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|Dana Ripley||Jennifer Thompson|
|(612) 303-3167||(612) 303-0778|
U.S. BANCORP REPORTS FIRST QUARTER 2017 EARNINGS
Earnings Per Diluted Common Share of $0.82
Return on average assets of 1.35 percent and average common equity of 13.3 percent
Returned 78 percent of earnings to shareholders
MINNEAPOLIS, April 19, 2017 U.S. Bancorp (NYSE: USB) today reported net income of $1,473 million for the first quarter of 2017, or $0.82 per diluted common share, compared with $1,386 million, or $0.76 per diluted common share, in the first quarter of 2016.
Highlights for the first quarter of 2017 included:
|||Industry-leading return on average assets of 1.35 percent and return on average common equity of 13.3 percent|
|||Net interest income (taxable-equivalent basis) grew 3.7 percent year-over-year and declined slightly on a linked quarter basis due to fewer days in the quarter|
|||Net interest margin of 3.03 percent for the first quarter of 2017 decreased 3 basis points from the first quarter of 2016, due to loan mix and reinvestment yields, and grew 5 basis points over the fourth quarter of 2016, due to the favorable impact of higher interest rates|
|||Average total loans grew 4.1 percent over the first quarter of 2016 and 0.2 percent linked quarter|
|||Noninterest income increased 8.4 percent on a year-over-year basis|
|||Payment services revenue increased 4.9 percent led by credit and debit card revenue growth of 9.8 percent|
|||Trust and investment management fees increased 8.6 percent|
|||Mortgage banking revenue increased 10.7 percent|
|||Nonperforming assets decreased 13.0 percent on a year-over-year basis and 6.7 percent on a linked quarter basis|
|||Strong capital position. At March 31, 2017, the estimated common equity tier 1 capital to risk-weighted assets ratio was 9.2 percent using the Basel III fully implemented standardized approach and was 11.5 percent using the Basel III fully implemented advanced approaches method.|
The following information was filed by Us Bancorp De (USB) on Wednesday, April 19, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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