MINNEAPOLIS -- U.S. Bancorp said Tuesday its first-quarter earnings fell 4 percent due to losses stemming from the mortgage crunch but declared its credit problems will continue to be manageable.

NEW YORK (Reuters) - U.S. Bancorp (USB.N), the sixth-largest U.S. bank, said on Tuesday first-quarter profit fell 4 percent, but results topped forecasts as increases in credit card and mortgage banking revenue helped offset weaker credit quality tied to the housing crisis.