Minneapolis-based U.S. Bancorp reported high-than-expected quarterly profit as revenue rose and set aside less money for bad loans. The fifth-largest U.S. commercial bank posted a net income of $1.42 billion in the second-quarter.

The Minneapolis-based bank beat Wall Street expectations posting a $1.35 billion profit in the fourth quarter. U.S. Bank also posted record earnings of $4.87 billion for the year. The company reports lending activity increased more than 16 percent.

Inver Grove Heights-based CHS Inc. -- the largest farmer-owned cooperative in the United States -- reported net income of $405 million thanks to strong energy performance. Revenue increased nearly 5 percent to hit $11 billion. The Wall Street Journal notes CHS reported its second-quarter profit dropped 60 percent.

The Minneapolis bank -- the fifth largest in the country -- reports profits are up significantly for the third quarter this year. The bank has grown its lending business and benefited as fewer borrowers fall behind.

Boosted by double-digit sales growth across all of its product lines, Polaris Industries Inc. posted a net income of $94.3 million, a 40 percent jump from $67.6 million in the third quarter a year-ago, the Associated Press reports. The Medina-based all-terrain vehicles maker also lifted its full-year outlook for the third time.

U.S. Bancorp beat banking giants Bank of America and Citigroup in the first quarter of the year. Wells Fargo and JPMorgan Chase continue to dominate the unrivaled market share.

Minnesota-based U.S. Bancorp, parent company of U.S. Bank, and California-based SolarCity announced Wednesday their sixth and largest renewable energy tax equity fund since the two companies partnered three years ago. It will finance up to $250 million in residential solar power and commercial solar power projects for homeowners, businesses, schools, and government buildings.