U.S. Bancorp (NYSE: USB) reported Q2 EPS of $0.80, in-line with the analyst estimate of $0.80. Revenue for the quarter came in at $5.04 billion versus the consensus estimate of $5.05 billion.

Highlights for the second quarter of 2015 included:

• Return on average assets of 1.46 percent and average common equity of 14.3 percent
• Growth in average total loans of 4.0 percent over the second quarter of 2014 and 0.7 percent on a linked quarter basis (excluding student loans, which were reclassified to held for sale at the end of the first quarter of 2015)
  • Growth in average total commercial loans of 11.0 percent over the second quarter of 2014 and 2.1 percent over the first quarter of 2015
  • Growth in average commercial and commercial real estate revolving commitments of 10.5 percent year-over-year and 2.0 percent over the prior quarter
  • Growth in total other retail loans of 5.7 percent over the second quarter of 2014 and 1.7 over the first quarter of 2015 (excluding student loans)
• Strong new lending activity of $54.2 billion during the second quarter, including:
  • $29.7 billion of new and renewed commercial and commercial real estate commitments
  • $3.1 billion of lines related to new credit card accounts
  • $21.4 billion of mortgage and other retail loan originations
• Growth in average total deposits of 8.9 percent over the second quarter of 2014 and 2.6 percent on a linked quarter basis
  • Average low cost deposits, including noninterest-bearing and total savings deposits, grew by 13.3 percent year-over-year and 4.4 percent on a linked quarter basis
• Net interest income growth over the second quarter of 2014 driven by 9.1 percent growth in average earning assets, partially offset by the impact of the 2014 wind down of the Checking Account Advance (“CAA”) product. Net interest income increased over the previous quarter mainly due to an additional day in the quarter.
• Trust and investment management fees increased 7.4 percent on a year-over-year basis
• Improving trends in payments-related fee revenue led by merchant processing services which increased 7.6 percent on a year-over-year basis (excluding the impact of foreign currency rate changes).
• Decline in net charge-offs of 15.2 percent on a year-over-year basis. Net charge-offs increased modestly (6.1 percent) over the previous quarter as a result of lower recoveries. Provision for credit losses was $15 million less than net charge-offs in the current quarter.
• Decreases in nonperforming assets of 7.0 percent on a linked quarter basis and 18.8 percent on a year-over-year basis
• Capital generation resulted in a return of 76 percent of second quarter earnings to shareholders through dividends and the buyback of 14 million common shares, and continued to reinforce capital position. Ratios at June 30, 2015, were:
  • Common equity tier 1 capital to risk-weighted assets estimated for the Basel III fully implemented standardized approach of 9.2 percent and for the Basel III fully implemented advanced approaches of 12.4 percent
  • Basel III transitional standardized approach:
    • Common equity tier 1 capital ratio of 9.5 percent
    • Tier 1 capital ratio of 11.0 percent
    • Total risk-based capital ratio of 13.1 percent

For earnings history and earnings-related data on U.S. Bancorp (USB) click here.