Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
InvestmentsMortgage

U.S. Bancorp net earnings set new record in 2016

Net interest income grows in fourth quarter

U.S. Bancorp reported earnings for 2016 which not only increased from 2015, but also set a record high, according to the Chief Executive Officer.

Net income increased just 0.2% for the year to $5.89 billion, but it was enough to set a record high for net income. Diluted earnings per common share also set a record high with its increase of 2.5% to $3.24 for the year.

However, the fourth quarter earnings dipped slightly from the previous quarter, falling 1.6% from the third quarter’s $1.5 billion to $1.48 billion in the fourth quarter. This is an increase of just $2 million from the fourth quarter of 2015.

The story was much the same with diluted earnings per share, which decreased 2.4% from the third quarter’s $0.84 to $0.82, but increased 2.5% from 2015’s $0.8 per share.

Net interest income increased both quarterly and annually to nearly $3 billion. This is up 2.1% from $2.89 billion in the third quarter and 4.8% from $2.82 billion in 2015. Total loans grew 1.1% quarterly and 6.2% year-over-year.

Total net revenue increased 0.9% from the third quarter’s $5.39 billion and 4.3% from last year’s $5.21 billion to $5.44 billion in the fourth quarter.

“U.S. Bancorp delivered an outstanding performance in 2016 with record net income, EPS, and revenue,” said Richard Davis, U.S. Bancorp Chairman and CEO. “In a challenging year where the economic environment was often unpredictable, we delivered industry-leading returns, we made important investments in our long-term growth strategy, and we returned 79% of our earnings to shareholders through dividends and share buybacks.”

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please