Jim Trippon CPA

There's something to be said for consistency and predictability and those two themes have been especially prevalent for banks during this earnings season. Last week, JP Morgan Chase (NYSE: JPM), the second-largest U.S. bank, got the ball rolling by reporting solid first-quarter earnings, helped by the improving U.S. economy, few bad loans and the need to set aside less cash for non-performing loans. Bank of America (NYSE: BAC), the largest U.S. bank, made similar comments last Friday.

On Tuesday, US Bancorp (NYSE: USB) followed in the footsteps of its bigger rivals. US Bancorp isn't a big presence in the capital markets or investment banking the way BofA and JPMorgan, but it should be noted that even though the Minnesota-based bank and Warren Buffett favorite took TARP money, it was also diligent in repaying those funds. We said last year that we viewed the bank as one of the stronger and more financially sound institutions in the U.S. and Tuesday's earnings report certainly solidifies that view.

Of course, this is a bank we're talking about and USB has plenty in common with its larger rivals, especially when it comes to looking like its primed to raise the dividend that it slashed in the first quarter of 2009 and not doing so...yet. It appears USB will raise its dividend at some point, but CEO Richard Davis said he'd like to see the economy gain more strength and wait for capital guidelines from Uncle Sam before boosting the payout.

On the bright side, Davis did say his bank does have the earnings to support a higher dividend. At the same time, no time-frame for a higher payout was given. If nothing else, these banks are becoming annoyingly consistent and predictable in defense of their paltry payouts.