pick US Bancorp
In the same week that Citigroup
Excluding the $107 million write-off and a $215 million legal litigation charge involving a Visa lawsuit, earnings per share came in essentially flat from the prior-year period. Other metrics also held up impressively in a tough environment. Net interest margin -- a profitability measurement for banks -- clocked in at 3.51%, slipping 5 basis points year over year, but up 7 basis points sequentially. Non-interest income, such as trust and management fees, showed strong growth. In addition, the efficiency ratio came in at 54.7%. However, if one excludes the legal and valuation charges, the efficiency ratio remains an impressive 47.2%, or flat with the fourth quarter of last year.
Credit quality also held up in an increasingly treacherous environment. In an environment where Capital One
Another interesting comment US Bancorp made during the quarter was that its mortgage banking unit was benefiting from a "flight to quality." After all, only 2.7% of US Bancorp's loans are subprime loans. In fact, US Bancorp's conservative management and rock-solid balance sheet should allow it to be a market share beneficiary as weaker competitors continue to falter.