Net income attributable to U.S. Bancorp was $1.6 billion for the fourth quarter of 2021, which was $154 million higher than the $1.5 billion for the fourth quarter of 2020.
However, this was a decline of $355 million from the third quarter of 2021.
Diluted EPS was reported at $1.07 in the quarter, compared with $0.95 in the fourth quarter of 2020.
While US Bancorp achieved mixed results in the fourth quarter, the company achieved solid loan growth.
Andy Cecere, CEO, commented, "Deposit growth was very strong this quarter, increasing $18.4 billion or 4.3% compared with the third quarter."
"This supported our loan growth and provided the opportunity for investment strategies that were both accretive to fourth quarter net interest income and maintains asset sensitivity for future growth in a rising rate environment.
Overall, average total loans for the fourth quarter of 2021 were $447 million (0.1%) higher than the fourth quarter of 2020.
The increase was primarily due to growth in credit card balances (2.1%) and other retail loans (20.3%), offset by lower total commercial loans (1.8%) and total commercial real estate (3.1%) and residential mortgages (1.2%).
Going into the new year, Cecere added, "As we start a new year, we are encouraged by the momentum building in each of our lines of business."
"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."
US Bancorp also completed the acquisitions of TravelBank and PFM in the fourth quarter.
The acquisition of TravelBank will bolster the company's travel management solutions for mid-size companies, while PFM will increase assets under management.