U.S. Bancorp reported net income of $1,471 million for the third quarter of 2014 compared with $1,468 million in the third quarter of 2013. The company said full year 2014 net income was $4.36 billion, down 0.4% from $4.38 billion a year earlier.

Total net charge-offs in Q3/14 were $336 million, an increase of 2.4% compared with $328 million in Q3/13. The provision for credit losses was lower than net charge-offs by $30 million in Q3/13.

U.S. Bancorp chairman, president and CEO Richard K. Davis said, “U.S. Bank delivered another solid performance in the third quarter with $1.5 billion of net income, or $.78 per diluted common share. Our consistently solid financial performance is a result of our adhering closely to the core fundamentals of controlling expenses, managing capital prudently, selectively investing in initiatives that generate steady long-term growth, and expanding existing customer relationships. That was certainly the case in the third quarter as our disciplined approach returned positive operating leverage and the diversification of our business profile allowed us to maintain our momentum as the economy slowly rebounds. As we head into the final quarter of the year, we remain diligently focused on executing our plan, even with the ongoing economic headwinds.”

To read the full U.S. Bancorp press release, click here.