U.S. Bank records slight growth in 3Q

Minneapolis-based U.S. Bancorp (NYSE: USB) improved its third-quarter net income by 1.2 percent to $1.49 billion, compared to $1.47 billion in the same quarter last year.

The operator of eight U.S. Bank branches in Springfield posted diluted share earnings of 81 cents, a 3-cent uptick, according to a news release.

“While the near-term external environment remains uncertain for the banking industry, we have built steady momentum throughout the year by focusing on activities that are within our control,” U.S. Bank Chairman, President and CEO Richard Davis said in the release, pointing to a 1.3 percent increase in loans from the second quarter and deposit growth of 6.9 percent compared to the same quarter last year.

Third-quarter financial notes:
    •    Net interest income rose 2.7 percent to $2.8 billion from $2.7 billion a year earlier.
    •    Provision for credit losses dropped 9.3 percent to $282 million.
    •    The company paid employees $1.1 billion, a 2.4 percent increase compared to last year.

As of Sept. 30, U.S. bank held assets of $415.9 billion and deposits of $295.3 billion, according to the release. In the Springfield metropolitan statistical area, U.S. Bank held $341.2 million, or 3.9 percent of the market share, as of June 30, ranking it seventh in the area, according to recently released Federal Deposit Insurance Corp. data.

USB shares were trading at $41.11 as of 10:51 a.m., compared to a 52-week range of $38.10 to $46.26.