U.S. Bancorp announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company's net interest income was $2,744 million compared with $2,677 million a year ago. The increase in net interest income year-over-year was the result of an increase in average earning assets and continued growth in lower cost core deposit funding, partially offset by lower loan fees due to the previously communicated wind down of the short-term, small-dollar deposit advance product, Checking Account Advance. Income before income taxes was $2,022 million compared with $1,874 million a year ago. Net income applicable to the company's common shareholders was $1,420 million or $0.79 per diluted share compared with $1,389 million or $0.76 per diluted share a year ago. The increase in net income year-over-year was principally due to an increase in total net revenue, driven by increases in net interest income and fee-based revenue, and the net impact of notable items. Return on average assets was 1.50% compared with 1.62% a year ago. Return on average common equity was 14.4% compared with 15.4% a year ago. Total net revenue was $5,169 million compared with $4,889 million a year ago.

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.