UPDATE: U.S. Bancorp Beats Q4 Expectations

U.S. Bancorp (NYSE: USB) reported higher-than-expected earnings for the fourth quarter.The Minneapolis, Minnesota-based bank posted quarterly earnings of $1.49 billion, or $0.79 per share, up from $1.46 billion, or $.76 per share, in the year-ago period. Excluding non-recurring gains, the bank earned $0.78 per share.Total net revenue on a taxable-equivalent basis rose 5.7% to $5.17 billion. However, analysts were expecting earnings of $0.77 per share on revenue of $5.01 billion.Average total loans rose 5.9% from the year-ago quarter, while average total deposits gained 7.2% y/y.Total noninterest expense in the quarter rose 4.5% to $2,804 million. Net interest income on a taxable-equivalent basis gained 2.4% to $2,799 million.Net interest margin shrank to 3.14% from 3.4%.Nonperforming assets were $1,808 million at December 31, 2014, versus $2,037 million at December 31, 2013.U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, “As we head into 2015, we remain committed to investing in a strategy centered on helping our retail, wholesale and institutional customers establish financially secure futures. We are well positioned for growth as the economic environment shows signs of improvement and our customers look for a strong and stable banking partner to help them achieve their distinct financial goals and objectives.”U.S. Bancorp shares slipped 0.75% to close at $41.21 yesterday.