U.S. Bancorp Announces Consolidated Net Charge-Offs for the Fourth Quarter Ended December 31, 2018; Provides Financial Guidance for the First Quarter of Fiscal 2019
For the first quarter, the company expects fully taxable equivalent net interest income to increase in the low single digits on a year-over-year basis. Net interest income is typically lower in the first quarter of each year due to the impact of the account and that will be the case again this year. Additionally, in the first quarter, year-over-year net interest income growth will be negatively impacted by the sale of the acquired loan portfolio yield curve. The company expects fee revenue to increase in the low single digits year-over-year, including the negative impact of the sale of the ATM business. Expects to deliver positive operating leverage on a core basis for the full year of 2019, in line with the previous guidance.