The company's total noninterest expense for the third quarter was $2.565 billion, increasing slightly from $2.557 billion the previous quarter, but down nearly 2% from $2.609 billion a year earlier.
USB's major third-quarter highlight was loan production, with average loans -- excluding acquired loans covered by government guarantees -- increasing by 2.2% sequentially in the third quarter to $219.629 billion. Average loans were up 7.5% from a year earlier. The company achieved growth in all lending categories, except for commercial leases and home equity and second mortgage loans. The strongest growth in average loans during the third quarter was in construction and development loans, which were up 6.8% from the second quarter to $6.955 billion.
Interested in more on U.S. Bancorp? See TheStreet Ratings' report card for this stock.
Email. Follow @PhilipvanDoorn
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV