Minneapolis-based U.S. Bancorp reported net income applicable to common shareholders of $1.41 billion, or 90 cents per share, for the fourth quarter of 2019, compared with $1.78 billion, or $1.10 per share, in the same period in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the fourth quarter of 2019 was $1.09.

Average total loans for the most recent quarter were $294.87 billion, compared with $292.44 billion for the third quarter of 2019 and $283.68 billion for the fourth quarter of 2018. Average total deposits were $356.45 billion for the most recent quarter, compared with $349.93 billion in the previous quarter and $334.37 billion in the year-ago quarter.

Total net revenue for the period fell 2.8% year over year to $5.67 billion from $5.83 billion.

Net interest income for the fourth quarter of 2019 fell 2.9% year over year to $3.21 billion from $3.30 billion.

The bank's provision for credit losses increased 7.3% to $395 million for the most recent quarter from $368 million in the year-ago quarter.

Net interest margin was 2.92% in the fourth quarter of 2019, down from 3.02% in the preceding quarter and 3.15% in the year-ago quarter.

For full year 2019, the company reported net income applicable to common shareholders of $6.58 billion, or $4.16 per share, compared with $6.78 billion, or $4.14 per share, in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for 2019 was $4.34.