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US Bancorp reports increase in Q2 net income

Minneapolis-basedU.S. Bancorp on July 15reported second-quarter net income applicable to common shareholders of $1.44billion, or 83 cents per share, compared to $1.42 billion, or per share, in theyear-ago period.

The company noted in a news release that results for thesecond quarter of 2016 included notable items related to equity investments, legaland regulatory matters and charitable contributions that, combined, increaseddiluted earnings per common share by 1 cent.

TheS&P Capital IQ consensus estimate for normalized EPS for the most recentquarter was 80 cents.

Thecompany's net interest margin was 3.02% for the second quarter of 2016,compared to 3.06% in the linked quarter and 3.03% in the second quarter of 2015.

Nonperformingassets, excluding covered assets, were $1.67 billion at June 30, compared to$1.72 billion at March 31 and $1.58 billion at June 30, 2015. The increase innonperforming assets on a year-over-year basis was driven by commercial loanswithin the energy portfolio, partially offset by improvements in the company'sresidential and commercial real estate portfolios. The decrease innonperforming assets on a linked-quarter basis was driven by improvements inthe energy portfolio and in residential mortgages.

Thequarter's provision for credit losses was $327 million, compared to a provisionof $330 million in the linked quarter and $281 million in the second quarter of2015.

Netcharge-offs in the three-month period ended June 30 totaled $317 million,compared to $315 million in the previous quarter and $296 million in the secondquarter of 2015. Net charge-offs increased 0.6% compared to the first quarterdue mainly to modest increases in construction and development and credit cardnet charge-offs. The 7.1% year-over-year increase was due primarily to highercommercial loan net charge-offs, partially offset by lower charge-offs relatedto residential mortgages.