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U.S. Bancorp

(USB) - Get U.S. Bancorp Report

beat analysts' estimates for the fourth quarter of 2010.

The bank


net income of $974 million, or 49 cents per share, and total net revenue of $4.7 billion. Analysts' consensus was that the bank would report a profit of 46 cents a share on $4.52 billion in revenue.

The bank also reported a provision for credit losses lower than net charge-offs by $25 million and net securities losses of $14 million, which increased earnings per common share by three cents in the fourth quarter.

The bank reported lending activity of $65.6 billion during the fourth quarter. Total loan growth improved 1.5 percent over the third quarter of 2010.

U.S. Bancorp also recorded a $103 million gain from the exchange of

FAF Advisors

for a stake in

Nuveen Investments

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. The bank also completed its acquisition of

Bank of America


(BAC) - Get Bank of America Corp Report

securitization trust administration business on December 30, 2010, which increased U.S. Bank's deposits by $8 billion this quarter.

--Written by Maria Woehr in New York.

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