Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 6

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 7
Chunk 6
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Mortgage banking revenue180 155 16.1 515 511 .8 Investment products fees97 84 15.5 274 243 12.8 Other213 143 49.0 602 434 38.7 Total fee revenue3,085 2,817 9.5 8,902 8,366 6.4 Securities gains (losses), net(7)(119)94.1 (64)(153)58.2 Total noninterest income$3,078 $2,698 14.1 %$8,838 $8,213 7.6 %

 TABLE 3Noninterest Expense

Three Months EndedSeptember 30Nine Months EndedSeptember 30(Dollars in Millions)20252024PercentChange20252024PercentChangeCompensation and employee benefits$2,561 $2,637 (2.9)%$7,798 $7,947 (1.9)%Net occupancy and equipment300 317 (5.4)907 929 (2.4)Professional services117 130 (10.0)324 356 (9.0)Marketing and business development175 165 6.1518 459 12.9Technology and communications560 524 6.91,627 1,540 5.6Other intangibles125 142 (12.0)372 430 (13.5)Other359 289 24.21,064 1,061 .3Total before merger and integration charges4,197 4,204 (.2)12,610 12,722 (.9)Merger and integration charges— — —— 155 *Total noninterest expense$4,197 $4,204 (.2)%$12,610 $12,877 (2.1)%Efficiency ratio(a)57.2 %60.2 %59.0 %62.5 %

*Not meaningful

(a)See Non-GAAP Financial Measures beginning on page 29.

Noninterest Expense Noninterest expense was $4.2 billion in the third quarter and $12.6 billion in the first nine months of 2025, representing decreases of $7 million (0.2 percent) and $267 million (2.1 percent), respectively, from the same