UPDATE 1-U.S. Bancorp's fourth-quarter earnings edge past estimates

(Adds details on tax law, earnings, interest income)

Jan 17 (Reuters) - U.S. Bancorp's fourth-quarter earnings edged past analysts' forecasts on Wednesday as the biggest U.S. regional bank by assets lent more and benefited from higher interest rates.

The Minneapolis-based bank also recorded a one-time gain of $910 million related to the new U.S. federal tax law.

The bank joins peer PNC Financial in booking a benefit from the new tax code, in contrast to bigger banks including Bank of America and Citigroup which have reported multi-billion-dollar charges related to the new tax laws.

U.S. Bancorp said net income attributable to common shareholders rose 16 percent to $1.61 billion or 97 cents per share in the fourth quarter ended Dec. 31, benefiting mainly from the tax-related gain.

Excluding the gain and other one-time items, the bank earned 88 cents per share, ahead of analysts' average estimate of 87 cents, according to Thomson Reuters I/B/E/S.

U.S. Bancorp's net interest income rose 6.4 percent to $3.14 billion from a year earlier, helped in part by higher interest rates.

The Federal Reserve raised interest rates three times in 2017, a pace policymakers are expected to maintain through this year and the next.

U.S. Bancorp's average loans rose 2.6 percent to $279.75 billion at the end of the quarter.

Total revenue rose 3.7 percent to $5.64 billion. (Reporting by Nikhil Subba in Bengaluru; editing by Sai Sachin Ravikumar)