U.S. Bancorp (USB) - Get U.S. Bancorp Report  on Wednesday reported first-quarter earnings that matched analysts' expectations, though revenue came in slightly below forecasts.

The Minneapolis-based bank reported first-quarter net income of $1.69 billion, or $1 a share, vs. $1.68 billion, or 96 cents a share, in the comparable year-earlier period. The per-share results matched the average estimate of analysts polled by FactSet.

Revenue for the quarter was $5.77 billion vs. $5.47 billion a year ago, slightly below forecasts. 

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Strong growth in its loan portfolio coupled with solid returns on assets and equity helped drive the positive first-quarter results, U.S. Bancorp CEO Andy Cecere said in a statement. 

Net interest income was $3.3 billion, an increase of $89 million, or 2.8%, over the first quarter of 2018, "principally driven by the impact of rising interest rates, earning assets growth, and higher yields on securities, partially offset by deposit pricing and funding mix shift" the company said. 

Average earning assets were $7.6 billion, up 1.9% from the first quarter of 2018, reflecting increases of $6.7 billion in average total loans, $686 million in average investment securities, and $1.2 billion in average other earning assets.

Excluding the impact of last year's sale of the company's federally guaranteed student loan portfolio and the fourth quarter 2018 sale of the majority of the company's FDIC covered loans, average total loans grew 3.7% on a year-over-year basis.

Shares of U.S. Bancorp were down 1.37% at $49.59 at the market open on Wednesday.