U.S. Bancorp (USB) 8-K Regulation FD Disclosure

Andy Cecere

Vice Chairman and COO

Kathy Rogers

Vice Chairman and CFO

Goldman Sachs

U.S. Financial Services

Conference

December 9, 2015

Exhibit 99.1

U.S. BANCORP  |  1

Forward-looking Statements

and Additional Information

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

This presentation contains forward-looking statements about U.S. Bancorp.  Statements that are not historical or current facts, including

statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and

estimates made by, management as of the date 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.

U.S. BANCORP  |  2

Agenda

•

Overview

•

Business Lines

•

Value Creation

•

Capital Management

•

4Q15 Update

U.S. BANCORP  |3

U.S. BANCORP  |4

U.S. Bancorp 3Q15 Dimensions

Market value as of 12/2/15

NYSE Traded

USB

Founded

1863

Market Value

$77B

Branches

3,151

ATMs

5,001

Customers

18.5M

Assets

$416B

Deposits

$295B

Loans

$255B

Industry Position

Source: company reports, SNL and FactSet

Assets and deposits as of 9/30/15, market value as of 12/2/15

Assets

Market Value

Deposits

U.S.

U.S.

U.S.

Rank

Company

$ Billions

Rank

Company

$ Billions

Rank

Company

$ Billions

1

J.P. Morgan

2,417

1

J.P. Morgan

1,273

1

Wells Fargo

281

2

Bank of America

2,153

2

Wells Fargo

1,202

2

J.P. Morgan

245

3

Citigroup

1,808

3

Bank of America

1,162

3

Bank of America

183

4

Wells Fargo

1,751

4

Citigroup

904

4

Citigroup

161

5

U.S. Bancorp

416

5

U.S. Bancorp

295

5

U.S. Bancorp

77

6

PNC

362

6

PNC

245

6

PNC

48

7

BB&T

209

7

BB&T

148

7

BB&T

30

8

SunTrust

187

8

SunTrust

146

8

SunTrust

22

9

Fifth Third

142

9

Fifth Third

101

9

Fifth Third

16

10

Regions

125

10

Regions

97

10

Regions

13

U.S. BANCORP  |5

Agenda

•

Overview

•

Business Lines

•

Value Creation

•

Capital Management

•

4Q15 Update

U.S. BANCORP  |6

Business Mix

Payment Services

•

Retail Payment Solutions

•

Corporate Payment Systems

•

Global Merchant Acquiring

Wealth Management

and Securities Services

•

Wealth Management

•

Asset Management

•

Corporate Trust Services

•

Fund Services

•

Institutional Trust & Custody

Consumer and Small

Business Banking

•

Branch Banking

•

Small Business Banking

•

Consumer

Lending

•

Mortgage Banking

•

Omnichannel

Wholesale Banking and

Commercial Real Estate

•

Corporate Banking

•

Commercial Banking

•

Commercial Real Estate

Revenue Mix

By Business Line

Consumer and

Small Business

Banking

Payment Services

Wealth Mgmt and

Securities Services

Wholesale

Banking and

Commercial

Real Estate

U.S. BANCORP  |7

Payment Services

Business Line Summary

•

Provides a full suite of payment processing services to

consumers, small businesses, corporations and

merchants

–

a

unique

position

versus

other

banks

•

Expanding internationally in merchant acquiring through

continued investment in partnerships and our international

merchant payment platform

•

Leading player in payments innovation and emerging

technologies including enhanced security and

authentication

Business Line Scale

Ranking

Annual Volume

•

#5 U.S. credit card issuer

$64 billion

•

#5 U.S. debit card issuer

$58 billion

•

#3 U.S. corporate card issuer

$54 billion

•

#5 U.S. merchant acquirer /

$375 billion

#4 European merchant acquirer

Retail Payment

Solutions

60%

Global

Merchant

Acquiring

30%

Corporate

Payment

Systems

10%

Revenue Contribution

to USB

Payment Services

Revenue Mix

30%

Source: The Nilson Report (Visa and MasterCard issuers)

Revenue contribution and mix 3Q15 YTD; Revenue contribution percentages exclude Treasury and Corporate Support (see slide 25)

Consumer and Small

Business Banking

Wealth Mgmt and

Securities Services

Wholesale Banking and

Commercial Real Estate

Payment Services

U.S. BANCORP  |8

Consumer and Small Business Banking

Business Line Summary

•

Provides a full suite of banking products and services to

consumer and small business customers across 25-state

branch footprint

•

Differentiating U.S. Bank from competitors through

continued improvement in the customer experience,

investments in innovative products and deeper customer

relationships

•

Omnichannel strategy driving investments in industry-

leading digital channel capabilities and new state-of-the-

art branch formats

Business Line Scale

•

25 contiguous state distribution footprint;

#4 U.S. branch network;

#1 in-store and on-site branch network

•

#5 U.S. mortgage originator

•

#3 SBA lender

Mortgage

Banking

22%

Community

Banking

28%

Consumer and Small

Business Banking

Revenue Mix

42%

Metropolitan

Banking

30%

In-store and

On-site Banking

7%

Consumer

Lending

13%

Source: SNL and Inside Mortgage Finance

Revenue contribution and mix 3Q15 YTD; Revenue contribution percentages exclude Treasury and Corporate Support (see slide 25)

Revenue Contribution

to USB

Consumer and Small

Business Banking

Wealth Mgmt and

Securities Services

Wholesale Banking and

Commercial Real Estate

Payment Services

U.S. BANCORP  |9

U.S. BANCORP  |10

Wholesale Banking and Commercial Real Estate

Business Line Summary

•

Provides products and services to 90% of the Fortune

500 and 87% of the Fortune 1,000

•

Expanded loan capital markets and derivatives,

enhanced foreign exchange capabilities, added high-

grade fixed income and municipal bond capabilities

•

National Commercial Real Estate business is

relationship-based and serves strong national and

regional developers

Business Line Scale

•

$3.0 billion of revenue in 2014, $84 billion in loans and

$87 billion in deposits (3Q15 average balances)

•

A leading treasury management provider

•

A leading provider of banking services to federal, state and

municipal governments

Corporate

Banking

63%

Commercial

Real Estate

20%

Commercial

Banking

17%

Wholesale Banking

and Commercial RE 

Revenue Mix

Revenue contribution and mix 3Q15 YTD; Revenue contribution percentages exclude Treasury and Corporate Support (see slide 25)

Revenue Contribution

to USB

Consumer and Small

Business Banking

Wealth Mgmt and

Securities Services

Wholesale Banking and

Commercial Real Estate

Payment Services

17%

U.S. BANCORP  |11

Wealth Management and Securities Services

Business Line Summary

•

Delivers a full array of wealth management services

through differentiated service delivery models to address

the needs of a broad range of clients

•

Leading provider of corporate trust services in the U.S.

with a growing international presence

•

Continued opportunity to expand all businesses through

new products and services, building deeper relationships

and strategic acquisitions

Business Line Scale

•

$126 billion in assets under management and $5.1 trillion

in assets under administration

•

#1 U.S. corporate trustee

•

#1 U.S. municipal trustee

•

#1 U.S. structured trustee

•

#3 Third party mutual fund servicer

Wealth

Management

40%

Fund

Services

20%

Corporate

Trust

30%

Revenue Contribution

to USB

Wealth Mgmt and

Securities Services

Revenue Mix

Source: Securities Data Corp (corporate trust) based on number of issues, Investment Company Institute (fund services)

Revenue contribution and mix 3Q15 YTD; Revenue contribution percentages exclude Treasury and Corporate Support (see slide 25)

US Bank

Asset Mgmt

1%

Institutional

Trust & Custody

9%

Consumer and Small

Business Banking

Wealth Mgmt and

Securities Services

Wholesale Banking and

Commercial Real Estate

Payment Services

11%

Agenda

•

Overview

•

Business Lines

•

Value Creation

•

Capital Management

•

4Q15 Update

U.S. BANCORP  |12

Diversified Revenue

Revenue Mix

By Business Line

Consumer and

Small Business

Banking

42%

Payment Services

30%

Wealth Mgmt and

Securities Services

11%

Wholesale

Banking and

Commercial

Real Estate

17%

Fee Income / Total Revenue

46%

45%

45%

45%

35%

40%

45%

50%

55%

2012

2013

2014

3Q15 YTD

3Q15 YTD, taxable-equivalent basis

Business line revenue percentages exclude Treasury and Corporate Support (see slide 25)

55%

45%

U.S. BANCORP  |13

Low Risk Balance Sheet

1.30%

1.38%

1.66%

1.71%

1.72%

1.75%

1.68%

2.19%

2.37%

2.39%

0.00%

1.00%

2.00%

3.00%

4.00%

3Q14

4Q14

1Q15

2Q15

3Q15

Up 50 bps Immediate

Up 200 bps Gradual

•

The Company uses net interest

income simulation analysis for

measuring and analyzing

consolidated interest rate risk,

running 28 interest rate risk

scenarios

•

Projections are largely dependent

on assumptions of noninterest-

bearing deposit runoff and non-

maturity deposit re-pricing

–

We are appropriately conservative

•

The Company is currently asset

sensitive

•

Well positioned for rising rates

Sensitivity of Net Interest Income

Key Points

U.S. BANCORP  |14

Best in Class Debt Rating

Debt ratings: holding company as of 12/2/15

USB is highest rated peer bank across all rating agencies

•

Funding advantage

•

Competitive advantages

–

Pricing

–

Flight-to-quality

–

Sales Force

Confidence

Rating

Outlook

Rating

Outlook

Rating

Outlook

Rating

Outlook

USB

A1

s

A+

s

AA

s

AA

s

WFC

A2

s

A

s

AA-

s

AA

s

BBT

A2

s

A-

s

A+

s

A (high)

s

JPM

A3

s

A-

s

A+

s

A (high)

s

PNC

A3

s

A-

s

A+

s

A (high)

s

BAC

Baa1

s

BBB+

s

A

s

A (low)

s

FITB

Baa1

s

BBB+

s

A

s

A (low)

s

STI

Baa1

s

BBB+

s

A-

s

A (low)

s

KEY

Baa1

wn

BBB+

on

A-

on

BBB (high)

s

RF

Baa3

s

BBB

s

BBB

s

BBB

s

S&P

Fitch

DBRS

Moody's

U.S. BANCORP  |15

U.S. BANCORP  |16

Source: SNL; Peer banks: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC

Revenue contribution percentages exclude Treasury and Corporate Support (see slide 25)

3Q10 Loans

$195 billion

3Q15 Loans

$255 billion

Commercial

Commercial Real Estate

Res Mtg and Home Equity

Credit Card

Other Retail

Covered

24%

18%

25%

15%

10%

8%

33%

17%

27%

14%

2%

7%

Ending Loans

Achieving Growth

Ending Deposits

USB   +31%

Peer

Median

+17%

Total Revenue

3Q10 Deposits

$187 billion

3Q15 Deposits

$295 billion

22%

55%

23%

28%

60%

12%

Noninterest Bearing

Checking and Savings

Time

USB   +58%

Peer

Median

+24%

USB   +13%

-4%

3Q10 YTD Revenue

$13.4 billion

3Q15 YTD Revenue

$15.1 billion

Payment Services

Consumer and

Small Business Banking

Wealth Management

and Securities Services

Wholesale Banking

and Commercial Real Estate

20%

8%

28%

44%

17%

11%

30%

42%

Peer

Median

U.S. BANCORP  |17

Strong Credit Quality

$ in millions

Net Charge-offs

Net Charge-offs (Left Scale)

NCOs to Avg Loans (Right Scale)

Nonperforming Assets

Nonperforming Assets (Left Scale)

NPAs to Loans plus ORE (Right Scale)

$336

$308

$279

$296

$292

0.55%

0.50%

0.46%

0.48%

0.46%

0.00%

0.75%

1.50%

2.25%

3.00%

0

130

260

390

520

3Q14

4Q14

1Q15

2Q15

3Q15

$1,923

$1,808

$1,696

$1,577

$1,567

0.78%

0.73%

0.69%

0.63%

0.61%

0.00%

0.75%

1.50%

2.25%

3.00%

0

700

1,400

2,100

2,800

3Q14

4Q14

1Q15

2Q15

3Q15

U.S. BANCORP  |18

Industry Leading Returns 3Q15

Source: SNL and company reports; Peer banks: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC

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)

Return on Average Assets

1.44%

1.32%

1.17%

1.13%

1.11%

1.07%

1.03%

0.92%

0.83%

0.82%

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

14.1%

12.7%

11.5%

10.0%

9.6%

9.3%

8.2%

8.1%

7.0%

6.0%

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

53.9%

56.4%

58.2%

61.3%

61.6%

64.0%

66.5%

66.7%

67.3%

67.8%

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

Return on Average Common Equity

Efficiency Ratio

U.S. BANCORP  |19

High Returns on Capital

19.4%

16.0%

14.1%

13.3%

12.7%

12.1%

11.1%

10.8%

10.1%

8.9%

USB

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

Source: SNL and company reports

Peer banks: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC

High return / capital efficient

businesses

•

Corporate Trust

•

Merchant Processing

•

Fund Services

•

Treasury Management

•

Corporate Payments

Efficient expense platform

Disciplined capital allocation

process

Return on Tangible Common Equity

3Q15 YTD

Agenda

•

Overview

•

Business Lines

•

Value Creation

•

Capital Management

•

4Q15 Update

U.S. BANCORP  |20

U.S. BANCORP  |21

Capital Management

Earnings

29%

31%

32%

32%

32%

42%

41%

38%

44%

48%

0%

25%

50%

75%

100%

2013

2014

1Q15

2Q15

3Q15

Dividends

Share Repurchases

•

Annual dividend increased from

$0.98 to $1.02 per share in 2Q15,

a 4.1% increase

•

Five-quarter authorization to

repurchase up to $3.0 billion of

outstanding stock effective

April 1, 2015

•

CET1* at 9.2% in 3Q15, above

target of 8.0%

Capital Actions

Reinvest and

Acquisitions

Dividends

Share

Repurchases

20 -

40%

30 -

40%

30 -

40%

Payout Ratio

80%

70%

76%

71%

72%

* Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented standardized approach (see slide 26)

Distribution

Target

Agenda

•

Overview

•

Business Lines

•

Value Creation

•

Capital Management

•

4Q15 Update

U.S. BANCORP  |22

U.S. BANCORP  |23

•

Loan Growth:

1-1.5% growth

•

Credit Quality:

Modest increase in NCOs

•

Net Interest Margin:

Relatively stable

•

Mortgage Fees:

Lower 5-15% due to seasonality

•

Noninterest Expense:

Seasonally higher

•

Tax Rate:

Moderately higher

4Q15 Linked Quarter Update

U.S. BANCORP  |24

Appendix

U.S. BANCORP  |  25 

Non-GAAP Financial Measures

Line of Business Financial Performance

Taxable-equivalent basis

$ in millions

Revenue

Line of Business Financial Performance

3Q15 YTD

Wholesale Banking and Commercial Real Estate

2,187

$         

Consumer and Small Business Banking

5,334

Wealth Management and Securities Services

1,370

Payment Services

3,911

Treasury and Corporate Support

2,293

Consolidated Company

15,095

Less Treasury and Corporate Support

2,293

Consolidated Company excluding Treasury and Corporate Support

12,802

$       

Percent of Total

Wholesale Banking and Commercial Real Estate

14%

Consumer and Small Business Banking

36%

Wealth Management and Securities Services

9%

Payment Services

26%

Treasury and Corporate Support

15%

Total

100%

Percent of Total excluding Treasury and Corporate Support

Wholesale Banking and Commercial Real Estate

17%

Consumer and Small Business Banking

42%

Wealth Management and Securities Services

11%

Payment Services

30%

Total

100%

(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 (loss) 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.

September 30,

June 30,

March 31,

December 31,

September 30,

(Dollars in Millions, Unaudited) 

2015

2015

2015

2014

2014

Total equity 

$45,767

$45,231

$44,965

$44,168

$43,829

Preferred stock 

(4,756)

(4,756)

(4,756)

(4,756)

(4,756)

Noncontrolling interests 

(692)

(694)

(688)

(689)

(688)

Goodwill (net of deferred tax liability) (1)

(8,324)

(8,350)

(8,360)

(8,403)

(8,503)

Intangible assets, other than mortgage servicing rights 

(779)

(744)

(783)

(824)

(877)

Tangible common equity (a) 

31,216

30,687

30,378

29,496

29,005

Tangible common equity (as calculated above)

31,216

30,687

30,378

29,496

29,005

Adjustments (2)

118

125

158

172

187

Common equity tier 1 capital estimated for the Basel III fully

implemented standardized and advanced approaches (b)

31,334

30,812

30,536

29,668

29,192

Total assets 

415,943

419,075

410,233

402,529

391,284

Goodwill (net of deferred tax liability) (1)

(8,324)

(8,350)

(8,360)

(8,403)

(8,503)

Intangible assets, other than mortgage servicing rights 

(779)

(744)

(783)

(824)

(877)

Tangible assets (c) 

406,840

409,981

401,090

393,302

381,904

Risk-weighted assets, determined in accordance with prescribed

transitional standardized approach regulatory requirements (d)

336,227

333,177

327,709

317,398

311,914

Adjustments (3)

3,532

3,532

3,153

11,110

12,837

Risk-weighted assets estimated for the Basel III fully implemented     

standardized approach (e)

339,759

336,709

330,862

328,508

324,751

Risk-weighted assets, determined in accordance with prescribed

transitional advanced approaches regulatory requirements

248,048

245,038

254,892

248,596

243,909

Adjustments (4)

3,723

3,721

3,321

3,270

3,443

Risk-weighted assets estimated for the Basel III fully implemented     

advanced approaches (f)

251,771

248,759

258,213

251,866

247,352

Ratios

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

7.7

%

7.5

%

7.6

%

7.5

%

7.6

%

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

9.3

9.2

9.3

9.3

9.3

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

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

9.2

9.2

9.2

9.0

9.0

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

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

12.4

12.4

11.8

11.8

11.8

Non-GAAP Financial Measures

U.S. BANCORP  |26

Goldman Sachs

U.S. Financial Services

Conference

U.S. BANCORP  |  27