U.S. Bank records flat earnings

U.S. Bancorp (NYSE: USB) recorded nearly flat second-quarter profits of $1.5 billion. The bottom-line figure represented a 0.7 percent increase from earnings in the same quarter of 2013.

Still, it was enough of a difference to represent the highest second-quarter profits in the company's history, said Richard Davis, U.S. Bancorp chairman, president and CEO, in a news release.

"We delivered strong performance across key metrics with returns on average assets and average common equity of 1.6 percent and 15.1 percent, respectively," he said in the release. "These results highlight the benefits of our diversified business strategy and prudent expense management philosophy as we continue to produce strong returns for our shareholders."

The Minneapolis-based holding company of eight U.S. Bank branches in Springfield posted diluted earnings per share of 78 cents for the three months ended June 30, up 2 cents from second-quarter 2013.

Second-quarter financial notes:

• During the quarter, U.S. Bancorp completed its acquisition of the Chicago-area Charter One Bank franchise, which added $4.8 billion in deposits and nearly doubled its deposit market share in the Chicago market.
• New lending activity totaled $55.5 billion, including $38.4 billion in new and renewed commercial and commercial real estate loans, $2.8 billion in new credit card accounts and $14.3 billion in mortgage and other retail loan originations.
• Net interest income improved to $2.74 billion from $2.67 billion a year ago.

As of June 30, U.S. Bancorp held assets of $389 billion and deposits of $276.3 billion. The company operates 3,174 branches in 25 states, according to the release.

USB shares were trading at $42.11 as of 8:37 a.m., compared to a 52-week range of $35.69 to $43.92.