Minneapolis-based U.S. Bancorp on Jan. 16 posted a 10.3% year-over-year increase in 2018 fourth-quarter net income.

Net income applicable to common shareholders climbed to $1.78 billion, or $1.10 per share, from net income of $1.61 billion, or 97 cents per share, in the fourth quarter of the prior year.

The S&P Global Market Intelligence consensus mean estimate for fourth-quarter GAAP EPS was $1.06.

Average total loans for the quarter was $283.68 billion, up from $281.07 billion in the previous quarter and up from $279.75 billion last year. Meanwhile, average total deposits were $334.37 billion, up from $330.12 billion sequentially, but down from $339.16 billion a year ago.

Total net charge-offs for the quarter were $353 million, up from $328 million in the previous quarter and up from $325 million a year ago.

Provision for credit losses was $368 million, up from $343 million in the third quarter, and up from $335 million in the year-ago quarter.

Total nonperforming assets were $989 million at Dec. 31, 2018, down from $1.00 billion as of Sept. 30, 2018, and down from $1.20 billion at Dec. 31, 2018.

For full year 2018, the company reported net income applicable to U.S. Bancorp common shareholders of $6.78 billion, or $4.14 per share, compared to net income of $5.91 billion, or $3.51 per share, in the previous year.

The S&P Global Market Intelligence consensus mean estimate for 2018 GAAP EPS was $4.10.