U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, “2012 was a great year for our Company, as we achieved record annual earnings of $5.6 billion, or $2.84 per diluted common share. Further, our 2012 full year results included record total net revenue of $20.3 billion, representing growth in net interest income and fee revenues, as well as controlled expenses. Additionally, we achieved positive operating leverage for both the year-over-year quarter and full year. Our returns on average assets and average common equity for 2012 of 1.65 percent and 16.2 percent, as well as our efficiency ratio of 51.5 percent, surpassed our performance in 2011 and remain industry-leading.
“As expected, total average loans grew in the fourth quarter over the prior year and linked quarter by 6.4 percent and 1.5 percent, respectively. For the full year 2012, our Company grew total average loans by 6.9 percent over the prior year, accelerating growth over the 4.4 percent increase realized in full year 2011. Total average deposits were also higher in the fourth quarter, increasing by 9.2 percent over the same quarter of last year, while rising 10.6 percent on a full year basis over 2011. Growth in both of these categories demonstrates our Company’s continuing ability to expand and deepen relationships with our current customer base, as well as gain new customers and market share. Our fee-based businesses also realized solid growth in 2012, led by mortgage banking. With continued investments in growth initiatives and small, strategic acquisitions, these businesses remain very well positioned to continue to grow and leverage the slow, but steady, economic recovery.
“Credit quality continues to improve, as evidenced by the decline this quarter in both net charge-offs and nonperforming assets. Our annualized net charge-offs ratio of .85 percent for the fourth quarter of 2012 reflects the high quality of our portfolio. Our customers – from individuals, to small businesses, to large corporations – are healthy and productive, having adjusted to the current slow growth, uncertain environment in which they operate today, but they remain poised to take advantage of the recovery as it emerges.
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