Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 145

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Chunk 145
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 first six months of 2024 by $0.14.

Total net revenue for the first six months of 2025 was $380 million (2.8 percent) higher than the first six months of 2024, reflecting a 1.7 percent increase in net interest income and a 4.4 percent increase in noninterest income. The increase in net interest income from the first six months of 2024 was primarily due to the impact of fixed asset repricing and loan mix, partially offset by deposit mix and pricing pressures. The increase in noninterest income was driven by higher trust and investment management fees, payment services revenue and other noninterest income.

Noninterest expense in the first six months of 2025 was $260 million (3.0 percent) lower than the first six months of 2024, primarily due to the impact of merger and integration charges in the prior year and lower compensation and employee benefits expense and other intangibles expense, partially offset by higher technology and communications expense and marketing and business development expense.

The provision for credit losses for the first six months of 2025 was $83 million (7.4 percent) lower than the first six months of 2024, reflecting the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality. Net charge-offs in the first six months of 2025 were $1.1 billion, compared with $1.0 billion in the first six months of 2024. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

### Statement of Income Analysis
Net Interest Income Net interest income, on a taxable-equivalent basis, was $4.1 billion in the second quarter and $8.2 billion in the first six months of 2025, representing increases of $28 million (0.7 percent) and $135 million (1.7 percent), respectively, compared with the same periods of 2024. The increases were primarily due to the impact of fixed asset repricing and loan mix, partially offset by deposit mix and pricing pressures. Average earning assets for the second quarter and first six months of 2025 were $4.5 billion (0.7 percent) and $9.3 billion (1.5 percent) higher, respectively, than the same periods of 2024, reflecting increases in