Full financial details are available here.
Chairman, President and CEO Andy Cecere said, “Fourth quarter results capped a strong year for U.S. Bank and the momentum we are seeing in our lending and fee businesses positions us well for 2019. This quarter we achieved record revenue and EPS and delivered a best-in-class return on tangible common equity of 20.2%. These strong results enabled us to return 80% to our shareholders through dividends and share repurchases. Loan growth accelerated in the fourth quarter even as we maintained our consistent and disciplined underwriting standards. Furthermore, we continued to see strong sales activity and expanded customer relationships across all of our businesses supported by our investments in technology and innovation, as well as our employees’ dedication to helping to make our customers’ financial lives simpler and more productive. I want to thank our employees for their efforts this year and every year, and for their unwavering commitment to making U.S. Bank the most trusted choice for our customers.”
Termination of AML-related consent order: U.S. Bancorp recently announced that the Office of the Comptroller of the Currency has terminated its 2015 consent order related to the Company’s Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) program and controls. Since 2014, U.S. Bancorp has made significant investments to risk management and compliance to enhance and strengthen our programs.
Elavon acquisitions enhance payments capabilities: Recent acquisitions of financial technologies companies Electronic Transaction Systems and CenPOS, Inc. by Elavon, a global merchant payment processing provider and subsidiary of USB, enhances its eCommerce offerings and integrated payments capabilities.
U.S. Bank Pullman Community Center: The U.S. Bank Pullman Community Center, a 135,000-square-foot facility, recently opened in the historic Pullman neighborhood of Chicago and is the latest result of significant community investment U.S. Bank has made in the Pullman community since 2009. U.S. Bank has partnered with the community to help welcome major retailers, a grocery store, healthcare, workout facilities, restaurants and several plants and distribution centers to the community.
Digital small business lending: We launched a fully digital small business lending experience in the third quarter that has successfully fostered small business digital adoption during the past few months. Small businesses, on a national basis, have started borrowing through the digital experience, and two-thirds of funded deals were approved in one day or less.
Jennifer Thompson, U.S. Bank Investor Relations
Rebekah Fawcett, U.S. Bank Public Affairs & Communications