U.S. Bancorp reported net income of $1,488 million for Q4/14 or $.79 per diluted common share, compared with $1,456 million, or $.76 per diluted common share, in Q4/13. Analysts polled by Thomson Reuters had expected EPS of $0.77. The company said full year 2014 net income was a record $5.85 billion, up from $5.84 billion a year earlier.

The following are Q4 highlights from the news release:

• Growth in average total commercial loans of 15.5% over the fourth quarter of 2013 and 2.9% over the third quarter of 2014.
• Net interest margin of 3.14% was down from 3.40% in Q4/13. Full year net interest margin of 3.23% was down from 3.44% a year earlier.
• Total net revenue of $5.17 billion was up 5.7% from $4.89 billion in Q4/13. Noninterest income of $2.37 billion was up 9.9% from $2.16 billion
  for the same year-ago period.
• Earning asset yield of 3.54% in Q4/14 was down 0.35% from 3.89% a year earlier. The full year earning asset yield of 3.65% was down from 3.97% in 2013.
• The average Q4 lease financing portfolio of $5.29 billion was up 1.6% from $5.21 billion a year earlier.

U.S. Bancorp chairman, president and CEO Richard K. Davis said, “U.S. Bancorp delivered another solid financial performance in 2014 with record full year net income of $5.85 billion. Our fourth quarter results were also solid with net income of $1.49 billion. We maintained our industry-leading performance measures, including return on average assets (ROA) of 1.54%, return on average common equity (ROE) of 14.7%, and an efficiency ratio of 53.2% for the full year of 2014. We are particularly encouraged by the 5.7% growth in total net revenue, the 15.5% growth in average total commercial loans, and the 7.2% growth in average total deposits over the fourth quarter of last year.”

To view the full U.S. Bancorp news release, click here.