U.S. Bancorp announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported total interest income of $3,156 million compared with $3,102 million for the same period a year ago. Net interest income was $2,819 million compared with $2,744 million for the same period a year ago, primarily due to higher average total loans. Income before income taxes was $2,045 million compared with $2,022 million for the same period a year ago. Net income applicable to the company's common shareholders was $1,404 million or $0.80 per diluted share compared with $1,420 million or $0.79 per diluted share for the same period a year ago. Return on average assets was 1.41% compared with 1.50% for the same period a year ago. Return on average common equity was 13.7% compared with 14.4% for the same period a year ago. The decrease in net income year-over-year was due to a higher provision for credit losses, lower noninterest income, impacted by the 2014 Nuveen gain, partially offset by increases in payments-related revenue and trust and investment management fees and the gain on the sale of a Health Savings Account deposit portfolio, along with an increase in net interest income primarily driven by growth in earning assets. The decrease in net income on a linked quarter basis was primarily due to a seasonal increase in noninterest expense and the provision for credit losses, partially offset by higher net interest income primarily due to loan growth. Net interest income increased $50 million (1.8%) on a linked quarter basis, primarily due to higher average total loans. Average total loans were $4.2 billion (1.7%) higher on a linked quarter basis, excluding the student loan reclassification.

For the year, the company reported total interest income of $12,402 million compared with $12,228 million for the same period a year ago. Net interest income was $11,001 million compared with $10,775 million for the same period a year ago. Income before income taxes was $8,030 million compared with $7,995 million for the same period a year ago. Net income applicable to the company's common shareholders was $5,608 million or $3.16 per diluted share compared with $5,583 million or $3.08 per diluted share for the same period a year ago. Return on average assets was 1.44% compared with 1.54% for the same period a year ago. Return on average common equity was 14.0% compared with 14.7% for the same period a year ago. Book value per common share as on December 31, 2015 was $23.28 compared with $21.68 for the same period a year ago. The decrease in net income year-over-year was due to a higher provision for credit losses, lower noninterest income, impacted by the 2014 Nuveen gain, partially offset by increases in payments-related revenue and trust and investment management fees and the gain on the sale of a Health Savings Account deposit portfolio ('HSA deposit sale'), along with an increase in net interest income primarily driven by growth in earning assets.

For the fourth quarter ended December 31, 2015, total net charge-offs were $305 million, compared with $308 million in the fourth quarter of 2014. The company expects the level of net charge-offs to remain relatively stable in the first quarter of 2016.