(Bloomberg) — U.S. Bancorp (USB) achieved net interest income that beat analyst estimates as fixed-income assets in its portfolio benefited from higher financing costs.

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The Minneapolis-based bank reported $4.14 billion in NII — what it generates from lending minus what it pays for deposits — in the third quarter, according to a statement Wednesday. That exceeded analyst expectations of nearly $4.04 billion.

The results track the gains of banks, including midsize PNC Financial Services Group Inc. (PNC) and larger Wall Street rival JPMorgan Chase & Co. (JPM), both of which collected more NII than analysts expected after the Fed’s 50 basis point cut. last month, the first in more than four years.

Citizens Financial Group Inc. (CFG) also reported earnings on Wednesday, with net interest income of $1.37 billion and $175.2 billion in deposits both just above analyst estimates.

Investors are eager to get an early look at the impact of the Federal Reserve’s policy change. The NII measure is especially important for regional lenders that don’t have the robust sales and trading operations of their larger rivals.

“Net interest income and margin increased quarter-on-quarter, driven by credit mix, continued repricing of fixed income assets and disciplined liability management,” PNC CEO Andy Cecere said in the statement.

The bank’s shares are up about 8.6% this year, compared with a 25% gain for the S&P 500 Financials Index.

In the third quarter, PNC’s loans totaled $374 billion, missing estimates of $377 billion.

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