U.S. Bancorp (NYSE:USB) dropped Wednesday premarket trading on the back of weaker-than-expected earnings for the first quarter.
The Minnesota-based bank reported 78 cents earned per share when accounting for generally accepted accounting principles, or GAAP. Analysts surveyed by FactSet had anticipated 84 cents per share.
Net revenue came in slightly better than estimated, on the other hand. U.S. Bancorp posted $6.72 billion, slightly ahead of the consensus forecast of $6.71 billion.
“Despite a challenging interest-rate environment and pressure on industry deposit levels, we again saw growth in consumer deposits during the quarter,” U.S. Bancorp Chief Executive Officer Andy Cecere said in a statement. Average deposits totaled $503 billion, up slightly from the prior three months.
U.S. Bancorp is one of several regional banks reporting financials this week. The company, with more than 70,000 employees and $663 billion in assets as of December 31, 2023, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management.
U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank.
USB shares fell $1.35, or 3.3%, to $39.65 at Wednesday’s open.