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U.S. Bancorp (NYSE: USB): Q4 2019 Earnings Snapshot

— U.S. Bancorp (NYSE: USB) reported its fourth-quarter 2019 earnings of $0.90 per share versus $1.08 per share expected.

— The results included restructuring charges including severance and certain asset impairments, and increased derivative liability related to Visa shares, from their initial public offering, previously sold by the company.

U.S. Bancorp (USB) Q4 2019 Earnings Snapshot

— Total net revenue declined by 2.8% to $5.67 billion versus $5.78 billion expected.

— Net interest income decreased by 2.9% mainly a result of the impact of the yield curve and deposit and funding mix, partially offset by higher yields on reinvestment of securities in addition to loan growth.

— Non-interest income declined by 2.5% due to lower commercial business sales volumes and a charge for increased derivative liability related to Visa shares previously sold by the company.

— Average total loans increased by 3.9% due to growth in residential mortgages, total commercial loans, credit card loans, and other retail loans.

— Average total deposits grew by 6.6% backed by wealth management and investment services, corporate and commercial banking and consumer and business banking.

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