Wednesday 19th of January 2022 03:48:10 AM

U.S. Bancorp GAAP EPS of $1.07 misses by $0.03, revenue of $5.68B misses by $60M

  • U.S. Bancorp press release (NYSE:USB): Q4 GAAP EPS of $1.07 misses by $0.03.
  • Revenue of $5.68B (-1.2% Y/Y) misses by $60M.
  • Return on average assets of 1.16% and return on average common equity of 13.0% for 4Q21.
  • Net revenue decline driven by lower mortgage banking revenue, partially offset by higher trust and investment management fees.
  • The Company’s provision for credit losses for the fourth quarter of 2021 was a benefit of $13 million, which was $150 million higher than the prior quarter and $454 million lower than the fourth quarter of 2020. During 2021, factors affecting economic conditions, including passing of additional government stimulus and widespread vaccine availability in the U.S., have contributed to economic improvement.
  • Strong deposit growth supported related investment portfolio and cash balance strategies to optimize asset sensitivity going into 2022. While dilutive to NIM, this was a net benefit to net interest income. This elevated liquidity drove NIM to decline 6 basis points while lower Paycheck Protection Program “PPP” loan fees accounted for 6 basis points decline.
  • Net charge-off ratio of 0.17% in 4Q21 compared with 0.20% in 3Q21 and 0.58% in 4Q20.
  • Average total loans grew 2.0% on a linked quarter basis.


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