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.

U.S. Bancorp, parent company of U.S. Bank, posted a record net income of $1.47 billion, a 16 percent jump from $1.27 billion a year-earlier, Bloomberg reports. “Earnings included continued strong mortgage-banking activity, which contributed to our growth in fee income, residential real estate loans and loans held for sale,” said CEO Richard Davis.

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.

Piper Jaffray Cos. reported its net revenue grew to $133 million, compared to $95.9 million in the third quarter last year, the Business Journal reports. The Minneapolis-based investment bank and asset manager says its mortgage-backed securities trading strategy "drove the majority of the improvement."

Select Comfort Corp.'s shares soared 19 percent in after-hours trading Wednesday after the company reported it beat Wall Street expectations with strong gains in both sales and profits. The Plymouth-based maker of the Sleep Number bed also announced plans to open more stores than originally expected.

The medical-device maker reports second-quarter profits up significantly from a year ago, when the company was tangled up in legal troubles.

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.