# EDGAR Filing Document

**Accession Number:** 0000036104
**File Stem:** 0001193125-23-014710
**Filing Date:** 2023-1
**Character Count:** 173170
**Document Hash:** ffa8db07d577f8cc2ad5ca4df735cdc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-014710.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001193125-23-014710

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20230125

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** US BANCORP \DE\
- **CENTRAL INDEX KEY:** 0000036104
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 410255900
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06880
- **FILM NUMBER:** 23549700

**BUSINESS ADDRESS:**
- **STREET 1:** U.S. BANCORP
- **STREET 2:** 800 NICOLLET MALL
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-7020
- **BUSINESS PHONE:** 651-466-3000

**MAIL ADDRESS:**
- **STREET 1:** U.S. BANCORP
- **STREET 2:** 800 NICOLLET MALL
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402-7020

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST BANK SYSTEM INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST BANK STOCK CORP
- **DATE OF NAME CHANGE:** 19720317

?xml version="1.0" encoding="utf-8" ? 8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM 8-K

#### CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 25, 2023

#### U.S. BANCORP
(Exact name of registrant as specified in its charter)

1-6880

(Commission File Number)

---

| | |
|:---|:---|
| Delaware | 41-0255900 |
| (State or other jurisdiction | (I.R.S. Employer Identification |
| of incorporation) | Number) |

---

---

| |
|:---|
| 800 Nicollet Mall |
| Minneapolis, Minnesota 55402 |
| (Address of principal executive offices and zip code) |

---

(651) 466-3000

(Registrant's telephone number, including area code)

(not applicable)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 Under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>symbol** | **Name of each exchange<br>on which registered** |
| Common Stock, $.01 par value per share | USB | New York Stock Exchange |
| Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrA | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrH | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrP | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrQ | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrR | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrS | New York Stock Exchange |
| 0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024 | USB/24B | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act. ☐

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ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On January 25, 2023, U.S. Bancorp (the "Company") issued a press release reporting quarter-ended December 31, 2022 results, and posted on its website its 4Q22 Earnings Conference Call Presentation, which contains certain additional historical and forward-looking information relating to the Company. The press release is included as Exhibit 99.1 hereto and is incorporated herein by reference. The information included in the press release is considered to be "filed" under the Securities Exchange Act of 1934. The 4Q22 Earnings Conference Call Presentation is included as Exhibit 99.2 hereto and is incorporated herein by reference. The information included in the 4Q22 Earnings Conference Call Presentation is considered to be "furnished" under the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933. The press release and 4Q22 Earnings Conference Call Presentation contain forward-looking statements regarding the Company and each includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

99.1 [Press Release issued by U.S. Bancorp on January 25, 2023, deemed "filed" under the Securities Exchange Act of 1934.](d408122dex991.htm)

99.2 [4Q22 Earnings Conference Call Presentation, deemed "furnished" under the Securities Exchange Act of 1934.](d408122dex992.htm)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| |
|:---|
| U.S. BANCORP |
| By /s/&nbsp;&nbsp;&nbsp;&nbsp;Lisa R. Stark |
| Lisa R. Stark |
| Executive Vice President and<br>Controller |

---

DATE: January 25, 2023

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
|  | <br> **U.S. Bancorp Completes Acquisition of MUFG Union Bank**<br> **Reports Fourth Quarter and Full Year 2022 Results** |
| ![LOGO](g408122003.jpg) | <br> • Net income of $1.9 billion and diluted earnings per common share of $1.20, excluding notable items related to the acquisition of MUFG Union Bank for 4Q22 |
| ![LOGO](g408122003.jpg) | • Return on average assets of 1.20% and return on average common equity of 16.8%, excluding notable items related to the acquisition of MUFG Union Bank for 4Q22 |
| ![LOGO](g408122003.jpg) | • Common Equity Tier 1 capital ratio of 8.4% and strong levels of liquidity<br>|

---

---

| | |
|:---|:---|
|  <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Full Year and 4Q22 Key Financial Data** | <br> **4Q22 and Full Year Highlights** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **PROFITABILITY METRICS** | 4Q22 | 3Q22 | 4Q21 | Full Year<br> 2022 | Full Year<br> 2021 |
| &nbsp;&nbsp; Return on average assets (%) | .59 | 1.22 | 1.16 | .98 | 1.43 |
| &nbsp;&nbsp; Return on average common equity (%) | 8 | 15.8 | 13 | 12.6 | 16 |
| &nbsp;&nbsp; Return on tangible common equity (%) (a) | 11.5 | 21 | 16.6 | 17 | 20.4 |
| &nbsp;&nbsp; Net interest margin (%) | 3.01 | 2.83 | 2.40 | 2.72 | 2.49 |
| &nbsp;&nbsp; Efficiency ratio (%) (a) | 63.3 | 57.5 | 62.3 | 61.4 | 60.4 |
| &nbsp;&nbsp; Tangible efficiency ratio (%) (a)<br>| 62.0  | 56.8  | 61.6  | 60.5  | 59.7  |
| &nbsp;&nbsp; **INCOME STATEMENT (b)** | 4Q22 | 3Q22 | 4Q21 | Full Year<br> 2022 | Full Year<br> 2021 |
| &nbsp;&nbsp; Net interest income (taxable-equivalent basis) | $4325 | $3857 | $3150 | $14846 | $12600 |
| &nbsp;&nbsp; Noninterest income | $2043 | $2469 | $2534 | $9456 | $10227 |
| &nbsp;&nbsp; Net income attributable to U.S. Bancorp | $925 | $1812 | $1673 | $5825 | $7963 |
| &nbsp;&nbsp; Diluted earnings per common share | $.57 | $1.16 | $1.07 | $3.69 | $5.10 |
| &nbsp;&nbsp; Dividends declared per common share<br>| $.48  | $.48  | $.46  | $1.88  | $1.76  |
| &nbsp;&nbsp; **BALANCE SHEET (b)** | 4Q22 | 3Q22 | 4Q21 | Full Year<br> 2022 | Full Year<br> 2021 |
| &nbsp;&nbsp; Average total loans | $359811 | $336778 | $302755 | $333573 | $296965 |
| &nbsp;&nbsp; Average total deposits | $481834 | $456769 | $449838 | $462384 | $434281 |
| &nbsp;&nbsp; Net charge-off ratio | .64% | .19% | .17% | .32% | .23% |
| &nbsp;&nbsp; Book value per common share (period end) | $28.71 | $27.39 | $32.71 |  |  |
| &nbsp;&nbsp; Preliminary Basel III standardized CET1 (c) | 8.4% | 9.7% | 10.0% |  |  |
| (a) See Non-GAAP Financial Measures reconciliation on page 20 | (a) See Non-GAAP Financial Measures reconciliation on page 20 | (a) See Non-GAAP Financial Measures reconciliation on page 20 | (a) See Non-GAAP Financial Measures reconciliation on page 20 | (a) See Non-GAAP Financial Measures reconciliation on page 20 | (a) See Non-GAAP Financial Measures reconciliation on page 20 |
| (b) Dollars in millions, except per share data | (b) Dollars in millions, except per share data | (b) Dollars in millions, except per share data | (b) Dollars in millions, except per share data | (b) Dollars in millions, except per share data | (b) Dollars in millions, except per share data |
| (c) CET1 = Common equity tier 1 capital ratio | (c) CET1 = Common equity tier 1 capital ratio | (c) CET1 = Common equity tier 1 capital ratio | (c) CET1 = Common equity tier 1 capital ratio | (c) CET1 = Common equity tier 1 capital ratio | (c) CET1 = Common equity tier 1 capital ratio |

---

**4Q22**<br>• Net revenue of $6,368 million including $4,325 million of net interest income and $2,043 million of noninterest income for 4Q22, as reported<br>• Net income of $1,877 million and diluted earnings per common share of $1.20 for 4Q22, as adjusted for notable items related to the acquisition. On a reported basis, diluted earnings per common share were $0.57<br>• Reported results included notable items related to the acquisition of MUFG Union Bank, including balance sheet optimization charges of $399 million, merger and integration-related charges of $90 million and impacts to provision for credit losses of $791 million<br>• Return on average assets of 1.20% and return on average common equity of 16.8% for 4Q22, as adjusted for notable items related to the acquisition. Net income of $925 million, return on average assets of 0.59%. return on average common equity of 8.0%, and return on tangible common equity of 11.5% for 4Q22, on a reported basis<br>• Average total loan growth of 18.8% year-over-year and 6.8% on a linked quarter basis<br>• Average total deposit growth of 7.1% year-over-year and 5.5% on a linked quarter basis<br>**Full Year**<br>• Full year positive operating leverage over 230 basis points for legacy U.S. Bancorp operations, excluding notable items and income from the acquisition of MUFG Union Bank<br>• Full year net income of $5,825 million and diluted earnings per common share of $3.69 as reported, $4.45 excluding notable items from the acquisition of MUFG Union Bank<br>

&nbsp;&nbsp;&nbsp;&nbsp; **CEO Commentary**<br>

''Full year results, as adjusted, were highlighted by strong pre-provision earnings growth, driven by solid net interest income, wider net interest margin, and positive operating leverage over 230 basis points. On December 1 we completed the acquisition of MUFG Union Bank, which meaningfully increased our market share in California by adding one million consumer, 700 commercial, and 190,000 business banking customers. We expect the transaction to be 8 to 9% accretive to 2023 EPS as the benefits of increased scale, cost synergies, and Union Bank's core deposit franchise are realized. Credit quality remains strong as we prudently manage with a through-the-cycle view and we continue to maintain healthy capital and liquidity levels given the uncertain economic environment. As of December 31, our common equity tier 1 ratio was 8.4%. I want to thank our dedicated U.S. Bank employees as we continue to work towards a successful systems integration and account conversion of Union Bank customers expected in the second quarter of 2023."

— **Andy Cecere, Chairman, President and CEO, U.S. Bancorp**

&nbsp;&nbsp;&nbsp;&nbsp; <br> **Impact of the MUFG Union Bank Acquisition which closed on December 1, 2022**<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;(Taxable-equivalent basis; $ in millions, except per-share data) |
|  |  |  |  |  |  |  | **Net Income Attributable**<br> **to U.S. Bancorp** | **Net Income Attributable**<br> **to U.S. Bancorp** | **Impact on**<br> **Diluted** |
| **Fourth Quarter 2022** | **USB**<br> **Legacy** | **MUFG**<br> **Union Bank** | **USB**<br> **Combined** | **Notable**<br> **Items** | **USB**<br> **Reported** | **Fourth Quarter 2022** | **Before Tax**<br> **Impact** | **After Tax**<br> **Impact** | **Earnings**<br> **Per Share** |
| &nbsp;&nbsp; Total net revenue | $6465 | $302 | $6767 | $(399) | $6368 | USB Combined | $2408 | $1877 | $1.20 |
| &nbsp;&nbsp; Noninterest expense | 3732 | 221 | 3953 | 90 | 4043 |  |  |  |  |
| &nbsp;&nbsp; Provision for credit losses | 375 | 26 | 401 | 791 | 1192 | Notable items |  |  |  |
| &nbsp;&nbsp; Net income attributable to U.S. Bancorp | 1833 | 44 | 1877 | (952) | 925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheet optimization | (399) | (297) | (.20) |
| &nbsp;&nbsp; Diluted earnings per common share | $1.17 | $.03 | $1.20 | $(.63) | $.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merger and integration charges | (90) | (67) | (.04) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | (791) | (588) | (.39) |
| &nbsp;&nbsp; Loans at period end | $335133 | $53080 | $388213 |  | $388213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp, as reported | $1128 | $925 | $.57 |
| &nbsp;&nbsp; Deposits at period end | 442984 | 81992 | 524976 |  | 524976 |  |  |  |  |
| &nbsp;&nbsp; Nonperforming assets at period end | 687 | 329 | 1016 |  | 1016 |  |  |  |  |

---

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor contact: George Andersen, 612.303.3620 \| Media contact: Jeff Shelman, 612.303.9933

------

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** | **MUFG UNION BANK ACQUISITION IMPACT HIGHLIGHTS** |
| &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) |
|  | **4Q21** | **3Q22** | **4Q22** | **4Q22** | **4Q22** | **4Q22** | **4Q22** |
| **Income Statement Summary** | **USB** <br> **Legacy**  | **USB** <br> **Legacy**  | **USB** <br> **Legacy**  | **MUFG** <br> **Union Bank**  | **USB** <br> **Combined**  | **Notable** <br> **Items**  | **USB** <br> **Reported**  |
| &nbsp;&nbsp; Net interest income (taxable-equivalent basis) (a) | $3150 | $3857 | $4070 | $255 | $4325 | $-- | $4325 |
| &nbsp;&nbsp; Noninterest income | 2534 | 2469 | 2395 | 47 | 2442 | (399) | 2043 |
| &nbsp;&nbsp; Total net revenue | 5684 | 6326 | 6465 | 302 | 6767 | (399) | 6368 |
| &nbsp;&nbsp; Noninterest expense | 3533 | 3595 | 3732 | 221 | 3953 | 90 | 4043 |
| &nbsp;&nbsp; Income before provision and income taxes | 2151 | 2731 | 2733 | 81 | 2814 | (489) | 2325 |
| &nbsp;&nbsp; Provision for credit losses | (13) | 362 | 375 | 26 | 401 | 791 | 1192 |
| &nbsp;&nbsp; Income before taxes | 2164 | 2369 | 2358 | 55 | 2413 | (1280) | 1133 |
| &nbsp;&nbsp; Income taxes and taxable-equivalent adjustment | 486 | 520 | 520 | 11 | 531 | (328) | 203 |
| &nbsp;&nbsp; Net income | 1678 | 1849 | 1838 | 44 | 1882 | (952) | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (income) loss attributable to noncontrolling interests | (5) | (4) | (5) | -- | (5) | -- | (5) |
| &nbsp;&nbsp; Net income attributable to U.S. Bancorp | $1673 | $1845 | $1833 | $44 | $1877 | $(952) | $925 |
| &nbsp;&nbsp; Net income applicable to U.S. Bancorp common shareholders | $1582 | $1751 | $1757 | $44 | $1801 | $(948) | $853 |
| &nbsp;&nbsp; Diluted earnings per common share | $1.07 | $1.18 | $1.17 | $.03 | $1.20 | $(.63) | $.57 |
| &nbsp;&nbsp; Return on average assets | 1.16% | 1.24% | 1.23% | .61% | 1.20% |  | .59% |
| &nbsp;&nbsp; Return on average common equity | 13.0% | 16.2% | 18.1% | 4.5% | 16.8% |  | 8.0% |
| &nbsp;&nbsp; Net interest margin (a) | 2.40% | 2.83% | 2.96% | 3.87% | 3.01% |  | 3.01% |
| &nbsp;&nbsp; Efficiency ratio (b) | 62.3% | 56.8% | 57.7% | 73.2% | 58.4% |  | 63.3% |
| &nbsp;&nbsp; Tangible efficiency ratio (b) | 61.6% | 56.2% | 57.1% | 59.3% | 57.2% |  | 62.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) See Non-GAAP Financial Measures reconciliation on page 20 | &nbsp;&nbsp;&nbsp;&nbsp;(b) See Non-GAAP Financial Measures reconciliation on page 20 | &nbsp;&nbsp;&nbsp;&nbsp;(b) See Non-GAAP Financial Measures reconciliation on page 20 | &nbsp;&nbsp;&nbsp;&nbsp;(b) See Non-GAAP Financial Measures reconciliation on page 20 | &nbsp;&nbsp;&nbsp;&nbsp;(b) See Non-GAAP Financial Measures reconciliation on page 20 | &nbsp;&nbsp;&nbsp;&nbsp;(b) See Non-GAAP Financial Measures reconciliation on page 20 | &nbsp;&nbsp;&nbsp;&nbsp;(b) See Non-GAAP Financial Measures reconciliation on page 20 | &nbsp;&nbsp;&nbsp;&nbsp;(b) See Non-GAAP Financial Measures reconciliation on page 20 |

---

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| | | | |
|:---|:---|:---|:---|
| **Balance Sheet and Credit Quality Summary**<br> **As of December 31, 2022** | **USB** <br> **Legacy**  | **MUFG** <br> **Union Bank**  | **USB** <br> **Reported**  |
| &nbsp;&nbsp; Loans | $335133 | $53080 | $388213 |
| &nbsp;&nbsp; Investment securities | 151169 | 10481 | 161650 |
| &nbsp;&nbsp; Total assets (a) | 593356 | 81449 | 674805 |
| &nbsp;&nbsp; Deposits | 442984 | 81992 | 524976 |
| &nbsp;&nbsp; **Allowance for Credit Losses as a Percentage of** |  |  |  |
| &nbsp;&nbsp; Period-end loans | 1.96% | 1.59% | 1.91% |
| &nbsp;&nbsp; Nonperforming loans | 1020% | 257% | 762% |
| &nbsp;&nbsp; Nonperforming assets | 955% | 257% | 729% |
| &nbsp;&nbsp; Nonperforming assets | $687 | $329 | $1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank | &nbsp;&nbsp;&nbsp;&nbsp;(a) Net of intercompany funding activity between U.S. Bank National Association and MUFG Union Bank |

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![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

---

On December 1, 2022, the Company completed the acquisition of MUFG Union Bank. As such, the fourth quarter and full year results include one month of results from MUFG Union Bank, the impact of recognizing purchase accounting fair value marks to market and credit related marks to both the balance sheet and the accretion of these purchase accounting adjustments to the income statement in accordance with generally accepted accounting principles.

On a USB Legacy basis, key highlights include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income, on a taxable equivalent basis, increased 29.2 percent from the fourth
quarter of 2021 and 5.5 percent on a linked quarter basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fee revenue declined $139 million, or 5.5 percent, from a year ago primarily driven by
lower mortgage banking revenue and service charges, offset by strong growth in payment services revenue and trust and investment management fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total net revenue increased 12.1 percent from the fourth quarter of 2021 and 2.2 percent
on a linked quarter basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings per diluted common share increased 9.3 percent from a year ago while the provision for
credit losses increased by $388 million relative to the fourth quarter of a year ago.

MUFG Union Bank contributed $81 million on a pre-provision basis representing one month of results including the impacts of purchase accounting accretion in net interest income and approximately $42 million of intangible amortization primarily related to core deposit intangibles. The acquisition contributed $.03 per diluted common share for the fourth quarter.

Fourth quarter and full year results also include certain notable items directly related to the acquisition. Noninterest income included $399 million of losses primarily related to interest rate hedging positions entered into after regulatory approval was obtained to manage the impact of interest rate volatility on capital prior to closing the transaction in December. During that time, longer term interest rates increased nearly 50 basis points before declining approximately 65 basis points. These interest rate hedges were terminated at closing. In addition, the Company took actions to sell certain loans that were not aligned with our credit risk profile, reposition the investment portfolio and sell certain equity investments. Noninterest expense included $90 million of merger and integration costs primarily reflecting deal closing costs, professional services and employee related costs. The provision for credit losses included charges of $791 million related to initially providing for acquired loans of $662 million and $129 million related to the securitization of approximately $4 billion of indirect automobile loans to optimize the balance sheet capital management.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **INCOME STATEMENT HIGHLIGHTS** | **INCOME STATEMENT HIGHLIGHTS** | **INCOME STATEMENT HIGHLIGHTS** | **INCOME STATEMENT HIGHLIGHTS** | **INCOME STATEMENT HIGHLIGHTS** | **INCOME STATEMENT HIGHLIGHTS** | **INCOME STATEMENT HIGHLIGHTS** | **INCOME STATEMENT HIGHLIGHTS** | **INCOME STATEMENT HIGHLIGHTS** |
| &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | &nbsp;&nbsp;&nbsp;&nbsp;($ in millions, except per-share data) | **<u>Percent Change</u>** | **<u>Percent Change</u>** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q**<br> **2021** | **4Q22 vs**<br> **3Q22** | **4Q22 vs<br>4Q21** | **Full Year<br>2022** | **Full Year<br>2021** | **Percent** <br> **Change**  |
|  Net interest income | $4293 | $3827 | $3123 | 12.2 | 37.5 | $14728 | $12494 | 17.9 |
|  Taxable-equivalent adjustment | 32 | 30 | 27 | 6.7 | 18.5 | 118 | 106 | 11.3 |
|  Net interest income (taxable-equivalent basis) | 4325 | 3857 | 3150 | 12.1 | 37.3 | 14846 | 12600 | 17.8 |
|  Noninterest income | 2043 | 2469 | 2534 | (17.3) | (19.4) | 9456 | 10227 | (7.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net revenue | 6368 | 6326 | 5684 | .7 | 12.0 | 24302 | 22827 | 6.5 |
|  Noninterest expense before merger and integration | 3953 | 3595 | 3533 | 10.0 | 11.9 | 14577 | 13728 | 6.2 |
|  Merger and integration charges | 90 | 42 | -- | nm | nm | 329 | -- | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | 4043 | 3637 | 3533 | 11.2 | 14.4 | 14906 | 13728 | 8.6 |
|  Income before provision and income taxes | 2325 | 2689 | 2151 | (13.5) | 8.1 | 9396 | 9099 | 3.3 |
|  Provision for credit losses | 1192 | 362 | (13) | nm | nm | 1977 | (1173) | nm |
|  Income before taxes | 1133 | 2327 | 2164 | (51.3) | (47.6) | 7419 | 10272 | (27.8) |
|  Income taxes and taxable-equivalent adjustment | 203 | 511 | 486 | (60.3) | (58.2) | 1581 | 2287 | (30.9) |
|  Net income | 930 | 1816 | 1678 | (48.8) | (44.6) | 5838 | 7985 | (26.9) |
|  Net (income) loss attributable to noncontrolling interests | (5) | (4) | (5) | (25.0) |  | (13) | (22) | 40.9 |
|  Net income attributable to U.S. Bancorp | $925 | $1812 | $1673 | (49.0) | (44.7) | $5825 | $7963 | (26.8) |
|  Net income applicable to U.S. Bancorp common shareholders | $853 | $1718 | $1582 | (50.3) | (46.1) | $5501 | $7605 | (27.7) |
|  Diluted earnings per common share | $.57 | $1.16 | $1.07 | (50.9) | (46.7) | $3.69 | $5.10 | (27.6) |

---

Net income attributable to U.S. Bancorp was $925 million for the fourth quarter of 2022, which was $748 million lower than the $1,673 million for the fourth quarter of 2021 and $887 million lower than the $1,812 million for the third quarter of 2022. Diluted earnings per common share were $0.57 in the fourth quarter of 2022, compared with $1.07 in the fourth quarter of 2021 and $1.16 in the third quarter of 2022. The fourth quarter of 2022 included $(952) million, or $(0.63) per diluted common share, of notable items associated with the acquisition of MUFG Union Bank including the impact of certain transactions to support balance sheet optimization, merger and integration-related charges and the initial provision for credit losses, compared with $(0.02) per diluted common share of merger and integration-related charges in the third quarter of 2022.

The decrease in net income year-over-year was primarily due to the notable items. Pretax income excluding the notable items increased 11.5 percent compared with a year ago including $55 million of contribution from MUFG Union Bank. Net interest income increased 37.3 percent on a year-over-year taxable-equivalent basis due to the impact of rising interest rates on earning assets and strong growth in loan balances including the impacts of the MUFG Union Bank acquisition, partially offset by deposit mix and pricing as well as funding mix. The net interest margin increased to 3.01 percent in the current quarter from 2.40 percent in the fourth quarter of 2021 primarily due to the impact of higher rates on earning assets, partially offset by deposit pricing and short-term borrowing costs. Excluding the impact of notable items, noninterest income decreased 3.6 percent compared with a year ago driven by lower mortgage banking revenue due to a decline in refinancing activities, partially offset by higher payment services revenue and trust and investment management fees. The increase also reflects $47 million of fee income related to MUFG Union Bank. Excluding merger and integration-related charges, noninterest expense increased 11.9 percent driven by MUFG Union Bank operating expenses of $221 million, including core deposit intangible amortization expense and higher legacy compensation expense. Provision for credit losses reflected the initial provision for credit losses related to the acquisition of MUFG Union Bank and a reserve build in the fourth quarter of 2022 as compared with a reserve release in the fourth quarter of 2021, primarily driven by increasing economic uncertainty.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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Net income decreased on a linked quarter basis primarily due to the notable items. Pretax income excluding the notable items increased 1.9 percent on a linked quarter basis including $55 million of contribution from MUFG Union Bank. Net interest income increased 12.1 percent on a taxable-equivalent basis due to yield curve favorability, growth in loan balances including the impacts of the MUFG Union Bank acquisition and earning asset mix, partially offset by deposit mix and pricing as well as funding mix. The net interest margin increased to 3.01 percent in the current quarter from 2.83 percent in the third quarter of 2022 primarily due to the impact of higher rates on earning assets and loan growth, partially offset by deposit pricing and short-term borrowing costs. Excluding the impact of notable items, noninterest income decreased 1.1 percent compared with the third quarter of 2022 driven by seasonally lower payment services revenue, impacted by foreign currency exchange rates in Europe, and lower commercial products revenue, partially offset by higher mortgage banking revenue. Excluding merger and integration-related charges, noninterest expense increased 10.0 percent on a linked quarter basis driven by MUFG Union Bank operating expenses, core deposit intangible amortization expense and higher legacy Company compensation expense. Provision for credit losses increased driven by the initial provision for credit losses related to the acquisition of MUFG Union Bank along with increasing economic uncertainty.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NET INTEREST INCOME** | **NET INTEREST INCOME** | **NET INTEREST INCOME** | **NET INTEREST INCOME** | **NET INTEREST INCOME** | **NET INTEREST INCOME** | **NET INTEREST INCOME** | **NET INTEREST INCOME** | **NET INTEREST INCOME** |
| (Taxable-equivalent basis; $ in millions) |  |  |  | **Change** | **Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q**<br> **2021** | **4Q22 vs**<br> **3Q22** | **4Q22 vs**<br> **4Q21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | **Change** |
|  Components of net interest income |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income on earning assets | $6008 | $4759 | $3382 | $1249 | $2626 | $18066 | $13593 | $4473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense on interest-bearing liabilities | 1683 | 902 | 232 | 781 | 1451 | 3220 | 993 | 2227 |
|  Net interest income | $4325 | $3857 | $3150 | $468 | $1175 | $14846 | $12600 | $2246 |
|  Average yields and rates paid |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earning assets yield | 4.17% | 3.50% | 2.58% | .67% | 1.59% | 3.31% | 2.69% | .62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Rate paid on interest-bearing liabilities | 1.55 | .89 | .25 | .66 | 1.30 | .80 | .28 | .52 |
|  Gross interest margin | 2.62% | 2.61% | 2.33% | .01% | .29% | 2.51% | 2.41% | .10% |
|  Net interest margin | 3.01% | 2.83% | 2.40% | .18% | .61% | 2.72% | 2.49% | .23% |
|  Average balances |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment securities (a) | $166993 | $164851 | $160784 | $2142 | $6209 | $169442 | $154702 | $14740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans | 359811 | 336778 | 302755 | 23033 | 57056 | 333573 | 296965 | 36608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing deposits with banks | 35565 | 29130 | 45751 | 6435 | (10186) | 31425 | 39914 | (8489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Earning assets | 572678 | 541666 | 522535 | 31012 | 50143 | 545343 | 506141 | 39202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing liabilities | 430600 | 403573 | 363880 | 27027 | 66720 | 400844 | 358533 | 42311 |
| (a) Excludes unrealized gain (loss) |  |  |  |  |  |  |  |  |

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Net interest income on a taxable-equivalent basis in the fourth quarter of 2022 was $4,325 million, an increase of $1,175 million (37.3 percent) over the fourth quarter of 2021. The increase was primarily due to the impact of rising interest rates on earning assets, growth in the Company's legacy loan portfolio and the MUFG Union Bank acquisition, partially offset by deposit pricing and short-term borrowing costs. Average earning assets were $50.1 billion (9.6 percent) higher than the fourth quarter of 2021, reflecting increases of $57.1 billion (18.8 percent) in average total loans and $6.2 billion (3.9 percent) in average investment securities, while average interest-bearing deposits with banks decreased $10.2 billion (22.3 percent) driven by the growth in loan and investment securities balances. The increase in average investment securities year-over-year was due to the acquisition of MUFG Union Bank as well as purchases of mortgage-backed, U.S. Treasury and state and political securities, net of prepayments, sales and maturities in the Company's legacy portfolio.

Net interest income on a taxable-equivalent basis increased $468 million (12.1 percent) on a linked quarter basis primarily due to yield curve favorability, growth in loan balances including the impacts of the MUFG Union Bank acquisition and earning asset mix, partially offset by deposit mix and pricing as well as short-term borrowing costs. Average earning assets were $31.0 billion (5.7 percent) higher on a linked quarter basis, reflecting increases of $23.0 billion (6.8 percent) in average loans, $2.1 billion (1.3 percent) in average investment securities and $6.4 billion (22.1 percent) in average interest-bearing deposits with banks. The increase in average investment securities on a linked quarter basis was primarily due to the acquisition of MUFG Union Bank.

The net interest margin in the fourth quarter of 2022 was 3.01 percent, compared with 2.40 percent in the fourth quarter of 2021 and 2.83 percent in the third quarter of 2022. The increase in the net interest margin from the prior year was primarily due to the impact of higher rates on earning assets, partially offset by deposit pricing and short-term borrowing costs. The increase in the net interest margin on a linked quarter basis reflected the impact of rising interest rates on earning assets and loan growth, partially offset by deposit pricing and short-term borrowing costs.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AVERAGE LOANS** | **AVERAGE LOANS** | **AVERAGE LOANS** | **AVERAGE LOANS** | **AVERAGE LOANS** | **AVERAGE LOANS** | **AVERAGE LOANS** | **AVERAGE LOANS** | **AVERAGE LOANS** |
| ($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q**<br> **2021** | **4Q22 vs**<br> **3Q22** | **4Q22 vs**<br> **4Q21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | **Percent**<br> **Change** |
|  Commercial | $128269 | $123745 | $99433 | 3.7 | 29.0 | $118967 | $97649 | 21.8 |
|  Lease financing | 4649 | 4774 | 5075 | (2.6) | (8.4) | 4830 | 5206 | (7.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total commercial | 132918 | 128519 | 104508 | 3.4 | 27.2 | 123797 | 102855 | 20.4 |
|  Commercial mortgages | 34997 | 30002 | 28216 | 16.6 | 24.0 | 30890 | 27997 | 10.3 |
|  Construction and development | 10725 | 10008 | 10635 | 7.2 | .8 | 10208 | 10784 | (5.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total commercial real estate | 45722 | 40010 | 38851 | 14.3 | 17.7 | 41098 | 38781 | 6.0 |
|  Residential mortgages | 97092 | 84018 | 75858 | 15.6 | 28.0 | 84749 | 74629 | 13.6 |
|  Credit card | 25173 | 24105 | 22399 | 4.4 | 12.4 | 23478 | 21645 | 8.5 |
|  Retail leasing | 5774 | 6259 | 7354 | (7.7) | (21.5) | 6459 | 7710 | (16.2) |
|  Home equity and second mortgages | 11927 | 11142 | 10568 | 7.0 | 12.9 | 11051 | 11228 | (1.6) |
|  Other | 41205 | 42725 | 43217 | (3.6) | (4.7) | 42941 | 40117 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total other retail | 58906 | 60126 | 61139 | (2.0) | (3.7) | 60451 | 59055 | 2.4 |
|  Total loans | $359811 | $336778 | $302755 | 6.8 | 18.8 | $333573 | $296965 | 12.3 |

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Average total loans for the fourth quarter of 2022 were $57.1 billion (18.8 percent) higher than the fourth quarter of 2021. The increase was driven by growth in the Company's legacy loan portfolio as well as the $18.3 billion impact on average loan balances from the MUFG Union Bank acquisition which are primarily reflected in commercial loans, commercial mortgages and residential mortgages. Increases in commercial loans (29.0 percent), commercial mortgages (24.0 percent), residential mortgages (28.0 percent) and credit card loans (12.4 percent) were partially offset by lower retail leasing balances (21.5 percent) and other retail loans (4.7 percent). The increase in legacy portfolio commercial loans was due to higher utilization driven by working capital needs of corporate customers, slower pay-offs given higher volatility in the capital markets and core growth. The increase in legacy residential mortgages was driven by on-balance sheet loan activities and slower refinance activity. The increase in credit card loans was primarily driven by higher spend volumes, account growth and lower payment rates.

Average total loans were $23.0 billion (6.8 percent) higher than the third quarter of 2022 primarily due to the $18.3 billion impact of the MUFG Union Bank acquisition as well as legacy portfolio growth. Increases in commercial loans (3.7 percent), total commercial real estate (14.3 percent) and residential mortgages (15.6 percent) were primarily driven by the MUFG Union Bank acquisition, while the increase in credit card loans (4.4 percent) was primarily driven by lower payment rates.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AVERAGE DEPOSITS** | **AVERAGE DEPOSITS** | **AVERAGE DEPOSITS** | **AVERAGE DEPOSITS** | **AVERAGE DEPOSITS** | **AVERAGE DEPOSITS** | **AVERAGE DEPOSITS** | **AVERAGE DEPOSITS** | **AVERAGE DEPOSITS** |
| ($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q** | **3Q** | **4Q** | **4Q22 vs** | **4Q22 vs** | **Full Year** | **Full Year** | **Percent** |
|  | **2022** | **2022** | **2021** | **3Q22** | **4Q21** | **2022** | **2021** | **Change** |
|  Noninterest-bearing deposits | $118912 | $114044 | $135936 | 4.3 | (12.5) | $120394 | $127204 | (5.4) |
|  Interest-bearing savings deposits |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest checking | 124522 | 113364 | 108889 | 9.8 | 14.4 | 117471 | 103198 | 13.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money market savings | 135949 | 125389 | 117462 | 8.4 | 15.7 | 126221 | 117093 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savings accounts | 67991 | 67782 | 64763 | .3 | 5.0 | 67722 | 62294 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total savings deposits | 328462 | 306535 | 291114 | 7.2 | 12.8 | 311414 | 282585 | 10.2 |
|  Time deposits | 34460 | 36190 | 22788 | (4.8) | 51.2 | 30576 | 24492 | 24.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest-bearing deposits | 362922 | 342725 | 313902 | 5.9 | 15.6 | 341990 | 307077 | 11.4 |
|  Total deposits | $481834 | $456769 | $449838 | 5.5 | 7.1 | $462384 | $434281 | 6.5 |

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Average total deposits for the fourth quarter of 2022 were $32.0 billion (7.1 percent) higher than the fourth quarter of 2021 driven in part by the $28.6 billion impact of the MUFG Union Bank acquisition. Average noninterest-bearing deposits decreased $17.0 billion (12.5 percent) across all business lines, net of the impact of the acquisition. Average total savings deposits were $37.3 billion (12.8 percent) higher year-over-year driven by Corporate and Commercial Banking and the impact of the acquisition. Average time deposits were $11.7 billion (51.2 percent) higher than the prior year quarter mainly within Corporate and Commercial Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Average total deposits grew $25.1 billion (5.5 percent) from the third quarter of 2022 reflecting the $28.6 billion impact of the MUFG Union Bank acquisition. On a linked quarter basis, average noninterest-bearing deposits increased $4.9 billion (4.3 percent) primarily driven by Consumer and Business Banking as a result of the acquisition. Average total savings deposits increased $21.9 billion (7.2 percent) primarily within Corporate and Commercial Banking, Wealth Management and Investment Services and Consumer and Business Banking driven by the acquisition. Average time deposits were $1.7 billion (4.8 percent) lower on a linked quarter basis mainly within Corporate and Commercial Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NONINTEREST INCOME** | | | | | | | | |
| ($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q**<br> **2021** | **4Q22 vs<br>3Q22** | **4Q22 vs<br>4Q21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | **Percent**<br> **Change** |
|  Card revenue | $384 | $391 | $382 | (1.8) | .5 | $1512 | $1507 | .3 |
|  Corporate payment products revenue | 178 | 190 | 155 | (6.3) | 14.8 | 698 | 575 | 21.4 |
|  Merchant processing services | 385 | 406 | 365 | (5.2) | 5.5 | 1579 | 1449 | 9.0 |
|  Trust and investment management fees | 571 | 572 | 483 | (.2) | 18.2 | 2209 | 1832 | 20.6 |
|  Service charges | 314 | 317 | 345 | (.9) | (9.0) | 1298 | 1338 | (3.0) |
|  Commercial products revenue | 264 | 285 | 265 | (7.4) | (.4) | 1105 | 1102 | .3 |
|  Mortgage banking revenue | 104 | 81 | 298 | 28.4 | (65.1) | 527 | 1361 | (61.3) |
|  Investment products fees | 58 | 56 | 62 | 3.6 | (6.5) | 235 | 239 | (1.7) |
|  Securities gains (losses), net |  | 1 | 15 | nm | nm | 38 | 103 | (63.1) |
|  Other | 184 | 170 | 164 | 8.2 | 12.2 | 654 | 721 | (9.3) |
|  Total before balance sheet optimization | 2442 | 2469 | 2534 | (1.1) | (3.6) | 9855 | 10227 | (3.6) |
| Balance sheet optimization | (399) | -- | -- | nm | nm | (399) | -- | nm |
| Total noninterest income | $2043 | $2469 | $2534 | (17.3) | (19.4) | $9456 | $10227 | (7.5) |

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Fourth quarter noninterest income of $2,043 million was $491 million (19.4 percent) lower than the fourth quarter of 2021, reflecting $(399) million of balance sheet optimization impact related to the MUFG Union Bank acquisition. Excluding the balance sheet optimization impact, fourth quarter noninterest income was $92 million (3.6 percent) lower than the fourth quarter of 2021 driven by lower mortgage banking revenue due to a decline in refinancing activities as well as lower service charges, partially offset by stronger payment services revenue and trust and investment management fees. Mortgage banking revenue decreased $194 million (65.1 percent) reflecting lower application volume, given declining refinance activities experienced in the mortgage industry, lower related gain on sale margins and fewer sales of performing loans, partially offset by a favorable change in the valuation of mortgage servicing rights, net of hedging activities. Service charges decreased $31 million (9.0 percent) primarily due to the impact of the elimination of certain consumer overdraft fees in 2022. These decreases in noninterest income were partially offset by an increase of $45 million (5.0 percent) in payment services revenue compared with the fourth quarter of 2021. Corporate payment products revenue increased $23 million (14.8 percent) driven by improving business spending across all product groups and merchant processing services revenue increased $20 million (5.5 percent) driven by higher sales volume and higher merchant fees. Given continued uncertainties in Europe, the U.S. dollar has strengthened considerably compared to European currencies. Adjusted for the impact of foreign currency rate changes, year-over-year merchant processing services revenue increased approximately 11.2 percent. Trust and investment management fees increased $88 million (18.2 percent) driven by lower money market fund fee waivers and activity related to the fourth quarter of 2021 acquisition of PFM Asset Management LLC, partially offset by unfavorable market conditions.

Noninterest income was $426 million (17.3 percent) lower in the fourth quarter of 2022 compared with the third quarter of 2022, reflecting $(399) million of balance sheet optimization related to the MUFG Union Bank acquisition. Excluding the balance sheet optimization impact, fourth quarter noninterest income was $27 million (1.1 percent) lower than the third quarter of 2022 reflecting seasonally lower payment services revenue and lower commercial products revenue, partially offset by higher mortgage banking revenue and other noninterest income. Payment services revenue decreased $40 million (4.1 percent). Card revenue decreased $7 million (1.8 percent) due to lower net interchange rate. Corporate payment products revenue decreased $12 million (6.3 percent) primarily due to seasonally lower sales volume. Merchant processing services revenue decreased $21 million (5.2 percent) primarily due to lower sales volume and lower merchant fees. Commercial products revenue decreased $21 million (7.4 percent) driven by lower capital markets and foreign currency customer activity as well as lower trading revenue, partially offset by higher non-yield loan fees as a result of higher commitment fees, higher commercial leasing fees and activity related to the acquisition of MUFG Union Bank. Partially offsetting these decreases, mortgage banking revenue increased $23 million (28.4 percent) reflecting an increase in the fair value of mortgage servicing rights, net of hedging activities, and other noninterest income increased $14 million (8.2 percent) due to higher tax-advantaged investment syndication revenue, partially offset by higher gains on the sale of certain assets in the third quarter of 2022.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NONINTEREST EXPENSE** | | | | | | | | |
| ($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q**<br> **2021** | **4Q22 vs**<br> **3Q22** | **4Q22 vs**<br> **4Q21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | **Percent**<br> **Change** |
|  Compensation and employee benefits | $2402 | $2260 | $2223 | 6.3 | 8.1 | $9157 | $8728 | 4.9 |
|  Net occupancy and equipment | 290 | 272 | 268 | 6.6 | 8.2 | 1096 | 1048 | 4.6 |
|  Professional services | 173 | 131 | 160 | 32.1 | 8.1 | 529 | 492 | 7.5 |
|  Marketing and business development | 144 | 126 | 129 | 14.3 | 11.6 | 456 | 366 | 24.6 |
|  Technology and communications | 459 | 427 | 443 | 7.5 | 3.6 | 1726 | 1728 | (.1) |
|  Other intangibles | 85 | 43 | 40 | 97.7 | nm | 215 | 159 | 35.2 |
|  Other | 400 | 336 | 270 | 19.0 | 48.1 | 1398 | 1207 | 15.8 |
|  Total before merger and integration | 3953 | 3595 | 3533 | 10.0 | 11.9 | 14577 | 13728 | 6.2 |
|  Merger and integration charges | 90 | 42 | -- | nm | nm | 329 | -- | nm |
|  Total noninterest expense | $4043 | $3637 | $3533 | 11.2 | 14.4 | $14906 | $13728 | 8.6 |

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Fourth quarter noninterest expense of $4,043 million was $510 million (14.4 percent) higher than the fourth quarter of 2021. Included in the fourth quarter of 2022 were merger and integration-related charges associated with the acquisition of MUFG Union Bank of $90 million. Excluding the fourth quarter merger and integration-related charges, fourth quarter noninterest expense increased $420 million (11.9 percent) compared with the fourth quarter of 2021, driven by the impact of MUFG Union Bank operating expenses, core deposit intangible amortization expense, higher legacy Company compensation expense and higher other noninterest expense. Compensation expense increased $179 million (8.1 percent) compared with the fourth quarter of 2021 primarily due to MUFG Union Bank expense as well as merit and hiring to support business growth and lower capitalized loan costs driven by lower mortgage production, partially offset by lower performance-based incentives. Intangible amortization increased $45 million driven by the core deposit intangible created as a result of the MUFG Union Bank acquisition. Other noninterest expense increased $130 million (48.1 percent) due to lower prior year accruals related to future delivery exposures for merchant and airline processing and other liabilities, higher FDIC insurance expense driven by an increase in the assessment base and rate and MUFG Union Bank expense, partially offset by lower costs related to tax-advantaged projects and expenses related to the decline in mortgage production.

Noninterest expense increased $406 million (11.2 percent) on a linked quarter basis. Excluding merger and integration-related charges of $90 million in the fourth quarter of 2022 and $42 million in the third quarter of 2022, fourth quarter noninterest expense increased $358 million (10.0 percent) driven by the impact of MUFG Union Bank operating expenses, core deposit intangible amortization, higher legacy Company compensation expense and other noninterest expense. Compensation expense increased $142 million (6.3 percent) primarily due to MUFG Union Bank expense, higher performance-based incentives and lower capitalized loan costs driven by lower mortgage production, partially offset by lower variable compensation. Intangible amortization increased $42 million (97.7 percent) driven by the core deposit intangible created as a result of the MUFG Union Bank acquisition. Other noninterest expense increased $64 million (19.0 percent) due to MUFG Union Bank expense, higher costs related to tax-advantaged projects, higher FDIC insurance expense driven by an increase in the assessment base and rate, and other accrued liabilities.

**Provision for Income Taxes** 

The provision for income taxes for the fourth quarter of 2022 resulted in a tax rate of 17.9 percent on a taxable-equivalent basis (effective tax rate of 15.5 percent), compared with 22.5 percent on a taxable-equivalent basis (effective tax rate of 21.5 percent) in the fourth quarter of 2021, and a tax rate of 22.0 percent on a taxable-equivalent basis (effective tax rate of 20.9 percent) in the third quarter of 2022. The tax rate on a taxable-equivalent basis, was 22.0 percent excluding the impact of notable items related to the acquisition.

![LOGO](g408122g37o95.jpg)

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| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALLOWANCE FOR CREDIT LOSSES** | **ALLOWANCE FOR CREDIT LOSSES** | **ALLOWANCE FOR CREDIT LOSSES** | **ALLOWANCE FOR CREDIT LOSSES** | **ALLOWANCE FOR CREDIT LOSSES** | **ALLOWANCE FOR CREDIT LOSSES** | **ALLOWANCE FOR CREDIT LOSSES** | **ALLOWANCE FOR CREDIT LOSSES** | **ALLOWANCE FOR CREDIT LOSSES** | | |
| ($ in millions) | **4Q<br>2022** | **% (a)** | **3Q<br>2022** | **% (a)** | **2Q<br>2022** | **% (a)** | **1Q<br>2022** | **% (a)** | **4Q<br>2021** | **% (a)** |
|  Balance, beginning of period | $6455 |  | $6255 |  | $6105 |  | $6155 |  | $6300 |  |
|  Allowance for acquired credit losses (b) | 336 |  |  |  |  |  |  |  |  |  |
|  Net charge-offs<br>USB Combined | 210 | .23 | 162 | .19 | 161 | .20 | 162 | .21 | 132 | .17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition impact (c) | 368 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net charge-offs | 578 | .64 | 162 | .19 | 161 | .20 | 162 | .21 | 132 | .17 |
|  Provision for credit losses |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USB Combined | 401 |  | 362 |  | 311 |  | 112 |  | (13) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Balance sheet optimization impact | 129 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acquisition impact of initial provision | 662 |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total provision for credit losses | 1192 |  | 362 |  | 311 |  | 112 |  | (13) |  |
|  Other changes | (1) |  |  |  |  |  |  |  |  |  |
|  Balance, end of period | $7404 |  | $6455 |  | $6255 |  | $6105 |  | $6155 |  |
|  Components |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allowance for loan losses | $6936 |  | $6017 |  | $5832 |  | $5664 |  | $5724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liability for unfunded credit commitments | 468 |  | 438 |  | 423 |  | 441 |  | 431 |  |
|  Total allowance for credit losses | $7404 |  | $6455 |  | $6255 |  | $6105 |  | $6155 |  |
|  Allowance for credit losses as a percentage of | Allowance for credit losses as a percentage of |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Period-end loans | 1.91% |  | 1.88% |  | 1.88% |  | 1.91% |  | 1.97% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonperforming loans | 762% |  | 1025% |  | 863% |  | 798% |  | 738% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nonperforming assets | 729% |  | 953% |  | 812% |  | 753% |  | 701% |  |
| (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization | (a) Annualized and calculated on average loan balances<br> (b) Allowance for credit deteriorated and charged-off loans acquired from MUFG Union Bank<br> (c) Includes net charge-offs of $179 million, reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SUMMARY OF NET CHARGE-OFFS** | **SUMMARY OF NET CHARGE-OFFS** | **SUMMARY OF NET CHARGE-OFFS** | **SUMMARY OF NET CHARGE-OFFS** | **SUMMARY OF NET CHARGE-OFFS** | **SUMMARY OF NET CHARGE-OFFS** | | | | | |
| ($ in millions) | **4Q<br>2022** | **% (a)** | **3Q<br>2022** | **% (a)** | **2Q<br>2022** | **% (a)** | **1Q<br>2022** | **% (a)** | **4Q<br>2021** | **% (a)** |
|  Net charge-offs |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial | $133 | .41 | $24 | .08 | $28 | .10 | $26 | .10 | $6 | .02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease financing | 5 | .43 | 3 | .25 | 2 | .16 | 6 | .49 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total commercial | 138 | .41 | 27 | .08 | 30 | .10 | 32 | .12 | 6 | .02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgages | 25 | .28 | (6) | (.08) | (2) | (.03) |  |  | (3) | (.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction and development | 17 | .63 |  |  | 8 | .33 | (5) | (.20) | (1) | (.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total commercial real estate | 42 | .36 | (6) | (.06) | 6 | .06 | (5) | (.05) | (4) | (.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgages | (3) | (.01) | (5) | (.02) | (9) | (.04) | (6) | (.03) | (7) | (.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit card | 175 | 2.76 | 119 | 1.96 | 118 | 2.08 | 112 | 2.08 | 109 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail leasing | 1 | .07 | 1 | .06 |  |  | 1 | .06 | 1 | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home equity and second mortgages |  |  | (2) | (.07) | (3) | (.11) | (2) | (.08) | (2) | (.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 225 | 2.17 | 28 | .26 | 19 | .17 | 30 | .27 | 29 | .27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other retail | 226 | 1.52 | 27 | .18 | 16 | .11 | 29 | .19 | 28 | .18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net charge-offs | $578 | .64 | $162 | .19 | $161 | .20 | $162 | .21 | $132 | .17 |
|  Gross charge-offs | $669 |  | $275 |  | $276 |  | $280 |  | $254 |  |
|  Gross recoveries | $91 |  | $113 |  | $115 |  | $118 |  | $122 |  |
| (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances | (a) Annualized and calculated on average loan balances |

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![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

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| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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The Company's provision for credit losses for the fourth quarter of 2022 was $1,192 million, compared with a provision of $362 million in the third quarter of 2022 and a credit benefit of $13 million in the fourth quarter of 2021. The increase in provision was primarily due to the initial provision for credit losses recorded in the fourth quarter of 2022 of $662 million related to the MUFG Union Bank acquisition and the provision impact of balance sheet optimization actions taken in the fourth quarter of $129 million as well as changing economic conditions. During 2021, factors affecting economic conditions, including government stimulus and declining impacts from the pandemic in the U.S., contributed to economic improvement and related reserve releases. In 2022, economic uncertainty and recession risk have been increasing due to ongoing supply chain challenges, inflationary concerns, market volatility, rising oil prices from the Russia-Ukraine conflict and pressure on corporate earnings related to these factors. Expected loss estimates consider various factors including customer specific information impacting changes in risk ratings, projected delinquencies, and the impact of economic deterioration on borrowers' liquidity and ability to repay. Generally, these credit quality factors continue to perform better than pre-pandemic levels despite the changing economic outlook. Consumer portfolios remain resilient despite rising delinquencies and lower collateral values. We anticipate some stress in commercial portfolios as the impact of rising interest rates filters through financials.

Total net charge-offs in the fourth quarter of 2022 were $578 million, compared with $162 million in the third quarter of 2022 and $132 million in the fourth quarter of 2021. Net charge-offs for the fourth quarter included $179 million of uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million of losses on balance sheet optimization. The net charge-off ratio was 0.64 percent in the fourth quarter of 2022 (0.23 percent excluding the impact of the MUFG Union Bank acquisition-related items noted above), compared with 0.19 percent in the third quarter of 2022 and 0.17 percent in the fourth quarter of 2021. Net charge-offs, excluding the impact of the MUFG Union Bank acquisition-related items noted above, increased $48 million (29.6 percent) compared with the third quarter of 2022 and $78 million (59.1 percent) compared with the fourth quarter of 2021, reflecting higher charge-offs in most loan categories consistent with normalizing credit conditions.

The allowance for credit losses was $7,404 million at December 31, 2022, compared with $6,455 million at September 30, 2022, and $6,155 million at December 31, 2021. The allowance for credit losses at December 31, 2022, included the impact of MUFG Union Bank's initial provision for credit losses of $662 million and $336 million of initial allowance recorded through purchase accounting. The increase on a linked quarter basis was driven by the MUFG Union Bank acquisition, and increasing economic uncertainty. The ratio of the allowance for credit losses to period-end loans was 1.91 percent at December 31, 2022, compared with 1.88 percent at September 30, 2022, and 1.97 percent at December 31, 2021. The ratio of the allowance for credit losses to nonperforming loans was 762 percent at December 31, 2022, compared with 1,025 percent at September 30, 2022, and 738 percent at December 31, 2021.

Nonperforming assets were $1,016 million at December 31, 2022, and included $329 million acquired from MUFG Union Bank. Nonperforming assets were $677 million at September 30, 2022, and $878 million at December 31, 2021. The ratio of nonperforming assets to loans and other real estate was 0.26 percent at December 31, 2022, compared with 0.20 percent at September 30, 2022, and 0.28 percent at December 31, 2021. The year-over-year and linked quarter increases in nonperforming assets reflected nonperforming assets acquired from MUFG Union Bank. The year-over-year increase was partially offset by decreases across all loan categories within the legacy portfolios, with the largest drivers in total commercial and total commercial real estate nonperforming loans. Accruing loans 90 days or more past due were $491 million at December 31, 2022, and included $22 million of accruing loans 90 days or more past due acquired from MUFG Union Bank, compared with $393 million at September 30, 2022, and $472 million at December 31, 2021.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12

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| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES** | **DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES** | **DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES** | **DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES** | | |
| (Percent) | **Dec 31<br>2022** | **Sep 30<br>2022** | **Jun 30<br>2022** | **Mar 31<br>2022** | **Dec 31<br>2021** |
|  Delinquent loan ratios - 90 days or more past due | Delinquent loan ratios - 90 days or more past due | Delinquent loan ratios - 90 days or more past due | Delinquent loan ratios - 90 days or more past due | Delinquent loan ratios - 90 days or more past due |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial | .07 | .03 | .07 | .06 | .04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | .01 | .05 | .01 |  | .03 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgages | .08 | .10 | .12 | .18 | .24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit card | .88 | .74 | .69 | .74 | .73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other retail | .12 | .11 | .10 | .11 | .11 |
|  Total loans | .13 | .11 | .13 | .14 | .15 |
|  Delinquent loan ratios - 90 days or more past due and nonperforming loans | Delinquent loan ratios - 90 days or more past due and nonperforming loans | Delinquent loan ratios - 90 days or more past due and nonperforming loans | Delinquent loan ratios - 90 days or more past due and nonperforming loans | Delinquent loan ratios - 90 days or more past due and nonperforming loans |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial | .19 | .12 | .19 | .21 | .20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | .62 | .46 | .53 | .55 | .76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgages | .36 | .35 | .40 | .45 | .53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit card | .88 | .74 | .69 | .74 | .73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other retail | .37 | .32 | .35 | .37 | .35 |
|  Total loans | .38 | .30 | .35 | .38 | .42 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **ASSET QUALITY (a)** | **ASSET QUALITY (a)** | **ASSET QUALITY (a)** | **ASSET QUALITY (a)** | **ASSET QUALITY (a)** | **ASSET QUALITY (a)** |
| ($ in millions) |  |  |  |  |  |
|  | **Dec 31<br>2022** | **Sep 30<br>2022** | **Jun 30<br>2022** | **Mar 31<br>2022** | **Dec 31<br>2021** |
|  Nonperforming loans |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial | $139 | $92 | $116 | $139 | $139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease financing | 30 | 30 | 32 | 35 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total commercial | 169 | 122 | 148 | 174 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgages | 251 | 110 | 147 | 178 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction and development | 87 | 57 | 59 | 38 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total commercial real estate | 338 | 167 | 206 | 216 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgages | 325 | 211 | 223 | 214 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit card | 1 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other retail | 139 | 130 | 148 | 161 | 150 |
|  Total nonperforming loans | 972 | 630 | 725 | 765 | 834 |
|  Other real estate | 23 | 24 | 23 | 23 | 22 |
|  Other nonperforming assets | 21 | 23 | 22 | 23 | 22 |
|  Total nonperforming assets | $1016 | $677 | $770 | $811 | $878 |
|  Accruing loans 90 days or more past due | $491 | $393 | $423 | $450 | $472 |
|  Nonperforming assets to loans plus ORE (%) | .26 | .20 | .23 | .25 | .28 |
| (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due |

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![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13

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| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **COMMON SHARES** | **COMMON SHARES** | **COMMON SHARES** | **COMMON SHARES** | **COMMON SHARES** | **COMMON SHARES** |
| (Millions) | **4Q <br>2022** | **3Q <br>2022** | **2Q <br>2022** | **1Q <br>2022** | **4Q <br>2021** |
|  Beginning shares outstanding | 1486 | 1486 | 1486 | 1484 | 1483 |
|  Shares issued for stock incentive plans, acquisitions and other corporate purposes | 45 |  |  | 3 | 1 |
|  Shares repurchased |  |  |  | (1) |  |
|  Ending shares outstanding | 1531 | 1486 | 1486 | 1486 | 1484 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CAPITAL POSITION** | | | | **Preliminary Data** | **Preliminary Data** |
| ($ in millions) | **Dec 31<br>2022** | **Sep 30<br>2022** | **Jun 30<br>2022** | **Mar 31<br>2022** | **Dec 31<br>2021** |
|  Total U.S. Bancorp shareholders' equity | $50766 | $47513 | $48605 | $51200 | $54918 |
|  **Basel III Standardized Approach (a)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital | $41560 | $44094 | $42944 | $41950 | $41701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital | 48813 | 51346 | 50195 | 49198 | 48516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total risk-based capital | 59015 | 60738 | 58307 | 57403 | 56250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common equity tier 1 capital ratio | 8.4% | 9.7% | 9.7% | 9.8% | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tier 1 capital ratio | 9.8 | 11.2 | 11.4 | 11.5 | 11.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total risk-based capital ratio | 11.9 | 13.3 | 13.2 | 13.4 | 13.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leverage ratio | 7.9 | 8.7 | 8.6 | 8.6 | 8.6 |
|  **Tangible common equity to tangible assets (b)** | 4.5 | 5.2 | 5.5 | 6 | 6.8 |
|  **Tangible common equity to risk-weighted assets (b)** | 6 | 6.7 | 7.2 | 8 | 9.2 |
|  **Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)** | 8.1 | 9.4 | 9.4 | 9.5 | 9.6 |
| (a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology | (a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology | (a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology | (a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology | (a) Amounts and ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology | (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 20 | (b) See Non-GAAP Financial Measures reconciliation on page 20 | (b) See Non-GAAP Financial Measures reconciliation on page 20 | (b) See Non-GAAP Financial Measures reconciliation on page 20 | (b) See Non-GAAP Financial Measures reconciliation on page 20 | (b) See Non-GAAP Financial Measures reconciliation on page 20 |

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Total U.S. Bancorp shareholders' equity was $50.8 billion at December 31, 2022, compared with $47.5 billion at September 30, 2022, and $54.9 billion at December 31, 2021. The Company suspended all common stock repurchases at the beginning of the third quarter of 2021, except for those done exclusively in connection with its stock-based compensation programs, due to its pending acquisition of MUFG Union Bank's core regional banking franchise. The Company does not expect to commence repurchasing its common stock until its CET1 ratio approximates 9.0 percent.

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 8.4 percent at December 31, 2022, compared with 9.7 percent at September 30, 2022, and 10.0 percent at December 31, 2021. The common equity tier 1 capital to risk-weighted assets ratio, reflecting the full implementation of the current expected credit losses methodology was 8.1 percent at December 31, 2022, compared with 9.4 percent at September 30, 2022, and 9.6 percent at December 31, 2021.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14

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| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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 &nbsp;&nbsp;&nbsp;&nbsp;**Investor Conference Call**<br>

On Wednesday, January 25, 2023 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 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" and "Webcasts & Presentations." To access the conference call from locations within the United States and Canada, please dial 877-692-8955. Participants calling from outside the United States and Canada, please dial 234-720-6979. The PIN code for all participants is 6030554. For those unable to participate during the live call, a replay will be available at approximately 11 a.m. CT on Wednesday, January 25, 2023. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on "About Us", "Investor Relations" and "Webcasts & Presentations."

 &nbsp;&nbsp;&nbsp;&nbsp;**About U.S. Bancorp**<br>

U.S. Bancorp, with approximately 77,000 employees and $675 billion in assets as of December 31, 2022, 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. MUFG Union Bank, consisting primarily of retail banking branches on the West Coast, joined U.S. Bancorp in 2022. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 World's Most Ethical Companies and Fortune's most admired superregional bank. Learn more at usbank.com/about.

 &nbsp;&nbsp;&nbsp;&nbsp;**Forward-looking Statements**<br>

"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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deterioration in general business 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases in unemployment rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deterioration in the credit quality of its loan portfolios or in the value of the collateral
securing those loans;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased competition from both banks and non-banks;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breaches in data security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failures or disruptions in or breaches of U.S. Bancorp's operational or security systems or
infrastructure, or those of third parties;

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failures to safeguard personal information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impacts of pandemics, including the COVID-19 pandemic,
natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to execute on strategic or operational plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effects of mergers and acquisitions and related integration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effects of critical accounting policies and judgments;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management's ability to effectively manage credit risk, market risk, operational risk,
compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2021, and subsequent filings with the Securities and Exchange Commission.

In addition, U.S. Bancorp's acquisition of MUFG Union Bank presents risks and uncertainties, including, among others: the risk that the cost savings, any revenue synergies and other anticipated benefits of the acquisition may not be realized or may take longer than anticipated to be realized; and the possibility that the combination of MUFG Union Bank with U.S. Bancorp, including the integration of MUFG Union Bank, may be more costly or difficult to complete than anticipated or have unanticipated adverse results.

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. 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.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg)  | **U.S. Bancorp Fourth Quarter 2022 Results** |

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 &nbsp;&nbsp;&nbsp;&nbsp;**Non-GAAP Financial Measures**<br>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tangible common equity to tangible assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tangible common equity to risk-weighted assets

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, tangible efficiency ratio and net interest margin, utilize net interest income on a taxable-equivalent basis.

The adjusted return on average assets, adjusted return on average common equity, adjusted return on tangible common equity and adjusted diluted earnings per common share exclude notable items related to the acquisition of MUFG Union Bank. Management uses these measures in their analysis of the Company's performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

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.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122sp21.jpg) <br>

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| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENT OF INCOME** | **CONSOLIDATED STATEMENT OF INCOME** | **CONSOLIDATED STATEMENT OF INCOME** | **CONSOLIDATED STATEMENT OF INCOME** | **CONSOLIDATED STATEMENT OF INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Three Months Ended | Year Ended | Year Ended |
| (Dollars and Shares in Millions, Except Per Share Data) | December 31, | December 31, | December 31, | December 31, |
| (Unaudited) | 2022 | 2021 | 2022 | 2021 |
|  **Interest Income** |  |  |  |  |
|  Loans | $4532 | $2635 | $13603 | $10747 |
|  Loans held for sale | 38 | 56 | 201 | 232 |
|  Investment securities | 988 | 624 | 3378 | 2365 |
|  Other interest income | 416 | 40 | 763 | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest income | 5974 | 3355 | 17945 | 13487 |
|  **Interest Expense** |  |  |  |  |
|  Deposits | 1081 | 75 | 1872 | 320 |
|  Short-term borrowings | 318 | 18 | 565 | 70 |
|  Long-term debt | 282 | 139 | 780 | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest expense | 1681 | 232 | 3217 | 993 |
|  Net interest income | 4293 | 3123 | 14728 | 12494 |
|  Provision for credit losses | 1192 | (13) | 1977 | (1173) |
|  Net interest income after provision for credit losses | 3101 | 3136 | 12751 | 13667 |
|  **Noninterest Income** |  |  |  |  |
|  Card revenue | 384 | 382 | 1512 | 1507 |
|  Corporate payment products revenue | 178 | 155 | 698 | 575 |
|  Merchant processing services | 385 | 365 | 1579 | 1449 |
|  Trust and investment management fees | 571 | 483 | 2209 | 1832 |
|  Service charges | 314 | 345 | 1298 | 1338 |
|  Commercial products revenue | 264 | 265 | 1105 | 1102 |
|  Mortgage banking revenue | 104 | 298 | 527 | 1361 |
|  Investment products fees | 58 | 62 | 235 | 239 |
|  Securities gains (losses), net | (18) | 15 | 20 | 103 |
|  Other | (197) | 164 | 273 | 721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total noninterest income | 2043 | 2534 | 9456 | 10227 |
|  **Noninterest Expense** |  |  |  |  |
|  Compensation and employee benefits | 2402 | 2223 | 9157 | 8728 |
|  Net occupancy and equipment | 290 | 268 | 1096 | 1048 |
|  Professional services | 173 | 160 | 529 | 492 |
|  Marketing and business development | 144 | 129 | 456 | 366 |
|  Technology and communications | 459 | 443 | 1726 | 1728 |
|  Other intangibles | 85 | 40 | 215 | 159 |
|  Merger and integration charges | 90 |  | 329 |  |
|  Other | 400 | 270 | 1398 | 1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | 4043 | 3533 | 14906 | 13728 |
|  Income before income taxes | 1101 | 2137 | 7301 | 10166 |
|  Applicable income taxes | 171 | 459 | 1463 | 2181 |
|  Net income | 930 | 1678 | 5838 | 7985 |
|  Net (income) loss attributable to noncontrolling interests | (5) | (5) | (13) | (22) |
|  Net income attributable to U.S. Bancorp | $925 | $1673 | $5825 | $7963 |
|  Net income applicable to U.S. Bancorp common shareholders | $853 | $1582 | $5501 | $7605 |
|  Earnings per common share | $.57 | $1.07 | $3.69 | $5.11 |
|  Diluted earnings per common share | $.57 | $1.07 | $3.69 | $5.10 |
|  Dividends declared per common share | $.48 | $.46 | $1.88 | $1.76 |
|  Average common shares outstanding | 1501 | 1483 | 1489 | 1489 |
|  Average diluted common shares outstanding | 1501 | 1484 | 1490 | 1490 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122sp21.jpg) <br>

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| | | |
|:---|:---|:---|
| **CONSOLIDATED ENDING BALANCE SHEET** | **CONSOLIDATED ENDING BALANCE SHEET** | **CONSOLIDATED ENDING BALANCE SHEET** |
| (Dollars in Millions) | December 31,<br> 2022 | December 31,<br> 2021 |
|  **Assets** |  |  |
|  Cash and due from banks | $53542 | $28905 |
|  Investment securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Held-to-maturity | 88740 | 41858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Available-for-sale | 72910 | 132963 |
|  Loans held for sale | 2200 | 7775 |
|  Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial | 135690 | 112023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial real estate | 55487 | 39053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential mortgages | 115845 | 76493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit card | 26295 | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other retail | 54896 | 61959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans | 388213 | 312028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less allowance for loan losses | (6936) | (5724) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loans | 381277 | 306304 |
|  Premises and equipment | 3858 | 3305 |
|  Goodwill | 12373 | 10262 |
|  Other intangible assets | 7155 | 3738 |
|  Other assets | 52750 | 38174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $674805 | $573284 |
|  **Liabilities and Shareholders' Equity** |  |  |
|  Deposits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing | $137743 | $134901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing | 387233 | 321182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 524976 | 456083 |
|  Short-term borrowings | 31216 | 11796 |
|  Long-term debt | 39829 | 32125 |
|  Other liabilities | 27552 | 17893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 623573 | 517897 |
|  Shareholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stock | 6808 | 6371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stock | 21 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital surplus | 8712 | 8539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained earnings | 71901 | 69201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less treasury stock | (25269) | (27271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | (11407) | (1943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Bancorp shareholders' equity | 50766 | 54918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noncontrolling interests | 466 | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity | 51232 | 55387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | $674805 | $573284 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122sp21.jpg) <br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** |
| (Dollars in Millions, Unaudited) | December 31,<br> 2022 | September 30,<br> 2022 | June 30,<br> 2022 | March 31,<br> 2022 | December 31,<br> 2021 |
|  Total equity | $51232 | $47978 | $49069 | $51668 | $55387 |
|  Preferred stock | (6808) | (6808) | (6808) | (6808) | (6371) |
|  Noncontrolling interests | (466) | (465) | (464) | (468) | (469) |
|  Goodwill (net of deferred tax liability) (1) | (11395) | (9165) | (9204) | (9304) | (9323) |
|  Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2792 | (735) | (780) | (762) | (785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible common equity (a) | 29771 | 30805 | 31813 | 34326 | 38439 |
|  Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation | 41560 | 44094 | 42944 | 41950 | 41701 |
|  Adjustments (2) | (1299 | (1300) | (1300) | (1298) | (1733) |
|  Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (b) | 40261 | 42794 | 41644 | 40652 | 39968 |
|  Total assets | 674805 | 600973 | 591381 | 586517 | 573284 |
|  Goodwill (net of deferred tax liability) (1) | (11395) | (9165) | (9204) | (9304) | (9323) |
|  Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (2792 | (735) | (780) | (762) | (785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tangible assets (c) | 660618 | 591073 | 581397 | 576451 | 563176 |
|  Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (d) | 496500 | 456928 | 441804 | 427174 | 418571 |
|  Adjustments (3) | (620 | (337) | (317) | (351) | (357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Risk-weighted assets, reflecting the full implementation of the current expected credit losses<br>methodology (e) | 495880 | 456591 | 441487 | 426823 | 418214 |
|  **Ratios\*** |  |  |  |  |  |
|  Tangible common equity to tangible assets (a)/(c) | 4.5 | 5.2% | 5.5% | 6.0% | 6.8% |
|  Tangible common equity to risk-weighted assets (a)/(d) | 6.0 | 6.7 | 7.2 | 8.0 | 9.2 |
|  Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (b)/(e) | 8.1 | 9.4 | 9.4 | 9.5 | 9.6 |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended |
|  | December 31,<br>2022 | September 30,<br>2022 | June 30,<br>2022 | March 31,<br>2022 | December 31,<br>2021 |
|  Net income applicable to U.S. Bancorp common shareholders | $853 | $1718 | $1464 | $1466 | $1582 |
|  Intangibles amortization (net-of-tax) | 67 | 34 | 32 | 37 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization | 920 | 1752 | 1496 | 1503 | 1614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (f) | 3650 | 6951 | 6000 | 6096 | 6403 |
|  Average total equity | 49731 | 50284 | 49633 | 53934 | 55875 |
|  Average preferred stock | (6808) | (6808) | (6808) | (6619) | (6865) |
|  Average noncontrolling interests | (466) | (464) | (467) | (468) | (633) |
|  Average goodwill (net of deferred tax liability) (1) | (9202) | (9192) | (9246) | (9320) | (9115) |
|  Average intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1637 | (758) | (783) | (779) | (656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average tangible common equity (g) | 31618 | 33062 | 32329 | 36748 | 38606 |
|  Return on tangible common equity (f)/(g) | 11.5 | 21.0% | 18.6% | 16.6% | 16.6% |
|  Net interest income | $4293 | $3827 | $3435 | $3173 | $3123 |
|  Taxable-equivalent adjustment (4) | 32 | 30 | 29 | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income, on a taxable-equivalent basis | 4325 | 3857 | 3464 | 3200 | 3150 |
|  Net interest income, on a taxable-equivalent basis |  |  |  |  |  |
|  (as calculated above) | 4325 | 3857 | 3464 | 3200 | 3150 |
|  Noninterest income | 2043 | 2469 | 2548 | 2396 | 2534 |
|  Less: Securities gains (losses), net | (18 | 1 | 19 | 18 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenue, excluding net securities gains (losses) (h) | 6386 | 6325 | 5993 | 5578 | 5669 |
|  Noninterest expense (i) | 4043 | 3637 | 3724 | 3502 | 3533 |
|  Less: Intangibles amortization | 85 | 43 | 40 | 47 | 40 |
|  Noninterest expense, excluding intangibles amortization (j) | 3958 | 3594 | 3684 | 3455 | 3493 |
|  Efficiency ratio (i)/(h) | 63.3 | 57.5% | 62.1% | 62.8% | 62.3% |
|  Tangible efficiency ratio (j)/(h) | 62.0 | 56.8 | 61.5 | 61.9 | 61.6 |

---

\* 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122sp21.jpg) <br>

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| | | |
|:---|:---|:---|
| **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** |
|  | Three Months Ended | Three Months Ended |
| (Dollars in Millions, Unaudited) | December 31,<br>2022 | September 30,<br>2022 |
|  Net income attributable to U.S. Bancorp | $925 | $1812 |
|  Less: Notable items (1) | (952) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to U.S. Bancorp, excluding notable items | 1877 | 1845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized net income attributable to U.S. Bancorp, excluding notable items (a) | 7447 | 7320 |
|  Average assets (b) | 622064 | 588764 |
|  Return on average assets, excluding notable items (a)/(b) | 1.20% | 1.24% |
|  Net income applicable to U.S. Bancorp common shareholders | $853 | $1718 |
|  Less: Notable items, including the impact of earnings allocated to participating stock awards (1) | (948) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income applicable to U.S. Bancorp common shareholders, excluding notable items | 1801 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (c) | 7145 | 6947 |
|  Average common equity (d) | 42457 | 43012 |
|  Return on average common equity, excluding notable items (c)/(d) | 16.8% | 16.2% |
|  Net interest income | $4293 | $3827 |
|  Taxable-equivalent adjustment (2) | 32 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income, on a taxable-equivalent basis | 4325 | 3857 |
|  Net interest income, on a taxable-equivalent basis (as calculated above) | 4325 | 3857 |
|  Noninterest income | 2043 | 2469 |
|  Less: Securities gains (losses), net | (18) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenue, excluding net securities gains (losses) | 6386 | 6325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Notable items (1) | (399) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Securities (gains) losses, net included in notable items | 18 | -- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenue, excluding net securities gains (losses) and notable items (e) | 6767 | 6325 |
|  Noninterest expense | 4043 | 3637 |
|  Less: Notable items (1) | 90 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noninterest expense, excluding notable items (f) | 3953 | 3595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Intangibles amortization | 85 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noninterest expense, excluding notable items and intangible amortization (g) | 3868 | 3552 |
|  Efficiency ratio, excluding notable items (f)/(e) | 58.4% | 56.8% |
|  Tangible efficiency ratio, excluding notable items (g)/(e) | 57.2% | 56.2% |
|  Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (h) | $1801 | $1751 |
|  Average diluted common shares outstanding (i) | 1501 | 1486 |
|  Diluted earnings per common share, excluding notable items (h)/(i) | $1.20 | $1.18 |

---

(1) Notable items for the three months ended December 31, 2022 include the following:

$399 million ($297 million net-of-tax) of losses primarily related to interest rate hedging positions entered into after regulatory approval was obtained to manage the impact of interest rate volatility on capital prior to closing the MUFG Union Bank acquisition.

$90 million ($67 million net-of-tax) of merger and integration charges.

$791 million ($588 million net-of-tax) of provision for credit losses related to initially providing for acquired loans as well as charges related to the securitization of indirect automobile loans to optimize the balance sheet capital management.

Notable items for the three months ended September 30, 2022 included $42 million ($33 million net-of-tax) of merger and integration charges.

(2) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21

------

&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122sp21.jpg) <br>

---

| | |
|:---|:---|
| **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** |
| (Dollars in Millions, Unaudited) | Three Months Ended<br>December 31,<br> 2022 |
|  Net income applicable to U.S. Bancorp common shareholders | $853 |
|  Intangibles amortization (net-of-tax) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Notable items, including the impact of earnings allocated to participating stock awards (1) | (948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (a) | 7411 |
|  Average total equity | 49731 |
|  Average preferred stock | (6808) |
|  Average noncontrolling interests | (466) |
|  Average goodwill (net of deferred tax liability) (2) | (9202) |
|  Average intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average tangible common equity (b) | 31618 |
|  Return on tangible common equity, excluding notable items (a)/(b) | 23.4% |
|  Net charge-offs | $578 |
|  Less: Notable items (3) | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net charge-offs, excluding notable items | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized net charge-offs, excluding notable items (c) | 833 |
|  Average loan balances (d) | 359811 |
|  Net charge-off ratio, excluding notable items (c)/(d) | .23% |
|  Income before taxes | $1101 |
|  Taxable-equivalent adjustment (4) | 32 |
|  Less: Notable items (1) | (1280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income before taxes (taxable-equivalent basis), excluding notable items (e) | 2413 |
|  Income taxes | 171 |
|  Taxable-equivalent adjustment (4) | 32 |
|  Less: Notable items (1) | (328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes and taxable-equivalent adjustment, excluding notable items (f) | 531 |
|  Income tax rate (taxable-equivalent basis), excluding notable items (f)/(e) | 22.0% |

---

(1) Notable items for the three months ended December 31, 2022 include the following:

$399 million ($297 million net-of-tax) of losses primarily related to interest rate hedging positions entered into after regulatory approval was obtained to manage the impact of interest rate volatility on capital prior to closing the MUFG Union Bank acquisition.

$90 million ($67 million net-of-tax) of merger and integration charges.

$791 million ($588 million net-of-tax) of provision for credit losses related to initially providing for acquired loans as well as charges related to the securitization of indirect automobile loans to optimize the balance sheet capital management.

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

(3) Notable items for the three months ended December 31, 2022 included net charge-offs of $179 million,
reflecting uncollectible acquired loans previously charged-off and acquisition alignment, and $189 million loss on balance sheet optimization.

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22

------

&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122sp21.jpg) <br>

---

| | | | |
|:---|:---|:---|:---|
| **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** | **NON-GAAP FINANCIAL MEASURES** | |
|  | **Year Ended** | **Year Ended** | |
| (Dollars in Millions, Unaudited) | **December 31,<br>2022** | **December 31,<br>2021** |<br>**Percent<br>Change** |
|  Net income applicable to U.S. Bancorp common shareholders | $5501 | $7605 |  |
|  Intangibles amortization (net-of-tax) | 170 | 126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) | 5671 | 7731 |  |
|  Average total equity | 50882 | 54442 |  |
|  Average preferred stock | (6761) | (6255) |  |
|  Average noncontrolling interests | (466) | (632) |  |
|  Average goodwill (net of deferred tax liability) (1) | (9240) | (9037) |  |
|  Average intangible assets (net of deferred tax liability), other than mortgage servicing rights | (991) | (650) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average tangible common equity (b) | 33424 | 37868 |  |
|  Return on tangible common equity (a)/(b) | 17.0% | 20.4% |  |
|  Net interest income | $14728 | $12494 |  |
|  Taxable-equivalent adjustment (2) | 118 | 106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net interest income, on a taxable-equivalent basis | 14846 | 12600 |  |
|  Net interest income, on a taxable-equivalent basis (as calculated above) | 14846 | 12600 |  |
|  Noninterest income | 9456 | 10227 |  |
|  Less: Securities gains (losses), net | 20 | 103 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenue, excluding net securities gains (losses) (c) | 24282 | 22724 |  |
|  Noninterest expense (d) | 14906 | 13728 |  |
|  Less: Intangibles amortization | 215 | 159 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noninterest expense, excluding intangibles amortization (e) | 14691 | 13569 |  |
|  Efficiency ratio (d)/(c) | 61.4% | 60.4% |  |
|  Tangible efficiency ratio (e)/(c) | 60.5% | 59.7% |  |
|  Net interest income, on a taxable-equivalent basis (as calculated above) | $14846 | $12600 |  |
|  Noninterest income | 9456 | 10227 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenue | 24302 | 22827 | 6.5 %(f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: MUFG Union Bank net revenue | 302 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Notable items (3) | (399) | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenue, excluding MUFG Union Bank and notable items | 24399 | 22827 | 6.9 %(g) |
|  Noninterest expense | 14906 | 13728 | 8.6 %(h) |
|  Less: MUFG Union Bank noninterest expense | 221 |  |  |
|  Less: Notable items (3) | 329 | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense, excluding MUFG Union Bank and notable items | 14356 | 13728 | 4.6 %(i) |
|  Operating leverage (f) - (h) | (2.1)% |  |  |
|  Operating leverage, excluding MUFG Union Bank and notable items (g) - (i) | 2.3% |  |  |
|  Net income applicable to U.S. Bancorp common shareholders | $5501 |  |  |
|  Less: Notable items, including the impact of earnings allocated to participating stock awards (3) | (1134) |  |  |
|  Net income applicable to U.S. Bancorp common shareholders, excluding notable items (j) | 6635 |  |  |
|  Average diluted common shares outstanding (k) | 1490 |  |  |
|  Diluted earnings per common share, excluding notable items (j)/(k) | $4.45 |  |  |

---

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

(2) 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.

(3) Notable items for the year ended December 31, 2022 include the following:

$399 million ($297 million net-of-tax) of losses primarily related to interest rate hedging positions entered into after regulatory approval was obtained to manage the impact of interest rate volatility on capital prior to closing the MUFG Union Bank acquisition.

$329 million ($253 million net-of-tax) of merger and integration charges.

$791 million ($588 million net-of-tax) of provision for credit losses related to initially providing for acquired loans as well as charges related to the securitization of indirect automobile loans to optimize the balance sheet capital management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23

------

![LOGO](g408122sp26.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg) <br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**LINE OF BUSINESS FINANCIAL PERFORMANCE** | &nbsp;&nbsp;&nbsp;**LINE OF BUSINESS FINANCIAL PERFORMANCE** | &nbsp;&nbsp;&nbsp;**LINE OF BUSINESS FINANCIAL PERFORMANCE** | &nbsp;&nbsp;&nbsp;**LINE OF BUSINESS FINANCIAL PERFORMANCE** | &nbsp;&nbsp;&nbsp;**LINE OF BUSINESS FINANCIAL PERFORMANCE** | &nbsp;&nbsp;&nbsp;**LINE OF BUSINESS FINANCIAL PERFORMANCE** | **Preliminary data** | **Preliminary data** | **Preliminary data** |
| &nbsp;&nbsp;&nbsp;($ in millions) | **Net Income Attributable<br>to U.S. Bancorp** | **Net Income Attributable<br>to U.S. Bancorp** | **Net Income Attributable<br>to U.S. Bancorp** | **Percent Change** | **Percent Change** | **Net Income Attributable**<br>**to U.S. Bancorp** | **Net Income Attributable**<br>**to U.S. Bancorp** |  |
| &nbsp;&nbsp;&nbsp;**Business Line** | **4Q<br>2022** | **3Q<br>2022** | **4Q <br>2021** | **4Q22 vs<br>3Q22** | **4Q22 vs<br>4Q21** | **Full Year<br>2022** | **Full Year <br>2021** | **Percent**<br> **Change** |
| &nbsp;&nbsp;&nbsp; Corporate and Commercial Banking | $542 | $504 | $308 | 7.5 | 76.0 | $1841 | $1564 | 17.7 |
| &nbsp;&nbsp;&nbsp; Consumer and Business Banking | 462 | 460 | 481 | .4 | (4.0) | 1806 | 2357 | (23.4) |
| &nbsp;&nbsp;&nbsp; Wealth Management and Investment Services | 395 | 397 | 205 | (.5) | 92.7 | 1313 | 842 | 55.9 |
| &nbsp;&nbsp;&nbsp; Payment Services | 229 | 330 | 367 | (30.6) | (37.6) | 1324 | 1704 | (22.3) |
| &nbsp;&nbsp;&nbsp; Treasury and Corporate Support | (703) | 121 | 312 | nm | nm | (459) | 1496 | nm |
| &nbsp;&nbsp;&nbsp; Consolidated Company | $925 | $1812 | $1673 | (49.0) | (44.7) | $5825 | $7963 | (26.8) |
|  | **Income Before Provision<br>and Taxes** | **Income Before Provision<br>and Taxes** | **Income Before Provision<br>and Taxes** | **Percent Change** | **Percent Change** | **Income Before Provision**<br>**and Taxes** | **Income Before Provision**<br>**and Taxes** |  |
|  | **4Q<br>2022** | **3Q<br>2022** | **4Q <br>2021** | **4Q22 vs<br>3Q22** | **4Q22 vs<br>4Q21** | **Full Year<br>2022** | **Full Year <br>2021** | **Percent**<br> **Change** |
| &nbsp;&nbsp;&nbsp; Corporate and Commercial Banking | $701 | $740 | $509 | (5.3) | 37.7 | $2604 | $2151 | 21.1 |
| &nbsp;&nbsp;&nbsp; Consumer and Business Banking | 831 | 654 | 640 | 27.1 | 29.8 | 2636 | 3006 | (12.3) |
| &nbsp;&nbsp;&nbsp; Wealth Management and Investment Services | 529 | 533 | 278 | (.8) | 90.3 | 1760 | 1130 | 55.8 |
| &nbsp;&nbsp;&nbsp; Payment Services | 649 | 725 | 622 | (10.5) | 4.3 | 2746 | 2621 | 4.8 |
| &nbsp;&nbsp;&nbsp; Treasury and Corporate Support | (385) | 37 | 102 | nm | nm | (350) | 191 | nm |
| &nbsp;&nbsp;&nbsp; Consolidated Company | $2325 | $2689 | $2151 | (13.5) | 8.1 | $9396 | $9099 | 3.3 |

---

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 2022, certain organization and methodology changes were made and, accordingly, prior period results were restated and presented on a comparable basis.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**CORPORATE AND COMMERCIAL BANKING** | **Preliminary data** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q** <br> **2021**  | **4Q22 vs**<br> **3Q22** | **4Q22 vs**<br> **4Q21** | **Full Year**<br> **2022** | **Full Year** <br> **2021**  | **Percent**<br> **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Condensed Income Statement** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income (taxable-equivalent basis) | $986 | $938 | $694 | 5.1 | 42.1 | $3468 | $2853 | 21.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest income | 235 | 255 | 251 | (7.8) | (6.4) | 1008 | 1039 | (3.0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities gains (losses), net | -- | -- | -- |  |  | -- | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net revenue | 1221 | 1193 | 945 | 2.3 | 29.2 | 4476 | 3892 | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest expense | 510 | 453 | 436 | 12.6 | 17.0 | 1862 | 1741 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangibles | 10 | -- | -- | nm | nm | 10 | -- | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | 520 | 453 | 436 | 14.8 | 19.3 | 1872 | 1741 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before provision and taxes | 701 | 740 | 509 | (5.3) | 37.7 | 2604 | 2151 | 21.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | (22) | 68 | 98 | nm | nm | 149 | 65 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | 723 | 672 | 411 | 7.6 | 75.9 | 2455 | 2086 | 17.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes and taxable-equivalent adjustment | 181 | 168 | 103 | 7.7 | 75.7 | 614 | 522 | 17.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | 542 | 504 | 308 | 7.5 | 76.0 | 1841 | 1564 | 17.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (income) loss attributable to noncontrolling interests | -- | -- | -- |  |  | -- | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to U.S. Bancorp | $542 | $504 | $308 | 7.5 | 76.0 | $1841 | $1564 | 17.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Average Balance Sheet Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans | $140713 | $131578 | $106491 | 6.9 | 32.1 | $127916 | $103404 | 23.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other earning assets | 4786 | 4506 | 4690 | 6.2 | 2.0 | 4532 | 4537 | (.1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 1922 | 1912 | 1912 | .5 | .5 | 1915 | 1715 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets | 215 | 3 | 4 | nm | nm | 57 | 5 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 159802 | 147635 | 118274 | 8.2 | 35.1 | 143370 | 115423 | 24.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing deposits | 54591 | 53280 | 66292 | 2.5 | (17.7) | 57451 | 61991 | (7.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing deposits | 107317 | 100407 | 75621 | 6.9 | 41.9 | 97169 | 71711 | 35.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 161908 | 153687 | 141913 | 5.3 | 14.1 | 154620 | 133702 | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Bancorp shareholders' equity | 15267 | 14607 | 13685 | 4.5 | 11.6 | 14403 | 13906 | 3.6 |

---

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 generated $701 million of income before provision and taxes in the fourth quarter of 2022, compared with $509 million in the fourth quarter of 2021, and contributed $542 million of the Company's net income in the fourth quarter of 2022. The provision for credit losses decreased $120 million compared with the fourth quarter of 2021 primarily due to slower legacy Company loan balance growth in the current year quarter, partially offset by the impact of the MUFG Union Bank acquisition. Total net revenue was $276 million (29.2 percent) higher due to an increase of $292 million (42.1 percent) in net interest income, partially offset by a decrease of $16 million (6.4 percent) in total noninterest income. Net interest income increased primarily due to higher loan balances and the impact of higher rates on the margin benefit from deposits, partially offset by lower spreads on loans and lower noninterest-bearing deposits. Total noninterest income decreased primarily due to lower commercial products revenue due to lower capital markets revenue net of higher trading revenue as well as lower service charges driven by higher earnings credits. Total noninterest expense increased $84 million (19.3 percent) compared with a year ago primarily due to higher FDIC insurance expense and higher net shared services expense driven by investment in support of business growth and the impacts of the MUFG Union Bank acquisition including intangible amortization driven by the core deposit intangible.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg) <br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**CONSUMER AND BUSINESS BANKING** | &nbsp;&nbsp;&nbsp;**CONSUMER AND BUSINESS BANKING** | &nbsp;&nbsp;&nbsp;**CONSUMER AND BUSINESS BANKING** | &nbsp;&nbsp;&nbsp;**CONSUMER AND BUSINESS BANKING** | **Preliminary data** | **Preliminary data** | **Preliminary data** | **Preliminary data** | **Preliminary data** |
| &nbsp;&nbsp;&nbsp;($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q** <br> **2021**  | **4Q22 vs<br>3Q22** | **4Q22 vs<br>4Q21** | **Full Year**<br> **2022** | **Full Year** <br> **2021**  | **Percent**<br> **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Condensed Income Statement** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income (taxable-equivalent basis) | $2072 | $1724 | $1504 | 20.2 | 37.8 | $6904 | $6085 | 13.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest income | 364 | 337 | 581 | 8.0 | (37.3) | 1556 | 2496 | (37.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities gains (losses), net | -- | -- | -- |  |  | -- | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net revenue | 2436 | 2061 | 2085 | 18.2 | 16.8 | 8460 | 8581 | (1.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest expense | 1573 | 1404 | 1442 | 12.0 | 9.1 | 5783 | 5563 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangibles | 32 | 3 | 3 | nm | nm | 41 | 12 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | 1605 | 1407 | 1445 | 14.1 | 11.1 | 5824 | 5575 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before provision and taxes | 831 | 654 | 640 | 27.1 | 29.8 | 2636 | 3006 | (12.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 215 | 40 | (1) | nm | nm | 228 | (136) | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | 616 | 614 | 641 | .3 | (3.9) | 2408 | 3142 | (23.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes and taxable-equivalent adjustment | 154 | 154 | 160 |  | (3.8) | 602 | 785 | (23.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | 462 | 460 | 481 | .4 | (4.0) | 1806 | 2357 | (23.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (income) loss attributable to noncontrolling interests | -- | -- | -- |  |  | -- | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to U.S. Bancorp | $462 | $460 | $481 | .4 | (4.0) | $1806 | $2357 | (23.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Average Balance Sheet Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans | $155173 | $143022 | $140630 | 8.5 | 10.3 | $145079 | $140890 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other earning assets | 2485 | 3043 | 6570 | (18.3) | (62.2) | 3117 | 8093 | (61.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 3255 | 3241 | 3262 | .4 | (.2) | 3249 | 3429 | (5.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets | 4584 | 3726 | 2966 | 23.0 | 54.6 | 3785 | 2761 | 37.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 170688 | 158475 | 159333 | 7.7 | 7.1 | 160713 | 161385 | (.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing deposits | 35708 | 31193 | 33360 | 14.5 | 7.0 | 32256 | 33063 | (2.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing deposits | 171258 | 166223 | 162132 | 3.0 | 5.6 | 167938 | 157592 | 6.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 206966 | 197416 | 195492 | 4.8 | 5.9 | 200194 | 190655 | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Bancorp shareholders' equity | 13105 | 12468 | 12212 | 5.1 | 7.3 | 12550 | 12319 | 1.9 |

---

Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.

Consumer and Business Banking generated $831 million of income before provision and taxes in the fourth quarter of 2022, compared with $640 million in the fourth quarter of 2021, and contributed $462 million of the Company's net income in the fourth quarter of 2022. The provision for credit losses increased $216 million compared with prior year due to the impacts of balance sheet optimization and more favorable credit trends in the prior year quarter. Total net revenue was higher by $351 million (16.8 percent) due to an increase of $568 million (37.8 percent) in net interest income, partially offset by a decrease in total noninterest income of $217 million (37.3 percent). Net interest income reflected the favorable impact of higher rates on the margin benefit from deposits, partially offset by lower spreads on loans and lower loan fees. Total noninterest income decreased primarily due to lower mortgage banking revenue reflecting lower application volume, lower related gain on sale margins and fewer sales of loans. Noninterest income was also adversely impacted by lower residual gains on vehicle sales and the impact of pricing changes on deposit service charges. Total noninterest expense increased $160 million (11.1 percent) due to increases in net shared services expense due to investments in digital capabilities and the impact of the MUFG Union Bank acquisition, including intangible amortization driven by the core deposit intangible, as well as lower capitalized loan costs driven by lower mortgage production, partially offset by lower compensation expense and related loan expenses due to lower mortgage production.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**WEALTH MANAGEMENT AND INVESTMENT SERVICES** | **Preliminary data** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q** <br> **2021**  | **4Q22 vs**<br> **3Q22** | **4Q22 vs**<br> **4Q21** | **Full Year**<br> **2022** | **Full Year**<br> **2021** | **Percent**<br> **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Condensed Income Statement** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income (taxable-equivalent basis) | $522 | $475 | $250 | 9.9 | nm | $1624 | $1002 | 62.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest income | 654 | 651 | 583 | .5 | 12.2 | 2553 | 2222 | 14.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities gains (losses), net | -- | -- | -- |  |  | -- | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net revenue | 1176 | 1126 | 833 | 4.4 | 41.2 | 4177 | 3224 | 29.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest expense | 639 | 587 | 551 | 8.9 | 16.0 | 2390 | 2079 | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangibles | 8 | 6 | 4 | 33.3 | nm | 27 | 15 | 80.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | 647 | 593 | 555 | 9.1 | 16.6 | 2417 | 2094 | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before provision and taxes | 529 | 533 | 278 | (.8) | 90.3 | 1760 | 1130 | 55.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 2 | 3 | 5 | (33.3) | (60.0) | 9 | 7 | 28.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | 527 | 530 | 273 | (.6) | 93.0 | 1751 | 1123 | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes and taxable-equivalent adjustment | 132 | 133 | 68 | (.8) | 94.1 | 438 | 281 | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | 395 | 397 | 205 | (.5) | 92.7 | 1313 | 842 | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (income) loss attributable to noncontrolling interests | -- | -- | -- |  |  | -- | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to U.S. Bancorp | $395 | $397 | $205 | (.5) | 92.7 | $1313 | $842 | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Average Balance Sheet Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans | $23705 | $22871 | $19620 | 3.6 | 20.8 | $22410 | $18095 | 23.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other earning assets | 334 | 249 | 229 | 34.1 | 45.9 | 273 | 242 | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 1701 | 1700 | 1656 | .1 | 2.7 | 1720 | 1628 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets | 356 | 311 | 130 | 14.5 | nm | 308 | 84 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 27436 | 26439 | 22970 | 3.8 | 19.4 | 26036 | 21303 | 22.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing deposits | 22594 | 23851 | 29314 | (5.3) | (22.9) | 24721 | 24663 | .2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing deposits | 78236 | 73229 | 74620 | 6.8 | 4.8 | 73461 | 76000 | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 100830 | 97080 | 103934 | 3.9 | (3.0) | 98182 | 100663 | (2.5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Bancorp shareholders' equity | 3759 | 3726 | 3318 | .9 | 13.3 | 3675 | 3154 | 16.5 |

---

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 generated $529 million of income before provision and taxes in the fourth quarter of 2022, compared with $278 million in the fourth quarter of 2021, and contributed $395 million of the Company's net income in the fourth quarter of 2022. The provision for credit losses decreased slightly compared with the prior year quarter. Total net revenue increased $343 million (41.2 percent) year-over-year reflecting an increase of $272 million in net interest income and $71 million (12.2 percent) in total noninterest income. Net interest income increased primarily due to the favorable impact of higher rates on the margin benefit from deposits. Total noninterest income increased primarily driven by higher trust and investment management fees reflecting lower money market fund fee waivers and the impact of the PFM acquisition, partially offset by the impact of unfavorable market conditions. Total noninterest expense increased $92 million (16.6 percent) compared with the fourth quarter of 2021 reflecting increasing compensation costs, higher net shared services expense driven by investment in support of business growth and the impact of the MUFG Union Bank acquisition. Compensation expense increased as a result of merit, the PFM acquisition in late 2021, and core business growth.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**PAYMENT SERVICES** | **Preliminary data** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q** <br> **2021**  | **4Q22 vs**<br> **3Q22** | **4Q22 vs**<br> **4Q21** | **Full Year**<br> **2022** | **Full Year** <br> **2021**  | **Percent**<br> **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Condensed Income Statement** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income (taxable-equivalent basis) | $631 | $627 | $617 | .6 | 2.3 | $2498 | $2457 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest income | 952 | 995 | 906 | (4.3) | 5.1 | 3799 | 3550 | 7.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities gains (losses), net | -- | -- | -- |  |  | -- | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net revenue | 1583 | 1622 | 1523 | (2.4) | 3.9 | 6297 | 6007 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest expense | 900 | 863 | 868 | 4.3 | 3.7 | 3415 | 3254 | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangibles | 34 | 34 | 33 |  | 3.0 | 136 | 132 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | 934 | 897 | 901 | 4.1 | 3.7 | 3551 | 3386 | 4.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before provision and taxes | 649 | 725 | 622 | (10.5) | 4.3 | 2746 | 2621 | 4.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 344 | 285 | 133 | 20.7 | nm | 980 | 349 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Income before income taxes | 305 | 440 | 489 | (30.7) | (37.6) | 1766 | 2272 | (22.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes and taxable-equivalent adjustment | 76 | 110 | 122 | (30.9) | (37.7) | 442 | 568 | (22.2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income | 229 | 330 | 367 | (30.6) | (37.6) | 1324 | 1704 | (22.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (income) loss attributable to noncontrolling interests | -- | -- | -- |  |  | -- | -- |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to U.S. Bancorp | $229 | $330 | $367 | (30.6) | (37.6) | $1324 | $1704 | (22.3) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Average Balance Sheet Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans | $37023 | $35819 | $32351 | 3.4 | 14.4 | $34627 | $30856 | 12.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other earning assets | 110 | 392 | 356 | (71.9) | (69.1) | 634 | 93 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 3284 | 3292 | 3219 | (.2) | 2.0 | 3305 | 3184 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets | 387 | 405 | 473 | (4.4) | (18.2) | 423 | 507 | (16.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 42699 | 42090 | 38280 | 1.4 | 11.5 | 41109 | 36549 | 12.5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing deposits | 3265 | 3312 | 4247 | (1.4) | (23.1) | 3410 | 4861 | (29.8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing deposits | 152 | 171 | 155 | (11.1) | (1.9) | 162 | 145 | 11.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 3417 | 3483 | 4402 | (1.9) | (22.4) | 3572 | 5006 | (28.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Bancorp shareholders' equity | 8544 | 8257 | 7936 | 3.5 | 7.7 | 8235 | 7642 | 7.8 |

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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 generated $649 million of income before provision and taxes in the fourth quarter of 2022, compared with $622 million in the fourth quarter of 2021, and contributed $229 million of the Company's net income in the fourth quarter of 2022. The provision for credit losses increased $211 million from a year ago primarily due to the impacts of increasing delinquency rates, along with stronger growth in loan balances. Total net revenue increased $60 million (3.9 percent) due to higher net interest income of $14 million (2.3 percent) and higher total noninterest income of $46 million (5.1 percent). Net interest income increased primarily due to higher loan yields driven by higher interest rates net of lower customer revolve rates, higher loan balances, and loan fees, mostly offset by higher funding costs. Total noninterest income increased year-over-year mainly due to continued strengthening of consumer and business spending across most sectors. As a result, there was strong growth in corporate payment products revenue driven by improving business spending across all product groups. In addition, merchant processing services revenue increased due to higher sales volume and higher merchant fees, partially offset by the impact of foreign currency rate changes in Europe. Total noninterest expense increased $33 million (3.7 percent) reflecting higher net shared services expense driven by investment in infrastructure and technology development, in addition to higher compensation expense due to merit and core business growth.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6

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&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g408122g79v56.jpg) <br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**TREASURY AND CORPORATE SUPPORT** | **Preliminary data** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;($ in millions) |  |  |  | **Percent Change** | **Percent Change** |  |  |  |
|  | **4Q**<br> **2022** | **3Q**<br> **2022** | **4Q** <br> **2021**  | **4Q22 vs**<br> **3Q22** | **4Q22 vs**<br> **4Q21** | **Full Year**<br> **2022** | **Full Year** <br> **2021**  | **Percent**<br> **Change** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Condensed Income Statement** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net interest income (taxable-equivalent basis) | $114 | $93 | $85 | 22.6 | 34.1 | $352 | $203 | 73.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest income | (144) | 230 | 198 | nm | nm | 520 | 817 | (36.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities gains (losses), net | (18) | 1 | 15 | nm | nm | 20 | 103 | (80.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net revenue | (48) | 324 | 298 | nm | nm | 892 | 1123 | (20.6) |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest expense | 336 | 287 | 196 | 17.1 | 71.4 | 1241 | 932 | 33.2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangibles | 1 | -- | -- | nm | nm | 1 | -- | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Total noninterest expense | 337 | 287 | 196 | 17.4 | 71.9 | 1242 | 932 | 33.3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before provision and taxes | (385) | 37 | 102 | nm | nm | (350) | 191 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses | 653 | (34) | (248) | nm | nm | 611 | (1458) | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Income (loss) before income taxes | (1038) | 71 | 350 | nm | nm | (961) | 1649 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Income taxes and taxable-equivalent adjustment | (340) | (54) | 33 | nm | nm | (515) | 131 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) | (698) | 125 | 317 | nm | nm | (446) | 1518 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Net (income) loss attributable to noncontrolling interests | (5) | (4) | (5) | (25.0) |  | (13) | (22) | 40.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) attributable to U.S. Bancorp | $(703) | $121 | $312 | nm | nm | $(459) | $1496 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; **Average Balance Sheet Data** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loans | $3197 | $3488 | $3663 | (8.3) | (12.7) | $3541 | $3720 | (4.8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other earning assets | 205152 | 196698 | 207935 | 4.3 | (1.3) | 203214 | 196211 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodwill |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other intangible assets | 18 |  |  | nm | nm | 4 |  | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets | 221439 | 214125 | 233502 | 3.4 | (5.2) | 220921 | 221872 | (.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Noninterest-bearing deposits | 2754 | 2408 | 2723 | 14.4 | 1.1 | 2556 | 2626 | (2.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest-bearing deposits | 5959 | 2695 | 1374 | nm | nm | 3260 | 1629 | nm |
| &nbsp;&nbsp;&nbsp;&nbsp; Total deposits | 8713 | 5103 | 4097 | 70.7 | nm | 5816 | 4255 | 36.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Bancorp shareholders' equity | 8590 | 10762 | 18091 | (20.2) | (52.5) | 11553 | 16789 | (31.2) |

---

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 generated a $385 million loss before provision and taxes in the fourth quarter of 2022, compared with $102 million of income before provision and taxes in the fourth quarter of 2021, and recorded a net loss of $703 million in the fourth quarter of 2022. The provision for credit losses increased $901 million primarily due to the initial provision for credit losses recorded in the fourth quarter of 2022 related to the MUFG Union Bank acquisition as well as continued economic uncertainty in the current quarter relative to the reduction in the allowance for credit losses associated with improving economic conditions in the fourth quarter of 2021. Total net revenue was lower by $346 million due to a decrease of $375 million in total noninterest income, partially offset by an increase of $29 million (34.1 percent) in net interest income. Net interest income increased primarily due to the acquisition of MUFG Union Bank, partially offset by higher funding costs. The decrease in total noninterest income was primarily due to the impacts of balance sheet optimization associated with the acquisition of MUFG Union Bank. Total noninterest expense increased $141 million (71.9 percent) primarily due to merger and integration-related charges related to the acquisition of MUFG Union Bank, other accrued liabilities, and higher compensation expense reflecting merit, hiring to support business growth, core business growth and higher production incentives, partially offset by lower net shared services costs. 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.

![LOGO](g408122g37o95.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7

## Exhibit 99.2

![Slide 1](g408122ex99_2s1g1.jpg)

U.S. Bancorp 4Q22 Earnings Conference Call January 25, 2023 Exhibit 99.2

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![Slide 2](g408122ex99_2s2g1.jpg)

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 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 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 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 interest rates; increases in unemployment rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; 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 competition from both banks and non-banks; effects of climate change and related physical and transition risks; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; breaches in data security; failures or disruptions in or breaches of U.S. Bancorp's operational or security systems or infrastructure, or those of third parties; failures to safeguard personal information; impacts of pandemics, including the COVID-19 pandemic, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events; impacts of supply chain disruptions, rising inflation, slower growth or a recession; failure to execute on strategic or operational plans; effects of mergers and acquisitions and related integration; 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, liquidity risk and reputation 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, 2021, and subsequent filings with the Securities and Exchange Commission. In addition, U.S. Bancorp's acquisition of MUFG Union Bank presents risks and uncertainties, including, among others: the risk that the cost savings, any revenue synergies and other anticipated benefits of the acquisition may not be realized or may take longer than anticipated to be realized; and the possibility that the combination of MUFG Union Bank with U.S. Bancorp, including the integration of MUFG Union Bank, may be more costly or difficult to complete than anticipated or have unanticipated adverse results. 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. 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. This presentation includes non-GAAP financial measures to describe U.S. Bankcorp's performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

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![Slide 3](g408122ex99_2s3g1.jpg)

4Q22 Highlights Successful Acquisition of Union Bank Closed transaction December 1st; Conversion expected over Memorial Day weekend Positive operating leverage of 230bps1,2,3 Strong financial performance Solid pre-provision earnings growth as adjusted for notable items1, driven by net interest income and wider net interest margin Superior credit quality Normalizing but still strong credit quality metrics Healthy capital levels Common equity tier 1 capital ratio reflecting Basel III standardized approach of 8.4% as of December 31 1 Adjusted for notable items (shown on slide 8) which include acquisition impacts related to balance sheet optimization, merger & integration charges, and provision for credit losses 2 Non-GAAP; see slides 29, 30 and 32 for calculations 3 Legacy basis

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![Slide 4](g408122ex99_2s4g1.jpg)

4Q22 Highlights 1 Adjusted for notable items (shown on slide 8) which include acquisition impacts related to balance sheet optimization, merger & integration charges, and provision for credit losses 2 Non-GAAP; see slides 29 to 32 for calculations 3Taxable-equivalent basis; see slide 29 for calculation 4 Common equity tier 1 capital to risk-weighted assets, reflecting Basel III standardized with 5 year CECL transition 5 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased

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![Slide 5](g408122ex99_2s5g1.jpg)

Performance Ratios Return on Average Assets Efficiency Ratio1 & Net Interest Margin2 Return on Average Common Equity Return on Tangible Common Equity1 1 Non-GAAP; see slides 29 and 30 for calculations 2 Net interest margin on a taxable-equivalent basis 3 Non-GAAP; see slides 29 and 30 for calculations; Adjusted for notable items (shown on slide 8) which include acquisition impacts related to balance sheet optimization, merger & integration charges, and provision for credit losses Adjusted for notable items Adjusted for notable items Adjusted for notable items Adjusted for notable items

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![Slide 6](g408122ex99_2s6g1.jpg)

Bolstering Our Scale with Union Union Bank Added: Consumer Accounts ~1 Million Assets1 Deposits1 Loans1 Business Banking Clients ~190,000 Commercial Relationships ~700 High Net Worth / Affluent Households ~50,000 Branches Bolstering our California Market Share: California deposit market share is now #5 from #10 USB is now the #1 SBA lender in California 280 new branches in California 296 Legacy Union Bank Investment Securities1,2 $ in billions 1 End of period balances 2 Balances on an amortized cost basis which excludes unrealized gains (losses)

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![Slide 7](g408122ex99_2s7g1.jpg)

4Q22 Earnings Summary – Key Notable Items Balance sheet optimization Sale of acquired loans not aligned with credit risk profile, repositioning of the investment portfolio and sale of certain equity investments Losses related to interest rate hedging positions to minimize impact of interest rate volatility on capital Merger & integration charges Charges reflect deal closing costs, professional services and employee-related costs Provision for credit losses Acquisition impact of initial provision for credit losses of $662m Additional provision impact of $129m related to the securitization of legacy indirect automobile loans Union Bank Acquisition Impacts: Reported diluted earnings per share of $0.57 or $1.20, as adjusted Reported earnings include notable items that impacted results by $(0.63) per share 1 Adjusted for notable items (shown on slide 8) which include acquisition impacts related to balance sheet optimization, merger & integration charges, and provision for credit losses 2 Excludes $5m of net income attributable to noncontrolling interest on Legacy

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![Slide 8](g408122ex99_2s8g1.jpg)

4Q22 Earnings Summary - Detail + = Union Bank contributed $302 million of revenue and $0.03 earnings per share Noninterest expense includes $42 million of intangibles amortization related to Union Bank 1 Adjusted for notable items which include acquisition impacts related to balance sheet optimization, merger & integration charges, and provision for credit losses 2 Taxable-equivalent basis; see slide 29 for calculation 3 Non-GAAP; see slide 29 for calculations

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![Slide 9](g408122ex99_2s9g1.jpg)

End of Period Loan Composition Total 4Q22 Loan Balance Activity Legacy Combined $ in billions 1 Mark-to-market purchase accounting adjustments

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![Slide 10](g408122ex99_2s10g1.jpg)

End of Period Deposit Composition Total 4Q22 Deposit Balance Activity Legacy Combined $ in billions 1 Mark-to-market purchase accounting adjustments

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![Slide 11](g408122ex99_2s11g1.jpg)

End of Period Securities Portfolio Composition1 Total 4Q22 Investment Securities Activity Legacy Combined $ in billions 1 Balances on an amortized cost basis which excludes unrealized gains (losses) 2 Mark-to-market purchase accounting adjustments

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![Slide 12](g408122ex99_2s12g1.jpg)

Net Revenue Highlights Net interest income increased over prior year for the legacy Company primarily due to the impact of rising interest rates on earning assets and solid loan growth Legacy adjusted noninterest income is lower vs. prior year driven by lower mortgage banking revenue and service charges. Legacy adjusted noninterest income is lower on a linked quarter basis driven by seasonally lower payment services revenue and lower commercial products revenue. Acquisition of Union Bank added $302m of revenue, as adjusted, for the quarter $ in millions Payments = card, corporate payment products and merchant processing All other = commercial products, investment products fees, securities gains (losses) and other 1 Adjusted for notable items of the impact of balance sheet optimization in 4Q22 of $315 million for Legacy and $84 million for Union Bank 2 Notable items include $399 million impact of balance sheet optimization to noninterest income in 4Q22 Legacy Adjusted1 Union Bank, adjusted Legacy NII Legacy Noninterest Income, adjusted Revenue, Adjusted

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![Slide 13](g408122ex99_2s13g1.jpg)

Noninterest Expense Highlights Legacy adjusted expense increased vs. prior year driven by compensation and other noninterest expense. Higher compensation was due to merit and hiring and lower capitalized loan costs. Other noninterest expense increased due to future delivery exposures liabilities and higher FDIC insurance expense. On a linked quarter basis, Legacy adjusted expense increased driven by compensation and other noninterest expense. Higher compensation was driven by higher performance-based incentives and lower capitalized loan costs. Other noninterest expense increased due to higher costs related to tax-advantage projects and higher FDIC insurance. Union Bank added $221m of adjusted expense, which included $42m of intangible amortization driven by the core deposit intangible. Legacy Adjusted1 (total noninterest expense) Union Bank, adjusted Legacy, adjusted $ in millions 1 Adjusted for notable items of merger and integration charges of $42 million in 3Q22, $68 million for Legacy in 4Q22, and $22 million for Union Bank in 4Q22 2 Notable items include $90 million of merger and integration charges in 4Q22 Expense, Adjusted

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![Slide 14](g408122ex99_2s14g1.jpg)

Credit Quality $ in millions, except allowance for credit losses in billions 1 Non-GAAP; see slide 30 for calculations; combined NCO, adjusted excludes acquisition impacts and balance sheet optimization one-time items 2 Provision includes $26 million Union Bank contribution (post LD1 impact); Adjusted provision excludes balance sheet optimization and acquisition related provision costs Allowance for Credit Losses by Loan Category, 12/31/22 Amount ($B) Loans and Leases Outstanding (%) Commercial $2.2 1.6% Commercial Real Estate 1.3 2.4% Residential Mortgage 0.9 0.8% Credit Card 2.0 7.7% Other Retail 1.0 1.8% Total $7.4 1.9% Net Charge-offs Nonperforming Assets Provision2 Net Charge-offs NCO % Combined, Reported $1,192 $578 0.64% Acquisition Impacts 662 179 Balance Sheet Optimization 129 189 Combined, Adjusted $401 $210 0.23%1 Provision for Credit Losses $878 1 1 1

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![Slide 15](g408122ex99_2s15g1.jpg)

Ratios calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology CET1 Waterfall (3Q22 - 4Q22) Acquisition and Notable impacts primarily include: An increase to goodwill & intangibles including impact of credit and interest rate marks Initial provision for credit losses and balance sheet optimization actions An increase in RWA related to Union Bank assets and other exposures An increase to equity related to the issuance of shares to MUFG

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![Slide 16](g408122ex99_2s16g1.jpg)

Union Bank Acquisition Metrics - Update Transaction total value $8 billion $7.5 billion Earnings per share accretion ~6% (75% cost synergies)1 ~8% (100% cost synergies)1 ~8-9% (35% cost synergies)2 low double digits (100% cost synergies)2 Cost Synergies ~$900 million 25% (2022) / 75% (2023) / 100% thereafter ~$900 million 35% (2023) / 100% thereafter Merger Expenses3 $1.2 billion ~$1.4 billion TBVPS Impact Dilution / Earnback (crossover) ~1% / ~1.5 Yrs. ~11% / ~2.0 Yrs. Internal Rate of Return ~20% ~20% (1) 2023E GAAP EPS accretion with synergies illustratively realized 75% and 100% in 2023; USB projections based on Wall Street consensus estimates (2) 2023E GAAP EPS accretion with synergies illustratively realized 35% and 100% in 2023; USB projections based on internal company forecast (3) Non-interest expense Post-Close At Announcement Main systems conversion / bank merger expected Memorial Day weekend Metric Strategically attractive Increased scale; bolsters balance sheet with high quality, low-cost consumer deposits; provides meaningful cost save potential Meaningfully enhances West Coast presence Strengthens West Coast / CA market share Adds high growth/affluent consumer base Adds ~50k affluent households Financially Attractive Highly accretive with strong IRR Estimates exclude potential revenue synergies

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Union Bank Acquisition Metrics - Update (1) Excludes ACL related to loans that were previously charged off by Union Bank (2) Primarily includes interest rate marks for loans held for investment, securities (net of sales), and debt Closing Announcement Allowance for Credit Losses PCD Allowance for Credit Losses(1) $307 million $173 million Non-PCD Allowance for Credit Losses $920 million $646 million Total Allowance for Credit Losses $1,227 million $819 million Non-Credit Mark(2) $535 million ($3,049) million Non-PCD Credit Mark ($920) million ($526) million Total Premiums/(Discounts) ($385) million ($3,575) million Net Fair Value Premiums/(Discounts) Intangibles Core deposit intangibles ($/ %) $405 million (or 0.50%) $2,710 million (or 3.89%) Acquisition Impact of Initial Provision $920 million $662 million Allowance for Credit Losses declined from initial announcement due to loan sales/composition, credit quality improvement, and estimation enhancements offset by economic deterioration Non-credit mark inclusive of loans, securities (net of sales) and debt heavily discounted due to significant increase in interest rates since announcement Increase in core deposit intangibles from deal announcement driven by the rise in interest rates since September 2021

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1 All results and guidance are for Combined Company, adjusted 2 Taxable-equivalent basis 3 Adjusted for notable items (shown on slide 8) which include acquisition impacts related to balance sheet optimization, merger & integration charges, and provision for credit losses 4 Non-GAAP; see slide 30 for calculation First Quarter / Full Year 2023 Outlook1 Average Earnings Assets $573b $605b - $610b $610b - $620b Net interest margin2 3.01% +5-10bps vs. 4Q22 +5-10bps vs. 4Q22 Total Revenue, adjusted3 $6.8b $7.1b - $7.3b $29b - $31b Includes purchase accounting accretion ~$33m ~$100m $350m - $400m Total Noninterest expense, adjusted3 $4.0b $4.3b - $4.4b $17b - $17.5b Includes Core Deposit Intangibles Amortization related to Union Bank $42m ~$125m ~$500m Income Tax Rate, adjusted2,3,4 22% ~22-23% ~22-23% Notable Items: Merger & Integration $90m $200m - $250m $900m - $1.0b 4Q22 1Q23 Guidance 2023 Guidance

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Appendix

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Average Loans On a linked quarter basis, total loans were higher primarily due to the impact of the Union Bank acquisition as well as legacy portfolio growth. Increases in commercial loans, total commercial real estate and residential mortgages were primarily driven by the Union Bank acquisition, while the increase in credit card loans was primarily driven by lower payment rates. On a year-over-year basis, total loans were higher driven by growth in the legacy Company's loan portfolio and from the Union Bank acquisition which are primarily reflected in commercial loans, commercial mortgages and residential mortgages. Increases in commercial loans, commercial mortgages, residential mortgages and credit card loans were partially offset by lower retail leasing balances and other retail loans. Sold ~$2B of Union Bank loans that were not aligned to our credit risk profile Legacy Legacy Union Bank Highlights $ in billions

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Average Deposits On a linked quarter basis, deposits increased primarily driven by the acquisition, partially offset by lower time deposits mainly within Corporate and Commercial Banking. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Year-over-year, deposits were higher driven by the impact of the Union Bank acquisition. Average noninterest-bearing deposits decreased, net of the impact of the acquisition. Average total savings deposits were higher year-over-year driven by Corporate and Commercial Banking and the impact of the acquisition. Average time deposits were higher than the prior year. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Legacy (Total Deposits) Highlights Legacy Noninterest-bearing Legacy Interest-bearing Union Bank Noninterest-bearing Union Bank Interest-bearing $ in billions

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Payment Services Fee Revenue Growth 1 Includes prepaid card Card revenue improved 0.5% YoY; higher card volume largely offset by lower prepaid activity Merchant processing fee revenue increased 5.5% YoY; negatively impacted by FX exchange rates; excluding FX, YoY growth was 11.2% Corporate Payments fee revenue increased 14.8% driven by sales growth; Corporate T&E recovered to 95% of pre-pandemic levels 4Q22 vs. prior year

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Payments Revenue Breakdown Merchant Processing Card1 Corporate Payments All Other Revenue Total payments revenue, which includes net interest income and fee revenue, accounted for 25% of 4Q22 net revenue Total payment fee revenue grew nearly 5.0% year-over-year due to higher sales volumes across all businesses Seasonal Considerations A Shift to Tech-led3 Revenue Historical Linked Quarter Seasonal Trends for Payment Fees Revenue2 1 Includes prepaid card 2 Linked quarter change based on trends from 2015 – 2019 3 Tech-led includes digital, omni-commerce and e-commerce as well as investments in integrated software providers; tech-led revenue also includes talech in 2022 Payment Fees as a % of Net Revenue (4Q22) 1Q payments fee revenue is typically seasonally down on a linked quarter basis reflecting lower post holiday sales activity Payments fee revenue growth, on a linked quarter basis, is typically seasonally strongest in 2Q Tech-led3 Merchant Processing Fee Revenue Growth ~3.25x FY19 New Tech-led3 Partnerships Our multiyear investments in e-commerce and tech-led will continue to drive growth Payment Services

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Credit Quality – Commercial Average Loans ($mm) and Net Charge-offs Ratio Key Statistics Key Points $ in millions4Q21 3Q22 4Q22 Average Loans$104,508 $128,519 $132,918 30-89 Delinquencies0.47% 0.25% 0.26% 90+ Delinquencies0.04% 0.03% 0.07% Nonperforming Loans0.16% 0.09% 0.12% 2.6% 8.0% 6.9% 6.5 % 3.4% Linked Quarter Growth Average loans increased by 3.4% on a linked quarter basis. Excluding Union Bank, loan growth was 0.8% Net charge-off rate for Legacy was 0.10% Legacy utilization decreased quarter over quarter from 24.3% to 23.9%

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Credit Quality – Commercial Real Estate $ in millions 4Q21 3Q22 4Q22 Average Loans$38,851 $40,010$45,722 30-89 Delinquencies0.20% 0.02% 0.16% 90+ Delinquencies0.03% 0.05% 0.01% Nonperforming Loans0.73% 0.41% 0.61% Linked Quarter Growth (0.2%) 0.6% 1.1% 1.2% 14.3% Average loans increased by 14.3% on a linked quarter basis. Excluding Union Bank, loan growth was 0.8% Net charge-off rate for Legacy was 0.03% Key Points Average Loans ($mm) and Net Charge-offs Ratio Key Statistics

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Credit Quality – Residential Mortgage $ in millions 4Q213Q224Q22 Average Loans$75,858 $84,018$97,092 30-89 Delinquencies0.15%0.10% 0.17% 90+ Delinquencies0.24% 0.10% 0.08% Nonperforming Loans0.30%0.24%0.28% 2.4% 2.1% 3.6% 4.7% 15.6% Key Points Average loans increased by 15.6% on a linked quarter basis. Excluding Union Bank, loan growth was 5.0% driven by slowing mortgage refinance activity Net charge-off rate for Legacy was -0.02%. Continued low loss rates were supported by strong portfolio credit quality and collateral values. Legacy originations continued to be high credit quality (weighted average credit score of 767, weighted average LTV of 74%) Linked Quarter Growth Average Loans ($mm) and Net Charge-offs Ratio Key Statistics

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Credit Quality – Credit Card $ in millions 4Q213Q224Q22 Average Loans$22,399 $24,105 $25,173 30-89 Delinquencies0.86% 0.97% 1.08% 90+ Delinquencies0.73%0.74% 0.88% Nonperforming Loans - %- %- % 2.3% (2.5%) 4.1% 6.0% 4.4% Key Points Linked Quarter Growth Average loans increased by 4.4% on a linked quarter basis. Excluding Union Bank, loan growth was 4.1% Net charge-off rate for Legacy was 2.20% Average Loans ($mm) and Net Charge-offs Ratio Key Statistics 4Q22 Average Loans include $74 million of Union Bank balances

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Credit Quality – Other Retail $ in millions 4Q213Q224Q22 Average Loans$61,139 $60,126$58,906 30-89 Delinquencies0.44%0.41% 0.56% 90+ Delinquencies0.11%0.11% 0.12% Nonperforming Loans0.24%0.22% 0.25% 1.9% 1.0% (1.2%) (1.5%) (2.0%) Key Points Linked Quarter Growth Average loans decreased by (2.0%) on a linked quarter basis related to balance sheet optimization activities Net charge-off rate for Legacy, reported was 1.52%; adjusting for balance sheet optimization impact of $189m, adjusted NCO was 0.25% Average Loans ($mm) and Net Charge-offs Ratio Key Statistics 4Q22 Average Loans include $638 million of Union Bank balances 1 1 Non-GAAP; see slide 30 for calculation; Legacy NCO%, adjusted, excludes acquisition impacts and balance sheet optimization one-time items

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Non-GAAP Financial Measures (1), (2) – see slide 33 for corresponding notes

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(1), (2), (3) – see slide 33 for corresponding notes Non-GAAP Financial Measures

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Non-GAAP Financial Measures \* Preliminary data. Subject to change prior to filings with applicable regulatory agencies. (3), (4), (5) – see slide 33 for corresponding notes

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Non-GAAP Financial Measures (1), (2) – see slide 33 for corresponding notes

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Notes 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. Notable items for the three months ended December 31, 2022 include the following: $399 million ($297 million net-of-tax) of losses primarily related to interest rate hedging positions entered into after regulatory approval was obtained to manage the impact of interest rate volatility on capital prior to closing the MUFG Union Bank acquisition. $90 million ($67 million net-of-tax) of merger and integration charges. $791 million ($588 million net-of-tax) of provision for credit losses related to initially providing for acquired loans as well as charges related to the securitization of indirect automobile loans to optimize the balance sheet capital management. $179 million of net charge-offs, reflecting uncollectible acquired loans previously charged-off by MUFG Union Bank and acquisition alignment, and $189 million loss on balance sheet optimization Notable items for the three months ended September 30, 2022 included $42 million ($33 million net-of-tax) of merger and integration charges. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 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. Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology.

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