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U.S. Bank records $1.4B second-quarter earnings

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U.S. Bancorp (NYSE: USB) recorded second-quarter net income of $1.4 billion, a 17.6 percent increase from $1.2 billion earnings in the same quarter of 2011.

The Minneapolis-based holding company, which operates eight U.S. Bank branches in Springfield, reported diluted earnings per share of 71 cents, an 11-cent uptick compared to second-quarter 2011, according to a news release.

"Our company’s record earnings this quarter demonstrate the benefits we have derived from our diverse business mix and adherence to a straightforward approach to doing business," U.S. Bancorp Chairman, President and CEO Richard Davis said in the release.

Second-quarter financial notes:
  • U.S. Bancorp's net loans totaled $211.5 billion, driven partly by new lending activity of $67.2 billion.
  • The company's Tier 1 capital was $30 billion, up from $27.8 billion.
  • Noninterest income rose 9.7 percent to $2.4 billion, and noninterest expense increased 7.3 percent to $2.6 billion.
  • Deposits were $241.3 billion at the end of the quarter, a 12.3 percent increase compared to deposits of $214.9 billion at the end of second-quarter 2011.
As of June 30, U.S. Bancorp had $353.1 billion in assets, $314.3 billion in liabilities and operated 3,080 branches in 25 states, the release said.  

The company's shares were trading at $32.83 as of 9:40 a.m., compared to a 52-week range of $20.10 to $34.10.

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