U.S. Bank posts record annual earnings

Minneapolis-based U.S. Bancorp (NYSE: USB) reported a record $5.8 billion net income in 2013, representing a 3.3 percent increase from 2012.

The holding company that operates eight U.S. Bank branches in Springfield posted diluted earnings per share of $3 for the year ended Dec. 31, a 16-cent increase from 2012, according to a news release.

"I am particularly proud to have achieved these results during a year marked by slow economic growth, a significant pullback in mortgage activity and continued regulatory and legislative change and uncertainty," U.S. Bancorp Chairman and President/CEO Richard Davis said in the release.

2013 financial highlights:

• Contributing to the full year results was fourth-quarter net income of $1.5 billion, which represents a 2.5 percent increase from the same quarter of 2012.
• U.S. Bank issued dividends and repurchased 65 million shares at a cost of $4 billion.
• Net revenue decreased 3.4 percent to $19.6 million from $20.3 million in 2012.

U.S. Bank recorded assets of $364 billion and deposits of $262.1 billion, as of Dec. 31. The company operates 3,081 branches in 25 states, according to the release.

USB shares were trading at $40.62 as of 11:45 a.m., compared to a 52-week range of $31.99 to $41.86.