Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 158

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Chunk 158
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 quarter of 2025, compared with

| 24 |     | U.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. Treasury and Corporate Support recorded a net loss of $200 million in the first quarter of 2025, compared with a net loss of $512 million in the first quarter of 2024.

Net revenue increased $395 million in the first quarter of 2025, compared with the first quarter of 2024. Net interest income, on a taxable-equivalent basis, increased $354 million (74.4 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to lower funding costs as well as benefits from the mix of earning assets and fixed asset repricing. Noninterest income increased $41 million (22.2 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to higher capital markets revenue, higher tax credit investment activity and the impact of other favorable items in other noninterest income.

Noninterest expense decreased $136 million (30.3 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to the impacts of merger and integration charges and FDIC special assessment charges in the prior year, partially offset by higher marketing and business development expense, higher technology and communications expense and higher other noninterest expense. The provision for credit losses increased $149 million in the first quarter of 2025, compared with the first