US Bancorp on Wednesday reported net income of $1.4 billion for the four quarter, a 5.2 percent gain compared with the same year-ago period, and $5.6 billion for the full-year, representing a 15.9 percent gain versus 2011.

Returns on average assets and average common equity for 2012 were 1.65 percent and 16.2 percent, the Minneapolis-based company said in a news release.

“Credit quality continues to improve, as evidenced by the decline this quarter in both net charge-offs and nonperforming assets. Our annualized net charge-offs ratio of .85 percent for the fourth quarter of 2012 reflects the high quality of our portfolio,” said Chairman, President and Chief Executive Officer Richard K. Davis.

The company will celebrate its 150th birthday this July.

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