Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 4

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 7
Chunk 4
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 percent) lower, respectively, than the same periods of 2024. Average total savings deposits for the third quarter and first nine months of 2025 were $6.0 billion (1.6 percent) and $2.7 billion (0.7 percent) higher, respectively, than the same periods of 2024, primarily due to increases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Average noninterest-bearing deposits for the third quarter and first nine months of 2025 were $1.0 billion (1.3 percent) and $3.5 billion (4.2 percent) lower, respectively, than the same periods of 2024, driven by a decrease in Consumer and Business Banking balances. Average noninterest-bearing deposits further decreased in the first nine months of 2025, compared with the first nine months of 2024, due to a decrease in Wealth, Corporate, Commercial and Institutional Banking balances. Average time deposits for the third quarter and first nine months of 2025 were $1.9 billion (3.2 percent) and $716 million (1.3 percent) lower, respectively, than the same periods of 2024, mainly due to a decrease in Wealth, Corporate, Commercial and Institutional Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics. Provision for Credit Losses The provision for credit losses was $571 million in the third quarter of 2025, representing an increase of $14 million (2.5 percent) from the third quarter of 2024, primarily due to loan growth. Net charge-offs decreased $28 million (5.0 percent) in the third quarter of 2025, compared with the third quarter of 2024, driven by lower commercial and credit card loan net charge-offs. The provision for credit losses was $1.6 billion in the first nine months of 2025, representing a decrease of $69 million (4.1 percent) from the first nine months of 2024, primarily driven by the impact of loan sales during the second quarter of 2025 and improved credit quality. Net charge-offs increased $47 million (3.0 percent) in the first nine months of 2025, compared with the first nine months of 2024, primarily due to higher commercial real estate and other retail loan net charge-offs, partially offset by lower commercial loan net charge-offs. Refer to