(Includes information from earnings conference call, updated share prices.)

US Bancorp's ( USB) shares climbed as much as 5.4% Wednesday after beating earnings estimates for the second quarter.

The Minneapolis-based bank managed to record earnings of 12 cents a share, beating consensus estimates by 2 cents a share. Revenue rose 9.4% from the year-earlier period to $4.2 billion, a record for the company, it said. The stock was recently adding 98 cents to $19.25.

Like other banks, US Bancorp was required to pay a special assessment to the Federal Deposit Insurance Corp. that equaled 5 cents a share, the company said. It also was one of the nine banks to repay government bailout funds in the quarter, which cost it 8 cents a share.

Still, credit costs ate up the largest portion of the quarter's earnings. US Bancorp recorded a provision of $1.39 billion, $466 million of which -- the provision in excess of net charge-offs -- cost it 20 cents a share.

As a result, US Bancorp's profit was dramatically lower compared to the same time last year. Net income applicable to shareholders fell by 76% to $221 million from $926 million, or 53 cents a share, a year earlier.

"Overall, while US Bancorp is of course being impacted by the credit cycle, we thought the company's performance was certainly among the best we have seen this quarter, and it reinforced the bank's position as one of the strongest large banks in the country," Sandler O'Neill & Partners analyst Scoff Siefers writes in a note.

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