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US Bancorp Hopes to Raise Dividend Soon: CEO

US Bancorp hopes to raise its dividend as early as the end of the first quarter, pending approval by the Federal Reserve, CEO, Richard Davis told CNBC Wednesday.

Like many other US banks, US Bancorp was forced to cut their dividends after the financial crisis in order to preserve cash. (Click for after-hours quote)

Investors have been hounding the banks to raise their dividends. Bank CEOs, including Jamie Dimon of JP Morgan , have hinted recently that dividends will rise.

Davis characterized the US Bancorp's latest quarter as “excellent,” including good loan demand across all spectrums and in all geographies. He said the loans to big corporations were the first to come back, followed by those to communities, small businesses and finally to individuals.

He added that utilization of loans for wholesale business continues to shrink. “In other words, we have more lines of credit outstanding, but less usage of those lines," he said. "It’s a good barometer, people who have the loan available to them, at a price point that is very fair, but they’re not using their lines of credit.”