U.S. Bank tops previous earnings record

Minneapolis-based U.S. Bancorp (NYSE: USB) posted net income of $5.85 billion in 2014, the largest amount in its history.

The earnings represent a 0.3 percent increase over 2013 profits of $5.84 million, the company’s previous record, according to a news release.

For the year ended Dec. 31, diluted share earnings rose 8 cents to $3.08.

“In 2014, we demonstrated our ability to create value for our shareholders and customers by returning 72 percent of our earnings to shareholders through dividends and share buybacks and by generating steady growth in commercial and consumer lending, new credit card accounts, total deposits and wealth management services,” U.S. Bank Chairman, President and CEO Richard Davis said in the release.

Full-year financial notes:

• Fourth-quarter net income rose 1.1 percent to $1.42 billion from $1.39 billion a year earlier. Diluted share earnings for the three-month period were up 3 cents to 79 cents.
• Loans moved up 6.3 percent for the year to $241.7 billion.
• Employee compensation rose 3.5 percent to $4.5 billion, while benefits dropped 8.7 percent to $1.04 billion.

As of Dec. 31, U.S. Bank’s assets were $402.5 billion and deposits were $282.7 billion, according to the release. The company operates eight U.S. Bank branches in Springfield.

USB shares were trading at $43.32 as of 10:21 a.m., compared to a 52-week range of $38.10 to $46.10.[[In-content Ad]]