Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 39

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 39
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 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 quarter of 2025, compared with 

24U.S. Bancorp

the first quarter of 2024, primarily due to higher loan balances and lower funding costs, partially offset by lower loan spreads. Noninterest income increased $57 million (5.8 percent) in the first quarter of 2025, compared with the first quarter of 2024, driven by business volume growth across all fee categories.Noninterest expense increased $1 million (0.1 percent) in the first quarter of 2025, compared with the first quarter of 2024. The provision for credit losses decreased $42 million (11.7 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to improved portfolio mix and stabilizing credit quality. Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.