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

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 7
Chunk 10
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$30,467 $28,387 5.12.98 %Mortgage-backed securities(a)48,403 45,755 6.83.9644,238 40,638 7.43.82Asset-backed securities(a)7,167 7,183 4.15.347,136 7,165 3.85.56Obligations of state and political subdivisions(b)(c)10,631 9,209 12.73.3110,690 9,552 11.73.72Other310 313 1.64.72249 250 1.54.79Total available-for-sale(d)$96,301 $90,577 6.63.58 %$92,780 $85,992 6.83.67 %

(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments. 

(b)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount. 

(c)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par. 

(d)Amortized cost excludes portfolio level basis adjustments of $314 million at June 30, 2025 and $13 million at December 31, 2024.

(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

Deposits Total deposits were $518.7 billion at June 30, 2025, compared with $518.3 billion at December 31, 2024. The $408 million (0.1 percent) increase in total deposits reflected increases in noninterest-bearing deposits and time deposits, partially offset by a decrease in total savings deposits. Noninterest-bearing deposits increased $2.8 billion (3.3 percent) at June 30, 2025, compared with December 31,