U.S. Bancorp Reports EPS of $.49

U.S. Bancorp USB today reported net income of $974 million for the fourth quarter of 2010, or $.49 per diluted common share. Earnings for the fourth quarter of 2010 were driven by record total net revenue of $4.7 billion. Included in the fourth quarter of 2010 results was a $103 million gain from the exchange of the long-term asset management business of FAF Advisors, Inc., an affiliate of the Company, for an equity interest in Nuveen Investments and cash consideration.