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U.S. Bancorp, BankAmerica exceed expectations by cutting costs, buying back shares
Bank earnings are starting to look a lot like the Energizer bunny: They just keep growing and growing.
Six years into a bull run, most major banks doing business in the Pacific Northwest continue to log better-than-expected net income.
"Obviously, the regional economy is really kicking in," notes R. Jay Tejera, a bank securities analyst with Dain Bosworth Inc. in Minneapolis.
In the Puget Sound area, four banks and thrifts had whopping stock price jumps of 29 to 58 percent in 1996: First Mutual Savings Bank, Columbia Banking System Inc., Washington Mutual Inc. and InterWest Bancorp Inc.
In Oregon and California, players such as U.S. Bancorp and BankAmerica Corp. (owner of Seafirst Bank) have surpassed expectations by cutting costs and using …