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US Bancorp

U.S. Bancorp ranks as the 7th largest bank by market cap ($88.5 bn as of Setpember 7, 2018) in the U.S. and 7th largest by total assets ($461.3 bn at 2Q18). U.S. Bancorp ranks 5th in terms of U.S. deposits with approximately $340.1 bn in deposits and 3,108 branches as of 2017 (SNL). U.S. Bancorp has strong deposit market shares in several Midwestern and Western states, including Minnesota, California, Wisconsin, Ohio, Missouri, Washington, Oregon, and Colorado, among others. U.S. Bancorp's major business lines include U.S. retail banking, corporate lending, corporate trust, and wealth management. U.S. Bancorp also has a sizable processing business. (15 Oct 2018)

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U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..
Focused

U.S. Bancorp: Issues $1.8 bn in 3 Parts

Worth Watching: 13 Nov 2018, 8:53 PM ET - U.S. Bancorp (A1/A+) issued $1.75 bn in a 3-part issuance from the bank and HoldCo levels. From the bank level, USB issued $1 bn in fixed and floating rate notes at the 3-year maturity. $700 mn in 3.45% notes due November 16, 2021 priced at T+55 b ..
Focused

US Banks Conf. Notes: Big Data + Digital Divide

Sector Analysis: 13 Nov 2018, 4:14 AM ET - We attended BancAnalysts Association of Boston (BAAB) conference in Boston, where 10 banks in our coverage presented. One of the main takeaways was the capabilities that the big money centers have built around data analytics.
Focused

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
Focused

USB 3Q18: Costs and Credit Help, Revenues Mixed

Earnings Note: 17 Oct 2018, 3:16 PM ET - U.S. Bancorp reported 3Q18 EPS of $1.06, which beat consensus by 2 cents. Net interest income and loan growth has been underwhelming, but improvements in asset quality and slow expense growth help results. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
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US Bancorp: Issuing NC-5 Preferreds

IG Note: 07 Aug 2018, 11:12 AM ET - U.S. Bancorp is in the market with an estimated $250 mn of $25 par fixed-rate 5-year non-call perpetual preferred stock offering. We would pass on this offering in favor of fixed-to-floating preferreds given the rising rate environment.

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.
Focused

MTB & USB: New 5Y Deals After Earnings

IG Note: 19 Jul 2018, 10:18 AM ET - MTB and USB are both in the debt markets after reporting earnings. Both deals contain 5-year senior unsecured notes. M&T's deal is HoldCo level, while U.S. Bancorp's deal is OpCo level, and USB is also offering 2 year notes.
Focused

U.S. Bancorp 2Q18: NII Growth Less Than Expected

Earnings Note: 18 Jul 2018, 10:08 PM ET - U.S. Bancorp reported 2Q18 EPS of $1.02, beating consensus by 1 cent. Earnings increased QoQ due to higher net interest and noninterest income and lower provisions, partially offset by a higher tax rate and higher expenses.

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.
Focused

US Banks: Post-DFAST Stress Capital Buffers

Sector Analysis: 27 Jun 2018, 4:39 AM ET - We update our Stress Capital Buffer (SCB) estimates for the large U.S. banks using 2018 DFAST results. Nearly all the banks face higher spot capital requirements due to the increased severity of the 2018 DFAST.
Focused

US Banks: 2018 DFAST Results - SCB Shocker Looming

Sector Analysis: 22 Jun 2018, 4:56 AM ET - Although all banks over $100 bn in assets received a clean bill of health in the 2018 DFAST, our main concern is that this year’s test could lead to a substantial increase in capital requirements under the proposed Stress Capital Buffer.

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.

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