U.S. Bancorp
Net interest income (taxable-equivalent basis) fell 4.2% year over year to $4.1 billion, while noninterest income rose 28.2% year over year to $2.6 billion.
The net interest margin was 2.78%, compared with 3.01% in the year-ago period.
The company said that quarterly results were impacted by a one-time special assessment related to loss recovery of the deposit insurance fund from recent banking institution failures and a one-time charitable contribution to fund obligations under the Community Benefit Plan, partially offset by favorable tax settlements.
The company's provision for credit losses for the fourth quarter of 2023 was $512 million, down 57% year over year.
"We also met our goal this year of achieving full run-rate cost synergies of $900 million with the Union Bank acquisition," said Andy Cecere, Chairman, President and CEO.
The company recorded an average total loan growth of 3.6% year over year and an average total deposit growth of 4.3%.
Adjusted earnings per share totaled $0.99, beating the consensus of $0.98.
The company reported CET1 capital ratio of 9.9% at December 31, 2023, compared with 9.7% at September 30, 2023
"Looking ahead, we are making good progress on revenue growth opportunities with Union Bank and effectively managing the balance sheet for continued capital-efficient growth as we maintain our disciplined, through-the-cycle approach to credit risk management," Cecere added.
Price Action: USB shares are trading higher by 0.35% to $41.53 on the last check Wednesday.
