Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 45

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 45
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(c)Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the CECL methodology. 

U.S. Bancorp27

Three Months Ended March 31(Dollars in Millions)20252024Net interest income$4,092 $3,985 Taxable-equivalent adjustment(a)30 30 Net interest income, on a taxable-equivalent basis4,122 4,015 Net interest income, on a taxable-equivalent basis (as calculated above)4,122 4,015 Noninterest income2,836 2,700 Less: Securities gains (losses), net— 2 Total net revenue, excluding net securities gains (losses)(1)6,958 6,713 Noninterest expense(2)4,232 4,459 Efficiency ratio(1)/(2)60.8 %66.4 %

(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 EndedMarch 31(Dollars in Millions)20252024Net income applicable to U.S. Bancorp common shareholders$1,603 $1,209 Intangible amortization (net-of-tax)97 115 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization1,700 1,324 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization(1)6,894 5,325 Average total equity60,071 56,131 Average preferred stock(6,808)(6,808)Average noncontrolling interests(460)(464)Average goodwill (net of deferred tax liability)(a)(11,513)(11,473)Average intangible assets (net of deferred tax liability), other than mortgage servicing rights(1,806)(2,208)Average tangible common equity(2)39,484 35,178 Return on tangible common equity(1)/(2)17.5 %15.1 %

(a)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 

Critical Accounting Policies The accounting and reporting policies of the Company comply with accounting principles generally accepted in the United States and conform to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. The