U.S. Bancorp (NYSE: USB) reported Q4 EPS of $1.10, $0.04 better than the analyst estimate of $1.06. Revenue for the quarter came in at $5.83 billion versus the consensus estimate of $5.73 billion.

4Q18 and Full Year Highlights

• Net income of $1,856 million and diluted earnings per common share of $1.10 for 4Q18, including $45 million of notable items, net of taxes, representing an increase of $0.03 per diluted common share
• Industry leading return on average assets of 1.59% and return on average common equity of 15.8% for 4Q18
• Return on tangible common equity of 20.2% for 4Q18
• Returned 80% of 4Q earnings to shareholders through dividends and share buybacks
• Net interest income grew 4.0% year-over-year (3.2% on a taxable-equivalent basis)
• Average total loans increased 0.9% and 1.4% compared to 3Q18 and 4Q17, respectively (1.5% and 2.6% excluding the impact of loan sales)
• Total noninterest income grew 5.4% year-over year, driven by payments revenue and trust and investment management fees
• Full year net income of $7,096 million and diluted earnings per common share of $4.14
• Positive operating leverage for full year 2018 with net revenue increase of 3.4% and noninterest expense decrease of 2.5%. Excluding notable items, net revenue increase of 3.0% and noninterest expense increase of 2.7%.

CEO Commentary

“Fourth quarter results capped a strong year for U.S. Bank and the momentum we are seeing in our lending and fee businesses positions us well for 2019. This quarter we achieved record revenue and EPS and delivered a best-in-class return on tangible common equity of 20.2%. These strong results enabled us to return 80% to our shareholders through dividends and share repurchases. Loan growth accelerated in the fourth quarter even as we maintained our consistent and disciplined underwriting standards. Furthermore, we continued to see strong sales activity and expanded customer relationships across all of our businesses supported by our investments in technology and innovation, as well as our employees’ dedication to helping to make our customers’ financial lives simpler and more productive. I want to thank our employees for their efforts this year and every year, and for their unwavering commitment to making U.S. Bank the most trusted choice for our customers.” Andy Cecere, Chairman, President and CEO, U.S. Bancorp

For earnings history and earnings-related data on U.S. Bancorp (USB) click here.