U.S. Bancorp 3Q earnings up 40 percent
Brief: The Minneapolis-based bank holding company reported record net income of $1.27 billion.
Minneapolis-based U.S. Bancorp (NYSE: USB), holding company for eight Springfield U.S. Bank branches, reported third-quarter net income of $1.27 billion, a company record.
The latest quarterly results show a 40.2 percent increase compared to earnings of $908 million in the same quarter of 2010, according to a news release.
Earnings per diluted share were 64 cents during the quarter, compared to 45 cents per diluted share a year ago.
"Our company was able to achieve record earnings in what many would describe as a difficult and uncertain economic environment," U.S. Bancorp Chairman, President and CEO Richard Davis said in the release.
Davis attributed the quarterly results to notable loan and deposit growth and the company's investments in its business lines.
Total loans increased 5 percent to $202.2 billion during the quarter, including new lending activity of $59.5 billion. Deposits increased 17.9 percent to $215.4 billion.
Third-quarter financial highlights:
*Revenue was $4.8 billion, a 4.5 percent increase compared to $4.59 billion in the same quarter last year.
*Nonperforming loans were $3.6 billion, while nonperforming assets totaled $4.3 billion.
*Net interest income grew 5.9 percent to $2.62 billion, compared to $2.47 billion.
As of Sept. 30, U.S. Bancorp's total assets were $330.1 billion.
In the five-county Springfield metropolitan statistical area, U.S. Bank ranked No. 8 in deposit market share. As of June 30, U.S. Bank held 3.57 percent of the market share with $265.7 million in deposits across 13 branches in the MSA. The Federal Deposit Insurance Corp. released the updated market share rankings Oct. 4.
The company operates 3,089 banks in 25 states.
As of 10:06 a.m., U.S. Bancorp shares were trading at $24.18, compared to a 52-week range of $20.10 to $28.94.
Minneapolis-based U.S. Bancorp (NYSE: USB), holding company for eight Springfield U.S. Bank branches, reported third-quarter net income of $1.27 billion, a company record.
The latest quarterly results show a 40.2 percent increase compared to earnings of $908 million in the same quarter of 2010, according to a news release.
Earnings per diluted share were 64 cents during the quarter, compared to 45 cents per diluted share a year ago.
"Our company was able to achieve record earnings in what many would describe as a difficult and uncertain economic environment," U.S. Bancorp Chairman, President and CEO Richard Davis said in the release.
Davis attributed the quarterly results to notable loan and deposit growth and the company's investments in its business lines.
Total loans increased 5 percent to $202.2 billion during the quarter, including new lending activity of $59.5 billion. Deposits increased 17.9 percent to $215.4 billion.
Third-quarter financial highlights:
- Revenue was $4.8 billion, a 4.5 percent increase compared to $4.59 billion in the same quarter last year.
- Nonperforming loans were $3.6 billion, while nonperforming assets totaled $4.3 billion.
- Net interest income grew 5.9 percent to $2.62 billion, compared to $2.47 billion.
As of Sept. 30, U.S. Bancorp's total assets were $330.1 billion.
In the five-county Springfield metropolitan statistical area, U.S. Bank ranked No. 8 in deposit market share. As of June 30, U.S. Bank held 3.57 percent of the market share with $265.7 million in deposits across 13 branches in the MSA. The Federal Deposit Insurance Corp. released the updated market share rankings Oct. 4.
The company operates 3,089 banks in 25 states.
As of 10:06 a.m., U.S. Bancorp shares were trading at $24.18, compared to a 52-week range of $20.10 to $28.94.
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