Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 3

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 7
Chunk 3
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 Average earning assets for the third quarter and first nine months of 2025 were $10.3 billion (1.7 percent) and $9.6 billion (1.6 percent) higher, respectively, than the same periods of 2024, reflecting increases in investment securities, loans and other earning assets, partially offset by a decrease in interest-bearing deposits with banks. The net interest margin, on a taxable-equivalent basis, in the third quarter of 2025 was 2.75 percent, compared with 2.74 percent in the third quarter of 2024. The increase was primarily due to favorable asset mix and fix asset repricing. The net interest margin, on a taxable-equivalent basis, in the first nine months of 2025 was 2.71 percent, compared with 2.70 percent in the first nine months of 2024. The increase from the prior year was primarily due to improved asset mix and fixed asset repricing, partially offset by deposit mix. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” table for further information on net interest income. Average total loans in the third quarter and first nine months of 2025 were $5.1 billion (1.4 percent) and $5.6 billion (1.5 percent) higher, respectively, than the same periods of 2024. The increases were primarily due to higher commercial loans and credit card loans, partially offset by lower commercial real estate loans, other retail loans and residential mortgages. The increase in average commercial loans was primarily due to growth in loans to financial institutions. The increase in average credit card loans was primarily driven by higher spend volume. The decrease in average commercial real estate loans was primarily due to payoffs and loan 

4U.S. Bancorp

workout activities. The decrease in average other retail loans was driven by lower automobile loans, including the impact of a portfolio sale during the second quarter of 2025. Average residential mortgages decreased primarily due to a portfolio sale in the second quarter of 2025.Average investment securities in the third quarter and first nine months of 2025 were $6.5 billion (3.9 percent) and $7.4 billion (4.5 percent) higher, respectively, than the same periods of 2024.Average total deposits for the third quarter and first nine months of 2025 were $3.0 billion (0.6 percent) higher and $1.5 billion (0.3