Wednesday 19th of January 2022 04:45:50 AM

U.S. Bancorp stock dips after Q4 misses on lower NII, lower PPP fees

U.S. Bank and Loan Tower. US Bank is ranked the 5th largest bank in the United States II jetcityimage/iStock Editorial via Getty Images
  • U.S. Bancorp (NYSE:USB) shares drop 4.6% in premarket trading after Q4 EPS falls from Q3, on lower net interest income, lower loan fees related to the SBA Paycheck Protection Program, seasonally lower payments and capital markets revenue, and lower mortgage banking revenue as refinancing continued to decline.
  • Q4 EPS of $1.07 dropped from $1.30 in Q3 2021 and increased from $0.95 in Q4 2020; misses consensus estimate of $1.10.
  • "As we start a new year, we are encouraged by the momentum building in each of our lines of business," said Chairman, President, and CEO Andy Cecere. "The investments we have made in our digital transformation and payments ecosystem initiatives will continue to enable customer and revenue growth and we expect continued momentum in customer spend activity and loan growth."
  • Q4 net interest income of $3.15B slipped from $3.20B in Q3 and $3.20B in Q4 2020; net interest margin of 2.40% vs. 2.53% in Q3 and 2.57% in the year-ago quarter.
  • Q4 noninterest expense of $3.53B increases from $3.43B in Q3 and $3.36B in Q4 2020.
  • Provision for credit losses results in a benefit of $13M vs. benefit of $163M in Q3 and cost of $441M in Q4 2020.
  • Conference call at 9:00 AM ET.
  • Earlier, U.S. Bancorp GAAP EPS of $1.07 misses by $0.03


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