U.S. Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported net income attributable to company of $1,420 million or $0.72 per diluted earnings per share compared to $1,350 million or $0.69 per diluted earnings per share for the same period a year ago. Net interest income was $2,727 million compared to $2,617 million for the same period a year ago. Income before taxes was $1,927 million compared to $1,855 million for the same period a year ago. Net income for the quarter was $1,375 million compared to $1,328 million a year ago. Net income applicable to company common shareholders was $1,349 million compared to $1,314 million for the same period a year ago. The increase in net income year-over-year was the result of an increase in total net revenue, driven by higher net interest income, a decrease in noninterest expense and a decline in the provision for credit losses. On a linked quarter basis, the decrease in net income was driven by a decline in noninterest income and an increase in noninterest expense, primarily due to the $80 million mortgage foreclosure-related regulatory settlement accrual, partially offset by a decrease in the provision for credit losses. Return on average assets was 1.62% compared to 1.62% for the same period a year ago. Return on average common equity was 15.6% compared to 16.8% for the same period a year ago. Book value per common share was $18.31 compared to $16.43 a year ago. Total interest income was $3,196 million as compared to $3,220 million for the same period prior year.

For the full year, net interest income was $10,745 million compared to $10,123 million for the same period a year ago. Income before taxes was $7,726 million compared to $6,629 million for the same period a year ago. Net income applicable to company common shareholders was $5,383 million or $2.85 per diluted share compared to $4,721 million or $2.47 per diluted share for the same period a year ago. Return on average assets was 1.65% compared to 1.53% for the same period a year ago. Return on average common equity was 16.2% compared to 15.8% for the same period a year ago. Net income attributable to company was $5,647 million compared to $4,872 million for the same period a year ago. Total interest income was $12,883 million as compared to $12,639 million for the same period prior year.