Profit at U.S. Bank nearly tripled year-over-year, to just under $2 billion in the second quarter, compared with $689 million in June 2020, the bank reported Thursday.

That figure, however, represented a 13.1% net income drop compared with 2021’s first quarter, which the bank attributed to a more robust release of loan-loss reserves in the previous three-month span.

The push and pull between loans and deposits appeared to reveal an improvement in customers’ personal economic standing. Andy Cecere, U.S. Bank’s CEO, backed up that assessment Thursday in a statement.

"Our second-quarter results were indicative of steadily improving economic conditions and continued execution of our strategic growth plan across our business lines and markets," he said. "However, we are even more excited about the significant secular growth opportunities we see driving industry-leading returns over the longer term."

Deposits at U.S. Bank grew 6.4% overall in the second quarter, but the noninterest-bearing segment saw a 31.7% jump over last year’s second quarter.

Loans saw a 7.5% drop year-over-year, with the steepest declines coming in home equity and second mortgages (21%) and commercial (around 20%).

The bank reported revenue around $5.8 billion, relatively steady from last year’s comparable quarter. The Minneapolis-based lender’s nearly $3.2 billion in net interest income marked a 1.9% decrease, which the bank attributed to lower interest rates and loan balances. But higher fees from the Small Business Administration’s Paycheck Protection Program (PPP) loans helped curb a steeper decline, the bank said.

The bank saw its nonperforming assets drop 9.7% year-over year, it said Thursday.