Exhibit 99.1 September 13, 2023 U.S. Bank Barclays Global Financial Services Conference Andy Cecere Chairman, President and Chief Executive Officer John Stern Senior Executive Vice President and Chief Financial Officer 1 U.S. Ba U n.k S. Bank
Forward-looking Statements and Additional Information ThefollowinginformationappearsinaccordancewiththePrivateSecuritiesLitigationReformActof1995: Thispresentationcontainsforward-lookingstatementsaboutU.S.Bancorp.Statementsthatarenothistoricalorcurrentfacts,includingstatementsaboutbeliefsand expectations,areforward-lookingstatementsandarebasedontheinformationavailableto,andassumptionsandestimatesmadeby,managementasofthedatehereof. Theseforward-lookingstatementscover,amongotherthings,futureeconomicconditionsandtheanticipatedfuturerevenue,expenses,financialcondition,assetquality, capitalandliquiditylevels,plans,prospectsandoperationsofU.S.Bancorp.Forward-lookingstatementsoftenusewordssuchas“anticipates,”“targets,”“expects,” “hopes,”“estimates,”“projects,”“forecasts,”“intends,”“plans,”“goals,”“believes,”“continue”andothersimilarexpressionsorfutureorconditionalverbssuchas“will,” “may,”“might,”“should,”“would”and“could.” Forward-lookingstatementsinvolveinherentrisksanduncertaintiesthatcouldcauseactualresultstodiffermateriallyfromthosesetforthinforward-lookingstatements, includingthefollowingrisksanduncertainties:deteriorationingeneralbusinessandeconomicconditionsorturbulenceindomesticorglobalfinancialmarkets,whichcould adverselyaffectU.S.Bancorp’srevenuesandthevaluesofitsassetsandliabilities,reducetheavailabilityoffundingtocertainfinancialinstitutions,leadtoatighteningof credit,andincreasestockpricevolatility;turmoilandvolatilityinthefinancialservicesindustry,includingfailuresorrumorsoffailuresofotherdepositoryinstitutions,which couldaffecttheabilityofdepositoryinstitutions,includingU.S.BankNationalAssociation,toattractandretaindepositors,andcouldaffecttheabilityoffinancialservices providers,includingU.S.Bancorp,toborroworraisecapital;increasesinFederalDepositInsuranceCorporation(“FDIC”)assessmentsduetobankfailures;actionstaken bygovernmentalagenciestostabilizethefinancialsystemandtheeffectivenessofsuchactions;changestoregulatorycapital,liquidityandresolution-relatedrequirements applicabletolargebankingorganizationsinresponsetorecentdevelopmentsaffectingthebankingsector;changestostatutes,regulations,orregulatorypoliciesor practices,includingcapitalandliquidityrequirements,andtheenforcementandinterpretationofsuchlawsandregulations,andU.S.Bancorp’sabilitytoaddressorsatisfy thoserequirementsandotherrequirementsorconditionsimposedbyregulatoryentities;changesininterestrates;increasesinunemploymentrates;deteriorationinthe creditqualityofitsloanportfoliosorinthevalueofthecollateralsecuringthoseloans;risksrelatedtooriginatingandsellingmortgages,includingrepurchaseand indemnitydemands,andrelatedtoU.S.Bancorp’sroleasaloanservicer;impactsofcurrent,pendingorfuturelitigationandgovernmentalproceedings;increased competitionfrombothbanksandnon-banks;effectsofclimatechangeandrelatedphysicalandtransitionrisks;changesincustomerbehaviorandpreferencesandthe abilitytoimplementtechnologicalchangestorespondtocustomerneedsandmeetcompetitivedemands;breachesindatasecurity;failuresordisruptionsinorbreaches ofU.S.Bancorp’soperational,technologyorsecuritysystemsorinfrastructure,orthoseofthirdparties;failurestosafeguardpersonalinformation;impactsofpandemics, includingtheCOVID-19pandemic,naturaldisasters,terroristactivities,civilunrest,internationalhostilitiesandgeopoliticalevents;impactsofsupplychaindisruptions, risinginflation,slowergrowthorarecession;failuretoexecuteonstrategicoroperationalplans;effectsofmergersandacquisitionsandrelatedintegration;effectsof criticalaccountingpoliciesandjudgments;effectsofchangesinorinterpretationsoftaxlawsandregulations;management’sabilitytoeffectivelymanagecreditrisk, marketrisk,operationalrisk,compliancerisk,strategicrisk,interestraterisk,liquidityriskandreputationrisk;andtherisksanduncertaintiesmorefullydiscussedinthe sectionentitled“RiskFactors”ofU.S.Bancorp’sForm10-KfortheyearendedDecember31,2022,andsubsequentfilingswiththeSecuritiesandExchangeCommission. Inaddition,U.S.Bancorp’sacquisitionofMUFGUnionBankpresentsrisksanduncertainties,including,amongothers:theriskthatthecostsavings,anyrevenue synergiesandotheranticipatedbenefitsoftheacquisitionmaynotberealizedormaytakelongerthananticipatedtoberealized;andthepossibilitythatthecombinationof MUFGUnionBankwithU.S.Bancorp,includingtheintegrationofMUFGUnionBank,maybemorecostlyordifficulttocompletethananticipatedorhaveunanticipated adverseresults. Inaddition,factorsotherthantheserisksalsocouldadverselyaffectU.S.Bancorp’sresults,andthereadershouldnotconsidertheseriskstobeacompletesetofall potentialrisksoruncertainties.Readersarecautionednottoplaceunduerelianceonanyforward-lookingstatements.Forward-lookingstatementsspeakonlyasofthe datehereof,andU.S.Bancorpundertakesnoobligationtoupdatetheminlightofnewinformationorfutureevents. Thispresentationincludesnon-GAAPfinancialmeasurestodescribeU.S.Bancorp’sperformance.ThecalculationsofthesemeasuresareprovidedintheAppendix. ThesedisclosuresshouldnotbeviewedasasubstituteforoperatingresultsdeterminedinaccordancewithGAAP,noraretheynecessarilycomparabletonon-GAAP performancemeasuresthatmaybepresentedbyothercompanies. 2 U.S. Bank
1 Third Quarter / Full Year 2023 Outlook Guidance 2Q23 3Q23 FY 2023 2 Net interest income $4.4B $4.2B - $4.4B $17.5B - $18.0B 3 Total Revenue, adjusted $7.2B $6.9B - $7.1B $28.0B - $29.0B Includes purchase accounting accretion $85M ~$75M ~$330M 3 Total Noninterest expense, adjusted $4.3B ~$4.3B ~$17.0B Includes Core Deposit Intangibles $119M ~$120M ~$500M Amortization related to Union Bank 2,3 Income Tax Rate, adjusted 24% ~23-24% ~23-24% Notable Items: Merger & Integration $310M ~$250M ~$1.0B 1 All results and guidance are on an adjusted basis 2 Taxable-equivalent basis 3 U.S. Bank 3 Non-GAAP; Adjusted for notable items which include balance sheet repositioning and capital management actions and merger and integration charges; see slide 6 for calculations
Union Bank Post Conversion Opportunities Meaningfully • Bolstered balance sheet with high quality, low-cost consumer deposits enhanced scale and • Well-established West Coast franchise with top 5 California deposit market share share in an attractive • Leading SBA lender in California market Creates significant • Remain on track to recognize ~$900 million of run rate cost synergies entering 2024 value through • Significant revenue synergies across consumer, wealth, business and corporate banking synergies Loyal customer base benefits from our robust suite of products and services Consumer Accounts Consumer & Business Banking leading digital app & product space (e.g., cards) ~1 million Opportunity to Business Banking Clients Integrated Payment Services deploy broad Merchant acquiring, real-time payments ~190K product set and offer HNW / Affluent Households digital capabilities Wealth Management ~50K Commercial Relationships Corporate & Commercial Banking Treasury management, Capital Markets ~3,000 $883M ~$1.4B Merger & Integration Costs: Incurred through 2Q23 Total expected 4 U.S. Bank
Appendix 5 U.S. Bank
Non-GAAP Financial Measures 3 Months Ended June 30, (Dollars in Millions, Unaudited) 2023 Income before taxes $1,751 Taxable-equivalent adjustment (1) 34 Less: Notable items (2) (575) Income before taxes (taxable-equivalent basis), excluding notable items (a) 2,360 Income taxes $382 Taxable-equivalent adjustment (1) 34 Less: Notable items tax impact (2) (143) Income taxes and taxable-equivalent adjustment, excluding notable items (b) 559 Income tax rate (taxable-equivalent basis), excluding notable items (b)/(a) 23.7 % Total Revenue $7,141 Taxable-equivalent adjustment (1) 34 Less: Notable items (2) ( 22) Total Net Revenue (taxable-equivalent basis), excluding notable items 7,197 Total Noninterest expense $4,569 Less: Notable items (2) (310) Total Noninterest expense, excluding notable items 4,259 Notes: (1) 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. (2) Notable items of $575 million ($432 million net-of-tax) for the three months ended June 30, 2023 included $(22) million of noninterest income related to balance sheet 6 U.S. Bank repositioning and capital management actions, $310 million of merger and integration-related charges and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions.
7 U.S. Bank
