U.S. Bancorp (USB) CEO Andy Cecere on Q1 2022 Results - Earnings Call Transcript

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 - Wolfe Research

Operator

Welcome to U.S. Bancorp's First Quarter 2022 Earnings Conference Call. Following a review of the results by Andy Cecere, Chairman, President and Chief Executive Officer; and Terry Dolan, Vice Chairman and Chief Financial Officer, 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 AM Central Time through Thursday, April 21, 2022, at 10:59 PM Central Time.

I will now turn the conference call over to Jen Thompson, Head of Corporate Finance and Investor Relations for U.S. Bancorp.

Jen Thompson

Thank you, Francie, and good morning, everyone. With me today are Andy Cecere, our Chairman, President and CEO; and Terry Dolan, our 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'd 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 2 of today's presentation, in our press release and in our Form 10-K and subsequent reports on file with the SEC.

I'll now turn the call over to Andy.

Andy Cecere

Thanks, Jen. Good morning, everyone, and thank you for joining our call. Following our prepared remarks, Terry and I will take any questions you have.

I'll begin on Slide 3. In the first quarter, we reported earnings per share of $0.99 and total revenue of $5.6 billion. The quarter was highlighted by strong loan growth, continued momentum in our payments businesses, well-controlled expenses and strong credit quality. As expected, mortgage banking revenue declined in the first quarter due to slower refinancing activity in the market. However, we saw a good momentum in business activity and related revenue growth within other fee businesses, including payments, trust and investment management and treasury management.