U.S. Bancorp quarterly net income rises on lower costs

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.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.