Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 208

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Chunk 208
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 within noninterest expense. Certain activities that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance are not charged to the business segments. The income or expenses associated with these corporate activities, including merger and integration charges, are reported within the Treasury and Corporate Support business segment. Income taxes are assessed to each business segment at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2025 and 2024, certain organization and methodology changes were made, including revising the Company’s business segment funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024. Prior period results were recast and presented on a comparable basis.

| U.S. Bancorp |     | 67 |

Business segment results for the three months ended March 31 were as follows:

| (Dollars in Millions)                                      
 Condensed Income Statement                                 |     | Wealth, Corporate, Commercial and Institutional Banking |         | 2025 |   |         | 2024 | Consumer and Business Banking |         | 2025 |   |         | 2024 | Payment Services |        | 2025 |   |        | 2024 | Treasury and Corporate Support |         | 2025 |   |         | 2024 | Consolidated Company |         | 2025 |   |         | 2024 |
|:-----------------------------------------------------------|:----|:--------------------------------------------------------|--------:|:-----|:--|--------:|:-----|:------------------------------|--------:|:-----|:--|--------:|:-----|:-----------------|-------:|:-----|:--|-------:|:-----|:-------------------------------|--------:|:-----|:--|--------:|:-----|:---------------------|--------:|:-----|:--|--------:|:-----|
| Net interest income (taxable-equivalent basis)(a)          |     | $                                                       |   1,743 |      | $ |   1,910 |      | $                             |   1,759 |      | $ |   1,879 |      | $                |    742 |