Annual Meeting
of Shareholders
LOUISVILLE, KENTUCKY
April 21, 2015
Richard K. Davis
CHAIRMAN, PRESIDENT and CEO
COLOR GUARD
Welcome
Honor Guard
Boy Scout Troop and Crew 309
from Watkins Methodist Church
to present the colors
2
NATIONAL ANTHEM
Welcome
Adrienne Bluitt
A U.S. Bank Teller
from One Financial Square Office
to sing the National Anthem
3
OVERVIEW
Agenda

 Call to Order

 Voting and Collection of Ballots

 Election of Directors

 Approval of 2015 Stock Incentive Plan

 Ratification of Auditors

 Advisory Vote to Approve Executive Compensation

 Shareholder Proposal

 Management Report

 Question and Answer Session
4
LOUISVILLE MARKET
111,142 Consumer & Business Banking Customers*
227 Employees
26 Branches
35 ATMs
*Figure includes all open/active customers with any product regardless of business line in the Louisville Metropolitan Statistical Area
as of March, 2015.
5
U.S. Bank again #1
Kentucky SBA
Lending Leader
in 2014
U.S. BANK IN LOUISVILLE
In 1982,
Great Financial
merged with Lincoln
Federal Savings and
Loan of Owensboro
1915
1982
Greater Louisville
Savings & Building
Association started
October 15, 1915
6
1998
2015
2015:
Great Financial
Bank joined the
Star Bank family
in 1998
Happy 100th
Anniversary!
THE LOUISVILLE COMMUNITY
U.S. Bank Sponsorships
U.S. Bank Volunteerism
• More than 200 volunteers
and 3,500 volunteer hours!
• Volunteer causes:
15K DEGREES INITIATIVE
…And many more!
7
LOUISVILLE ADVISORY BOARD
Jennifer Barber
Frost Brown Todd
John Buchino, M.D.
Professor Emeritus, University of Louisville
Audwin Helton
Spatial Data Integrations
Talmage Hocker
The Hocker Group
Bill Mudd
Churchill Downs Incorporated
Rick Remmers
Humana Inc.
Benjamin Richmond
Louisville Urban League
Gary Ulmer
Louisville Bats
8
HONORING THOSE WHO SERVE
U.S. Bank supports and honors
our employees who are
Armed Forces members,
including active duty, reserve,
retired and veterans.
9
HONORING MILITARY EMPLOYEES
U.S. Army, U.S. Army National Guard, U.S. Army Reserve
•
•
•
•
Linda Abrams, U.S. Army
Jim Acton, U.S. Army
Amanda Adkison, U.S. Army
Zach Barlow,
U.S. Army National Guard
• Sarah Bayer,
U.S. Army National Guard
• Angie Bomar, U.S. Army
• Steven Clark, U.S. Army,
U.S. Army National Guard
• Andy Douglas, U.S. Army
• Hannah Douglas, U.S. Army Reserve
10
• Justin Embry, U.S. Army
• Dan Groneck, U.S. Army Reserve
• Josh Guthrie, U.S. Army
• Jacob Jenkins, U.S. Army Reserve
• Tyler Johnson, U.S. Army
• Mitchell Jones, U.S. Army Reserve
• Nick Lanham, U.S. Army
• Robert Livings, U.S. Army,
U.S. Army Reserve
• Ben Lovelace-Morris, U.S. Army
HONORING MILITARY EMPLOYEES
U.S. Army, U.S. Army National Guard, U.S. Army Reserve
• Alex Lyttle, U.S. Army,
U.S. Army Reserve
• Jessica Marshall,
U.S. Army National Guard
• Bobby McKay,
U.S. Army National Guard
U.S. Army National Guard
• Susan Thompson,
U.S. Army Reserve
• Jeremy Waldeck,
U.S. Army National Guard
• Jerrod Moore, U.S. Army Reserve
• Mike Wallace, U.S. Army Reserve
• Jordan Royal,
• Shell Warner,
U.S. Army National Guard
• Angela Sayre,
U.S. Army National Guard
• Grant Smith, U.S. Army
11
• Zane Taylor,
U.S. Army National Guard
• Andrew Wilson,
U.S. Army National Guard
• Drew Worth, U.S. Army
HONORING MILITARY EMPLOYEES
U.S. Air Force, U.S. Air Force Reserve
• Jeff Bell, U.S. Air Force
• Barb Jivoin, U.S. Air Force
• Brad Bradley, U.S. Air Force
• Alice Kasey, U.S. Air Force
• Destiny Brison, U.S. Air Force
• Sara Linan, U.S. Air Force
• Nicholas Cheek, U.S. Air Force
• Peggy McGee, U.S. Air Force
• Eugene Culbertson, U.S. Air Force
• Robert Murphy, U.S. Air Force
• Joyce Driver, U.S. Air Force
• Jeremy Pendley, U.S. Air Force
• Tom Dynes, U.S. Air Force
• Robert Robertson, U.S. Air Force
• Andrea Estes, U.S. Air Force,
• Michael Thomas, U.S. Air Force
U.S. Air Force Reserve
• Nathan Grote, U.S. Air Force
• Melissa Jackson, U.S. Air Force
12
• Darren Woodruff, U.S. Air Force
• Ryan Yeckering, U.S. Air Force
HONORING MILITARY EMPLOYEES
U.S. Marine Corps,
U.S. Marine Corps Reserve
• Brett Faulkner,
U.S. Marine Corps Reserve
• Jacob Jordan, U.S. Marine Corps
• Christopher Nuckols,
U.S. Marine Corps
• Chris Willard, U.S. Marine Corps
U.S. Navy,
U.S. Navy Reserve
• Vince Benoit, U.S. Navy
• Andrew Burkhalter, U.S. Navy
• John Corl, U.S. Navy
• Clarence Keith, U.S. Navy Reserve
• Jeremiah November,
U.S. Navy Reserve
• Sam Shanaberger, U.S. Navy
13
LONG-TERM EMPLOYEES
Lizzie Case
Dan Groneck
48 Years
Charlotte Hilterbrand
48 Years
Sandra Crisp
46 Years
Betty Roper
44 Years
Patricia Hartley
42 Years
14
57 Years!
Betty Monell
42 Years
Kathy Thacker
41 Years
Donna Yates
41 Years
Dotty Alley
40 Years
Debbie Vermillion
40 Years
OUTGOING BOARD MEMBERS
15
Y. Marc Belton
Victoria Buyniski Gluckman
Retired Executive Vice President
Retired Chairman and CEO
General Mills, Inc.
United Medical Resources, Inc.
BOARD MEMBERS
L E AD D I R E C TO R
16
Arthur D. Collins, Jr.
Richard K. Davis
Retired Chairman and CEO
Chairman, President and CEO
Medtronic, Inc.
U.S. Bancorp
BOARD MEMBERS
Douglas M. Baker, Jr.
Kimberly J. Harris
Roland A. Hernandez
Chairman and CEO
President and CEO
Founding Principal and CEO
Ecolab Inc.
Puget Energy, Inc. &
Puget Sound Energy, Inc.
Hernandez Media Ventures
17
BOARD MEMBERS
18
Doreen Woo Ho
Joel W. Johnson
Olivia F. Kirtley
Commissioner
Retired Chairman and CEO
President
San Francisco
Port Commission
Hormel Foods Cooperation
International Federation
of Accountants
BOARD MEMBERS
Jerry W. Levin
David B. O’Maley
O’Dell Owens, M.D., M.P.H.
Chairman
Retired Chairman, President and CEO
President
Wilton Brands Inc.
Ohio National Financial
Services, Inc.
Cincinnati State Technical
& Community College
Chairman and CEO
JW Levin Partners LLC
19
BOARD MEMBERS
Craig D. Schnuck
Patrick T. Stokes
Scott W. Wine
Former Chairman and CEO
Former Chairman and CEO
Chairman and CEO
Schnuck Markets, Inc.
Anheuser-Busch Companies, Inc.
Polaris Industries Inc.
20
MANAGING COMMITTEE
Richard K. Davis
John R. Elmore
Katherine B. Quinn
Chairman
President and CEO
Vice Chairman
Community Banking
and Branch Delivery
Executive Vice President
Strategy and Corporate Affairs
Jennie P. Carlson
Pamela A. Joseph
Kathleen A. Rogers
Vice Chairman
Payment Services
Vice Chairman
Chief Financial Officer
Andrew Cecere
Shailesh M. Kotwal
Mark G. Runkel
Vice Chairman
Chief Operating Officer
Incoming Vice Chairman
Payment Services
Executive Vice President
Chief Credit Officer
James L. Chosy
P.W. (Bill) Parker
Kent V. Stone
Executive Vice President
General Counsel and
Corporate Secretary
Vice Chairman
Chief Risk Officer
Vice Chairman
Consumer Banking Sales
and Support
Terrance R. Dolan
Richard B. Payne, Jr.
Jeffry H. von Gillern
Vice Chairman
Wealth Management
and Securities Services
Vice Chairman
Wholesale Banking
Vice Chairman
Technology and
Operations Services
Executive Vice President
Human Resources
21
U.S. BANCORP
Management Report
22
DISCLAIMER
Forward-looking Statements and Additional Information
The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:
This presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including
statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and
estimates made by, management as of the date made. These forward-looking statements cover, among other things, anticipated future revenue
and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and
important factors could cause actual results to differ materially from those anticipated. A reversal or slowing of the current economic recovery or
another severe contraction could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities. Global financial markets
could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to
a tightening of credit, a reduction of business activity, and increased market volatility. Stress in the commercial real estate markets, as well as a
downturn in the residential real estate markets, could cause credit losses and deterioration in asset values. In addition, U.S. Bancorp’s business
and financial performance is likely to be negatively impacted by recently enacted and future legislation and regulation. U.S. Bancorp’s results
could also be adversely affected by deterioration in general business and economic conditions; changes in interest rates; deterioration in the
credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in its
investment securities portfolio; legal and regulatory developments; litigation; increased competition from both banks and non-banks; changes in
customer behavior and preferences; breaches in data security; effects of mergers and acquisitions and related integration; effects of critical
accounting policies and judgments; and management’s ability to effectively manage credit risk, residual value risk, market risk, operational risk,
compliance risk, strategic risk, interest rate risk, liquidity risk and reputational risk.
For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on
Form 10-K for the year ended December 31, 2014, on file with the Securities and Exchange Commission, including the sections entitled “Risk
Factors” and “Corporate Risk Profile” contained in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under
Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. Forward-looking statements speak only as of the date they are made,
and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are
provided within or in the appendix of the presentation. These disclosures should not be viewed as a substitute for operating results determined
in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other
companies.
23
SIZE AND SCOPE: DECEMBER 31, 2014
• Period-end Assets
$403 billion
• Customers
18.5 million
• Period-end Deposits
$283 billion
• ATMs
5,022
• Period-end Loans
$248 billion
• Founded
1863
• Market Cap*
$78 billion
• Branches
3,176
*As of April 2, 2015
24
2014 EARNINGS HIGHLIGHTS
Earnings
• Net Income
$5.9 billion
• Diluted EPS
$3.08
• Return on
Average Assets
• Average deposit growth
of 6.5% vs. 2013
1.54%
• Return on Average
Common Equity
14.7%
25
Growth
• Average loan growth
of 6.3% vs. 2013
• In total, returned $4.0 billion,
or 72% of our earnings
to shareholders in 2014
1Q 2015 EARNINGS HIGHLIGHTS
Earnings
• Net Income
$1.4 billion
• Diluted EPS
$0.76
• Return on
Average Assets
• Average deposit growth
of 8.1% vs. Q1 2014
1.44%
• Return on Average
Common Equity
14.1%
26
Growth
• Average loan growth
of 5.1% vs. Q1 2014
• In total, returned 70% of our
earnings to shareholders
in 1Q 2015
DIVERSIFICATION
Revenue Mix (Business Line)
Fee Income / Total Revenue
50%
Payment
Services
Consumer
and Small
Business Banking
30%
41%
Wholesale Banking
& Commercial
Real Estate
11%
46%
46%
46%
45%
45%
2013
2014
45%
40%
18%
35%
2010
Wealth Management
and Securities Services
Full year 2014 taxable-equivalent basis, excluding securities gains (losses), net
Revenue percentages exclude Treasury and Corporate Support, see Appendix for calculation
27
2011
2012
AVERAGE BALANCES
Prior Year-Over-Year Growth
7%
$280
6%
6%
11%
$250
267
6%
15%
$220
In Billions
4%
$190
4%
236
242
227
10%
213
215
201
193
$160
250
7%
185
$130
$100
2010
2011
2012
Loans
28
Deposits
2013
2014
PEER BANKS
J.P. Morgan
KeyCorp
Wells Fargo
PNC
Fifth Third
Bank of America
Regions
Peer Bank Ticker Symbols
BAC
BBT
FITB
JPM
KEY
29
Bank of America
BB&T
Fifth Third
J.P. Morgan
KeyCorp
PNC
RF
STI
USB
WFC
PNC
Regions
SunTrust
U.S. Bancorp
Wells Fargo
BBT
SunTrust
2014 PERFORMANCE VS. PEERS
Return on Average Assets
1.54%
1.45%
1.28%
1.16%
1.12%
0.99%
0.97%
0.97%
0.89%
0.23%
USB
P1
P2
P3
P4
P5
P6
P7
9.4%
8.6%
8.1%
P8
P9
Return on Average Common Equity
14.7%
13.4%
10.0%
9.9%
9.7%
6.9%
1.7%
USB
P1
P2
P3
P4
P5
P6
P7
P8
64.4%
66.6%
66.8%
67.1%
P5
P6
P7
P8
P9
Efficiency Ratio
89.7%
53.2%
57.9%
60.9%
61.3%
63.6%
USB
P1
P2
P3
P4
Source: Company reports.
Efficiency ratio computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and
noninterest income excluding securities gains (losses).
30
P9
2008 – 2014 PERFORMANCE VS. PEERS
Return on Average Assets
1.40%
1.22%
1.13%
0.90%
0.75%
0.67%
0.42%
USB
P1
P2
P3
P4
P5
P6
0.21%
0.19%
P7
P8
1.1%
0.9%
P9
Return on Average Common Equity
14.3%
11.9%
9.6%
8.6%
8.1%
5.7%
3.3%
USB
P1
P2
P3
P4
P5
P6
P7
P8
P9
57.6%
58.1%
60.7%
61.0%
63.9%
68.5%
70.1%
70.2%
74.2%
P1
P2
P3
P4
P5
P6
P7
P8
P9
Efficiency Ratio
51.0%
USB
Source: Company reports and SNL, 1Q08 through 4Q14 annualized
Efficiency ratio computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and
noninterest income excluding securities gains (losses). Peer banks: BAC, BBT, FITB, JPM, KEY, PNC, RF, STI and WFC.
31
PEER BANK DEBT RATINGS
HOLDING
COMPANY
MOODY’S
S&P
FITCH
DBRS
USB
A1 (s)
A+ (s)
AA-
(s)
AA (s)
WFC
A2 (s)
A+ (on)
AA- (s)
AA (s)
BBT
A2 (wn)
A- (s)
A+ (s)
A (H) (s)
JPM
A3 (s)
A (on)
A+ (s)
A (H) (s)
PNC
A3 (s)
A- (s)
A+ (s)
A (H) (s)
BAC
Baa2 (wp)
A- (on)
A (on)
A (L) (s)
FITB
Baa1 (s)
BBB+ (s)
A (s)
A (L) (s)
STI
Baa1 (s)
BBB+ (s)
BBB+ (op)
A (L) (s)
KEY
Baa1 (s)
BBB+ (s)
A- (s)
BBB (H) (s)
RF
Ba1 (wp)
BBB (s)
Holding company, as of 4/2/15
32
BBB
(s)
BBB (s)
STRESS TEST RESULTS
• Dodd-Frank Act Stress Test results and USB internal stress test
results and methodologies released March 5
• Comprehensive Capital Analysis and Review results
released March 11
̶
The Federal Reserve did not object to USB’s capital plan
8.0%
3.0%
PPNR % Average Assets
Net Income Before Taxes
% Average Assets
2.0%
6.0%
1.2%
5.6%
1.0%
0.3%
3.8%
4.0%
3.4% 3.3% 3.3%
3.2%
0.0%
-0.1%
3.0%
2.5%
2.0%
-0.4% -0.5%
-1.0%
-0.6%
1.6%
1.2%
-1.7% -1.7%
-2.0%
-2.1% -2.1%
0.0%
-3.0%
USB
BBT
FITB
PNC
KEY
STI
RF
WFC
BAC
JPM
PPNR = Pre-Provision Net Revenue
Source: Federal Reserve, estimates in the supervisory severely adverse scenario
33
USB
BBT
PNC
KEY
STI
FITB
WFC
BAC
RF
JPM
MANAGING CAPITAL
Our goal is to return 60-80% of our earnings each year
to shareholders.
Earnings Distribution Target
Reinvest &
Acquisitions
20 40%
Dividends
30 40%
Share
Repurchases
30 40%
Payout Ratio
100%
75%
71%
72%
50%
42%
41%
29%
31%
2013
2014
25%
0%
Dividends
34
Share Repurchases
TOTAL SHAREHOLDER RETURN
1 YEAR
3 YEAR
5 YEAR
10 YEAR
U.S. Bancorp
13.8%
21.3%
17.1%
6.8%
KBW Bank
Index (BKX)
9.4%
26.0%
13.7%
-0.8%
S&P 500 Index
13.7%
20.4%
15.4%
7.7%
Source: FactSet & Bloomberg as of 12/31/14
35
REPUTATION FOR EXCELLENCE
named U.S. Bancorp the
#1 Most Admired
Superregional Bank
for the 5th year in a row!
From the March 1, 2015 issue
36
ETHICS AND INTEGRITY
U.S. Bank is the largest U.S.-based bank
to ever make this list
37
OUR PURPOSE, OUR VALUES
We invest
our hearts
and minds
to power
human
potential.
38
• We do the right thing.
• We power potential.
• We stay a step ahead.
• We draw strength
from diversity.
• We put people first.
Annual Meeting
of Shareholders
LOUISVILLE, KENTUCKY
April 21, 2015
Richard K. Davis
CHAIRMAN, PRESIDENT and CEO
Appendix
40
NON-GAAP FINANCIAL MEASURES
Line of Business Financial Performance
$ in millions
Line of Business Financial Performance
Wholesale Banking and Commercial Real Estate
Consumer and Small Business Banking
Wealth Management and Securities Services
Payment Services
Treasury and Corporate Support
Consolidated Company
Less Treasury and Corporate Support
Consolidated Company excluding Treasury and Corporate Support
$
Percent of Total
Wholesale Banking and Commercial Real Estate
Consumer and Small Business Banking
Wealth Management and Securities Services
Payment Services
Treasury and Corporate Support
Total
15%
34%
9%
25%
17%
100%
Percent of Total excluding Treasury and Corporate Support
Wholesale Banking and Commercial Real Estate
Consumer and Small Business Banking
Wealth Management and Securities Services
Payment Services
Total
18%
41%
11%
30%
100%
Taxable-equivalent basis, excluding securities gains (losses) net
41
$
Revenue
FY 2014
3,037
6,915
1,765
5,032
3,409
20,158
3,409
16,749