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.
Among other regional lenders reporting on Wednesday, KeyCorp (KEY - Get Report) of Cleveland showed a 1% increase in average loans during the third quarter, with average loans growing 5% from a year earlier.
Interested in more on U.S. Bancorp? See TheStreet Ratings' report card for this stock.
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