美国合众银行 2025年季度报告

h) Liquidity Risk Managementi) Capital Management •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’srole as a loan servicer; •Impacts of current, pending or future litigation and governmental proceedings;•Increased competition from both banks and non-banks; •Changes in customer behavior and preferences and the ability to implement technological changes to respond to customer needsand meet competitive demands; •Failures or disruptions in or breaches of U.S. Bancorp’s operational, technology or security systems or infrastructure, or those ofthird 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; •Failure to execute on strategic or operational plans; •Effects of mergers and acquisitions and related integration; •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 raterisk, 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 yearended December31, 2024, and subsequent filings with the Securities and Exchange Commission (“SEC”). Factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to bea complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-lookingstatements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to updatethem in light of new information or future events. 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, orbearing 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 equity were 1.04 percent and 12.3 percent, respectively, for thefirst quarter of 2025, compared with 0.81 percent and 10.0by deposit mix and higher earning assets. Refer to the“Consolidated Daily Average Balance Sheet and Related percent, respectively, for the first quarter of 2024. The resultsfor the first quarter of 2024 included the impact of $265million ($199 million net-of-tax) of notable items, including$155 million of merger and integration charges associatedwith the acquisition of MUFG Union Bank, N.A. (“MUB”) and$110 million of incremental FDIC special assessment charges,Yields and Rates” table for further information on net interestincome.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 loans, partially offset by reflecting a 2.7 percent increase in net interest income and a5.0 percent increase in noninterest income. The increase in netinterest income from the first quarter of 2024 was primarilydue to the mix of earning assets, fixed asset repricing andThe increase in average credit card loans was primarily drivenby customer account growth and higher spend volume. Thedecrease in average commercial real estate loans was primarily other retail loans was driven by lower automobile loans.Average investment securities in the first quarter of 2025 million (5.1 percent) lower than the first quarter of 2024,primarily due to the impact of merger and integration chargesin the prior year and lower compensation and employeemanagement.Average total deposits for the first quarter of 2025 were$3.5 billion (0.7 percent) higher than the first quarter of 2024. business development expense and technology andcommunications expense.The provision for credit losses for the first quarter of 2025was $16 million (2.9 percent) lower than the first quarter ofAverage total savings deposits for the first quarter of 2025were $8.2 billion (2.3 percent) higher than the first quarter of2024, driven by increases in Wealth, Corporate, Commercialand Institutional Banking, and Consumer and Bu