U.S. Bancorp (NYSE: USB) reported Q1 EPS of $0.76, in-line with the analyst estimate of $0.76. Revenue for the quarter came in at $4.91 billion versus the consensus estimate of $4.95 billion.

The increase in net interest income year-over-year was the result of an increase in average earning assets and continued growth in lower cost core deposit funding, partially offset by an approximately $50 million decrease related to the previously communicated wind down of the short-term, small-dollar deposit advance product, Checking Account Advance (“CAA”), lower reinvestment rates on investment securities, and lower rates on new loans and a change in loan portfolio mix. Noninterest income increased year-over-year due to higher revenue in most fee businesses and higher equity investment gains in other income. Total net revenue on a taxable-equivalent basis was $263 million (5.1 percent) lower on a linked quarter basis due to a 1.7 percent decrease in net interest income, mainly the result of two fewer days in the quarter, and a 9.1 percent decrease in noninterest income, due to seasonally lower revenue in most fee businesses and the fourth quarter 2014 Nuveen gain.

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