美国合众银行 2025年季度报告

Table of Contents and Form 10-Q Cross Reference Index Part I — Financial Information 1) Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 2) a) Overviewb) Statement of Income Analysisc) Balance Sheet Analysisd) Non-GAAP Financial Measurese) Critical Accounting Policiesf) Controls and Procedures (Item 4)2) Quantitative and Qualitative Disclosures About Market Risk/Corporate Risk Profile (Item 3)a) Overviewb) Credit Risk Managementc) Residual Value Risk Managementd) Operational Risk Managemente) Compliance Risk Managementf) Interest Rate Risk Managementg) Market Risk Managementh) Liquidity Risk Managementi) Capital Management3) Business Segment Financial Review4) Financial Statements (Item 1)Part II — Other Information “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. This quarterly report on Form 10-Q contains forward-looking statements about U.S. Bancorp. Statements that are not historical orcurrent facts, including statements about beliefs and expectations, are forward-looking statements and are based on the informationavailable 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, Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those setforth 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 couldadversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain •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 (“USBNA”), to attract and retain •Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements, and theenforcement and interpretation of such laws and regulations, and U.S. Bancorp’s ability to address or satisfy those requirementsand 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-relatedrequirements 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’srole 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 needsand 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 Management’s Discussion and Analysis Overview Earnings SummaryU.S. Bancorp and its subsidiaries (the“Company”) reported net income attributable to U.S.Bancorp of $1.7 billion for the first quarter of 2025, or $1.03per diluted common share, compared with $1.3 billion, or$0.78 per diluted common share, for the first quarter of 2024.Return on average assets and return on average commonequity were 1.04 percent and 12.3 percent, respectively, for thefirst quarter of 2025, compared with 0.81 percent and 10.0 bearing deposits with banks. The net interest margin, on ataxable-equivalent basis, in the first quarter of 2025 was 2.72percent, compared with 2.70 percent in the first quarter of2024. The increase in net interest margin from the first quarter “Consolidated Daily Average Balance Sheet and RelatedYields and Rates” table for further information on net interest Average total loans in the first quarter of 2025 were $8.0billion (2.1 percent) higher than the first quarter of 2024. Theincrease was primarily due to higher commercial loans,residential mortgages and credit card