“In the fourth quarter, diluted earnings per share was $1.26, an increase of approximately 18%, year-over-year, as adjusted. We delivered a solid return on tangible common equity of 18.4% and 440 basis points of positive operating leverage, on an adjusted basis, that was driven by record net revenue this quarter. Record consumer deposits this quarter and effective balance sheet remixing contributed to net interest income growth and margin expansion. Fee income exceeded our mid-single-digit growth target and was supported by broad strength across our diversified fee businesses. Both credit and capital levels remain healthy as we saw our net charge-off ratio improve to 0.54% and our CET1 capital ratio close the year at 10.8%.

The company's improving results underscored the effectiveness of our strategy, the benefits of greater interconnectedness, and disciplined execution by a talented and motivated team. Looking ahead to 2026, we remain committed to our strategic priorities and medium-term targets as these measures will continue to drive sustainable EPS growth and industry-leading returns. I would like to offer a special thanks to many partners for your well wishes for Minneapolis, where we are headquartered.”

(a)4Q24 includes $109 million ($82 million net-of-tax) related to lease impairments and operational efficiency actions.

INCOME STATEMENT HIGHLIGHTS
($ in millions, except per share data)																		ADJUSTED (b) (c)
			Full Year 2025			Full Year 2024			Percent Change									Full Year 2025			Full Year 2024			Percent Change
Net interest income			$16,649			$16,289			2.2									$16,649			$16,289			2.2
Taxable-equivalent adjustment			116			120			(3.3)									116			120			(3.3)
Net interest income (taxable-equivalent basis)			16,765			16,409			2.2									16,765			16,409			2.2
Noninterest income			11,891			11,046			7.6									11,891			11,046			7.6
Total net revenue			28,656			27,455			4.4									28,656			27,455			4.4
Noninterest expense			16,837			17,188			(2.0)									16,837			16,788			.3
Income before provision and income taxes			11,819			10,267			15.1									11,819			10,667			10.8
Provision for credit losses			2,186			2,238			(2.3)									2,186			2,238			(2.3)
Income before taxes			9,633			8,029			20.0									9,633			8,429			14.3
Income taxes and taxable-equivalent adjustment			2,037			1,700			19.8									2,037			1,800			13.2
Net income			7,596			6,329			20.0									7,596			6,629			14.6
Net (income) loss attributable to noncontrolling interests			(26)			(30)			13.3									(26)			(30)			13.3
Net income attributable to U.S. Bancorp			$7,570			$6,299			20.2									$7,570			$6,599			14.7
Net income applicable to U.S. Bancorp common shareholders			$7,194			$5,909			21.7									$7,194			$6,207			15.9
Diluted earnings per common share			$4.62			$3.79			21.9									$4.62			$3.98			16.1

(b)2024 excludes $400 million ($300 million net-of-tax) of notable items including: $109 million of lease impairments and operational efficiency actions, $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment.

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

Net income attributable to U.S. Bancorp was $2,045 million for the fourth quarter of 2025, $382 million higher than the $1,663 million for the fourth quarter of 2024 and $44 million higher than the $2,001 million for the third quarter of 2025. Diluted earnings per common share was $1.26 in the fourth quarter of 2025, compared with $1.01 in the fourth quarter of 2024 and $1.22 in the third quarter of 2025.

The increase in net income attributable to U.S. Bancorp year-over-year was primarily due to higher total net revenue and a decrease in noninterest expense. Net interest income increased 3.3 percent on a year-over-year taxable-equivalent basis, primarily due to loan growth and fixed asset repricing. The net interest margin increased to 2.77 percent in the fourth quarter of 2025 from 2.71 percent in the fourth quarter of 2024, driven by loan growth and benefits from fixed asset repricing. Noninterest income increased 7.8 percent compared with a year ago, driven by higher revenue across most categories. Noninterest expense decreased 1.9 percent primarily due to lower compensation and employee benefits expense and the prior year notable items, partially offset by higher marketing and business development expense, technology and communications expense and other expense. The provision for credit losses increased $17 million (3.0 percent) compared with the fourth quarter of 2024, primarily due to loan portfolio growth, partially offset by lower net charge-offs.

Net income attributable to U.S. Bancorp increased on a linked quarter basis primarily due to an increase in total net revenue and a decrease in the provision for income tax expense, partially offset by a higher noninterest expense. Net interest income increased 1.4 percent on a linked quarter taxable-equivalent basis, primarily driven by favorable deposit mix. The net interest margin of 2.77 percent in the fourth quarter of 2025 was relatively stable to the 2.75 percent in the third quarter of 2025. Noninterest income in the fourth quarter of 2025 decreased 0.8 percent from the third quarter of 2025 primarily due to seasonally lower payment services revenue and mortgage banking revenue, partially offset by higher trust and investment management fees and other revenue. Noninterest expense in the fourth quarter of 2025 increased 0.7 percent over the third quarter of 2025 primarily due to higher professional services expense, net occupancy and equipment expense, marketing and business development expense, and technology and communications expense, partially offset by lower compensation and employee benefits expense and other noninterest expense. The current quarter includes $105 million in lower FDIC insurance expense as a result of an amendment to the special assessment instituted in 2023, partially offset by $80 million in severance charges. The provision for credit losses increased $6 million (1.1 percent) compared with the third quarter of 2025, primarily due to loan portfolio growth.

Net interest income on a taxable-equivalent basis in the fourth quarter of 2025 was $4,312 million, an increase of $136 million (3.3 percent) over the fourth quarter of 2024. The increase was primarily due to loan growth and fixed asset repricing. Average earning assets were $5.9 billion (1.0 percent) higher than the fourth quarter of 2024, reflecting increases of $8.6 billion (2.3 percent) in average loans, and $4.5 billion (32.4 percent) in average other earning assets, partially offset by a decrease of $7.7 billion (15.2 percent) in average interest-bearing deposits with banks.

Net interest income on a taxable-equivalent basis increased $61 million (1.4 percent) on a linked quarter basis primarily driven by the favorable deposit mix. Average earning assets were $2.7 billion (0.4 percent) higher on a linked quarter basis, reflecting increases of $5.1 billion (1.4 percent) in average loans and $3.5 billion (23.9 percent) in average other earning assets, partially offset by a decrease of $5.1 billion (10.7 percent) in average interest-bearing deposits with banks.

The net interest margin in the fourth quarter of 2025 was 2.77 percent, compared with 2.71 percent in the fourth quarter of 2024 and 2.75 percent in the third quarter of 2025. The increase in net interest margin compared to the prior year quarter was primarily due to loan growth and benefits from fixed asset repricing. Net interest margin was relatively stable on a linked quarter basis.

Average total loans for the fourth quarter of 2025 were $8.6 billion (2.3 percent) higher than the fourth quarter of 2024. The increase was primarily due to higher total commercial loans (10.1 percent) and credit card loans (5.7 percent), partially offset by lower total commercial real estate loans (2.8 percent), residential mortgages (2.5 percent) and total other retail loans (5.4 percent). The increase in total commercial loans was primarily due to growth in loans to financial institutions. The increase in credit card loans was primarily due to higher sales volume. The decrease in commercial real estate loans was primarily due to payoffs and loan workout activities. The decreases in residential mortgages and other retail loans were primarily due to loan sales in the second quarter of 2025.

Average total loans were $5,133 million (1.4 percent) higher than the third quarter of 2025. The increase was primarily due to higher total commercial loans (2.2 percent) and credit card loans (2.9 percent), driven by similar factors as the year-over-year changes.

Average total deposits for the fourth quarter of 2025 were $2.8 billion (0.6 percent) higher than the fourth quarter of 2024. Average noninterest-bearing deposits increased $386 million (0.5 percent) primarily due to increases within Wealth, Corporate, Commercial and Institutional Banking, partially offset by decreases in Consumer and Business Banking. Average total savings deposits increased $8.5 billion (2.3 percent) driven by increases in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits were $6.1 billion (10.7 percent) lower than the fourth quarter of 2024 mainly within Wealth, Corporate, Commercial and Institutional Banking and Treasury and Corporate Support, partially offset by increases in Consumer and Business 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 increased $3.4 billion (0.7 percent) over the third quarter of 2025. Average noninterest-bearing deposits increased $3.4 billion (4.3 percent) reflecting increases within Wealth, Corporate, Commercial and Institutional Banking. Average total savings deposits increased $6.4 billion (1.7 percent) driven by increases in Wealth, Corporate, Commercial and Institutional Banking and Consumer and Business Banking. Average time deposits decreased $6.5 billion (11.4 percent) mainly within Treasury and Corporate Support.

Fourth quarter noninterest income of $3,053 million was $220 million (7.8 percent) higher than the fourth quarter of 2024. The increase was driven by higher payment services revenue, trust and investment management fees, capital markets revenue, mortgage banking revenue, investment products fees and other revenue. Payment services revenue increased $41 million (3.9 percent) compared with the fourth quarter of 2024 due to increases in card revenue of $22 million (5.1 percent) mainly due to higher sales volume, and merchant processing services of $21 million (5.0 percent) due to higher sales volume and favorable rates. Trust and investment management fees increased $53 million (7.5 percent) driven by business growth and favorable market conditions. Capital markets revenue increased $63 million (17.3 percent) primarily due to higher corporate bond underwriting fees. Mortgage banking revenue increased $14 million (12.1 percent) due to higher gain on sale activity. Investment products fees revenue increased $14 million (16.1 percent) due to higher sales and favorable market conditions. Other revenue increased $27 million (13.0 percent) due to higher tax credit investment activity and other favorable items.

Noninterest income was $25 million (0.8 percent) lower in the fourth quarter of 2025 compared with the third quarter of 2025. The decrease was driven by seasonally lower payment services revenue and mortgage banking revenue, partially offset by higher trust and investment management fees and other revenue. Payment services revenue decreased $14 million (1.3 percent) compared with the linked quarter due to a decrease in merchant processing services of $23 million (5.0 percent) due to seasonality, partially offset by an increase in card revenue of $15 million (3.4 percent) due to higher sales volume. Mortgage banking revenue decreased $50 million (27.8 percent) due to the change in fair value of mortgage servicing rights, net of hedging activities, and lower gain on sale margins. Trust and investment management fees increased $26 million (3.6 percent) due to business growth and favorable market conditions. Other revenue increased $21 million (9.9 percent) due to higher tax credit investment activity and other favorable items.

Fourth quarter noninterest expense of $4,227 million was $84 million (1.9 percent) lower than the fourth quarter of 2024. The decrease was driven by lower compensation and employee benefits expense and the prior year notable items, partially offset by higher marketing and business development expense, technology and communications expense and other noninterest expense. Compensation and employee benefits expense decreased $78 million (3.0 percent) primarily due to cost savings from operational efficiencies, partially offset by merit increases. Marketing and business development increased $27 million (16.9 percent) primarily due to increased initiatives. The increase in technology and communications expense of $50 million (9.4 percent) was primarily due to investments in infrastructure and technology development. Other noninterest expense increased $27 million (8.7 percent) reflecting severance charges related to efficiency actions and other accruals, partially offset by a favorable decrease in the FDIC special assessment.

Noninterest expense increased $30 million (0.7 percent) over the third quarter of 2025. The increase was primarily driven by higher net occupancy and equipment expense, professional services expense, marketing and business development expense, and technology and communications expense, partially offset by lower compensation and employee benefits expense and other noninterest expense. Net occupancy and equipment expense increased $20 million (6.7 percent) primarily due to the timing of branch updates and maintenance projects. Professional services expense increased $27 million (23.1 percent) due to the timing of initiatives. Technology and communications expense increased $24 million (4.3 percent) primarily due to investments in infrastructure and technology development. Compensation and employee benefits expense decreased $32 million (1.2 percent) primarily due to timing of corporate incentives, partially offset by higher commissions. Other noninterest expense decreased $22 million (6.1 percent) primarily due to prior quarter activity and also reflects a favorable decrease in the FDIC special assessment, offset by severance charges related to efficiency actions and other accruals.

The provision for income taxes for the fourth quarter of 2025 resulted in a tax rate of 19.9 percent on a taxable-equivalent basis (effective tax rate of 19.0 percent), compared with 21.9 percent on a taxable-equivalent basis (effective tax rate of 20.8 percent) in the fourth quarter of 2024, and 21.6 percent on a taxable-equivalent basis (effective tax rate of 20.7 percent) in the third quarter of 2025.

The Company’s provision for credit losses for the fourth quarter of 2025 was $577 million, compared with $571 million in the third quarter of 2025 and $560 million in the fourth quarter of 2024. The fourth quarter of 2025 provision was $6 million (1.1 percent) higher than the third quarter of 2025 and $17 million (3.0 percent) higher than the fourth quarter of 2024. The increase in provision expense on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by lower net charge-offs. The increase on a linked quarter basis was primarily driven by loan portfolio growth. The Company continues to monitor economic uncertainty related to interest rates, inflationary pressures, including those related to changing trade policy, geopolitical events, and other economic factors that may affect the financial strength of corporate and consumer borrowers.

Total net charge-offs in the fourth quarter of 2025 were $527 million, compared with $536 million in the third quarter of 2025 and $562 million in the fourth quarter of 2024. The net charge-off ratio was 0.54 percent in the fourth quarter of 2025 compared with 0.56 percent in the third quarter of 2025 and 0.60 percent in the fourth quarter of 2024. The decrease in net charge-offs on a linked quarter basis was driven by lower net charge-offs on commercial real estate loans, partially offset by increased charge-offs on commercial loans. The decrease in net charge-offs on a year-over-year basis primarily reflected lower net charge-offs on commercial real estate loans and credit card portfolios, partially offset by increased net charge-offs on commercial loans.

The allowance for credit losses was $7,947 million at December 31, 2025, compared with $7,897 million at September 30, 2025, and $7,925 million at December 31, 2024. The increase in the allowance for credit losses on a linked quarter basis was primarily driven by loan portfolio growth. The increase in the allowance for credit losses on a year-over-year basis was primarily driven by loan portfolio growth, partially offset by improved credit quality. The ratio of the allowance for credit losses to period-end loans was 2.03 percent at December 31, 2025, compared with 2.06 percent at September 30, 2025, and 2.09 percent at December 31, 2024. The ratio of the allowance for credit losses to nonperforming loans was 514 percent at December 31, 2025, compared with 490 percent at September 30, 2025, and 442 percent at December 31, 2024.

Nonperforming assets were $1,590 million at December 31, 2025, compared with $1,654 million at September 30, 2025, and $1,832 million at December 31, 2024. The ratio of nonperforming assets to loans and other real estate was 0.41 percent at December 31, 2025, compared with 0.43 percent at September 30, 2025, and 0.48 percent at December 31, 2024. The decrease in nonperforming assets on a linked quarter basis was primarily due to the resolution of commercial real estate nonperforming loans. The decrease in nonperforming assets on a year-over-year basis was primarily due to the resolution of commercial real estate nonperforming loans, partially offset by higher commercial nonperforming loans. Accruing loans 90 days or more past due were $853 million at December 31, 2025, compared with $840 million at September 30, 2025, and $810 million at December 31, 2024. The increase in accruing loans 90 days or more past due on a linked quarter basis was primarily due to higher credit card delinquencies, partially offset by lower residential mortgage delinquencies. The increase in accruing loans 90 days or more past due on a year-over-year basis was due to higher residential mortgage delinquencies remaining on accrual with support from strong housing values, partially offset by lower credit card delinquencies.

Total U.S. Bancorp shareholders’ equity was $65.2 billion at December 31, 2025, compared with $63.3 billion at September 30, 2025, and $58.6 billion at December 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 under this program, in addition to repurchases 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 December 31, 2025, compared with 10.9 percent at September 30, 2025, and 10.6 percent at December 31, 2024.

On Tuesday, January 20, 2026 at 8 a.m. CT, 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 11 a.m. CT on January 20, 2026. 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 $692 billion in assets as of December 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 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, targets, initiatives 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, political 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;

•Changes to statutes, regulations, or regulatory policies or practices, including capital and liquidity requirements and any credit card interest rate caps, 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 or reform the financial system and the effectiveness of such actions;

•Turmoil and volatility in the financial services industry;

•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 competitive pressure;

•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, such as the pending acquisition of BTIG, LLC, and related integration, including that the expected benefits may take longer than anticipated to achieve or may not be achieved in entirety or at all and the costs relating to the combination may be greater than expected;

•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, and liquidity 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, 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,

•Tangible book value per common share, 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.

* 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.

(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.

(2)Notable items of $400 million ($300 million net-of-tax) for the year ended December 31, 2024 included $109 million of lease impairments and operational efficiency actions, $155 million of merger and integration-related charges and $136 million for the increase in the FDIC special assessment instituted in 2023.

(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 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.