US BANCORP \DE\

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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.

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Financial Performance U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $1.9 billion in the first quarter of 2026, compared with $1.7 billion in the first quarter of 2025. Financial performance for the first quarter of 2026, compared with the first quarter of 2025, included the following:

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interest-bearing deposits. The increase in noninterest income was driven by higher revenue across most categories.

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•Noninterest income increased $161 million (5.7 percent) driven by higher revenue across most categories;

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other capital instruments. The regulatory capital requirements effective for the Company follow Basel III, with the Company being subject to calculating its capital adequacy as a percentage of risk-weighted assets under the standardized approach. Beginning in 2022, the Company began to phase into its regulatory capital requirements the cumulative deferred impact of its 2020 adoption of the accounting guidance related to the impairment of financial instruments based on the current expected credit losses (“CECL”) methodology plus 25 percent of its quarterly credit reserve increases during 2020 and 2021. This cumulative deferred impact was phased into the Company’s regulatory capital during 2022 through 2024. Beginning January 1, 2025, the regulatory capital requirements reflect the full implementation of the CECL methodology. Table 10 provides a summary of statutory regulatory capital ratios in effect for the Company at September 30, 2025 and December 31, 2024. All regulatory ratios exceeded regulatory “well-capitalized” requirements.

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Capital Management At March 31, 2026, all of the Company’s regulatory capital ratios exceeded regulatory “well-capitalized” requirements.

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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.

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Net Interest Income Net interest income was $4.3 billion in the first quarter of 2026, representing an increase of $171 million (4.2 percent) compared with the first quarter of 2025. The increase was primarily due to loan growth, improved earning asset mix, and fixed asset repricing. Average earning assets for the first quarter of 2026 were $13.9 billion (2.3 percent) higher than the first quarter of 2025, reflecting increases in 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 first quarter of 2026 was 2.77 percent, compared with 2.72 percent in the first quarter of 2025. The increase was primarily due to the benefits from fixed asset repricing. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” table for further information on net interest income.

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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

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Average total loans in the first quarter of 2026 were $14.5 billion (3.8 percent) higher than the first quarter of 2025. The increase was primarily due to higher commercial loans and credit card loans, partially offset by lower residential mortgages and other retail loans. The increase in average commercial loans was primarily due to growth in loans to financial institutions, partially offset by lower corporate loans. The increase in average credit card loans was primarily driven by higher sales volume. Average commercial real estate loans were higher due to increased loan originations. The decreases in average residential mortgages and other retail loans were primarily due to loan sales in the second quarter of 2025.

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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.

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Average investment securities in the first quarter of 2026 were $293 million (0.2 percent) higher than the first quarter of 2025.

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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.

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Average total deposits for the first quarter of 2026 were $8.6 billion (1.7 percent) higher than the first quarter of 2025. Average total savings deposits for the first quarter of 2026 were $16.5 billion (4.5 percent) higher than the first quarter of 2025, primarily due to increases in Wealth, Corporate, Commercial and Institutional Banking, and Consumer and Business Banking balances. Average noninterest-bearing deposits for the first quarter of 2026 were $932 million (1.2 percent) higher than the first quarter of 2025, driven by an increase in Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by a decrease in Consumer and Business Banking balances. Average time deposits for the first quarter of 2026 were $8.9 billion (16.0 percent) lower than the first quarter of 2025, mainly due to decreases in Treasury and Corporate Support, and 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.

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Provision for Credit Losses The provision for credit losses was $571 million in the third quarter of 2025, representing an increase of $14 million (2.5 percent) from the third quarter of 2024, primarily due to loan growth. Net charge-offs decreased $28 million (5.0 percent) in the third quarter of 2025, compared with the third quarter of 2024, driven by lower commercial and credit card loan net charge-offs. The provision for credit losses was $1.6 billion in the first nine

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Provision for Credit Losses The provision for credit losses was $576 million in the first quarter of 2026, representing an increase of $39 million (7.3 percent) from the first quarter of 2025, primarily due to loan growth. Net charge-offs decreased $1 million (0.2 percent) in the first quarter of 2026, compared with the first quarter of 2025, driven by lower credit card loan

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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

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Noninterest Expense Noninterest expense was $4.3 billion in the first quarter of 2026, representing an increase of $33 million (0.8 percent) from the first quarter of 2025. The increase from the prior year reflected higher technology and communications expense and marketing and business development expense, partially offset by lower other intangibles expense, compensation and employee benefits expense and other noninterest expense. Technology and communications expense increased primarily due to investments in product and technology development. Marketing and business development expense increased primarily due to increased initiatives. Compensation and employee benefits expense decreased primarily due to cost savings from operational efficiencies, partially offset by merit increases.

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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.

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Income Tax Expense The provision for income taxes was $469 million (an effective rate of 19.4 percent) for the first quarter of 2026, compared with $443 million (an effective rate of 20.5 percent) for the first quarter of 2025.

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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.

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Loans The Company’s loan portfolio was $399.8 billion at March 31, 2026, compared with $391.3 billion at December 31, 2025, an increase of $8.5 billion (2.2 percent). The increase was driven by higher commercial loans, residential mortgages and commercial real estate loans.

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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.

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Commercial loans increased $5.9 billion (4.0 percent) at March 31, 2026, compared with December 31, 2025, primarily due to growth in corporate loans.

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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.

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Residential mortgages held in the loan portfolio increased $1.4 billion (1.2 percent) at March 31, 2026, compared with December 31, 2025, driven by originations. 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.

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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”).

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Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $2.9 billion at March 31, 2026, compared with $2.5 billion at December 31, 2025. The increase was driven by a higher level of mortgage loan closings in the first quarter of 2026, compared with the fourth quarter of 2025. Almost all of the residential 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”).

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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.

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Investment Securities Investment securities totaled $168.9 billion at March 31, 2026, compared with $167.0 billion at December 31, 2025. The $1.9 billion (1.1 percent) increase was primarily due to net investment purchases, partially offset by an unfavorable change in net unrealized gains (losses) on available-for-sale investment securities.

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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.

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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 March 31, 2026, the Company’s net unrealized losses on available-for-sale investment securities were $4.7 billion ($3.5 billion net-of-tax), compared with net unrealized losses of $4.4 billion ($3.3 billion net-of-tax) at December 31, 2025. The unfavorable change in net unrealized gains (losses) was primarily due to decreases in the fair value of obligations of state and political subdivisions and mortgage-backed securities as a result of changes in interest rates. Gross unrealized losses on available-for-sale investment securities totaled $4.9 billion at March 31, 2026, compared

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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.

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Deposits Total deposits were $528.2 billion at March 31, 2026, compared with $522.2 billion at December 31, 2025. The $6.0 billion (1.1 percent) increase in total deposits was driven by increases in total savings deposits and noninterest-bearing deposits, partially offset by a decrease in time deposits. Savings account balances increased $6.1 billion (9.3 percent), driven by higher Consumer and Business Banking balances. Interest checking balances increased $772 million (0.6 percent), primarily due to higher Consumer and Business Banking balances, partially offset by lower Wealth, Corporate, Commercial and Institutional Banking balances. Money market deposit balances increased $678 million (0.4 percent), primarily due to higher Wealth, Corporate, Commercial and Institutional Banking balances, partially offset by lower Consumer and Business Banking balances. Noninterest-

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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.

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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 $17.9 billion at March 31, 2026, compared with $17.2 billion at December 31, 2025. The $697 million (4.1 percent) increase in short-term borrowings was primarily due to higher repurchase agreement balances. Long-term debt was $61.4 billion at March 31, 2026, compared with $60.8 billion at December 31, 2025. The $597 million (1.0 percent) increase was primarily due to $2.6 billion of medium-term note issuances, $563 million of credit-linked bank note issuances and $157 million of bank note issuances, partially offset by a $3.0 billion decrease in Federal Home Loan Bank (“FHLB”) advances. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.

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

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(d)Amortized cost excludes portfolio level basis adjustments of $93 million at March 31, 2026 and $185 million at December 31, 2025.

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Overview Managing risks is an essential part of successfully operating a financial services company. The Company’s Board of Directors has approved a risk management framework which establishes governance and risk management requirements for all risk-taking activities. This framework includes Company and business line risk appetite statements which set boundaries for the types and amount of risk that may be undertaken in pursuing business objectives and initiatives. The Board of Directors, primarily through its Risk Management Committee, oversees performance relative to the risk management framework, risk appetite statements, and other policy requirements.

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Overview Managing risks is an essential part of successfully operating a financial services company. The Company’s Board of Directors has approved a risk management framework that establishes governance and risk management requirements for all risk-taking activities. This framework includes Company and business line risk appetite statements that set boundaries for the types and amount of risk that may be undertaken in pursuing business objectives and initiatives. The Board of Directors, primarily through its Risk Management Committee, oversees performance relative to the risk management framework, risk appetite statements, and other policy requirements.

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The Executive Risk Committee (“ERC”), which is chaired by the Chief Risk Officer and includes the Chief Executive Officer and other members of the executive management team, oversees execution against the risk management framework and risk appetite statements. The ERC focuses on current and emerging risks, including strategic and reputation risks, by directing timely and comprehensive actions. Senior operating committees have also been established, each responsible for overseeing a specified category of risk.

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The Executive Risk Committee (“ERC”), which is chaired by the Chief Risk Officer and includes the Chief Executive Officer and other members of the executive management team, oversees execution against the risk management framework and risk appetite statements. The ERC focuses on current and emerging risks, including strategic risk, by directing timely and comprehensive actions. Senior operating committees have also been established, each responsible for overseeing a specified category of risk.

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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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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 mortgage servicing rights (“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 damage to its brand 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. 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 Report on Form 10-K for the year ended December 31, 2025, for a detailed discussion of these factors.

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Credit Risk Management The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures. The strategy also emphasizes diversification on a geographic, industry and customer level, regular credit examinations and management reviews of loans exhibiting deterioration of credit quality. In evaluating its credit risk, the Company considers changes, if any, in underwriting activities, the loan portfolio composition (including product mix and geographic, industry or customer-specific factors), collateral values, trends in loan performance and macroeconomic factors, such as changes in unemployment rates, gross domestic product levels, inflation, interest rates and consumer bankruptcy filings. The Risk Management Committee oversees the Company’s credit risk management process.

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Credit Risk Management The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures. The strategy also emphasizes diversification on a geographic, industry and customer level, regular credit examinations and management reviews of loans exhibiting deterioration of credit quality. The Risk Management Committee oversees the Company’s credit risk management process.

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The commercial lending segment includes loans and leases made to small business, middle market, large corporate, commercial real estate, financial institution, non-profit and public sector customers. Key risk characteristics relevant to commercial lending segment loans include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial flexibility, loan covenants, and nature of pledged collateral, if any, as well as macroeconomic factors such as unemployment rates, gross domestic product levels, corporate bond spreads and long-term interest rates. These risk characteristics, among others, are considered in determining

Current wording

The commercial lending segment includes loans and leases made to small business, middle market, large corporate, commercial real estate, financial institution, non-profit and public sector customers. Key risk characteristics relevant to commercial lending segment loans include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial flexibility, loan covenants, and nature of pledged collateral, if any, as well as macroeconomic factors such as unemployment rates, corporate bond spreads, commercial property prices and long-term interest rates. These risk characteristics, among others, are considered in determining estimates about the likelihood of default by the borrowers and the severity of loss in the event of default. The Company considers these risk characteristics in assigning internal risk ratings to, or forecasting losses on, these loans, which are the significant factors in determining the allowance for credit losses for loans in the commercial lending segment.

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The consumer lending segment represents loans and leases made to consumer customers, including residential mortgages, credit card loans, and other retail loans such as revolving consumer lines, auto loans and leases and home equity loans and lines. Key risk characteristics relevant to consumer lending segment loans primarily relate to the borrowers’ capacity and willingness to repay, customer payment history and credit scores and consider macroeconomic factors such as unemployment rates, consumer bankruptcy filings, household debt levels, real disposable income, effect of higher interest rates on variable rate or adjustable rate loans, and in some cases, updated loan-to-value (“LTV”) information reflecting current market conditions on secured loans. These and other risk characteristics are reflected in forecasts of delinquency levels, bankruptcies and losses which are the primary factors in determining the allowance for credit losses for the consumer lending segment.

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The consumer lending segment represents loans and leases made to consumer customers, including residential mortgages, consumer and small business credit card loans, and other retail loans such as revolving consumer lines, auto loans and leases and home equity loans and lines. Key risk characteristics relevant to consumer lending segment loans primarily relate to the borrowers’ capacity and willingness to repay, customer payment history and credit scores and consider macroeconomic factors such as unemployment rates, asset and property prices, household debt levels, real disposable income, the effect of higher interest rates on variable rate or adjustable rate loans, and in some cases, updated loan-to-value (“LTV”) information reflecting current market conditions on secured loans. These and other risk characteristics are reflected in forecasts of losses which are the primary factors in determining the allowance for credit losses for the consumer lending segment.

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The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans.

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The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. Effective January 1, 2026, the Company reclassified small business credit card loans from the commercial loan portfolio to the credit card loan portfolio as these loans share similar credit characteristics to consumer credit card loans. Prior period balances and all related disclosures have been conformed to the current period presentation.

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The Company estimates updated LTV information on its outstanding residential mortgages quarterly, based on a method that combines automated valuation model updates and relevant home price indices. LTV is the ratio of the loan’s outstanding principal balance to the current estimate of property value. For home equity and second mortgages, combined loan-to-value (“CLTV”) is the combination of the first mortgage original principal balance and the second lien outstanding principal balance, relative to the current estimate

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The Company estimates updated LTV information on its outstanding residential mortgages quarterly, based on a method that combines automated valuation model updates and relevant home price indices. LTV is the ratio of the loan’s outstanding principal balance to the current estimate of property value. For home equity and second mortgages, combined loan-to-value (“CLTV”) is the combination of the first mortgage original principal balance and the second lien outstanding principal balance, relative to the current estimate of property value. Certain loans do not have an LTV or CLTV, primarily due to lack of available relevant automated valuation

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of property value. Certain loans do not have an LTV or CLTV, primarily due to lack of availability of relevant automated valuation model and/or home price indices values, or lack of necessary valuation data on acquired loans.

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model and/or home price indices values, or lack of necessary valuation data on acquired loans.

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The following table provides a summary of the Company’s credit card loan balances disaggregated based upon updated credit score at September 30, 2025:

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The following table provides a summary of the Company’s consumer credit card loan balances disaggregated based upon updated credit score at March 31, 2026:

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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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Accruing loans 90 days or more past due totaled $847 million at March 31, 2026, compared with $853 million at December 31, 2025. 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 0.21 percent at March 31, 2026, compared with 0.22 percent at December 31, 2025.

Previous 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.

Current wording

(b)Delinquent loan ratios exclude $4.3 billion at March 31, 2026, and $3.5 billion at December 31, 2025, 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 4.05 percent at March 31, 2026, and 3.37 percent at December 31, 2025.

Previous 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.

Current wording

(a)Excludes $399 million of loans 30-89 days past due and $4.3 billion of loans 90 days or more past due at March 31, 2026, purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options that continue to accrue interest, compared with $606 million and $3.5 billion at December 31, 2025, respectively.

Previous wording

(b)Includes revolving credit, installment and automobile loans.

Current wording

(c)Includes revolving credit, installment and automobile loans.

Previous 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.

Current wording

(b)Excludes $4.3 billion at March 31, 2026, and $3.5 billion at December 31, 2025, 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.

Previous wording

(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.

Current wording

(c)Foreclosed GNMA loans of $74 million at March 31, 2026, and $65 million at December 31, 2025, 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.

Previous wording

Nonperforming Assets The level of nonperforming assets represents another indicator of the Company’s risk within the loan portfolio. Nonperforming assets include nonaccrual loans, 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

Current wording

Nonperforming Assets The level of nonperforming assets represents another indicator of the Company’s risk within the loan portfolio. Nonperforming assets include nonaccrual loans, 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.

Previous wording

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.

Current wording

At March 31, 2026, total nonperforming assets were $1.5 billion, compared to $1.6 billion at December 31, 2025. The $62 million (3.9 percent) decrease in nonperforming assets was primarily due to lower nonperforming commercial loans. The ratio of total nonperforming assets to total loans and other real estate was 0.38 percent at March 31, 2026, compared with 0.41 percent at December 31, 2025.

Previous 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.

Current wording

OREO was $22 million at March 31, 2026, compared with $24 million at December 31, 2025, 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.

Previous wording

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

Current wording

Analysis of Loan Net Charge-offs Total loan net charge-offs were $546 million for the first quarter of 2026, compared with $547 million for the first quarter of 2025. The decrease in net charge-offs reflected lower credit card loan net charge-offs,

Previous wording

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,

Current wording

mostly offset by higher commercial loan net charge-offs. The ratio of total loan net charge-offs to average loans outstanding on an annualized basis for the first quarter of 2026 was 0.56 percent, compared with 0.59 percent for the first quarter of 2025.