Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 52

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 7
Chunk 52
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(a)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 

(b)Includes the estimated increase in the allowance for credit losses related to the adoption of the CECL methodology net of deferred taxes. 

(c)Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the CECL methodology. 

U.S. Bancorp29

Three Months Ended September 30Nine Months EndedSeptember 30(Dollars in Millions)2025202420252024Net interest income$4,222 $4,135 $12,365 $12,143 Taxable-equivalent adjustment(a)29 31 88 90 Net interest income, on a taxable-equivalent basis4,251 4,166 12,453 12,233 Net interest income, on a taxable-equivalent basis (as calculated above)4,251 4,166 12,453 12,233 Noninterest income3,078 2,698 8,838 8,213 Less: Securities gains (losses), net(7)(119)(64)(153)Total net revenue, excluding net securities gains (losses)(1)7,336 6,983 21,355 20,599 Noninterest expense(2)4,197 4,204 12,610 12,877 Efficiency ratio(2)/(1)57.2 %60.2 %59.0 %62.5%

(a)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.  

Three Months EndedSeptember 30Nine Months EndedSeptember 30(Dollars in Millions)2025202420252024Net income applicable to U.S. Bancorp common shareholders$1,893 $1,601 $5,229 $4,328 Intangible amortization (net-of-tax)99 112 294 340 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization1,992 1,713 5,523 4,668 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization(1)7,903 6,815 7,384 6,235 Average total equity63,101 58,744 61,521 57,129