Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 157

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Chunk 157
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 the first quarter of 2024, primarily due to lower compensation and employee benefits expense. The provision for credit losses decreased $131 million (92.9 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to improved credit quality and portfolio mix. Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, 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 $398 million of the Company’s net income in the first quarter of 2025, or a decrease of $71 million (15.1 percent) compared with the first quarter of 2024. Net revenue decreased $137 million (5.9 percent) in the first quarter of 2025, compared with the first quarter of 2024. Net interest income, on a taxable-equivalent basis, decreased $120 million (6.4 percent) in the first quarter of 2025, compared with the first quarter of 2024, due to the impact of deposit mix. Noninterest income decreased $17 million (4.0 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to lower service charges, partially offset by higher mortgage banking revenue. Noninterest expense decreased $50 million (3.1 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to lower compensation and employee benefits expense. The provision for credit losses increased $8 million (14.8 percent) in the first quarter of 2025, compared with the first quarter 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 $340 million of the Company’s net income in the first quarter of 2025, or an increase of $104 million (44.1 percent) compared with the first quarter of 2024. Net revenue increased $97 million (5.8 percent) in the first quarter of 2025, compared with the first quarter of 2024. Net interest income, on a taxable-equivalent basis, increased $40 million (5.7 percent) in the first