Minneapolis-based U.S. Bancorp said today its net income for the first quarter increased 2.4 percent to $1.43 billion, or 76 cents per share, compared with $1.39 billion, or 73 cents per share, in the same period last year. Highlights included return on average assets of 1.44 percent, return on average common equity of 14.1 percent, and an efficiency ratio of 54.3 percent. Loans grew by 5 percent, including a 15 percent increase in commercial loans from a year ago and 2.4 percent from the fourth quarter. Commercial and commercial real estate loans totaled $29 billion, while mortgage and retail loans totaled $17 billion. Deposits increased 8 percent from a year ago. Bank of America Corp. reported net income of 27 cents per share on profits of $3.4 billion for the quarter. JPMorgan Chase & Co. said Tuesday that first-quarter profit rose 12 percent to $5.9 billion, while Wells Fargo & Co. said net income dropped 1.5 percent to $5.8 billion, Bloomberg reported.