Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 5

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 5
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 and equipment306 296 3.4 Professional services98 110 (10.9)Marketing and business development182 136 33.8 Technology and communications533 507 5.1 Other intangibles123 146 (15.8)Other353 418 (15.6)Total before merger and integration charges4,232 4,304 (1.7)Merger and integration charges— 155 *Total noninterest expense$4,232 $4,459 (5.1)%Efficiency ratio(a)60.8 %66.4 %

*Not meaningful

(a)See Non-GAAP Financial Measures beginning on page 27.

Balance Sheet Analysis Loans The Company’s loan portfolio was $381.8 billion at March 31, 2025, compared with $379.8 billion at December 31, 2024, an increase of $2.0 billion (0.5 percent). The increase was driven by higher commercial loans, partially offset by lower credit card loans and other retail loans. Commercial loans increased $4.6 billion (3.3 percent) at March 31, 2025, compared with December 31, 2024, primarily due to growth in loans to financial institutions. Residential mortgages held in the loan portfolio increased $94 million (0.1 percent) at March 31, 2025, compared with December 31, 2024, driven by originations. Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.Credit card loans decreased $1.1 billion (3.7 percent) at March 31, 2025, compared with December 31, 2024, primarily the result of customers seasonally paying down balances.Other retail loans decreased $1.1 billion (2.5 percent) at March 31, 2025, compared with December 31, 2024, primarily due to a decrease in automobile loans. Commercial real estate loans decreased $525 million (1.1 percent) at March 31, 2025, compared with December 31, 2024, primarily due to loan workout activities and payoffs exceeding a reduced level of new originations.The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability,