U.S. Bank earnings drop slightly in 1Q

Minneapolis-based U.S. Bancorp (NYSE: USB) posted first-quarter earnings of $1.4 billion, a 2.2 percent decrease from $1.43 billion in the same quarter of 2013.

The holding company of eight U.S. Bank branches in Springfield posted diluted share earnings of 73 cents for the three months ended March 31, equal with first-quarter 2013 share earnings, according to a news release.

"Our performance clearly reflects the advantage of our diversified business mix and disciplined expense management, which has enabled us to withstand the revenue challenges facing our industry in this slow-growth economy," U.S. Bancorp Chairman, President and CEO Richard Davis said in the release.

First-quarter financial notes:

• U.S. Bank's lending activity totaled $41 billion during the quarter, including $26.9 billion in new and renewed commercial commitments. Total loans were $235.9 billion as of March 31.
• Net interest income was flat at $2.7 million.
• Provision for credit losses decreased 24.1 percent to $306 million from $403 million a year earlier.

As of March 31, U.S. Bancorp's assets were $371.3 million and deposits were $260.6 million. The company operates 3,083 branches in 25 states, according to the release.

USB shares were trading at $40.24 as of 9:13 a.m., compared to a 52-week range of $31.99 to $43.66.