3.0% on The Wall Street Scale Rocks U.S. (NYSE: USB) (NYSE: WFC)

NEW YORK - U.S. Bancorp the 5th largest bank in the U.S. reported net income of $974 million or 49 cents a share. Nonperforming assets decreased to $5 billion from $5.4. The company continues to over provision for loan losses as it has an allowance for loan losses at a higher amount than its nonperforming loans. Because these NPL's are not sold at zero when a company over provisions they are likely to release more reserves into their earnings at some point in the future. The company's Tier 1 common equity ratio improved to 7.8% from 7.6%. Shares are moving dramatically lower in morning trade. Shares of fellow reporter this morning, Wells Fargo began the day down close to 2% but has rebounded, while U.S. Bancorp continues to be sold off.