U.S. Bancorp · Earnings release · 8-K Exhibit 99

2Q26 Key Financial Data

2Q26 Financial Highlights

PROFITABILITY METRICS

•Record net revenue of $7,712 million, including year-over-year increases of 7.5% in net interest income (taxable-equivalent basis) and 13.2% in fee revenue

•Net income of $2,177 million, an increase of 20% year-over-year

•Diluted earnings per common share of $1.35, an increase of 22% year-over-year

•Positive operating leverage of 400 basis points from the prior year quarter

•Return on average assets of 1.26% and efficiency ratio of 57.1%, both improved on a year-over-year and a linked quarter basis

•T1Net interest margin of 2.79%, an increase of 13 basis points on a year-over-year basis

•Average total deposits increased 2.4% on a year-over-year basis

•Average total loans increased 7.1% on a year-over-year basis and 3.0% on a linked quarter basis

•Completed the acquisition of BTIG, reflecting approximately $98 million in fee revenue and $84 million of noninterest expense

Return on average assets (%)

Return on average common equity (%)

Return on tangible common equity (%)(a)

Net interest margin (%)

Efficiency ratio (%)(a)

INCOME STATEMENT(b)

Net interest income (taxable-equivalent basis)

Noninterest income

Noninterest expense

Net income attributable to U.S. Bancorp

Diluted earnings per common share

Dividends declared per common share

BALANCE SHEET(b)

Average total loans

Average total deposits

Net charge-off ratio (%)

Book value per common share (period end)

Tangible book value per common share (period end)(a)

Basel III standardized CET1 (%)(c)

(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

“Second quarter results were strong, with T2record net revenue of $7.7 billion driving diluted earnings per share of $1.35, up 22% year-over-year, and return on tangible common equity of 18.7%. Strong loan growth, a third consecutive quarter of record consumer deposits, broad-based fee income momentum, and productivity drove 400 basis points of positive operating leverage. Credit quality continues to improve.

We enter the second half of the year with a favorable economic backdrop and strong momentum, supported by our diversified business mix, interconnected franchise, and disciplined execution. This quarter’s T3successful completion of the BTIG acquisition enhances our capital markets capabilities and provides additional opportunities to deepen client relationships.

We remain focused on delivering sustainable growth, attractive returns, and long-term value for shareholders. On behalf of all of us at U.S. Bank, I want to thank our clients and shareholders for your continued trust and support and extend a warm welcome to our new BTIG colleagues.”

— Gunjan Kedia, CEO, U.S. Bancorp

Business and Other Highlights

U.S. Bancorp completes acquisition of BTIG

U.S. Bancorp has completed its acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC ("BTIG"), marking a significant expansion of the company’s capital markets capabilities and strengthening its ability to serve corporate and institutional clients. Effective June 1, 2026, BTIG joined U.S. Bancorp with a suite of complementary businesses, including institutional equity sales and trading, equity capital markets, electronic trading and mergers and acquisitions advisory services. Founded in 2005, BTIG is a leading investment banking and brokerage firm that ranks among the top 10 U.S. brokers for high-touch equity trading volume and has participated in more than 1,350 investment banking transactions since 2015. This acquisition brings together BTIG’s deep market expertise with the scale and resources of a diversified financial institution, creating new opportunities for clients and accelerating the company’s capital markets momentum.

Elavon expands its All-In-One payments platform

Elavon, a wholly owned subsidiary of U.S. Bank, expanded its All-In-One payments platform across North America, helping businesses deliver more seamless commerce experiences across in-store, mobile and online channels. The platform combines Elavon’s payments infrastructure with a growing ecosystem of technology partners, giving merchants a unified way to manage payments and operations while improving customer experiences. Designed for industries such as hospitality, healthcare and retail, the platform integrates payment acceptance, point-of-sale software and business operations into a single solution. The platform leverages Android-based devices that combine payment processing and point-of-sale capabilities. Elavon has also expanded integrations with other leading technology providers allowing businesses to streamline service, increase productivity and scale more easily.

The All-In-One platform helps organizations launch quickly, manage transactions from a single system and operate more efficiently while delivering consistent experiences across every customer touchpoint.

Investor contact: Brian Mauney, Brian.Mauney@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com

U.S. Bancorp Second Quarter 2026 Results

INCOME STATEMENT HIGHLIGHTS

($ in millions, except per share data)

Percent Change

YTD

YTD

Percent Change

Net interest income

Taxable-equivalent adjustment

Net interest income (taxable-equivalent basis)

Noninterest income

Total net revenue

Noninterest expense

Income before provision and income taxes

Provision for credit losses

Income before taxes

Income taxes and taxable-equivalent adjustment

Net income

Net (income) loss attributable to noncontrolling interests

(6)

(5)

(6)

—

Net income attributable to U.S. Bancorp

Net income applicable to U.S. Bancorp common shareholders

Diluted earnings per common share

Net income attributable to U.S. Bancorp was $2,177 million for the second quarter of 2026, $362 million higher than the second quarter of 2025 and $232 million higher than the first quarter of 2026. Diluted earnings per common share was $1.35 in the second quarter of 2026, compared with $1.11 in the second quarter of 2025 and $1.18 in the first quarter of 2026.

The year-over-year increase in net income attributable to U.S. Bancorp was driven by higher total net revenue, partially offset by higher noninterest expense and higher provision for credit losses. Net interest income increased 7.5 percent on a taxable-equivalent basis, primarily due to loan growth, improved earning asset mix and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.66 percent. Noninterest income increased 13.7 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition. T4Noninterest expense increased 5.9 percent primarily due to the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and increased marketing and business development expense. The provision for credit losses increased 7.4 percent, primarily due to loan portfolio growth.

Compared with the first quarter of 2026, net income attributable to U.S. Bancorp increased primarily due to higher total net revenue and lower provision for credit losses, partially offset by higher noninterest expense. Net interest income increased 2.2 percent on a taxable-equivalent basis, primarily driven by loan growth and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.77 percent. Noninterest income increased 10.9 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition. Noninterest expense increased 3.8 percent, reflecting the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher professional services expense, and higher technology and communications expense. The provision for credit losses decreased 6.6 percent due to stabilizing economic conditions and improving credit quality.

2

U.S. Bancorp Second Quarter 2026 Results

NET INTEREST INCOME

(Taxable-equivalent basis; $ in millions)

Change

YTD

YTD

Change

Components of net interest income

Income on earning assets(a)

$

$

$

$

$

(9)

$

$

$

Expense on interest-bearing liabilities(a)

Net interest income

$

$

$

$

$

$

$

$

Average yields and rates paid

Earning assets yield

%

%

%

%

%

%

%

%

Rate paid on interest-bearing liabilities

Gross interest margin

%

%

%

—

%

%

%

%

%

Net interest margin

%

%

%

%

%

%

%

%

Average balances

Investment securities(b)

$

$

$

$

$

$

$

$

Loans held for sale

Loans

Interest-bearing deposits with banks

Other earning assets

Earning assets

Interest-bearing liabilities

(a) Presentation of interest income and interest expense related to certain repurchase and reverse repurchase transactions recorded under enforceable netting agreements are shown on a net basis, consistent with presentation of the related balances on the consolidated balance sheet. Total interest income and interest expense reflected on a gross basis for these arrangements was $8,159 million and $3,772 million, respectively, for the three months ended June 30, 2026, compared with $7,866 million and $3,575 million, respectively, for the three months ended March 31, 2026.

(b) Excludes unrealized gain (loss)

Net interest income on a taxable-equivalent basis was $4,387 million in the second quarter of 2026, an increase of $307 million (7.5 percent) compared with the second quarter of 2025. The increase primarily reflected loan growth, an improved earning asset mix, and benefits from fixed asset repricing. Average earning assets were $15.7 billion (2.6 percent) higher than the second quarter of 2025, reflecting an increase of $27.0 billion (7.1 percent) in average loans, partially offset by a decrease of $9.1 billion (21.9 percent) in average interest-bearing deposits with banks.

On a linked quarter basis, net interest income on a taxable-equivalent basis increased $96 million (2.2 percent) primarily driven by loan growth and benefits from fixed asset repricing. Average earning assets were $4.8 billion (0.8 percent) higher than the prior quarter, reflecting an increase of $11.9 billion (3.0 percent) in average loans, partially offset by a decrease of $6.4 billion (16.5 percent) in average interest-bearing deposits with banks.

Net interest margin was 2.79 percent in the second quarter of 2026, compared with 2.66 percent in the second quarter of 2025 and 2.77 percent in the first quarter of 2026. The increase from the prior year quarter and the linked quarter reflected the combined effects of loan growth, improved earning asset mix and benefits from fixed asset repricing.

3

U.S. Bancorp Second Quarter 2026 Results

AVERAGE LOANS

($ in millions)

Percent Change

YTD

YTD

Percent Change

Commercial

Lease financing

.5

Total commercial

Commercial mortgages

Construction and development

(.2)

Total commercial real estate

Residential mortgages

.4

(.2)

Credit card

Retail leasing

Home equity and second mortgages

.6

Other

(.2)

Total other retail

.5

Total loans

Average total loans for the second quarter of 2026 increased $27.0 billion (7.1 percent) compared with the second quarter of 2025. The increase was driven by growth in total commercial loans, total commercial real estate loans, and credit card loans. Growth in total commercial loans reflected higher corporate loans and loans to financial institutions. Growth in total commercial real estate loans was primarily driven by commercial mortgage originations, while credit card loan growth reflected higher sales volumes.

Compared with the first quarter of 2026, average total loans increased $11.9 billion (3.0 percent), driven by growth in total commercial loans and total commercial real estate loans. Higher total commercial loans reflected growth in corporate loans, loans to financial institutions, and other commercial loans, while growth in commercial real estate loans was primarily driven by commercial mortgage originations.

4

U.S. Bancorp Second Quarter 2026 Results

AVERAGE DEPOSITS

($ in millions)

Percent Change

YTD

YTD

Percent Change

Noninterest-bearing deposits

—

Interest-bearing savings deposits

Interest checking

.6

Money market savings

(.4)

Savings accounts

Total savings deposits

—

Time deposits

(.4)

Total interest-bearing deposits

—

Total deposits

—

Average total deposits in the second quarter of 2026 increased $12.2 billion (2.4 percent) compared with the second quarter of 2025. Average total interest-bearing deposits increased, driven by growth in Consumer and Business Banking savings accounts and Wealth, Corporate, Commercial and Institutional Banking money market accounts, partially offset by lower time deposit balances in Treasury and Corporate Support. Time deposit balances are managed as an alternative funding source based on relative pricing and liquidity considerations.

Compared with the first quarter of 2026, average total deposits were relatively flat. Growth in savings accounts, primarily within Consumer and Business Banking, was offset by lower money market savings balances, primarily within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.

5

U.S. Bancorp Second Quarter 2026 Results

NONINTEREST INCOME

($ in millions)

Percent Change

YTD

YTD

Percent Change

Card revenue

Corporate payment and treasury management revenue

Merchant processing services

Trust and investment management fees

Lending and deposit-related fees

Capital markets revenue

Mortgage banking revenue

Investment products fees

Other

Total fee revenue

Securities gains (losses), net

Total noninterest income

Second quarter noninterest income of $3,325 million increased $401 million (13.7 percent) compared with the second quarter of 2025. The increase reflected higher fee revenue across all categories, including higher card revenue driven by increased credit card sales volume, higher corporate payment and treasury management revenue resulting from increased sales, higher trust and investment management fees due to business growth and favorable market conditions, higher lending and deposit-related fees, and higher capital markets revenue, driven by the contribution from BTIG following the acquisition, increased client-related derivative activity, higher corporate bond underwriting fees, and favorable market conditions.

Compared with the first quarter of 2026, noninterest income increased $328 million (10.9 percent). The increase reflected higher fee revenue across all categories, including higher card revenue driven by increased credit card sales volume and seasonality, higher corporate payment and treasury management revenue resulting from increased sales, higher merchant processing services due to seasonality, higher trust and investment management fees due to business growth and favorable market conditions, and higher capital markets revenue, driven by the contribution from BTIG following the acquisition and higher syndication activity.

6

U.S. Bancorp Second Quarter 2026 Results

NONINTEREST EXPENSE

($ in millions)

Percent Change

YTD

YTD

Percent Change

Compensation and employee benefits

Net occupancy and equipment

(.3)

.7

—

Professional services

Marketing and business development

(.5)

Technology and communications

Other intangibles

Other

Total noninterest expense

Second quarter noninterest expense was $4,428 million, an increase of $247 million (5.9 percent), compared with the second quarter of 2025. The increase reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense, primarily due to stock-based compensation expense, higher technology and communications expense related to investments in product and technology development, increased marketing and business development initiatives, and higher other expense.

Compared with the first quarter of 2026, noninterest expense increased $163 million (3.8 percent). The increase reflected the impact of the BTIG acquisition, seasonally higher compensation and employee benefits expense, primarily due to stock-based compensation expense, higher professional services expense due to the timing of initiatives, higher technology and communications expense related to investments in product and technology development, and higher other expense.

Provision for Income Taxes

The provision for income taxes for the second quarter of 2026 resulted in a tax rate of 20.5 percent on a taxable-equivalent basis (effective tax rate of 19.7 percent), compared with 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.6 percent) in the second quarter of 2025, and 20.3 percent on a taxable-equivalent basis (effective tax rate of 19.4 percent) in the first quarter of 2026.

7

U.S. Bancorp Second Quarter 2026 Results

ALLOWANCE FOR CREDIT LOSSES

($ in millions)

%(a)

%(a)

%(a)

%(a)

%(a)

Balance, beginning of period

Net charge-offs

Commercial

Lease financing

5

4

5

7

6

Total commercial

Commercial mortgages

2

(3)

Construction and development

—

—

—

—

—

—

—

—

Total commercial real estate

(8)

(3)

Residential mortgages

—

—

(1)

—

(2)

(1)

—

(1)

—

Credit card

Retail leasing

Home equity and second mortgages

—

—

1

1

(2)

—

—

Other

Total other retail

Total net charge-offs

Provision for credit losses

Balance, end of period

Components

Allowance for loan losses

Liability for unfunded credit commitments

Total allowance for credit losses

Gross charge-offs

Gross recoveries

Allowance for credit losses as a percentage of

Period-end loans (%)

Nonperforming loans (%)

Nonperforming assets (%)

(a) Annualized and calculated on average loan balances.

8

U.S. Bancorp Second Quarter 2026 Results

The provision for credit losses was $538 million for the second quarter of 2026, compared with $576 million in the first quarter of 2026 and $501 million in the second quarter of 2025. The increase on a year-over-year basis was primarily driven by loan portfolio growth. The decrease on a linked quarter basis was primarily driven by stabilizing economic conditions and improving credit quality. While economic conditions have shown some stabilization, the Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to evolving geopolitical events, as well as other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs were $536 million in the second quarter of 2026, compared with $546 million in the first quarter of 2026 and $554 million in the second quarter of 2025. The T5net charge-off ratio was 0.53 percent compared with 0.56 percent in the first quarter of 2026 and 0.59 percent in the second quarter of 2025. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on commercial loans, partially offset by higher net charge-offs on commercial real estate loans. Compared with the prior year quarter, lower net charge-offs on commercial real estate loans and credit card portfolios were partially offset by higher net charge-offs on commercial loans.

The allowance for credit losses was $7,979 million at June 30, 2026, compared with $7,977 million at March 31, 2026, and $7,862 million at June 30, 2025. The allowance for credit losses remained relatively stable compared with the linked quarter. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by improved credit quality and stabilizing economic conditions. The allowance for credit losses represented 1.94 percent of period-end loans at June 30, 2026, and 612 percent of nonperforming loans at June 30, 2026.

Nonperforming assets were $1,346 million at June 30, 2026, compared with $1,528 million at March 31, 2026, and $1,680 million at June 30, 2025. The decrease from the linked quarter and the prior year quarter primarily reflected the resolution of nonperforming loans. The ratio of nonperforming assets to loans and other real estate was 0.33 percent at June 30, 2026. Accruing loans 90 days or more past due were $735 million at June 30, 2026, compared with $847 million at March 31, 2026, and $966 million at June 30, 2025. The linked quarter decrease in accruing loans 90 days or more past due was primarily due to improvement across all portfolios due to seasonality, while the decrease from the prior year quarter was primarily due to the resolution of elevated prior year delinquencies.

9

U.S. Bancorp Second Quarter 2026 Results

DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES

(Percent)

Delinquent loan ratios - 90 days or more past due

Commercial

Commercial real estate

Residential mortgages

Credit card

Other retail

Total loans

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

Commercial

Commercial real estate

Residential mortgages

Credit card

Other retail

Total loans

ASSET QUALITY(a)

($ in millions)

Nonperforming loans

Commercial

Lease financing

Total commercial

Commercial mortgages

Construction and development

Total commercial real estate

Residential mortgages

Credit card

—

—

—

—

—

Other retail

Total nonperforming loans

Other real estate

Other nonperforming assets

Total nonperforming assets

Accruing loans 90 days or more past due

Nonperforming assets to loans plus ORE (%)

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

U.S. Bancorp Second Quarter 2026 Results

COMMON SHARES

(Millions)

Beginning shares outstanding

Shares issued for stock incentive plans,

acquisitions and other corporate purposes

6

5

2

—

—

Shares repurchased

(3)

(5)

(3)

(2)

(2)

Ending shares outstanding

CAPITAL POSITION

Preliminary Data

($ in millions)

Total U.S. Bancorp shareholders' equity

Basel III Standardized Approach

Common equity tier 1 capital

Tier 1 capital

Total risk-based capital

Common equity tier 1 capital ratio

%

%

%

%

%

Tier 1 capital ratio

Total risk-based capital ratio

Leverage ratio

Common equity to assets

Tangible common equity to tangible assets(a)

Tangible common equity to risk-weighted assets(a)

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

Total U.S. Bancorp shareholders’ equity was $67.4 billion at June 30, 2026, compared with $65.8 billion at March 31, 2026, and $61.4 billion at June 30, 2025. The increase included the impact of common shares issued as consideration for the acquisition of BTIG. T6During the second quarter of 2026, the Company continued repurchasing shares under its $5.0 billion common stock repurchase authorization, including repurchases in connection with its stock-based compensation plans.

All regulatory capital 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 10.8 percent at June 30, 2026, and March 31, 2026, compared with 10.7 percent at June 30, 2025.

U.S. Bancorp Second Quarter 2026 Results

Investor Conference Call

On Thursday, July 16, 2026 at 7 a.m. CT, Chairman and Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933.

For those unable to participate during the live call, a replay will be available beginning at approximately 10 a.m. CT on July 16, 2026. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, “News & events” and “Webcasts & presentations.”

About U.S. Bancorp

Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company's three major business lines serve 15 million clients globally, and its team of nearly 70,000 people invest their hearts and minds to power human potential every day. Ranked 110th on the Fortune 500, U.S. Bancorp is deeply respected for its culture and long-term stewardship and admired for its diversified business mix and product capabilities.

Forward-looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.

This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects, targets, initiatives and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”

Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:

•Deterioration in general business, political and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;

•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;

•Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs;

•Changes in interest rates;

•Increases in unemployment rates;

•Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;

•Changes in commercial real estate occupancy rates;

•Increases in FDIC assessments, including due to bank failures;

•Actions taken by governmental agencies to stabilize or reform the financial system and the effectiveness of such actions;

•Turmoil and volatility in the financial services industry;

•Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;

•Impacts of current, pending or future litigation and governmental proceedings;

•Increased competitive pressure;

•Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;

U.S. Bancorp Second Quarter 2026 Results

•Breaches in data security;

•Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;

•Failures to safeguard personal information;

•Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events, including those arising from conflict in the Middle East;

•Impacts of supply chain disruptions, rising inflation, slower growth or a recession;

•Effects of climate change and related physical and transition risks;

•Failure to execute on strategic or operational plans;

•Effects of mergers and acquisitions, such as the acquisition of Condor Trading LP and its subsidiaries, including BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected;

•Effects of critical accounting policies and judgments;

•Effects of changes in or interpretations of tax laws and regulations;

•Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, and liquidity risk; and

•The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission.

Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

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,

•Tangible book value per common share, 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 and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”) or in banking regulations. Management believes this information helps investors assess trends in the Company’s capital utilization and 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 utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, operating leverage, net interest margin, and tax rate.

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.

CONSOLIDATED STATEMENT OF INCOME

(Dollars and Shares in Millions, Except Per Share Data)

Three Months Ended

Six Months Ended

(Unaudited)

Interest Income

Loans

Loans held for sale

Investment securities

Other interest income

Total interest income

Interest Expense

Deposits

Short-term borrowings

Long-term debt

Total interest expense

Net interest income

Provision for credit losses

Net interest income after provision for credit losses

Noninterest Income

Card revenue

Corporate payment and treasury management revenue

Merchant processing services

Trust and investment management fees

Lending and deposit-related fees

Capital markets revenue

Mortgage banking revenue

Investment products fees

Securities gains (losses), net

Other

Total noninterest income

Noninterest Expense

Compensation and employee benefits

Net occupancy and equipment

Professional services

Marketing and business development

Technology and communications

Other intangibles

Other

Total noninterest expense

Income before income taxes

Applicable income taxes

Net income

Net (income) loss attributable to noncontrolling interests

(6)

(6)

Net income attributable to U.S. Bancorp

Net income applicable to U.S. Bancorp common shareholders

Earnings per common share

Diluted earnings per common share

Dividends declared per common share

Average common shares outstanding

Average diluted common shares outstanding

CONSOLIDATED ENDING BALANCE SHEET

(Dollars in Millions)

(Unaudited)

Assets

Cash and due from banks

Investment securities

Held-to-maturity

Available-for-sale

Loans held for sale

Loans

Commercial

Commercial real estate

Residential mortgages

Credit card

Other retail

Total loans

Less allowance for loan losses

Net loans

Premises and equipment

Goodwill

Other intangible assets

Other assets

Total assets

Liabilities and Shareholders' Equity

Deposits

Noninterest-bearing

Interest-bearing

Total deposits

Short-term borrowings

Long-term debt

Other liabilities

Total liabilities

Shareholders' equity

Preferred stock

Common stock

Capital surplus

Retained earnings

Less treasury stock

Accumulated other comprehensive income (loss)

Total U.S. Bancorp shareholders' equity

Noncontrolling interests

Total equity

Total liabilities and equity

NON-GAAP FINANCIAL MEASURES

(Dollars in Millions, Unaudited)

Total equity

Preferred stock

Noncontrolling interests

Common equity(a)

Goodwill (net of deferred tax liability)(1)

Intangible assets (net of deferred tax liability), other than mortgage servicing rights

Tangible common equity(b)

Total assets(c)

Goodwill (net of deferred tax liability)(1)

Intangible assets (net of deferred tax liability), other than mortgage servicing rights

Tangible assets(d)

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

*

Common shares outstanding(f)

Ratios *

Common equity to assets(a)/(c)

%

%

%

%

%

Tangible common equity to tangible assets(b)/(d)

Tangible common equity to risk-weighted assets(b)/(e)

Tangible book value per common share(b)/(f)

Three Months Ended