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2018 Annual Report

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2018 Annual Report Fellow shareholders: At a time of dynamic and U.S. Bancorp’s value creation customer-driven change for for our shareholders is centered the banking industry, one on this strategic platform as thing remains unchanged: we leverage culture, customer U.S. Bancorp continues to passion, efficiency, innovation, deliver industry-leading financial financial and risk discipline, performance, while also investing and delivering the entirety of for an even stronger future. the bank’s value proposition to drive our future performance. We are proud of the value U.S. Bancorp created for its shareholders in 2018 and grateful Creating the for our hardworking and dedicated future now for Andy Cecere employees who embrace our our shareholders culture of ethics and integrity Chairman, President and while diligently serving customers, The exceptional execution Chief Executive Officer communities, shareholders and of our strategy allowed us to each other. With our core values deliver record net income and guiding us, we firmly believe earnings per share in 2018 for that “doing the right thing” is the eighth consecutive year. our formula for success. As we reflect on all we “ We firmly believe that accomplished in 2018, we also have sights set on maintaining our ‘doing the right thing’ is industry leadership in 2019 and our formula for success.” beyond. Our long-term success requires balancing a best-in­ class financial performance In a year marked by intensifying for shareholders with the right, competitive pressures, evolving forward-looking investments in our customer expectations, political businesses. We are confident in friction, regulatory changes, our ability to meet this challenge lending headwinds and a wide because we manage the company variety of other macro-factors, both for today and for the future. U.S. Bancorp navigated through it Our confidence in our future all to achieve record net income, performance is built on the four revenue and earnings per diluted pillars of our strategic platform: share. In addition, we maintained our number one position in our Striving for Simplicity key performance metrics of Creating the Future Now ROA, ROE and efficiency ratio. Driving One U.S. Bank Being the Most Trusted Choice “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. Letter to Our Shareholders 1 LETTER TO OUR SHAREHOLDERS Our financial discipline and risk Neal Richardson is another profile allowed us to retain the “ At U.S. Bancorp, our great example. best credit ratings among the people and culture are Motivated by his own financial world’s banking institutions, struggles growing up and his including being the best rated our most important and frustrations of seeing generational bank by Moody’s. Ultimately, valuable assets.” poverty perpetuated in his own our financial performance community, Neal co-founded allowed us to return 74 percent Dream Builders 4 Equity. His of our earnings to shareholders Creating the organization teaches at-risk through dividends and our youth about financial literacy and share repurchase program. future now for our employees empowerment through real estate One of U.S. Bancorp’s development and investment hallmarks for its steady financial At U.S. Bancorp, our people in low-income communities. performance is the leadership of and culture are our most This was — again — above our Board of Directors, and their important and valuable assets. and beyond his day-to-day commitment to governance of the Our future success is — and responsibilities at the bank. bank. In 2018, we were fortunate always will be — the direct result Neal’s program was so successful to add three new board members. of our talented people. Their and his passion and vision for Dorothy Bridges, Elizabeth Buse character, their commitment financial education so vivid, and Yusuf Mehdi joined our to service, their compassion we asked him to run financial board and brought with them and their unwavering resolve education for all of U.S. Bank. fresh and diverse perspectives all help us be the most to blend with the existing board trusted choice in banking. Bankers at their best. members whose experience Banking at its best. Taylor Gilmore is a perfect provides our organization with example of the spirit of steady and reliable leadership U.S. Bancorp’s people. and guidance. Creating the In November 2018, wildfires swept future now for through Northern California, with our customers “Our financial performance the city of Paradise being one of the hardest hit areas. Taylor Digital banking. Moving allowed us to return 74 money. Real-time payments. percent of our earnings is the Branch Manager of our Paradise branch — and while his Instant approvals. Automated- to shareholders through home was spared destruction, advising. E-commerce. dividends and our share he had five employees who lost We live in a fast-paced and repurchase program.” their homes. Without hesitation, ever-changing world with lots Taylor opened his home to all of of tech-oriented lexicon. In them. At the same time, despite this environment, it is clear to Our commitment to governance his branch being closed because U.S. Bancorp that helping our is one of the primary reasons of its location in the evacuation customers access the bank how, U.S. Bancorp has been honored zone, he stayed in contact with when and where they want, is as a 2019 World’s Most Ethical his customers who needed all about operating with more Company® by the Ethisphere emergency financial assistance. agility in a dynamic digital age. Institute, an independent center He provided physical safety for his of research promoting best employees and financial safety for practices in corporate ethics and his customers. It was a remarkable governance — 2019 is our fifth demonstration of going above and consecutive year on the list. beyond to serve our employees, customers and community. 2 U.S. Bancorp 2018 Annual Report We ask ourselves every day: Creating the How can we make banking future now for “ We are creating the with us easier? our communities future now in our In 2018, we introduced several communities by investing new digital lending products. U.S. Bancorp’s social contract with its communities is a central in our future leaders and One new product, called Simple entrepreneurs who are Loan, is an easy-to-use solution component of being the most for retail customers who need trusted choice and a central part studying in our schools emergency funds fast. Another of our future success. The world and playing in our parks.” product is a small business around us is different today than it loan portal for owners to gain was generations ago. Expectations for how we operate as a corporate access to capital in less than We are creating the future citizen have never been higher. 24 hours. And a third is a digital now in our communities by mortgage portal that provides As one of the largest financial investing in our future leaders instant borrower credit approval. institutions in the country, we and entrepreneurs who are studying in our schools and All three products are leading edge understand our responsibility playing in our parks. for the banking industry, because to revitalize neighborhoods, they are completely digital, and provide financial education, approved funds are available fast. create employment opportunities, Most trusted choice support small business development and affordable As Chairman, President and housing, embrace diversity and CEO of U.S. Bancorp, it is my “ Their character, their inclusion, and so much more. privilege to be the steward of commitment to service, our trust-based relationships their compassion and their One of our showcase community with shareholders, customers, investments is the Pullman communities and employees. unwavering resolve all help neighborhood in Chicago. us be the most trusted I view it as one of my highest Since 2010, our investment priorities. I am proud of choice in banking.” has enabled $113 million of the financial performance new capital to revitalize this we delivered in 2018. Most neighborhood. The numbers importantly, I am proud of the Throughout 2019, we will invest speak for themselves — 1,300 74,000 employees who carry more capital than ever in digital new jobs, 135 affordable housing our banner of trust every day. initiatives that will create more units, a new community center value for our customers — and more. We are proud of what Thank you for the trust you have individuals, small businesses, we have accomplished in the placed with U.S. Bancorp. It is well merchants and large corporations Pullman neighborhood and look placed today and in the future. — and we will do it from a one to replicate this success in other U.S. Bank perspective so that communities around the country. they can benefit from the full We also demonstrate our value proposition of the bank. corporate citizenship through our Community Possible platform, It’s banking made easier. Sincerely, which focuses on programs that create stable jobs, better Andy Cecere homes and vibrant communities. Chairman, President and In 2018, we invested $57 million Chief Executive Officer in programs and organizations U.S. Bancorp and our employees volunteered February 21, 2019 209,000 hours in communities where we have a presence. Letter to Our Shareholders 3 FI N A N CI A L HIG H LIG HTS Net Income Attributable Diluted Earnings Dividends Declared to U.S. Bancorp (in millions) per Common Share per Common Share Return on Return on Average Average Assets Common Equity Dividend Payout Ratio Common Equity Net Interest Margin(a) Efficiency Ratio(b) Tier 1 Capital(c) Average Assets Average U.S. Bancorp (in millions) Shareholders’ Equity (in millions) Total Risk-Based Capital(c) (a) Taxable-equivalent basis based on federal income tax rates of 21 percent for 2018 and 35 percent for 2017, 2016, 2015, and 2014, for those assets and liabilities whose income or expense is not included for federal income tax purposes.
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