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u.s.bancorp4Q 2007 Earnings Release
U.S. Bancorp reported net income of $942 million for Q4 2007, down from $1,194 million in Q4 2006. Earnings per share were $.53 compared to $.66 in Q4 2006. Results were impacted by $215 million in charges related to Visa litigation and $107 million in losses from money market securities. Excluding these charges, earnings were comparable to Q3 2007. Loan and deposit growth was strong, driven by fee businesses. Credit quality remained sound with manageable expected increases in charge-offs and nonperforming assets. The company remains well-capitalized and increased its dividend.
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