Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 4

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 7
Chunk 4
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 was primarily driven by customer account growth and higher spend volume. The decrease in average commercial real estate loans was primarily due to loan workout activities and payoffs exceeding a reduced level of new originations. The decrease in average other retail loans was driven by lower automobile loans. Average residential mortgages decreased in the second quarter of 2025, compared with the second quarter of 2024, driven by a portfolio sale in the second quarter of 2025.Average investment securities in the second quarter and first six months of 2025 were $5.8 billion (3.5 percent) and $7.9 billion (4.8 percent) higher, respectively, than the same periods of 2024, primarily due to balance sheet repositioning.Average total deposits for the second quarter and first six months of 2025 were $11.0 billion (2.1 percent) and $3.8 billion (0.7 percent) lower, respectively, than the same periods of 2024. Average noninterest-bearing deposits for the second quarter and first six months of 2025 were $4.3 billion (5.2 percent) and $4.7 billion (5.6 percent) lower, respectively, than the same periods of 2024, driven by decreases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Average total savings deposits for the second quarter of 2025 were $6.1 billion (1.6 percent) lower than the second quarter of 2024, primarily due to a decrease in Wealth, Corporate, Commercial and Institutional Banking balances. Average total savings deposits for the first six months of 2025 were $1.0 billion (0.3 percent) higher than the first six months of 2024, driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances. Average time deposits for the second quarter and first six months of 2025 were $625 million (1.1 percent) and $130 million (0.2 percent) lower, respectively, than the same periods of 2024, mainly due to a decrease in Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by an increase in Consumer and Business 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 $501 million in the second quarter and $1.0 billion in the first six months of