Wells Fargo's largest investor is Warren Buffett's Berkshire Hathaway. The bank said commercial lending grew 11%, helping offset a $124 million write-off related to a decline in value of mortgages to higher-risk borrowers. Credit losses rose 65%, but analysts and the bank said trends are manageable. Mortgage applications grew 19%, suggesting the bank is winning market share. "We are a responsible lender," Chief Financial Officer Howard Atkins said in an interview. "We try to make sure we bring people into loans only if they can afford them." Net income for Minneapolis-based U.S. Bancorp fell to $1.13 billion, or 63 cents a share, from $1.15 billion, or 63 cents, a year earlier. Analysts, on average, expected 65 cents. Net revenue rose 1% to $3.36 billion, below the $3.42 billion consensus. Credit losses increased 54%. Net interest margin, the difference between what the bank earns on loans and pays on deposits, fell to 3.51% from 3.80% a year earlier.