Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 40

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 40
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 Treasury and Corporate Support recorded a net loss of $200 million in the first quarter of 2025, compared with a net loss of $512 million in the first quarter of 2024. Net revenue increased $395 million in the first quarter of 2025, compared with the first quarter of 2024. Net interest income, on a taxable-equivalent basis, increased $354 million (74.4 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to lower funding costs as well as benefits from the mix of earning assets and fixed asset repricing. Noninterest income increased $41 million (22.2 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to higher capital markets revenue, higher tax credit investment activity and the impact of other favorable items in other noninterest income.Noninterest expense decreased $136 million (30.3 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to the impacts of merger and integration charges and FDIC special assessment charges in the prior year, partially offset by higher marketing and business development expense, higher technology and communications expense and higher other noninterest expense. The provision for credit losses increased $149 million in the first quarter of 2025, compared with the first quarter of 2024, primarily due to the impact of deteriorating economic conditions and increased economic uncertainty.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.

U.S. Bancorp25

TABLE 11Business Segment Financial Performance

Wealth, Corporate, Commercial and Institutional BankingConsumer and Business BankingPayment ServicesThree Months Ended March 31(Dollars in Millions)20252024PercentChange20252024PercentChange20252024PercentChangeCondensed Income StatementNet interest income (taxable-equivalent basis)$1,743 $1,910 (8.7)%$1,759 $1,879 (6.4)%$742 $702 5.7 %Noninterest income1,167 1,112 4.9 407 424 (4.0)1,036 979 5.8 Total net revenue2,910 3,022 (3.7)2,166 2,303