U.S. Bancorp Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Announces Net Charge-Offs for the Fourth Quarter of 2014; Provides Net Charge-Offs Guidance for the First Quarter of 2015
For the year, the company's net interest income was $10,775 million compared with $10,604 million a year ago. Income before income taxes was $7,995 million compared with $7,764 million a year ago. Net income was $5,908 million compared with $5,732 million a year ago. Net income applicable to the company's common shareholders was $5,583 million or $3.08 per diluted share compared with $5,552 million or $3.00 per diluted share a year ago. Return on average assets was 1.54% compared with 1.65% a year ago. Return on average common equity was 14.7% compared with 15.8% a year ago. As on December 31, 2014, the company's book value per common share was $21.68 against $19.92 a year ago. Total net revenue was $20,161 million compared with $19,602 million a year ago.
The company's net charge-offs for the fourth quarter of 2014 were $308 million, compared with $312 million in the fourth quarter of 2013.
The company announced that given current economic conditions, the company expects the level of net charge-offs to remain relatively stable in the first quarter of 2015.