U.S. Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012
January 16, 2013 at 06:45 am EST
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.