U.S. Bancorp beats Q1 earnings estimates with strong lending and fee income growth.

U.S. Bancorp reported strong first-quarter results, exceeding earnings expectations thanks to robust lending and fee income. The bank benefited from sustained higher interest rates, which drove a 4.1% year-over-year increase in net interest income. Looking ahead, U.S. Bancorp projects net interest income growth of 6–7% year-over-year in the second quarter of 2026, supporting positive valuation and margin outlooks. The stock trades at an attractive price-to-book ratio of 1.48 and offers a 4% dividend yield, making it appealing compared to industry peers.