US BANCORP \DE\

Previous wording

Earnings Summary U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $1.8 billion for the second quarter of 2025, or $1.11 per diluted common share, compared with $1.6 billion, or $0.97 per diluted common share, for the second quarter of 2024. Return on average assets and return on average common equity were 1.08 percent and 12.9 percent, respectively, for the second quarter of 2025, compared with 0.97 percent and 12.4 percent, respectively, for the second quarter of 2024. The results for the second quarter of 2024 included the impact of a $26 million ($19 million net-of-tax) notable item related to an incremental FDIC special assessment charge, which decreased diluted earnings per common share for the second quarter of 2024 by $0.01.

Current wording

Earnings Summary U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $2.0 billion for the third quarter of 2025, or $1.22 per diluted common share, compared with $1.7 billion, or $1.03 per diluted common share, for the third quarter of 2024. Return on average assets and return on average common equity were 1.17 percent and 13.5 percent, respectively, for the third quarter of 2025, compared with 1.03 percent and 12.4 percent, respectively, for the third quarter of 2024.

Previous wording

Total net revenue for the second quarter of 2025 was $137 million (2.0 percent) higher than the second quarter of 2024, reflecting a 0.7 percent increase in net interest income and a 3.9 percent increase in noninterest income. The increase in net interest income from the second quarter of 2024 was primarily due to the impact of fixed asset repricing and loan mix, partially offset by deposit mix and pricing pressures. The increase in noninterest income was driven by higher trust and investment management fees, payment services revenue and other noninterest income, partially offset by lower mortgage banking revenue.

Current wording

Total net revenue for the third quarter of 2025 was $465 million (6.8 percent) higher than the third quarter of 2024, reflecting a 2.1 percent increase in net interest income (2.0 percent on a taxable-equivalent basis) and a 14.1 percent increase in noninterest income. The increase in net interest income from the third quarter of 2024 was primarily due to the favorable impact of the change in asset mix, fixed asset repricing and lower rates paid on interest-bearing deposits. The increase in noninterest income was driven by higher revenue across most categories.

Previous wording

Net income attributable to U.S. Bancorp for the first six months of 2025 was $3.5 billion, or $2.14 per diluted common share, compared with $2.9 billion, or $1.75 per diluted common share, for the first six months of 2024. Return on average assets and return on average common equity were 1.06 percent and 12.6 percent, respectively, for the first six months of 2025, compared with 0.89 percent and 11.2 percent, respectively, for the first six months of 2024. The results for the first six months of 2024 included the impact of $291 million ($218 million net-of-tax) of notable items, including $155 million of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. (“MUB”) and $136 million related to incremental FDIC special assessment charges. Combined, these items decreased

Current wording

Net income attributable to U.S. Bancorp for the first nine months of 2025 was $5.5 billion, or $3.35 per diluted common share, compared with $4.6 billion, or $2.77 per diluted common share, for the first nine months of 2024. Return on average assets and return on average common equity were 1.10 percent and 12.9 percent, respectively, for the first nine months of 2025, compared with 0.94 percent and 11.6 percent, respectively, for the first nine months of 2024. The results for the first nine months of 2024 included the impact of $291 million ($218 million net-of-tax) of notable items, including $155 million of merger and integration charges associated with the acquisition of MUFG Union Bank, N.A. (“MUB”) and $136 million related to incremental FDIC special assessment charges. Combined, these items decreased diluted earnings per common share for the first nine months of 2024 by $0.14.

Previous wording

Total net revenue for the first six months of 2025 was $380 million (2.8 percent) higher than the first six months of 2024, reflecting a 1.7 percent increase in net interest income and a 4.4 percent increase in noninterest income. The increase in net interest income from the first six months of 2024 was primarily due to the impact of fixed asset repricing and loan mix, partially offset by deposit mix and pricing pressures. The increase in noninterest income was driven by higher trust and investment management fees, payment services revenue and other noninterest income.

Current wording

Total net revenue for the first nine months of 2025 was $845 million (4.1 percent) higher than the first nine months of 2024, reflecting a 1.8 percent increase in net interest income and a 7.6 percent increase in noninterest income. The increase in net interest income from the first nine months of 2024 was primarily due to the favorable impact of the change in asset mix, fixed asset repricing and lower rates paid on

Previous wording

Noninterest expense in the first six months of 2025 was $260 million (3.0 percent) lower than the first six months of 2024, primarily due to the impact of merger and integration charges in the prior year and lower compensation and employee benefits expense and other intangibles expense, partially offset by higher technology and communications expense and marketing and business development expense.

Current wording

Noninterest expense in the first nine months of 2025 was $267 million (2.1 percent) lower than the first nine months of 2024, primarily due to the impact of merger and integration charges in the prior year and lower compensation and employee benefits expense, partially offset by higher technology and communications expense and marketing and business development expense.

Previous wording

Net Interest Income Net interest income, on a taxable-equivalent basis, was $4.1 billion in the second quarter and $8.2 billion in the first six months of 2025, representing increases of $28 million (0.7 percent) and $135 million (1.7 percent), respectively, compared with the same periods of 2024. The increases were primarily due to the impact of fixed asset repricing and loan mix, partially offset by deposit mix and pricing pressures. Average earning assets for the second quarter and first six months of 2025 were $4.5 billion (0.7 percent) and $9.3 billion (1.5 percent) higher, respectively, than the same periods of 2024, reflecting increases in investment securities, loans and other earning assets, partially offset by a decrease in interest-bearing deposits with banks. The net interest margin, on a taxable-equivalent basis, in the second quarter of 2025 was 2.66 percent, compared with 2.67 percent in the second quarter of 2024. The decrease was primarily due to the impact of higher earning assets and deposit pricing pressures, partially offset by fixed asset repricing and loan mix. The net interest margin, on a taxable-equivalent basis, in the first six months of 2025 was 2.69 percent, compared with 2.68 percent in the first six months of 2024. The increase from the prior year was primarily due to improved balance sheet mix, fixed asset repricing and loan mix, partially offset by deposit mix and higher earning assets.

Current wording

Net Interest Income Net interest income, on a taxable-equivalent basis, was $4.3 billion in the third quarter and $12.5 billion in the first nine months of 2025, representing increases of $85 million (2.0 percent) and $220 million (1.8 percent), respectively, compared with the same periods of 2024. The increases were primarily due to the favorable impact of the change in asset mix, fixed asset repricing and lower rates paid on interest-bearing deposits. Average earning assets for the third quarter and first nine months of 2025 were $10.3 billion (1.7 percent) and $9.6 billion (1.6 percent) higher, respectively, than the same periods of 2024, reflecting increases in investment securities, loans and other earning assets, partially offset by a decrease in interest-bearing deposits with banks. The net interest margin, on a taxable-equivalent basis, in the third quarter of 2025 was 2.75 percent, compared with 2.74 percent in the third quarter of 2024. The increase was primarily due to favorable asset mix and fix asset repricing. The net interest margin, on a taxable-equivalent basis, in the first nine months of 2025 was 2.71 percent, compared with 2.70 percent in the first nine months of 2024. The increase from the prior year was primarily due to improved asset mix and fixed asset repricing, partially offset by deposit mix. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” table for further information on net interest income.

Previous wording

Average total loans in the second quarter and first six months of 2025 were $3.8 billion (1.0 percent) and $5.9 billion (1.6 percent) higher, respectively, than the same periods of 2024. The increases were primarily due to higher commercial loans and credit card loans, partially offset by lower commercial real estate loans and other retail loans. The increase in average commercial loans was primarily due to growth in loans to financial institutions. The increase in average credit card loans was primarily driven by customer account growth and higher spend volume. The decrease in average commercial real estate loans was primarily due to loan workout activities and payoffs exceeding a reduced level of new originations. The decrease in average other retail loans was driven by lower automobile loans. Average residential mortgages decreased in the second quarter of 2025, compared with the second quarter of 2024, driven by a portfolio sale in the second quarter of 2025.

Current wording

Average total loans in the third quarter and first nine months of 2025 were $5.1 billion (1.4 percent) and $5.6 billion (1.5 percent) higher, respectively, than the same periods of 2024. The increases were primarily due to higher commercial loans and credit card loans, partially offset by lower commercial real estate loans, other retail loans and residential mortgages. The increase in average commercial loans was primarily due to growth in loans to financial institutions. The increase in average credit card loans was primarily driven by higher spend volume. The decrease in average commercial real estate loans was primarily due to payoffs and loan

Previous wording

Average investment securities in the second quarter and first six months of 2025 were $5.8 billion (3.5 percent) and $7.9 billion (4.8 percent) higher, respectively, than the same periods of 2024, primarily due to balance sheet repositioning.

Current wording

Average investment securities in the third quarter and first nine months of 2025 were $6.5 billion (3.9 percent) and $7.4 billion (4.5 percent) higher, respectively, than the same periods of 2024.

Previous wording

Average total deposits for the second quarter and first six months of 2025 were $11.0 billion (2.1 percent) and $3.8 billion (0.7 percent) lower, respectively, than the same periods of 2024. Average noninterest-bearing deposits for the second quarter and first six months of 2025 were $4.3 billion (5.2 percent) and $4.7 billion (5.6 percent) lower, respectively, than the same periods of 2024, driven by decreases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Average total savings deposits for the second quarter of 2025 were $6.1 billion (1.6 percent) lower than the second quarter of 2024, primarily due to a decrease in Wealth, Corporate, Commercial and Institutional Banking balances. Average total savings deposits for the first six months of 2025 were $1.0 billion (0.3 percent) higher than the first six months of 2024, driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances. Average time deposits for the second quarter and first six months of 2025 were $625 million (1.1 percent) and $130 million (0.2 percent) lower, respectively, than the same periods of 2024, mainly due to a decrease in Wealth, Corporate, Commercial and Institutional Banking

Current wording

Average total deposits for the third quarter and first nine months of 2025 were $3.0 billion (0.6 percent) higher and $1.5 billion (0.3 percent) lower, respectively, than the same periods of 2024. Average total savings deposits for the third quarter and first nine months of 2025 were $6.0 billion (1.6 percent) and $2.7 billion (0.7 percent) higher, respectively, than the same periods of 2024, primarily due to increases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Average noninterest-bearing deposits for the third quarter and first nine months of 2025 were $1.0 billion (1.3 percent) and $3.5 billion (4.2 percent) lower, respectively, than the same periods of 2024, driven by a decrease in Consumer and Business Banking balances. Average noninterest-bearing deposits further decreased in the first nine months of 2025, compared with the first nine months of 2024, due to a decrease in Wealth, Corporate, Commercial and Institutional Banking balances. Average time deposits for the third quarter and first nine months of 2025 were $1.9 billion (3.2 percent) and $716 million (1.3 percent) lower, respectively, than the same periods of 2024, mainly due to a decrease in Wealth, Corporate, Commercial and Institutional Banking balances. 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.

Previous wording

Provision for Credit Losses The provision for credit losses was $501 million in the second quarter and $1.0 billion in the first six months of 2025, representing decreases of $67 million (11.8 percent) and $83 million (7.4 percent), respectively, from the same periods of 2024, primarily driven by the impact of loan portfolio sales during the second quarter of 2025 and improved credit quality. Net charge-offs increased $16 million (3.0 percent) in the second quarter of 2025, compared with the second quarter of 2024, driven by higher commercial real estate loan net charge-offs, partially offset by lower commercial loan net charge-offs. Net charge-offs increased $75 million (7.3 percent) in the first six months of 2025, compared with the first six months of 2024, primarily due to higher commercial and credit card loan net charge-offs. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

Current wording

months of 2025, representing a decrease of $69 million (4.1 percent) from the first nine months of 2024, primarily driven by the impact of loan sales during the second quarter of 2025 and improved credit quality. Net charge-offs increased $47 million (3.0 percent) in the first nine months of 2025, compared with the first nine months of 2024, primarily due to higher commercial real estate and other retail loan net charge-offs, partially offset by lower commercial loan net charge-offs. Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

Previous wording

Noninterest Income Noninterest income was $2.9 billion in the second quarter and $5.8 billion in the first six months of 2025, representing increases of $109 million (3.9 percent) and $245 million (4.4 percent), respectively, compared with the same periods of 2024. The increases from the prior year reflected higher trust and investment management fees, payment services revenue and other noninterest income, partially offset by lower mortgage banking revenue. Trust and investment management fees increased primarily due to favorable market conditions and business growth. Payment services revenue increased primarily due to increases in merchant processing services revenue due to favorable rates and card revenue mainly due to higher sales volume. Other noninterest income increased primarily due to higher tax credit investment activity. Mortgage banking revenue decreased primarily due to a gain on the sale of mortgage servicing rights in the second quarter of 2024.

Current wording

Noninterest Income Noninterest income was $3.1 billion in the third quarter and $8.8 billion in the first nine months of 2025, representing increases of $380 million (14.1 percent) and $625 million (7.6 percent), respectively, compared with the same periods of 2024. The increases from the prior year reflected higher trust and investment management fees, capital markets revenue, payment services revenue, service charges, mortgage banking revenue and other noninterest income. Trust and investment management fees increased primarily due to business growth and favorable market conditions. Capital markets revenue increased primarily due to higher syndication activity. Capital markets revenue also increased in the third quarter of 2025, compared with the third quarter of 2024, due to higher corporate bond underwriting fees. Payment services revenue increased primarily due to increases in merchant processing services and card revenue, both driven by higher sales volume. Service charges increased due to higher treasury management fees. Service charges also increased in the third quarter of 2025, compared with the third quarter of 2024, due to higher deposit service charges. Mortgage banking revenue increased in the third quarter of 2025, compared with the third quarter of 2024, primarily due to the change in fair value of mortgage servicing rights (“MSRs”), net of hedging activities. Other noninterest income increased primarily due to higher tax credit investment activity.

Previous wording

Noninterest Expense Noninterest expense was $4.2 billion in the second quarter and $8.4 billion in the first six months of 2025, representing decreases of $33 million (0.8 percent) and $260 million (3.0 percent), respectively, from the same periods of 2024. The decreases from the prior year reflected lower compensation and employee benefits expense, other intangibles expense and net occupancy and equipment expense, partially offset by higher technology and communications expense. Noninterest expense further decreased in the first six months of 2025, compared with the first six months of 2024, due to the impacts in the prior year of merger and integration charges and the FDIC special assessment, partially offset by higher marketing and business development expense in the first six months of 2025. Compensation and employee benefits expense decreased primarily due to cost savings from operational efficiencies, partially offset by merit increases. Net occupancy and equipment expense decreased due to cost savings from

Current wording

Noninterest Expense Noninterest expense was $4.2 billion in the third quarter and $12.6 billion in the first nine months of 2025, representing decreases of $7 million (0.2 percent) and $267 million (2.1 percent), respectively, from the same periods of 2024. The decreases from the prior year reflected lower compensation and employee benefits expense and lower net occupancy and equipment expense, partially offset by higher technology and communications expense. Noninterest expense further decreased in the first nine months of 2025, compared with the first nine months of 2024, due to the impacts in the prior year of merger and integration charges and the FDIC special assessment, partially offset by higher marketing and business development expense in the first nine months of 2025. Compensation and employee benefits expense decreased primarily due to cost savings from operational efficiencies, partially offset by merit increases. Net occupancy and equipment expense decreased due to cost savings from operational efficiencies. Technology and

Previous wording

operational efficiencies. Technology and communications expense increased primarily due to investments in infrastructure and technology development. Marketing and business development expense increased in the first six months of 2025, compared with the first six months of 2024, primarily due to a charitable foundation contribution in the first quarter of 2025.

Current wording

communications expense increased primarily due to investments in infrastructure and technology development. Marketing and business development expense increased in the first nine months of 2025, compared with the first nine months of 2024, primarily due to a charitable foundation contribution in the first quarter of 2025.

Previous wording

Income Tax Expense The provision for income taxes was $472 million (an effective rate of 20.6 percent) for the second quarter and $915 million (an effective rate of 20.6 percent) for the first six months of 2025, compared with $445 million (an effective rate of 21.6 percent) and $792 million (an effective rate of 21.2 percent) for the same periods of 2024, respectively. For further information on income taxes, refer to Note 11 of the Notes to Consolidated Financial Statements.

Current wording

Income Tax Expense The provision for income taxes was $524 million (an effective rate of 20.7 percent) for the third quarter and $1.4 billion (an effective rate of 20.6 percent) for the first nine months of 2025, compared with $350 million (an effective rate of 16.9 percent) and $1.1 billion (an effective rate of 19.7 percent) for the same periods of 2024, respectively. The tax rate in the third quarter and first nine months of 2024 reflected the impact of favorable settlements. For further information on income taxes, refer to Note 11 of the Notes to Consolidated Financial Statements.

Previous wording

Loans The Company’s loan portfolio was $380.2 billion at June 30, 2025, compared with $379.8 billion at December 31, 2024, an increase of $411 million (0.1 percent). The increase was driven by higher commercial loans, partially offset by lower residential mortgages and other retail loans.

Current wording

Loans The Company’s loan portfolio was $382.5 billion at September 30, 2025, compared with $379.8 billion at December 31, 2024, an increase of $2.7 billion (0.7 percent). The increase was driven by higher commercial loans, partially offset by lower residential mortgages and other retail loans.

Previous wording

Commercial loans increased $7.9 billion (5.7 percent) at June 30, 2025, compared with December 31, 2024, primarily due to growth in loans to financial institutions.

Current wording

Commercial loans increased $8.9 billion (6.4 percent) at September 30, 2025, compared with December 31, 2024, primarily due to growth in loans to financial institutions.

Previous wording

Residential mortgages held in the loan portfolio decreased $4.3 billion (3.7 percent) at June 30, 2025, compared with December 31, 2024, driven by a portfolio sale in the second quarter of 2025. Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.

Current wording

Residential mortgages held in the loan portfolio decreased $3.8 billion (3.2 percent) at September 30, 2025, compared with December 31, 2024, driven by a portfolio sale in the second quarter of 2025. Residential mortgages originated and placed in the Company’s loan portfolio include jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality.

Previous wording

Other retail loans decreased $2.2 billion (5.1 percent) at June 30, 2025, compared with December 31, 2024, primarily due to a decrease in automobile loans, including the impact of a portfolio sale during the second quarter of 2025.

Current wording

Other retail loans decreased $2.1 billion (5.0 percent) at September 30, 2025, compared with December 31, 2024, primarily due to a decrease in automobile loans, including the impact of a portfolio sale during the second quarter of 2025.

Previous wording

Commercial real estate loans decreased $678 million (1.4 percent) at June 30, 2025, compared with December 31, 2024, primarily due to loan workout activities and payoffs exceeding a reduced level of new originations.

Current wording

Commercial real estate loans decreased $615 million (1.3 percent) at September 30, 2025, compared with December 31, 2024, primarily due to payoffs and loan workout activities.

Previous wording

Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $2.3 billion at June 30, 2025, compared with $2.6 billion at December 31, 2024. Almost all of the residential mortgage loans the Company originates or purchases for sale follow

Current wording

Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $2.5 billion at September 30, 2025, compared with $2.6 billion at December 31, 2024. Almost all of the residential

Previous wording

guidelines that allow the loans to be sold into existing, highly liquid secondary markets, in particular in government agency transactions and to government sponsored enterprises (“GSEs”).

Current wording

mortgage loans the Company originates or purchases for sale follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets, in particular in government agency transactions and to government sponsored enterprises (“GSEs”).

Previous wording

Investment Securities Investment securities totaled $168.5 billion at June 30, 2025, compared with $164.6 billion at December 31, 2024. The $3.8 billion (2.3 percent) increase was primarily due to net investment securities purchases driven by balance sheet positioning, along with a $763 million favorable change in net unrealized gains (losses) on available-for-sale investment securities.

Current wording

Investment Securities Investment securities totaled $166.0 billion at September 30, 2025, compared with $164.6 billion at December 31, 2024. The $1.4 billion (0.8 percent) increase was primarily due to a $1.7 billion favorable change in net unrealized gains (losses) on available-for-sale investment securities.

Previous wording

The Company’s available-for-sale investment securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. At June 30, 2025, the Company’s net unrealized losses on available-for-sale investment securities were $6.0 billion ($4.5 billion net-of-tax), compared with net unrealized losses of $6.8 billion ($5.1 billion net-of-tax) at December 31, 2024. The favorable change in net unrealized gains (losses) was primarily due to increases in the fair value of U.S. treasury and mortgage-backed securities as a result of changes in interest rates. Gross unrealized losses on available-for-sale investment securities totaled $6.2 billion at June 30, 2025, compared with $6.9 billion at December 31, 2024. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of the underlying collateral, the existence of any government or agency guarantees, and market conditions. At June 30, 2025, the Company had no plans to sell securities with unrealized losses, and believed it was more likely than not that it would not be required to sell such securities before recovery of their amortized cost.

Current wording

The Company’s available-for-sale investment securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. At September 30, 2025, the Company’s net unrealized losses on available-for-sale investment securities were $5.1 billion ($3.8 billion net-of-tax), compared with net unrealized losses of $6.8 billion ($5.1 billion net-of-tax) at December 31, 2024. The favorable change in net unrealized gains (losses) was primarily due to increases in the fair value of U.S. treasury and mortgage-backed securities as a result of changes in interest rates. Gross unrealized losses on available-for-sale investment securities totaled $5.4 billion at September 30, 2025, compared with $6.9 billion at December 31, 2024. When evaluating credit losses, the Company considers various factors such as the nature of the investment security, the credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows of the underlying collateral, the existence of any government or agency guarantees, and market conditions. At September 30, 2025, the Company had no plans to sell securities with unrealized losses, and believed it was more likely than not that it would not be required to sell such securities before recovery of their amortized cost.

Previous wording

(d)Amortized cost excludes portfolio level basis adjustments of $314 million at June 30, 2025 and $13 million at December 31, 2024.

Current wording

(d)Amortized cost excludes portfolio level basis adjustments of $304 million at September 30, 2025 and $13 million at December 31, 2024.

Previous wording

Deposits Total deposits were $518.7 billion at June 30, 2025, compared with $518.3 billion at December 31, 2024. The $408 million (0.1 percent) increase in total deposits reflected increases in noninterest-bearing deposits and time deposits, partially offset by a decrease in total savings deposits. Noninterest-bearing deposits increased $2.8 billion (3.3 percent) at June 30, 2025, compared with December 31, 2024, primarily driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances. Time deposits increased $2.1 billion (3.9 percent) at June 30, 2025, compared with December 31, 2024, driven by higher Consumer and Business Banking balances, partially offset by lower Wealth, Corporate, Commercial and Institutional Banking balances. 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. Money market deposit balances decreased $25.7 billion (12.4 percent), primarily due to lower Consumer and Business Banking, and Wealth, Corporate, Commercial and Institutional Banking balances. Savings account balances increased $15.5 billion (34.1 percent), driven by higher Consumer and Business Banking balances. Interest checking balances increased $5.7 billion (4.5 percent), primarily due to higher Wealth, Corporate, Commercial and Institutional Banking balances.

Current wording

Deposits Total deposits were $526.1 billion at September 30, 2025, compared with $518.3 billion at December 31, 2024. The $7.8 billion (1.5 percent) increase in total deposits was primarily driven by an increase in noninterest-bearing deposits. Noninterest-bearing deposits increased $7.4 billion (8.8 percent) at September 30, 2025, compared with December 31, 2024, primarily driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances. Time deposits increased $257 million (0.5 percent) at September 30, 2025, compared with December 31, 2024, driven by higher Consumer and Business Banking balances, partially offset by lower Wealth, Corporate, Commercial and Institutional Banking balances. 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. Savings account balances increased $17.8 billion (39.1 percent), driven by higher Consumer and Business Banking balances. Interest checking balances increased $4.0 billion (3.1 percent), primarily due to higher Wealth, Corporate, Commercial and Institutional Banking balances. Money market deposit balances decreased $21.6 billion (10.4 percent), primarily due to lower Consumer and Business Banking, and Wealth, Corporate, Commercial and Institutional Banking balances.

Previous wording

Borrowings The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $15.0 billion at June 30, 2025, compared with $15.5 billion at December 31, 2024. The $479 million (3.1 percent) decrease in short-term borrowings was primarily due to decreases in short-term Federal Home Loan Bank (“FHLB”) advances, commercial paper and repurchase agreement balances, partially offset by higher other short-term borrowing balances. Long-term debt was $64.0 billion at June 30, 2025, compared with $58.0 billion at December 31, 2024. The $6.0 billion (10.4 percent) increase was primarily due to $4.7 billion of medium-term note issuances, a $2.0 billion increase in FHLB advances, $1.9 billion of bank note issuances and $625 million of credit-linked bank note issuances, partially offset by $2.1 billion of bank note and $1.5 billion of medium-term note repayments and maturities. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.

Current wording

Borrowings The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $15.4 billion at September 30, 2025, compared with $15.5 billion at December 31, 2024. The $69 million (0.4 percent) decrease in short-term borrowings was primarily due to decreases in short-term Federal Home Loan Bank (“FHLB”) advances and repurchase agreement balances, partially offset by higher other short-term borrowing balances. Long-term debt was $62.5 billion at September 30, 2025, compared with $58.0 billion at December 31, 2024. The $4.5 billion (7.8 percent) increase was primarily due to $5.0 billion of medium-term note issuances, $1.9 billion of bank note issuances and $1.3 billion of credit-linked bank note issuances, partially offset by $2.2 billion of bank note and $1.5 billion of medium-term note repayments and maturities and a $500 million decrease in FHLB advances. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.

Previous wording

The Company’s most prominent risk exposures are credit, interest rate, market, liquidity, operational, compliance, strategic, and reputation. Credit risk is the risk of loss associated with a change in the credit profile or the failure of a borrower or counterparty to meet its contractual obligations. Interest rate risk is the current or prospective risk to earnings and capital, arising from the impact of changes in interest rates. Market risk is the risk associated with fluctuations in interest rates, foreign exchange rates, commodities and credit spreads that may result in changes in the values of financial instruments, such as trading and available-for-sale investment securities, mortgage loans held for sale (“MLHFS”), mortgage servicing rights (“MSRs”) and derivatives that are accounted for on a fair value basis. Liquidity risk is the risk that financial condition or overall safety and soundness is adversely affected by the Company’s inability, or perceived inability, to meet its cash flow obligations in a timely and complete manner in either normal or stressed conditions. Operational risk is the risk to current or projected financial condition and resilience arising from inadequate or failed internal processes or systems, people (including human errors or misconduct), or adverse external events, including the risk of loss resulting from breaches in data security. Operational risk can also include the risk of loss due to failures by third parties with which the Company does business. Compliance risk is the risk that the Company may suffer legal or regulatory sanctions, financial losses, and reputational damage if it fails to adhere to compliance requirements and the Company’s compliance policies. Strategic risk is the risk to current or projected financial condition and resilience arising from adverse business decisions, poor implementation of business decisions, or lack of responsiveness to changes in the banking industry and operating environment. Reputation risk is the risk to current or projected financial condition and resilience arising from negative public opinion. This risk may impair the Company’s competitiveness by affecting its ability to establish new relationships or services, or continue servicing existing relationships. In addition to the risks

Current wording

The Company’s most prominent risk exposures are credit, interest rate, market, liquidity, operational, compliance, strategic, and reputation. Credit risk is the risk of loss associated with a change in the credit profile or the failure of a borrower or counterparty to meet its contractual obligations. Interest rate risk is the current or prospective risk to earnings and capital arising from the impact of changes in interest rates. Market risk is the risk associated with fluctuations in interest rates, foreign exchange rates, commodities and credit spreads that may result in changes in the values of financial instruments, such as trading securities, mortgage loans held for sale (“MLHFS”) and MSRs. Liquidity risk is the risk that financial condition or overall safety and soundness is adversely affected by the Company’s inability, or perceived inability, to meet its cash flow obligations in a timely and complete manner in either normal or stressed conditions. Operational risk is the risk to current or projected financial condition and resilience arising from inadequate or failed internal processes or systems, people (including human errors or misconduct), or adverse external events, including the risk of loss resulting from breaches in data security. Operational risk can also include the risk of loss due to failures by third parties with which the Company does business. Compliance risk is the risk that the Company may suffer legal or regulatory sanctions, financial losses, and reputational damage if it fails to adhere to compliance requirements and the Company’s compliance policies. Strategic risk is the risk to current or projected financial condition and resilience arising from adverse business decisions, poor implementation of business decisions, or lack of responsiveness to changes in the banking industry and operating environment. Reputation risk is the risk to current or projected financial condition and resilience arising from negative public opinion. This risk may impair the Company’s competitiveness by affecting its ability to establish new relationships or services, or continue servicing existing relationships. In addition to the risks identified above, other risk factors exist that may impact the Company. Refer to “Risk Factors” in the Company’s Annual

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identified above, other risk factors exist that may impact the Company. Refer to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion of these factors.

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Report on Form 10-K for the year ended December 31, 2024, for a detailed discussion of these factors.

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The Company manages its credit risk, in part, through diversification of its loan portfolio, which is achieved through limit setting by product type criteria, such as industry, geography and identification of credit concentrations. The Company categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending.

Current wording

The Company manages its credit risk, in part, through diversification of its loan portfolio, which is achieved through limit setting by product type criteria, such as industry and geography, and identification of credit concentrations. The Company categorizes its loan portfolio into two segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s two loan portfolio segments are commercial lending and consumer lending.

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Accruing loans 90 days or more past due totaled $966 million at June 30, 2025, compared with $810 million at December 31, 2024. Accruing loans 90 days or more past due are not included in nonperforming assets and continue to accrue interest because they are adequately secured by collateral, are in the process of collection and are reasonably expected to result in repayment or restoration to current status, or are managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines. The ratio of accruing loans 90 days or more past due to total loans was 0.25 percent at June 30, 2025, compared with 0.21 percent at December 31, 2024. Accruing loans 90 days or more past due include loan delinquencies of borrowers impacted by the Los Angeles area wildfires.

Current wording

Accruing loans 90 days or more past due totaled $840 million at September 30, 2025, compared with $810 million at December 31, 2024. Accruing loans 90 days or more past due are not included in nonperforming assets and continue to accrue interest because they are adequately secured by collateral, are in the process of collection and are reasonably expected to result in repayment or restoration to current status, or are managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines. The ratio of accruing loans 90 days or more past due to total loans was 0.22 percent at September 30, 2025, compared with 0.21 percent at December 31, 2024.

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(a)Delinquent loan ratios exclude $2.2 billion at June 30, 2025, and $2.3 billion at December 31, 2024, of loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. Including these loans, the ratio of residential mortgages 90 days or more past due and nonperforming to total residential mortgages was 2.31 percent at June 30, 2025, and 2.28 percent at December 31, 2024.

Current wording

(a)Delinquent loan ratios exclude $2.4 billion at September 30, 2025, and $2.3 billion at December 31, 2024, of loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. Including these loans, the ratio of residential mortgages 90 days or more past due and nonperforming to total residential mortgages was 2.47 percent at September 30, 2025, and 2.28 percent at December 31, 2024.

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(a)Excludes $558 million of loans 30-89 days past due and $2.2 billion of loans 90 days or more past due at June 30, 2025, purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that continue to accrue interest, compared with $660 million and $2.3 billion at December 31, 2024, respectively.

Current wording

(a)Excludes $626 million of loans 30-89 days past due and $2.4 billion of loans 90 days or more past due at September 30, 2025, purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that continue to accrue interest, compared with $660 million and $2.3 billion at December 31, 2024, respectively.

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modified loans not performing in accordance with modified terms and not accruing interest, modified loans that have not met the performance period required to return to accrual status, other real estate owned (“OREO”) and other nonperforming assets owned by the Company. Interest payments collected from assets on nonaccrual status are generally applied against the principal balance and not recorded as income. However, interest income may be recognized for interest payments received if the remaining carrying amount of the loan is believed to be collectible.

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nonperforming assets owned by the Company. Interest payments collected from assets on nonaccrual status are generally applied against the principal balance and not recorded as income. However, interest income may be recognized for interest payments received if the remaining carrying amount of the loan is believed to be collectible.

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At June 30, 2025, total nonperforming assets were $1.7 billion, compared to $1.8 billion at December 31, 2024. The $152 million (8.3 percent) decrease in nonperforming assets was primarily due to lower nonperforming commercial and commercial real estate loans. The ratio of total nonperforming assets to total loans and other real estate was 0.44 percent at June 30, 2025, compared with 0.48 percent at December 31, 2024.

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At September 30, 2025, total nonperforming assets were $1.7 billion, compared to $1.8 billion at December 31, 2024. The $178 million (9.7 percent) decrease in nonperforming assets was primarily due to lower nonperforming commercial real estate loans. The ratio of total nonperforming assets to total loans and other real estate was 0.43 percent at September 30, 2025, compared with 0.48 percent at December 31, 2024.

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OREO was $21 million at June 30, 2025 and December 31, 2024, and was related to foreclosed properties that previously secured loan balances. These balances exclude foreclosed GNMA loans whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.

Current wording

OREO was $23 million at September 30, 2025, compared with $21 million at December 31, 2024, and was related to foreclosed properties that previously secured loan balances. These balances exclude foreclosed GNMA loans whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.

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(b)Excludes $2.2 billion at June 30, 2025, and $2.3 billion at December 31, 2024, of loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.

Current wording

(b)Excludes $2.4 billion at September 30, 2025, and $2.3 billion at December 31, 2024, of loans purchased and loans that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.

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(c)Foreclosed GNMA loans of $55 million at June 30, 2025, and $46 million at December 31, 2024, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.

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(c)Foreclosed GNMA loans of $63 million at September 30, 2025, and $46 million at December 31, 2024, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.

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Analysis of Loan Net Charge-offs Total loan net charge-offs were $554 million for the second quarter and $1.1 billion for the first six months of 2025, compared with $538 million and $1.0 billion, respectively, for the same periods of 2024. The increase in net charge-offs in the second quarter of 2025, compared with the second quarter of 2024, was driven by higher commercial real estate loan net charge-offs, partially

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Analysis of Loan Net Charge-offs Total loan net charge-offs were $536 million for the third quarter and $1.6 billion for the first nine months of 2025, compared with $564 million and $1.6 billion, respectively, for the same periods of 2024. The decrease in net charge-offs in the third quarter of 2025, compared with the third quarter of 2024, was driven by lower commercial and credit card loan net charge-offs. The increase

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offset by lower commercial loan net charge-offs. The increase in net charge-offs in the first six months of 2025, compared with the first six months of 2024, was primarily due to higher commercial and credit card loan net charge-offs. The ratio of total loan net charge-offs to average loans outstanding on an annualized basis for both the second quarter and first six

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in net charge-offs in the first nine months of 2025, compared with the first nine months of 2024, was primarily due to higher commercial real estate and other retail loan net charge-offs, partially offset by lower commercial loan net charge-offs. The ratio of total loan net charge-offs to average loans outstanding on an annualized basis for the third quarter and first nine months of 2025 was 0.56 percent and 0.58 percent,

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For loans and leases that do not share similar risk characteristics with a pool of loans, the Company establishes individually assessed reserves. Reserves for individual commercial nonperforming loans greater than $5 million in the commercial lending segment are analyzed utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate.

Current wording

For loans and leases that do not share similar risk characteristics with a pool of loans, the Company establishes individually assessed reserves. Reserves for larger individual nonperforming loans in the commercial lending segment are analyzed utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral, less selling costs, for collateral-dependent loans as appropriate.