U.S. Bancorp reported net income of $1,338 million for the first quarter of 2012. Earnings for the first quarter of 2012 were driven by year-over-year growth in total net revenue and a lower provision for credit losses.
 
Lease financing remained relatively flat, declining slightly from $5,834 million in Q4 2011 to $5,822 million in Q1 2012. First quarter 2012 lease financing results represent a decline of 3.5% versus Q1 2011 results ($6,030 million).

Net Charge offs for lease financing declined from $21 million in Q4 2011 to $8 million in Q1 2012.  The first quarter 2012 charge-offs represent a decline of 42.8% versus charge-offs recorded in Q1 2011 ($14 million).

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