Results include 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.
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U.S. Bancorp Chairman, President and CEO Andy Cecere said, “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.”
George Andersen, U.S. Bancorp Investor Relations
Jeff Shelman, U.S. Bank Public Affairs and Communications
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