U.S. Bancorp profits fell slightly in the first quarter to $1.4 billion, compared with $1.43 billion in the same quarter of 2013.
Revenues fell slightly to $4.8 billion, down $60 million from the same quarter a year earlier. The company said net interest income was essentially flat year-over-year, as an increase in average earning assets was offset by a decrease in the net interest margin. Noninterest income declined, primarily because of lower mortgage banking revenue.
Chairman and CEO Richard K. Davis said the bank is still generating strong results in a slow-growing economy. Growing loan volumes show U.S. Bancorp is gaining market share, Davis said. The bank returned two-thirds of its quarterly earnings to shareholders while maintaining a strong capital position, he said.
The bank employs nearly 1,400 people in Idaho, including about 400 in the Treasure Valley.