MINNEAPOLIS ( TheStreet) -- U.S. Bancorp's ( USB) Chairman and CEO Richard Davis said his interest in pursuing traditional bank acquisitions has not waned despite mixed economic data, and a more onerous bank regulatory backdrop and the clear disparity between larger regional banks that have repaid federal bailout funds vs. small and mid-cap banks that are still struggling.

"Actually it makes me ponder whether or not the parties we might be interested in working with would be more interested" in holding acquisition discussions with U.S. Bancorp, Davis said in answer to one analyst asking whether the bank may be less acquisitive given the industry backdrop. Davis was speaking on the bank's conference call on Wednesday.

"For us, if nothing happens of a major acquisition, we'll be fine for the rest of my life," Davis continued. "But if the opportunities that come along now accelerate others' willingness to talk and consider an opportunity, it doesn't change my interest. It's all going to come down to the math and the opportunity to make it a stronger company because of it."

Davis added that the industry backdrop has lessened what the bank would be willing to pay for acquisitions.

While in the past U.S. Bancorp has stuck to acquisitions that have augmented its already substantial footprint across the country, Davis said later in the call that a bank deal out of its footprint is "not altogether out of the question," as it looks to expand its corporate lending business to national in scale.

U.S. Bancorp, along with other large regional banks including PNC Financial Services ( PNC) and BB&T ( BBT) has been named by several analysts as a potential acquirer as bank consolidation is expected to turn away from FDIC-assisted deals back toward traditional M&A over the next few years. The super-regional banks are primed to take market share, particularly as the large money-center names are held up either by regulatory limits or large integrations.

U.S. Bank beat Wall Street profit expectations early Wednesday, with its performance boosted by lower loan loss provisioning and a solid increase in revenue year over year as top-line growth continued to benefit from acquisitions made during the height of the crisis.

The bank reported a profit of $766 million, or 45 cents a share, for the second quarter vs. $471 million, or 12 cents a share, in the year-earlier quarter. Earnings for the June-ending quarter included a 5 cent benefit related to a non-recurring exchange of perpetual preferred stock for outstanding income trust securities during the quarter. Revenue rose 8.7% to $4.5 billion.

Analysts on average expected the super-regional bank to earn 38 cents a share on revenue of $4.35 billion of revenue in the June period, according to Thomson Reuters.

Stifel Nicolaus analyst Christopher Mutascio called U.S. Bank's earnings beat a "rare combination" of revenue growth and credit quality improvement. Large banks including JPMorgan Chase ( JPM) and Citigroup ( C) indeed saw credit improvement during the quarter and designated less provisioning, still revenue growth for the most part remains elusive for the large firms.

U.S Bancorp's rival Wells Fargo ( WFC) reported second-quarter earnings that blew away Wall Street estimates but fell from prior year's quarter. Wells Fargo's revenue was roughly in line with consensus estimates.

Based on Tuesday's closing price U.S. Bancorp shares have fallen 18.5% since its 52-week-high on April 15 of $28.43. The stock was rising 2 cents to $23.17 in late morning trades.

-- Written by Laurie Kulikowski in New York.
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