Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 147

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Chunk 147
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2024. Average noninterest-bearing deposits for the second quarter and first six months of 2025 were $4.3 billion (5.2 percent) and $4.7 billion (5.6 percent) lower, respectively, than the same periods of 2024, driven by decreases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Average total savings deposits for the second quarter of 2025 were $6.1 billion (1.6 percent) lower than the second quarter of 2024, primarily due to a decrease in Wealth, Corporate, Commercial and Institutional Banking balances. Average total savings deposits for the first six months of 2025 were $1.0 billion (0.3 percent) higher than the first six months of 2024, driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances. Average time deposits for the second quarter and first six months of 2025 were $625 million (1.1 percent) and $130 million (0.2 percent) lower, respectively, than the same periods of 2024, mainly due to a decrease in Wealth, Corporate, Commercial and Institutional Banking

balances, partially offset by an increase in Consumer and Business Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Provision for Credit Losses The provision for credit losses was $501 million in the second quarter and $1.0 billion in the first six months of 2025, representing decreases of $67 million (11.8 percent) and $83 million (7.4 percent), respectively, from the same periods of 2024, primarily driven by the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality. Net charge-offs increased $16 million (3.0 percent) in the second quarter of 2025, compared with the second quarter of 2024, driven by higher commercial real estate loan net charge-offs, partially offset by lower commercial loan net charge-offs. Net charge-offs increased $75 million (7.3 percent) in the first six months of 2025, compared with the first six months of 2024, primarily due to higher commercial and credit card loan net charge-offs. Refer to “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