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US Bancorp expects NIM stabilization in 2020

After a couple of challenging quarters of net interest margin compression due to falling interest rates, U.S. Bancorp expects its NIM to stabilize in 2020.

U.S. Bancorp reported a NIM of 2.92% in the 2019 fourth quarter, down from 3.02% in the linked quarter and 3.15% in the year-ago quarter. On the bank's 2019 fourth-quarter earnings conference call, management said they expect the company's NIM to remain flat through 2020.

The company's 2019 fourth-quarter margin compression was due to higher premium amortization expense in its investment securities portfolio, yield curve compression and earnings asset mix, CFO Terrance Dolan said on the call.

Dolan expects the company's NIM through 2020 to be in line with its 2019 fourth-quarter NIM, but he said there could be some positive upside depending on what happens on the long end of the yield curve.