Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 148

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Chunk 148
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 loan portfolio and establishing the allowance for credit losses.

Noninterest Income Noninterest income was $2.9 billion in the second quarter and $5.8 billion in the first six months of 2025, representing increases of $109 million (3.9 percent) and $245 million (4.4 percent), respectively, compared with the same periods of 2024. The increases from the prior year reflected higher trust and investment management fees, payment services revenue and other noninterest income, partially offset by lower mortgage banking revenue. Trust and investment management fees increased primarily due to favorable market conditions and business growth. Payment services revenue increased primarily due to increases in merchant processing services revenue due to favorable rates and card revenue mainly due to higher sales volume. Other noninterest income increased primarily due to higher tax credit investment activity. Mortgage banking revenue decreased primarily due to a gain on the sale of mortgage servicing rights in the second quarter of 2024.

| U.S. Bancorp |     | 5 |

| TABLE 2 |     | Noninterest Income |

| (Dollars in Millions)                |     | Three Months Ended 
 June 30            |       | 2025 |   |       | 2024 |     |       | Percent 
 Change  | Six Months Ended 
 June 30          |       | 2025 |   |       | 2024 |     |       | Percent 
 Change  |
|:-------------------------------------|:----|:-------------------|------:|:-----|:--|------:|:-----|:----|------:|:--------|:-----------------|------:|:-----|:--|------:|:-----|:----|------:|:--------|
| Card revenue                         |     | $                  |   442 |      | $ |   428 |      |     |   3.3 | %       | $                |   840 |      | $ |   820 |      |     |   2.4 | %       |
| Corporate payment products revenue   |     |                    |   192 |      |   |   195 |      |     |  -1.5 |         |                  |   381 |      |   |   379 |      |     |    .5 |         |
| Merchant processing services         |     |                    |   474 |      |   |   454 |      |     |   4.4 |         |                  |