Tuesday, April 21, 2009 | 11:50 a.m.
Sun Coverage
U.S. Bancorp, a significant lender in the Las Vegas area, today reported a decline in its quarterly profit as the recession caused more loans to become delinquent.
But investors were pleased with the results, as U.S. Bancorp has not been hit as hard as some others by problems in the real estate markets. Its stock was up 12 percent in midday trading to $17.81.
U.S. Bancorp, with about $1 billion in deposits and 41 offices in the Las Vegas area, said it earned $529 million or 24 cents per share in the first quarter, down from $1 billion or 62 cents in the first quarter of 2008.
In the 2009 quarter, the Minneapolis bank recorded a provision for loan losses of $1.3 billion, including $788 million in loans that were charged off.
Its nonperforming assets of $3.4 billion amounted to 1.56 percent of its total loans and other assets, up from 1.14 percent in December.
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