NEW YORK (Standard&Poor's) April 16, 2013--Standard&Poor's Ratings Services today said its ratings on U.S. Bancorp (USB; A+/Stable/A-1) are unaffected by the company's good first-quarter results, which were in line with our expectations. We expect pretax earnings to be modestly higher in 2013 relative to last year, based on low-to-mid single-digit loan growth, continued net interest margin (NIM) pressure, and a decline in mortgage banking revenue, offset by continued expense controls. Relative to the first quarter of 2012, revenue declined 1.1% to $4.9 billion, reflecting lower mortgage banking revenue, primarily as a result of a decline in the gain on sale margins, offset by modest net interest income growth. The NIM compressed 12 bps, at the lower
