U.S. Bancorp earnings rise in 4Q, fall for year

Minneapolis-based U.S. Bancorp, holding company for U.S. Bank, announced fourth-quarter net income of $602 million, driven by record total net revenues.

The fourth-quarter net income total works out to 30 cents per diluted share of common stock. The company posted net revenues for the quarter of $4.4 billion, based on year-to-year growth in both net interest income and fee revenue. The net revenue total is up 21 percent compared to fourth-quarter 2008.

For the quarter, average loans grew 8.2 percent, average deposits grew by 25 percent, and the company acquired the assets of Oak Park, Ill.-based FBOP Corp.

For the year, the company posted net income of $2.2 billion or 97 cents per diluted common share, down 25 percent from 2008.

"Although operating income for the year was higher by 14.4 percent, the very difficult credit environment and ensuing rise in credit costs, resulted in bottom line earnings that were lower than 2008," U.S. Bancorp Chairman, President and CEO Richard K. Davis said in the earnings release. "Importantly, despite the stressed economy and uncertain environment, our company is, and expects to remain, profitable, owing to our diversified revenue stream, strong balance sheet, conservative approach to risk management and the momentum of our business lines."

Shares of U.S. Bancorp (NYSE: USB) closed Tuesday at $24.49 and was trading at $25.04 as of 10:20 a.m., just off the 52-week high of $25.59.[[In-content Ad]]