Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 45

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 7
Chunk 45
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.1 percent) in the first six months of 2025, compared with the same periods of 2024, primarily due to the impact of the FDIC special assessment charges in the prior year, partially offset by higher compensation and employee benefits expense and higher technology and communications expense. The decrease in noninterest expense in the first six months of 2025, compared with the first six months of 2024, was further due to the impact of merger and integration charges in the first six months of 2024, partially offset by higher marketing and business development expense. The provision for credit losses decreased $155 million in the second quarter and $6 million (12.2 percent) in the first six months of 2025, compared with the same periods of 2024, primarily due to a stable economic outlook in the second quarter of 2025 and improved credit quality.Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

26U.S. Bancorp

TABLE 11Business Segment Financial Performance

Wealth, Corporate, Commercial and Institutional BankingConsumer and Business BankingPayment ServicesThree Months Ended June 30(Dollars in Millions)20252024PercentChange20252024PercentChange20252024PercentChangeCondensed Income StatementNet interest income (taxable-equivalent basis)$1,801 $1,928 (6.6)%$1,843 $1,912 (3.6)%$730 $673 8.5 %Noninterest income1,199 1,130 6.1406 414 (1.9)1,116 1,093 2.1 Total net revenue3,000 3,058 (1.9)2,249 2,326 (3.3)1,846 1,766 4.5 Noninterest expense1,353 1,381 (2.0)1,598 1,638 (2.4)1,028 992 3.6 Income (loss) before provision and income taxes1,647 1,677 (1.8)651 688 (5.4)818 774 5.7 Provision for credit losses183 100 83.039 30 30.0384 388 (1.0)