Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 115

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 115
---
 following non-GAAP financial measures: revenue mix by business line excluding treasury and corporate support, adjusted return on average assets, adjusted return on average common equity, return on tangible common equity, adjusted return on tangible common equity, efficiency ratio, and adjusted efficiency ratio. The company’s major lines of business are Consumer and Business Banking, Payment Services, Wealth, Corporate, Commercial and Institutional Banking, and Treasury and Corporate Support. We provide the percentage of revenue attributable to each business line, excluding Treasury and Corporate Support, as it reflects our company’s diversified mix of businesses. We disclose the return on tangible common equity as we believe it is a useful financial measure to assess the company’s use of equity. In addition, we have included the other financial measures listed above on an adjusted basis to exclude notable items, including related to the merger and integration charges, balance sheet repositioning and capital management actions, FDIC special assessment charges, charges related to lease impairments and operational efficiency actions, a foundation contribution and a favorable discrete tax settlement, in order to provide a greater understanding of ongoing operations and better comparability with prior year results. We use net interest income on a taxable-equivalent basis to calculate our efficiency ratio because we believe that this presentation is the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. The calculation of these measures for U.S. Bancorp follows:

| ​ | Year Ended December 31                                                             
 (Dollars in Millions)                                                              | ​ | ​ |   |   |        | Net Revenue2024 | ​ |
|:--|:-----------------------------------------------------------------------------------|:--|:--|:--|:--|-------:|:----------------|:--|
| ​ | Wealth, Corporate, Commercial and Institutional Banking                            | ​ | ​ | ​ | $ | 12,193 | ​               | ​ |
| ​ | Consumer and Business Banking                                                      | ​ | ​ | ​ | ​ |  9,264 | ​               | ​ |
| ​ | Payment Services                                                                   | ​ | ​ | ​ | ​ |  7,029 | ​               | ​ |
| ​ | Treasury and Corporate Support                                                     | ​ | ​ | ​ | ​ | -1,031 | ​               | ​ |
| ​ | Total Company                                                                      | ​ | ​ | ​ | ​ | 27,455 | ​               | ​ |
| ​ | Less: Treasury and Corporate Support                                               | ​ | ​ | ​ | ​ | -1,031