Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
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Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 7
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 for credit losses. Net income attributable to U.S. Bancorp for the first six months of 2025 was $3.5 billion, or $2.14 per diluted common share, compared with $2.9 billion, or $1.75 per diluted common share, for the first six months of 2024. Return on average assets and return on average common equity were 1.06 percent and 12.6 percent, respectively, for the first six months of 2025, compared with 0.89 percent and 11.2 percent, respectively, for the first six months of 2024. The results for the first six months of 2024 included the impact of $291 million ($218 million net-of-tax) of notable items, including $155 million of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. (“MUB”) and $136 million related to incremental FDIC special assessment charges. Combined, these items decreased diluted earnings per common share for the first six months of 2024 by $0.14.Total net revenue for the first six months of 2025 was $380 million (2.8 percent) higher than the first six months of 2024, reflecting a 1.7 percent increase in net interest income and a 4.4 percent increase in noninterest income. The increase in net interest income from the first six months of 2024 was primarily due to the impact of fixed asset repricing and loan mix, partially offset by deposit mix and pricing pressures. The increase in noninterest income was driven by higher trust and investment management fees, payment services revenue and other noninterest income.Noninterest expense in the first six months of 2025 was $260 million (3.0 percent) lower than the first six months of 2024, primarily due to the impact of merger and integration charges in the prior year and lower compensation and employee benefits expense and other intangibles expense, partially offset by higher technology and communications expense and marketing and business development expense. The provision for credit losses for the first six months of 2025 was $83 million (7.4 percent) lower than the first six months of 2024, reflecting the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality. Net charge-offs in the first six months of 2025 were $1.1 billion, compared with $1.0 billion in the first six months of 2024. Refer to “Corporate