Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 45

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 7
Chunk 45
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 2025, compared with the first nine months of 2024, primarily due to the impacts in the prior year of merger and integration charges and the FDIC special assessment charges, along with lower compensation and employee benefits expense in the current year. The provision for credit losses decreased $136 million in the third quarter and $142 million in the first nine months of 2025, compared with the same periods of 2024, primarily due to a favorable loan portfolio mix.Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

26U.S. Bancorp

TABLE 11Business Segment Financial Performance

Wealth, Corporate, Commercial and Institutional BankingConsumer and Business BankingPayment ServicesThree Months Ended September 30(Dollars in Millions)20252024PercentChange20252024PercentChange20252024PercentChangeCondensed Income StatementNet interest income (taxable-equivalent basis)$1,823 $1,889 (3.5)%$1,849 $1,928 (4.1)%$781 $727 7.4 %Noninterest income1,256 1,145 9.7436 401 8.71,106 1,073 3.1 Total net revenue3,079 3,034 1.52,285 2,329 (1.9)1,887 1,800 4.8 Noninterest expense1,333 1,348 (1.1)1,604 1,664 (3.6)1,044 990 5.5 Income (loss) before provision and income taxes1,746 1,686 3.6681 665 2.4843 810 4.1 Provision for credit losses197 94 *61 18 *408 404 1.0 Income (loss) before income taxes1,549 1,592 (2.7)620 647 (4.2)435 406 7.1 Income taxes and taxable-equivalent adjustment387 398 (2.8)155 162 (4.3)109 102 6.9 Net income (loss)1,162 1,194 (2.7)465 485 (4.1