Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 102

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 102
---
 Months Ended March 31 (Dollars in Millions)Beginning of Period BalanceNet Gains (Losses) Included in Net IncomePurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period2025Mortgage servicing rights$3,369 $(117)(a)$— $1 $59 (c)$— $3,312 $(117)(a)Net derivative assets and liabilities(1,800)(191)(b)669 (2)1 596 (727)996 (d)2024Mortgage servicing rights$3,377 $30 (a) $— $— $55 (c)$— $3,462 $30 (a)Net derivative assets and liabilities(1,885)(1,683)(e)378 (2)— 831 (2,361)(181)(f)(a)Included in mortgage banking revenue.(b)Approximately $51 million, $(241) million and $(1) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.(c)Represents MSRs capitalized during the period.(d)Approximately $16 million, $981 million and $(1) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.(e)Approximately $44 million, $(1.7) billion and $(75) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.(f)Approximately $19 million, $(125) million and $(75) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets. The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date: March 31, 2025December 31, 2024(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalLoans(a)$— $— $339 $339 $—