US BANCORP \DE\

Previous wording

Financial Performance U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $2.2 billion in the second quarter of 2026, compared with $1.8 billion in the second quarter of 2025. Financial performance for the second quarter of 2026, compared with the second quarter of 2025, included the following:

Current wording

Financial Performance U.S. Bancorp and its subsidiaries (the “Company”) reported net income attributable to U.S. Bancorp of $2.2 billion in the third quarter of 2026, compared with $2.0 billion in the third quarter of 2025. Financial performance for the third quarter of 2026, compared with the third quarter of 2025, included the following:

Previous wording

•Diluted earnings per common share of $1.35 in the second quarter of 2026, representing a 21.6 percent increase compared with the second quarter of 2025;

Current wording

•Diluted earnings per common share of $1.34 in the third quarter of 2026, representing a 9.8 percent increase compared with the third quarter of 2025;

Previous wording

•Average deposits increased $10.4 billion (2.1 percent), driven by an increase in savings account balances, partially offset by a decrease in time deposits.

Current wording

•Average deposits increased $14.8 billion (2.9 percent), driven by an increase in savings account and money market balances, partially offset by a decrease in time deposits.

Previous wording

The Company reported net income attributable to U.S. Bancorp of $4.1 billion in the first six months of 2026, compared with $3.5 billion in the first six months of 2025. Financial performance for the first six months of 2026, compared with the first six months of 2025, included the following:

Current wording

The Company reported net income attributable to U.S. Bancorp of $6.3 billion in the first nine months of 2026, compared with $5.5 billion in the first nine months of 2025. Financial performance for the first nine months of 2026, compared with the first nine months of 2025, included the following:

Previous wording

•Diluted earnings per common share of $2.53 in the first six months of 2026, representing an 18.2 percent increase compared with the first six months of 2025;

Current wording

•Diluted earnings per common share of $3.88 in the first nine months of 2026, representing a 15.8 percent increase compared with the first nine months of 2025;

Previous wording

•Net interest income increased $481 million (5.9 percent) primarily due to loan growth, improved earning asset mix, and fixed asset repricing;

Current wording

•Net interest income increased $727 million (5.9 percent) primarily due to loan growth, the impact of the small business credit card portfolio purchase, and benefits from fixed asset repricing;

Previous wording

•Noninterest income increased $562 million (9.8 percent) driven by higher revenue across most categories and the contribution from the BTIG acquisition;

Current wording

•Noninterest income increased $964 million (10.9 percent) driven by higher revenue across most categories and the contribution from the BTIG acquisition;

Previous wording

•Average loans increased $20.8 billion (5.5 percent) driven by higher commercial loans, credit card loans and commercial real estate loans; and

Current wording

•Average loans increased $24.0 billion (6.3 percent) driven by higher commercial loans, credit card loans and commercial real estate loans; and

Previous wording

•Average deposits increased $12.2 billion (2.4 percent), driven by an increase in savings account balances, partially offset by a decrease in time deposits.

Current wording

•Average deposits increased $11.9 billion (2.3 percent), driven by an increase in savings account balances, partially offset by a decrease in time deposits.

Previous wording

Credit Quality The Company maintained stable credit quality during the first six months of 2026.

Current wording

Credit Quality The Company maintained stable credit quality during the first nine months of 2026.

Previous wording

•The allowance for credit losses was $8.0 billion at June 30, 2026, compared to $7.9 billion at December 31, 2025. The ratio of the allowance for credit losses to period-end loans was 1.94 percent at June 30, 2026 compared to 2.03 percent at December 31, 2025.

Current wording

•The allowance for credit losses was $8.2 billion at September 30, 2026, compared to $7.9 billion at December 31, 2025. The ratio of the allowance for credit losses to period-end loans was 1.97 percent at September 30, 2026, compared to 2.03 percent at December 31, 2025.

Previous wording

•Nonperforming assets were $1.3 billion at June 30, 2026, a decrease of $244 million (15.3 percent) compared with December 31, 2025, driven by lower nonperforming commercial loans.

Current wording

•Nonperforming assets were $1.3 billion at September 30, 2026, a decrease of $266 million (16.7 percent) compared with December 31, 2025, driven by lower nonperforming commercial loans.

Previous wording

•Net charge-offs decreased $18 million in the second quarter of 2026 and $19 million in the first six months of 2026, compared with the same periods of the prior year, reflecting lower commercial real estate and credit card loan net charge-offs, partially offset by higher commercial loan net charge-offs.

Current wording

•Net charge-offs decreased $13 million in the third quarter of 2026 and $32 million in the first nine months of 2026, compared with the same periods of the prior year, reflecting lower commercial real estate and credit card loan net charge-offs, partially offset by higher commercial loan net charge-offs.

Previous wording

•Total loan net charge-offs as a percentage of average loans was 0.53 percent in the second quarter of 2026 and 0.55 percent in the first six months of 2026, compared with 0.59 percent for both the second quarter and first six months of 2025.

Current wording

•Total loan net charge-offs as a percentage of average loans was 0.51 percent in the third quarter of 2026 and 0.53 percent in the first nine months of 2026, compared with 0.56 percent and 0.58 percent, respectively, for the same periods of 2025.

Previous wording

•The Company returned $1.0 billion and $2.1 billion of earnings to shareholders in the second quarter of 2026 and the first six months of 2026, respectively, through dividends and share repurchases.

Current wording

•The Company returned $848 million and $3.0 billion of earnings to shareholders in the third quarter of 2026 and the first nine months of 2026, respectively, through dividends and share repurchases.

Previous wording

BTIG acquisition On June 1, 2026, the Company acquired BTIG for a purchase price consisting of approximately $395 million of cash and 6.6 million shares of the Company’s common stock paid on the closing date, with up to an additional $275 million of cash consideration to be paid over the next three years, subject to achievement of defined performance targets. BTIG is a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services. The acquisition is expected to add fee revenue to the Company’s Wealth, Corporate, Commercial and Institutional Banking business segment by expanding its current product offerings.

Current wording

BTIG acquisition On June 1, 2026, the Company acquired BTIG for a purchase price consisting of approximately $395 million of cash and 6.6 million shares of the Company’s common stock paid on the closing date, with up to an additional $275 million of cash consideration to be paid over the next three years, subject to achievement of defined performance targets. BTIG is a global financial services firm specializing in institutional trading, investment banking, research and related brokerage services. The acquisition has contributed fee revenue to the Company’s Wealth, Corporate,

Previous wording

The Company reported net income attributable to U.S. Bancorp of $2.2 billion for the second quarter of 2026, or $1.35 per diluted common share, compared with $1.8 billion, or $1.11 per diluted common share, for the second quarter of 2025. The Company reported net income attributable to U.S. Bancorp of $4.1 billion for the first six months of 2026, or $2.53 per diluted common share, compared with $3.5 billion, or $2.14 per diluted common share, for the first six months of 2025. The increases were due to higher net interest income and noninterest income, partially offset by higher noninterest expense and higher provision for credit losses.

Current wording

The Company reported net income attributable to U.S. Bancorp of $2.2 billion for the third quarter of 2026, or $1.34 per diluted common share, compared with $2.0 billion, or $1.22 per diluted common share, for the third quarter of 2025. The Company reported net income attributable to U.S. Bancorp of $6.3 billion for the first nine months of 2026, or $3.88 per diluted common share, compared with $5.5 billion, or $3.35 per diluted common share, for the first nine months of 2025. The increases were due to higher net interest income and noninterest income, partially offset by higher noninterest expense and higher provision for credit losses.

Previous wording

Net Interest Income Net interest income was $4.4 billion in the second quarter and $8.6 billion in the first six months of 2026, representing increases of $310 million (7.7 percent) and $481 million (5.9 percent), respectively, compared with the same periods of 2025. The increases were primarily due to loan growth, improved earning asset mix, and fixed asset repricing. Average earning assets for the second quarter and the first six months of 2026 were $15.7 billion (2.6 percent) and $14.8 billion (2.4 percent) higher, respectively, than the same periods of 2025, reflecting increases in loans and other earning assets, partially offset by decreases in interest-bearing deposits with banks and investment securities. The net interest margin, on a taxable-equivalent basis, was 2.79 percent in the second quarter of 2026 and 2.78 percent in the first six months of 2026, compared with 2.66 percent and 2.69 percent, respectively, for the same periods of 2025. The increases were primarily due to the combined effects of loan growth, improved earning asset mix and benefits from fixed asset repricing. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” tables for further information on net interest income.

Current wording

Net Interest Income Net interest income was $4.5 billion in the third quarter and $13.1 billion in the first nine months of 2026, representing increases of $246 million (5.8 percent) and $727 million (5.9 percent), respectively, compared with the same periods of 2025. The increases were primarily due to loan growth, the impact of the small business credit card portfolio purchase in the third quarter of 2026, and benefits from fixed asset repricing. Average earning assets for the third quarter and the first nine months of 2026 were $13.3 billion (2.1 percent) and $14.3 billion (2.3 percent) higher, respectively, than the same periods of 2025, reflecting increases in loans and other earning assets, partially offset by decreases in interest-bearing deposits with banks and investment securities. The net interest margin, on a taxable-equivalent basis, was 2.84 percent in the third quarter of 2026 and 2.80 percent in the first nine months of 2026, compared with 2.75 percent and 2.71 percent, respectively, for the same periods of 2025. The increases from the prior year reflected benefits from fixed asset repricing and improved asset mix. Refer to the “Consolidated Daily Average Balance Sheet and Related Yields and Rates” tables for further information on net interest income.

Previous wording

Average total loans in the second quarter and the first six months of 2026 were $27.0 billion (7.1 percent) and $20.8 billion (5.5 percent) higher, respectively, than the same periods of 2025. The increases were primarily due to higher commercial loans, commercial real estate loans and credit card loans. The increase in average commercial loans was primarily due to higher corporate loans and loans to financial institutions. The increase in average credit card loans was primarily driven by higher sales volume. Average commercial real estate loans increased due to higher commercial mortgage loan originations.

Current wording

Average total loans in the third quarter and the first nine months of 2026 were $30.4 billion (8.0 percent) and $24.0 billion (6.3 percent) higher, respectively, than the same periods of 2025, primarily due to higher commercial loans, commercial real estate loans and credit card loans. The increase in average commercial loans was primarily due to higher corporate loans and loans to financial institutions. Average commercial real estate loans increased due to higher commercial mortgage loan originations. The increase in average credit card loans was primarily driven by higher sales volume, along with the impact of the small business credit card portfolio purchase.

Previous wording

Average investment securities in the second quarter and the first six months of 2026 were $2.3 billion (1.3 percent) and $1.0 billion (0.6 percent) lower, respectively, than the same periods of 2025, primarily due to net investment securities sales and maturities.

Current wording

Average investment securities in the third quarter and the first nine months of 2026 were $7.1 billion (4.1 percent) and $3.1 billion (1.8 percent) lower, respectively, than the same periods of 2025, primarily due to net investment securities sales and maturities, reflecting balance sheet management actions.

Previous wording

Average total deposits for the second quarter and the first six months of 2026 were $12.2 billion (2.4 percent) and $10.4 billion (2.1 percent) higher, respectively, than the same periods of 2025. Average savings deposits for the second quarter and the first six months of 2026 were $15.5 billion (26.7 percent) and $16.8 billion (30.9 percent) higher, respectively, than the same periods of 2025, primarily due to

Current wording

Average total deposits for the third quarter and the first nine months of 2026 were $14.8 billion (2.9 percent) and $11.9 billion (2.3 percent) higher, respectively, than the same periods of 2025. Average savings deposits for the third quarter and the first nine months of 2026 were $16.4 billion (26.2

Previous wording

an increase in Consumer and Business Banking balances. Average noninterest-bearing deposits for the second quarter and the first six months of 2026 were $1.5 billion (1.9 percent) and $1.2 billion (1.5 percent) higher, respectively, than the same periods 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 second quarter and the first six months of 2026 were $10.5 billion (18.4 percent) and $9.7 billion (17.2 percent) lower, respectively, than the same periods of 2025, mainly due to decreases in Treasury and Corporate Support balances, 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. Average money market deposits for the second quarter of 2026 were $4.9 billion (2.8 percent) higher than the second 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.

Current wording

percent) and $16.6 billion (29.2 percent) higher, respectively, than the same periods of 2025, primarily due to an increase in Consumer and Business Banking balances. Average money market deposits for the third quarter of 2026 and the first nine months of 2026 were $5.0 billion (2.8 percent) and $1.2 billion (0.7 percent) higher, respectively, than the same periods 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 third quarter and the first nine months of 2026 were $11.0 billion (19.3 percent) and $10.1 billion (17.9 percent) lower, respectively, than the same periods of 2025, primarily due to decreases in Treasury and Corporate Support balances and Consumer and Business 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 $538 million in the second quarter and $1.1 billion in the first six months of 2026, representing increases of $37 million (7.4 percent) and $76 million (7.3 percent), respectively, from the same periods of 2025, primarily due to loan growth. Net charge-offs decreased $18 million (3.2 percent) in the second quarter of 2026 and $19 million (1.7 percent) in the first six months of 2026, compared with the same periods of 2025. The decreases were driven by lower commercial real estate loan and credit card loan net charge-offs, partially offset by higher 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.

Current wording

Provision for Credit Losses The provision for credit losses was $654 million in the third quarter and $1.8 billion in the first nine months of 2026, representing increases of $83 million (14.5 percent) and $159 million (9.9 percent), respectively, from the same periods of 2025. The increases were primarily driven by the impact of recording the initial provision for credit losses of $135 million related to the purchase of the small business credit card portfolio in the third quarter of 2026 along with loan growth, partially offset by improvement in the economic outlook and favorable credit performance. Net charge-offs decreased $13 million (2.4 percent) in the third quarter of 2026 and $32 million (2.0 percent) in the first nine months of 2026, compared with the same periods of 2025. The decreases were driven by lower commercial real estate loan and credit card loan net charge-offs, partially offset by higher 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 $3.3 billion in the second quarter of 2026 and $6.3 billion in the first six months of 2026, representing increases of $401 million (13.7 percent) and $562 million (9.8 percent), respectively, compared with the same periods of 2025. The increases from the prior year reflected higher fee revenue across most categories. Capital markets revenue increased due to the contribution from BTIG following the acquisition in the second quarter of 2026, along with higher client-related derivative activity, corporate bond underwriting fees and favorable market conditions. Trust and investment management fees increased primarily due to business growth and favorable market conditions. Card revenue and corporate payment and treasury management revenue increased mainly due to higher sales volume. Lending and deposit-related fees increased primarily due to higher loan fees. Merchant processing services revenue increased due to favorable rates.

Current wording

Noninterest Income Noninterest income was $3.5 billion in the third quarter of 2026 and $9.8 billion in the first nine months of 2026, representing increases of $402 million (13.1 percent) and $964 million (10.9 percent), respectively, compared with the same periods of 2025. The increases from the prior year were driven by higher capital markets revenue, trust and investment management fees, corporate payment and treasury management revenue, card revenue, lending and deposit-related fees and other noninterest income, partially offset by higher losses on the sales of investment securities. Capital markets revenue increased primarily due to the contribution from BTIG following the acquisition in the second quarter of 2026, along with higher syndication and client-related derivative activity. Trust and investment management fees increased primarily due to business growth and favorable market conditions. Corporate payment and treasury management revenue and card revenue increased primarily due to higher sales volume. Lending and deposit-related fees increased primarily due to higher loan fees, while other noninterest income increased due to higher equity investment gains.

Previous wording

Noninterest Expense Noninterest expense was $4.4 billion in the second quarter and $8.7 billion in the first six months of 2026, representing increases of $247 million (5.9 percent) and $280 million (3.3 percent), respectively, from the same periods of 2025. The increases from the prior year reflected the impact of the BTIG acquisition, higher technology and communications expense, higher marketing and business development expense, higher compensation and employee benefits expense, and higher other noninterest expense. Technology and communications expense increased primarily due to investments in product and technology development. Marketing and business development expense was higher primarily due to increased initiatives. Compensation and employee benefits expense increased primarily due to merit increases and incentive compensation. Compensation and employee benefits expense also increased in the second quarter of 2026, compared with the second quarter of 2025, due to higher stock-based compensation expense.

Current wording

Noninterest Expense Noninterest expense was $4.5 billion in the third quarter of 2026 and $13.2 billion in the first nine months of 2026, representing increases of $296 million (7.1 percent) and $576 million (4.6 percent), respectively, from the same periods of 2025. The increases from the prior year reflected the impact of the BTIG acquisition, higher compensation and employee benefits expense, higher technology and communications expense, and higher marketing and business development expense. Compensation and employee benefits expense increased primarily due to the impact of BTIG, along with merit increases. Technology and communications expense increased primarily due to investments in product and technology development, while marketing and business development expense was higher primarily due to increased initiatives.

Previous wording

Income Tax Expense The provision for income taxes was $537 million (an effective rate of 19.7 percent) for the second

Current wording

Income Tax Expense The provision for income taxes was $593 million (an effective rate of 21.2 percent) for the third quarter of 2026 and $1.6 billion (an effective rate of 20.1 percent) for the first nine months of 2026, compared with $524

Previous wording

quarter of 2026 and $1.0 billion (an effective rate of 19.6 percent) for the first six months of 2026, compared with $472 million (an effective rate of 20.6 percent) and $915 million (an effective rate of 20.6 percent) for the same periods of 2025, respectively.

Current wording

million (an effective rate of 20.7 percent) and $1.4 billion (an effective rate of 20.6 percent) for the same periods of 2025, respectively.

Previous wording

Loans The Company’s loan portfolio was $410.3 billion at June 30, 2026, compared with $391.3 billion at December 31, 2025, an increase of $19.0 billion (4.8 percent). The increase was driven by higher commercial loans and commercial real estate loans.

Current wording

Loans The Company’s loan portfolio was $415.2 billion at September 30, 2026, compared with $391.3 billion at December 31, 2025, an increase of $23.9 billion (6.1 percent). The increase was driven by higher commercial loans, commercial real estate loans and credit card loans.

Previous wording

Commercial loans increased $11.5 billion (7.8 percent) at June 30, 2026, compared with December 31, 2025, primarily due to growth in corporate loans and loans to financial institutions.

Current wording

Commercial loans increased $12.4 billion (8.5 percent) at September 30, 2026, compared with December 31, 2025, primarily due to growth in corporate loans.

Previous wording

Commercial real estate loans increased $3.4 billion (7.0 percent) at June 30, 2026, compared with December 31, 2025, primarily due to increased commercial mortgage originations.

Current wording

Commercial real estate loans increased $4.5 billion (9.3 percent) at September 30, 2026, compared with December 31, 2025, primarily due to increased commercial mortgage originations.

Previous wording

Other retail loans increased $1.6 billion (3.9 percent) at June 30, 2026, compared with December 31, 2025, primarily due to higher revolving credit balances and retail leasing balances.

Current wording

Other retail loans increased $2.5 billion (6.0 percent) at September 30, 2026, compared with December 31, 2025, primarily due to higher revolving credit balances and retail leasing balances.

Previous wording

Residential mortgages held in the loan portfolio increased $1.4 billion (1.2 percent) at June 30, 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.

Current wording

Residential mortgages held in the loan portfolio increased $921 million (0.8 percent) at September 30, 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.

Previous wording

Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $3.0 billion at June 30, 2026, compared with $2.5 billion at December 31, 2025. The increase was driven primarily by the timing of residential mortgage loan sales in the second quarter of 2026. 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”).

Current wording

Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $2.4 billion at September 30, 2026, a slight decrease compared with December 31, 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”).

Previous wording

Investment Securities Investment securities totaled $163.2 billion at June 30, 2026, compared with $167.0 billion at December 31, 2025. The $3.8 billion (2.3 percent) decrease was primarily due to net investment securities sales and maturities.

Current wording

Investment Securities Investment securities totaled $153.2 billion at September 30, 2026, compared with $167.0 billion at December 31, 2025. The $13.9 billion (8.3 percent) decrease was primarily due to net investment securities sales and maturities, reflecting balance sheet management actions.

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 both June 30, 2026 and December 31, 2025, the Company’s net unrealized losses on available-for-sale investment securities were $4.4 billion ($3.3 billion net-of-tax). Gross unrealized losses on available-for-sale investment securities totaled $4.7 billion at June 30, 2026 and December 31, 2025. 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

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, 2026, the Company’s net unrealized losses on available-for-sale investment securities were $7.3 billion ($5.5 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 a decrease in fair value of mortgage-backed securities as a result of changes in interest rates. Gross unrealized losses on available-for-sale investment securities totaled $7.3 billion at September 30, 2026, compared with $4.7 billion at December 31, 2025. When evaluating credit losses, the

Previous wording

government or agency guarantees, and market conditions. At June 30, 2026, 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

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, 2026, 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

Deposits Total deposits were $532.1 billion at June 30, 2026, compared with $522.2 billion at December 31, 2025. The $9.9 billion (1.9 percent) increase in total deposits was driven by increases in savings account balances, interest checking balances and noninterest-bearing deposits, partially offset by decreases in time deposits and money market deposits. Savings account balances increased $10.0 billion (15.2 percent), driven by higher Consumer and Business Banking balances. Interest checking balances increased $3.8 billion (2.9 percent), primarily due to higher Wealth, Corporate, Commercial and Institutional Banking balances. Noninterest-bearing deposits increased $1.7 billion (2.0 percent) at June 30, 2026, compared with December 31, 2025, primarily driven by an increase in Wealth, Corporate, Commercial, and Institutional Banking balances. Money market deposit balances decreased $4.1 billion (2.2 percent), primarily due to lower Consumer and Business Banking balances. Time deposits decreased $1.5 billion (3.2 percent) at June 30, 2026, compared with December 31, 2025, driven by lower Consumer and Business Banking balances and lower Treasury and Corporate Support 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.

Current wording

Deposits Total deposits were $531.7 billion at September 30, 2026, compared with $522.2 billion at December 31, 2025. The $9.5 billion (1.8 percent) increase in total deposits was driven by an increase in savings account balances, partially offset by decreases in time deposits and money market deposits. Savings account balances increased $15.9 billion (24.1 percent), driven by higher Consumer and Business Banking balances. Time deposits decreased $4.0 billion (8.3 percent) at September 30, 2026, compared with December 31, 2025, driven by lower Consumer and Business 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 $2.7 billion (1.4 percent), primarily due to lower Consumer and Business Banking balances, partially offset by higher 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 $37.3 billion at June 30, 2026, compared with $17.2 billion at December 31, 2025. The $20.2 billion increase in short-term borrowings was primarily due to higher short-term Federal Home Loan Bank (“FHLB”) balances. Long-term debt was $58.7 billion at June 30, 2026, compared with $60.8 billion at December 31, 2025. The $2.1 billion (3.4 percent) decrease was primarily due to an $8.0 billion decrease in FHLB advances and $1.2 billion of subordinated note maturities, partially offset by $2.8 billion of medium-term note, $2.1 billion of bank note, $1.3 billion of subordinated note and $1.2 billion of credit-linked bank note issuances. 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 $21.0 billion at September 30, 2026, compared with $17.2 billion at December 31, 2025. The $3.9 billion (22.6 percent) increase in short-term borrowings was primarily due to higher short-term Federal Home Loan Bank (“FHLB”) balances, partially offset by lower repurchase agreement balances. Long-term debt was $52.0 billion at September 30, 2026, compared with $60.8 billion at December 31, 2025. The $8.8 billion (14.4 percent) decrease was primarily due to a $15.0 billion decrease in FHLB advances, $1.4 billion of medium-term note maturities and $1.2 billion of subordinated note maturities, partially offset by $5.1 billion of medium-term note, $2.3 billion of bank note, $1.6 billion of credit-linked bank note and $1.3 billion of subordinated note issuances. Refer to the “Liquidity Risk Management” section for discussion of liquidity management of the Company.

Previous wording

(d)Amortized cost excludes portfolio level basis adjustments of $3 million at June 30, 2026 and $185 million at December 31, 2025.

Current wording

(d)Amortized cost excludes portfolio level hedge basis adjustments of $(341) million at September 30, 2026 and $185 million at December 31, 2025.

Previous wording

•Strategic and reputation risk considerations, impacts and responses.

Current wording

•Strategic risk and stakeholder considerations, impacts and responses.