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MINNEAPOLIS (AP) - U.S. Bancorp said Tuesday its first-quarter earnings fell 4 percent due to losses stemming from the mortgage crunch but declared its credit problems will continue to be manageable.
The Minneapolis-based bank said it earned $1.09 billion, or 62 cents per share, down from $1.13 billion, or 63 cents per share, during the same period last year. Revenues were $3.87 billion, up 14 percent from $3.39 billion in the first quarter of 2007.
Analysts polled by Thomson Financial had expected earnings of 61 cents per share on revenue of $3.66 billion.
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