Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 10

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 7
Chunk 10
---
7.43.82Asset-backed securities(a)6,842 6,865 4.25.367,136 7,165 3.85.56Obligations of state and political subdivisions(b)(c)10,571 9,486 11.13.6910,690 9,552 11.73.72Other265 268 1.64.71249 250 1.54.79Total available-for-sale(d)$93,817 $89,065 6.03.59 %$92,780 $85,992 6.83.67 %

(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. 

(b)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. 

(c)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. 

(d)Amortized cost excludes portfolio level basis adjustments of $304 million at September 30, 2025 and $13 million at December 31, 2024.

(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

Deposits Total deposits were $526.1 billion at September 30, 2025, compared with $518.3 billion at December 31, 2024. The $7.8 billion (1.5 percent) increase in total deposits was primarily driven by an increase in noninterest-bearing deposits. Noninterest-bearing deposits increased $7.4 billion (8.8 percent) at September 30, 2025, compared with December 31, 2024, primarily driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances. Time deposits increased $257 million (0.5 percent) at September 30, 2025, compared with December 31, 2024,