U.S. Bancorp (NYSE: USB) reported Tuesday that its first-quarter profit jumped 56% to $1.05 billion, or 52 cents a share, from $669 million, or 34 cents, in the year-earlier quarter. Included in the first quarter of 2011 was a $46 million gain related to the acquisition of First Community Bank of New Mexico or "FCB" in a transaction with the Federal Deposit Insurance Corporation or FDIC.On an adjusted basis, the company earned 50 cents a share in the latest quarter. Total net revenue on a taxable-equivalent basis increased 4.6% to $4.52 billion from $4.32 billion. Analysts, on average, expected the company to report earnings of 49 cents per share on revenue of $4.47 billion.
U.S. Bancorp Chairman, President and Chief Executive Richard Davis said, "Our results for the first quarter of 2011 reflected our proven business model during a recovering, yet still uncertain, economic environment."
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