Wells Fargo reported third-quarter earnings of $5.6 billion, or 99 cents a share, increasing from $4.9 billion, or 88 cents a share, in the third quarter of 2012.

Regions Financial ( RF) of Birmingham, Ala., is next, with adjusted core revenue, excluding mortgage revenue, increasing to $1.254 billion in the third quarter from $1.245 billion a year earlier. The company's average share count during the third quarter declined to 1.405 billion from 1.423 billion in the third quarter of 2012, so adjusted third-quarter revenue-per-share grew 2.0% to 89 cents from 87 cents a year earlier.

Regions reported third-quarter earnings of $285 million, or 20 cents a share, declining from $301 million, or 22 cents a year earlier. Please see TheStreet's coverage detail on several positive trends for the bank.

The last large-cap showing year-over-year core revenue growth, excluding mortgage revenue, is U.S. Bancorp ( USB) of Minneapolis. The company's adjusted third-quarter revenue was $4.566 billion, declining from $4.659 billion a year earlier. But the company's average third-quarter share count declined to 1.843 billion from 1.897 billion in the third quarter of 2012. So adjusted revenue-per-share came to $2.48, increasing from $2.46 a year earlier.

U.S. Bancorp reported third-quarter earnings of $1.468 billion, or 74 cents a share, compared to $1.474 billion, or 74 cents a share, a year earlier. The company also reported solid growth of average loans during the third quarter.

Mutascio wrote that "over the past 12 months it does not appear that revenue per share generation is a good predictor of stock outperformance," but added that "At some point when the loan loss reserves are bled dry and cost cutting has run its course, we think revenue per share growth may be a better predictor of share price gains."

-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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