Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 179

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Chunk 179
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, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners. Consumer and Business Banking contributed $459 million of the Company’s net income in the second quarter and $867 million in the first six months of 2025, or decreases of $34 million (6.9 percent) and $91 million (9.5 percent), respectively, compared with the same periods of 2024. Net revenue decreased $77 million (3.3 percent) in the second quarter and $197 million (4.3 percent) in the first six months of 2025, compared with the same periods of 2024. Net interest income, on a taxable-equivalent basis, decreased $69 million (3.6 percent) in the second quarter and $172 million (4.5 percent) in the first six months of 2025, compared with the same periods of 2024, due to continued rotation within the deposit portfolio. Noninterest income decreased $8 million (1.9 percent) in the second quarter and $25 million (3.0 percent) in the first six months of 2025, compared with the same periods of 2024, primarily due to lower other noninterest income. Noninterest income further decreased in the first six months of 2025, compared with the first six months of 2024, due to lower

| U.S. Bancorp |     | 25 |

service charges, partially offset by higher mortgage banking revenue.

Noninterest expense decreased $40 million (2.4 percent) in the second quarter and $92 million (2.8 percent) in the first six months of 2025, compared with the same periods of 2024, primarily due to lower compensation and employee benefits expense and professional services expense. The provision for credit losses increased $9 million (30.0 percent) in the second quarter and $17 million (20.2 percent) in the first six months of 2025, compared with the same periods of 2024, primarily due to higher net charge-offs.

Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing. Payment Services contributed $325 million of the Company’s net income in the second quarter and $662 million in the first six months of 2025, or increases of $36 million (12.5 percent) and $139 million