Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 42

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 7
Chunk 42
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 due to business growth and favorable market conditions impacting trust and investment management fees, and higher service charges due to an increase in treasury management fees. Noninterest income further increased in the third quarter of 2025, compared with the third quarter of 2024, due to higher corporate bond underwriting fees and syndication activity within capital markets revenue.Noninterest expense decreased $15 million (1.1 percent) in the third quarter and $81 million (2.0 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to lower net shared services expense. Noninterest expense further decreased in the first nine months of 2025, compared with the first nine months of 2024, due to lower compensation and employee benefits expense. The provision for credit losses increased $103 million in the third quarter and $55 million (16.4 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to increased reserves on certain assets.  Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners. Consumer and Business Banking contributed $465 million of the Company’s net income in the third quarter and $1.4 billion in the first nine months of 2025, or decreases of $20 million (4.1 percent) and $100 million (6.8 percent), respectively, compared with the same periods of 2024. Net revenue decreased $44 million (1.9 percent) in the third quarter and $241 million (3.5 percent) in the first nine months of 2025, compared with the same periods of 2024. Net interest income, on a taxable-equivalent basis, decreased $79 million (4.1 percent) in the third quarter and $253 million (4.4 percent) in the first nine months of 2025, compared with the same periods of 2024, due to the impact of loan sales in the second quarter of 2025. Noninterest income increased $35 million (8.7 percent) in the third quarter and $12 million (1.0 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due