Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 183

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Chunk 183
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 $113 million (3.6 percent) in the first nine months of 2025, compared with the same periods of 2024, driven by higher merchant processing services and card revenue mainly due to higher sales volume.

Noninterest expense increased $54 million (5.5 percent) in the third quarter and $80 million (2.7 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to higher marketing and business development expense and net shared services expense. The provision for credit losses increased $4 million (1.0 percent) in the third quarter and decreased $42 million (3.6 percent) in the first nine months of 2025, compared with the same periods of 2024. The decrease in the provision for credit losses in the first nine months of 2025, compared with the first nine months of 2024, was 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. Treasury and Corporate Support recorded net income of $48 million in the third quarter and a net loss of $291 million in the first nine months of 2025, compared with net losses of $269 million and $1.2 billion, respectively, in the same periods of 2024.

Net revenue increased $377 million in the third quarter and $905 million in the first nine months of 2025, compared with

the same periods of 2024. Net interest income, on a taxable-equivalent basis, increased $176 million (46.6 percent) in the third quarter and $638 million (50.6 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to lower funding costs as well as the impact of fixed asset repricing. Noninterest income increased $201 million in the third quarter and $267 million (60.3 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to higher capital markets revenue, higher tax credit investment activity and the impact of higher net securities losses in the prior year. The increase in noninterest income in the first nine months of 2025,