US Bank released its third quarter earnings report today and reiterated the Minneapolis, Minn.-based bank’s commitment to hinge customer acquisition on the mobile channel and mobile payments.

“I think we have to duke it out in the streets in the old-fashioned way for market share and earn it through customer quality and product sets and doing things like mobile banking and mobile payments and things that are cutting-edge where other companies might follow,” said CEO Richard K. Davis on the earnings call with investors and analysts this morning. The company may also grow its payments business through acquisitions, Davis told investors last month.

Consumer and small business banking contributed $326 million of US Bank’s net income of $1.47 billion for the quarter, a rise of $105 million or 47.5 percent over Q3 2011. The bank holds total assets of $352 billion.