1Q25 Key Financial Data																		1Q25 Financial Highlights
			PROFITABILITY METRICS			1Q25			4Q24			1Q24												•Net income of $1,709 million and diluted earnings per common share of $1.03 •Return on tangible common equity of 17.5%, return on average assets of 1.04%, and efficiency ratio of 60.8% •Positive operating leverage of 270 basis points on a year-over-year basis, as adjusted for notable items in the first quarter of 2024 •Net revenue of $6,958 million, an increase of 3.6% year-over-year, including an increase of 2.7% in net interest income on a taxable-equivalent basis and an increase of 5.0% in noninterest income •Net interest margin of 2.72%, an increase of 2 basis points on a year-over-year basis and a 1 basis point increase on a linked quarter basis •Noninterest expense increase of 0.9% on a year-over-year basis and 0.7% on a linked quarter basis, as adjusted for notable items in the prior quarters •CET1 capital ratio of 10.8% at March 31, 2025, compared with 10.6% at December 31, 2024 •Average total loans increased 2.1% on a year-over-year basis and 0.9% on a linked quarter basis
			Return on average assets (%)			1.04			.98			.81
			Return on average common equity (%)			12.3			12.1			10.0
			Return on tangible common equity (%) (a)			17.5			17.4			15.1
			Net interest margin (%)			2.72			2.71			2.70
			Efficiency ratio (%) (a)			60.8			61.5			66.4
			Tangible efficiency ratio (%) (a)			59.1			59.5			64.2
			INCOME STATEMENT (b)			1Q25			4Q24			1Q24
			Net interest income (taxable-equivalent basis)			$4,122			$4,176			$4,015
			Noninterest income			$2,836			$2,833			$2,700
			Noninterest expense			$4,232			$4,311			$4,459
			Net income attributable to U.S. Bancorp			$1,709			$1,663			$1,319
			Diluted earnings per common share			$1.03			$1.01			$.78
			Dividends declared per common share			$.50			$.50			$.49
			BALANCE SHEET (b)			1Q25			4Q24			1Q24
			Average total loans			$379,028			$375,655			$371,070
			Average total deposits			$506,534			$512,313			$503,061
			Net charge-off ratio (%)			.59			.60			.53
			Book value per common share (period end)			$34.16			$33.19			$31.26
			Basel III standardized CET1 (%) (c)			10.8			10.6			10.0
			(a) See Non-GAAP Financial Measures reconciliation on page 18 (b) Dollars in millions, except per share data (c) CET1 = Common equity tier 1 capital ratio

"In the first quarter we reported diluted earnings per share of $1.03 and delivered a return on tangible common equity of 17.5%. We managed expenses with discipline and delivered 270 basis points of positive operating leverage on an adjusted basis – our third consecutive quarter of year-over-year growth in revenues outpacing expenses. Total net revenue of approximately $7.0 billion was supported by slight margin expansion and year-over-year growth in fee revenue of 5%. Importantly, asset quality and capital levels are strong. This quarter, our net charge-off ratio improved modestly and common equity tier 1 capital ratio increased by 20 basis points to 10.8%. As we navigate macro economic uncertainties, we will continue to manage the bank with strong risk management capabilities. As I step into the role as Chief Executive Officer, I am excited to lead this exceptional banking franchise and confident in our ability to deliver strong and consistent financial results. I would like to thank my U.S. Bank colleagues for their dedication to our company. As we collectively mourn the loss of our dear friend and colleague, Terry Dolan, the U.S. Bank family truly appreciates the outpouring of support and heartfelt condolences we’ve received from far and wide. Our prayers continue to be with his family and friends during this most difficult time.

Finally, on behalf of the U.S. Bank team, I want to thank Andy Cecere for his 40+ years of thoughtful, dedicated, and steady leadership."

(a)4Q24 excludes $109 million ($82 million net-of-tax) of notable items related to lease impairments and operational efficiency actions. 1Q24 excludes $265 million ($199 million net-of-tax) of notable items including: $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment.

(b)See Non-GAAP Financial Measures reconciliation beginning on page 18.

Net income attributable to U.S. Bancorp was $1,709 million for the first quarter of 2025, $390 million higher than the $1,319 million for the first quarter of 2024 and $46 million higher than the $1,663 million for the fourth quarter of 2024. Diluted earnings per common share was $1.03 in the first quarter of 2025, compared with $0.78 in the first quarter of 2024 and $1.01 in the fourth quarter of 2024. The first quarter of 2024 included notable items of $199 million or ($0.12) per diluted common share. The fourth quarter of 2024 included notable items of $82 million or ($0.06) per diluted common share. Excluding the impact of prior period notable items, net income attributable to U.S. Bancorp for the first quarter of 2025 was $191 million higher than the first quarter of 2024 and $36 million lower than the fourth 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 notable items in the prior year quarter, net income attributable to U.S. Bancorp in the first quarter of 2025 increased 12.6 percent compared with the first quarter of 2024. Net interest income increased 2.7 percent on a year-over-year taxable-equivalent basis, due to the mix of earning assets, fixed asset repricing and modest loan growth, partially offset by deposit mix. The net interest margin increased to 2.72 percent in the first quarter of 2025 from 2.70 percent in the first quarter of 2024, driven by factors described above, partially offset by higher average earning assets. Noninterest income increased 5.0 percent compared with a year ago driven by higher payment services revenue, trust and investment management fees, and other revenue. Noninterest expense decreased 5.1 percent primarily due to lower compensation and employee benefits and the notable items in the prior year quarter, partially offset by higher marketing and business development expense, technology and communications expense and other noninterest expense. Excluding notable items in the prior year quarter, noninterest expense in the first quarter of 2025 increased 0.9 percent compared with the first quarter of 2024. The provision for credit losses decreased $16 million (2.9 percent) compared with the first quarter of 2024, largely driven by improved credit quality and portfolio mix.

Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to lower noninterest expense driven by notable items in the fourth quarter of 2024 and lower provision for credit losses, partially offset by a decrease in total net revenue. Excluding notable items in the fourth quarter of 2024, net income attributable to U.S. Bancorp in the first quarter of 2025 decreased 2.1 percent on a linked quarter basis. Net interest income decreased 1.3 percent on a linked quarter taxable-equivalent basis primarily driven by fewer days in the quarter and deposit seasonality. The net interest margin increased to 2.72 percent in the first quarter of 2025 from 2.71 percent in the fourth quarter of 2024, driven by lower average earning assets. Noninterest income in the first quarter of 2025 increased 0.1 percent from the fourth quarter of 2024 primarily due to higher mortgage banking revenue and capital markets revenue, partially offset by lower payment services revenue and lower trust and investment management fees. Noninterest expense in the first quarter of 2025 decreased by 1.8 percent from the fourth quarter of 2024 primarily due to fourth quarter 2024 notable items and lower professional services expense, partially offset by higher compensation and employee benefits expense, marketing and business development expense, and other noninterest expense. Excluding notable items in the fourth quarter of 2024, noninterest expense increased 0.7 percent on a linked quarter basis. The provision for credit losses decreased $23 million (4.1 percent) compared with the fourth quarter of 2024, largely driven by lower commercial real estate net charge-offs.

Net interest income on a taxable-equivalent basis in the first quarter of 2025 was $4,122 million, an increase of $107 million (2.7 percent) from the first quarter of 2024. The increase was primarily due to the mix of earning assets, fixed asset repricing and modest loan growth, partially offset by deposit mix. Average earning assets were $14.1 billion (2.4 percent) higher than the first quarter of 2024, reflecting increases of $9.9 billion (6.2 percent) in average investment securities due to balance sheet repositioning and liquidity management, $8.0 billion (2.1 percent) in average total loans and $3.5 billion (32.4 percent) in other earning assets, partially offset by a decrease of $7.2 billion (14.1 percent) in average interest-bearing deposits with banks.

Net interest income on a taxable-equivalent basis decreased $54 million (1.3 percent) on a linked quarter basis primarily driven by fewer days in the quarter and deposit seasonality. Average earning assets were $4.0 billion (0.7 percent) lower on a linked quarter basis, reflecting decreases of $6.6 billion (13.2 percent) in average interest-bearing deposits with banks and $1.2 billion (39.4 percent) in loans held for sale, partially offset by an increase of $3.4 billion (0.9 percent) in average total loans.

The net interest margin in the first quarter of 2025 was 2.72 percent, compared with 2.70 percent in the first quarter of 2024 and 2.71 percent in the fourth quarter of 2024. The increase in the net interest margin from the prior year was driven by factors mentioned above, partially offset by higher average earning assets. The increase in the net interest margin from the prior quarter was driven by lower average earning assets.

Average total loans for the first quarter of 2025 were $8.0 billion (2.1 percent) higher than the first quarter of 2024. The increase was primarily due to higher total commercial loans (7.2 percent), residential mortgages (2.8 percent) and credit card loans (5.2 percent), partially offset by lower total commercial real estate loans (7.8 percent) and total other retail loans (4.4 percent). The increase in commercial loans was primarily due to growth in loans to financial institutions. The increase in residential mortgages was primarily driven by originations. 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 exceeding a reduced level of new originations. The decrease in other retail loans was primarily due to lower automobile loans.

Average total loans were $3.4 billion (0.9 percent) higher than the fourth quarter of 2024. The increase was primarily due to higher total commercial loans (3.5 percent) and residential mortgages (0.4 percent), partially offset by lower total commercial real estate loans (2.0 percent) and total other retail loans (1.9 percent). Linked quarter changes were primarily driven by similar factors as the year-over-year changes.

Average total deposits for the first quarter of 2025 were $3.5 billion (0.7 percent) higher than the first quarter of 2024. Average noninterest-bearing deposits decreased $5.1 billion (6.0 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average total savings deposits were $8.2 billion (2.3 percent) higher year-over-year driven by increases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $358 million (0.6 percent) higher than the first quarter of 2024 mainly within Consumer and Business Banking, partially offset by decreases 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 $5.8 billion (1.1 percent) from the fourth quarter of 2024. Average noninterest-bearing deposits decreased $3.2 billion (3.9 percent) reflecting balance decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average total savings deposits decreased $1.5 billion (0.4 percent) driven by decreases within Wealth, Corporate, Commercial and Institutional Banking, partially offset by increases in Consumer and Business Banking. Average time deposits were $1.1 billion (1.9 percent) lower on a linked quarter basis due to decreases within Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking.

First quarter noninterest income of $2,836 million was $136 million (5.0 percent) higher than the first quarter of 2024. The increase was driven by higher payment services revenue, trust and investment management fees and other revenue. Payment services revenue increased $25 million (2.6 percent) compared with the first quarter of 2024, primarily due to increases across all categories due to business volume growth. Card revenue was impacted by a reduction in prepaid card volumes from a year ago. Trust and investment management fees increased $39 million (6.1 percent) driven by business growth and favorable market conditions. Other revenue increased $63 million (47.0 percent) due to higher tax credit investment activity and the impact of other favorable items.

Noninterest income was $3 million (0.1 percent) higher in the first quarter of 2025 compared with the fourth quarter of 2024. The increase was driven by higher mortgage banking revenue and capital markets revenue. Mortgage banking revenue increased $57 million (49.1 percent) primarily driven by the change in fair value of mortgage servicing rights, net of hedging activities. Capital markets revenue increased $18 million (4.9 percent) mainly due to higher corporate bond fees, partially offset by lower customer-related derivative activity. Partially offsetting these increases were lower payment services revenue, trust and investment management fees and other revenue. Payment services revenue decreased $41 million (3.9 percent) compared with the fourth quarter of 2024, primarily due to a decrease in card revenue of $35 million (8.1 percent) due to seasonally lower spend volume. Trust and investment management fees decreased $23 million (3.3 percent) due to less favorable market conditions than the fourth quarter of 2024. Other revenue decreased $10 million (4.8 percent) principally driven by seasonally lower tax credit investment activity.

First quarter noninterest expense of $4,232 million was $227 million (5.1 percent) lower than the first quarter of 2024. Excluding notable items of $265 million in the first quarter of 2024, first quarter of 2025 noninterest expense increased $38 million (0.9 percent) compared with the first quarter of 2024. The increase was driven by higher marketing and business development expense, technology and communications expense, and other noninterest expense, partially offset by lower compensation and employee benefits expense and other intangibles expense. Marketing and business development expense increased $46 million (33.8 percent) primarily due to a higher charitable foundation contribution. Technology and communications expense increased $26 million (5.1 percent) due to investments in infrastructure and technology development. These increases were partially offset by a $54 million (2.0 percent) decrease in compensation and employee benefits expense primarily due to cost savings from operational efficiencies, partially offset by merit increases.

Noninterest expense decreased $79 million (1.8 percent) from the fourth quarter of 2024. Excluding notable items of $109 million in the fourth quarter of 2024, first quarter of 2025 noninterest expense increased $30 million (0.7 percent) on a linked quarter basis, primarily driven by higher compensation and employee benefits expense, marketing and business development expense and other noninterest expense, partially offset by lower professional services expense. Compensation and employee benefits expense increased $30 million (1.2 percent) primarily due to seasonally higher stock-based compensation, higher performance-based incentives, variable compensation, and merit increases, partially offset by cost savings from operational efficiencies. Marketing and business development expense increased $22 million (13.8 percent) primarily due to a higher charitable foundation contribution.

The provision for income taxes for the first quarter of 2025 resulted in a tax rate of 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.5 percent), compared with 22.1 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent) in the first quarter of 2024, and 21.9 percent on a taxable-equivalent basis (effective tax rate of 20.8 percent) in the fourth quarter of 2024.

The Company’s provision for credit losses for the first quarter of 2025 was $537 million, compared with $560 million in the fourth quarter of 2024 and $553 million in the first quarter of 2024. The first quarter of 2025 provision was $23 million (4.1 percent) lower than the fourth quarter of 2024 and $16 million (2.9 percent) lower than the first quarter of 2024. The decrease in provision expense on a year-over-year basis was primarily driven by improved credit quality and portfolio mix. The decrease in provision expense on a linked quarter basis reflected lower 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 first quarter of 2025 were $547 million, compared with $562 million in the fourth quarter of 2024 and $488 million in the first quarter of 2024. The net charge-off ratio was 0.59 percent in the first quarter of 2025 compared with 0.60 percent in the fourth quarter of 2024, and 0.53 percent in the first quarter of 2024. The decrease in net charge-offs on a linked quarter basis was primarily due to lower net charge-offs on commercial real estate loans. The increase in net charge-offs on a year-over-year basis primarily reflected higher net charge-offs on commercial and credit card loans.

The allowance for credit losses was $7,915 million at March 31, 2025, compared with $7,925 million at December 31, 2024, and $7,904 million at March 31, 2024. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by portfolio growth. The decrease in allowance for credit losses on a linked quarter basis was primarily driven by improved credit quality and portfolio mix. The ratio of the allowance for credit losses to period-end loans was 2.07 percent at March 31, 2025, compared with 2.09 percent at December 31, 2024, and 2.11 percent at March 31, 2024. The ratio of the allowance for credit losses to nonperforming loans was 470 percent at March 31, 2025, compared with 442 percent at December 31, 2024, and 454 percent at March 31, 2024.

Nonperforming assets were $1,727 million at March 31, 2025, compared with $1,832 million at December 31, 2024, and $1,786 million at March 31, 2024. The ratio of nonperforming assets to loans and other real estate was 0.45 percent at March 31, 2025, compared with 0.48 percent at December 31, 2024, and at March 31, 2024. 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 $796 million at March 31, 2025, compared with $810 million at December 31, 2024, and $714 million at March 31, 2024.

Total U.S. Bancorp shareholders’ equity was $60.1 billion at March 31, 2025, compared with $58.6 billion at December 31, 2024, and $55.6 billion at March 31, 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, 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 10.8 percent at March 31, 2025, compared with 10.6 percent at December 31, 2024, and 10.0 percent at March 31, 2024.

On Wednesday, April 16, 2025 at 8 a.m. CT, President and Chief Executive Officer Gunjan Kedia and Senior Executive Vice President and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online and 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 11 a.m. CT on Wednesday, April 16, 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.”

U.S. Bancorp, with approximately 70,000 employees and $676 billion in assets as of March 31, 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.

“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;

•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;

•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;

•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.

In addition to capital ratios defined by banking regulators, U.S. Bancorp (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 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 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 the impairment of financial instruments based on the current expected credit losses methodology. As a result, these 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.

(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.

(1)Notable items of $109 million ($82 million net-of-tax) for the three months ended December 31, 2024 included lease impairments and operational efficiency actions. Notable items of $265 million ($199 million net-of-tax) for the three months ended March 31, 2024 included $155 million of merger and integration-related charges and a $110 million charge for the increase in the FDIC special assessment.

(2)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 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 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 $1,572 million of income before provision and taxes in the first quarter of 2025, compared with $1,642 million in the first quarter of 2024, and contributed $1,171 million of the Company’s net income in the first quarter of 2025. The provision for credit losses decreased $131 million (92.9 percent) compared with the first quarter of 2024 primarily due to improved credit quality and portfolio mix. Total net revenue was $112 million (3.7 percent) lower in the first quarter of 2025 due to a decrease of $167 million (8.7 percent) in net interest income, partially offset by an increase of $55 million (4.9 percent) in total noninterest income. Net interest income decreased primarily due to deposit mix. Total noninterest income increased primarily due to business growth and favorable market conditions across most categories. Total noninterest expense decreased $42 million (3.0 percent) compared with the first quarter of 2024 primarily due to lower compensation and employee benefits expense.