Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 122

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Chunk 122
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 compared with 0.81 percent and 10.0 percent, respectively, for the first quarter of 2024. The results for the first quarter of 2024 included the impact of $265 million ($199 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 $110 million of incremental FDIC special assessment charges, which decreased diluted earnings per common share for the first quarter of 2024 by $0.12.

Total net revenue for the first quarter of 2025 was $243 million (3.6 percent) higher than the first quarter of 2024, reflecting a 2.7 percent increase in net interest income and a 5.0 percent increase in noninterest income. The increase in net interest income from the first quarter of 2024 was primarily due to the mix of earning assets, fixed asset repricing and modest loan growth, partially offset by deposit mix. 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 quarter of 2025 was $227 million (5.1 percent) lower than the first quarter of 2024, primarily due to the impact of merger and integration charges in the prior year and lower compensation and employee benefits expense, partially offset by higher marketing and business development expense and technology and communications expense.

The provision for credit losses for the first quarter of 2025 was $16 million (2.9 percent) lower than the first quarter of 2024, driven by improved credit quality and loan portfolio mix, which contributed to a $10 million reserve release in the first quarter of 2025. Net charge-offs in the first quarter of 2025 were $547 million, compared with $488 million in the first quarter of 2024. 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.

### Statement of Income Analysis
Net Interest Income Net interest income, on a taxable-equivalent basis, was $4.1 billion in the first quarter of 2025, representing an increase of $107 million (2.7 percent) compared with the first quarter of 2024. The increase was primarily due to the mix of earning assets, fixed asset