US Bancorp (NYSE:USB) stock rose 1.63% (As on July 12, 11:22:36 AM UTC-4, Source: Google Finance) after Bank of America upgraded them to buy from neutral, saying earnings and strong execution should foster outperformance. On a reported basis, net income attributable to U.S. Bancorp was $1,698 million for the first quarter of 2023, which was $141 million higher than the $1,557 million for the first quarter of 2022 and $773 million higher than the $925 million for the fourth quarter of 2022. Diluted earnings per common share were $1.04 in the first quarter of 2023, compared with $0.99 in the first quarter of 2022 and $0.57 in the fourth quarter of 2022. The first quarter of 2023 included $183 million, or $(0.12) per diluted common share, of merger and integration-related charges associated with the acquisition of MUB. The fourth quarter of 2022 included $(952) million, or $(0.63) per diluted common share, of notable items associated with the MUB acquisition, including the impact of certain transactions to support balance sheet repositioning and capital management actions, merger and integrationrelated charges and the initial provision for credit losses. Net income increased 83.6 percent on a linked quarter basis reflecting the impact of the MUB acquisition, which contributed to higher total net revenue, and lower provision for credit losses, partially offset by higher noninterest expense.

Moreover, average total loans for the first quarter of 2023 were $73.8 billion (23.6 percent) higher than the first quarter of 2022. The increase was driven by growth in the Company’s legacy loan portfolio as well as $52.8 billion in average loan balances from the MUB acquisition, which are primarily reflected in commercial loans, commercial mortgages and residential mortgages. Average total deposits for the first quarter of 2023 were $56.1 billion (12.4 percent) higher than the first quarter of 2022, including the impact of the MUB acquisition. Average noninterest-bearing deposits increased $1.8 billion (1.4 percent) driven by the impact of the acquisition of MUB, partially offset by a decrease across legacy Company business lines. Average total savings deposits were $43.5 billion (14.4 percent) higher year-over-year driven by the acquisition of MUB and increases within Corporate and Commercial Banking and Wealth Management and Investment Services, partially offset by a decrease in Consumer and Business Banking.

On the other hand, Evamarie Schoenborn is its new chief executive officer of U.S. Bancorp Investments Inc. (USBI), UnionBanc Investment Services (UBIS), and PFM Fund Distributors (PFMFD). Schoenborn’s appointment was effective June 30.