U.S. Bancorp Reports Q1 EPS $0.52 Vs. $0.49 Est.; Revenues $4.52B Vs. $4.56B Est. (USB)

U.S. Bancorp Reports Q1 EPS $0.52 Vs. $0.49 Estimate; Revenues $4.52B Vs. $4.56B Estimate USB. U.S. Bancorp USB today reported net income of $1,046 million for the first quarter of 2011, or $.52 per diluted common share. Earnings for the first quarter of 2011 were driven by year-over-year growth in total net revenue and a reduction in the provision for credit losses. Included in the first quarter of 2011 was a $46 million gain related to the acquisition of First Community Bank of New Mexico (“FCB”) in a transaction with the Federal Deposit Insurance Corporation (“FDIC”). Highlights for the first quarter of 2011 included: Strong new lending activity of $47.4 billion during the first quarter including: $11.9 billion of new commercial and commercial real estate commitments $15.9 billion of commercial and commercial real estate commitment renewals $1.9 billion of lines related to new credit card accounts $17.7 billion of mortgage and other retail originations