U.S. Bancorp(USB) - 2025 Q1 - Quarterly Results

Financial Performance - Total interest income for Q1 2025 was $7,516 million, a decrease of 4.0$7,764 million in Q1 2024[2] - Net interest income after provision for credit losses was $3,555 million, slightly down from$3,432 million in Q1 2024, reflecting a year-over-year increase of 3.6%[2] - Noninterest income totaled $2,836 million, showing a slight increase from$2,700 million in Q1 2024, representing a growth of 5.0%[2] - Net income attributable to U.S. Bancorp was $1,709 million, up from$1,319 million in Q1 2024, marking a significant increase of 29.6%[2] - Earnings per common share for Q1 2025 were $1.03, compared to$0.78 in Q1 2024, reflecting a year-over-year increase of 32.1%[2] - Total net revenue for Q1 2025 was $1,778 million, slightly down from$1,681 million in Q1 2024, a decrease of 5.8%[24] Asset and Deposit Trends - Total assets decreased to $676,489 million from$683,606 million in Q1 2024, a decline of 1.9%[3] - Total deposits were $512,525 million, down from$528,063 million in Q1 2024, representing a decrease of 2.9%[3] - Total assets increased to $669,393 million as of March 31, 2025, up from$653,909 million a year earlier, representing a 2.4% growth[7] - Total deposits decreased to $269,411 million in Q1 2025, down 1.4$274,569 million in Q4 2024[16] - Total deposits remained stable at $220,014 million in Q1 2025 compared to$220,187 million in Q1 2024, a slight decrease of 0.1%[18] - Total deposits increased to $14,332 million in Q1 2025, compared to$13,122 million in Q1 2024, marking a growth of 9.2%[28] Loan and Interest Metrics - Total loans reached $379,028 million, a 2.1$371,070 million in the same period last year[7] - Total loans increased to $177,973 million in Q1 2025, up 2.2$173,111 million in Q4 2024[15] - Total loans decreased to $153,945 million in Q1 2025 from$154,956 million in Q1 2024, a decline of 0.7% year-over-year[18] - The net interest margin was 2.72% for Q1 2025, slightly up from 2.70% in Q1 2024, indicating stable interest income generation[2] - The net interest margin (taxable-equivalent basis) was 4.58% in Q1 2025, compared to 4.84% in Q4 2024[17] - The net interest margin (taxable-equivalent basis) was not measurable (nm) in Q1 2025, indicating potential challenges in interest income generation[27] Efficiency and Profitability - The return on average assets improved to 1.04% in Q1 2025, compared to 0.81% in Q1 2024[2] - The efficiency ratio improved to 60.8% in Q1 2025, down from 66.4% in Q1 2024, indicating better cost management[2] - The efficiency ratio improved to 46.0% in Q1 2025 from 43.2% in Q4 2024[14] - The return on average assets improved to 2.94% in Q1 2025, compared to 2.03% in Q1 2024, indicating enhanced profitability[24] - The efficiency ratio improved to 56.7% in Q1 2025 from 59.9% in Q1 2024, demonstrating better cost management[24] Nonperforming Loans and Credit Losses - Nonperforming loans decreased to $1,273 million in Q1 2025, down from$1,384 million in Q4 2024[15] - Nonperforming loans decreased to $383 million in Q1 2025 from$389 million in Q1 2024, a reduction of 1.5%[18] - Provision for credit losses decreased to $10 million in Q1 2025 from$50 million in Q4 2024[14] - Provision for credit losses was $62 million in Q1 2025, down from$80 million in Q4 2024[17] - The allowance for loan losses was $7,589 million, a slight increase of 2.0$7,438 million year-over-year[7] Other Key Metrics - The number of branches decreased to 2,117 in Q1 2025 from 2,256 in Q1 2024, a reduction of 6.2%[19] - Payment volumes for retail payment solutions reached $60,989 million in Q1 2025, an increase of 3.5$58,945 million in Q1 2024[26] - The number of merchant transactions reached 2,014,546,904 in Q1 2025, an increase from 1,930,302,342 in Q1 2024, representing a growth of 4.4%[26] - Mortgage banking revenue increased to $173 million in Q1 2025, up from$166 million in Q1 2024, representing a growth of 4.2%[20] - Total mortgage production volume decreased to $6,562 million in Q1 2025 from$7,129 million in Q1 2024, a decline of 8.0%[20]