Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 127

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Chunk 127
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 cash flows of the underlying collateral, the existence of any government or agency guarantees, and market conditions. At March 31, 2025, the Company had no plans to sell securities with unrealized losses, and believed it was more likely than not that it would not be required to sell such securities before recovery of their amortized cost.

| 6 |     | U.S. Bancorp |

Refer to Notes 3 and 14 in the Notes to Consolidated Financial Statements for further information on investment securities.

Deposits Total deposits were $512.5 billion at March 31, 2025, compared with $518.3 billion at December 31, 2024. The $5.8 billion (1.1 percent) decrease in total deposits reflected decreases in total savings deposits and noninterest-bearing deposits, partially offset by an increase in time deposits. Money market deposit balances decreased $21.1 billion (10.2 percent), primarily due to lower Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Savings account balances increased $10.0 billion (22.0 percent), driven by higher Consumer and Business Banking balances. Interest checking balances increased $4.9 billion (3.8 percent), primarily due to higher Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Noninterest-bearing deposits decreased $72 million (0.1 percent) at March 31, 2025, compared with December 31, 2024, primarily driven by a decrease in Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by an increase in Consumer and Business Banking balances. Time deposits increased $476 million (0.9 percent) at

March 31, 2025, compared with December 31, 2024, driven by higher Consumer and Business Banking balances. Changes in time deposits are primarily related to those deposits managed as an alternative to other funding sources, based largely on relative pricing and liquidity characteristics.

Borrowings The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $17.2 billion at March 31, 2025, compared with $15.5 billion at December 31, 2024. The $1.6 billion (10.6 percent) increase in short-term borrowings was primarily due to