U.S. Bank profits dip slightly

Minneapolis-based U.S. Bancorp (NYSE: USB) posted second-quarter earnings of $1.48 billion, representing a 0.8 percent downtick from profits of $1.5 billion in the same quarter last year.

However, the operator of eight U.S. Bank branches in Springfield increased diluted share earnings by 2 cents to 80 cents, according to a news release.

“As we pursue our vision for the future, we must continue to balance the investments we make in our highest return initiatives with prudent financial discipline – that’s the nature of navigating through this low interest rate environment,” U.S. Bank Chairman, President and CEO Richard Davis said in the release.

Second-quarter financial notes:

• Net loans as of June 30 were $244.6 billion, up from $239.7 billion a year earlier. Lending activity was boosted by commercial and commercial real estate, new credit card accounts and mortgages.
• Net interest income moved up 0.7 percent to $2.77 billion from $2.74 billion last year.
• The company returned 76 percent of its earnings during the quarter to shareholders through dividends and share buybacks.

As of June 30, U.S. Bank held assets of $419.1 billion and deposits of $296.8 billion. The company operates over 3,100 branches in 25 states, according to the release.

USB shares were trading at $45.88 as of 9:58 a.m., compared to a 52-week range of $38.10 to $46.26.