Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 120

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 120
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2 3 (a)Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.(b)Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. 

U.S. Bancorp69

Fair Value OptionThe following table summarizes the differences between the aggregate fair value carrying amount of the assets and liabilities for which the fair value option has been elected and the aggregate remaining contractual principal balance outstanding: June 30, 2025December 31, 2024(Dollars in Millions)Fair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingFair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingTotal loans(a)$2,285 $2,262 $23 $2,251 $2,243 $8 Time deposits7,305 7,314 (9)5,754 5,762 (8)Long-term debt1,152 1,169 (17)391 409 (18)(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at June 30, 2025 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2024. Includes loans 90 days or more past due of $3 million carried at fair value with contractual principal outstanding of $3 million at June 30, 2025 and $4 million carried at fair value with contractual principal outstanding of $4 million at December 31, 2024. Fair Value of Financial Instruments The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of June 30, 2025 and December 31, 2024. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded. The estimated fair