U.S. Bancorp is similar to Wells Fargo. It's a major regional bank that mainly sticks to the basics.
The company is still expected to report decent gains in earnings this year and in 2016 despite the fact that the Fed may not raise interest rates as quickly as banks would like.
U.S. Bancorp CEO Richard Davis has even used the word "torture" several times to describe how tough it is for banks to make money from lending with rates near zero for as long as they have been. He even compared it to the last 10 seconds of a bar hang test that you had to take in high school gym class.
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But Davis also is optimistic that consumers and businesses will rush to take out new loans or refinance existing ones once it becomes clearer that the Fed is definitely closer to a rate hike.
Buffett and Berkshire investors are hoping he's right.
