The $553 billion asset U.S. Bancorp (NYSE: USB) delivered earnings in the fourth quarter of 2020 that met analysts' profit estimates, but missed on revenue expectations. The bank reported net income of $1.5 billion in the quarter, or $0.95 diluted earnings per common share, which is up from the fourth quarter of 2019 and essentially almost exactly what analysts were projecting. Revenue at the bank came in at nearly $5.8 billion, missing just slightly on expectations. For the full year 2020, U.S. Bancorp reported net income of nearly $5 billion, down nearly 28% from 2019, on total revenue of $23.3 billion. Image source: U.S. Bancorp. Both full-year earnings and revenue in 2020 slightly beat out average analyst estimates. "Our fourth quarter and full year results highlighted the value of our diversified business model, which allowed us to deliver industry leading results for our shareholders despite the economic headwinds the entire banking industry faced," U.S. Bancorp President and CEO Andrew Cecere said in a statement. Net interest income in the quarter declined slightly as the net interest margin also continued to face pressure, dropping another 10 basis points (0.10%) from the third quarter of 2020 and settling at 2.57%. Non-interest income also declined compared to the third quarter, but was still up from the fourth quarter of 2019. For the first time in 2020, U.S. Bancorp did not build reserves in the fourth quarter to prepare for more loan losses, and reported a provision for credit losses more in line with the fourth quarter of 2019, albeit higher. Net charge-offs (debt unlikely to be collected) dropped from the linked quarter and non-performing assets remained stable, only rising slightly from the linked third quarter of 2020. 10 stocks we like better than US BancorpWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and US Bancorp wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source