Ratios *

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

7.5

7.6

7.5

7.6

7.5

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

9.2

9.3

9.2

Common equity tier 1 capital to risk-weighted assets estimated for the

Basel III fully implemented standardized approach (b)/(e)

9.2

9.0

8.9

Common equity tier 1 capital to risk-weighted assets estimated for the

Basel III fully implemented advanced approaches (b)/(f)

12.4

11.8

11.7

* 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 net losses on cash flow hedges included in accumulated other comprehensive income and other adjustments.

(3) Includes higher risk-weighting for unfunded loan commitments, investment securities, residential mortgages, mortgage servicing rights and other adjustments.

(4)

Primarily reflects higher risk-weighting for mortgage servicing rights.

U.S. Bancorp

2Q15 Earnings Conference Call

July 15, 2015

U.S. Bancorp (USB) 8-KU.s. Bancorp Reports Second Quarter 2015 Earnings