Portland, Ore.-based U.S. Bancorp, the largest bank in the Northwest, reported net income of $51.3 million in the second quarter, a 19% drop from the $63.6 million it earned in the same period last year.

Analysts remained bullish on the $21 billion-asset bank despite the setback. They said certain business lines, like mortgage servicing, have not performed up to last year's high levels. But the long-term outlook for U.S. Bancorp remains strong, they insisted, because those businesses will soon be sold off.

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