Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 104

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 104
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 amortized cost as of March 31, 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 values of the Company’s financial instruments are shown in the table below: March 31, 2025December 31, 2024Carrying AmountFair ValueCarrying AmountFair Value(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalFinancial AssetsCash and due from banks$50,013 $50,013 $— $— $50,013 $56,502 $56,502 $— $— $56,502 Federal funds sold and securities purchased under resale agreements7,236 — 7,236 — 7,236 6,380 — 6,380 — 6,380 Investment securities held-to-maturity78,008 1,284 65,815 — 67,099 78,634 1,275 65,000 — 66,275 Loans held for sale(a)42 — — 42 42 322 — — 322 322 Loans, net of allowance for losses374,235 — — 369,966 369,966 372,249 — — 365,628 365,628 Other(b)2,584 — 1,930 654 2,584 2,482 — 1,767 715 2,482 Financial LiabilitiesTime deposits(c)48,740 — 48,823 — 48,823 49,015 — 49,156 — 49,156 Short-term borrowings(d)14,765 — 14,567 — 14,567 13,583 — 13,419 — 13,419