U.S. Bancorp earnings down 19 percent

Per-share earnings were 53 cents in second quarter 2008, down 12 cents from a year earlier. Net income totaled $950 million, down 17.8 percent from a year ago. Significant items from the quarter included net securities losses of $63 million, which reduced earnings per diluted share by about 11 cents.

“As predicted, credit costs continued to climb this quarter,” said president and CEO Richard K. Davis in a news release. “Despite this upward trend, credit costs are expected to be manageable for our company as we continue to produce solid core operating results.”

Net interest income totaled $1.91 billion, up 15.6 percent from the second quarter of 2007. The company posted net charge-offs of $396 million for the quarter, in addition to an incremental provision for credit losses of $200 million.

Shares of U.S. Bancorp (NYSE: USB) closed Wednesday at $30.60, compared to a 52-week range of $20.57 to $35.25.