Core Viewpoint - U.S. Bancorp reported quarterly earnings of $1.07 per share, exceeding the Zacks Consensus Estimate of $1.06 per share, and showing an increase from $0.99 per share a year ago, indicating a positive earnings surprise of 0.94% [1][2] Financial Performance - The company posted revenues of $6.98 billion for the quarter ended December 2024, which was 0.56% below the Zacks Consensus Estimate, but up from $6.73 billion year-over-year [2] - Over the last four quarters, U.S. Bancorp has surpassed consensus EPS estimates four times, but has only topped consensus revenue estimates once [2] Stock Performance - U.S. Bancorp shares have increased approximately 6.4% since the beginning of the year, outperforming the S&P 500's gain of 1.2% [3] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.98 for the coming quarter and $4.32 for the current fiscal year, alongside revenues of $6.96 billion and $28.62 billion respectively [7] - The estimate revisions trend for U.S. Bancorp is currently favorable, resulting in a Zacks Rank 2 (Buy), suggesting that the shares are expected to outperform the market in the near future [6] Industry Context - The Banks - Major Regional industry, to which U.S. Bancorp belongs, is currently ranked in the top 28% of over 250 Zacks industries, indicating a strong industry performance potential [8]

Financial Performance - Net income attributable to U.S. Bancorp for Q4 2024 was $1,663 million, up 96.5% compared to $847 million in Q4 2023[2] - Earnings per common share for Q4 2024 was $1.01, compared to $0.49 in Q4 2023, representing a growth of 106.1%[2] - Net income for Q4 2024 reached $1,273 million, compared to $1,198 million in Q3 2024, reflecting a 6.3% increase[17] - Net income attributable to U.S. Bancorp for Q4 2024 was a loss of $248 million, compared to a loss of $938 million in Q4 2023[33] Revenue and Income - Total interest income for Q4 2024 was $7,831 million, a decrease of 3.2% from Q3 2024[2] - Noninterest income increased to $2,833 million in Q4 2024, compared to $2,620 million in Q4 2023, reflecting a growth of 8.1%[2] - Total net revenue for Q4 2024 was $3,079 million, up from $3,047 million in Q3 2024, indicating a growth of 1.0%[17] - Total net revenue for Q4 2024 was a loss of $139 million, an improvement from a loss of $306 million in Q4 2023[33] Assets and Liabilities - Total assets decreased to $678,318 million in Q4 2024 from $686,469 million in Q3 2024[4] - Total assets increased to $671,907 million as of December 31, 2024, up 1.1% from $664,640 million at September 30, 2024[9] - Total assets increased to $251,871 million in Q4 2024, up from $233,707 million in Q4 2023, representing an increase of 7.8% year-over-year[34] Loans and Deposits - Total loans reached $375.655 billion, a slight increase of 0.2% compared to $372.856 billion in the previous year[5] - Total loans increased to $379,832 million in Q4 2024, up from $374,164 million in Q3 2024, representing a growth of 1.8%[15] - Total deposits were $518,309 million, a slight decrease from $521,131 million in Q3 2024[4] - Total deposits rose to $14,449 million in Q4 2024, compared to $11,735 million in Q4 2023, reflecting a growth of 23.2% year-over-year[34] Credit Quality - Provision for credit losses was $560 million in Q4 2024, up from $512 million in Q4 2023[2] - Nonperforming loans increased to $1,384 million in Q4 2024, compared to $1,359 million in Q3 2024, reflecting a rise in credit quality concerns[18] - The provision for credit losses was a benefit of $33 million in Q4 2024, compared to a provision of $66 million in Q4 2023, indicating improved credit conditions[33] Efficiency and Cost Management - The efficiency ratio improved to 61.5% in Q4 2024 from 75.9% in Q4 2023[2] - The efficiency ratio improved to 43.3% in Q4 2024 from 44.5% in Q3 2024, indicating better cost management[17] - The efficiency ratio improved to 58.2% in Q4 2024 from 60.9% in Q4 2023, indicating better cost management[29] Investment and Securities - Investment securities rose to $171.325 billion, reflecting a 5.8% increase from $161.885 billion year-over-year[6] - Investment securities averaged $171,325 million with yields of 3.14%, a decrease from 3.20% in the prior quarter[9] Other Key Metrics - The return on average assets improved to 2.50% in Q4 2024, up from 2.38% in Q3 2024, indicating enhanced profitability[17] - Noninterest income reached $1,161 million, an increase from $1,021 million in the same quarter last year, reflecting a growth of 13.7%[20] - Total average deposit balances increased to $274,569 million, up from $268,801 million year-over-year, representing a growth of 2.8%[20]

Core Viewpoint - Analysts expect U.S. Bancorp (USB) to report quarterly earnings of $1.06 per share, reflecting a year-over-year increase of 7.1% and revenues of $7.02 billion, up 4.3% from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised 0.2% higher over the last 30 days, indicating a collective reevaluation by analysts [1][2] Key Financial Metrics - Total earning assets are projected to reach $608.85 billion, up from $594.24 billion in the same quarter last year [4] - Total nonperforming assets are expected to be $1.93 billion, compared to $1.49 billion a year ago [4] - The Efficiency Ratio is estimated at 59.7%, a significant improvement from 75.9% in the same quarter last year [5] - Total nonperforming loans are forecasted at $1.88 billion, up from $1.45 billion year-over-year [5] - The Tier 1 Capital Ratio is expected to be 12.5%, compared to 11.5% in the same quarter last year [5] - The Leverage Ratio is projected to reach 8.4%, up from 8.1% a year ago [6] Revenue Projections - Mortgage banking revenue is estimated at $155.05 million, compared to $137 million last year [6] - Other noninterest income is projected at $167.98 million, down from $228 million year-over-year [6] - Total Noninterest Income is expected to reach $2.86 billion, up from $2.62 billion last year [7] - Net interest income (FTE) is forecasted at $4.19 billion, slightly up from $4.14 billion a year ago [7] - Commercial products revenue is expected to be $383.00 million, compared to $326 million in the same quarter last year [8] - Service charges are projected at $301.95 million, down from $324 million year-over-year [8] Stock Performance - Over the past month, shares of U.S. Bancorp have returned -7.2%, while the Zacks S&P 500 composite has returned -2.2% [8] - U.S. Bancorp currently holds a Zacks Rank 2 (Buy), indicating potential outperformance in the near future [9]

Core Viewpoint - The market anticipates U.S. Bancorp (USB) will report a year-over-year increase in earnings and revenues for the quarter ended December 2024, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - U.S. Bancorp is expected to post quarterly earnings of $1.06 per share, reflecting a year-over-year increase of +7.1% [3]. - Revenues are projected to be $7.03 billion, which is a 4.4% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 0.18% higher in the last 30 days, indicating a slight positive reassessment by analysts [4]. - The Most Accurate Estimate for U.S. Bancorp is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.43%, suggesting a bearish outlook from analysts [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the likelihood of actual earnings deviating from consensus estimates, with a strong predictor being a positive Earnings ESP combined with a favorable Zacks Rank [6][8]. - U.S. Bancorp currently holds a Zacks Rank of 2 (Buy), but the negative Earnings ESP complicates predictions of an earnings beat [11]. Historical Performance - In the last reported quarter, U.S. Bancorp exceeded the expected earnings of $1 per share, achieving $1.03, resulting in a surprise of +3% [12]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [13]. Industry Comparison - The Bank of New York Mellon Corporation (BK), a peer in the banking industry, is expected to report earnings of $1.54 per share, representing a year-over-year increase of +20.3% [17]. - BK's revenues are anticipated to be $4.64 billion, up 7.7% from the previous year [17].

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Summary of U.S. Bancorp Conference Call Company Overview - **Company**: U.S. Bancorp (NYSE: USB) - **Participants**: Andrew Cecere (Chairman & CEO), John Stern (Senior Executive VP & CFO) - **Conference Date**: December 11, 2024 Economic Outlook - **Economic Performance**: The economy is described as stable, with consumer spending meeting expectations, particularly during the holiday season [3][4] - **Consumer Behavior**: Consumer credit remains solid with stable delinquency levels [4] - **Corporate Dialogue**: Corporates are positively inclined, but loan growth is flat, indicating a cautious approach to borrowing [5] - **Political Impact**: There is optimism regarding potential easing of regulations, which could benefit economic growth and bank performance [6] Financial Guidance - **Net Interest Income**: Expected to remain stable, with Q3 reported at approximately $4.166 billion [8] - **Expenses**: Full-year expenses projected at $16.8 billion on an adjusted basis [9] - **Mortgage Activity**: Noted softness in mortgage activity, but strength in trust and investment management fees [10] Strategic Priorities - **Investment in Digital Capabilities**: Significant investments have been made in technology, with expectations of increased revenue and expense efficiencies [12][13] - **Interconnectedness of Services**: Focus on integrating retail, commercial banking, and payments to enhance customer relationships [14][15] - **Financial Targets**: Aiming for industry-leading tangible return on common equity and improved efficiency ratios [16][17] Capital Management - **Loan Growth**: No constraints on growth; comfortable with not reaching Category 2 bank status until 2027 [21] - **Share Buybacks**: Initiated a $5 billion buyback program, with $100 million already purchased [24][25] - **Organic Growth Focus**: Emphasis on organic growth opportunities rather than large bank M&A [32][33] Market Positioning - **Deposit Stability**: Consistent deposit levels with a focus on relationship-based pricing [38][39] - **Loan Demand**: Anticipated improvement in loan demand, but not expected to be immediate [43][45] - **Net Interest Margin**: Aiming for a normalized net interest margin of around 3% in the medium term [46][48] Fee Growth and Capital Markets - **Capital Markets Outlook**: Positive outlook for growth driven by technology investments and service model improvements [54][56] - **Payment Business Structure**: Split into two segments to enhance focus and growth opportunities [60][62] Expense Management - **Investment Strategy**: Shifted focus from defensive to offensive investments, with 2/3 of spending supporting growth initiatives [65][66] - **Operational Efficiency**: Achieved cost savings through integration and technology, with expectations for continued positive operating leverage [72][78] Distribution Strategy - **Branch Footprint Reduction**: Reduced from 3,100 to 2,200 locations, focusing on consultation rather than transactions [79][81] - **Future Outlook**: Expecting stable branch distribution with potential for growth in high-opportunity areas [84] Credit Quality - **Credit Stability**: Overall credit outlook remains stable, with a focus on managing commercial real estate risks [88][90] - **Underwriting Standards**: No significant changes in underwriting standards; maintaining focus on appropriate returns [91] Investment Case and Market Sentiment - **Underappreciated Elements**: Emphasis on interconnectedness and unique business model as key growth drivers [92][94] - **Market Sentiment**: Positive outlook on bank share prices, reflecting improved regulatory and economic conditions [96][98]

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Dublin, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The "USB Camera Controller Market: Analysis By Type, By Device Type, By Connectivity, By Application, By Region Size and Trends and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.The global USB camera controller market in 2023 stood at US$2.01 billion and is likely to reach US$4.30 billion by 2029. The global USB camera controller market is projected to grow at a CAGR of 13.53% during the forecast period of 2024-2029. These controll ...

Company and Industry Overview * **Company**: U.S. Bancorp (NYSE: USB), a financial services holding company with international operations and the parent company of U.S. Bank. * **Headquarters**: Minneapolis, Minnesota. * **Market Position**: Fifth largest bank in the United States with $686 billion in assets as of September 30, 2024. * **Business Model**: Diversified business model with a focus on retail banking, commercial and corporate banking, and wealth and capital markets. * **Key Segments**: * Retail banking: Serving over 13 million consumer clients. * Commercial and corporate banking: Serving nearly 1.5 million businesses. * Wealth and capital markets: Providing wealth management, investment services, and capital markets solutions. Core Business Lines and Growth Strategies * **Retail Banking**: * Strong retail presence in over half of the states in the United States. * National product set including payments ecosystem, cards, corporate cards, and commercial and corporate businesses. * Focus on capital-efficient distribution through branch network, digital capabilities, and strategic partnerships. * **Commercial and Corporate Banking**: * Strong focus on transaction-related businesses, particularly in payments ecosystem and institutional businesses. * Over 60% fee growth in transaction-related businesses. * Over 60% of revenue in wealth and capital markets comes from fees. * Differentiated product set and global reach. * **Wealth and Capital Markets**: * Strong growth in institutional and wealth management businesses. * Number one in market share for wealth management and investment services. * Differentiated product set and global reach. * Focus on capital markets, investment services, and wealth management. * Expansion into new product areas such as commodities and structured credit. * Leveraging interconnected approach across the bank to drive growth. Key Growth Initiatives * **Capital Markets**: * 15% CAGR growth over the past few years. * Focus on client depth, product expansion, and expanding reach. * Uptiering client relationships from participant to lead bank. * Offering comprehensive solutions to fast-growing segments such as private capital. * Expansion into new product areas such as commodities and structured credit. * **Investment Services**: * Strong scale and growth in corporate trust, fund services, institutional trust, and custody. * Focus on leveraging scale to grow market share and differentiate through high-touch service model and interconnected approach. * Expansion into private capital and global asset management. * **Wealth Management**: * Strong growth in wealth management business. * Leveraging interconnected approach across the bank to drive growth. * Expansion into new markets and leveraging existing customer base. Financial Outlook * **Net Interest Income (NII)**: Expected to remain relatively stable in the fourth quarter due to flat loan growth and offsetting effects of asset repricing and liability repricing. * **Fee Income**: Expected to grow at a mid-single-digit rate in the fourth quarter, driven by strong performance in capital markets, investment services, and wealth management. * **Overall**: U.S. Bancorp remains confident in its growth prospects and execution momentum across its diversified business lines.

Company Overview - U.S. Bancorp is a financial services holding company with international operations and is the parent company of U.S. Bank, headquartered in Minneapolis [2] - As of September 30, U.S. Bancorp is the fifth largest bank in the United States, with total assets amounting to $686 billion [2] Leadership Team - John Stern serves as the Senior Executive Vice President and Chief Financial Officer, having been with the organization since 2000 and previously held various leadership roles [2][3] - Stephen Philipson is the Senior Executive Vice President and Head of Wealth, Corporate, Commercial and Institutional Banking, with over 20 years of financial services experience, including roles at Morgan Stanley and Wachovia [3] Conference Participation - The company participated in the BancAnalysts Association of Boston's Annual Bank Conference on November 7, 2024, with key presentations from John Stern and Stephen Philipson [1][4]