Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 5

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 7
Chunk 5
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 “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.Noninterest Income Noninterest income was $3.1 billion in the third quarter and $8.8 billion in the first nine months of 2025, representing increases of $380 million (14.1 percent) and $625 million (7.6 percent), respectively, compared with the same periods of 2024. The increases from the prior year reflected higher trust and investment management fees, capital markets revenue, payment services revenue, service charges, mortgage banking revenue and other noninterest income. Trust and investment management fees increased primarily due to business growth and favorable market conditions. Capital markets revenue increased primarily due to higher syndication activity. Capital markets revenue also increased in the third quarter of 2025, compared with the third quarter of 2024, due to higher corporate bond underwriting fees. Payment services revenue increased primarily due to increases in merchant processing services and card revenue, both driven by higher sales volume. Service charges increased due to higher treasury management fees. Service charges also increased in the third quarter of 2025, compared with the third quarter of 2024, due to higher deposit service charges. Mortgage banking revenue increased in the third quarter of 2025, compared with the third quarter of 2024, primarily due to the change in fair value of mortgage servicing rights (“MSRs”), net of hedging activities. Other noninterest income increased primarily due to higher tax credit investment activity.

U.S. Bancorp5

 TABLE 2Noninterest Income

Three Months EndedSeptember 30Nine Months EndedSeptember 30(Dollars in Millions)20252024PercentChange20252024PercentChangeCard revenue$440 $426 3.3 %$1,280 $1,246 2.7 %Corporate payment products revenue195 203 (3.9)576 582 (1.0)Merchant processing services463 440 5.2 1,352 1,295 4.4 Trust and investment management fees730 667 9.4 2,113 1,957 8.0 Service charges333 302 10.3 984 939 4.8 Capital markets revenue434 397 9.3 1,206 1,159 4.1