U.S. Bancorp reports stable earnings

U.S. Bancorp, the Minneapolis-based parent company of U.S. Bank, reported third quarter net income of $1.5 billion, or 76 cents per share, comparable to $1.5 billion, or 74 cents per share, in the same period a year ago.

The company operates the U.S. Bank Center in downtown Milwaukee and several branches throughout Wisconsin.

U.S. Bancorp chairman, president and chief executive officer Richard Davis said, “The company’s third quarter earnings of $1.5 billion, or $.76 per diluted common share, reflected our continuing ability to manage through the current uncertain and slow-growing economy. Our company produced industry-leading performance metrics, including return on average assets of 1.65 percent, return on average common equity of 15.8 percent and an efficiency ratio of 52.4 percent, as our diversified mix of businesses mitigated the impact of the pull-back in mortgage banking activity.”

Davis added, “Our balance sheet businesses continued to expand, as average total loans grew by 5.7 percent year-over-year and 1.9 percent linked quarter, accelerating from the 1.2 percent linked quarter growth in the second quarter of this year. Given reported industry trends, these results would indicate that our Company continues to gain market share. Average total deposits posted similar growth at 5.5 percent over the prior year and 2.0 percent linked quarter. Our net interest margin of 3.43 percent was equal to the prior quarter and, coupled with the growth in earning assets, led to an increase in net interest income on a linked quarter basis.”

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