Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 125

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Chunk 125
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     |                    | 4,232 |      |   | 4,304 |      |     |  -1.7 |         |
| Merger and integration charges              |     |                    |     — |      |   |   155 |      |     |       | *       |
| Total noninterest expense                   |     | $                  | 4,232 |      | $ | 4,459 |      |     |  -5.1 | %       |
| Efficiency ratio(a)                         |     |                    |  60.8 | %    |   |  66.4 | %    |     |       |         |

* Not meaningful

(a) See Non-GAAP Financial Measures beginning on page 27.

#### Balance Sheet Analysis
Loans The Company’s loan portfolio was $381.8 billion at March 31, 2025, compared with $379.8 billion at December 31, 2024, an increase of $2.0 billion (0.5 percent). The increase was driven by higher commercial loans, partially offset by lower credit card loans and other retail loans.

Commercial loans increased $4.6 billion (3.3 percent) at March 31, 2025, compared with December 31, 2024, primarily due to growth in loans to financial institutions.

Residential mortgages held in the loan portfolio increased $94 million (0.1 percent) at March 31, 2025, compared with December 31, 2024, driven by originations. Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.

Credit card loans decreased $1.1 billion (3.7 percent) at March 31, 2025, compared with December 31, 2024, primarily the result of customers seasonally paying down balances.

Other retail loans decreased $1.1 billion (2.5 percent) at March 31, 2025, compared with December 31, 2024, primarily due to a decrease in automobile loans.

Commercial real estate loans decreased $525 million (1.1 percent) at March 31, 2025, compared with December 31, 2024, primarily due to loan workout activities and payoffs exceeding a reduced level of new originations.

The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors