By Denny Jacob

U.S. Bancorp posted an 8.4% decline in its bottom line in the fourth quarter, weighed down by one-time charges.

The Minneapolis-based parent company of U.S. Bank posted net income of $847 million, or 49 cents a share, down from $925 million, or 57 cents a share, a year earlier. Adjusted earnings were 99 cents a share, matching analysts' estimates.

U.S. Bancorp attributed the decline in net income to notable items including a $734 million Federal Deposit Insurance Corp. special assessment fee and $171 million of merger and integration-related charges related to the acquisition of MUFG Union Bank.

Revenue grew 6.2% to $6.76 billion. Analysts polled by FactSet expected $6.85 billion.

The company provisioned $512 million for credit losses in the fourth quarter, down from $515 million in the third quarter and $1.19 billion in the year-ago period.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

January 17, 2024 07:37 ET (12:37 GMT)

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