U.S. Bancorp, parent of U.S. Bank, on Wednesday reported record earnings, as lower credit costs offset a continued decline in mortgage revenue.
The bank reported second-quarter net income of $1.48 billion, or 76 cents a share, up from $1.41 billion, or 71 cents a share, a year earlier.
U.S. Bancorp earnings were in line with analysts’ estimates of 76 cents a share.
Second-quarter revenue fell 2.4 percent to 4.95 billion, led by a decline in mortgage income, which dropped 19 percent from $490 million in the second quarter of 2012 to $396 million in the latest quarter, an earnings statement shows.
U.S. Bank operates 74 branches in Southern Nevada, with about $2.2 billion in local deposits.
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