Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 206

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Chunk 206
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-average option adjusted spread(c)                      |     |   |           7.4 |   % |   |    6.6 |          % |                 |     5.1 |   % |   |     5.9 |     % |   |               5.8 |   % |   |    6.2 |          % |                 |     5.6 |   % |   |     5.7 |     % |

(a) Represents principal balance of mortgages having corresponding MSR asset.

(b) Calculated as fair value divided by the servicing portfolio.

(c) Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs.

(d) Represents loans sold primarily to GSEs.

| NOTE 7 |     | Preferred Stock |

At June 30, 2025 and December 31, 2024, the Company had authority to issue 50million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows:

|                          |     | June 30, 2025                 |     |         |                        |       |     |   |     |          |                 |       |     | December 31, 2024             |     |         |                        |       |     |   |     |          |                 |       |
|:-------------------------|:----|:------------------------------|:----|--------:|:-----------------------|------:|:----|:--|----:|:---------|:----------------|------:|:----|:------------------------------|:----|--------:|:-----------------------|------:|:----|:--|----:|:---------|:----------------|------:|
| (Dollars in Millions)    |     | Shares Issued and Outstanding |     |         | Liquidation Preference |       |     |   |     | Discount | Carrying Amount |       |     | Shares Issued and Outstanding |     |         | Liquidation Preference |       |     |   |     | Discount | Carrying Amount |       |
| Series A                 |     |                               |     |  12,510 | $                      | 1,251 |     | $ | 145 |          | $               | 1,106 |     |                               |     |  12,510 | $                      | 1,251 |     | $