U.S. Bancorp (USB) Q4 2022 Earnings Call Transcript

U.S. Bancorp (NYSE:USB) Q4 2022 Earnings Conference Call January 25, 2023 9:00 AM ET

Company Participants

George Andersen - Senior Vice President & Director, Investor Relations

Andy Cecere - Chairman, President & Chief Executive Officer

Terry Dolan - Vice Chair & Chief Financial Officer

Conference Call Participants

Scott Siefers - Piper Sandler

Erika Najran - UBS

Mike Mayo - Wells Fargo Securities

John Pancari - Evercore ISI

Ebrahim Poonawala - Bank of America

Gerard Cassidy - RBC

Betsy Graseck - Morgan Stanley

Vivek Juneja - JPMorgan

Matt O'Connor - Deutsche Bank

Ken Usdin - Jefferies

Chris Kotowski - Oppenheimer

John McDonald - Autonomous Research

Operator

Welcome to the U.S. Bancorp Fourth Quarter 2022 Earnings Conference Call. Following a review of the results, there will be a formal question-and-answer session. [Operator Instructions] This call will be recorded and available for replay beginning today at approximately 11:00 A.M. Central Time.

I will now turn the conference call over to George Andersen, Senior Vice President and Director of Investor Relations for U.S. Bancorp.

George Andersen

Thank you, Brad and good morning everyone. With me today are Andy Cecere, our Chairman, President and Chief Executive Officer; and Terry Dolan, our Vice Chair and Chief Financial Officer.

During their prepared remarks, Andy and Terry will be referencing a slide presentation. A copy of the presentation as well as our earnings release and supplemental analyst schedules are available on our website at usbank.com.

I would like to remind you that any forward-looking statements made during today's call are subject to risk and uncertainty. Factors that could materially change our current forward-looking assumptions are described on page two of today's presentation, in our press release, our Form 10-K, and in subsequent reports on file with the SEC. Following their prepared remarks, Andy and Terry will take any questions that you have.

I will now turn the call over to Andy.

Andy Cecere

Thanks George. Good morning everyone and thank you for joining our call. I'll begin on slide three. This quarter, we completed the acquisition of MUFG Union Bank on December 1st.

In the fourth quarter, we reported $0.57 per diluted share or $1.20 after adjusting for notable items related to the acquisition. This was a complex quarter that included one month of Union Bank results, merger integration charges, and balance sheet optimization activity. Terry will provide more details on these notable items.