纪要涉及的行业或者公司 行业为金融行业，公司为美国合众银行（U.S. Bancorp）和三菱日联金融集团旗下的联合银行（MUFG Union Bank） 纪要提到的核心观点和论据 财务指引 - 第三季度营收环比增长3% - 5%，费用环比增长2% - 3%，抵押贷款收入环比下降30% - 35%，一次性合并整合成本约5000万美元；全年营收同比增长5% - 6%，净利息收入低至中两位数增长，运营杠杆至少200个基点 [6] - 净利息收入略好于预期，得益于本季度利率和贷款增长稍好 [10] 收购联合银行 - 收购联合银行可使规模提升近20%，带来100万客户和19万小企业客户，在加州获得可观市场份额；预计节省成本9亿美元，内部收益率达20% [13] - 预计2022年下半年获批，转换日期定在2023年阵亡将士纪念日；因美联储人员变动审批时间延长，为确保数据转换成功推迟整合时间 [13][17] - 2023年成本协同效应实现比例从75%降至40% - 50%，其余在2024年实现；因利率高于预期，2023年每股收益仍预计增长6% [14] 宏观环境与业务表现 - 消费者状况良好，存款余额高于疫情前，消费强劲，信用卡消费比去年高10%、比疫情前高30%，企业差旅恢复到疫情前的90%多；信贷质量良好，预计会正常化但时间推迟；未看到衰退迹象，劳动力成本上升是主要影响因素 [26] - 贷款增长势头良好，二季度环比增长3.6%，主要由企业和商业贷款推动，原因包括利用率提高、资本市场波动使银行融资更具吸引力、企业提前采购库存以应对通胀；信用卡业务因还款率下降有增长空间；抵押贷款业务因提前还款速度放缓余额增长；汽车贷款因新车产量下降和定价决策面临压力 [28] - 存款预计短期内相对稳定，存款结构将从无息向有息转变；第三季度存款beta值预计约30%，随利率周期上升；存款结构中消费者和企业及企业信托各占一半，具有稳定性，且有货币市场基金可管理存款水平 [34][35] 风险管理与业务策略 - 贷款标准未变，保持审慎和纪律性，注重定价以维持预期回报；消费贷款主要面向优质和超优质客户，企业和商业贷款主要面向投资级客户 [31][32] - 证券组合中持有至到期（HTM）和可供出售（AFS）各占约50%，结合浮动证券占比60%，可降低风险；收购联合银行时可根据利率情况分类证券，以保持灵活性和管理利率风险 [38] - 净利息收益率（NIM）预计今年晚些时候和2023年继续扩大，但增速会放缓，取决于短期利率走势 [41] - 支付业务是重要差异化业务，占营收的28% - 29%，包括商户处理、发卡和企业支付系统；将银行业务与支付业务结合是机会，Talech收购成效显著，商户处理的科技业务增长50% [45] - 抵押贷款业务中，再融资市场低迷，零售和购房业务表现良好；销售利润率承压，但行业产能开始退出，有望企稳 [47] 运营管理 - 预计2022年全年运营杠杆至少200个基点；过去增加的投资支出已计入运营成本，未来不会增加；收购联合银行可带来规模效应，扩大营收与成本差距 [49][52][53] - 因数字化交易增加，分行功能转变，分行数量减少25%至约2200家；通过并购、开设数字优先轻分行和合作三种方式增加业务分布 [55] 资产质量与资本管理 - 资产质量良好，冲销和逾期率处于历史低位，无早期预警信号；若进入衰退，准备金增加将主要由贷款增长驱动 [59][60] - 关注办公空间相关投资组合，因企业办公模式变化可能产生长期结构性影响，但已提前做好准备，目前无需额外增加准备金 [64][65][67] - 收购联合银行完成后，预计CET1约为8.5%，有望在一年内恢复到9%并重启股票回购计划 [69] 其他重要但是可能被忽略的内容 - 美国合众银行曾因开户问题被消费者金融保护局（CFPB）罚款3750万美元，这是遗留问题，不影响收购联合银行的审批和业务发展 [22][23] - 分析师提到H8数据显示商业和工业（C&I）贷款增长本季度年化同比放缓，但美国合众银行未看到下降，仍有稳定增长，原因包括利用率提高、并购活动和资本支出等 [73][75] - 关于量化紧缩（QT）对存款的影响，预计存款水平相对稳定，可能有轻微压力但不会大幅下降，因GDP增长会带来部分存款增长，若进入严重衰退美联储可能调整政策 [77]

Table of Contents Form 10-Q/June 30, 2022 us bancorp. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable) Commission file number 1-6880 U.S. BANCORP (Exact name of registrant as specified ...

U.S. Bancorp (NYSE:USB) Q2 2022 Earnings Conference Call July 15, 2022 9:00 AM ET Company Participants Jen Thompson - Head, Corporate Finance and Investor Relations Andy Cecere - Chairman, President and Chief Executive Officer Terry Dolan - Vice Chair and Chief Financial Officer Conference Call Participants Scott Siefers - Piper Sandler John Pancari - Evercore Gerard Cassidy - RBC Erika Najarian - UBS Mike Mayo - Wells Fargo Securities Matt O’Connor - Deutsche Bank Bill Carcache - Wolfe Research Ebrahim Poo ...

U.S. Bancorp (NYSE:USB) Morgan Stanley Financials Conference Call June 14, 2022 9:30 AM ET Company Participants Andy Cecere - Chairman, President and Chief Executive Officer Terry Dolan - Vice Chair and Chief Financial Officer Conference Call Participants Betsy Graseck - Morgan Stanley Betsy Graseck Okay. Thanks, everybody, for joining us this morning. Just need to read a disclosure statement. For important disclosures, please see Morgan Stanley research disclosure website at www.morganstanley.com/researchd ...

U.S. Bancorp (NYSE:USB) Bernstein 36th Annual Strategic Decisions Conference June 3, 2022 10:00 AM ET Company Participants Andy Cecere - Chairman, President and CEO Terry Dolan - Vice Chair and CFO Conference Call Participants John McDonald - Bernstein John McDonald Well, thanks, everyone. We've got U.S. Bancorp up next. Joining us again is CEO, Andy Cecere; CFO, Terry Dolan. Thank you both for coming back. It's great to see you guys in person. Andy Cecere Thank you. Good to be here, John. Terry Dolan Nic ...

U.S. Bancorp (NYSE:USB) Deutsche Bank 12th Annual Global Financial Services Conference Call May 31, 2022 3:15 PM ET Company Participants Gunjan Kedia - Vice Chair of Wealth Management and Investment Services Conference Call Participants Matthew O'Connor - Deutsche Bank Securities, Inc. Question-and-Answer Session Q - Matthew O'Connor Okay. We are ready to get started. Next up is U.S. Bancorp. And with us today is Gunjan Kedia, Head of Wealth Management and Investor Services. This is a fireside chat format. ...

U.S. Bancorp (NYSE:USB) Q1 2022 Results Conference Call April 14, 2022 9:00 AM ET Company Participants Andy Cecere - Chairman, President and CEO Terry Dolan - Vice Chair and CFO Jen Thompson - Director of IR and Economic Analysis Conference Call Participants Matt O'Connor - Deutsche Bank John Pancari - Evercore ISI Betsy Graseck - Morgan Stanley Erika Najarian - UBS Ken Usdin - Jefferies Mike Mayo - Wells Fargo Securities Vivek Juneja - JPMorgan Gerard Cassidy - RBC Terry McEvoy - Stephens Bill Carcache - W ...