Minneapolis-based U.S. Bancorp (NYSE: USB), holding company for U.S. Bank, recorded first-quarter net income of $1 billion, a 55.2 percent increase from first-quarter 2010 net earnings of $663 million.
Earnings per diluted share were 52 cents for the quarter, compared to earnings of 34 cents per diluted share in the same quarter last year, according to a company news release.
Total average loans were $197.6 billion during the first quarter, up 2.4 percent from the first-quarter 2010 figure of $192.9 billion. Loan increases were driven by a 20.3 percent growth in residential mortgages, 3 percent growth in total commercial loans, 3 percent growth in total commercial real estate loans and 1 percent growth in total retail loans. However, total loans were partially offset by a 17.6 percent drop in average covered loans, the release said.
Other first-quarter 2011 financial highlights:
- As of March 31, total assets were $311.5 billion, compared to $282.4 billion at the end of first-quarter 2010.
- Total deposits were $208.3 billion in the quarter, compared to $184 billion in first-quarter 2010.
- Annual dividend raised to 50 cents from 20 cents.
Richard Davis, U.S. Bancorp chairman, president and CEO, said the company will actively be pursuing favor in the nation's capitol as the year continues.
"A healthy banking industry is crucial to the country's economic growth and future prosperity, and our company and our employees are taking an active role in Washington D.C., communicating with our regulators, legislators and the administration," he said in the release, noting U.S. Bank market leaders have attended more than 130 meetings with federal reps this year. "We are working on behalf of the industry to make certain that our voice is heard and that new regulation and legislation supports the recovery, rather than stifles the country's progress."
U.S. Bancorp manages 3,082 banks in 25 states and more than 5,000 automated teller machines.
The company's shares were trading at $25.17 as of 9:52 a.m., compared to a 52-week range of $20.44 to $28.94.[[In-content Ad]]
