Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 184

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Chunk 184
---
 compared with the first nine months of 2024, was partially offset by lower mortgage banking revenue due to a gain on the sale of MSRs in the prior year.

Noninterest expense increased $14 million (6.9 percent) in the third quarter of 2025, compared with the third quarter of 2024, primarily due to higher other noninterest expense, partially offset by lower compensation and employee benefits expense and marketing and business development expense. Noninterest expense decreased $98 million (10.6 percent) in the first nine months of 2025, compared with the first nine months of 2024, primarily due to the impacts in the prior year of merger and integration charges and the FDIC special assessment charges, along with lower compensation and employee benefits expense in the current year. The provision for credit losses decreased $136 million in the third quarter and $142 million in the first nine months of 2025, compared with the same periods of 2024, primarily due to a favorable loan portfolio mix.

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.

| 26 |     | U.S. Bancorp |

| TABLE 11 |     | Business Segment Financial Performance |

| Three Months Ended September 30                            
 (Dollars in Millions)                                      
 Condensed Income Statement                                 |     | Wealth, Corporate, Commercial 
 and Institutional Banking     |         | 2025 |   |         | 2024 |     |       | Percent 
 Change  | Consumer and     
 Business Banking |         | 2025 |   |         | 2024 |     |      | Percent 
 Change  | Payment Services |        | 2025 |   |        | 2024 |     |      | Percent 
 Change  |
|:-----------------------------------------------------------|:----|:------------------------------|--------:|-----:|:--|--------:|-----:|:----|------:|:--------|:-----------------|--------:|-----:|:--|--------:|-----:|:----|-----:|:--------|:-----------------|-------:|:-----|:--|-------:|:-----|:----|-----:|:--------|
| Net interest income (taxable-equivalent basis)             |     | $                             |   1,823 |      | $ |   1,889 |