By Allison Prang

U.S. Bancorp is expecting second-quarter fully taxable equivalent net interest income, compared to the company's first-quarter results, to rise in the low single digits, Chief Financial Officer Terry Dolan told analysts.

The company looks for loan growth to be modest, he said, and expects "payments fee revenue to continue to improve sequentially as economic activity continues to accelerate." Noninterest expenses, compared with the first quarter, are expected to be relatively stable.

For the full year, the company expects about a 21% taxable equivalent tax rate. In January, Mr. Dolan said the company was expecting that rate to be about 20%.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

April 15, 2021 13:14 ET (17:14 GMT)

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