Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 149

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Chunk 149
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 |      |   |    430 |      |     | -13.5 |         |
| Other                                       |     |                    |   359 |      |   |   289 |      |     |  24.2 |         |                   |  1,064 |      |   |  1,061 |      |     |    .3 |         |
| Total before merger and integration charges |     |                    | 4,197 |      |   | 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 periods of 2024. The decreases from the prior year reflected lower compensation and employee benefits expense and lower net occupancy and equipment expense, partially offset by higher technology and communications expense. Noninterest expense further decreased in the first nine months of 2025, compared with the first nine months of 2024, due to the impacts in the prior year of merger and integration charges and the FDIC special assessment, partially offset by higher marketing and business development expense in the first nine months of 2025. Compensation and employee benefits expense decreased primarily