Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 145

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Chunk 145
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 income. The increase in net interest income from the third quarter of 2024 was primarily due to the favorable impact of the change in asset mix, fixed asset repricing and lower rates paid on interest-bearing deposits. The increase in noninterest income was driven by higher revenue across most categories.

Noninterest expense in the third quarter of 2025 was $7 million (0.2 percent) lower than the third quarter of 2024, primarily due to lower compensation and employee benefits expense, partially offset by higher technology and communications expense and other noninterest expense.

The provision for credit losses for the third quarter of 2025 was $14 million (2.5 percent) higher than the third quarter of 2024, primarily due to loan portfolio growth. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

Net income attributable to U.S. Bancorp for the first nine months of 2025 was $5.5 billion, or $3.35 per diluted common share, compared with $4.6 billion, or $2.77 per diluted common share, for the first nine months of 2024. Return on average assets and return on average common equity were 1.10 percent and 12.9 percent, respectively, for the first nine months of 2025, compared with 0.94 percent and 11.6 percent, respectively, for the first nine months of 2024. The results for the first nine 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 nine months of 2024 by $0.14.

Total net revenue for the first nine months of 2025 was $845 million (4.1 percent) higher than the first nine months of 2024, reflecting a 1.8 percent increase in net interest income and a 7.6 percent increase in noninterest income. The increase in net interest income from the first nine months of 2024 was primarily due to the favorable impact of the change in asset mix, fixed asset repricing and lower