8-K
US Bancorp De (USB)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 17, 2025
U.S. BANCORP
(Exact name of registrant as specified in its charter)
1-6880
(Commission File Number)
| Delaware | 41-0255900 |
|---|---|
| (State or other jurisdiction of incorporation) | (I.R.S. Employer Identification Number) |
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices and zip code)
(651) 466-3000
(Registrant’s telephone number, including area code)
(not applicable)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br>symbol | Name of each exchange<br><br>on which registered |
|---|---|---|
| Common Stock, $.01 par value per share | USB | New York Stock Exchange |
| Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrA | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrH | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrP | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrQ | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrR | New York Stock Exchange |
| Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00) | USB PrS | New York Stock Exchange |
| Floating Rate Notes, Series CC (Senior), due May 21, 2028 | USB/28 | New York Stock Exchange |
| 4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032 | USB/32 | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule l2b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section l3(a) of the Exchange Act.
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 17, 2025, U.S. Bancorp (the “Company”) issued a press release reporting financial results for the quarter ended June 30, 2025. The press release is attached as Exhibit 99.1 hereto and is incorporated herein by reference. The press release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated. The Company has also made available on its website materials that contain additional information about the Company’s financial results for the quarter ended June 30, 2025 (the “2Q25 Earnings Supplement”), which is attached as Exhibit 99.2 hereto and is incorporated herein by reference.
The information included in Exhibit 99.1 shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The information included in Exhibit 99.2 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise expressly stated in such filing.
ITEM 7.01 REGULATION FD DISCLOSURE.
On July 17, 2025, the Company will hold an investor conference call and webcast to discuss financial results for the quarter ended June 30, 2025. The Company has also made available on its website presentation materials containing certain additional historical and forward-looking information related to the Company (the “2Q25 Earnings Conference Call Presentation”). The 2Q25 Earnings Conference Call Presentation is attached as Exhibit 99.3 and is incorporated herein by reference. The 2Q25 Earnings Conference Call Presentation contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual results to differ materially from those anticipated.
The information provided in Item 7.01 of this report, including Exhibit 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act and shall not be deemed incorporated by reference in any filings under the Securities Act, except as otherwise expressly stated in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
| 99.1 | Press Release issued by U.S. Bancorp on July 17, 2025, deemed “filed” under the Exchange Act. | | --- | --- || 99.2 | 2Q25 Earnings Supplement, deemed “furnished” under the Exchange Act. | | --- | --- || 99.3 | 2Q25 Earnings Conference Call Presentation, deemed “furnished” under the Exchange Act. | | --- | --- || 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | | --- | --- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| U.S. BANCORP |
|---|
| By /s/ Lisa R. Stark |
| Lisa R. Stark |
| Executive Vice President and<br><br>Controller |
DATE: July 17, 2025
Document
| 2Q25 Key Financial Data | |||||
|---|---|---|---|---|---|
| PROFITABILITY METRICS | 2Q25 | 1Q25 | 2Q24 | •Net income of $1,815 million, an increase of 13.2% year-over-year<br><br>•Diluted earnings per common share of $1.11, compared with $0.97 diluted earnings per common share in the second quarter of 2024<br><br>•Return on tangible common equity of 18.0%, return on average assets of 1.08%, and efficiency ratio of 59.2%<br><br>•Positive operating leverage of 250 basis points on a year-over-year basis, excluding securities gains (losses), and as adjusted for the notable item in the second quarter of 2024<br><br>•Net revenue of $7,004 million, an increase of 2.0% year-over-year, including an increase of 4.6% in fee revenue<br><br>•Noninterest expense decrease of 0.2% on a year-over-year basis, as adjusted for the notable item in the second quarter of 2024, and 1.2% on a linked quarter basis<br><br>•Average total loans increased 1.0% on a year-over-year basis and decreased 0.1% on a linked quarter basis, reflecting the impact of loan portfolio sales during the second quarter of 2025. Total average loans and loans held for sale increased 1.7% on a year-over-year basis and 0.7% on a linked quarter basis.<br><br>•CET1 capital ratio of 10.7% at June 30, 2025 | |
| Return on average assets (%) | 1.08 | 1.04 | .97 | ||
| Return on average common equity (%) | 12.9 | 12.3 | 12.4 | ||
| Return on tangible common equity (%) (a) | 18.0 | 17.5 | 18.4 | ||
| Net interest margin (%) | 2.66 | 2.72 | 2.67 | ||
| Efficiency ratio (%) (a) | 59.2 | 60.8 | 61.0 | ||
| Tangible efficiency ratio (%) (a) | 57.5 | 59.1 | 59.0 | ||
| INCOME STATEMENT (b) | 2Q25 | 1Q25 | 2Q24 | ||
| Net interest income (taxable-equivalent basis) | $4,080 | $4,122 | 4,052 | ||
| Noninterest income | $2,924 | $2,836 | 2,815 | ||
| Noninterest expense | $4,181 | $4,232 | 4,214 | ||
| Net income attributable to U.S. Bancorp | $1,815 | $1,709 | 1,603 | ||
| Diluted earnings per common share | $1.11 | $1.03 | .97 | ||
| Dividends declared per common share | $.50 | $.50 | .49 | ||
| BALANCE SHEET (b) | 2Q25 | 1Q25 | 2Q24 | ||
| Average total loans | $378,529 | $379,028 | 374,685 | ||
| Average total deposits | $502,890 | $506,534 | 513,909 | ||
| Net charge-off ratio (%) | .59 | .59 | .58 | ||
| Book value per common share (period end) | $35.06 | $34.16 | 31.80 | ||
| Basel III standardized CET1 (%) (c) | 10.7 | 10.8 | 10.3 | ||
| (a) See Non-GAAP Financial Measures reconciliation on page 18<br><br>(b) Dollars in millions, except per share data<br><br>(c) CET1 = Common equity tier 1 capital ratio |
All values are in US Dollars.
| CEO Commentary |
|---|
"In the second quarter we posted diluted earnings per share of $1.11, delivered a return on tangible common equity of 18% and posted a return on average assets of 1.08%. Importantly, year-over-year top-line revenue growth, coupled with our continued expense discipline, resulted in 250 basis points of positive operating leverage, as adjusted, and an efficiency ratio of 59.2% for the quarter. Our results showcased continued momentum across several of our diversified fee income businesses, which now represent approximately 42% of company-wide revenue. Our fee growth was led by payment services revenue, trust and investment management fees, and treasury management fees, which benefited from greater interconnectedness across the franchise and self-funded investments in our organic growth. Our asset quality metrics held steady this quarter with a net charge-off ratio of 59 basis points, and our continued capital levels remain strong.
As we look ahead, we remain committed to executing on our strategic priorities and making disciplined progress towards achieving our medium-term financial targets. Our diversified business mix and sound risk management culture remain strengths, especially at a time of economic volatility. On behalf of all my U.S. Bank colleagues, I would like to thank our clients and shareholders, for their loyalty and support of our exceptional company."
— Gunjan Kedia, President and CEO, U.S. Bancorp
| Business and Other Highlights |
|---|
Elavon Jumps Two Spots in 2025 Nilson Report Ratings
Elavon, the merchant services payment provider of U.S. Bank, has moved up two spots in the 2025 Nilson Report to become the fifth-largest U.S. merchant acquirer and the second-largest bank-owned merchant acquirer as ranked by Mastercard and Visa purchase volume. Elavon processes more than $576 billion in transactions worldwide annually and provides payment processing to eight of the top 10 airlines globally and seven of the top 10 largest U.S. hotel brands.
U.S. Bank Completes First Fully Digital Trade Finance Transaction
U.S. Bank has completed its first trade finance collection transaction using a fully digital process, marking a step forward in the bank’s efforts to modernize trade and working capital for clients. U.S. Bank is the first U.S. bank to utilize the blockchain-based WaveBL platform, which supports encrypted document transfers between trading partners and their banks. Previously, a transaction like this would have required a courier to physically transport documents across continents, often taking several days. By contrast, the digital process reduced that timeline to minutes – eliminating delays, enhancing security and compliance, and avoiding disruptions from external events.
U.S. Bank and Fiserv to Create Integrated Agent Card Issuance
U.S. Bank and Fiserv are working together to integrate U.S. Bank’s Elan Financial Services credit card program into Fiserv’s Credit Choice solution. This will allow financial institutions to deliver a digital-first, branded agent-bank credit card program for consumer and small business cardholders. The enhanced platform will allow users to manage both debit and credit card accounts within a single digital interface, improving user experience and operational efficiency. Financial institutions will benefit from streamlined onboarding and servicing tools, while the rollout of new capabilities is expected to continue through 2025 and into early 2026.
U.S. Bank Expands Embedded Payments Suite to Power Efficient, Secure Transactions
U.S. Bank recently unveiled an expanded suite of embedded payment solutions. U.S. Bank Embedded Payment Solutions offer businesses across industries a powerful way to integrate efficient, secure payment capabilities directly into websites, apps, enterprise systems and fintech integrations. Building on Elavon’s success with tech-led embedded merchant acquiring solutions, this expansion is another step in U.S. Bank’s ongoing work to integrate payment capabilities into the software and platforms businesses rely on daily while enabling faster, easier and secure financial transactions.
| Investor contact: George Andersen, George.Andersen@usbank.com | Media contact: Jeff Shelman, Jeffrey.Shelman@usbank.com | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| U.S. Bancorp Second Quarter 2025 Results | |||||||||
| --- | |||||||||
| INCOME STATEMENT HIGHLIGHTS | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions, except per share data) | ADJUSTED (a) (b) | ||||||||
| Percent Change | Percent Change | ||||||||
| 1Q 2025 | 2Q 2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | 2Q 2025 | 1Q 2025 | 2Q 2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | |
| Net interest income | $4,092 | $4,023 | (1.0) | .7 | $4,051 | $4,092 | $4,023 | (1.0) | .7 |
| Taxable-equivalent adjustment | 30 | 29 | (3.3) | — | 29 | 30 | 29 | (3.3) | — |
| Net interest income (taxable-equivalent basis) | 4,122 | 4,052 | (1.0) | .7 | 4,080 | 4,122 | 4,052 | (1.0) | .7 |
| Noninterest income | 2,836 | 2,815 | 3.1 | 3.9 | 2,924 | 2,836 | 2,815 | 3.1 | 3.9 |
| Total net revenue | 6,958 | 6,867 | .7 | 2.0 | 7,004 | 6,958 | 6,867 | .7 | 2.0 |
| Noninterest expense | 4,232 | 4,214 | (1.2) | (.8) | 4,181 | 4,232 | 4,188 | (1.2) | (.2) |
| Income before provision and income taxes | 2,726 | 2,653 | 3.6 | 6.4 | 2,823 | 2,726 | 2,679 | 3.6 | 5.4 |
| Provision for credit losses | 537 | 568 | (6.7) | (11.8) | 501 | 537 | 568 | (6.7) | (11.8) |
| Income before taxes | 2,189 | 2,085 | 6.1 | 11.4 | 2,322 | 2,189 | 2,111 | 6.1 | 10.0 |
| Income taxes and taxable-equivalent adjustment | 473 | 474 | 5.9 | 5.7 | 501 | 473 | 481 | 5.9 | 4.2 |
| Net income | 1,716 | 1,611 | 6.1 | 13.0 | 1,821 | 1,716 | 1,630 | 6.1 | 11.7 |
| Net (income) loss attributable to noncontrolling interests | (7) | (8) | 14.3 | 25.0 | (6) | (7) | (8) | 14.3 | 25.0 |
| Net income attributable to U.S. Bancorp | $1,709 | $1,603 | 6.2 | 13.2 | $1,815 | $1,709 | $1,622 | 6.2 | 11.9 |
| Net income applicable to U.S. Bancorp common shareholders | $1,603 | $1,518 | 8.1 | 14.2 | $1,733 | $1,603 | $1,537 | 8.1 | 12.8 |
| Diluted earnings per common share | $1.03 | $.97 | 7.8 | 14.4 | $1.11 | $1.03 | $.98 | 7.8 | 13.3 |
All values are in US Dollars.
(a)2Q24 excludes a $26 million ($19 million net-of-tax) notable item for an increase in the FDIC special assessment.
(b)See Non-GAAP Financial Measures reconciliation beginning on page 18.
| INCOME STATEMENT HIGHLIGHTS | |||||
|---|---|---|---|---|---|
| ( in millions, except per share data) | ADJUSTED (c) (d) | ||||
| YTD<br> 2024 | Percent<br>Change | YTD<br> 2025 | YTD<br> 2024 | Percent<br>Change | |
| Net interest income | $8,008 | 1.7 | $8,143 | $8,008 | 1.7 |
| Taxable-equivalent adjustment | 59 | — | 59 | 59 | — |
| Net interest income (taxable-equivalent basis) | 8,067 | 1.7 | 8,202 | 8,067 | 1.7 |
| Noninterest income | 5,515 | 4.4 | 5,760 | 5,515 | 4.4 |
| Total net revenue | 13,582 | 2.8 | 13,962 | 13,582 | 2.8 |
| Noninterest expense | 8,673 | (3.0) | 8,413 | 8,382 | .4 |
| Income before provision and income taxes | 4,909 | 13.0 | 5,549 | 5,200 | 6.7 |
| Provision for credit losses | 1,121 | (7.4) | 1,038 | 1,121 | (7.4) |
| Income before taxes | 3,788 | 19.1 | 4,511 | 4,079 | 10.6 |
| Income taxes and taxable-equivalent adjustment | 851 | 14.5 | 974 | 924 | 5.4 |
| Net income | 2,937 | 20.4 | 3,537 | 3,155 | 12.1 |
| Net (income) loss attributable to noncontrolling interests | (15) | 13.3 | (13) | (15) | 13.3 |
| Net income attributable to U.S. Bancorp | $2,922 | 20.6 | $3,524 | $3,140 | 12.2 |
| Net income applicable to U.S. Bancorp common shareholders | $2,727 | 22.3 | $3,336 | $2,944 | 13.3 |
| Diluted earnings per common share | $1.75 | 22.3 | $2.14 | $1.89 | 13.2 |
All values are in US Dollars.
(c)2024 excludes $291 million ($218 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment.
(d)See Non-GAAP Financial Measures reconciliation beginning on page 18.
| U.S. Bancorp Second Quarter 2025 Results |
|---|
Net income attributable to U.S. Bancorp was $1,815 million for the second quarter of 2025, $212 million higher than the $1,603 million for the second quarter of 2024 and $106 million higher than the $1,709 million for the first quarter of 2025. Diluted earnings per common share was $1.11 in the second quarter of 2025, compared with $0.97 in the second quarter of 2024 and $1.03 in the first quarter of 2025. The second quarter of 2024 included a notable item of $19 million or ($0.01) per diluted common share, net-of-tax. Excluding the impact of the prior year quarter notable item, net income attributable to U.S. Bancorp for the second quarter of 2025 was $193 million higher than the second quarter of 2024.
The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to higher total net revenue, lower noninterest expense and lower provision for credit losses. Excluding the notable item in the prior year quarter, net income attributable to U.S. Bancorp in the second quarter of 2025 increased 11.9 percent compared with the second quarter of 2024. Net interest income increased 0.7 percent on a year-over-year taxable-equivalent basis, primarily due to the impact of fixed asset repricing, loan mix, and lower rates paid on interest-bearing deposits, partially offset by lower noninterest-bearing deposit balances. The net interest margin decreased to 2.66 percent in the second quarter of 2025 from 2.67 percent in the second quarter of 2024, driven by the factors described above. Noninterest income increased 3.9 percent compared with a year ago driven by higher payment services revenue, trust and investment management fees, and other revenue, partially offset by lower mortgage banking revenue. Noninterest expense decreased 0.8 percent primarily due to lower compensation and employee benefits and other intangible expense, partially offset by higher technology and communications expense. Excluding the notable item in the prior year quarter, noninterest expense in the second quarter of 2025 decreased 0.2 percent compared with the second quarter of 2024. The provision for credit losses decreased $67 million (11.8 percent) compared with the second quarter of 2024, reflecting the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality.
Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to an increase in total net revenue, lower noninterest expense and lower provision for credit losses. Net interest income decreased 1.0 percent on a linked quarter taxable-equivalent basis primarily driven by competitive deposit pricing pressure and rotation into higher rate products. The net interest margin decreased to 2.66 percent in the second quarter of 2025 from 2.72 percent in the first quarter of 2025, driven by larger average assets due to the timing of loan sales in the quarter in addition to the factors mentioned above. Noninterest income in the second quarter of 2025 increased 3.1 percent from the first quarter of 2025 primarily due to higher payment services revenue, trust and investment management fees, and service charges, partially offset by net securities losses in the second quarter of 2025. Noninterest expense in the second quarter of 2025 decreased by 1.2 percent from the first quarter of 2025 primarily due to lower compensation and employee benefits expense, and marketing and business development expense. The provision for credit losses decreased $36 million (6.7 percent) compared with the first quarter of 2025, reflecting the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality, partially offset by higher commercial real estate net charge-offs.
| U.S. Bancorp Second Quarter 2025 Results | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NET INTEREST INCOME | |||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Taxable-equivalent basis; in millions) | Change | ||||||||||||||||||||||
| 1Q 2025 | 2Q 2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Change | |||||||||||||||||
| Components of net interest income | |||||||||||||||||||||||
| Income on earning assets | 7,633 | $ | 7,546 | $ | 8,015 | $ | 87 | $ | (382) | $ | 15,179 | $ | 15,810 | $ | (631) | ||||||||
| Expense on interest-bearing liabilities | 3,424 | 3,963 | 129 | (410) | 6,977 | 7,743 | (766) | ||||||||||||||||
| Net interest income | 4,080 | $ | 4,122 | $ | 4,052 | $ | (42) | $ | 28 | $ | 8,202 | $ | 8,067 | $ | 135 | ||||||||
| Average yields and rates paid | |||||||||||||||||||||||
| Earning assets yield | % | 4.99 | % | 5.29 | % | — | % | (.30) | % | 4.99 | % | 5.27 | % | (.28) | % | ||||||||
| Rate paid on interest-bearing liabilities | 2.75 | 3.18 | .05 | (.38) | 2.78 | 3.15 | (.37) | ||||||||||||||||
| Gross interest margin | % | 2.24 | % | 2.11 | % | (.05) | % | .08 | % | 2.21 | % | 2.12 | % | .09 | % | ||||||||
| Net interest margin | % | 2.72 | % | 2.67 | % | (.06) | % | (.01) | % | 2.69 | % | 2.68 | % | .01 | % | ||||||||
| Average balances | |||||||||||||||||||||||
| Investment securities (a) | 172,841 | $ | 171,178 | $ | 167,020 | $ | 1,663 | $ | 5,821 | $ | 172,014 | $ | 164,128 | $ | 7,886 | ||||||||
| Loans held for sale | 1,823 | 2,382 | 3,020 | 2,461 | 3,341 | 2,192 | 1,149 | ||||||||||||||||
| Loans | 379,028 | 374,685 | (499) | 3,844 | 378,777 | 372,878 | 5,899 | ||||||||||||||||
| Interest-bearing deposits with banks | 43,735 | 53,056 | (2,185) | (11,506) | 42,637 | 51,979 | (9,342) | ||||||||||||||||
| Other earning assets | 14,466 | 11,749 | 1,113 | 3,830 | 15,025 | 11,336 | 3,689 | ||||||||||||||||
| Earning assets | 610,230 | 608,892 | 3,112 | 4,450 | 611,794 | 602,513 | 9,281 | ||||||||||||||||
| Interest-bearing liabilities | 504,023 | 500,464 | 4,895 | 8,454 | 506,484 | 493,908 | 12,576 | ||||||||||||||||
| (a) Excludes unrealized gain (loss) |
All values are in US Dollars.
Net interest income on a taxable-equivalent basis in the second quarter of 2025 was $4,080 million, an increase of $28 million (0.7 percent) from the second quarter of 2024. The increase was primarily due to the impact of fixed asset repricing, loan mix, and lower rates paid on interest-bearing deposits, partially offset by lower noninterest-bearing deposit balances. Average earning assets were $4.5 billion (0.7 percent) higher than the second quarter of 2024, reflecting increases of $5.8 billion (3.5 percent) in average investment securities due to balance sheet repositioning, $6.3 billion (1.7 percent) in total average loans and loans held for sale, and $3.8 billion (32.6 percent) in average other earning assets, partially offset by a decrease of $11.5 billion (21.7 percent) in average interest-bearing deposits with banks. Second quarter of 2025 average loans held for sale reflected the impact of a portfolio of residential mortgages transferred to held for sale and subsequently sold during the period.
Net interest income on a taxable-equivalent basis decreased $42 million (1.0 percent) on a linked quarter basis primarily driven by competitive deposit pricing pressure and rotation into higher rate products. Average earning assets were $3.1 billion (0.5 percent) higher on a linked quarter basis, reflecting increases of $1.7 billion (1.0 percent) in average investment securities due to balance sheet repositioning, $2.5 billion (0.7 percent) in total average loans and loans held for sale, and $1.1 billion (7.7 percent) in other earning assets, partially offset by a decrease of $2.2 billion (5.0 percent) in average interest-bearing deposits with banks. Second quarter of 2025 average loans held for sale reflected the impact of a portfolio of residential mortgages transferred to held for sale and subsequently sold during the period.
The net interest margin in the second quarter of 2025 was 2.66 percent, compared with 2.67 percent in the second quarter of 2024 and 2.72 percent in the first quarter of 2025. The decrease in the net interest margin from the prior year and prior quarter was driven by the factors mentioned above.
| U.S. Bancorp Second Quarter 2025 Results | |||||||
|---|---|---|---|---|---|---|---|
| AVERAGE LOANS | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions) | Percent Change | ||||||
| 1Q 2025 | 2Q 2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Commercial | $135,931 | $130,162 | 2.7 | 7.3 | $137,778 | $128,382 | 7.3 |
| Lease financing | 4,199 | 4,177 | .3 | .8 | 4,206 | 4,171 | .8 |
| Total commercial | 140,130 | 134,339 | 2.6 | 7.1 | 141,984 | 132,553 | 7.1 |
| Commercial mortgages | 38,624 | 40,871 | (1.1) | (6.5) | 38,408 | 41,208 | (6.8) |
| Construction and development | 10,266 | 11,418 | .1 | (10.0) | 10,269 | 11,455 | (10.4) |
| Total commercial real estate | 48,890 | 52,289 | (.9) | (7.3) | 48,677 | 52,663 | (7.6) |
| Residential mortgages | 118,844 | 116,478 | (2.7) | (.7) | 117,221 | 116,059 | 1.0 |
| Credit card | 29,404 | 28,349 | .6 | 4.4 | 29,497 | 28,145 | 4.8 |
| Retail leasing | 3,990 | 4,185 | (3.0) | (7.6) | 3,929 | 4,134 | (5.0) |
| Home equity and second mortgages | 13,542 | 13,053 | 1.0 | 4.8 | 13,610 | 13,018 | 4.5 |
| Other | 24,228 | 25,992 | (3.0) | (9.6) | 23,859 | 26,306 | (9.3) |
| Total other retail | 41,760 | 43,230 | (1.7) | (5.1) | 41,398 | 43,458 | (4.7) |
| Total loans | $379,028 | $374,685 | (.1) | 1.0 | $378,777 | $372,878 | 1.6 |
All values are in US Dollars.
Average total loans for the second quarter of 2025 were $3.8 billion (1.0 percent) higher than the second quarter of 2024. The increase was primarily due to higher total commercial loans (7.1 percent) and credit card loans (4.4 percent), partially offset by lower total commercial real estate loans (7.3 percent), residential mortgages (0.7 percent), and total other retail loans (5.1 percent). The increase in commercial loans was primarily due to growth in loans to financial institutions. The increase in credit card loans was primarily driven by customer account growth and higher spend volume. The decrease in commercial real estate loans was primarily due to loan workout activities and payoffs. The decrease in residential mortgages and other retail loans was primarily due to portfolio sales in the second quarter of 2025.
Average total loans were $499 million (0.1 percent) lower than the first quarter of 2025. The decrease was primarily due to lower residential mortgages (2.7 percent) and total other retail loans (1.7 percent), partially offset by higher total commercial loans (2.6 percent). Linked quarter changes were primarily driven by similar factors as the year-over-year changes.
| U.S. Bancorp Second Quarter 2025 Results | |||||||
|---|---|---|---|---|---|---|---|
| AVERAGE DEPOSITS | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions) | Percent Change | ||||||
| 1Q 2025 | 2Q 2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Noninterest-bearing deposits | $79,696 | $83,418 | (.7) | (5.2) | $79,405 | $84,102 | (5.6) |
| Interest-bearing savings deposits | |||||||
| Interest checking | 125,651 | 125,709 | 4.7 | 4.7 | 128,642 | 125,360 | 2.6 |
| Money market savings | 195,442 | 208,386 | (9.4) | (15.0) | 186,213 | 202,444 | (8.0) |
| Savings accounts | 50,271 | 38,855 | 15.7 | 49.7 | 54,243 | 40,250 | 34.8 |
| Total savings deposits | 371,364 | 372,950 | (1.2) | (1.6) | 369,098 | 368,054 | .3 |
| Time deposits | 55,474 | 57,541 | 2.6 | (1.1) | 56,199 | 56,329 | (.2) |
| Total interest-bearing deposits | 426,838 | 430,491 | (.7) | (1.6) | 425,297 | 424,383 | .2 |
| Total deposits | $506,534 | $513,909 | (.7) | (2.1) | $504,702 | $508,485 | (.7) |
All values are in US Dollars.
Average total deposits for the second quarter of 2025 were $11.0 billion (2.1 percent) lower than the second quarter of 2024. Average noninterest-bearing deposits decreased $4.3 billion (5.2 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average total savings deposits decreased $6.1 billion (1.6 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking, partially offset by increases in Consumer and Business Banking. Average time deposits were $625 million (1.1 percent) lower than the second quarter of 2024 mainly within Wealth, Corporate, Commercial and Institutional Banking. 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.
Average total deposits decreased $3.6 billion (0.7 percent) from the first quarter of 2025. Average noninterest-bearing deposits decreased $579 million (0.7 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking. Average total savings deposits decreased $4.5 billion (1.2 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking, partially offset by increases in Consumer and Business Banking. Average time deposits were $1.4 billion (2.6 percent) higher on a linked quarter basis due to increases within Consumer and Business Banking, partially offset by decreases within Wealth, Corporate, Commercial and Institutional Banking.
| U.S. Bancorp Second Quarter 2025 Results | |||||||
|---|---|---|---|---|---|---|---|
| NONINTEREST INCOME | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions) | Percent Change | ||||||
| 1Q 2025 | 2Q 2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Card revenue | $398 | $428 | 11.1 | 3.3 | $840 | $820 | 2.4 |
| Corporate payment products revenue | 189 | 195 | 1.6 | (1.5) | 381 | 379 | .5 |
| Merchant processing services | 415 | 454 | 14.2 | 4.4 | 889 | 855 | 4.0 |
| Trust and investment management fees | 680 | 649 | 3.4 | 8.3 | 1,383 | 1,290 | 7.2 |
| Service charges | 315 | 322 | 6.7 | 4.3 | 651 | 637 | 2.2 |
| Capital markets revenue | 382 | 374 | 2.1 | 4.3 | 772 | 762 | 1.3 |
| Mortgage banking revenue | 173 | 190 | (6.4) | (14.7) | 335 | 356 | (5.9) |
| Investment products fees | 87 | 82 | 3.4 | 9.8 | 177 | 159 | 11.3 |
| Other | 197 | 157 | (2.5) | 22.3 | 389 | 291 | 33.7 |
| Total fee revenue | 2,836 | 2,851 | 5.1 | 4.6 | 5,817 | 5,549 | 4.8 |
| Securities gains (losses), net | — | (36) | nm | (58.3) | (57) | (34) | (67.6) |
| Total noninterest income | $2,836 | $2,815 | 3.1 | 3.9 | $5,760 | $5,515 | 4.4 |
All values are in US Dollars.
Second quarter noninterest income of $2,924 million was $109 million (3.9 percent) higher than the second quarter of 2024. The second quarter total fee revenue was $130 million (4.6 percent) higher than the prior year quarter. The increase was driven by higher payment services revenue, trust and investment management fees, service charges and other revenue, partially offset by lower mortgage banking revenue. Payment services revenue increased $31 million (2.9 percent) compared with the second quarter of 2024, due to increases in card revenue of $14 million (3.3 percent) mainly due to higher sales volume, and merchant processing services of $20 million (4.4 percent) due to favorable rates. Trust and investment management fees increased $54 million (8.3 percent) driven by favorable market conditions and business growth. Service charges increased $14 million (4.3 percent) primarily due to higher treasury management fees. Other revenue increased $35 million (22.3 percent) due to higher tax credit investment activity. Mortgage banking revenue decreased $28 million (14.7 percent) primarily due to a gain on the sale of mortgage servicing rights in the prior year quarter.
Noninterest income was $88 million (3.1 percent) higher in the second quarter of 2025 compared with the first quarter of 2025. The second quarter total fee revenue was $145 million (5.1 percent) higher than linked quarter. The increase was driven by higher payment services revenue, trust and investment management fees, and service charges. Payment services revenue increased $106 million (10.6 percent) compared with the first quarter of 2025, due to increases in card revenue of $44 million (11.1 percent) due to higher sales volume and seasonality, and merchant processing services of $59 million (14.2 percent) due to seasonality and favorable rates. Trust and investment management fees increased $23 million (3.4 percent) due to favorable market conditions and business growth. Service charges increased $21 million (6.7 percent) primarily due to higher treasury management fees.
| U.S. Bancorp Second Quarter 2025 Results | |||||||
|---|---|---|---|---|---|---|---|
| NONINTEREST EXPENSE | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| ( in millions) | Percent Change | ||||||
| 1Q 2025 | 2Q 2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Compensation and employee benefits | $2,637 | $2,619 | (1.4) | (.7) | $5,237 | $5,310 | (1.4) |
| Net occupancy and equipment | 306 | 316 | (1.6) | (4.7) | 607 | 612 | (.8) |
| Professional services | 98 | 116 | 11.2 | (6.0) | 207 | 226 | (8.4) |
| Marketing and business development | 182 | 158 | (11.5) | 1.9 | 343 | 294 | 16.7 |
| Technology and communications | 533 | 509 | .2 | 4.9 | 1,067 | 1,016 | 5.0 |
| Other intangibles | 123 | 142 | .8 | (12.7) | 247 | 288 | (14.2) |
| Other | 353 | 328 | (.3) | 7.3 | 705 | 636 | 10.8 |
| Total before notable items | 4,232 | 4,188 | (1.2) | (.2) | 8,413 | 8,382 | .4 |
| Notable items | — | 26 | — | nm | — | 291 | nm |
| Total noninterest expense | $4,232 | $4,214 | (1.2) | (.8) | $8,413 | $8,673 | (3.0) |
All values are in US Dollars.
Second quarter noninterest expense of $4,181 million was $33 million (0.8 percent) lower than the second quarter of 2024. Excluding the notable item of $26 million in the second quarter of 2024, second quarter of 2025 noninterest expense decreased $7 million (0.2 percent) compared with the second quarter of 2024. The decrease was driven by lower compensation and employee benefits expense, net occupancy and equipment expense and other intangibles expense, partially offset by higher technology and communications expense, and other noninterest expense. Compensation and employee benefits expense decreased $19 million (0.7 percent) primarily due to cost savings from operational efficiencies, partially offset by merit increases. Net occupancy and equipment expense decreased $15 million (4.7 percent) due to cost savings from operational efficiencies. The increase in technology and communications expense of $25 million (4.9 percent) was due to investments in infrastructure and technology development.
Noninterest expense decreased $51 million (1.2 percent) from the first quarter of 2025. The decrease was primarily driven by lower compensation and employee benefits expense and marketing and business development expense. Compensation and employee benefits expense decreased $37 million (1.4 percent) primarily due to seasonally lower stock-based compensation and cost savings from operational efficiencies, partially offset by merit increases. Marketing and business development expense decreased $21 million (11.5 percent) primarily due to the charitable foundation contribution in the first quarter of 2025.
Provision for Income Taxes
The provision for income taxes for the second quarter of 2025 resulted in a tax rate of 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.6 percent), compared with 22.7 percent on a taxable-equivalent basis (effective tax rate of 21.6 percent) in the second quarter of 2024, and 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.5 percent) in the first quarter of 2025.
| U.S. Bancorp Second Quarter 2025 Results | |||||
|---|---|---|---|---|---|
| ALLOWANCE FOR CREDIT LOSSES | |||||
| --- | --- | --- | --- | --- | --- |
| ($ in millions) | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 |
| Balance, beginning of period | 7,915 | 7,925 | 7,927 | 7,934 | 7,904 |
| Net charge-offs | |||||
| Commercial | 122 | 159 | 140 | 139 | 135 |
| Lease financing | 6 | 4 | 6 | 8 | 8 |
| Total commercial | 128 | 163 | 146 | 147 | 143 |
| Commercial mortgages | 57 | (5) | 44 | 69 | 35 |
| Construction and development | — | 1 | (6) | 1 | 1 |
| Total commercial real estate | 57 | (4) | 38 | 70 | 36 |
| Residential mortgages | (1) | — | (2) | (3) | (4) |
| Credit card | 317 | 325 | 317 | 299 | 315 |
| Retail leasing | 10 | 13 | 8 | 5 | 3 |
| Home equity and second mortgages | — | (1) | 1 | (1) | (1) |
| Other | 43 | 51 | 54 | 47 | 46 |
| Total other retail | 53 | 63 | 63 | 51 | 48 |
| Total net charge-offs | 554 | 547 | 562 | 564 | 538 |
| Provision for credit losses | 501 | 537 | 560 | 557 | 568 |
| Balance, end of period | 7,862 | 7,915 | 7,925 | 7,927 | 7,934 |
| Components | |||||
| Allowance for loan losses | 7,537 | 7,584 | 7,583 | 7,560 | 7,549 |
| Liability for unfunded credit commitments | 325 | 331 | 342 | 367 | 385 |
| Total allowance for credit losses | 7,862 | 7,915 | 7,925 | 7,927 | 7,934 |
| Gross charge-offs | 683 | 690 | 697 | 669 | 652 |
| Gross recoveries | 129 | 143 | 135 | 105 | 114 |
| Allowance for credit losses as a percentage of | |||||
| Period-end loans (%) | 2.07 | 2.07 | 2.09 | 2.12 | 2.11 |
| Nonperforming loans (%) | 480 | 470 | 442 | 438 | 438 |
| Nonperforming assets (%) | 468 | 458 | 433 | 429 | 428 |
| (a) Annualized and calculated on average loan balances |
All values are in US Dollars.
| U.S. Bancorp Second Quarter 2025 Results |
|---|
The Company’s provision for credit losses for the second quarter of 2025 was $501 million, compared with $537 million in the first quarter of 2025 and $568 million in the second quarter of 2024. The second quarter of 2025 provision was $36 million (6.7 percent) lower than the first quarter of 2025 and $67 million (11.8 percent) lower than the second quarter of 2024. The decrease in provision expense on a year-over-year basis was primarily driven by the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality. The decrease in provision expense on a linked quarter basis was primarily driven by the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality, partially offset by higher commercial real estate net charge-offs. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to changing tariff policies, and other economic factors that may affect the financial strength of corporate and consumer borrowers.
Total net charge-offs in the second quarter of 2025 were $554 million, compared with $547 million in the first quarter of 2025 and $538 million in the second quarter of 2024. The net charge-off ratio was 0.59 percent in the second quarter of 2025 and in the first quarter of 2025, compared with 0.58 percent in the second quarter of 2024. The increase in net charge-offs on a year-over-year basis primarily reflected higher net charge-offs on commercial real estate loans, partially offset by lower net charge-offs on commercial loans.
The allowance for credit losses was $7,862 million at June 30, 2025, compared with $7,915 million at March 31, 2025, and $7,934 million at June 30, 2024. The decrease in the allowance for credit losses on a year-over-year basis was primarily driven by improved credit quality and portfolio mix. The decrease in the allowance for credit losses on a linked quarter basis was primarily driven by the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality. The ratio of the allowance for credit losses to period-end loans was 2.07 percent at June 30, 2025, compared with 2.07 percent at March 31, 2025, and 2.11 percent at June 30, 2024. The ratio of the allowance for credit losses to nonperforming loans was 480 percent at June 30, 2025, compared with 470 percent at March 31, 2025, and 438 percent at June 30, 2024.
Nonperforming assets were $1,680 million at June 30, 2025, compared with $1,727 million at March 31, 2025, and $1,852 million at June 30, 2024. The ratio of nonperforming assets to loans and other real estate was 0.44 percent at June 30, 2025, compared with 0.45 percent at March 31, 2025, and 0.49 percent at June 30, 2024. The decrease in nonperforming assets on a linked quarter basis was primarily due to lower commercial and commercial real estate nonperforming loans. The decrease in nonperforming assets on a year-over year basis was primarily due to lower commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans. Accruing loans 90 days or more past due were $966 million at June 30, 2025, compared with $796 million at March 31, 2025, and $701 million at June 30, 2024. The increase in accruing loans 90 days or more past due on a quarter-over-quarter and year-over-year basis was primarily due to higher commercial real estate delinquencies that are primarily administrative in nature and higher residential mortgage delinquencies primarily related to forbearance extended to borrowers affected by California wildfires.
| U.S. Bancorp Second Quarter 2025 Results | | --- || DELINQUENT LOAN RATIOS AS A PERCENT OF ENDING LOAN BALANCES | | | | | | | --- | --- | --- | --- | --- | --- | | (Percent) | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | Sep 30 2024 | Jun 30 2024 | | Delinquent loan ratios - 90 days or more past due | | | | | | | Commercial | .06 | .07 | .07 | .07 | .06 | | Commercial real estate | .28 | .01 | .02 | .02 | .02 | | Residential mortgages | .28 | .19 | .17 | .15 | .15 | | Credit card | 1.24 | 1.40 | 1.43 | 1.36 | 1.30 | | Other retail | .13 | .14 | .15 | .14 | .14 | | Total loans | .25 | .21 | .21 | .20 | .19 | | Delinquent loan ratios - 90 days or more past due and nonperforming loans | | | | | | | Commercial | .45 | .49 | .55 | .51 | .48 | | Commercial real estate | 1.86 | 1.62 | 1.70 | 1.85 | 1.87 | | Residential mortgages | .40 | .31 | .30 | .28 | .28 | | Credit card | 1.24 | 1.40 | 1.43 | 1.36 | 1.30 | | Other retail | .51 | .50 | .50 | .48 | .47 | | Total loans | .68 | .65 | .69 | .68 | .67 | | ASSET QUALITY (a) | | | | | | --- | --- | --- | --- | --- | | ( in millions) | | | | | | | Mar 31 2025 | Dec 31 2024 | Sep 30 2024 | Jun 30 2024 | | Nonperforming loans | | | | | | Commercial | $589 | $644 | $560 | $531 | | Lease financing | 27 | 26 | 25 | 25 | | Total commercial | 616 | 670 | 585 | 556 | | Commercial mortgages | 745 | 789 | 853 | 888 | | Construction and development | 35 | 35 | 72 | 71 | | Total commercial real estate | 780 | 824 | 925 | 959 | | Residential mortgages | 141 | 152 | 154 | 154 | | Credit card | — | — | — | — | | Other retail | 148 | 147 | 145 | 141 | | Total nonperforming loans | 1,685 | 1,793 | 1,809 | 1,810 | | Other real estate | 23 | 21 | 21 | 23 | | Other nonperforming assets | 19 | 18 | 18 | 19 | | Total nonperforming assets | $1,727 | $1,832 | $1,848 | $1,852 | | Accruing loans 90 days or more past due | $796 | $810 | $738 | $701 | | Nonperforming assets to loans plus ORE (%) | .45 | .48 | .49 | .49 | | (a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due | | | | |
All values are in US Dollars.
| U.S. Bancorp Second Quarter 2025 Results | | --- || COMMON SHARES | | | | | | | --- | --- | --- | --- | --- | --- | | (Millions) | 2Q 2025 | 1Q 2025 | 4Q 2024 | 3Q 2024 | 2Q 2024 | | Beginning shares outstanding | 1,560 | 1,560 | 1,561 | 1,560 | 1,560 | | Shares issued for stock incentive plans, | | | | | | | acquisitions and other corporate purposes | — | 4 | 2 | 1 | — | | Shares repurchased | (2) | (4) | (3) | — | — | | Ending shares outstanding | 1,558 | 1,560 | 1,560 | 1,561 | 1,560 | | CAPITAL POSITION | | | | Preliminary Data | | | --- | --- | --- | --- | --- | --- | | ($ in millions) | Jun 30 2025 | Mar 31 2025 | Dec 31 2024 | Sep 30 2024 | Jun 30 2024 | | Total U.S. Bancorp shareholders' equity | 61,438 | 60,096 | 58,578 | 58,859 | 56,420 | | Basel III Standardized Approach (a) | | | | | | | Common equity tier 1 capital | 49,382 | 48,482 | 47,877 | 47,164 | 46,239 | | Tier 1 capital | 56,630 | 55,736 | 55,129 | 54,416 | 53,491 | | Total risk-based capital | 65,752 | 64,989 | 64,375 | 63,625 | 62,926 | | Fully implemented common equity tier 1 capital ratio (a) | 10.7 | 10.8 | 10.5 | 10.5 | 10.2 | | Tier 1 capital ratio | 12.3 | 12.4 | 12.2 | 12.2 | 11.9 | | Total risk-based capital ratio | 14.3 | 14.4 | 14.3 | 14.2 | 14.0 | | Leverage ratio | 8.5 | 8.4 | 8.3 | 8.3 | 8.1 | | Common equity to assets | 8.0 | 7.9 | 7.6 | 7.6 | 7.3 | | Tangible common equity to tangible assets (b) | 6.1 | 6.0 | 5.8 | 5.7 | 5.4 | | Tangible common equity to risk-weighted assets (b) | 9.0 | 8.9 | 8.5 | 8.6 | 8.0 | | Common equity tier 1 capital to risk-weighted assets, reflecting transitional regulatory capital requirements related to the current expected credit losses methodology (a) | — | — | 10.6 | 10.5 | 10.3 | | (a) Beginning January 1, 2025, the regulatory capital requirements fully reflect implementation related to the current expected credit losses methodology. Prior to 2025, the Company's capital ratios reflected certain transitional adjustments.<br><br>(b) See Non-GAAP Financial Measures reconciliation on page 18 | | | | | |
All values are in US Dollars.
Total U.S. Bancorp shareholders’ equity was $61.4 billion at June 30, 2025, compared with $60.1 billion at March 31, 2025, and $56.4 billion at June 30, 2024. During 2024, the Company's Board of Directors authorized a share repurchase program for up to $5.0 billion of the Company's outstanding common stock effective September 13, 2024. The Company began repurchasing shares under this program, in addition to repurchases done in connection with its stock-based compensation plans, in the fourth quarter of 2024.
All regulatory ratios continue to be in excess of “well-capitalized” requirements. The common equity tier 1 capital to risk-weighted assets ratio using the Basel III standardized approach was 10.7 percent at June 30, 2025, compared with 10.8 percent at March 31, 2025, and 10.3 percent at June 30, 2024.
| U.S. Bancorp Second Quarter 2025 Results | | --- || Investor Conference Call | | --- |
On Thursday, July 17, 2025 at 7 a.m. CT, President and Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone. To access the webcast and presentation, visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.” To access the conference call from locations within the United States and Canada, please dial 888-210-4659. Participants calling from outside the United States and Canada, please dial 646-960-0383. The access code for all participants is 7269933. For those unable to participate during the live call, a replay will be available at approximately 10 a.m. CT on Thursday, July 17, 2025. To access the replay, please visit the U.S. Bancorp website at usbank.com and click on “About us”, “Investor relations”, "News & events" and “Webcasts & presentations.”
| About U.S. Bancorp |
|---|
U.S. Bancorp, with approximately 70,000 employees and $686 billion in assets as of June 30, 2025, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2025 World’s Most Ethical Companies and one of Fortune’s most admired superregional banks. Learn more at usbank.com/about.
| Forward-looking Statements |
|---|
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.”
Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties:
•Deterioration in general business and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility;
•Turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital;
•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities;
•Changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs;
•Changes in interest rates;
•Increases in unemployment rates;
•Deterioration in the credit quality of U.S. Bancorp's loan portfolios or in the value of the collateral securing those loans;
•Changes in commercial real estate occupancy rates;
•Increases in FDIC assessments, including due to bank failures;
•Actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions;
•Uncertainty regarding the content, timing and impact of changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to adverse developments affecting the banking sector;
| U.S. Bancorp Second Quarter 2025 Results |
|---|
•Risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer;
•Impacts of current, pending or future litigation and governmental proceedings;
•Increased competition from both banks and non-banks;
•Effects of climate change and related physical and transition risks;
•Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands;
•Breaches in data security;
•Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents;
•Failures to safeguard personal information;
•Impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events;
•Impacts of supply chain disruptions, rising inflation, slower growth or a recession;
•Failure to execute on strategic or operational plans;
•Effects of mergers and acquisitions and related integration;
•Effects of critical accounting policies and judgments;
•Effects of changes in or interpretations of tax laws and regulations;
•Management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and
•The risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission.
Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
| U.S. Bancorp Second Quarter 2025 Results |
|---|
| Non-GAAP Financial Measures |
| --- |
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
•Tangible common equity to tangible assets,
•Tangible common equity to risk-weighted assets,
•Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology, and
•Return on tangible common equity.
These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”), or in banking regulations or were not effective for certain periods. In addition, certain capital measures related to prior periods are presented on the same basis as those in the current period. The effective capital ratios defined by banking regulations for these periods were subject to certain transitional provisions for the implementation of accounting guidance related to impairment of financial instruments based on the current expected credit losses methodology. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.
The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio, tangible efficiency ratio, net interest margin, and tax rate.
The adjusted noninterest expense, adjusted net income, adjusted diluted earnings per common share, and adjusted operating leverage exclude notable items. Management uses these measures in their analysis of the Company’s performance and believes these measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure. A table follows that shows the Company’s calculation of these non-GAAP financial measures.
| CONSOLIDATED STATEMENT OF INCOME | ||||
|---|---|---|---|---|
| (Dollars and Shares in Millions, Except Per Share Data) | Three Months Ended<br>June 30, | Six Months Ended<br>June 30, | ||
| (Unaudited) | 2025 | 2024 | 2025 | 2024 |
| Interest Income | ||||
| Loans | $5,548 | $5,761 | $11,081 | $11,473 |
| Loans held for sale | 59 | 41 | 87 | 78 |
| Investment securities | 1,355 | 1,294 | 2,663 | 2,469 |
| Other interest income | 642 | 889 | 1,289 | 1,729 |
| Total interest income | 7,604 | 7,985 | 15,120 | 15,749 |
| Interest Expense | ||||
| Deposits | 2,541 | 3,028 | 5,052 | 5,912 |
| Short-term borrowings | 291 | 296 | 540 | 566 |
| Long-term debt | 721 | 638 | 1,385 | 1,263 |
| Total interest expense | 3,553 | 3,962 | 6,977 | 7,741 |
| Net interest income | 4,051 | 4,023 | 8,143 | 8,008 |
| Provision for credit losses | 501 | 568 | 1,038 | 1,121 |
| Net interest income after provision for credit losses | 3,550 | 3,455 | 7,105 | 6,887 |
| Noninterest Income | ||||
| Card revenue | 442 | 428 | 840 | 820 |
| Corporate payment products revenue | 192 | 195 | 381 | 379 |
| Merchant processing services | 474 | 454 | 889 | 855 |
| Trust and investment management fees | 703 | 649 | 1,383 | 1,290 |
| Service charges | 336 | 322 | 651 | 637 |
| Capital markets revenue | 390 | 374 | 772 | 762 |
| Mortgage banking revenue | 162 | 190 | 335 | 356 |
| Investment products fees | 90 | 82 | 177 | 159 |
| Securities gains (losses), net | (57) | (36) | (57) | (34) |
| Other | 192 | 157 | 389 | 291 |
| Total noninterest income | 2,924 | 2,815 | 5,760 | 5,515 |
| Noninterest Expense | ||||
| Compensation and employee benefits | 2,600 | 2,619 | 5,237 | 5,310 |
| Net occupancy and equipment | 301 | 316 | 607 | 612 |
| Professional services | 109 | 116 | 207 | 226 |
| Marketing and business development | 161 | 158 | 343 | 294 |
| Technology and communications | 534 | 509 | 1,067 | 1,016 |
| Other intangibles | 124 | 142 | 247 | 288 |
| Merger and integration charges | — | — | — | 155 |
| Other | 352 | 354 | 705 | 772 |
| Total noninterest expense | 4,181 | 4,214 | 8,413 | 8,673 |
| Income before income taxes | 2,293 | 2,056 | 4,452 | 3,729 |
| Applicable income taxes | 472 | 445 | 915 | 792 |
| Net income | 1,821 | 1,611 | 3,537 | 2,937 |
| Net (income) loss attributable to noncontrolling interests | (6) | (8) | (13) | (15) |
| Net income attributable to U.S. Bancorp | $1,815 | $1,603 | $3,524 | $2,922 |
| Net income applicable to U.S. Bancorp common shareholders | $1,733 | $1,518 | $3,336 | $2,727 |
| Earnings per common share | $1.11 | $.97 | $2.14 | $1.75 |
| Diluted earnings per common share | $1.11 | $.97 | $2.14 | $1.75 |
| Dividends declared per common share | $.50 | $.49 | $1.00 | $.98 |
| Average common shares outstanding | 1,559 | 1,560 | 1,559 | 1,560 |
| Average diluted common shares outstanding | 1,559 | 1,561 | 1,560 | 1,560 |
| CONSOLIDATED ENDING BALANCE SHEET | |||
|---|---|---|---|
| (Dollars in Millions) | June 30,<br>2025 | December 31,<br>2024 | June 30,<br>2024 |
| Assets | (Unaudited) | (Unaudited) | |
| Cash and due from banks | $57,807 | $56,502 | $65,832 |
| Investment securities | |||
| Held-to-maturity | 77,879 | 78,634 | 81,486 |
| Available-for-sale | 90,577 | 85,992 | 79,799 |
| Loans held for sale | 2,288 | 2,573 | 2,582 |
| Loans | |||
| Commercial | 147,416 | 139,484 | 135,248 |
| Commercial real estate | 48,181 | 48,859 | 51,887 |
| Residential mortgages | 114,475 | 118,813 | 117,147 |
| Credit card | 30,023 | 30,350 | 28,715 |
| Other retail | 40,148 | 42,326 | 43,136 |
| Total loans | 380,243 | 379,832 | 376,133 |
| Less allowance for loan losses | (7,537) | (7,583) | (7,549) |
| Net loans | 372,706 | 372,249 | 368,584 |
| Premises and equipment | 3,625 | 3,565 | 3,570 |
| Goodwill | 12,637 | 12,536 | 12,476 |
| Other intangible assets | 5,285 | 5,547 | 5,757 |
| Other assets | 63,566 | 60,720 | 59,972 |
| Total assets | $686,370 | $678,318 | $680,058 |
| Liabilities and Shareholders' Equity | |||
| Deposits | |||
| Noninterest-bearing | $86,972 | $84,158 | $86,756 |
| Interest-bearing | 431,745 | 434,151 | 437,029 |
| Total deposits | 518,717 | 518,309 | 523,785 |
| Short-term borrowings | 15,039 | 15,518 | 16,557 |
| Long-term debt | 64,013 | 58,002 | 52,720 |
| Other liabilities | 26,705 | 27,449 | 30,111 |
| Total liabilities | 624,474 | 619,278 | 623,173 |
| Shareholders' equity | |||
| Preferred stock | 6,808 | 6,808 | 6,808 |
| Common stock | 21 | 21 | 21 |
| Capital surplus | 8,706 | 8,715 | 8,688 |
| Retained earnings | 78,652 | 76,863 | 75,231 |
| Less treasury stock | (24,140) | (24,065) | (24,020) |
| Accumulated other comprehensive income (loss) | (8,609) | (9,764) | (10,308) |
| Total U.S. Bancorp shareholders' equity | 61,438 | 58,578 | 56,420 |
| Noncontrolling interests | 458 | 462 | 465 |
| Total equity | 61,896 | 59,040 | 56,885 |
| Total liabilities and equity | $686,370 | $678,318 | $680,058 |
| NON-GAAP FINANCIAL MEASURES | ||||||
|---|---|---|---|---|---|---|
| (Dollars in Millions, Unaudited) | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 | |
| Total equity | 61,896 | 60,558 | 59,040 | 59,321 | 56,885 | |
| Preferred stock | (6,808) | (6,808) | (6,808) | (6,808) | (6,808) | |
| Noncontrolling interests | (458) | (462) | (462) | (462) | (465) | |
| Common equity (a) | 54,630 | 53,288 | 51,770 | 52,051 | 49,612 | |
| Goodwill (net of deferred tax liability) (1) | (11,613) | (11,521) | (11,508) | (11,540) | (11,449) | |
| Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,699) | (1,761) | (1,846) | (1,944) | (2,047) | |
| Tangible common equity (b) | 41,318 | 40,006 | 38,416 | 38,567 | 36,116 | |
| Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation | 47,877 | 47,164 | 46,239 | |||
| Adjustments (2) | (433) | (433) | (433) | |||
| Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) | 47,444 | 46,731 | 45,806 | |||
| Total assets (d) | 686,370 | 676,489 | 678,318 | 686,469 | 680,058 | |
| Goodwill (net of deferred tax liability) (1) | (11,613) | (11,521) | (11,508) | (11,540) | (11,449) | |
| Intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,699) | (1,761) | (1,846) | (1,944) | (2,047) | |
| Tangible assets (e) | 673,058 | 663,207 | 664,964 | 672,985 | 666,562 | |
| Risk-weighted assets, determined in accordance with prescribed regulatory capital requirements effective for the Company (f) | 459,521 | * | 450,290 | 450,498 | 447,476 | 449,111 |
| Adjustments (3) | (368) | (368) | (368) | |||
| Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) | 450,130 | 447,108 | 448,743 | |||
| Ratios * | ||||||
| Common equity to assets (a)/(d) | 8.0 | 7.9 | 7.6 | 7.6 | 7.3 | |
| Tangible common equity to tangible assets (b)/(e) | 6.1 | 6.0 | 5.8 | 5.7 | 5.4 | |
| Tangible common equity to risk-weighted assets (b)/(f) | 9.0 | 8.9 | 8.5 | 8.6 | 8.0 | |
| Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g) | 10.5 | 10.5 | 10.2 | |||
| Three Months Ended | ||||||
| June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 | ||
| Net income applicable to U.S. Bancorp common shareholders | 1,733 | 1,603 | 1,581 | 1,601 | 1,518 | |
| Intangibles amortization (net-of-tax) | 98 | 97 | 110 | 112 | 113 | |
| Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization | 1,831 | 1,700 | 1,691 | 1,713 | 1,631 | |
| Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangible amortization (h) | 7,344 | 6,894 | 6,727 | 6,815 | 6,560 | |
| Average total equity | 61,356 | 60,071 | 59,272 | 58,744 | 56,492 | |
| Average preferred stock | (6,808) | (6,808) | (6,808) | (6,808) | (6,808) | |
| Average noncontrolling interests | (457) | (460) | (460) | (461) | (463) | |
| Average goodwill (net of deferred tax liability) (1) | (11,544) | (11,513) | (11,515) | (11,494) | (11,457) | |
| Average intangible assets (net of deferred tax liability), other than mortgage servicing rights | (1,734) | (1,806) | (1,885) | (1,981) | (2,087) | |
| Average tangible common equity (i) | 40,813 | 39,484 | 38,604 | 38,000 | 35,677 | |
| Return on tangible common equity (h)/(i) | 18.0 | 17.5 | 17.4 | 17.9 | 18.4 | |
| Net interest income | 4,051 | 4,092 | 4,146 | 4,135 | 4,023 | |
| Taxable-equivalent adjustment (4) | 29 | 30 | 30 | 31 | 29 | |
| Net interest income, on a taxable-equivalent basis | 4,080 | 4,122 | 4,176 | 4,166 | 4,052 | |
| Net interest income, on a taxable-equivalent basis (as calculated above) | 4,080 | 4,122 | 4,176 | 4,166 | 4,052 | |
| Noninterest income | 2,924 | 2,836 | 2,833 | 2,698 | 2,815 | |
| Less: Securities gains (losses), net | (57) | — | (1) | (119) | (36) | |
| Total net revenue, excluding net securities gains (losses) (j) | 7,061 | 6,958 | 7,010 | 6,983 | 6,903 | |
| Noninterest expense (k) | 4,181 | 4,232 | 4,311 | 4,204 | 4,214 | |
| Less: Intangible amortization | 124 | 123 | 139 | 142 | 142 | |
| Noninterest expense, excluding intangible amortization (l) | 4,057 | 4,109 | 4,172 | 4,062 | 4,072 | |
| Efficiency ratio (k)/(j) | 59.2 | 60.8 | 61.5 | 60.2 | 61.0 | |
| Tangible efficiency ratio (l)/(j) | 57.5 | 59.1 | 59.5 | 58.2 | 59.0 |
All values are in US Dollars.
* Preliminary data. Subject to change prior to filings with applicable regulatory agencies.
(1)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.
(2)Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes.
(3)Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology.
(4)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
| NON-GAAP FINANCIAL MEASURES | ||||
|---|---|---|---|---|
| Three Months Ended | Six Months Ended | |||
| (Dollars and Shares in Millions, Except Per Share Data, Unaudited) | June 30,2024 | June 30,2024 | ||
| Net income applicable to U.S. Bancorp common shareholders | 1,518 | 2,727 | ||
| Less: Notable items, including the impact of earnings allocated to participating stock awards (1), (2) | (19) | (217) | ||
| Net income applicable to U.S. Bancorp common shareholders, excluding notable items (a) | 1,537 | 2,944 | ||
| Average diluted common shares outstanding (b) | 1,561 | 1,560 | ||
| Diluted earnings per common share, excluding notable items (a)/(b) | .98 | 1.89 | ||
| Three Months Ended | ||||
| June 30,2025 | June 30,2024 | |||
| Net interest income | 4,051 | 4,023 | ||
| Taxable-equivalent adjustment (3) | 29 | 29 | ||
| Net interest income, on a taxable-equivalent basis | 4,080 | 4,052 | ||
| Net interest income, on a taxable-equivalent basis (as calculated above) | 4,080 | 4,052 | ||
| Noninterest income | 2,924 | 2,815 | ||
| Total net revenue | 7,004 | 6,867 | % | (c) |
| Less: Securities gains (losses), net | (57) | (36) | ||
| Total net revenue, excluding securities gains (losses), net | 7,061 | 6,903 | % | (d) |
| Noninterest expense | 4,181 | 4,214 | % | (e) |
| Less: Notable items (1) | — | 26 | ||
| Total noninterest expense, excluding notable items | 4,181 | 4,188 | % | (f) |
| Operating leverage (c) - (e) | 2.8 | |||
| Operating leverage, excluding securities gains (losses) and notable items (d) - (f) | 2.5 |
All values are in US Dollars.
(1)Notable items for the three months ended June 30, 2024 included a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment.
(2)Notable items of $291 million ($218 million net-of-tax) for the six months ended June 30, 2024 included $155 million of merger and integration-related charges and a $136 million charge for the increase in FDIC special assessment.
(3)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.
| Business Segment Schedules<br><br>Second Quarter 2025 |
|---|
| WEALTH, CORPORATE, COMMERCIAL AND<br><br>INSTITUTIONAL BANKING<br><br><br><br>CONSUMER AND BUSINESS BANKING<br><br><br><br>PAYMENT SERVICES<br><br><br><br>TREASURY AND CORPORATE SUPPORT |
| BUSINESS SEGMENT FINANCIAL PERFORMANCE | Preliminary data | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ in millions) | Net Income Attributable <br>to U.S. Bancorp | Percent Change | Net Income Attributable to U.S. Bancorp | |||||
| Business Segment | 2Q<br>2025 | 1Q<br>2025 | 2Q<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change |
| Wealth, Corporate, Commercial and Institutional Banking | $1,098 | $1,200 | $1,183 | (8.5) | (7.2) | $2,298 | $2,321 | (1.0) |
| Consumer and Business Banking | 459 | 408 | 493 | 12.5 | (6.9) | 867 | 958 | (9.5) |
| Payment Services | 325 | 337 | 289 | (3.6) | 12.5 | 662 | 523 | 26.6 |
| Treasury and Corporate Support | (67) | (236) | (362) | 71.6 | 81.5 | (303) | (880) | 65.6 |
| Consolidated Company | $1,815 | $1,709 | $1,603 | 6.2 | 13.2 | $3,524 | $2,922 | 20.6 |
| Income Before Provision<br>and Taxes | Percent Change | Income Before Provision<br>and Taxes | ||||||
| 2Q<br>2025 | 1Q<br>2025 | 2Q<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Wealth, Corporate, Commercial and Institutional Banking | $1,647 | $1,610 | $1,677 | 2.3 | (1.8) | $3,257 | $3,335 | (2.3) |
| Consumer and Business Banking | 651 | 606 | 688 | 7.4 | (5.4) | 1,257 | 1,362 | (7.7) |
| Payment Services | 818 | 766 | 774 | 6.8 | 5.7 | 1,584 | 1,445 | 9.6 |
| Treasury and Corporate Support | (293) | (256) | (486) | (14.5) | 39.7 | (549) | (1,233) | 55.5 |
| Consolidated Company | $2,823 | $2,726 | $2,653 | 3.6 | 6.4 | $5,549 | $4,909 | 13.0 |
Business Segments
The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2025 and 2024, certain organization and methodology changes were made, including revising the Company's business segment funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024. Prior period results were recast and presented on a comparable basis.
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||||
|---|---|---|---|---|---|---|---|
| ( in millions) | Percent Change | ||||||
| 1Q<br>2025 | 2Q<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Condensed Income Statement | |||||||
| Net interest income (taxable-equivalent basis) | $1,780 | $1,928 | 1.2 | (6.6) | $3,581 | $3,851 | (7.0) |
| Noninterest income | 1,167 | 1,130 | 2.7 | 6.1 | 2,366 | 2,242 | 5.5 |
| Total net revenue | 2,947 | 3,058 | 1.8 | (1.9) | 5,947 | 6,093 | (2.4) |
| Noninterest expense | 1,337 | 1,381 | 1.2 | (2.0) | 2,690 | 2,758 | (2.5) |
| Income before provision and taxes | 1,610 | 1,677 | 2.3 | (1.8) | 3,257 | 3,335 | (2.3) |
| Provision for credit losses | 10 | 100 | nm | 83.0 | 193 | 241 | (19.9) |
| Income before income taxes | 1,600 | 1,577 | (8.5) | (7.2) | 3,064 | 3,094 | (1.0) |
| Income taxes and taxable-equivalent adjustment | 400 | 394 | (8.5) | (7.1) | 766 | 773 | (.9) |
| Net income | 1,200 | 1,183 | (8.5) | (7.2) | 2,298 | 2,321 | (1.0) |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | $1,200 | $1,183 | (8.5) | (7.2) | $2,298 | $2,321 | (1.0) |
| Average Balance Sheet Data | |||||||
| Loans | $178,004 | $173,807 | 1.7 | 4.2 | $179,549 | $172,475 | 4.1 |
| Other earning assets | 11,957 | 9,590 | 6.9 | 33.2 | 12,370 | 9,164 | 35.0 |
| Goodwill | 4,824 | 4,824 | — | — | 4,825 | 4,824 | — |
| Other intangible assets | 863 | 1,007 | (5.3) | (18.9) | 840 | 1,032 | (18.6) |
| Assets | 208,656 | 203,313 | 1.6 | 4.3 | 210,314 | 201,291 | 4.5 |
| Noninterest-bearing deposits | 55,171 | 57,362 | (1.4) | (5.1) | 54,794 | 58,001 | (5.5) |
| Interest-bearing deposits | 216,214 | 218,233 | (2.8) | (3.7) | 213,136 | 213,933 | (.4) |
| Total deposits | 271,385 | 275,595 | (2.5) | (4.0) | 267,930 | 271,934 | (1.5) |
| Total U.S. Bancorp shareholders' equity | 21,550 | 21,487 | 1.2 | 1.5 | 21,684 | 21,624 | .3 |
All values are in US Dollars.
Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients.
Wealth, Corporate, Commercial and Institutional Banking generated $1,647 million of income before provision and taxes in the second quarter of 2025, compared with $1,677 million in the second quarter of 2024, and contributed $1,098 million of the Company’s net income in the second quarter of 2025. The provision for credit losses increased $83 million (83.0 percent) compared with the second quarter of 2024 primarily due to increased reserves and charge-offs on select problem assets. Total net revenue was $58 million (1.9 percent) lower in the second quarter of 2025 due to a decrease of $127 million (6.6 percent) in net interest income, partially offset by an increase of $69 million (6.1 percent) in noninterest income. Net interest income decreased primarily due to lower noninterest-bearing deposit balances and continued rotation within the deposit portfolio. Noninterest income increased primarily due to business growth and favorable market conditions in trust and investment management fees and higher treasury management fees in service charges. Noninterest expense decreased $28 million (2.0 percent) compared with the second quarter of 2024 primarily due to lower compensation and employee benefits expense and technology and communications expense.
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||||
|---|---|---|---|---|---|---|---|
| ( in millions) | Percent Change | ||||||
| 1Q<br>2025 | 2Q<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Condensed Income Statement | |||||||
| Net interest income (taxable-equivalent basis) | $1,768 | $1,912 | 4.2 | (3.6) | $3,611 | $3,783 | (4.5) |
| Noninterest income | 407 | 414 | (.2) | (1.9) | 813 | 838 | (3.0) |
| Total net revenue | 2,175 | 2,326 | 3.4 | (3.3) | 4,424 | 4,621 | (4.3) |
| Noninterest expense | 1,569 | 1,638 | 1.8 | (2.4) | 3,167 | 3,259 | (2.8) |
| Income before provision and taxes | 606 | 688 | 7.4 | (5.4) | 1,257 | 1,362 | (7.7) |
| Provision for credit losses | 62 | 30 | (37.1) | 30.0 | 101 | 84 | 20.2 |
| Income before income taxes | 544 | 658 | 12.5 | (7.0) | 1,156 | 1,278 | (9.5) |
| Income taxes and taxable-equivalent adjustment | 136 | 165 | 12.5 | (7.3) | 289 | 320 | (9.7) |
| Net income | 408 | 493 | 12.5 | (6.9) | 867 | 958 | (9.5) |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | $408 | $493 | 12.5 | (6.9) | $867 | $958 | (9.5) |
| Average Balance Sheet Data | |||||||
| Loans | $153,914 | $154,931 | (2.8) | (3.4) | $151,776 | $154,940 | (2.0) |
| Other earning assets | 1,778 | 2,278 | nm | nm | 3,335 | 2,079 | 60.4 |
| Goodwill | 4,325 | 4,326 | — | — | 4,326 | 4,326 | — |
| Other intangible assets | 4,368 | 4,734 | (2.1) | (9.7) | 4,322 | 4,715 | (8.3) |
| Assets | 166,499 | 168,705 | (.8) | (2.1) | 165,834 | 168,946 | (1.8) |
| Noninterest-bearing deposits | 19,117 | 20,845 | 2.6 | (5.9) | 19,365 | 21,081 | (8.1) |
| Interest-bearing deposits | 198,949 | 201,012 | 1.0 | (.1) | 199,932 | 199,247 | .3 |
| Total deposits | 218,066 | 221,857 | 1.1 | (.6) | 219,297 | 220,328 | (.5) |
| Total U.S. Bancorp shareholders' equity | 13,705 | 14,558 | (1.0) | (6.8) | 13,633 | 14,705 | (7.3) |
All values are in US Dollars.
Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.
Consumer and Business Banking generated $651 million of income before provision and taxes in the second quarter of 2025, compared with $688 million in the second quarter of 2024, and contributed $459 million of the Company’s net income in the second quarter of 2025. The provision for credit losses increased $9 million (30.0 percent) compared with the second quarter of 2024 primarily due to higher net charge-offs. Total net revenue was lower by $77 million (3.3 percent) in the second quarter of 2025 due to a decrease of $69 million (3.6 percent) in net interest income and a decrease of $8 million (1.9 percent) in noninterest income. Net interest income decreased primarily due to continued rotation within the deposit portfolio. Noninterest income decreased primarily due to lower other revenue. Noninterest expense decreased $40 million (2.4 percent) primarily due to lower compensation and employee benefits expense and professional services expense.
| PAYMENT SERVICES | Preliminary data | ||||||
|---|---|---|---|---|---|---|---|
| ( in millions) | Percent Change | ||||||
| 1Q<br>2025 | 2Q<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Condensed Income Statement | |||||||
| Net interest income (taxable-equivalent basis) | $742 | $673 | (1.6) | 8.5 | $1,472 | $1,375 | 7.1 |
| Noninterest income | 1,035 | 1,093 | 7.8 | 2.1 | 2,151 | 2,071 | 3.9 |
| Total net revenue | 1,777 | 1,766 | 3.9 | 4.5 | 3,623 | 3,446 | 5.1 |
| Noninterest expense | 1,011 | 992 | 1.7 | 3.6 | 2,039 | 2,001 | 1.9 |
| Income before provision and taxes | 766 | 774 | 6.8 | 5.7 | 1,584 | 1,445 | 9.6 |
| Provision for credit losses | 317 | 388 | 21.1 | (1.0) | 701 | 747 | (6.2) |
| Income before income taxes | 449 | 386 | (3.3) | 12.4 | 883 | 698 | 26.5 |
| Income taxes and taxable-equivalent adjustment | 112 | 97 | (2.7) | 12.4 | 221 | 175 | 26.3 |
| Net income | 337 | 289 | (3.6) | 12.5 | 662 | 523 | 26.6 |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | $337 | $289 | (3.6) | 12.5 | $662 | $523 | 26.6 |
| Average Balance Sheet Data | |||||||
| Loans | $41,611 | $40,832 | 1.5 | 3.4 | $41,922 | $40,318 | 4.0 |
| Other earning assets | 57 | 115 | (91.2) | (95.7) | 31 | 134 | (76.9) |
| Goodwill | 3,392 | 3,327 | 1.0 | 2.9 | 3,409 | 3,330 | 2.4 |
| Other intangible assets | 249 | 281 | 3.6 | (8.2) | 254 | 291 | (12.7) |
| Assets | 46,829 | 46,096 | 2.2 | 3.8 | 47,338 | 46,456 | 1.9 |
| Noninterest-bearing deposits | 2,682 | 2,706 | (6.3) | (7.2) | 2,597 | 2,749 | (5.5) |
| Interest-bearing deposits | 94 | 96 | 1.1 | (1.0) | 95 | 96 | (1.0) |
| Total deposits | 2,776 | 2,802 | (6.1) | (7.0) | 2,692 | 2,845 | (5.4) |
| Total U.S. Bancorp shareholders' equity | 10,229 | 9,941 | .1 | 3.0 | 10,232 | 9,953 | 2.8 |
All values are in US Dollars.
Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing.
Payment Services generated $818 million of income before provision and taxes in the second quarter of 2025, compared with $774 million in the second quarter of 2024, and contributed $325 million of the Company’s net income in the second quarter of 2025. The provision for credit losses was relatively stable, decreasing $4 million (1.0 percent) compared with the second quarter of 2024. Total net revenue increased $80 million (4.5 percent) in the second quarter of 2025 due to higher net interest income of $57 million (8.5 percent) and higher noninterest income of $23 million (2.1 percent). Net interest income increased primarily due to higher average loan balances and lower funding costs, partially offset by lower loan spreads. Noninterest income increased primarily due to increases in card revenue mainly due to higher sales volume and merchant processing services due to favorable rates. Noninterest expense increased $36 million (3.6 percent) due to higher marketing and business development expense and other expense.
| TREASURY AND CORPORATE SUPPORT | Preliminary data | ||||||
|---|---|---|---|---|---|---|---|
| ( in millions) | Percent Change | ||||||
| 1Q<br>2025 | 2Q<br>2024 | 2Q25 vs 1Q25 | 2Q25 vs 2Q24 | YTD<br> 2025 | YTD<br> 2024 | Percent Change | |
| Condensed Income Statement | |||||||
| Net interest income (taxable-equivalent basis) | ($168) | ($461) | (75.0) | 36.2 | ($462) | ($942) | 51.0 |
| Noninterest income | 227 | 178 | (10.6) | 14.0 | 430 | 364 | 18.1 |
| Total net revenue | 59 | (283) | nm | 67.8 | (32) | (578) | 94.5 |
| Noninterest expense | 315 | 203 | (35.9) | (.5) | 517 | 655 | (21.1) |
| Income (loss) before provision and taxes | (256) | (486) | (14.5) | 39.7 | (549) | (1,233) | 55.5 |
| Provision for credit losses | 148 | 50 | nm | nm | 43 | 49 | (12.2) |
| Income (loss) before income taxes | (404) | (536) | 53.5 | 64.9 | (592) | (1,282) | 53.8 |
| Income taxes and taxable-equivalent adjustment | (175) | (182) | 27.4 | 30.2 | (302) | (417) | 27.6 |
| Net income | (229) | (354) | 73.4 | 82.8 | (290) | (865) | 66.5 |
| Net (income) loss attributable to noncontrolling interests | (7) | (8) | 14.3 | 25.0 | (13) | (15) | 13.3 |
| Net income (loss) attributable to U.S. Bancorp | ($236) | ($362) | 71.6 | 81.5 | ($303) | ($880) | 65.6 |
| Average Balance Sheet Data | |||||||
| Loans | $5,499 | $5,115 | 1.1 | 8.7 | $5,530 | $5,145 | 7.5 |
| Other earning assets | 217,410 | 222,224 | (.1) | (2.3) | 217,281 | 218,258 | (.4) |
| Goodwill | — | — | — | — | — | — | — |
| Other intangible assets | 8 | 9 | — | (11.1) | 8 | 10 | (20.0) |
| Assets | 247,409 | 247,390 | .4 | .4 | 247,892 | 243,014 | 2.0 |
| Noninterest-bearing deposits | 2,726 | 2,505 | (5.6) | 2.7 | 2,649 | 2,271 | 16.6 |
| Interest-bearing deposits | 11,581 | 11,150 | 9.5 | 13.7 | 12,134 | 11,107 | 9.2 |
| Total deposits | 14,307 | 13,655 | 6.6 | 11.7 | 14,783 | 13,378 | 10.5 |
| Total U.S. Bancorp shareholders' equity | 14,127 | 10,043 | 8.2 | 52.2 | 14,709 | 9,567 | 53.7 |
All values are in US Dollars.
Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.
Treasury and Corporate Support generated a $293 million loss before provision and taxes in the second quarter of 2025, compared with a $486 million loss before provision and taxes in the second quarter of 2024, and recorded a net loss of $67 million in the second quarter of 2025. The provision for credit losses decreased $155 million compared with the second quarter of 2024 primarily due to a stable economic outlook in the second quarter of 2025 and improved credit quality. Total net revenue was higher by $192 million (67.8 percent) in the second quarter of 2025 due to an increase of $167 million (36.2 percent) in net interest income and an increase of $25 million (14.0 percent) in noninterest income. Net interest income increased primarily due to lower funding costs as well as the impact of fixed asset repricing. The increase in noninterest income was primarily due to higher tax credit investment activity, higher capital markets revenue, and the impact of other favorable items in other revenue, partially offset by lower mortgage banking revenue due to the gain on the sale of mortgage servicing rights in the prior year quarter. Noninterest expense decreased $1 million (0.5 percent) compared with the second quarter of 2024 primarily due to lower marketing and business development expense and the notable item in the prior year quarter, partially offset by higher compensation and employee benefits expense and technology and communications expense.
Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.
25
Document
| Supplemental Consolidated Schedules<br><br>Second Quarter 2025 | |||||||
|---|---|---|---|---|---|---|---|
| QUARTERLY CONSOLIDATED STATEMENT OF INCOME | |||||||
| --- | --- | --- | --- | --- | --- | ||
| (Dollars and Shares in Millions, Except Per Share Data)<br>(Unaudited) | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30, <br>2024 | ||
| Interest Income | |||||||
| Loans | $5,548 | $5,533 | $5,674 | $5,862 | $5,761 | ||
| Loans held for sale | 59 | 28 | 50 | 45 | 41 | ||
| Investment securities | 1,355 | 1,308 | 1,326 | 1,316 | 1,294 | ||
| Other interest income | 642 | 647 | 781 | 863 | 889 | ||
| Total interest income | 7,604 | 7,516 | 7,831 | 8,086 | 7,985 | ||
| Interest Expense | |||||||
| Deposits | 2,541 | 2,511 | 2,772 | 3,004 | 3,028 | ||
| Short-term borrowings | 291 | 249 | 257 | 284 | 296 | ||
| Long-term debt | 721 | 664 | 656 | 663 | 638 | ||
| Total interest expense | 3,553 | 3,424 | 3,685 | 3,951 | 3,962 | ||
| Net interest income | 4,051 | 4,092 | 4,146 | 4,135 | 4,023 | ||
| Provision for credit losses | 501 | 537 | 560 | 557 | 568 | ||
| Net interest income after provision for credit losses | 3,550 | 3,555 | 3,586 | 3,578 | 3,455 | ||
| Noninterest Income | |||||||
| Card revenue | 442 | 398 | 433 | 426 | 428 | ||
| Corporate payment products revenue | 192 | 189 | 191 | 203 | 195 | ||
| Merchant processing services | 474 | 415 | 419 | 440 | 454 | ||
| Trust and investment management fees | 703 | 680 | 703 | 667 | 649 | ||
| Service charges | 336 | 315 | 314 | 302 | 322 | ||
| Capital markets revenue | 390 | 382 | 364 | 397 | 374 | ||
| Mortgage banking revenue | 162 | 173 | 116 | 155 | 190 | ||
| Investment products fees | 90 | 87 | 87 | 84 | 82 | ||
| Securities gains (losses), net | (57) | — | (1) | (119) | (36) | ||
| Other | 192 | 197 | 207 | 143 | 157 | ||
| Total noninterest income | 2,924 | 2,836 | 2,833 | 2,698 | 2,815 | ||
| Noninterest Expense | |||||||
| Compensation and employee benefits | 2,600 | 2,637 | 2,607 | 2,637 | 2,619 | ||
| Net occupancy and equipment | 301 | 306 | 317 | 317 | 316 | ||
| Professional services | 109 | 98 | 135 | 130 | 116 | ||
| Marketing and business development | 161 | 182 | 160 | 165 | 158 | ||
| Technology and communications | 534 | 533 | 534 | 524 | 509 | ||
| Other intangibles | 124 | 123 | 139 | 142 | 142 | ||
| Other | 352 | 353 | 419 | 289 | 354 | ||
| Total noninterest expense | 4,181 | 4,232 | 4,311 | 4,204 | 4,214 | ||
| Income before income taxes | 2,293 | 2,159 | 2,108 | 2,072 | 2,056 | ||
| Applicable income taxes | 472 | 443 | 438 | 350 | 445 | ||
| Net income | 1,821 | 1,716 | 1,670 | 1,722 | 1,611 | ||
| Net (income) loss attributable to noncontrolling interests | (6) | (7) | (7) | (8) | (8) | ||
| Net income attributable to U.S. Bancorp | $1,815 | $1,709 | $1,663 | $1,714 | $1,603 | ||
| Net income applicable to U.S. Bancorp common shareholders | $1,733 | $1,603 | $1,581 | $1,601 | $1,518 | ||
| Earnings per common share | $1.11 | $1.03 | $1.01 | $1.03 | $.97 | ||
| Diluted earnings per common share | $1.11 | $1.03 | $1.01 | $1.03 | $.97 | ||
| Dividends declared per common share | $.50 | $.50 | $.50 | $.50 | $.49 | ||
| Average common shares outstanding | 1,559 | 1,559 | 1,560 | 1,561 | 1,560 | ||
| Average diluted common shares outstanding | 1,559 | 1,560 | 1,560 | 1,561 | 1,561 | ||
| Financial Ratios (%) | |||||||
| Net interest margin (taxable-equivalent basis) | 2.66 | 2.72 | 2.71 | 2.74 | 2.67 | ||
| Return on average assets | 1.08 | 1.04 | .98 | 1.03 | .97 | ||
| Return on average common equity | 12.9 | 12.3 | 12.1 | 12.4 | 12.4 | ||
| Efficiency ratio | 59.2 | 60.8 | 61.5 | 60.2 | 61.0 | ||
| CONSOLIDATED ENDING BALANCE SHEET | |||||||
| --- | --- | --- | --- | --- | --- | ||
| (Dollars in Millions) | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 | ||
| Assets | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
| Cash and due from banks | $57,807 | $50,013 | $56,502 | $73,562 | $65,832 | ||
| Investment securities | |||||||
| Held-to-maturity | 77,879 | 78,008 | 78,634 | 80,025 | 81,486 | ||
| Available-for-sale | 90,577 | 86,774 | 85,992 | 81,704 | 79,799 | ||
| Loans held for sale | 2,288 | 1,746 | 2,573 | 3,211 | 2,582 | ||
| Loans | |||||||
| Commercial | 147,416 | 144,081 | 139,484 | 133,638 | 135,248 | ||
| Commercial real estate | 48,181 | 48,334 | 48,859 | 50,619 | 51,887 | ||
| Residential mortgages | 114,475 | 118,907 | 118,813 | 118,034 | 117,147 | ||
| Credit card | 30,023 | 29,223 | 30,350 | 29,037 | 28,715 | ||
| Other retail | 40,148 | 41,274 | 42,326 | 42,836 | 43,136 | ||
| Total loans | 380,243 | 381,819 | 379,832 | 374,164 | 376,133 | ||
| Less allowance for loan losses | (7,537) | (7,584) | (7,583) | (7,560) | (7,549) | ||
| Net loans | 372,706 | 374,235 | 372,249 | 366,604 | 368,584 | ||
| Premises and equipment | 3,625 | 3,582 | 3,565 | 3,585 | 3,570 | ||
| Goodwill | 12,637 | 12,555 | 12,536 | 12,573 | 12,476 | ||
| Other intangible assets | 5,285 | 5,381 | 5,547 | 5,488 | 5,757 | ||
| Other assets | 63,566 | 64,195 | 60,720 | 59,717 | 59,972 | ||
| Total assets | $686,370 | $676,489 | $678,318 | $686,469 | $680,058 | ||
| Liabilities and Shareholders' Equity | |||||||
| Deposits | |||||||
| Noninterest-bearing | $86,972 | $84,086 | $84,158 | $86,838 | $86,756 | ||
| Interest-bearing | 431,745 | 428,439 | 434,151 | 434,293 | 437,029 | ||
| Total deposits | 518,717 | 512,525 | 518,309 | 521,131 | 523,785 | ||
| Short-term borrowings | 15,039 | 17,158 | 15,518 | 23,708 | 16,557 | ||
| Long-term debt | 64,013 | 59,859 | 58,002 | 54,839 | 52,720 | ||
| Other liabilities | 26,705 | 26,389 | 27,449 | 27,470 | 30,111 | ||
| Total liabilities | 624,474 | 615,931 | 619,278 | 627,148 | 623,173 | ||
| Shareholders' equity | |||||||
| Preferred stock | 6,808 | 6,808 | 6,808 | 6,808 | 6,808 | ||
| Common stock | 21 | 21 | 21 | 21 | 21 | ||
| Capital surplus | 8,706 | 8,678 | 8,715 | 8,729 | 8,688 | ||
| Retained earnings | 78,652 | 77,691 | 76,863 | 76,057 | 75,231 | ||
| Less treasury stock | (24,140) | (24,060) | (24,065) | (24,010) | (24,020) | ||
| Accumulated other comprehensive income (loss) | (8,609) | (9,042) | (9,764) | (8,746) | (10,308) | ||
| Total U.S. Bancorp shareholders' equity | 61,438 | 60,096 | 58,578 | 58,859 | 56,420 | ||
| Noncontrolling interests | 458 | 462 | 462 | 462 | 465 | ||
| Total equity | 61,896 | 60,558 | 59,040 | 59,321 | 56,885 | ||
| Total liabilities and equity | $686,370 | $676,489 | $678,318 | $686,469 | $680,058 | ||
| CONSOLIDATED QUARTERLY AVERAGE BALANCE SHEET | |||||||
| --- | --- | --- | --- | --- | --- | ||
| (Dollars in Millions, Unaudited) | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 | ||
| Assets | |||||||
| Investment securities | $172,841 | $171,178 | $171,325 | $166,899 | $167,020 | ||
| Loans held for sale | 4,843 | 1,823 | 3,009 | 2,757 | 2,382 | ||
| Loans | |||||||
| Commercial | |||||||
| Commercial | 139,606 | 135,931 | 131,180 | 128,979 | 130,162 | ||
| Lease financing | 4,211 | 4,199 | 4,204 | 4,159 | 4,177 | ||
| Total commercial | 143,817 | 140,130 | 135,384 | 133,138 | 134,339 | ||
| Commercial real estate | |||||||
| Commercial mortgages | 38,194 | 38,624 | 39,308 | 40,343 | 40,871 | ||
| Construction and development | 10,272 | 10,266 | 10,563 | 11,111 | 11,418 | ||
| Total commercial real estate | 48,466 | 48,890 | 49,871 | 51,454 | 52,289 | ||
| Residential mortgages | 115,616 | 118,844 | 118,406 | 117,559 | 116,478 | ||
| Credit card | 29,588 | 29,404 | 29,438 | 28,994 | 28,349 | ||
| Other retail | |||||||
| Retail leasing | 3,869 | 3,990 | 4,035 | 4,088 | 4,185 | ||
| Home equity and second mortgages | 13,678 | 13,542 | 13,446 | 13,239 | 13,053 | ||
| Other | 23,495 | 24,228 | 25,075 | 25,598 | 25,992 | ||
| Total other retail | 41,042 | 41,760 | 42,556 | 42,925 | 43,230 | ||
| Total loans | 378,529 | 379,028 | 375,655 | 374,070 | 374,685 | ||
| Interest-bearing deposits with banks | 41,550 | 43,735 | 50,368 | 50,547 | 53,056 | ||
| Other earning assets | 15,579 | 14,466 | 13,911 | 12,907 | 11,749 | ||
| Total earning assets | 613,342 | 610,230 | 614,268 | 607,180 | 608,892 | ||
| Allowance for loan losses | (7,605) | (7,589) | (7,599) | (7,576) | (7,550) | ||
| Unrealized gain (loss) on investment securities | (6,602) | (6,473) | (6,416) | (6,291) | (7,464) | ||
| Other assets | 74,206 | 73,225 | 71,654 | 71,327 | 71,626 | ||
| Total assets | $673,341 | $669,393 | $671,907 | $664,640 | $665,504 | ||
| Liabilities and Shareholders' Equity | |||||||
| Noninterest-bearing deposits | $79,117 | $79,696 | $82,909 | $80,939 | $83,418 | ||
| Interest-bearing deposits | |||||||
| Interest checking | 131,599 | 125,651 | 125,111 | 125,631 | 125,709 | ||
| Money market savings | 177,087 | 195,442 | 206,557 | 206,546 | 208,386 | ||
| Savings accounts | 58,171 | 50,271 | 41,200 | 36,814 | 38,855 | ||
| Time deposits | 56,916 | 55,474 | 56,536 | 58,827 | 57,541 | ||
| Total interest-bearing deposits | 423,773 | 426,838 | 429,404 | 427,818 | 430,491 | ||
| Short-term borrowings | 22,791 | 18,841 | 17,607 | 17,723 | 17,098 | ||
| Long-term debt | 62,354 | 58,344 | 57,428 | 54,841 | 52,875 | ||
| Total interest-bearing liabilities | 508,918 | 504,023 | 504,439 | 500,382 | 500,464 | ||
| Other liabilities | 23,950 | 25,603 | 25,287 | 24,575 | 25,130 | ||
| Shareholders' equity | |||||||
| Preferred equity | 6,808 | 6,808 | 6,808 | 6,808 | 6,808 | ||
| Common equity | 54,091 | 52,803 | 52,004 | 51,475 | 49,221 | ||
| Total U.S. Bancorp shareholders' equity | 60,899 | 59,611 | 58,812 | 58,283 | 56,029 | ||
| Noncontrolling interests | 457 | 460 | 460 | 461 | 463 | ||
| Total equity | 61,356 | 60,071 | 59,272 | 58,744 | 56,492 | ||
| Total liabilities and equity | $673,341 | $669,393 | $671,907 | $664,640 | $665,504 | ||
| CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a) | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| (Dollars in Millions)<br>(Unaudited) | AverageBalances | AverageBalances | % Change<br>Average<br>Balances | ||||
| Assets | |||||||
| Investment securities (b) | 172,841 | % | 167,020 | % | 3.5 | % | |
| Loans held for sale | 4,843 | 2,382 | * | ||||
| Loans (c) | |||||||
| Commercial | 143,817 | 134,339 | 7.1 | ||||
| Commercial real estate | 48,466 | 52,289 | (7.3) | ||||
| Residential mortgages | 115,616 | 116,478 | (.7) | ||||
| Credit card | 29,588 | 28,349 | 4.4 | ||||
| Other retail | 41,042 | 43,230 | (5.1) | ||||
| Total loans | 378,529 | 374,685 | 1.0 | ||||
| Interest-bearing deposits with banks | 41,550 | 53,056 | (21.7) | ||||
| Other earning assets | 15,579 | 11,749 | 32.6 | ||||
| Total earning assets | 613,342 | 608,892 | .7 | ||||
| Allowance for loan losses | (7,605) | (7,550) | (.7) | ||||
| Unrealized gain (loss) on investment securities | (6,602) | (7,464) | 11.5 | ||||
| Other assets | 74,206 | 71,626 | 3.6 | ||||
| Total assets | 673,341 | 665,504 | 1.2 | ||||
| Liabilities and Shareholders' Equity | |||||||
| Noninterest-bearing deposits | 79,117 | 83,418 | (5.2) | % | |||
| Interest-bearing deposits | |||||||
| Interest checking | 131,599 | 125,709 | 4.7 | ||||
| Money market savings | 177,087 | 208,386 | (15.0) | ||||
| Savings accounts | 58,171 | 38,855 | 49.7 | ||||
| Time deposits | 56,916 | 57,541 | (1.1) | ||||
| Total interest-bearing deposits | 423,773 | 430,491 | (1.6) | ||||
| Short-term borrowings | 22,791 | 17,098 | 33.3 | ||||
| Long-term debt | 62,354 | 52,875 | 17.9 | ||||
| Total interest-bearing liabilities | 508,918 | 500,464 | 1.7 | ||||
| Other liabilities | 23,950 | 25,130 | (4.7) | ||||
| Shareholders' equity | |||||||
| Preferred equity | 6,808 | 6,808 | — | ||||
| Common equity | 54,091 | 49,221 | 9.9 | ||||
| Total U.S. Bancorp shareholders' equity | 60,899 | 56,029 | 8.7 | ||||
| Noncontrolling interests | 457 | 463 | (1.3) | ||||
| Total equity | 61,356 | 56,492 | 8.6 | ||||
| Total liabilities and equity | 673,341 | 665,504 | 1.2 | ||||
| Net interest income | |||||||
| Gross interest margin | % | % | |||||
| Gross interest margin without taxable-equivalent increments | |||||||
| Percent of Earning Assets | |||||||
| Interest income | % | % | |||||
| Interest expense | |||||||
| Net interest margin | % | % | |||||
| Net interest margin without taxable-equivalent increments | % | % | |||||
| * Not meaningful | |||||||
| (a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.<br><br>(b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.<br><br>(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances. |
All values are in US Dollars.
| CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a) | |||||||
|---|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | ||||||
| (Dollars in Millions)<br>(Unaudited) | AverageBalances | AverageBalances | % Change<br>Average<br>Balances | ||||
| Assets | |||||||
| Investment securities (b) | 172,841 | % | 171,178 | % | 1.0 | % | |
| Loans held for sale | 4,843 | 1,823 | * | ||||
| Loans (c) | |||||||
| Commercial | 143,817 | 140,130 | 2.6 | ||||
| Commercial real estate | 48,466 | 48,890 | (.9) | ||||
| Residential mortgages | 115,616 | 118,844 | (2.7) | ||||
| Credit card | 29,588 | 29,404 | .6 | ||||
| Other retail | 41,042 | 41,760 | (1.7) | ||||
| Total loans | 378,529 | 379,028 | (.1) | ||||
| Interest-bearing deposits with banks | 41,550 | 43,735 | (5.0) | ||||
| Other earning assets | 15,579 | 14,466 | 7.7 | ||||
| Total earning assets | 613,342 | 610,230 | .5 | ||||
| Allowance for loan losses | (7,605) | (7,589) | (.2) | ||||
| Unrealized gain (loss) on investment securities | (6,602) | (6,473) | (2.0) | ||||
| Other assets | 74,206 | 73,225 | 1.3 | ||||
| Total assets | 673,341 | 669,393 | .6 | ||||
| Liabilities and Shareholders' Equity | |||||||
| Noninterest-bearing deposits | 79,117 | 79,696 | (.7) | % | |||
| Interest-bearing deposits | |||||||
| Interest checking | 131,599 | 125,651 | 4.7 | ||||
| Money market savings | 177,087 | 195,442 | (9.4) | ||||
| Savings accounts | 58,171 | 50,271 | 15.7 | ||||
| Time deposits | 56,916 | 55,474 | 2.6 | ||||
| Total interest-bearing deposits | 423,773 | 426,838 | (.7) | ||||
| Short-term borrowings | 22,791 | 18,841 | 21.0 | ||||
| Long-term debt | 62,354 | 58,344 | 6.9 | ||||
| Total interest-bearing liabilities | 508,918 | 504,023 | 1.0 | ||||
| Other liabilities | 23,950 | 25,603 | (6.5) | ||||
| Shareholders' equity | |||||||
| Preferred equity | 6,808 | 6,808 | — | ||||
| Common equity | 54,091 | 52,803 | 2.4 | ||||
| Total U.S. Bancorp shareholders' equity | 60,899 | 59,611 | 2.2 | ||||
| Noncontrolling interests | 457 | 460 | (.7) | ||||
| Total equity | 61,356 | 60,071 | 2.1 | ||||
| Total liabilities and equity | 673,341 | 669,393 | .6 | ||||
| Net interest income | |||||||
| Gross interest margin | % | % | |||||
| Gross interest margin without taxable-equivalent increments | |||||||
| Percent of Earning Assets | |||||||
| Interest income | % | % | |||||
| Interest expense | |||||||
| Net interest margin | % | % | |||||
| Net interest margin without taxable-equivalent increments | % | % | |||||
| * Not meaningful | |||||||
| (a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.<br><br>(b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.<br><br>(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances. |
All values are in US Dollars.
| CONSOLIDATED DAILY AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES (a) | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (Dollars in Millions)<br>(Unaudited) | AverageBalances | AverageBalances | % Change<br>Average<br>Balances | ||||
| Assets | |||||||
| Investment securities (b) | 172,014 | % | 164,128 | % | 4.8 | % | |
| Loans held for sale | 3,341 | 2,192 | 52.4 | ||||
| Loans (c) | |||||||
| Commercial | 141,984 | 132,553 | 7.1 | ||||
| Commercial real estate | 48,677 | 52,663 | (7.6) | ||||
| Residential mortgages | 117,221 | 116,059 | 1.0 | ||||
| Credit card | 29,497 | 28,145 | 4.8 | ||||
| Other retail | 41,398 | 43,458 | (4.7) | ||||
| Total loans | 378,777 | 372,878 | 1.6 | ||||
| Interest-bearing deposits with banks | 42,637 | 51,979 | (18.0) | ||||
| Other earning assets | 15,025 | 11,336 | 32.5 | ||||
| Total earning assets | 611,794 | 602,513 | 1.5 | ||||
| Allowance for loan losses | (7,597) | (7,493) | (1.4) | ||||
| Unrealized gain (loss) on investment securities | (6,537) | (7,293) | 10.4 | ||||
| Other assets | 73,718 | 71,980 | 2.4 | ||||
| Total assets | 671,378 | 659,707 | 1.8 | ||||
| Liabilities and Shareholders' Equity | |||||||
| Noninterest-bearing deposits | 79,405 | 84,102 | (5.6) | % | |||
| Interest-bearing deposits | |||||||
| Interest checking | 128,642 | 125,360 | 2.6 | ||||
| Money market savings | 186,213 | 202,444 | (8.0) | ||||
| Savings accounts | 54,243 | 40,250 | 34.8 | ||||
| Time deposits | 56,199 | 56,329 | (.2) | ||||
| Total interest-bearing deposits | 425,297 | 424,383 | .2 | ||||
| Short-term borrowings | 20,827 | 16,731 | 24.5 | ||||
| Long-term debt | 60,360 | 52,794 | 14.3 | ||||
| Total interest-bearing liabilities | 506,484 | 493,908 | 2.5 | ||||
| Other liabilities | 24,772 | 25,385 | (2.4) | ||||
| Shareholders' equity | |||||||
| Preferred equity | 6,808 | 6,808 | — | ||||
| Common equity | 53,450 | 49,041 | 9.0 | ||||
| Total U.S. Bancorp shareholders' equity | 60,258 | 55,849 | 7.9 | ||||
| Noncontrolling interests | 459 | 463 | (.9) | ||||
| Total equity | 60,717 | 56,312 | 7.8 | ||||
| Total liabilities and equity | 671,378 | 659,707 | 1.8 | ||||
| Net interest income | |||||||
| Gross interest margin | % | % | |||||
| Gross interest margin without taxable-equivalent increments | |||||||
| Percent of Earning Assets | |||||||
| Interest income | % | % | |||||
| Interest expense | |||||||
| Net interest margin | % | % | |||||
| Net interest margin without taxable-equivalent increments | % | % | |||||
| (a)Interest and rates are presented on a fully taxable-equivalent basis based on a federal income tax rate of 21 percent.<br><br>(b)Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Yields include impacts of hedge accounting, including portfolio level basis adjustments.<br><br>(c)Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances. |
All values are in US Dollars.
| LOAN PORTFOLIO | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | ||||||
| (Dollars in Millions)<br>(Unaudited) | Amount | Percent<br>of Total | Amount | Percent<br>of Total | Amount | Percent<br>of Total | Amount | Percent<br>of Total | Amount | Percent<br>of Total |
| Commercial | ||||||||||
| Commercial | $143,135 | 37.7 | $139,840 | 36.6 | $135,254 | 35.6 | $129,434 | 34.6 | $131,043 | 34.9 |
| Lease financing | 4,281 | 1.1 | 4,241 | 1.1 | 4,230 | 1.1 | 4,204 | 1.1 | 4,205 | 1.1 |
| Total commercial | 147,416 | 38.8 | 144,081 | 37.7 | 139,484 | 36.7 | 133,638 | 35.7 | 135,248 | 36.0 |
| Commercial real estate | ||||||||||
| Commercial mortgages | 38,144 | 10.0 | 38,064 | 10.0 | 38,619 | 10.2 | 39,602 | 10.6 | 40,844 | 10.9 |
| Construction and | ||||||||||
| development | 10,037 | 2.7 | 10,270 | 2.7 | 10,240 | 2.7 | 11,017 | 2.9 | 11,043 | 2.9 |
| Total commercial | ||||||||||
| real estate | 48,181 | 12.7 | 48,334 | 12.7 | 48,859 | 12.9 | 50,619 | 13.5 | 51,887 | 13.8 |
| Residential mortgages | ||||||||||
| Residential mortgages | 108,913 | 28.6 | 113,112 | 29.6 | 112,806 | 29.7 | 111,790 | 29.9 | 110,680 | 29.4 |
| Home equity loans, first | ||||||||||
| liens | 5,562 | 1.5 | 5,795 | 1.5 | 6,007 | 1.6 | 6,244 | 1.6 | 6,467 | 1.7 |
| Total residential | ||||||||||
| mortgages | 114,475 | 30.1 | 118,907 | 31.1 | 118,813 | 31.3 | 118,034 | 31.5 | 117,147 | 31.1 |
| Credit card | 30,023 | 7.9 | 29,223 | 7.7 | 30,350 | 8.0 | 29,037 | 7.8 | 28,715 | 7.6 |
| Other retail | ||||||||||
| Retail leasing | 3,816 | 1.0 | 3,928 | 1.0 | 4,040 | 1.0 | 4,038 | 1.1 | 4,178 | 1.1 |
| Home equity and second | ||||||||||
| mortgages | 13,761 | 3.6 | 13,540 | 3.6 | 13,565 | 3.6 | 13,364 | 3.6 | 13,180 | 3.5 |
| Revolving credit | 4,062 | 1.1 | 3,791 | 1.0 | 3,747 | 1.0 | 3,644 | 1.0 | 3,597 | 1.0 |
| Installment | 14,220 | 3.7 | 14,190 | 3.7 | 14,373 | 3.8 | 14,482 | 3.9 | 14,169 | 3.8 |
| Automobile | 4,289 | 1.1 | 5,825 | 1.5 | 6,601 | 1.7 | 7,308 | 1.9 | 8,012 | 2.1 |
| Total other retail | 40,148 | 10.5 | 41,274 | 10.8 | 42,326 | 11.1 | 42,836 | 11.5 | 43,136 | 11.5 |
| Total loans | $380,243 | 100.0 | $381,819 | 100.0 | $379,832 | 100.0 | $374,164 | 100.0 | $376,133 | 100.0 |
| Supplemental Business Segment Schedules<br><br>Second Quarter 2025 | ||||||||||
| --- | ||||||||||
| WEALTH, CORPORATE, COMMERCIAL AND<br><br>INSTITUTIONAL BANKING<br><br><br><br>CONSUMER AND BUSINESS BANKING<br><br><br><br>PAYMENT SERVICES<br><br><br><br>TREASURY AND CORPORATE SUPPORT |
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 |
| INCOME STATEMENT | |||||
| Net Interest Income (taxable-equivalent basis) | 1,801 | 1,780 | 1,958 | 1,920 | 1,928 |
| Noninterest Income | |||||
| Card revenue | — | — | — | — | — |
| Corporate payment products revenue | — | — | — | — | — |
| Merchant processing services | — | — | — | — | — |
| Trust and investment management fees | 702 | 679 | 702 | 666 | 648 |
| Service charges | 160 | 149 | 141 | 134 | 146 |
| Capital markets revenue | 190 | 189 | 162 | 205 | 200 |
| Mortgage banking revenue | — | — | — | — | — |
| Investment products fees | 90 | 87 | 87 | 84 | 82 |
| Securities gains (losses), net | — | — | — | — | — |
| Other | 57 | 63 | 60 | 56 | 54 |
| Total noninterest income | 1,199 | 1,167 | 1,152 | 1,145 | 1,130 |
| Total net revenue | 3,000 | 2,947 | 3,110 | 3,065 | 3,058 |
| Noninterest Expense | |||||
| Compensation and employee benefits | 535 | 522 | 498 | 530 | 548 |
| Other intangibles | 46 | 46 | 50 | 52 | 52 |
| Net shared services | 538 | 529 | 531 | 535 | 555 |
| Other direct expenses | 234 | 240 | 242 | 229 | 226 |
| Total noninterest expense | 1,353 | 1,337 | 1,321 | 1,346 | 1,381 |
| Income before provision and income taxes | 1,647 | 1,610 | 1,789 | 1,719 | 1,677 |
| Provision for Credit Losses | 183 | 10 | 50 | 94 | 100 |
| Income before income taxes | 1,464 | 1,600 | 1,739 | 1,625 | 1,577 |
| Income taxes and taxable-equivalent adjustment | 366 | 400 | 435 | 406 | 394 |
| Net income | 1,098 | 1,200 | 1,304 | 1,219 | 1,183 |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | 1,098 | 1,200 | 1,304 | 1,219 | 1,183 |
| FINANCIAL RATIOS | |||||
| Return on average assets | 2.08 | 2.33 | 2.56 | 2.42 | 2.34 |
| Net interest margin (taxable-equivalent basis) | 3.73 | 3.80 | 4.22 | 4.18 | 4.23 |
| Efficiency ratio | 45.1 | 45.4 | 42.5 | 43.9 | 45.2 |
All values are in US Dollars.
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 |
| AVERAGE BALANCE SHEET | |||||
| Loans | |||||
| Commercial | 123,864 | 121,193 | 115,926 | 113,813 | 115,746 |
| Commercial real estate | 34,061 | 34,611 | 35,595 | 36,908 | 37,427 |
| Residential mortgages | 17,370 | 16,580 | 16,137 | 15,731 | 15,189 |
| Credit card | — | — | — | — | — |
| Other retail | 5,782 | 5,620 | 5,540 | 5,435 | 5,445 |
| Total loans | 181,077 | 178,004 | 173,198 | 171,887 | 173,807 |
| Other Earning Assets | 12,778 | 11,957 | 11,399 | 10,740 | 9,590 |
| Total earning assets | 193,855 | 189,961 | 184,597 | 182,627 | 183,397 |
| Non-earning Assets | |||||
| Goodwill | 4,826 | 4,824 | 4,824 | 4,824 | 4,824 |
| Other intangible assets | 817 | 863 | 903 | 955 | 1,007 |
| Other non-earning assets | 12,456 | 13,008 | 12,463 | 11,850 | 14,085 |
| Total non-earning assets | 18,099 | 18,695 | 18,190 | 17,629 | 19,916 |
| Total assets | 211,954 | 208,656 | 202,787 | 200,256 | 203,313 |
| Deposits | |||||
| Noninterest-bearing deposits | 54,422 | 55,171 | 57,013 | 54,402 | 57,362 |
| Interest checking | 58,784 | 53,242 | 53,159 | 53,873 | 52,580 |
| Savings products | 141,460 | 152,162 | 154,696 | 151,023 | 153,209 |
| Time deposits | 9,850 | 10,810 | 11,486 | 12,276 | 12,444 |
| Total deposits | 264,516 | 271,385 | 276,354 | 271,574 | 275,595 |
| Other Interest-bearing Liabilities | 16,269 | 16,059 | 15,698 | 15,885 | 15,761 |
| Other Noninterest-bearing Liabilities | 8,179 | 8,903 | 8,764 | 8,526 | 10,748 |
| Total liabilities | 288,964 | 296,347 | 300,816 | 295,985 | 302,104 |
| Total U.S. Bancorp Shareholders' Equity | 21,817 | 21,550 | 21,237 | 21,279 | 21,487 |
| Noncontrolling Interests | — | — | — | — | — |
| Total Equity | 21,817 | 21,550 | 21,237 | 21,279 | 21,487 |
| NET INTEREST SPREADS (%) | |||||
| Total earning assets | 1.12 | 1.17 | 1.20 | 1.19 | 1.16 |
| Total assets | .67 | .69 | .70 | .66 | .58 |
| Total deposits | 2.53 | 2.51 | 2.69 | 2.99 | 3.02 |
| Total liabilities | 2.49 | 2.49 | 2.67 | 2.95 | 3.00 |
| CREDIT QUALITY | |||||
| Net Charge-offs | |||||
| Commercial | 48 | 66 | 73 | 73 | 72 |
| Commercial real estate | 58 | (5) | 46 | 67 | 35 |
| Residential mortgages | — | — | — | — | — |
| Credit card | — | — | — | — | — |
| Other retail | — | — | — | — | — |
| Total net charge-offs | 106 | 61 | 119 | 140 | 107 |
| Net Charge-off Ratios | |||||
| Commercial | .16 | .22 | .25 | .26 | .25 |
| Commercial real estate | .68 | (.06) | .51 | .72 | .38 |
| Residential mortgages | — | — | — | — | — |
| Credit card | — | — | — | — | — |
| Other retail | — | — | — | — | — |
| Total net charge-offs | .23 | .14 | .27 | .32 | .25 |
| June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 | |
| Nonperforming Assets | |||||
| Nonperforming loans | 1,240 | 1,273 | 1,384 | 1,359 | 1,353 |
| Other nonperforming assets | 1 | — | — | — | 1 |
| Total nonperforming assets | 1,241 | 1,273 | 1,384 | 1,359 | 1,354 |
All values are in US Dollars.
| WEALTH, CORPORATE, COMMERCIAL AND INSTITUTIONAL BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| OTHER INFORMATION | |||||
| Average Loan Balances | |||||
| Commercial real estate division | $43,990 | $43,707 | $44,406 | $45,882 | $47,157 |
| Wealth management | 30,319 | 29,167 | 28,711 | 28,098 | 27,718 |
| Institutional client group | 91,476 | 90,573 | 85,408 | 83,482 | 84,477 |
| Other | 15,292 | 14,557 | 14,673 | 14,425 | 14,455 |
| Total | $181,077 | $178,004 | $173,198 | $171,887 | $173,807 |
| Average Deposit Balances | |||||
| Commercial real estate division | $15,500 | $15,530 | $16,956 | $16,194 | $15,307 |
| Wealth management | 45,128 | 45,183 | 44,189 | 43,246 | 43,991 |
| Institutional client group | 133,571 | 134,930 | 134,323 | 131,537 | 134,279 |
| Global corporate trust | 54,386 | 59,347 | 66,421 | 66,610 | 67,468 |
| Other | 15,931 | 16,395 | 14,465 | 13,987 | 14,550 |
| Total | $264,516 | $271,385 | $276,354 | $271,574 | $275,595 |
| Noninterest Income | |||||
| Trust and investment management fees | |||||
| Wealth management | $172 | $167 | $177 | $169 | $166 |
| U.S. Bancorp Asset Management | 62 | 64 | 62 | 61 | 60 |
| Global corporate trust | 231 | 219 | 230 | 213 | 204 |
| Global fund services | 156 | 153 | 155 | 149 | 147 |
| Institutional trust & custody | 67 | 63 | 64 | 62 | 61 |
| Other | 14 | 13 | 14 | 12 | 10 |
| Global capital markets | 246 | 240 | 203 | 246 | 238 |
| Treasury management | 160 | 149 | 141 | 134 | 146 |
| All other noninterest income | 91 | 99 | 106 | 99 | 98 |
| Total | $1,199 | $1,167 | $1,152 | $1,145 | $1,130 |
| Assets Under Management by Category * | |||||
| Equity | $79,084 | $80,414 | $81,688 | $79,653 | $73,940 |
| Fixed income | 232,453 | 224,349 | 214,329 | 213,602 | 217,792 |
| Money market | 187,799 | 182,768 | 171,192 | 160,592 | 154,977 |
| Other | 37,037 | 36,741 | 37,916 | 35,188 | 33,622 |
| Total | $536,373 | $524,272 | $505,125 | $489,035 | $480,331 |
| * Amounts reported reflect end of month balances reported on a one month lag. |
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 |
| INCOME STATEMENT | |||||
| Net Interest Income (taxable-equivalent basis) | 1,843 | 1,768 | 1,912 | 1,928 | 1,912 |
| Noninterest Income | |||||
| Card revenue | 3 | 2 | 2 | 2 | 3 |
| Corporate payment products revenue | — | — | — | — | — |
| Merchant processing services | — | — | — | — | — |
| Trust and investment management fees | 1 | 1 | 1 | 1 | 1 |
| Service charges | 172 | 162 | 168 | 166 | 174 |
| Capital markets revenue | 6 | 5 | 5 | 6 | 6 |
| Mortgage banking revenue | 162 | 173 | 116 | 155 | 160 |
| Investment products fees | — | — | — | — | — |
| Securities gains (losses), net | — | — | — | — | — |
| Other | 62 | 64 | 74 | 71 | 70 |
| Total noninterest income | 406 | 407 | 366 | 401 | 414 |
| Total net revenue | 2,249 | 2,175 | 2,278 | 2,329 | 2,326 |
| Noninterest Expense | |||||
| Compensation and employee benefits | 528 | 523 | 543 | 556 | 551 |
| Other intangibles | 59 | 59 | 65 | 67 | 67 |
| Net shared services | 704 | 684 | 696 | 698 | 701 |
| Other direct expenses | 307 | 303 | 325 | 337 | 319 |
| Total noninterest expense | 1,598 | 1,569 | 1,629 | 1,658 | 1,638 |
| Income before provision and income taxes | 651 | 606 | 649 | 671 | 688 |
| Provision for Credit Losses | 39 | 62 | 80 | 18 | 30 |
| Income before income taxes | 612 | 544 | 569 | 653 | 658 |
| Income taxes and taxable-equivalent adjustment | 153 | 136 | 142 | 163 | 165 |
| Net income | 459 | 408 | 427 | 490 | 493 |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | 459 | 408 | 427 | 490 | 493 |
| FINANCIAL RATIOS | |||||
| Return on average assets | 1.11 | 0.99 | 1.01 | 1.15 | 1.18 |
| Net interest margin (taxable-equivalent basis) | 4.78 | 4.61 | 4.82 | 4.85 | 4.89 |
| Efficiency ratio | 71.1 | 72.1 | 71.5 | 71.2 | 70.4 |
All values are in US Dollars.
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 |
| AVERAGE BALANCE SHEET | |||||
| Loans | |||||
| Commercial | 4,525 | 4,054 | 4,306 | 4,323 | 4,053 |
| Commercial real estate | 11,769 | 11,603 | 11,607 | 11,762 | 11,958 |
| Residential mortgages | 98,246 | 102,264 | 102,268 | 101,827 | 101,288 |
| Credit card | — | — | — | — | — |
| Other retail | 35,121 | 35,993 | 36,865 | 37,338 | 37,632 |
| Total loans | 149,661 | 153,914 | 155,046 | 155,250 | 154,931 |
| Other Earning Assets | 4,875 | 1,778 | 2,738 | 2,738 | 2,278 |
| Total earning assets | 154,536 | 155,692 | 157,784 | 157,988 | 157,209 |
| Non-earning Assets | |||||
| Goodwill | 4,326 | 4,325 | 4,326 | 4,326 | 4,326 |
| Other intangible assets | 4,277 | 4,368 | 4,324 | 4,405 | 4,734 |
| Other non-earning assets | 2,036 | 2,114 | 2,266 | 2,161 | 2,436 |
| Total non-earning assets | 10,639 | 10,807 | 10,916 | 10,892 | 11,496 |
| Total assets | 165,175 | 166,499 | 168,700 | 168,880 | 168,705 |
| Deposits | |||||
| Noninterest-bearing deposits | 19,610 | 19,117 | 20,154 | 20,652 | 20,845 |
| Interest checking | 70,942 | 70,866 | 70,446 | 70,161 | 71,684 |
| Savings products | 91,914 | 91,424 | 90,974 | 90,188 | 91,836 |
| Time deposits | 38,047 | 36,659 | 37,287 | 38,988 | 37,492 |
| Total deposits | 220,513 | 218,066 | 218,861 | 219,989 | 221,857 |
| Other Interest-bearing Liabilities | 1,538 | 1,728 | 1,466 | 1,176 | 965 |
| Other Noninterest-bearing Liabilities | 1,880 | 1,842 | 2,051 | 2,007 | 2,143 |
| Total liabilities | 223,931 | 221,636 | 222,378 | 223,172 | 224,965 |
| Total U.S. Bancorp Shareholders' Equity | 13,562 | 13,705 | 14,051 | 14,244 | 14,558 |
| Noncontrolling Interests | — | — | — | — | — |
| Total Equity | 13,562 | 13,705 | 14,051 | 14,244 | 14,558 |
| NET INTEREST SPREADS (%) | |||||
| Total earning assets | 1.35 | 1.43 | 1.34 | 1.33 | 1.34 |
| Total assets | 1.03 | 1.11 | 1.02 | 1.00 | 1.00 |
| Total deposits | 3.98 | 4.07 | 4.31 | 4.75 | 4.76 |
| Total liabilities | 3.95 | 4.04 | 4.28 | 4.71 | 4.73 |
| CREDIT QUALITY | |||||
| Net Charge-offs | |||||
| Commercial | 16 | 12 | 13 | 15 | 15 |
| Commercial real estate | (1) | 1 | 1 | 3 | 1 |
| Residential mortgages | (1) | — | (2) | (3) | (4) |
| Credit card | — | — | — | — | — |
| Other retail | 52 | 62 | 62 | 50 | 47 |
| Total net charge-offs | 66 | 75 | 74 | 65 | 59 |
| Net Charge-off Ratios | |||||
| Commercial | 1.42 | 1.20 | 1.20 | 1.38 | 1.49 |
| Commercial real estate | (.03) | .03 | .03 | .10 | .03 |
| Residential mortgages | — | — | (.01) | (.01) | (.02) |
| Credit card | — | — | — | — | — |
| Other retail | .59 | .70 | .67 | .53 | .50 |
| Total net charge-offs | .18 | .20 | .19 | .17 | .15 |
| June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 | |
| Nonperforming Assets | |||||
| Nonperforming loans | 391 | 383 | 386 | 398 | 401 |
| Other nonperforming assets | 21 | 23 | 21 | 21 | 23 |
| Total nonperforming assets | 412 | 406 | 407 | 419 | 424 |
All values are in US Dollars.
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| OTHER INFORMATION | |||||
| Other Retail Loan Information | |||||
| Average Balances | |||||
| Retail leasing | $3,868 | $3,990 | $4,035 | $4,087 | $4,185 |
| Home equity and second mortgages | 11,248 | 11,122 | 11,017 | 10,807 | 10,598 |
| Other | 20,005 | 20,881 | 21,813 | 22,444 | 22,849 |
| Total other retail | $35,121 | $35,993 | $36,865 | $37,338 | $37,632 |
| Home equity first lien* | $5,093 | $5,296 | $5,498 | $5,721 | $5,930 |
| Home equity loans | 2,621 | 2,492 | 2,381 | 2,226 | 2,028 |
| Home equity lines | 8,627 | 8,630 | 8,636 | 8,581 | 8,570 |
| Total home equity | $16,341 | $16,418 | $16,515 | $16,528 | $16,528 |
| Net Charge-off Ratios (%) | |||||
| Retail leasing | 1.04 | 1.32 | .79 | .39 | .29 |
| Home equity and second mortgages | — | (.04) | .04 | (.04) | — |
| Other | .84 | .97 | .97 | .83 | .77 |
| Total other retail | .59 | .70 | .67 | .53 | .50 |
| Retail Credit Production | |||||
| Indirect loan/lease production volume | $1,367 | $1,141 | $1,397 | $1,798 | $1,929 |
| Direct branch loan/line production volume | 1,935 | 1,499 | 1,430 | 1,417 | 1,754 |
| Other production volume | 1,004 | 817 | 547 | 469 | 522 |
| Total retail credit production volume | $4,306 | $3,457 | $3,374 | $3,684 | $4,205 |
| Branch and ATM Data | |||||
| # of branches | 2,081 | 2,117 | 2,165 | 2,187 | 2,207 |
| # of U.S. Bank ATMs | 4,320 | 4,476 | 4,489 | 4,515 | 4,534 |
| * Home equity first lien balances are reported within residential mortgages as required by regulatory accounting principles. |
| CONSUMER AND BUSINESS BANKING | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,<br>2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 |
| Mortgage Banking Division Data | |||||
| Mortgage banking revenue | |||||
| Origination and sales (a) | $80 | 71 | 67 | 89 | 80 |
| Loan servicing | 172 | 172 | 173 | 170 | 176 |
| Mortgage servicing rights fair value changes | |||||
| net of economic hedges (b) | (4) | 2 | (14) | (10) | (6) |
| Other changes in mortgage servicing rights fair value (c) | (86) | (72) | (110) | (94) | (90) |
| Total mortgage banking revenue | $162 | 173 | 116 | 155 | 160 |
| Mortgage production volume | $9,645 | 6,562 | 10,211 | 11,076 | 9,449 |
| Mortgage application volume | $14,363 | 11,631 | 11,087 | 17,089 | 14,415 |
| Mortgages serviced for others (d)(e) | $220,795 | 216,701 | 216,648 | 215,286 | 225,780 |
| A summary of the Company's mortgage servicing rights and related characteristics by portfolio as of June 30, 2025, was as follows: | |||||
| (Dollars in Millions) | HFA (f) | Government | Conventional (g) | Total | |
| Servicing portfolio (h) | 54,999 | 24,371 | 136,490 | 215,860 | |
| Fair value | 834 | 481 | 1,990 | 3,305 | |
| Value (bps) (i) | 152 | 197 | 146 | 153 | |
| Weighted-average servicing fees (bps) | 35 | 45 | 25 | 30 | |
| Multiple (value/servicing fees) | 4.29 | 4.42 | 5.75 | 5.09 | |
| Weighted-average note rate | 5.05 | 4.38 | 3.96 | 4.29 | |
| Weighted-average age (in years) | 4.6 | 6.5 | 5.3 | 5.3 | |
| Weighted-average expected prepayment (constant prepayment rate) | 10.0 | 10.4 | 8.2 | 8.9 | |
| Weighted-average expected life (in years) | 7.5 | 6.7 | 7.3 | 7.3 | |
| Weighted-average option adjusted spread (j) | 7.4 | 6.6 | 5.1 | 5.9 | |
| (a)Origination and sales revenue recorded based on estimated number of applications that will close.<br><br>(b)Represents the net impact of changes in the fair value of mortgage servicing rights related to assumption changes and the derivatives used to economically hedge the mortgage servicing rights fair value changes.<br><br>(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.<br><br>(d)Amounts reported reflect end of period balances.<br><br>(e)Includes subserviced mortgages with no corresponding mortgage servicing rights asset.<br><br>(f)Represents Housing Finance Agency division.<br><br>(g)Represents loans primarily sold to government-sponsored enterprises.<br><br>(h)Represents principal balance of mortgages having corresponding mortgage servicing rights asset.<br><br>(i)Calculated as fair value divided by the servicing portfolio.<br><br>(j)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the mortgage servicing rights asset. |
All values are in US Dollars.
| PAYMENT SERVICES | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 |
| INCOME STATEMENT | |||||
| Net Interest Income (taxable-equivalent basis) | 730 | 742 | 729 | 727 | 673 |
| Noninterest Income | |||||
| Card revenue | 439 | 396 | 431 | 424 | 425 |
| Corporate payment products revenue | 192 | 189 | 191 | 203 | 195 |
| Merchant processing services | 474 | 415 | 419 | 440 | 454 |
| Trust and investment management fees | — | — | — | — | — |
| Service charges | — | — | — | — | — |
| Capital markets revenue | — | — | — | — | — |
| Mortgage banking revenue | — | — | — | — | — |
| Investment products fees | — | — | — | — | — |
| Securities gains (losses), net | — | — | — | — | — |
| Other | 11 | 35 | 10 | 6 | 19 |
| Total noninterest income | 1,116 | 1,035 | 1,051 | 1,073 | 1,093 |
| Total net revenue | 1,846 | 1,777 | 1,780 | 1,800 | 1,766 |
| Noninterest Expense | |||||
| Compensation and employee benefits | 220 | 216 | 214 | 218 | 217 |
| Other intangibles | 20 | 18 | 24 | 23 | 23 |
| Net shared services | 537 | 549 | 543 | 533 | 529 |
| Other direct expenses | 251 | 228 | 238 | 227 | 223 |
| Total noninterest expense | 1,028 | 1,011 | 1,019 | 1,001 | 992 |
| Income before provision and income taxes | 818 | 766 | 761 | 799 | 774 |
| Provision for Credit Losses | 384 | 317 | 463 | 404 | 388 |
| Income before income taxes | 434 | 449 | 298 | 395 | 386 |
| Income taxes and taxable-equivalent adjustment | 109 | 112 | 75 | 99 | 97 |
| Net income | 325 | 337 | 223 | 296 | 289 |
| Net (income) loss attributable to noncontrolling interests | — | — | — | — | — |
| Net income attributable to U.S. Bancorp | 325 | 337 | 223 | 296 | 289 |
| FINANCIAL RATIOS | |||||
| Return on average assets | 2.72 | 2.92 | 1.83 | 2.50 | 2.52 |
| Net interest margin (taxable-equivalent basis) | 6.93 | 7.22 | 6.85 | 6.94 | 6.61 |
| Efficiency ratio | 55.7 | 56.9 | 57.2 | 55.6 | 56.2 |
All values are in US Dollars.
| PAYMENT SERVICES | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 |
| AVERAGE BALANCE SHEET | |||||
| Loans | |||||
| Commercial | 12,504 | 12,067 | 12,439 | 12,511 | 12,334 |
| Commercial real estate | — | — | — | — | — |
| Residential mortgages | — | — | — | — | — |
| Credit card | 29,588 | 29,404 | 29,438 | 28,994 | 28,349 |
| Other retail | 137 | 140 | 146 | 148 | 149 |
| Total loans | 42,229 | 41,611 | 42,023 | 41,653 | 40,832 |
| Other Earning Assets | 5 | 57 | 290 | 8 | 115 |
| Total earning assets | 42,234 | 41,668 | 42,313 | 41,661 | 40,947 |
| Non-earning Assets | |||||
| Goodwill | 3,425 | 3,392 | 3,399 | 3,371 | 3,327 |
| Other intangible assets | 258 | 249 | 262 | 266 | 281 |
| Other non-earning assets | 1,923 | 1,520 | 2,573 | 1,898 | 1,541 |
| Total non-earning assets | 5,606 | 5,161 | 6,234 | 5,535 | 5,149 |
| Total assets | 47,840 | 46,829 | 48,547 | 47,196 | 46,096 |
| Deposits | |||||
| Noninterest-bearing deposits | 2,512 | 2,682 | 2,592 | 2,653 | 2,706 |
| Interest checking | 1 | 1 | — | — | — |
| Savings products | 93 | 92 | 93 | 94 | 95 |
| Time deposits | 1 | 1 | 1 | 1 | 1 |
| Total deposits | 2,607 | 2,776 | 2,686 | 2,748 | 2,802 |
| Other Interest-bearing Liabilities | 331 | 228 | 178 | 220 | 342 |
| Other Noninterest-bearing Liabilities | 5,377 | 4,880 | 5,774 | 5,073 | 4,712 |
| Total liabilities | 8,315 | 7,884 | 8,638 | 8,041 | 7,856 |
| Total U.S. Bancorp Shareholders' Equity | 10,235 | 10,229 | 10,154 | 9,958 | 9,941 |
| Noncontrolling Interests | — | — | — | — | — |
| Total Equity | 10,235 | 10,229 | 10,154 | 9,958 | 9,941 |
| NET INTEREST SPREADS (%) | |||||
| Total earning assets | 6.18 | 6.51 | 6.21 | 6.32 | 6.00 |
| Total assets | 4.94 | 5.30 | 4.80 | 4.98 | 4.75 |
| Total deposits | 5.23 | 5.11 | 5.48 | 5.94 | 6.03 |
| Total liabilities | 4.39 | 4.48 | 4.74 | 5.19 | 5.17 |
| CREDIT QUALITY | |||||
| Net Charge-offs | |||||
| Commercial | 63 | 63 | 60 | 59 | 57 |
| Commercial real estate | — | — | — | — | — |
| Residential mortgages | — | — | — | — | — |
| Credit card | 317 | 325 | 317 | 299 | 315 |
| Other retail | 1 | 1 | 1 | 1 | 1 |
| Total net charge-offs | 381 | 389 | 378 | 359 | 373 |
| Net Charge-off Ratios | |||||
| Commercial | 2.02 | 2.12 | 1.92 | 1.88 | 1.86 |
| Commercial real estate | — | — | — | — | — |
| Residential mortgages | — | — | — | — | — |
| Credit card | 4.30 | 4.48 | 4.28 | 4.10 | 4.47 |
| Other retail | 2.93 | 2.90 | 2.72 | 2.69 | 2.70 |
| Total net charge-offs | 3.62 | 3.79 | 3.58 | 3.43 | 3.67 |
| June 30,2025 | March 31,2025 | December 31,2024 | September 30,2024 | June 30,2024 | |
| Nonperforming Assets | |||||
| Nonperforming loans | — | — | — | — | — |
| Other nonperforming assets | — | — | — | — | — |
| Total nonperforming assets | — | — | — | — | — |
All values are in US Dollars.
| PAYMENT SERVICES | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| OTHER INFORMATION | |||||
| Total Noninterest Income | |||||
| Retail payment solutions | $442 | $423 | $436 | $427 | $442 |
| Corporate payment systems | 195 | 192 | 194 | 206 | 197 |
| Global merchant acquiring | 479 | 420 | 421 | 440 | 454 |
| Total | $1,116 | $1,035 | $1,051 | $1,073 | $1,093 |
| Payment Volumes | |||||
| Retail payment solutions (issuing) | |||||
| Credit card | $38,132 | $34,960 | $37,640 | $36,912 | $36,504 |
| Debit and prepaid card | 27,821 | 26,029 | 27,247 | 27,299 | 26,766 |
| Total retail payment solutions | $65,953 | $60,989 | $64,887 | $64,211 | $63,270 |
| Corporate payment systems (issuing) | $22,317 | $21,612 | $21,859 | $23,808 | $22,391 |
| Merchant volume (acquiring) | $155,853 | $143,505 | $142,576 | $148,338 | $147,809 |
| # of merchant transactions | 2,259,541,900 | 2,014,546,904 | 2,112,763,544 | 2,171,741,540 | 2,136,671,083 |
| TREASURY AND CORPORATE SUPPORT | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| INCOME STATEMENT | |||||
| Net Interest Income (taxable-equivalent basis) | ($294) | ($168) | ($423) | ($409) | ($461) |
| Noninterest Income | |||||
| Card revenue | — | — | — | — | — |
| Corporate payment products revenue | — | — | — | — | — |
| Merchant processing services | — | — | — | — | — |
| Trust and investment management fees | — | — | — | — | — |
| Service charges | 4 | 4 | 5 | 2 | 2 |
| Capital markets revenue | 194 | 188 | 197 | 186 | 168 |
| Mortgage banking revenue | — | — | — | — | 30 |
| Investment products fees | — | — | — | — | — |
| Securities gains (losses), net | (57) | — | (1) | (119) | (36) |
| Other | 62 | 35 | 63 | 10 | 14 |
| Total noninterest income | 203 | 227 | 264 | 79 | 178 |
| Total net revenue | (91) | 59 | (159) | (330) | (283) |
| Noninterest Expense | |||||
| Compensation and employee benefits | 1,317 | 1,376 | 1,352 | 1,333 | 1,303 |
| Other intangibles | (1) | — | — | — | — |
| Net shared services | (1,779) | (1,762) | (1,770) | (1,766) | (1,785) |
| Other direct expenses | 665 | 701 | 760 | 632 | 685 |
| Total noninterest expense | 202 | 315 | 342 | 199 | 203 |
| Income (loss) before provision and income taxes | (293) | (256) | (501) | (529) | (486) |
| Provision for Credit Losses | (105) | 148 | (33) | 41 | 50 |
| Income (loss) before income taxes | (188) | (404) | (468) | (570) | (536) |
| Income taxes and taxable-equivalent adjustment | (127) | (175) | (184) | (287) | (182) |
| Net income (loss) | (61) | (229) | (284) | (283) | (354) |
| Net (income) loss attributable to noncontrolling interests | (6) | (7) | (7) | (8) | (8) |
| Net income (loss) attributable to U.S. Bancorp | ($67) | ($236) | ($291) | ($291) | ($362) |
| FINANCIAL RATIOS (%) | |||||
| Return on average assets | nm | nm | nm | nm | nm |
| Net interest margin (taxable-equivalent basis) | nm | nm | nm | nm | nm |
| Efficiency ratio | nm | nm | nm | nm | nm |
| TREASURY AND CORPORATE SUPPORT | Preliminary data | ||||
|---|---|---|---|---|---|
| Three Months Ended | |||||
| (Dollars in Millions)<br>(Unaudited) | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 |
| AVERAGE BALANCE SHEET | |||||
| Loans | |||||
| Commercial | $2,924 | $2,816 | $2,713 | $2,491 | $2,206 |
| Commercial real estate | 2,636 | 2,676 | 2,669 | 2,784 | 2,904 |
| Residential mortgages | — | — | 1 | 1 | 1 |
| Credit card | — | — | — | — | — |
| Other retail | 2 | 7 | 5 | 4 | 4 |
| Total loans | 5,562 | 5,499 | 5,388 | 5,280 | 5,115 |
| Other Earning Assets | 217,155 | 217,410 | 224,186 | 219,624 | 222,224 |
| Total earning assets | 222,717 | 222,909 | 229,574 | 224,904 | 227,339 |
| Non-earning Assets | |||||
| Goodwill | — | — | — | — | — |
| Other intangible assets | 8 | 8 | 8 | 9 | 9 |
| Other non-earning assets | 25,647 | 24,492 | 22,291 | 23,395 | 20,042 |
| Total non-earning assets | 25,655 | 24,500 | 22,299 | 23,404 | 20,051 |
| Total assets | 248,372 | 247,409 | 251,873 | 248,308 | 247,390 |
| Deposits | |||||
| Noninterest-bearing deposits | 2,573 | 2,726 | 3,150 | 3,232 | 2,505 |
| Interest checking | 1,872 | 1,542 | 1,506 | 1,597 | 1,445 |
| Savings products | 1,791 | 2,035 | 1,994 | 2,055 | 2,101 |
| Time deposits | 9,018 | 8,004 | 7,762 | 7,562 | 7,604 |
| Total deposits | 15,254 | 14,307 | 14,412 | 14,446 | 13,655 |
| Other Interest-bearing Liabilities | 67,007 | 59,170 | 57,693 | 55,283 | 52,905 |
| Other Noninterest-bearing Liabilities | 8,514 | 9,978 | 8,698 | 8,969 | 7,527 |
| Total liabilities | 90,775 | 83,455 | 80,803 | 78,698 | 74,087 |
| Total U.S. Bancorp Shareholders' Equity | 15,285 | 14,127 | 13,370 | 12,802 | 10,043 |
| Noncontrolling Interests | 457 | 460 | 460 | 461 | 463 |
| Total Equity | 15,742 | 14,587 | 13,830 | 13,263 | 10,506 |
| NET INTEREST SPREADS (%) | |||||
| Total earning assets | nm | nm | nm | nm | nm |
| Total assets | nm | nm | nm | nm | nm |
| Total deposits | nm | nm | nm | nm | nm |
| Total liabilities | nm | nm | nm | nm | nm |
| CREDIT QUALITY | |||||
| Net Charge-offs | |||||
| Commercial | $1 | $22 | $— | $— | ($1) |
| Commercial real estate | — | — | (9) | — | — |
| Residential mortgages | — | — | — | — | — |
| Credit card | — | — | — | — | — |
| Other retail | — | — | — | — | — |
| Total net charge-offs | $1 | $22 | ($9) | $— | ($1) |
| Net Charge-off Ratios (%) | |||||
| Commercial | nm | nm | nm | nm | nm |
| Commercial real estate | nm | nm | nm | nm | nm |
| Residential mortgages | nm | nm | nm | nm | nm |
| Credit card | nm | nm | nm | nm | nm |
| Other retail | nm | nm | nm | nm | nm |
| Total net charge-offs | nm | nm | nm | nm | nm |
| June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 | |
| Nonperforming Assets | |||||
| Nonperforming loans | $6 | $29 | $23 | $52 | $56 |
| Other nonperforming assets | 21 | 19 | 18 | 18 | 18 |
| Total nonperforming assets | $27 | $48 | $41 | $70 | $74 |
21
a2q25earningscallpresent
U.S. Bank | Confidential 1 U.S. Bancorp 2Q25 Earnings Conference Call July 17, 2025
U.S. Bancorp 2 Forward-looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995: This presentation contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, future economic conditions and the anticipated future revenue, expenses, financial condition, asset quality, capital and liquidity levels, plans, prospects and operations of U.S. Bancorp. Forward-looking statements often use words such as “anticipates,” “targets,” “expects,” “hopes,” “estimates,” “projects,” “forecasts,” “intends,” “plans,” “goals,” “believes,” “continue” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements, including the following risks and uncertainties: deterioration in general business and economic conditions or turbulence in domestic or global financial markets, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility; turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions, which could affect the ability of depository institutions, including U.S. Bank National Association, to attract and retain depositors, and could affect the ability of financial services providers, including U.S. Bancorp, to borrow or raise capital; changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and the enforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirements and other requirements or conditions imposed by regulatory entities; changes in trade policy, including the imposition of tariffs or the impacts of retaliatory tariffs; changes in interest rates; increases in unemployment rates; deterioration in the credit quality of U.S. Bancorp’s loan portfolios or in the value of the collateral securing those loans; changes in commercial real estate occupancy rates; increases in Federal Deposit Insurance Corporation (FDIC) assessments, including due to bank failures; actions taken by governmental agencies to stabilize the financial system and the effectiveness of such actions; uncertainty regarding the content, timing, and impact of changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to adverse developments affecting the banking sector; risks related to originating and selling mortgages, including repurchase and indemnity demands, and related to U.S. Bancorp’s role as a loan servicer; impacts of current, pending or future litigation and governmental proceedings; increased competition from both banks and non-banks; effects of climate change and related physical and transition risks; changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needs and meet competitive demands; breaches in data security; failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those of third parties, including as a result of cybersecurity incidents; failures to safeguard personal information; impacts of pandemics, natural disasters, terrorist activities, civil unrest, international hostilities and geopolitical events; impacts of supply chain disruptions, rising inflation, slower growth or a recession; failure to execute on strategic or operational plans; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; effects of changes in or interpretations of tax laws and regulations; management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk; and the risks and uncertainties more fully discussed in the section entitled “Risk Factors” of U.S. Bancorp’s Form 10-K for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission. Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events. This presentation includes non-GAAP financial measures to describe U.S. Bancorp’s performance. The calculations of these measures are provided in the Appendix. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the difficulty forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of U.S. Bancorp’s control or cannot be reasonably predicted. For the same reasons, U.S. Bancorp’s management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
U.S. Bancorp 3 • Positive operating leverage › Four straight quarters of year-over-year revenues outpacing expenses, as adjusted1 • Prudent expense management › Improving efficiency; Seven consecutive quarters of flat expenses, as adjusted1 • Solid fee growth › Diversified fee income portfolio represents ~42% of total net revenue • Stable credit quality › Asset quality metrics and trends generally stable to improving; Reserve release driven by strategic loan sales • Balance sheet positioning › Actions taken to reposition the balance sheet for margin expansion; Fixed asset repricing tailwinds 2Q25 Highlights $1.11 13% vs 2Q24 (Adj.)1 59.2% Earnings Per Share Efficiency Ratio1 YoY Adjusted Positive Operating Leverage1 Return on Tangible Common Equity1 1 Non-GAAP; See appendix for calculations and description of notable items 250 bps 18.0% 2Q25 Total Fee Revenue Growth (YoY) 4.6%
U.S. Bancorp 4 An Exceptional Banking Franchise As a % of Total Revenue1,2 ■ Payment Services ■ Consumer & Business Banking ■ Wealth, Corporate, Commercial & Institutional Banking Fee income represents 42% of U.S. Bancorp’s total net revenue1 Balance sheet3 Clients4 $673B Assets ~13M Consumers $613B Earning assets ~1.4M Businesses $503B Deposits ~500K Wealth clients $379B Loans ~45K Corporate and Institutional Key statistics $936B Total purchase volume5 $536B Assets under management4 ~$11T Assets under custody and administration6 105 Fortune Global Company ranked by revenue7 32% 42% 26% 1 For the six months ended June 30, 2025 taxable-equivalent basis. 2 Business line revenue percentages exclude Treasury and Corporate Support; Non- GAAP; see appendix for reconciliation. 3 Average balances for 2Q25. 4 Data as of May 30, 2025. 5 Total purchase volume shown on a trailing 12-month basis for Retail Payment Solutions (Payments: Consumer and Small Business), Corporate Payment Solutions and Merchant Acquiring for 2Q25. 6 Amount reported as of June 30, 2025. 7 Source: Fortune Global 500 Ranking (2025) Map does not include our European locations Client centers Branch network
U.S. Bancorp 5 Harvesting Our Strategic Investments 7 consecutive quarters of stable expenses; Positive operating leverage for 4 straight quarters1 Digital capabilities are unlocking scalable, long-term productivity $4,204 $4,194 $4,188 $4,204 $4,202 $4,232 $4,181 (420) (230) 30 190 270 250 Noninterest expense ($M) YoY operating leverage excl. securities gains (losses) bps 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 1 Non-GAAP; Noninterest expense for 4Q23, 1Q24, 2Q24, and 4Q24 excludes notable items; YoY operating leverage excludes notable items; see the appendix for calculations and description of notable items Noninterest expense ($M)1 YoY operating leverage excluding securities gains (losses) and notable items (bps)1 (470) Achieving sustainable productivity from an assortment of strategic digital investments Enterprise Digital: • Digital app and self-service capabilities • Cloud migration • Core system modernization • Customer relationship management • AI/Machine Learning (ML) initiatives • Contact center automation / productivity Product Specific: • Loan underwriting • Custody management • Foreign exchange • Card issuance • Mortgage processing
U.S. Bancorp 6 An Attractive and Diversified Portfolio 1 Fee Income % for the six months ended June 30, 2025 2 Recent revenue growth reflects 2022-2024 revenue CAGRs including Funds Transfer Pricing (FTP) residual 3 Investment Services includes Global Corporate Trust, Global Fund Services, Asset Management & Institutional Services 4 Capital Markets includes Commercial Products and Impact Finance Bubble size aligns to 1H 2025 revenue New growth strategies Execution focus Slow macroeconomic environment • Business mix provides earnings stability amid continued macro uncertainty • A unique, fee income portfolio that features businesses supported by new growth strategies and execution- focused initiatives • Concentrated efforts offset the impact of slower macro conditions on more established revenue channels Business Mix Fee Income %1 Re ce nt R ev en ue G ro w th 2 HigherLower Lo w er H ig he r Merchant Payment Services Corporate Payment Systems Wealth Capital Markets4 CRE & Equipment Lending Mortgage & Auto Consumer & Business Banking Institutional Client Group Investment Services3 Payments Consumer & Small Business
U.S. Bancorp 7 A More Balanced, Higher Quality Revenue Mix 42%38%45% Investing to drive a higher fee mix and better quality, as we shift beyond traditional banking products and services to deliver sustainable growth. Our efforts extend beyond... • Greater interconnectedness across the franchise • Better leveraging our balance sheet • Expansion markets • Selective bolt-on acquisitions (e.g. Corporate Trust, PFM) Payments = card, corporate payment products and merchant processing Institutional = trust and investment management fees, capital markets revenue, and investment product fees Consumer / Other fees = service charges, mortgage banking revenue, and other fee revenue Fees as a % of total net revenue 37% 24% 24% 26% 38% 40% 37% 38% 36% Payments Institutional Consumer / Other FY 2015 FY 2023 1H 2025 Fee Contribution by Business Line
U.S. Bancorp 8 Asset Mix Shift Targets Multi-Service Clients 58% 57% 53% 42% 43% 47% Commercial Real Estate, Mortgage and Other Retail Commercial and Credit Card 12/31/2015 12/31/2023 6/30/2025 Advancing our strategy to grow attractive, high-return loan portfolios that support client depth: • Deepening relationships through more integrated product offerings and services • Maintaining our risk discipline while also enhancing our returns via a more optimized portfolio mix • Strategic actions, including targeted assets sales, to improve our capital, liquidity, and NII/NIM trajectory Loan Composition 51% Multi-service client %1 35% Loan composition based on ending balances 1 As of May 31, 2025; 2 Commercial and Credit Card includes Wholesale loan and Credit Card clients; 3 Commercial Real Estate, Mortgage and Other Retail includes CRE, Mortgage, Dealer Services, and other loan clients; 4 Includes $4.6B of covered loans as of 12/31/2015 4 Contributes ~3x more revenue than a single-service client 2 3
U.S. Bancorp 9 2Q25 Results Summary Income Statement Balance Sheet Capital 1 Non-GAAP; see the appendix for calculations and description of notable items. 2 Taxable-equivalent basis; see appendix for calculation. 3 Common equity tier 1 capital to risk-weighted assets. 4 2Q24 reflects Basel III standardized approach with 5 year current expected credit losses (CECL) transition; 1Q25 and 2Q25 fully reflect implementation related to the CECL methodology. 5 Earnings returned (millions) = total common dividends paid and aggregate value of common shares repurchased inclusive of treasury shares repurchased in connection with stock compensation plans Change vs. Prior Period $ in millions, except EPS 2Q25 1Q25 2Q24 (Adj.)1 Net interest income2 $4,080 (1.0) % 0.7 % Noninterest income 2,924 3.1 3.9 Noninterest expense 4,181 (1.2) (0.2) Net income to company 1,815 6.2 11.9 Diluted EPS $1.11 7.8 13.3 Change vs. $ in millions 2Q25 1Q25 2Q24 Nonperforming assets $1,680 (2.7) % (9.3) % NPA ratio 0.44 % (1) bps (5) bps Net charge-off ratio 0.59 % 0 bps 1 bps 90+ day delinquency 0.25 % 4 bps 6 bps Ending balance Avg balance Average Period Balance change vs. $ in billions 2Q25 2Q25 1Q25 2Q24 Total assets $686.4 $673.3 0.6 % 1.2 % Earning assets 622.1 613.3 0.5 0.7 Total loans 380.2 378.5 (0.1) 1.0 Total deposits 518.7 502.9 (0.7) (2.1) Change vs. 2Q25 1Q25 2Q24 CET1 capital ratio3,4 10.7 % (2) bps 45 bps Total risk-based capital ratio4 14.3 % (10) bps 30 bps Book value per share $35.06 2.6 % 10.3 % Tangible book value per share1 $26.52 3.4 % 14.6 % Earnings returned (millions)5 $890 Credit Quality
U.S. Bancorp 10 Performance Ratios 1 Non-GAAP; see appendix for calculations and description of notable items 2 Net interest margin on a taxable-equivalent basis 0.98% 1.04% 1.08% 0.97% Return on Average Assets Adjusted for notable items 2Q24 1Q25 2Q25 12.6% 12.3% 12.9% 12.4% Return on Average Common Equity Adjusted for notable items 2Q24 1Q25 2Q25 18.6% 17.5% 18.0% 18.4% Return on Tangible Common Equity Adjusted for notable items 2Q24 1Q25 2Q25 61.0% 60.8% 59.2% 60.7% 59.2% 2.67% 2.72% 2.66% Adjusted Efficiency Ratio Efficiency Ratio Net Interest Margin 2Q24 1Q25 2Q25 Return on Average Assets Return on Average Common Equity Return on Tangible Common Equity1 Efficiency Ratio1 & Net Interest Margin 2 1 1 1 1 2
U.S. Bancorp 11 16% 16% 16% 16% 16% 14% 14% 14% 14% 14% 70% 70% 70% 70% 70% 2Q24 3Q24 4Q24 1Q25 2Q25 Balance Sheet Summary Proactive balance sheet management and pricing discipline Total Average Deposits Linked Quarter Highlights Total Average Loans $375 $374 $376 $379 $379 6.19% 6.25% 6.03% 5.91% 5.89% Average Balance Avg Yield % 2Q24 3Q24 4Q24 1Q25 2Q25 Investment Portfolio End of Period Balances $ in billions 1 Balances exclude unrealized gains (losses) $168 $167 $171 $171 $174 3.15% 3.20% 3.14% 3.10% 3.18% Ending Balance Avg Yield % 2Q24 3Q24 4Q24 1Q25 2Q25 1 $514 $509 $512 $507 30% 30% 30% 30% $503 Non-Interest Bearing Low-Cost Consumer Deposits Interest Bearing 30% • Deposit decline reflects seasonal tax outflows; Prioritizing relationship-based deposit growth • Average loan growth of 0.4%, excl. $5.5B of loan sales • Total average C&I and credit card growth of 2.3% • Investment portfolio yield benefited from mortgage sale reinvestment and more favorable repricing
U.S. Bancorp 12$ in millions 1 Non-GAAP; see appendix for calculations 2Q25 1Q25 2Q24 Loans $5,548 $5,533 $5,761 Loans held for sale 59 28 41 Investment securities 1,355 1,308 1,294 Other interest income 642 647 889 Total interest income $7,604 $7,516 $7,985 Deposits $2,541 $2,511 $3,028 Short-term borrowings 291 249 296 Long-term debt 721 664 638 Total interest expense $3,553 $3,424 $3,962 Net interest income $4,051 $4,092 $4,023 Taxable-equivalent adjustment 29 30 29 Net interest income, on a taxable-equivalent basis1 $4,080 $4,122 $4,052 Net interest margin (taxable-equivalent basis) 2.66 % 2.72 % 2.67 % Net Interest Income (taxable-equivalent basis)1 -1.0% linked quarter +0.7% year-over-year Net Interest Income • Year-over-year performance primarily due to the impact of fixed asset repricing, loan mix, and lower rates paid on interest-bearing deposits, partially offset by lower noninterest-bearing deposit balances • Linked quarter decline driven by competitive deposit pricing pressure and rotation into higher rate products • Linked quarter net interest margin decline driven by elevated balance sheet (-3 bps) and deposit pricing pressures (-3 bps)
U.S. Bancorp 13 • Year-over-year increase driven by higher revenue across most fee income categories partially offset by lower mortgage banking revenue • On a linked quarter basis, noninterest income improvement was driven by higher payment services revenue, treasury management fees, and trust and investment management fees $ in millions Payments = card, corporate payment products and merchant processing Treasury management fees included within service charges 2Q25 1Q25 2Q24 Payments $1,108 $1,002 $1,077 Trust and investment management 703 680 649 Service charges 336 315 322 Capital markets revenue 390 382 374 Mortgage banking revenue 162 173 190 Investment product fees 90 87 82 Other 192 197 157 Total fee revenue 2,981 2,836 2,851 Securities gains (losses), net (57) — (36) Noninterest Income $2,924 $2,836 $2,815 Noninterest Income Fee Income +5.1% linked quarter +4.6% year-over-year Noninterest Income +3.1% linked quarter +3.9% year-over-year
U.S. Bancorp 14 • Year-over-year decrease in noninterest expense, as adjusted, was driven by lower compensation and benefits, occupancy and equipment, and professional services expenses • On a linked quarter basis, decrease in noninterest expense was driven by lower compensation and benefits, and marketing and business development expenses $ in millions 1 Non-GAAP; see the appendix for calculations and description of notable items 2Q25 1Q25 2Q24 Compensation and benefits $2,600 $2,637 $2,619 Technology and communications 534 533 509 Occupancy and equipment 301 306 316 Professional services 109 98 116 Marketing and business development 161 182 158 All other 476 476 470 Total noninterest expense, adjusted1 $4,181 $4,232 $4,188 Notable items1 — — 26 Total noninterest expense, reported $4,181 $4,232 $4,214 Noninterest Expense Reported -1.2% linked quarter -0.8% year-over-year Excluding Notable Items1 -1.2% linked quarter -0.2% year-over-year
U.S. Bancorp 15 $568 $557 $560 $537 $501 $538 $564 $562 $547 $554 $30 NCOs Reserve Build (Release) Allowance for Credit Losses/ Period-end Loans 2Q24 3Q24 4Q24 1Q25 2Q25 Amount ($B) Reserve (%) Commercial $2.2 1.5% Commercial real estate 1.4 2.9% Residential mortgage 0.8 0.7% Credit card 2.7 8.9% Other retail 0.8 2.0% Total $7.9 2.1% Change vs. 2Q25 1Q25 2Q24 Nonperforming assets Balance $1,680 $(47) $(172) NPAs/period-end loans plus OREO 0.44 % (1) bps (5) bps Net charge-offs NCOs $554 $7 $16 NCOs/avg loans 0.59 % 0 bps 1 bps Provision for Credit Losses $ in millions, unless specified Credit Quality Credit quality stable-to-improving despite ongoing economic uncertainty Net Charge-offs and Nonperforming Assets Highlights Allowance for Credit Losses by Loan Category, 2Q25 • $53M reserve release driven by strategic loan sales • Reserve coverage ratio held flat at 2.07% • CECL forecasted peak unemployment rate of 6.0% 2.11% 2.12% 2.09% 2.07% 2.07% ($7) ($2) ($10) ($53)
U.S. Bancorp 16 8.5% 10.3% 10.5% 10.6% 10.8% 10.7% 1Q23 2Q24 3Q24 4Q24 1Q25 2Q25 Capital Management 1 Ratios for periods prior to January 1, 2025 calculated in accordance with transitional regulatory requirements related to the CECL methodology; 1Q25 and 2Q25 fully reflect implementation related to the CECL methodology 2 Non GAAP; see appendix for calculations 2nd Quarter Highlights • Capital build, through earnings accretion, offset by distributions and client activity-driven RWA growth; Completed common stock repurchases of $100 million in the second quarter • 2025 CCAR preliminary stress capital buffer improved 50 bps to 2.6%; Planned capital actions included a 4% increase to quarterly common dividend in the third quarter (subject to Board approval) 7.6% CET1 Ratio Regulatory Minimum Binding Capital Constraint Improved preliminary stress capital buffer; Modest share buybacks this quarter CET1 Ratio1 CET1 Ratio Including AOCI 28.8%8.6%8.6%8.1% 8.9%6.5%
U.S. Bancorp 17 Guidance – 3Q and FY 2025 2Q25 Performance FY 2025 Guidance Net interest income1 Total noninterest expense Positive operating leverage2,3 2Q Guidance 2Q Result $4.1B to $4.2B $4,080M $4.2B or Lower $4,181M 200+ bps 250 bps 3Q25 Guidance Net interest income1 Total fee revenue Total noninterest expense $4.2B or Lower ~$3.0B $4.1B to $4.2B Positive operating leverage2,3 200+ bps Total net revenue2 +3% to 5% vs. FY 2024 of $27.6B1,2 Positive operating leverage2,3 200+ bps Total noninterest income ~$2.9B $2,924M All guidance is on an adjusted basis 1 Taxable-equivalent basis; see appendix for calculation; 2 Non-GAAP excluding notable items and securities gains and losses; See appendix for calculations and description of notable items; 3 As calculated on a year-over-year basis
U.S. Bancorp 18 Marching Towards Our Medium-Term Targets 2Q 2024 1Q 2025 2Q 2025 Medium-term Target5 Return on Average Assets 0.98%1 1.04% 1.08% 1.15% to 1.35% Return on Tangible Common Equity 18.6%1 17.5% 18.0% High teens Fee Revenue Growth (YoY)2 3.9%1 5.1% 4.6% Mid-single digits Efficiency Ratio 60.7%1 60.8% 59.2% Mid-to-high 50s Operating Leverage (YoY)1,2 (230) bps 270 bps 250 bps Committed to positive operating leverage CET1 Capital Ratio (Cat III)3 10.3% 10.8% 10.7% ~10% Cat II pro forma CET1 Capital Ratio with AOCI4 8.1% 8.8% 8.9% 1 Non-GAAP; as adjusted for notable items; see appendix for calculation and description of notable items. 2 Excludes securities gains (losses). 3 2Q24 ratio calculated in accordance with transitional regulatory requirements related to the CECL methodology; 2Q25 fully reflects implementation related to the CECL methodology. 4 Non-GAAP; see appendix for calculation. 5 Medium-term represents 2026 & 2027; subject to economic assumptions outlined in the appendix. 4 4 4 4 1
U.S. Bancorp 19 Strategically Operating with Urgency • Diversified revenue mix proved resilient in delivering strong net income growth, despite NII headwinds • A more balanced, higher quality fee mix; Repositioning the balance sheet to boost NII / target multi-service clients • Executing on expense initiatives, organic revenue growth, and payments transformation objectives to hit medium-term targets
U.S. Bancorp 20 Appendix
U.S. Bancorp 21 Excluding Notable Items2 % Change Notable Items2 Reported % Change $ in millions, except EPS 2Q25 1Q25 2Q24 vs 1Q25 vs 2Q24 2Q24 vs 2Q24 Net interest income $4,051 $4,092 $4,023 (1.0) % .7 % $— .7 % Taxable-equivalent adjustment 29 30 29 (3.3) — — — Net interest income (taxable-equivalent basis) 4,080 4,122 4,052 (1.0) .7 — .7 Noninterest income 2,924 2,836 2,815 3.1 3.9 — 3.9 Net revenue 7,004 6,958 6,867 .7 2.0 — 2.0 Noninterest expense 4,181 4,232 4,214 (1.2) (.8) 26 (.2) Operating income 2,823 2,726 2,653 3.6 6.4 (26) 5.4 Provision for credit losses 501 537 568 (6.7) (11.8) — (11.8) Income before taxes 2,322 2,189 2,085 6.1 11.4 (26) 10.0 Applicable income taxes 501 473 474 5.9 5.7 (7) 4.2 Net income 1,821 1,716 1,611 6.1 13.0 (19) 11.7 Noncontrolling interests (6) (7) (8) 14.3 25.0 — 25.0 Net Income to company 1,815 1,709 1,603 6.2 13.2 (19) 11.9 Preferred dividends/other 82 106 85 (22.6) (3.5) — (3.5) Net Income to common $1,733 $1,603 $1,518 8.1 % 14.2 % ($19) 12.8 % Net interest margin1 2.66% 2.72% 2.67% (6) bps (1) bps —% (1) bps Efficiency ratio2 59.2% 60.8% 61.0% (160) bps (180) bps .3% (150) bps Diluted EPS $1.11 $1.03 $.97 7.8 % 14.4 % $(.01) 13.3 % 1 Taxable-equivalent basis 2 Non-GAAP; see appendix for calculations and description of notable items Income Statement Detail
U.S. Bancorp 22 $374.7 $379.0 $378.5 2Q24 1Q25 2Q25 Average Loans -0.1% linked quarter +1.0% year-over-year $ in billions 1 Includes $12B in Payments commercial loans • On a year-over-year basis, average total loan growth was driven by higher commercial and credit card loans partially offset by lower commercial real estate loans, residential mortgages, and other retail loans • On a linked quarter basis, the decrease in average total loans was driven by lower residential mortgages and other retail loans, partially offset by higher commercial loans Average % of Average Change vs. 2Q 2025 Balance Total 1Q25 2Q24 Commercial1 $144 38% 2.6 % 7.1 % Commercial real estate 48 13% (0.9) (7.3) Residential mortgages 116 30% (2.7) (0.7) Credit card 30 8% 0.6 4.4 Other retail 41 11% (1.7) (5.1) Total loans $379 (0.1) % 1.0 %
U.S. Bancorp 23 • On a year-over-year basis, average total deposits decline was driven by lower noninterest-bearing, savings, and time deposits • On a linked quarter basis, the decrease in average total deposits was driven by lower noninterest-bearing and savings deposits, partially offset by higher time deposits Average Deposits -0.7% linked quarter -2.1% year-over-year $ in billions Noninterest-bearing Interest-bearing 2Q24 1Q25 2Q25 Average Average Change vs. 2Q 2025 Balance 1Q25 2Q24 Noninterest-bearing deposits $79 (0.7) % (5.2) % Money market savings 177 (9.4) (15.0) Interest checking 132 4.7 4.7 Savings accounts 58 15.7 49.7 Time deposits 57 2.6 (1.1) Total interest-bearing deposits $424 (0.7) % (1.6) % Total deposits $503 (0.7) % (2.1) % $502.9$506.5$513.9
U.S. Bancorp 24 $ in billions 2Q25 1Q25 4Q24 3Q24 2Q24 Total U.S. Bancorp shareholders’ equity $61.4 $60.1 $58.6 $58.9 $56.4 Basel III Standardized Approach 1 Fully implemented common equity tier 1 capital ratio 10.7 % 10.8 % 10.5 % 10.5 % 10.2 % Tier 1 capital ratio 12.3 % 12.4 % 12.2 % 12.2 % 11.9 % Total risk-based capital ratio 14.3 % 14.4 % 14.3 % 14.2 % 14.0 % Leverage ratio 8.5 % 8.4 % 8.3 % 8.3 % 8.1 % Common equity to assets 8.0 % 7.9 % 7.6 % 7.6 % 7.3 % Tangible common equity to tangible assets 2 6.1 % 6.0 % 5.8 % 5.7 % 5.4 % Tangible common equity to risk-weighted assets 2 9.0 % 8.9 % 8.5 % 8.6 % 8.0 % Common equity tier 1 capital to risk-weighted assets, reflecting transitional regulatory capital requirements related to the current expected credit losses methodology 1 — % — % 10.6 % 10.5 % 10.3 % 1 Beginning January 1, 2025, the regulatory capital requirements fully reflect implementation related to the CECL methodology. Prior to 2025, the Company’s capital ratios reflected certain transitional adjustments. 2 Non-GAAP; see appendix for calculations Capital Position 2 2 2
U.S. Bancorp 25 67% 33% Payments: Consumer & Small Business (PCS) Payments: Merchant & Institutional (PMI) 40% 60% Net interest income (taxable-equivalent basis) Noninterest income • Ranked #1 (up from #2 in 2024) in credit card online banking as per Keynova 2025 rankings • U.S. Bank and Fiserv to introduce agent card issuance on Credit Choice with Elan capabilities • Elavon maintained position as 8th largest merchant acquirer in Europe by sale volume3 • Enhanced Wyndham Hotels & Resorts’ mobile check-in and touchless payments experience through Wyndham Connect using Elavon’s Cloud Payments Interface • Ranked #2 in Purchase Card and #3 in combined Purchase and Corporate Card rankings4 • Unveiled expanded Embedded Payments Suite to power efficient and secure payment capabilities on existing platforms • Tech-led5 investments fueling 11% YoY tech-led fee growth in 2Q25, representing 35% of MPS revenue Segment 1Q 2Q 3Q 4Q Card2 stable Corporate Payments stable Merchant Processing Merchant Processing (MPS) Corporate Payments (CPS)Total Card Payments Total Net Revenue by Business (2Q25) Highlights Historical Linked Quarter Seasonality for Payment Fees Revenue1 â â â á á á á á á â +3.3% year-over-year +4.4% year-over-year -1.5% year-over-year 1 Linked quarter change based on trends from 2015 to 2019 2 Includes Prepaid Card 3 2025 Nilson report issue #1287, June 2025; based on volume and excluding merchant acquirers that operate outside our core geographies 4 2024 Nilson report issue #1285, May 2025; based on purchase volume 5 Tech-led includes digital, omni-commerce and e-commerce as well as investments in integrated software providers Payment Services +4.4% Credit only Fee Revenue Growth Rates
U.S. Bancorp 26 $134,339 $133,138 $135,384 $140,130 $143,817 0.43 % 0.44 % 0.43 % 0.47 % 0.36 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality – Commercial Key StatisticsAverage Loans ($M) and Net Charge-offs Ratio 2.7% (0.9)% 1.7% 3.5% 2.6% Linked Quarter Growth Key Points • Average loans increased by 2.6% on a linked quarter basis • Utilization increased quarter-over-quarter to 25.4% for 2Q25 versus 25.1% for 1Q25 • Nonperforming loans ratio decreased 4 bps quarter-over-quarter $ in millions 2Q24 1Q25 2Q25 Average loans $134,339 $140,130 $143,817 30-89 delinquencies 0.21 % 0.21 % 0.22 % 90+ delinquencies 0.06 % 0.07 % 0.06 % Nonperforming loans 0.41 % 0.43 % 0.39 % Revolving Line Utilization Trend 4Q 16 2Q 17 4Q 17 2Q 18 4Q 18 2Q 19 4Q 19 2Q 20 4Q 20 2Q 21 4Q 21 2Q 22 4Q 22 2Q 23 4Q 23 2Q 24 4Q 24 2Q 25 10% 20% 30% 40%
U.S. Bancorp 27 CRE by Loan Type Mortgage 58% Owner Occupied 21% Construction 21% Credit Quality – Commercial Real Estate Key Points Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.4)% (1.6)% (3.1)% (2.0)% (0.9)% • CRE Office segment is appropriately reserved at 10.7% • Increases in 30-89 and 90+ delinquencies are primarily administrative in nature • Net charge-offs continue to be driven by losses in Office 1 SFR = Single Family Residential $52,289 $51,454 $49,871 $48,890 $48,466 0.28 % 0.54 % 0.30 % (0.03) % 0.47 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 CRE by Property Class SFR Construction 8% Owner Occupied 21% Multi-Family 37% Office 10% Industrial 10% Other 14% $ in millions 2Q24 1Q25 2Q25 Average loans $52,289 $48,890 $48,466 30-89 delinquencies 0.04 % 0.12 % 0.23 % 90+ delinquencies 0.02 % 0.01 % 0.28 % Nonperforming loans 1.85 % 1.61 % 1.58 % 1
U.S. Bancorp 28 $116,478 $117,559 $118,406 $118,844 $115,616 (0.01) % (0.01) % (0.01) % 0.00 % 0.00 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality – Residential Mortgage Key Points • Average loans decreased by 2.7% on a linked quarter basis driven by the portfolio sale • Continued low losses and nonperforming loans supported by strong portfolio credit quality and collateral values • Increase in 90+ delinquencies primarily reflective of delinquency migration due to California wildfires impacts • Originations continue to reflect high credit quality (weighted average credit score of 769, weighted average LTV of 70%) Linked Quarter Growth Average Loans ($M) and Net Charge-offs Ratio Key Statistics $ in millions 2Q24 1Q25 2Q25 Average loans $116,478 $118,844 $115,616 30-89 delinquencies 0.12 % 0.25 % 0.15 % 90+ delinquencies 0.15 % 0.19 % 0.28 % Nonperforming loans 0.13 % 0.12 % 0.13 % 0.7% 0.9% 0.7% 0.4% (2.7)% Residential Mortgage Delinquencies ($M) 30-89 days past due 90+ days past due 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $— $200 $400 $600 $800 $1,000
U.S. Bancorp 29 $28,349 $28,994 $29,438 $29,404 $29,588 4.47 % 4.10 % 4.28 % 4.48 % 4.30 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 Credit Quality – Credit Card Key Points • Average loans increased by 0.6% on a linked quarter basis • Net charge-off rate decreased to 4.30% consistent with seasonal patterns • 30-89 and 90+ day delinquency rates improved on a linked quarter and year-over-year basis Average Loans ($M) and Net Charge-offs Ratio Key Statistics 1.5% 2.3% 1.5% (0.1)% 0.6% Linked Quarter Growth $ in millions 2Q24 1Q25 2Q25 Average loans $28,349 $29,404 $29,588 30-89 delinquencies 1.34 % 1.31 % 1.24 % 90+ delinquencies 1.30 % 1.40 % 1.24 % Nonperforming loans — % — % — % Credit Card Delinquencies ($M) 30-89 days past due 90+ days past due 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 $— $200 $400 $600 $800 $1,000
U.S. Bancorp 30 Credit Quality – Other Retail Key Points • Average loans decreased by 1.7% on a linked quarter basis • Nonperforming loans ratio increased slightly quarter-over-quarter • Net charge-off ratio decreased 9 bps on a linked quarter basis Average Loans ($M) and Net Charge-offs Ratio Key Statistics Linked Quarter Growth (1.0)% (0.7)% (0.9)% (1.9)% (1.7)% $43,230 $42,925 $42,556 $41,760 $41,042 0.45 % 0.47 % 0.59 % 0.61 % 0.52 % Average Loans NCO% 2Q24 3Q24 4Q24 1Q25 2Q25 Auto Loans 13% Installment 35% Home Equity 33% Retail Leasing 9% Revolving Credit 10% $ in millions 2Q24 1Q25 2Q25 Average loans $43,230 $41,760 $41,042 30-89 delinquencies 0.54 % 0.50 % 0.43 % 90+ delinquencies 0.14 % 0.14 % 0.13 % Nonperforming loans 0.33 % 0.36 % 0.38 %
U.S. Bancorp 31 Financial Targets ROA ROTCE Fee Income Growth Efficiency Ratio 1.15% to 1.35% High teens Mid-single digits Mid-to-high 50s Medium-term1 Key assumptions2 Modest GDP growth Stable unemployment rate Moderating inflation Current tax policy Fed Funds rate path consistent with market implied Upward sloping yield curve driven by rate cuts Stable credit quality 1 Medium-term represents 2026 & 2027 2 Key assumptions as of September 12, 2024 and presented at Investor Day
U.S. Bancorp 32 Non-GAAP Financial Measures (1), (2) – see last page in appendix for corresponding notes Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Net interest income $ 4,051 $ 4,092 $ 4,023 Taxable-equivalent adjustment (1) 29 30 29 Net interest income, on a taxable-equivalent basis 4,080 4,122 4,052 Net interest income, on a taxable-equivalent basis (as calculated above) 4,080 4,122 4,052 Noninterest income 2,924 2,836 2,815 Less: Securities gains (losses), net (57) — (36) Total net revenue, excluding net securities gains (losses) (a) 7,061 6,958 6,903 Noninterest expense (b) 4,181 4,232 4,214 Efficiency ratio (b)/(a) 59.2 % 60.8 % 61.0 % Total net revenue, excluding net securities gains (losses) (as calculated above) (c) $ 6,903 Noninterest expense 4,214 Less: Notable items (2) 26 Noninterest expense, excluding notable items (d) 4,188 Efficiency ratio, excluding notable items (d)/(c) 60.7 % Net income attributable to U.S. Bancorp $ 1,603 Less: Notable items (2) (19) Net income attributable to U.S. Bancorp, excluding notable items 1,622 Annualized net income attributable to U.S. Bancorp, excluding notable items (e) 6,524 Average assets (f) 665,504 Return on average assets, excluding notable items (e)/(f) 0.98 % Net income applicable to U.S. Bancorp common shareholders $ 1,518 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (19) Net income applicable to U.S. Bancorp common shareholders, excluding notable items 1,537 Annualized net income applicable to U.S. Bancorp common shareholders, excluding notable items (g) 6,182 Average common equity (h) 49,221 Return on average common equity, excluding notable items (g)/(h) 12.6 % Net income applicable to U.S. Bancorp common shareholders, excluding notable items (as calculated above) (i) $ 1,537 Average diluted common shares outstanding (j) 1,561 Diluted earnings per common share, excluding notable items (i)/(j) $ 0.98
U.S. Bancorp 33 Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 March 31, 2025 June 30, 2024 Net income applicable to U.S. Bancorp common shareholders $ 1,733 $ 1,603 $ 1,518 Intangibles amortization (net-of-tax) 98 97 113 Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization 1,831 1,700 1,631 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (a) 7,344 6,894 6,560 Average total equity 61,356 60,071 56,492 Average preferred stock (6,808) (6,808) (6,808) Average noncontrolling interests (457) (460) (463) Average goodwill (net of deferred tax liability) (3) (11,544) (11,513) (11,457) Average intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,734) (1,806) (2,087) Average tangible common equity (b) 40,813 39,484 35,677 Return on tangible common equity (a)/(b) 18.0 % 17.5 % 18.4 % Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization (as calculated above) $ 1,631 Less: Notable items, including the impact of earnings allocated to participating stock awards (2) (19) Net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items 1,650 Annualized net income applicable to U.S. Bancorp common shareholders, excluding intangibles amortization and notable items (c) 6,636 Average tangible common equity (as calculated above) (d) 35,677 Return on tangible common equity, excluding notable items (c)/(d) 18.6 % (2), (3) – see last page in appendix for corresponding notes Non-GAAP Financial Measures
U.S. Bancorp 34 Non-GAAP Financial Measures (Dollars and Shares in Millions Except Per Share Data, Unaudited) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Total equity $ 61,896 $ 60,558 $ 59,040 $ 59,321 $ 56,885 Preferred stock (6,808) (6,808) (6,808) (6,808) (6,808) Noncontrolling interest (458) (462) (462) (462) (465) Common equity (a) 54,630 53,288 51,770 52,051 49,612 Goodwill (net of deferred tax liability) (3) (11,613) (11,521) (11,508) (11,540) (11,449) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,699) (1,761) (1,846) (1,944) (2,047) Tangible common equity (b) 41,318 40,006 38,416 38,567 36,116 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation 47,877 47,164 46,239 Adjustments (4) (433) (433) (433) Common equity tier 1 capital, reflecting the full implementation of the current expected credit losses methodology (c) 47,444 46,731 45,806 Total assets (d) 686,370 676,489 678,318 686,469 680,058 Goodwill (net of deferred tax liability) (3) (11,613) (11,521) (11,508) (11,540) (11,449) Intangible assets (net of deferred tax liability), other than mortgage servicing rights (1,699) (1,761) (1,846) (1,944) (2,047) Tangible assets (e) 673,058 663,207 664,964 672,985 666,562 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation if applicable (f) 459,521 450,290 450,498 447,476 449,111 Adjustments (5) (368) (368) (368) Risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (g) 450,130 447,108 448,743 Common shares outstanding (h) 1,558 1,560 1,560 1,561 1,560 Ratios Common equity to assets (a)/(d) 8.0% 7.9% 7.6% 7.6% 7.3% Tangible common equity to tangible assets (b)/(e) 6.1 6.0 5.8 5.7 5.4 Tangible common equity to risk-weighted assets (b)/(f) 9.0 8.9 8.5 8.6 8.0 Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the current expected credit losses methodology (c)/(g) 10.5 10.5 10.2 Tangible book value per common share (b)/(h) $ 26.52 $ 25.64 $ 24.63 $ 24.71 $ 23.15 (3), (4), (5) – see last page in appendix for corresponding notes *Preliminary data. Subject to change prior to filings with applicable regulatory agencies. *
U.S. Bancorp 35 Non-GAAP Financial Measures (Dollars in Millions, Unaudited) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2023 Common equity tier 1 capital, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (a) 49,382 48,482 47,877 47,164 46,239 42,027 Accumulated Other Comprehensive Income (AOCI) related adjustments (6) (8,458) (8,737) (9,198) (8,648) (9,801) (10,153) Common equity tier 1 capital, including AOCI related adjustments (6) (b) 40,924 39,745 38,679 38,516 36,438 31,874 Risk-weighted assets, determined in accordance with transitional regulatory capital requirements related to the current expected credit losses methodology implementation (c) 459,521 450,290 450,498 447,476 449,111 494,048 Ratios Common equity tier 1 capital ratio (a)/(c) 10.75 % 10.77 % 10.63 % 10.54 % 10.30 % 8.51 % Common equity tier 1 capital ratio, including AOCI related adjustments (6) (b)/(c) 8.91 8.83 8.59 8.61 8.11 6.45 (1), (6) – see last page in appendix for corresponding notes Year Ended (Dollars in Millions, Unaudited) December 31, 2024 Net interest income $ 16,289 Taxable-equivalent adjustment (1) 120 Net interest income, on a taxable-equivalent basis $ 16,409 Net interest income, on a taxable-equivalent basis (as calculated above) 16,409 Noninterest income $ 11,046 Less: Securities gains (losses) (154) Total net revenue, excluding net securities gains (losses) 27,609
U.S. Bancorp 36 Non-GAAP Financial Measures ($ in millions) Six Months Ended June 30, 2025 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 5,947 Consumer and Business Banking 4,424 Payment Services 3,623 Treasury and Corporate Support (32) Total Company 13,962 Less Treasury and Corporate Support (32) Total Company excluding Treasury and Corporate Support $ 13,994 Percent of Total Company Wealth, Corporate, Commercial and Institutional Banking 42 % Consumer and Business Banking 32 % Payment Services 26 % Treasury and Corporate Support — % Total Company 100 % Percent of Total Company excluding Treasury and Corporate Support Wealth, Corporate, Commercial and Institutional Banking 42 % Consumer and Business Banking 32 % Payment Services 26 % Total Company excluding Treasury and Corporate Support 100 %
U.S. Bancorp 37 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) June 30, 2025 June 30, 2024 March 31, 2025 March 31, 2024 December 31, 2024 December 31, 2023 Net interest income $ 4,051 $ 4,023 $ 4,092 $ 3,985 $ 4,146 $ 4,111 Taxable-equivalent adjustment (1) 29 29 30 30 30 31 Net interest income, on a taxable-equivalent adjustment basis 4,080 4,052 4,122 4,015 4,176 4,142 Net interest income, on a taxable-equivalent basis (as calculated above) 4,080 4,052 4,122 4,015 4,176 4,142 Noninterest income 2,924 2,815 2,836 2,700 2,833 2,620 Total net revenue 7,004 6,867 6,958 6,715 7,009 6,762 Percentage change (a) 2.0 % 3.6 % 3.7 % Less: Securities gains (losses), net (57) (36) — 2 (1) 2 Total net revenue, excluding net securities gains (losses) 7,061 6,903 6,958 6,713 7,010 6,760 Less: Notable items — — — — — (118) Total net revenue, excluding net securities gains (losses) and notable items 7,061 6,903 6,958 6,713 7,010 6,878 Percent change (b) 2.3 % 3.6 % 1.9 % Noninterest expense 4,181 4,214 4,232 4,459 4,311 5,219 Percentage change (c) (0.8) % (5.1) % (17.4) % Less: Notable items (2) — 26 — 265 109 1,015 Total noninterest expense, excluding notable items 4,181 4,188 4,232 4,194 4,202 4,204 Percentage change (d) (0.2) % 0.9 % — % Operating leverage (a) - (c) 2.8 % 8.7 % 21.1 % Operating leverage, excl. notable items and net securities losses (b) - (d) 2.5 % 2.7 % 1.9 % (1), (2) - see last page in appendix for corresponding notes
U.S. Bancorp 38 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2024 September 30, 2023 June 30, 2024 June 30, 2023 March 31, 2024 March 31, 2023 Net interest income $ 4,135 $ 4,236 $ 4,023 $ 4,415 $ 3,985 $ 4,634 Taxable-equivalent adjustment (1) 31 32 29 34 30 34 Net interest income, on a taxable-equivalent adjustment basis 4,166 4,268 4,052 4,449 4,015 4,668 Net interest income, on a taxable-equivalent basis (as calculated above) 4,166 4,268 4,052 4,449 4,015 4,668 Noninterest income 2,698 2,764 2,815 2,726 2,700 2,507 Total net revenue 6,864 7,032 6,867 7,175 6,715 7,175 Percentage change (a) (2.4) % (4.3) % (6.4) % Less: Securities gains (losses), net (119) — (36) 3 2 (32) Total net revenue, excluding net securities gains (losses) 6,983 7,032 6,903 7,172 6,713 7,207 Less: Notable items — — — (22) — — Total net revenue, excluding net securities gains (losses) and notable items 6,983 7,032 6,903 7,194 6,713 7,207 Percent change (b) (0.7) % (4.0) % (6.9) % Noninterest expense 4,204 4,530 4,214 4,569 4,459 4,555 Percentage change (c) (7.2) % (7.8) % (2.1) % Less: Notable items (2) — 284 26 310 265 244 Total noninterest expense, excluding notable items 4,204 4,246 4,188 4,259 4,194 4,311 Percentage change (d) (1.0) % (1.7) % (2.7) % Operating leverage (a) - (c) 4.8 % 3.5 % (4.3) % Operating leverage, excl. notable items and net securities losses (b) - (d) 0.3 % (2.3) % (4.2) % (1), (2) - see last page in appendix for corresponding notes
U.S. Bancorp 39 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) December 31, 2023 December 31, 2022 Net interest income $ 4,111 $ 4,293 Taxable-equivalent adjustment (1) 31 32 Net interest income, on a taxable-equivalent adjustment basis 4,142 4,325 Net interest income, on a taxable-equivalent basis (as calculated above) 4,142 4,325 Noninterest income 2,620 2,043 Total net revenue 6,762 6,368 Percentage change (a) 6.2 % Less: Securities gains (losses), net 2 (18) Total net revenue, excluding net securities gains (losses) 6,760 6,386 Less: Notable items (118) (381) Total net revenue, excluding net securities gains (losses) and notable items 6,878 6,767 Percent change (b) 1.6 % Noninterest expense 5,219 4,043 Percentage change (c) 29.1 % Less: Notable items (2) 1,015 90 Total noninterest expense, excluding notable items 4,204 3,953 Percentage change (d) 6.3 % Operating leverage (a) - (c) (22.9) % Operating leverage, excl. notable items and net securities losses (b) - (d) (4.7) % (1), (2) - see last page in appendix for corresponding notes
U.S. Bancorp 40 Non-GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) March 31, 2025 March 31, 2024 June 30, 2024 June 30, 2023 Noninterest income 2,836 2,700 2,815 2,726 Less: Securities gains (losses), net — 2 (36) 3 Less: Notable items (2) — — — (22) Total noninterest income, excluding net securities gains (losses) and notable items 2,836 2,698 2,851 2,745 Percent change 5.1 % 3.9 % (2) - see last page in appendix for corresponding notes
U.S. Bancorp 41 Notes 1. Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes. 2. Notable item for the three months ended December 31, 2024 of $109 million ($82 million net-of-tax) included lease impairments and operational efficiency actions. Notable items for the three months ended June 30, 2024 was a $26 million ($19 million net-of-tax) charge for the increase in FDIC special assessment. Notable items for the three months ended March 31, 2024 of $265 million ($199 million net-of-tax) included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment. Notable items for the three months ended December 31, 2023 of $1.1 billion ($780 million net-of-tax, including a $70 million discrete tax benefit) included $(118) million of noninterest income related to investment securities balance sheet repositioning and capital management actions, $171 million of merger and integration-related charges, $734 million of FDIC special assessment charges and a $110 million charitable contribution. Notable items for the three months ended September 30, 2023 included $284 million ($213 million net-of-tax) of merger and integration-related charges. Notable items for the three months ended June 30, 2023 of $575 million ($432 million net-of-tax) included $(22) million of noninterest income related to balance sheet repositioning and capital management actions, $310 million of merger and integration-related charges, and $243 million of provision for credit losses related to balance sheet repositioning and capital management actions. Notable items for the three months ended March 31, 2023 included $244 million ($183 million net-of-tax) of merger and integration-related charges. Notable items for the three months ended December 31, 2022 of $1.3 billion ($952 million net-of-tax) included $(399) million of noninterest income related to balance sheet repositioning and capital management actions, $90 million of merger and integration-related charges and $791 million of provision for credit losses related to the acquisition of Union Bank and balance sheet optimization activities.
U.S. Bancorp 42 1. 2. 3. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements. 4. Includes the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology net of deferred taxes. 5. Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the current expected credit losses methodology. 6. Includes Accumulated Other Comprehensive Income (AOCI) related to available for sale securities, pension plans, and available for sale to held to maturity transfers. Notes
U.S. Bancorp 43