US BANCORP \DE\, 10-Q filed on 8/7/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 1-6880  
Entity Registrant Name US BANCORP \DE\  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 41-0255900  
Entity Address, Address Line One 800 Nicollet Mall  
Entity Address, City or Town Minneapolis  
Entity Address, State or Province MN  
Entity Address, Postal Zip Code 55402  
City Area Code 651  
Local Phone Number 466-3000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,556,189,453
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000036104  
Current Fiscal Year End Date --12-31  
Floating Rate Notes, Series CC (Senior), due May 21, 2028    
Document Information [Line Items]    
Title of 12(b) Security Floating Rate Notes, Series CC (Senior), due May 21, 2028  
Trading Symbol USB/28  
Security Exchange Name NYSE  
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032    
Document Information [Line Items]    
Title of 12(b) Security 4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032  
Trading Symbol USB/32  
Security Exchange Name NYSE  
Common Stock, $.01 par value per share    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, $.01 par value per share  
Trading Symbol USB  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrA  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrH  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrP  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrQ  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB Pr  
Security Exchange Name NYSE  
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)  
Trading Symbol USB PrS  
Security Exchange Name NYSE  
v3.25.2
Consolidated Balance Sheet - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and due from banks $ 57,807 $ 56,502
Investment securities    
Held-to-maturity (fair value $67,032 and $66,275, respectively; including $32 pledged as collateral at 6/30/25) [1] 77,879 78,634
Available-for-sale ($319 and $320 pledged as collateral, respectively) [1] 90,577 85,992
Loans held for sale (including $2,285 and $2,251 of mortgage loans carried at fair value, respectively) 2,288 2,573
Loans    
Total loans 380,243 379,832
Less allowance for loan losses (7,537) (7,583)
Net loans 372,706 372,249
Premises and equipment 3,625 3,565
Goodwill 12,637 12,536
Other intangible assets 5,285 5,547
Other assets (including $12,819 and $7,501 of trading securities at fair value pledged as collateral, respectively) [1] 63,566 60,720
Total assets 686,370 678,318
Deposits    
Noninterest-bearing 86,972 84,158
Interest-bearing (including $7,305 and $5,754 of time deposits carried at fair value, respectively) 431,745 434,151
Total deposits 518,717 518,309
Short-term borrowings 15,039 15,518
Long-term debt (including $1,152 and $391 of long-term debt carried at fair value, respectively) 64,013 58,002
Other liabilities 26,705 27,449
Total liabilities 624,474 619,278
Shareholders’ equity    
Preferred stock 6,808 6,808
Common stock, $.01 par value per share, authorized: 4,000,000,000 shares; issued: 6/30/25 and 12/31/24—2,125,725,742 shares 21 21
Capital surplus 8,706 8,715
Retained earnings 78,652 76,863
Less cost of common stock in treasury: 6/30/25—567,509,986 shares; 12/31/24—565,929,654 shares (24,140) (24,065)
Accumulated other comprehensive income (loss) (8,609) (9,764)
Total U.S. Bancorp shareholders’ equity 61,438 58,578
Noncontrolling interests 458 462
Total equity 61,896 59,040
Total liabilities and equity 686,370 678,318
Commercial | Commercial    
Loans    
Total loans 147,416 139,484
Commercial | Commercial real estate    
Loans    
Total loans 48,181 48,859
Consumer | Residential mortgages    
Loans    
Total loans 114,475 118,813
Consumer | Credit card    
Loans    
Total loans 30,023 30,350
Consumer | Other retail    
Loans    
Total loans $ 40,148 $ 42,326
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Held-to-maturity, fair value $ 67,032 $ 66,275
Available-for-sale securities [1] 90,577 85,992
Loans held-for-sale, mortgage loans carried at fair value 2,285 2,251
Time deposits carried at fair value 7,305 5,754
Long-term debt, fair value $ 1,152 $ 391
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 4,000,000,000 4,000,000,000
Common stock, issued (in shares) 2,125,725,742 2,125,725,742
Common stock in treasury (in shares) 567,509,986 565,929,654
Fair Value, Measurements, Recurring    
Available-for-sale securities $ 90,577 $ 85,992
Loans held-for-sale, mortgage loans carried at fair value 2,285 2,251
Time deposits carried at fair value 7,305 5,754
Long-term debt, fair value 1,152 391
Level 2 | Fair Value, Measurements, Recurring    
Available-for-sale securities 67,100 62,101
Loans held-for-sale, mortgage loans carried at fair value 2,285 2,251
Time deposits carried at fair value 7,305 5,754
Long-term debt, fair value 1,152 391
Asset Pledged as Collateral with Right    
Held-to-maturity, fair value 32  
Available-for-sale securities 319 320
Trading securities at fair value $ 12,819 $ 7,501
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Consolidated Statement of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest Income        
Loans $ 5,548 $ 5,761 $ 11,081 $ 11,473
Loans held for sale 59 41 87 78
Investment securities 1,355 1,294 2,663 2,469
Other interest income 642 889 1,289 1,729
Total interest income 7,604 7,985 15,120 15,749
Interest Expense        
Deposits 2,541 3,028 5,052 5,912
Short-term borrowings 291 296 540 566
Long-term debt 721 638 1,385 1,263
Total interest expense 3,553 3,962 6,977 7,741
Net interest income 4,051 4,023 8,143 8,008
Provision for credit losses 501 568 1,038 1,121
Net interest income after provision for credit losses 3,550 3,455 7,105 6,887
Noninterest Income        
Card revenue 442 428 840 820
Corporate payment products revenue 192 195 381 379
Merchant processing services 474 454 889 855
Trust and investment management fees 703 649 1,383 1,290
Service charges 336 322 651 637
Capital markets revenue 390 374 772 762
Mortgage banking revenue 162 190 335 356
Investment products fees 90 82 177 159
Securities gains (losses), net (57) (36) (57) (34)
Other 192 157 389 291
Total noninterest income 2,924 2,815 5,760 5,515
Noninterest Expense        
Compensation and employee benefits 2,600 2,619 5,237 5,310
Net occupancy and equipment 301 316 607 612
Professional services 109 116 207 226
Marketing and business development 161 158 343 294
Technology and communications 534 509 1,067 1,016
Other intangibles 124 142 247 288
Merger and integration charges 0 0 0 155
Other 352 354 705 772
Total noninterest expense 4,181 4,214 8,413 8,673
Income before income taxes 2,293 2,056 4,452 3,729
Applicable income taxes 472 445 915 792
Net income 1,821 1,611 3,537 2,937
Net (income) loss attributable to noncontrolling interests (6) (8) (13) (15)
Net income attributable to U.S. Bancorp 1,815 1,603 3,524 2,922
Net income applicable to U.S. Bancorp common shareholders, basic 1,733 1,518 3,336 2,727
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,733 $ 1,518 $ 3,336 $ 2,727
Earnings per common share (in dollars per share) $ 1.11 $ 0.97 $ 2.14 $ 1.75
Diluted earnings per common share (in dollars per share) $ 1.11 $ 0.97 $ 2.14 $ 1.75
Average common shares outstanding (in shares) 1,559 1,560 1,559 1,560
Average diluted common shares outstanding (in shares) 1,559 1,561 1,560 1,560
v3.25.2
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 1,821 $ 1,611 $ 3,537 $ 2,937
Other Comprehensive Income (Loss)        
Changes in unrealized gains (losses) on investment securities available-for-sale 198 (78) 706 (249)
Changes in unrealized gains (losses) on derivative hedges 157 (109) 441 (452)
Changes in debit valuation adjustments (5) 0 (3) 0
Foreign currency translation (8) (2) (4) 4
Reclassification to earnings of realized (gains) losses 244 247 414 408
Income taxes related to other comprehensive income (loss) (153) (13) (399) 77
Total other comprehensive income (loss) 433 45 1,155 (212)
Comprehensive income (loss) 2,254 1,656 4,692 2,725
Comprehensive (income) loss attributable to noncontrolling interests (6) (8) (13) (15)
Comprehensive income (loss) attributable to U.S. Bancorp $ 2,248 $ 1,648 $ 4,679 $ 2,710
v3.25.2
Consolidated Statement of Shareholders' Equity - USD ($)
shares in Millions, $ in Millions
Total
Total U.S. Bancorp Shareholders’ Equity
Common Stock
Preferred Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Beginning Balance (in shares) at Dec. 31, 2023     1,558            
Beginning Balance at Dec. 31, 2023 $ 55,771 $ 55,306 $ 21 $ 6,808 $ 8,673 $ 74,026 $ (24,126) $ (10,096) $ 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 2,937 2,922       2,922     15
Other comprehensive income (loss) (212) (212)           (212)  
Preferred stock dividends [1] (177) (177)       (177)      
Common stock dividends (1,540) (1,540)       (1,540)      
Issuance of common and treasury stock (in shares)     3            
Issuance of common and treasury stock 14 14     (142)   156    
Purchase of treasury stock (in shares)     (1)            
Purchase of treasury stock (50) (50)         (50)    
Distributions to noncontrolling interests (15)               (15)
Stock option and restricted stock grants 157 157     157        
Ending Balance (in shares) at Jun. 30, 2024     1,560            
Ending Balance at Jun. 30, 2024 56,885 56,420 $ 21 6,808 8,688 75,231 (24,020) (10,308) 465
Beginning Balance (in shares) at Mar. 31, 2024     1,560            
Beginning Balance at Mar. 31, 2024 56,033 55,568 $ 21 6,808 8,642 74,473 (24,023) (10,353) 465
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 1,611 1,603       1,603     8
Other comprehensive income (loss) 45 45           45  
Preferred stock dividends [2] (75) (75)       (75)      
Common stock dividends (770) (770)       (770)      
Issuance of common and treasury stock 1 1     (3)   4    
Purchase of treasury stock (1) (1)         (1)    
Distributions to noncontrolling interests (8)               (8)
Stock option and restricted stock grants 49 49     49        
Ending Balance (in shares) at Jun. 30, 2024     1,560            
Ending Balance at Jun. 30, 2024 56,885 56,420 $ 21 6,808 8,688 75,231 (24,020) (10,308) 465
Beginning Balance (in shares) at Dec. 31, 2024     1,560            
Beginning Balance at Dec. 31, 2024 59,040 58,578 $ 21 6,808 8,715 76,863 (24,065) (9,764) 462
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 3,537 3,524       3,524     13
Other comprehensive income (loss) 1,155 1,155           1,155  
Preferred stock dividends [3] (165) (165)       (165)      
Common stock dividends (1,570) (1,570)       (1,570)      
Issuance of common and treasury stock (in shares)     4            
Issuance of common and treasury stock 23 23     (168)   191    
Purchase of treasury stock (in shares)     (6)            
Purchase of treasury stock (266) (266)         (266)    
Distributions to noncontrolling interests (13)               (13)
Net other changes in noncontrolling interests (4)               (4)
Stock option and restricted stock grants 159 159     159        
Ending Balance (in shares) at Jun. 30, 2025     1,558            
Ending Balance at Jun. 30, 2025 61,896 61,438 $ 21 6,808 8,706 78,652 (24,140) (8,609) 458
Beginning Balance (in shares) at Mar. 31, 2025     1,560            
Beginning Balance at Mar. 31, 2025 60,558 60,096 $ 21 6,808 8,678 77,691 (24,060) (9,042) 462
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) 1,821 1,815       1,815     6
Other comprehensive income (loss) 433 433           433  
Preferred stock dividends [4] (70) (70)       (70)      
Common stock dividends (784) (784)       (784)      
Issuance of common and treasury stock 7 7     (19)   26    
Purchase of treasury stock (in shares)     (2)            
Purchase of treasury stock (106) (106)         (106)    
Distributions to noncontrolling interests (6)               (6)
Net other changes in noncontrolling interests (4)               (4)
Stock option and restricted stock grants 47 47     47        
Ending Balance (in shares) at Jun. 30, 2025     1,558            
Ending Balance at Jun. 30, 2025 $ 61,896 $ 61,438 $ 21 $ 6,808 $ 8,706 $ 78,652 $ (24,140) $ (8,609) $ 458
[1] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $3,338.125, $781.448, $662.50, $687.50, $468.75, $500.00, $462.50 and $562.50, respectively.(d)Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, S
[2] Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,670.904, $391.184, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
[3] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $2,795.708, $646.135, $662.50, $687.50, $468.75, $500.00, $462.50 and $562.50, respectively.
[4] Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,399.810, $323.411, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
v3.25.2
Consolidated Statement of Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Common stock dividends (in dollars per share) $ 0.50 $ 0.49 $ 1.00 $ 0.98
Series A        
Preferred stock dividends declared (in dollars per share) 1,399.81 1,670.904 2,795.708 3,338.125
Series B        
Preferred stock dividends declared (in dollars per share) 323.411 391.184 646.135 781.448
Series J        
Preferred stock dividends declared (in dollars per share)     662.50 662.50
Series K        
Preferred stock dividends declared (in dollars per share) 343.75 343.75 687.50 687.50
Series L        
Preferred stock dividends declared (in dollars per share) 234.375 234.375 468.75 468.75
Series M        
Preferred stock dividends declared (in dollars per share) 250.00 250.00 500.00 500.00
Series N        
Preferred stock dividends declared (in dollars per share) 231.25 231.25 462.50 462.50
Series O        
Preferred stock dividends declared (in dollars per share) $ 281.25 $ 281.25 $ 562.50 $ 562.50
v3.25.2
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income attributable to U.S. Bancorp $ 3,524 $ 2,922
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 1,038 1,121
Depreciation and amortization of premises and equipment 185 182
Amortization of intangibles 247 288
(Gain) loss on sales of loans held for sale (108) (71)
(Gain) loss on sales of securities and other assets 15 15
Loans originated for sale, net of repayments (9,847) (10,725)
Proceeds from sales of loans held for sale 9,839 10,069
Other, net (3,147) 1,734
Net cash provided by operating activities 1,746 5,535
Investing Activities    
Proceeds from sales of available-for-sale investment securities 3,525 648
Proceeds from maturities of held-to-maturity investment securities 3,652 2,973
Proceeds from maturities of available-for-sale investment securities 2,860 2,949
Purchases of held-to-maturity investment securities (2,620) (156)
Purchases of available-for-sale investment securities (9,478) (14,085)
Net increase in loans outstanding (7,168) (3,063)
Proceeds from sales of loans 6,518 248
Purchases of loans (696) (567)
Net decrease (increase) in securities purchased under agreements to resell 922 (1,842)
Other, net (1,433) (386)
Net cash used in investing activities (3,918) (13,281)
Financing Activities    
Net increase in deposits 409 11,473
Net (decrease) increase in short-term borrowings (479) 1,278
Proceeds from issuance of long-term debt 9,327 4,947
Principal payments or redemption of long-term debt (3,750) (3,552)
Proceeds from issuance of common stock 22 14
Repurchase of common stock (266) (50)
Cash dividends paid on preferred stock (168) (178)
Cash dividends paid on common stock (1,571) (1,539)
Other, net (47) (7)
Net cash provided by financing activities 3,477 12,386
Change in cash and due from banks 1,305 4,640
Cash and due from banks at beginning of period 56,502 61,192
Cash and due from banks at end of period $ 57,807 $ 65,832
v3.25.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
 NOTE 1Basis of Presentation
The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Certain amounts in prior periods have been reclassified to conform to the current period presentation.
v3.25.2
Accounting Changes
 6 Months Ended
Jun. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes
NOTE 2Accounting Changes
Income Taxes - Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2024, related to income tax disclosures. This guidance requires additional information in income tax rate reconciliation disclosures and additional disclosures about income taxes paid. The guidance is required, at a minimum, to be adopted on a prospective basis, with an option to apply it retrospectively. The Company expects the adoption of this guidance will not be material to its financial statements.
v3.25.2
Investment Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
 NOTE 3  Investment Securities
The Company’s held-to-maturity investment securities are carried at historical cost, adjusted for amortization of premiums and accretion of discounts. The Company’s available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 June 30, 2025December 31, 2024
(Dollars in Millions)Amortized
Cost 		Unrealized
Gains		Unrealized
Losses 		Fair ValueAmortized
Cost		Unrealized
Gains		Unrealized
Losses 		Fair Value
Held-to-Maturity
U.S. Treasury and agencies$647 $— $(9)$638 $1,296 $— $(21)$1,275 
Mortgage-backed securities
Residential agency75,272 32 (10,887)64,417 75,392 3 (12,317)63,078 
Commercial agency1,700 16 (3)1,713 1,702 — (27)1,675 
Other260 4 — 264 244 3 — 247 
Total held-to-maturity$77,879 $52 $(10,899)$67,032 $78,634 $6 $(12,365)$66,275 
Available-for-Sale
U.S. Treasury and agencies$29,790 $9 $(1,682)$28,117 $30,467 $1 $(2,081)$28,387 
Mortgage-backed securities
Residential agency39,763 110 (1,740)38,133 35,558 13 (2,290)33,281 
Commercial
Agency8,633 — (1,018)7,615 8,673 — (1,322)7,351 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities7,167 18 (2)7,183 7,136 30 (1)7,165 
Obligations of state and political subdivisions10,631 9 (1,431)9,209 10,690 13 (1,151)9,552 
Other310 3 — 313 249 1 — 250 
Total available-for-sale, excluding portfolio level basis adjustments96,301 149 (5,873)90,577 92,780 58 (6,846)85,992 
Portfolio level basis adjustments(a)
314 — (314)— 13 — (13)— 
Total available-for-sale$96,615 $149 $(6,187)$90,577 $92,793 $58 $(6,859)$85,992 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 12.
Investment securities with a fair value of $18.2 billion at June 30, 2025, and $18.8 billion at December 31, 2024, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities securing these types of arrangements had a fair value of $351 million at June 30, 2025, and $320 million at December 31, 2024.
The following table provides information about the amount of interest income from taxable and non-taxable investment securities:
Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Taxable$1,281 $1,218 $2,515 $2,317 
Non-taxable74 76 148 152 
Total interest income from investment securities$1,355 $1,294 $2,663 $2,469 
The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:
Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Realized gains$1 $— $8 $3 
Realized losses(58)(36)(65)(37)
Net realized gains (losses)$(57)$(36)$(57)$(34)
Income tax (benefit) on net realized gains (losses)$(14)$(9)$(14)$(8)
The Company conducts a regular assessment of its available-for-sale investment securities with unrealized losses to determine whether all or some portion of a security’s unrealized loss is related to credit and an allowance for credit losses is necessary. If the Company intends to sell or it is more likely than not the Company will be required to sell an investment security, the amortized cost of the security is written down to fair value. 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 underlying collateral, the existence of any government or agency guarantees, and market conditions. The Company measures the allowance for credit losses using market information where available and discounting the cash flows at the original effective rate of the investment security. The allowance for credit losses is adjusted each period through earnings and can be subsequently recovered. The allowance for credit losses on the Company’s available-for-sale investment securities was immaterial at June 30, 2025 and December 31, 2024.
At June 30, 2025, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses excluding portfolio level basis adjustments and fair value of the Company’s available-for-sale investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2025:
Less Than 12 Months 12 Months or Greater Total
(Dollars in Millions)Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
U.S. Treasury and agencies$5,810 $(12)$21,142 $(1,670)$26,952 $(1,682)
Mortgage-backed securities
Residential agency11,136 (127)13,786 (1,613)24,922 (1,740)
Commercial
     Agency— — 7,615 (1,018)7,615 (1,018)
Non-agency— — 7 — 7 — 
Asset-backed securities1,607 (2)— — 1,607 (2)
Obligations of state and political subdivisions1,193 (31)7,615 (1,400)8,808 (1,431)
Total investment securities$19,746 $(172)$50,165 $(5,701)$69,911 $(5,873)
These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase of these available-for-sale investment securities. U.S. Treasury and agencies securities and agency mortgage-backed securities are issued, guaranteed or otherwise supported by the United States government. The Company’s obligations of state and political subdivisions are generally high grade. Accordingly, the Company does not consider these unrealized losses to be credit-related and an allowance for credit losses is not necessary. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At June 30, 2025, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost.
During the three and six months ended June 30, 2025 and 2024, the Company did not purchase any investment securities that had more-than-insignificant credit deterioration.
Predominately all of the Company’s held-to-maturity investment securities are U.S. Treasury and agencies securities and highly rated agency mortgage-backed securities that are guaranteed or otherwise supported by the United States government and have no history of credit losses. Accordingly the Company does not expect to incur any credit losses on held-to-maturity investment securities and has no allowance for credit losses recorded for these securities.
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at June 30, 2025:
(Dollars in Millions)
Amortized
Cost
Fair Value
Weighted- Average
Maturity in Years
Weighted-Average Yield(e)
Held-to-Maturity
U.S. Treasury and agencies
Maturing in one year or less$— $— — — %
Maturing after one year through five years647 638 1.83.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$647 $638 1.83.00 %
Mortgage-backed securities(a)
Maturing in one year or less$212 $213 0.74.74 %
Maturing after one year through five years1,935 1,953 3.54.48 
Maturing after five years through ten years74,818 63,957 8.52.22 
Maturing after ten years7 7 18.81.81 
Total$76,972 $66,130 8.42.29 %
Other
Maturing in one year or less$— $— — — %
Maturing after one year through five years260 264 1.92.68 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$260 $264 1.92.68 %
Total held-to-maturity(b)
$77,879 $67,032 8.32.30 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$11 $11 0.14.43 %
Maturing after one year through five years14,071 13,556 2.92.38 
Maturing after five years through ten years15,317 14,252 6.12.86 
Maturing after ten years391 298 10.31.82 
Total$29,790 $28,117 4.62.62 %
Mortgage-backed securities(a)
Maturing in one year or less$267 $261 0.91.94 %
Maturing after one year through five years7,082 6,593 4.42.37 
Maturing after five years through ten years40,787 38,648 7.34.24 
Maturing after ten years267 253 11.15.36 
Total$48,403 $45,755 6.83.96 %
Asset-backed securities(a)
Maturing in one year or less$10 $10 0.37.02 %
Maturing after one year through five years2,841 2,851 1.74.84 
Maturing after five years through ten years4,316 4,322 5.65.66 
Maturing after ten years— — — — 
Total$7,167 $7,183 4.15.34 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$148 $148 0.34.61 %
Maturing after one year through five years806 802 2.54.75 
Maturing after five years through ten years1,112 1,042 7.73.48 
Maturing after ten years8,565 7,217 14.53.13 
Total$10,631 $9,209 12.73.31 %
Other
Maturing in one year or less$124 $125 0.54.95 %
Maturing after one year through five years186 188 2.34.57 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$310 $313 1.64.72 %
Total available-for-sale(b)(f)
$96,301 $90,577 6.63.58 %
(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)The weighted-average maturity of total held-to-maturity investment securities was 8.7 years at December 31, 2024, with a corresponding weighted-average yield of 2.20 percent. The weighted-average maturity of total available-for-sale investment securities was 6.8 years at December 31, 2024, with a corresponding weighted-average yield of 3.67 percent.
(c)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(d)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.
(f)Amortized cost excludes portfolio level basis adjustments of $314 million.
v3.25.2
Loans and Allowance for Credit Losses
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Loans and Allowance for Credit Losses
NOTE 4Loans and Allowance for Credit Losses
The composition of the loan portfolio, by class and underlying specific portfolio type, was as follows:
June 30, 2025December 31, 2024
(Dollars in Millions)AmountPercent of Total AmountPercent of Total
Commercial
Commercial$143,135 37.7 %$135,254 35.6 %
Lease financing4,281 1.1 4,230 1.1 
Total commercial147,416 38.8 139,484 36.7 
Commercial Real Estate
Commercial mortgages38,144 10.0 38,619 10.2 
Construction and development10,037 2.7 10,240 2.7 
Total commercial real estate48,181 12.7 48,859 12.9 
Residential Mortgages
Residential mortgages108,913 28.6 112,806 29.7 
Home equity loans, first liens5,562 1.5 6,007 1.6 
Total residential mortgages114,475 30.1 118,813 31.3 
Credit Card30,023 7.9 30,350 8.0 
Other Retail
Retail leasing3,816 1.0 4,040 1.0 
Home equity and second mortgages13,761 3.6 13,565 3.6 
Revolving credit4,062 1.1 3,747 1.0 
Installment14,220 3.7 14,373 3.8 
Automobile4,289 1.1 6,601 1.7 
Total other retail40,148 10.5 42,326 11.1 
Total loans$380,243 100.0 %$379,832 100.0 %
The Company had loans of $128.8 billion at June 30, 2025, and $127.6 billion at December 31, 2024, pledged at the FHLB, and loans of $90.3 billion at June 30, 2025, and $85.1 billion at December 31, 2024, pledged at the Federal Reserve Bank.
Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Purchased loans are recorded at fair value at the date of purchase. Net unearned interest and deferred fees and costs on originated loans and unamortized premiums and discounts on purchased loans amounted to $2.1 billion and $2.5 billion at June 30, 2025 and December 31, 2024, respectively. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered purchased credit deteriorated loans. All other purchased loans are considered non-purchased credit deteriorated loans.
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis.
Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, both better and worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions.
The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real
estate prices, gross domestic product levels, inflation, interest rates and corporate bonds spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term losses on lease residuals, and the remaining term of the loan, adjusted for expected prepayments. For each loan portfolio, including those loans modified under various loan modification programs, model estimates are adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices, economic conditions or other factors that would affect the accuracy of the model. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously charged-off or expected recoveries on collateral dependent loans where recovery is expected through sale of the collateral at fair value less selling costs. Where loans do not exhibit similar risk characteristics, an individual analysis is performed to consider expected credit losses. 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. For smaller commercial loans collectively evaluated for impairment, historical loss experience is also incorporated into the allowance methodology applied to this category of loans.
The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to, the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio.
The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, investment securities and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.
The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio.
Activity in the allowance for credit losses by portfolio class was as follows:
Three Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2025
Balance at beginning of period$2,212 $1,432 $789 $2,644 $838 $7,915 
Add
Provision for credit losses155 9 (33)338 32 501 
Deduct
Loans charged-off155 74 4 373 77 683 
Less recoveries of loans charged-off(27)(17)(5)(56)(24)(129)
Net loan charge-offs (recoveries)128 57 (1)317 53 554 
Balance at end of period$2,239 $1,384 $757 $2,665 $817 $7,862 
2024
Balance at beginning of period$2,159 $1,629 $843 $2,425 $848 $7,904 
Add
Provision for credit losses164 3 (11)388 24 568 
Deduct
Loans charged-off180 38 3 358 73 652 
Less recoveries of loans charged-off(37)(2)(7)(43)(25)(114)
Net loan charge-offs (recoveries)143 36 (4)315 48 538 
Balance at end of period$2,180 $1,596 $836 $2,498 $824 $7,934 
Six Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2025
Balance at beginning of period$2,175 $1,508 $783 $2,640 $819 $7,925 
Add
Provision for credit losses355 (71)(27)667 114 1,038 
Deduct
Loans charged-off342 99 8 759 165 1,373 
Less recoveries of loans charged-off(51)(46)(9)(117)(49)(272)
Net loan charge-offs (recoveries)291 53 (1)642 116 1,101 
Balance at end of period$2,239 $1,384 $757 $2,665 $817 $7,862 
2024
Balance at beginning of period$2,119 $1,620 $827 $2,403 $870 $7,839 
Add
Provision for credit losses320 33 5 706 57 1,121 
Deduct
Loans charged-off319 72 7 695 154 1,247 
Less recoveries of loans charged-off(60)(15)(11)(84)(51)(221)
Net loan charge-offs (recoveries)259 57 (4)611 103 1,026 
Balance at end of period$2,180 $1,596 $836 $2,498 $824 $7,934 
The decrease in the allowance for credit losses at June 30, 2025, compared with December 31, 2024, was primarily driven by the impact of loan portfolio sales during the second quarter of 2025, along with improved credit quality and portfolio mix.
The following table provides a summary of loans charged-off by portfolio class and year of origination:
Three Months Ended June 30
(Dollars in Millions)		CommercialCommercial
Real Estate		Residential Mortgages
Credit Card(a)
Other RetailTotal Loans
2025
Originated in 2025$10 $— $— $— $— $10 
Originated in 202427 25 — — 12 64 
Originated in 20239 7 — — 14 30 
Originated in 20227 35 1 — 11 54 
Originated in 20215 — 1 — 10 16 
Originated prior to 202116 1 2 — 8 27 
Revolving81 6 — 373 22 482 
Total charge-offs$155 $74 $4 $373 $77 $683 
2024
Originated in 2024$3 $36 $— $— $— $39 
Originated in 202326 2 — — 11 39 
Originated in 202266 — 1 — 14 81 
Originated in 20217 — — — 10 17 
Originated in 20202 — — — 5 7 
Originated prior to 202011 — 2 — 8 21 
Revolving65 — — 358 25 448 
Total charge-offs$180 $38 $3 $358 $73 $652 
Six Months Ended June 30
(Dollars in Millions)		CommercialCommercial Real EstateResidential Mortgages
Credit Card(a)
Other RetailTotal Loans
2025
Originated in 2025$20 $— $— $— $— $20 
Originated in 202458 31 — — 23 112 
Originated in 202338 21 — — 29 88 
Originated in 202239 39 1 — 24 103 
Originated in 20219 1 1 — 25 36 
Originated prior to 202125 1 6 — 17 49 
Revolving153 6 — 759 47 965 
Total charge-offs$342 $99 $8 $759 $165 $1,373 
2024
Originated in 2024$3 $41 $— $— $2 $46 
Originated in 202352 6 — — 21 79 
Originated in 202284 24 1 — 28 137 
Originated in 202115 — — — 21 36 
Originated in 20206 — — — 13 19 
Originated prior to 202021 1 6 — 19 47 
Revolving138 — — 695 50 883 
Total charge-offs$319 $72 $7 $695 $154 $1,247 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominantly all current year and near term loan origination years for gross charge-offs relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Predominantly all credit card loans are considered revolving loans. Includes an immaterial amount of charge-offs related to revolving converted to term loans.
Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.
For all loan portfolio classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period.
Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully charged down if unsecured by collateral or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual.
Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due. Residential mortgage loans and lines in a first lien position are placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Residential mortgage loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when they are behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged-off. Credit cards are charged-off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due, and revolving consumer lines are charged-off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.
For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.
The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:
Accruing
(Dollars in Millions)Current
30-89 Days
Past Due
90 Days or
More Past Due
Nonperforming(b)
Total
June 30, 2025
Commercial$146,424 $325 $92 $575 $147,416 
Commercial real estate47,172 113 133 763 48,181 
Residential mortgages(a)
113,841 171 318 145 114,475 
Credit card29,280 371 372 — 30,023 
Other retail39,770 173 51 154 40,148 
Total loans$376,487 $1,153 $966 $1,637 $380,243 
December 31, 2024
Commercial$138,362 $356 $96 $670 $139,484 
Commercial real estate47,948 78 9 824 48,859 
Residential mortgages(a)
118,267 188 206 152 118,813 
Credit card29,487 428 435 — 30,350 
Other retail41,886 229 64 147 42,326 
Total loans$375,950 $1,279 $810 $1,793 $379,832 
(a)At June 30, 2025, $558 million of loans 30–89 days past due and $2.2 billion of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $660 million and $2.3 billion at December 31, 2024, respectively.
(b)Substantially all nonperforming loans at June 30, 2025 and December 31, 2024, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $6 million and $6 million for the three months ended June 30, 2025 and 2024, respectively, and $10 million and $11 million for the six months ended June 30, 2025 and 2024, respectively
The amount of foreclosed residential real estate held by the Company, and included in OREO, was $21 million at both June 30, 2025 and December 31, 2024. These amounts excluded $55 million and $46 million at June 30, 2025 and December 31, 2024, respectively, of foreclosed residential real estate related to mortgage loans whose payments are primarily insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs. In addition, the amount of residential mortgage loans secured by residential real estate in the process of foreclosure at June 30, 2025 and December 31, 2024, was $553 million and $576 million, respectively, of which $340 million and $354 million, respectively, related to loans purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs.
The Company classifies its loan portfolio classes using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.
The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:
June 30, 2025December 31, 2024
CriticizedCriticized
(Dollars in Millions)Pass
Special
Mention
Classified(a)
Total
Criticized
TotalPass
Special
Mention
Classified(a)
Total
Criticized
Total
Commercial
Originated in 2025$36,672 $252 $290 $542 $37,214 $— $— $— $— $— 
Originated in 202441,949 311 868 1,179 43,128 57,578 503 1,034 1,537 59,115 
Originated in 202311,973 128 455 583 12,556 19,128 173 564 737 19,865 
Originated in 202214,692 39 426 465 15,157 19,718 231 370 601 20,319 
Originated in 20213,710 5 34 39 3,749 4,677 60 92 152 4,829 
Originated prior to 20214,963 119 200 319 5,282 6,812 76 143 219 7,031 
Revolving(b)
29,454 413 463 876 30,330 27,344 169 812 981 28,325 
Total commercial143,413 1,267 2,736 4,003 147,416 135,257 1,212 3,015 4,227 139,484 
Commercial real estate
Originated in 20256,934 191 580 771 7,705 — — — — — 
Originated in 20247,722 121 907 1,028 8,750 9,652 261 1,772 2,033 11,685 
Originated in 20234,470 65 641 706 5,176 5,213 42 760 802 6,015 
Originated in 20227,465 313 880 1,193 8,658 9,047 661 913 1,574 10,621 
Originated in 20215,388 62 166 228 5,616 6,515 100 196 296 6,811 
Originated prior to 20219,461 250 585 835 10,296 10,822 148 608 756 11,578 
Revolving1,931 6 38 44 1,975 2,078 — 68 68 2,146 
Revolving converted to term5 — — — 5 3 — — — 3 
Total commercial real estate43,376 1,008 3,797 4,805 48,181 43,330 1,212 4,317 5,529 48,859 
Residential mortgages(c)
Originated in 20255,085 — — — 5,085 — — — — — 
Originated in 20249,200 — 8 8 9,208 10,291 — — — 10,291 
Originated in 20238,342 — 22 22 8,364 8,764 — 11 11 8,775 
Originated in 202225,243 — 62 62 25,305 28,484 — 43 43 28,527 
Originated in 202131,776 — 68 68 31,844 34,694 — 35 35 34,729 
Originated prior to 202134,359 — 310 310 34,669 36,211 — 280 280 36,491 
Total residential mortgages114,005 — 470 470 114,475 118,444 — 369 369 118,813 
Credit card(d)
29,651 — 372 372 30,023 29,915 — 435 435 30,350 
Other retail
Originated in 20253,050 — 1 1 3,051 — — — — — 
Originated in 20245,769 — 8 8 5,777 7,398 — 3 3 7,401 
Originated in 20233,273 — 10 10 3,283 3,966 — 9 9 3,975 
Originated in 20223,283 — 11 11 3,294 4,085 — 11 11 4,096 
Originated in 20215,018 — 10 10 5,028 6,537 — 14 14 6,551 
Originated prior to 20214,624 — 19 19 4,643 5,543 — 21 21 5,564 
Revolving14,151 — 114 114 14,265 13,846 — 120 120 13,966 
Revolving converted to term767 — 40 40 807 731 — 42 42 773 
Total other retail39,935 — 213 213 40,148 42,106 — 220 220 42,326 
Total loans$370,380 $2,275 $7,588 $9,863 $380,243 $369,052 $2,424 $8,356 $10,780 $379,832 
Total outstanding commitments$789,563 $3,118 $9,644 $12,762 $802,325 $778,155 $3,875 $10,441 $14,316 $792,471 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominately all current year and nearer term loan origination years for criticized loans relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Classified rating on consumer loans primarily based on delinquency status.
(b)Includes an immaterial amount of revolving converted to term loans.
(c)At June 30, 2025, $2.2 billion of GNMA loans 90 days or more past due and $1.4 billion of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.3 billion and $1.4 billion at December 31, 2024, respectively.
(d)Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans.
Loan Modifications In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The Company recognizes interest on modified loans if full collection of contractual principal and interest is expected. The effects of modifications on credit loss expectations, such as improved payment capacity, longer expected lives and other factors, are considered when measuring the allowance for credit losses. Modification performance, including redefault rates and how these compare to historical losses, are also considered. Modifications generally do not result in significant changes to the Company’s allowance for credit losses.
The following table provides a summary of period-end balances of loans modified during the periods presented, by portfolio class and modification granted:
Three Months Ended June 30
(Dollars in Millions)
Interest Rate
Reduction
Payment
Delay
Term
Extension
Multiple Modifications(a)
Total
Modifications
Percent of
Class Total
2025
Commercial$24 $— $158 $69 $251 .2 %
Commercial real estate— — 283 — 283 .6 
Residential mortgages(b)
— 77 3 12 92 .1 
Credit card123 — — — 123 .4 
Other retail2 4 25 3 34 .1 
Total loans, excluding loans purchased from GNMA mortgage pools149 81 469 84 783 .2 
Loans purchased from GNMA mortgage pools(b)
— 375138172685.6 
Total loans$149 $456 $607 $256 $1,468 .4 %
2024
Commercial$23 $— $253 $— $276 .2 %
Commercial real estate78 — 391 7 476 .9 
Residential mortgages(b)
— 9 7 6 22 — 
Credit card116 — — — 116 .4 
Other retail2 — 33 1 36 .1 
Total loans, excluding loans purchased from GNMA mortgage pools219 9 684 14 926 .2 
Loans purchased from GNMA mortgage pools(b)
— 474 109 122 705 .6 
Total loans$219 $483 $793 $136 $1,631 .4 %
Six Months Ended June 30
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
2025
Commercial$46 $2 $260 $87 $395 .3 %
Commercial real estate— — 451 2 453 .9 
Residential mortgages(b)
— 293 5 17 315 .3 
Credit card241 3 — — 244 .8 
Other retail4 5 50 7 66 .2 
Total loans, excluding loans purchased from GNMA mortgage pools291 303 766 113 1,473 .4 
Loans purchased from GNMA mortgage pools(b)
— 696 233 284 1,213 1.1 
Total loans$291 $999 $999 $397 $2,686 .7 %
2024
Commercial$44 $— $452 $— $496 .4 %
Commercial real estate78 — 629 7 714 1.4 
Residential mortgages(b)
— 28 12 9 49 — 
Credit card228 — — — 228 .8 
Other retail4 1 69 1 75 .2 
Total loans, excluding loans purchased from GNMA mortgage pools354 29 1,162 17 1,562 .4 
Loans purchased from GNMA mortgage pools(b)
1 908 173 204 1,286 1.1 
Total loans$355 $937 $1,335 $221 $2,848 .8 %
(a)Includes $97 million of total loans receiving a payment delay and term extension, $134 million of total loans receiving an interest rate reduction and term extension and $25 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended June 30, 2025, compared with $111 million, $17 million and $8 million for the three months ended June 30, 2024, respectively. Includes $166 million of total loans receiving a payment delay and term extension, $191 million of total loans receiving an interest rate reduction and term extension and $40 million of total loans receiving an interest rate reduction, payment delay and term extension for the six months ended June 30, 2025, compared with $189 million, $20 million and $12 million for the six months ended June 30, 2024, respectively.
(b)Percent of class total amounts expressed as a percent of total residential mortgage loan balances.
Loan modifications included in the table above exclude trial period arrangements offered to customers and secured loans to consumer borrowers that have had debt discharged through bankruptcy where the borrower has not reaffirmed the debt during the periods presented. At June 30, 2025 the balance of loans modified in trial period arrangements was $173 million, while the balance of secured loans to consumer borrowers that have had debt discharged through bankruptcy was not material.
The following table summarizes the effects of loan modifications made to borrowers on loans modified:
Three Months Ended June 30
Weighted-Average
Interest Rate
Reduction
Weighted-Average
Months of Term
Extension
2025
Commercial(a)
5.4 %14
Commercial real estate— 4
Residential mortgages1.3 95
Credit card16.0 —
Other retail4.6 12
Loans purchased from GNMA mortgage pools.4 100
2024
Commercial(a)
20.6 %5
Commercial real estate2.2 8
Residential mortgages.5 86
Credit card16.3 —
Other retail7.6 5
Loans purchased from GNMA mortgage pools.5 119
Six Months Ended June 30Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
2025
Commercial(a)
7.7 %12
Commercial real estate2.1 5
Residential mortgages1.4 94
Credit card16.1 —
Other retail5.0 19
Loans purchased from GNMA mortgage pools.4 99
2024
Commercial(a)
20.0 %7
Commercial real estate2.2 9
Residential mortgages.7 85
Credit card16.3 —
Other retail8.4 4
Loans purchased from GNMA mortgage pools.5 116
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the three and six months ended June 30, 2025 and 2024. Forbearance payments are required to be paid at the end of the original term loan.
(a)The weighted-average interest rate reduction was primarily driven by commercial cards.
For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may provide an interest rate reduction.
Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments. These modifications may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In some instances, participation in residential mortgage loan modification programs requires the customer to complete a short-term trial period. A permanent loan modification is
contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time.
Credit card and other retail loan modifications are generally part of distinct modification programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates.
Loans that receive a forbearance plan generally remain in default until they are no longer delinquent as the result of the payment of all past due amounts or the borrower receiving a term extension or modification. Therefore, loans only receiving forbearance plans are not included in the table below.
The following table provides a summary of loan balances as of June 30, which were modified during the prior twelve months, by portfolio class and delinquency status:
(Dollars in Millions)  Current
30-89 Days
Past Due
90 Days or
More Past Due
Total
2025
Commercial$556 $38 $108 $702 
Commercial real estate799 — 111 910 
Residential mortgages(a)
1,433 5 8 1,446 
Credit card316 64 35 415 
Other retail96 13 6 115 
Total loans$3,200 $120 $268 $3,588 
2024
Commercial$628 $17 $117 $762 
Commercial real estate847 — 419 1,266 
Residential mortgages(a)
1,585 6 13 1,604 
Credit card293 64 34 391 
Other retail122 17 6 145 
Total loans$3,475 $104 $589 $4,168 
(a)At June 30, 2025, $413 million of loans 30-89 days past due and $239 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $462 million and $196 million at June 30, 2024 respectively.
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified within twelve months prior to default:
Three Months Ended June 30
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
2025
Commercial$9 $— $1 $— 
Commercial real estate36 — — — 
Residential mortgages— — — 3 
Credit card34 — — — 
Other retail— — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools79 — 6 3 
Loans purchased from GNMA mortgage pools— 61 29 50 
Total loans$79 $61 $35 $53 
2024
Commercial$7 $— $— $— 
Commercial real estate— — 24 — 
Residential mortgages— 9 1 1 
Credit card30 — — — 
Other retail1 — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools38 9 30 1 
Loans purchased from GNMA mortgage pools— 58 24 29 
Total loans$38 $67 $54 $30 
Six Months Ended June 30
(Dollars in Millions)		Interest Rate Reduction
Payment Delay
Term Extension
Multiple Modifications(a)
2025
Commercial$19 $— $21 $— 
Commercial real estate36 — — — 
Residential mortgages— — — 3 
Credit card69 — — — 
Other retail1 — 10 — 
Total loans, excluding loans purchased from GNMA mortgage pools125 — 31 3 
Loans purchased from GNMA mortgage pools— 100 44 89 
Total loans$125 $100 $75 $92 
2024
Commercial$13 $— $— $— 
Commercial real estate— — 24 — 
Residential mortgages— 13 4 3 
Credit card59 — — — 
Other retail1 1 10 — 
Total loans, excluding loans purchased from GNMA mortgage pools73 14 38 3 
Loans purchased from GNMA mortgage pools— 96 43 57 
Total loans$73 $110 $81 $60 
(a)Includes $29 million of total loans receiving a payment delay and term extension, $20 million of total loans receiving an interest rate reduction and term extension, and $4 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended June 30, 2025, compared with $29 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction and term extension for the three months ended June 30, 2024. Includes $54 million of total loans receiving a payment delay and term extension, $33 million of total loans receiving an interest rate reduction and term extension, and $5 million of total loans receiving an interest rate reduction, payment delay and term extension for the six months ended June 30, 2025, compared with $58 million, $1 million and $1 million for the six months ended June 30, 2024, respectively.
As of June 30, 2025 the Company had $438 million of commitments to lend additional funds to borrowers whose terms of their outstanding owed balances have been modified.
v3.25.2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities
NOTE 5Accounting for Transfers and Servicing of Financial Assets and Variable
Interest Entities
The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to GSEs, transfers of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. Guarantees provided to certain third parties in connection with the transfer of assets are further discussed in Note 15.
For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 6. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. The Company also is an authorized GNMA issuer and issues GNMA securities on a regular basis. Additionally, the Company originated auto loans that were sold and securitized through an off-balance sheet special purpose vehicle. In connection with the auto securitization, the Company is the sponsor of the transaction, retains a risk retention security in compliance with SEC rules, and is the servicer for the auto loans that were sold and securitized. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet.
The Company is involved in various entities that are considered to be VIEs. The Company’s investments in VIEs are primarily related to investments promoting affordable housing, community development and renewable energy sources. Some of these tax-advantaged investments support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits are recognized as a reduction of tax expense or, for investments qualifying as investment tax credits, as a reduction to the related investment asset. The Company recognized federal and state income tax credits related to its affordable housing and other tax-advantaged investments in tax expense of $212 million and $144 million for the three months ended June 30, 2025 and 2024, respectively, and $364 million and $283 million for the six months ended June 30, 2025 and 2024, respectively. The Company recognized $155 million and $145 million of expenses related to all of these investments for the three months ended June 30, 2025 and 2024, respectively, which were primarily included in tax expense. The Company recognized $301 million and $283 million of expenses related to all of these investments for the six months ended June 30, 2025 and 2024, respectively, which were primarily included in tax expense.
The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The assets of each unconsolidated VIE can only be used to settle the VIE’s obligations and if the VIE defaults on its obligations, creditors do not have general recourse to the Company.
The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.
The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated:
(Dollars in Millions)June 30, 2025December 31, 2024
Investment carrying amount$9,189 $8,107 
Unfunded capital and other commitments5,532 5,032 
Maximum exposure to loss10,238 8,435 
The Company also has noncontrolling financial investments in private investment funds and partnerships considered to be VIEs, which are not consolidated. The Company’s recorded investment in these entities, carried in other assets on the Consolidated Balance Sheet, was approximately $297 million at June 30, 2025 and $264 million at December 31, 2024. The maximum exposure to
loss related to these VIEs was $410 million at June 30, 2025 and $382 million at December 31, 2024, representing the Company’s investment balance and its unfunded commitments to invest additional amounts.
The Company also held senior notes of $2.3 billion as available-for-sale investment securities at June 30, 2025, compared with $3.2 billion at December 31, 2024. These senior notes were issued by third-party securitization vehicles that held $2.7 billion at June 30, 2025 and $3.6 billion at December 31, 2024 of indirect auto loans that collateralize the senior notes. These VIEs are not consolidated by the Company.
The Company’s individual net investments in unconsolidated VIEs, which exclude any unfunded capital commitments, ranged from less than $1 million to $186 million at June 30, 2025, compared with less than $1 million to $79 million at December 31, 2024.
The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest. The Company sponsors entities to which it transfers its interests in tax-advantaged investments to third parties. At June 30, 2025, approximately $5.9 billion of the Company’s assets and $3.7 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, primarily related to these transfers. These amounts compared to $6.4 billion and $4.2 billion, respectively, at December 31, 2024. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee.
v3.25.2
Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 2025
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights
 NOTE 6Mortgage Servicing Rights
The Company capitalizes MSRs as separate assets when loans are sold and servicing is retained. MSRs may also be purchased from others. The Company carries MSRs at fair value, with changes in the fair value recorded in earnings during the period in which they occur. The Company serviced $220.8 billion of residential mortgage loans for others at June 30, 2025, and $216.6 billion at December 31, 2024, including subserviced mortgages with no corresponding MSR asset. Included in mortgage banking revenue are the MSR fair value changes arising from market rate and model assumption changes, including a gain on the sale of mortgage servicing rights in the second quarter of 2024, net of the value change in derivatives used to economically hedge MSRs. These changes resulted in net losses of $4 million and net gains of $24 million for the three months ended June 30, 2025 and 2024, respectively, and net losses of $2 million and net gains of $21 million for the six months ended June 30, 2025 and 2024, respectively. Loan servicing and ancillary fees, not including valuation changes, included in mortgage banking revenue were $172 million and $176 million for the three months ended June 30, 2025 and 2024, respectively, and $344 million and $356 million for the six months ended June 30, 2025 and 2024, respectively.
Changes in fair value of capitalized MSRs are summarized as follows:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Balance at beginning of period$3,312 $3,462 $3,369 $3,377 
Rights purchased— 1 — 1 
Rights capitalized64 64 123 119 
Rights sold
— (189)1 (189)
Changes in fair value of MSRs
Due to fluctuations in market interest rates(a)
9 45 (40)148 
Due to revised assumptions or models(b)
6 33 10 41 
Other changes in fair value(c)
(86)(90)(158)(171)
Balance at end of period$3,305 $3,326 $3,305 $3,326 
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
 June 30, 2025December 31, 2024
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps 		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps
MSR portfolio$(357)$(168)$(82)$76 $146 $267 $(310)$(144)$(69)$63 $120 $217 
Derivative instrument hedges35016882(74)(140)(262)32514769(61)(118)(220)
Net sensitivity$(7)$— $— $2 $6 $5 $15 $3 $— $2 $2 $(3)
The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Housing Finance Agency (“HFA”) mortgages. The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The HFA servicing portfolio is comprised of loans originated under state and local housing authority program guidelines which assist purchases by first-time or low- to moderate-income homebuyers through a favorable rate subsidy, down payment and/or closing cost assistance on government- and conventional-insured mortgages.
The following table provides a summary of the Company’s MSRs and related characteristics by portfolio:
 June 30, 2025December 31, 2024
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$54,999 $24,371 $136,490 $215,860 $52,807 $25,139 $138,428 $216,374 
Fair value$834 $481 $1,990 $3,305 $856 $512 $2,001 $3,369 
Value (bps)(b)
152 197 146 153 162 204 145 156 
Weighted-average servicing fees (bps)35 45 25 30 35 45 25 30 
Multiple (value/servicing fees)4.29 4.42 5.75 5.09 4.57 4.56 5.69 5.17 
Weighted-average note rate5.05 %4.38 %3.96 %4.29 %4.92 %4.35 %3.87 %4.18 %
Weighted-average age (in years)4.66.55.35.34.56.15.05.0
Weighted-average expected prepayment (constant prepayment rate)10.0 %10.4 %8.2 %8.9 %9.9 %10.2 %7.8 %8.6 %
Weighted-average expected life (in years)7.56.77.37.37.56.87.47.4
Weighted-average option adjusted spread(c)
7.4 %6.6 %5.1 %5.9 %5.8 %6.2 %5.6 %5.7 %
(a)Represents principal balance of mortgages having corresponding MSR asset.
(b)Calculated as fair value divided by the servicing portfolio.
(c)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs.
(d)Represents loans sold primarily to GSEs.
v3.25.2
Preferred Stock
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Preferred Stock
NOTE 7Preferred Stock
At June 30, 2025 and December 31, 2024, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows:
 June 30, 2025December 31, 2024
(Dollars in Millions)
Shares Issued and Outstanding
Liquidation Preference
Discount
Carrying Amount
Shares Issued and Outstanding
Liquidation Preference
Discount
Carrying Amount
Series A12,510$1,251 $145 $1,106 12,510$1,251 $145 $1,106 
Series B40,0001,000 — 1,000 40,0001,000 — 1,000 
Series J40,0001,000 7 993 40,0001,000 7 993 
Series K23,000575 10 565 23,000575 10 565 
Series L20,000500 14 486 20,000500 14 486 
Series M30,000750 21 729 30,000750 21 729 
Series N60,0001,500 8 1,492 60,0001,500 8 1,492 
Series O18,000450 13 437 18,000450 13 437 
Total preferred stock(a)
243,510$7,026 $218 $6,808 243,510$7,026 $218 $6,808 
(a)The par value of all shares issued and outstanding at June 30, 2025 and December 31, 2024, was $1.00 per share.
v3.25.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss)
NOTE 8Accumulated Other Comprehensive Income (Loss)
Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:
Three Months Ended June 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-for- Sale Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Debit Valuation AdjustmentsForeign Currency Translation Total
2025      
Balance at beginning of period$(4,699)$(3,082)$(297)$(956)$2 $(10)$(9,042)
Changes in unrealized gains (losses)198 — 157 — (5)— 350 
Foreign currency translation adjustment(a)
— — — — — (8)(8)
Reclassification to earnings of realized (gains) losses57 123 66 (2)— — 244 
Applicable income taxes(69)(33)(58)4 2 1 (153)
Balance at end of period$(4,513)$(2,992)$(132)$(954)$(1)$(17)$(8,609)
2024      
Balance at beginning of period$(5,279)$(3,452)$(461)$(1,138)$— $(23)$(10,353)
Changes in unrealized gains (losses)(78)— (109)— — — (187)
Foreign currency translation adjustment(a)
— — — — — (2)(2)
Reclassification to earnings of realized (gains) losses36 131 80 — — — 247 
Applicable income taxes11 (33)8 — — 1 (13)
Balance at end of period$(5,310)$(3,354)$(482)$(1,138)$— $(24)$(10,308)
Six Months Ended June 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-For- SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available- For-Sale to Held-To-MaturityUnrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansDebit Valuation AdjustmentsForeign Currency TranslationTotal
2025      
Balance at beginning of period$(5,078)$(3,165)$(553)$(955)$1 $(14)$(9,764)
Changes in unrealized gains (losses)706 — 441 — (3)— 1,144 
Foreign currency translation adjustment(a)
— — — — — (4)(4)
Reclassification to earnings of realized (gains) losses57 234 126 (3)— — 414 
Applicable income taxes(198)(61)(146)4 1 1 (399)
Balance at end of period$(4,513)$(2,992)$(132)$(954)$(1)$(17)$(8,609)
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$— $(28)$(10,096)
Changes in unrealized gains (losses)(249)— (452)— — — (701)
Foreign currency translation adjustment(a)
— — — — — 4 4 
Reclassification to earnings of realized (gains) losses34 245 129 — — — 408 
Applicable income taxes56 (62)83 — — — 77 
Balance at end of period$(5,310)$(3,354)$(482)$(1,138)$— $(24)$(10,308)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings is as follows:
 Impact to Net Income  
 Three Months Ended
June 30		Six Months Ended
June 30
Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)2025202420252024
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sales of investment securities$(57)$(36)$(57)$(34)Securities gains (losses), net
14 9 14 8 Applicable income taxes
(43)(27)(43)(26)Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(123)(131)(234)(245)Interest income
33 33 61 62 Applicable income taxes
(90)(98)(173)(183)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(66)(80)(126)(129)Net interest income
17 20 32 33 Applicable income taxes
(49)(60)(94)(96)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization2 — 3 — Other noninterest expense
(1)— (1)— Applicable income taxes
1 — 2 — Net-of-tax
Total impact to net income$(181)$(185)$(308)$(305) 
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share
NOTE 9Earnings Per Share
The components of earnings per share were:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars and Shares in Millions, Except Per Share Data)2025202420252024
Net income attributable to U.S. Bancorp$1,815 $1,603 $3,524 $2,922 
Preferred dividends(70)(75)(165)(177)
Earnings allocated to participating stock awards(12)(10)(23)(18)
Net income applicable to U.S. Bancorp common shareholders$1,733 $1,518 $3,336 $2,727 
Average common shares outstanding1,559 1,560 1,559 1,560 
Net effect of the exercise and assumed purchase of stock awards— 1 1 — 
Average diluted common shares outstanding1,559 1,561 1,560 1,560 
Earnings per common share$1.11 $.97 $2.14 $1.75 
Diluted earnings per common share$1.11 $.97 $2.14 $1.75 
Options outstanding at June 30, 2025 to purchase 1 million common shares for the three and six months ended June 30, 2025, and outstanding at June 30, 2024 to purchase 1 million common shares for the three and six months ended June 30, 2024 were not included in the computation of diluted earnings per share because they were antidilutive.
v3.25.2
Employee Benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefits
NOTE 10Employee Benefits
The components of net periodic benefit cost for the Company’s pension plans were:
 Three Months Ended June 30Six Months Ended June 30
(Dollars in Millions)2025202420252024
Service cost$53 $54 $106 $109 
Interest cost102 94 205 188 
Expected return on plan assets(146)(146)(293)(292)
Prior service cost (credit) amortization(1)(1)(2)(2)
Actuarial loss (gain) amortization1 3 2 5 
Net periodic benefit cost(a)
$9 $4 $18 $8 
(a)Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
NOTE 11Income Taxes
The components of income tax expense were:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Federal
Current$257 $321 $256 $501 
Deferred25 49 353 182 
Federal income tax282 370 609 683 
State
Current90 88 187 109 
Deferred100 (13)119 — 
State income tax190 75 306 109 
Total income tax provision$472 $445 $915 $792 
A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Tax at statutory rate$482 $432 $935 $783 
State income tax, at statutory rates, net of federal tax benefit99 102 211 183 
Tax effect of
Tax credits and benefits, net of related expenses(143)(83)(266)(144)
Revaluation of tax related assets and liabilities(a)
72 — 72 — 
Exam resolutions— (32)— (97)
Tax-exempt income(40)(36)(73)(67)
Other items2 62 36 134 
Applicable income taxes$472 $445 $915 $792 
(a)California enacted legislation resulting in a decrease to the Company’s state effective tax rate, requiring the Company to revalue its state deferred tax assets and liabilities. As a result of this revaluation, the Company recorded an estimated net tax expense of $72 million in the second quarter of 2025.
The Company’s income tax returns are subject to review and examination by federal, state, local and foreign government authorities. On an ongoing basis, numerous federal, state, local and foreign examinations are in progress and cover multiple tax years. As of June 30, 2025, federal tax examinations for all years ending through December 31, 2020 are completed and resolved. The Company’s tax returns for the years ended December 31, 2021 through December 31, 2022 are under examination by the Internal Revenue Service. The years open to examination by foreign, state and local government authorities vary by jurisdiction.
The Company’s net deferred tax asset was $5.4 billion at June 30, 2025 and $6.3 billion at December 31, 2024.
v3.25.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments
NOTE 12Derivative Instruments
In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).
Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying available-for-sale investment securities and fixed-rate debt. Changes in the fair value of derivatives designated as fair value hedges, and changes in the fair value of the hedged items, are recorded in earnings.
Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate loans and debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). At June 30, 2025, the Company had $132 million (net-of-tax) of realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss), compared with $553 million (net-of-tax) of realized and unrealized losses at December 31, 2024. The estimated amount to be reclassified from other comprehensive income (loss) into earnings during the next 12 months is a loss of $98 million (net-of-tax). All cash flow hedges were highly effective for the six months ended June 30, 2025.
Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and non-derivative debt instruments, to hedge the volatility of its net investment in foreign operations driven by fluctuations in foreign currency exchange rates. The carrying amount of non-derivative debt instruments designated as net investment hedges was $1.7 billion at June 30, 2025 and $1.3 billion at December 31, 2024.
Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell TBAs and other commitments to sell residential mortgage loans, which are used to economically hedge the interest rate risk related to MLHFS and unfunded mortgage loan commitments. The Company also enters into interest rate swaps, swaptions, forward commitments to buy TBAs, U.S. Treasury and SOFR futures and options on U.S. Treasury futures to economically hedge the change in the fair value of the Company’s MSRs. The Company enters into foreign currency forwards to economically hedge remeasurement gains and losses the Company recognizes on foreign currency denominated assets and liabilities. The Company also enters into interest rate swaps as economic hedges of fair value option elected deposits and long-term debt. In addition, the Company acts as a seller and buyer of interest rate, foreign exchange and commodity contracts for its customers. The Company mitigates the market, funding and liquidity risk associated with these customer derivatives by entering into similar offsetting positions with broker-dealers, or on a portfolio basis by entering into other derivative or non-derivative financial instruments that partially or fully offset the exposure to earnings from these customer-related positions. The Company’s customer derivatives and related hedges are monitored and reviewed by the Company’s Market Risk Committee, which establishes policies for market risk management, including exposure limits for each portfolio. The Company also has derivative contracts that are created through its operations, including certain unfunded mortgage loan commitments and swap agreements related to the sale of a portion of its Class B common and preferred shares of Visa Inc. Refer to Note 14 for further information on these swap agreements. The Company uses credit derivatives to economically hedge the credit risk on its derivative positions and loan portfolios.
The following table summarizes the asset and liability management derivative positions of the Company:
 June 30, 2025December 31, 2024
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$15,550 $— $— $10,600 $— $— 
Pay fixed/receive floating swaps28,364 — — 29,739 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps24,850 — — 28,550 — — 
Pay fixed/receive floating swaps1,000 — — — — — 
Net investment hedges
Foreign exchange forward contracts732 3 2 870 7 — 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy6,078 24 5 5,436 8 30 
Sell3,650 8 26 2,711 10 1 
Options
Purchased7,730 159 — 7,810 186 — 
Written2,742 20 70 1,991 8 47 
Receive fixed/pay floating swaps14,505 126 28 9,977 45 23 
Pay fixed/receive floating swaps5,968 — — 2,371 — — 
Foreign exchange forward contracts813 1 4 702 4 4 
Equity contracts295 10 — 293 — 9 
Credit contracts2,667 — 20 3,558 — 29 
Other(a)
2,094 11 124 1,084 7 78 
Total$117,038 $362 $279 $105,692 $275 $221 
(a)Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $1.0 billion and $119 million at June 30, 2025, respectively, compared to $1.0 billion and $78 million at December 31, 2024, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $1.0 billion at June 30, 2025.
The following table summarizes the customer-related derivative positions of the Company:
 June 30, 2025December 31, 2024
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$408,874 $1,238 $2,533 $413,841 $462 $4,485 
Pay fixed/receive floating swaps359,913 1,311 422 363,837 2,342 153 
Other(a)
68,487 22 36 72,503 17 34 
Options
Purchased125,633 326 11 96,238 414 2 
Written99,190 26 439 90,572 12 574 
Futures
Buy1,024 1 — — — — 
Sell2,037 — — — — — 
Foreign exchange rate contracts
Forwards, spots and swaps132,527 3,433 3,258 113,718 2,441 2,232 
Options
Purchased1,096 24 1 497 14 — 
Written1,096 1 24 497 — 14 
Commodity contracts
Swaps13,102 463 441 8,224 199 180 
Options
Purchased5,742 382 2 3,921 233 2 
Written5,742 1 383 3,921 3 233 
Futures
Buy6 1 — 1 — — 
Sell351 47 53 166 25 27 
Equity contracts8 — — — — — 
Credit contracts13,304 1 4 13,670 — 3 
Total$1,238,132 $7,277 $7,607 $1,181,606 $6,162 $7,939 
(a)Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):
 Three Months Ended June 30Six Months Ended June 30
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)20252024202520242025202420252024
Asset and Liability Management Positions        
Cash flow hedges        
Interest rate contracts$116 $(81)$(49)$(60)$327 $(336)$(94)$(96)
Net investment hedges        
Foreign exchange forward contracts(38)9 — — (42)78 — — 
Non-derivative debt instruments(130)7 — — (191)41 — — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income:
 Three Months Ended June 30Six Months Ended June 30
 Interest Income Interest Expense Interest Income Interest Expense
(Dollars in Millions)20252024202520242025202420252024
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded$7,604 $7,985 $3,553 $3,962 $15,120 $15,749 $6,977 $7,741 
Asset and Liability Management Positions        
Fair value hedges        
Interest rate contract derivatives(285)(23)(78)69 (733)445 (184)12 
Hedged items286 22 76 (69)733 (447)188 (12)
Cash flow hedges        
Interest rate contract derivatives(59)(73)7 7 (112)(115)14 14 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million and $14 million into earnings during both the three and six months ended June 30, 2025 and 2024, respectively, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities currently designated in fair value hedges:
 Carrying Amount of the Hedged Assets
and Liabilities		Cumulative Hedging Adjustment
(Dollars in Millions)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$28,421 $29,005 $281 $(464)
Long-term debt15,752 10,632 217 39 
Note: The table above excludes the cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt of $(47) million and $(98) million, respectively, at June 30, 2025, compared with $(72) million and $(149) million at December 31, 2024, respectively. The carrying amount of available-for-sale investment securities and long-term debt related to discontinued hedging relationships was $8.1 billion and $11.6 billion, respectively, at June 30, 2025, compared with $6.8 billion and $14.9 billion at December 31, 2024, respectively.
(a)Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At June 30, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $21.0 billion, of which $11.3 billion was designated as hedged. At June 30, 2025, the cumulative amount of basis adjustments associated with these hedging relationships was $302 million. At December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $17.5 billion, of which $11.6 billion was designated as hedged. At December 31, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $13 million.
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)Location of Gains (Losses)
Recognized in Earnings		2025202420252024
Asset and Liability Management Positions 
Other economic hedges 
Interest rate contracts 
Futures and forwardsMortgage banking revenue$1 $(2)$25 $(14)
Purchased and written optionsMortgage banking revenue38 9 68 48 
SwapsMortgage banking revenue/Interest expense13 9 69 (77)
Foreign exchange forward contractsOther noninterest income(19)4 (17)8 
Equity contractsCompensation expense27 (2)8 (2)
Credit contractsCapital markets revenue(12)— 5 (2)
OtherOther noninterest income(82)6 (82)(69)
Customer-Related Positions     
Interest rate contracts     
SwapsCapital markets revenue47 89 82 220 
Purchased and written optionsCapital markets revenue2 (21)14 (68)
FuturesCapital markets revenue1 — 2 — 
Foreign exchange rate contracts     
Forwards, spots and swapsCapital markets revenue66 32 114 56 
Purchased and written optionsCapital markets revenue— — 1 — 
Commodity contracts     
SwapsCapital markets revenue(43)(1)4 1 
Purchased and written optionsCapital markets revenue15 2 14 4 
FuturesCapital markets revenue45 6 4 6 
Credit contractsCapital markets revenue(8)1 (6)— 
Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into derivative positions that are centrally cleared through clearinghouses, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements generally require the counterparty to deliver collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable, subject to minimum transfer and credit rating requirements.
The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on net liability thresholds and may be contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate additional collateral coverage up to and including full collateral coverage for derivatives in a net liability position. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at June 30, 2025, was $2.2 billion. At June 30, 2025, the Company had $1.9 billion of cash posted as collateral against this net liability position.
v3.25.2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
 6 Months Ended
Jun. 30, 2025
Offsetting [Abstract]  
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities
NOTE 13Netting Arrangements for Certain Financial Instruments and Securities
Financing Activities
The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and SOFR futures or options on U.S. Treasury futures. Of the Company’s $1.4 trillion total notional amount of derivative positions at June 30, 2025, $621.0 billion related to bilateral over-the-counter trades, $695.9 billion related to those centrally cleared through clearinghouses and $38.4 billion related to those that were exchange-traded. The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 12 for further discussion of the Company’s derivatives, including collateral arrangements.
As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.
Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities, corporate debt securities or asset-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s primary broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained from or refunded to counterparties to maintain specified collateral levels.
The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions:
(Dollars in Millions)Overnight and
 Continuous
Less Than
30 Days
30-89 DaysGreater Than 90 DaysTotal
June 30, 2025
Repurchase agreements
U.S. Treasury and agencies$9,940 $— $— $— $9,940 
Residential agency mortgage-backed securities350 — — — 350 
Corporate debt securities2,204 — — — 2,204 
Asset-backed securities365 — — — 365 
Total repurchase agreements12,859 — — — 12,859 
Securities loaned     
Corporate debt securities114 — — — 114 
Total securities loaned114 — — — 114 
Gross amount of recognized liabilities$12,973 $— $— $— $12,973 
December 31, 2024
Repurchase agreements
U.S. Treasury and agencies$5,918 $— $— $— $5,918 
Residential agency mortgage-backed securities319 — — — 319 
Corporate debt securities1,116 — — — 1,116 
Asset-backed securities270 22 — — 292 
Total repurchase agreements7,623 22 — — 7,645 
Securities loaned
Corporate debt securities90 — — — 90 
Total securities loaned90 — — — 90 
Gross amount of recognized liabilities$7,713 $22 $— $— $7,735 
The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount.
The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has also elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase transactions with certain counterparties, but has not made the election for securities loaned/borrowed transactions.
The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:
 Gross Recognized Assets
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Received(c)
June 30, 2025
Derivative assets(d)
$7,607 $(3,438)$4,169 $(169)$(5)$3,995 
Reverse repurchase agreements11,093 (5,615)5,478 (208)(5,270)— 
Securities borrowed1,697 — 1,697 — (1,642)55 
Total$20,397 $(9,053)$11,344 $(377)$(6,917)$4,050 
December 31, 2024
Derivative assets(d)
$6,422 $(2,979)$3,443 $(177)$(5)$3,261 
Reverse repurchase agreements6,383 — 6,383 (851)(5,508)24 
Securities borrowed1,516 — 1,516 — (1,453)63 
Total$14,321 $(2,979)$11,342 $(1,028)$(6,966)$3,348 
(a)Includes $1.2 billion and $1.9 billion of cash collateral related payables that were netted against derivative assets at June 30, 2025 and December 31, 2024, respectively.
(b)For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.
(d)Excludes $32 million and $15 million at June 30, 2025 and December 31, 2024, respectively, of derivative assets not subject to netting arrangements.
 Gross Recognized Liabilities
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Pledged(c)
June 30, 2025
Derivative liabilities(d)
$7,762 $(4,161)$3,601 $(169)$— $3,432 
Repurchase agreements12,859 (5,615)7,244 (208)(7,036)— 
Securities loaned114 — 114 — (114)— 
Total$20,735 $(9,776)$10,959 $(377)$(7,150)$3,432 
December 31, 2024
Derivative liabilities(d)
$8,081 $(2,949)$5,132 $(177)$— $4,955 
Repurchase agreements7,645 — 7,645 (851)(6,787)7 
Securities loaned90 — 90 — (88)2 
Total$15,816 $(2,949)$12,867 $(1,028)$(6,875)$4,964 
(a)Includes $1.9 billion of cash collateral related receivables that were netted against derivative liabilities at both June 30, 2025 and December 31, 2024.
(b)For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.
(d)Excludes $124 million and $79 million at June 30, 2025 and December 31, 2024, respectively, of derivative liabilities not subject to netting arrangements.
v3.25.2
Fair Values of Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Values of Assets and Liabilities
 NOTE 14Fair Values of Assets and Liabilities
The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs, certain time deposits and structured long-term notes, and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Other financial instruments, such as held-to-maturity investment securities, loans, the majority of time deposits, short-term borrowings and long-term debt, are accounted for at amortized cost. See “Fair Value of Financial Instruments” in this Note for further information on the estimated fair value of these other financial instruments. In accordance with disclosure guidance, certain financial instruments, such as deposits with no defined or contractual maturity, receivables and payables due in one year or less, insurance contracts and equity investments not accounted for at fair value, are excluded from this Note.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset
or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance.
The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:
•Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments.
•Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, and certain time deposits and structured long-term notes, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.
•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts.
Valuation Methodologies
The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the six months ended June 30, 2025 and 2024, there were no significant changes to the valuation techniques used by the Company to measure fair value.
Available-for-Sale Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded securities.
For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third-party pricing service. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities.
Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue were net gains of $3 million and net losses of $3 million for the three months ended June 30, 2025 and 2024, respectively, and net gains of $6 million and net losses of $4 million for the six months ended June 30, 2025 and 2024, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.
Time Deposits The Company elects the fair value option to account for certain time deposits that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these time deposits at fair value reduces certain timing differences and better matches changes in fair value of these deposits with changes in the value of the derivative instruments used to economically hedge them. The time deposits measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. Included in interest expense on deposits were net losses of $2 million and net gains of $3 million for the three months ended June 30, 2025 and 2024, respectively, and net gains of $1 million and $11 million for the six months ended June 30, 2025 and 2024, respectively, from the changes in fair value of time deposits under fair value option accounting guidance.
Long-term Debt The Company elects the fair value option to account for certain structured notes that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these structured notes at fair value reduces certain timing differences and better matches changes in fair value of these notes with changes in the value of the derivative instruments used to economically hedge them. The structured notes measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. The discount rate used in the discounted cash flow model incorporates the impact of the Company’s credit spread, which is based on observable spreads in the secondary bond market. Changes in fair value
attributable to instrument specific credit risk are recorded as debit valuation adjustments (“DVA”) in other comprehensive income (loss) with all other changes in fair value recorded in interest expense. Included in other comprehensive income (loss) and interest expense on long-term debt were net DVA losses of $5 million and net gains of $3 million, respectively, for the three months ended June 30, 2025, and net DVA losses of $3 million and net gains of $2 million, respectively, for the six months ended June 30, 2025, from the changes in the fair value of structured notes under fair value option account guidance.
Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels. There is minimal observable market activity for MSRs on comparable portfolios, and therefore, the determination of fair value requires significant management judgment. Refer to Note 6 for further information on MSR valuation assumptions.
Derivatives The majority of derivatives held by the Company are executed over-the-counter or centrally cleared through clearinghouses and are valued using market standard cash flow valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. All derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk including external assessments of credit risk. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market and, therefore, the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy.
The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common and preferred shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3. Refer to Note 15 for further information on the Visa Inc. restructuring and related card association litigation.
Significant Unobservable Inputs of Level 3 Assets and Liabilities
The following section provides information to facilitate an understanding of the uncertainty in the fair value measurements for the Company’s Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. This section includes a description of the significant inputs used by the Company and a description of any interrelationships between these inputs. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and OREO. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved.
Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the option adjusted spread that is added to the risk-free rate to discount projected cash flows. Significant increases in either of these inputs in isolation would have resulted in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would have resulted in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and option adjusted spread. Prepayment rates generally move in the opposite direction of market interest rates. Option adjusted spread is generally impacted by changes in market return requirements.
The following table shows the significant valuation assumption ranges for MSRs at June 30, 2025:
 Minimum Maximum
Weighted-
Average(a)
Expected prepayment6 %20 %9 %
Option adjusted spread5 11 6 
(a)Determined based on the relative fair value of the related mortgage loans serviced.
Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to purchase and originate mortgage loans that meet the requirements of a derivative and (ii) the Company’s asset/liability and customer-related derivatives that
are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty. In addition, the Company’s Visa swaps are classified within Level 3.
The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would have resulted in a larger derivative asset or liability. A significant increase in the inherent MSR value would have resulted in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates.
The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at June 30, 2025:
 Minimum Maximum
Weighted-
Average(a)
Expected loan close rate11 %100 %83 %
Inherent MSR value (basis points per loan)47 211 110 
(a)Determined based on the relative fair value of the related mortgage loans.
The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would have resulted in a lower fair value measurement. A significant decrease in the credit valuation adjustment would have resulted in a higher fair value measurement. The credit valuation adjustment is impacted by changes in market rates, volatility, market implied credit spreads, and loss recovery rates, as well as the Company’s assessment of the counterparty’s credit position. At June 30, 2025, the minimum, maximum and weighted-average credit valuation adjustment as a percentage of the net fair value of the counterparty’s derivative contracts prior to adjustment was 0 percent, 263 percent and 2 percent, respectively.
The significant unobservable inputs used in the fair value measurement of the Visa swaps are management’s estimate of the probability of certain litigation scenarios occurring, and the timing of the resolution of the related litigation loss estimates in excess, or shortfall, of the Company’s proportional share of escrow funds. An increase in the loss estimate or a delay in the resolution of the related litigation would have resulted in an increase in the derivative liability. A decrease in the loss estimate or an acceleration of the resolution of the related litigation would have resulted in a decrease in the derivative liability.
The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:
(Dollars in Millions)Level 1Level 2Level 3Netting Total
June 30, 2025     
Available-for-sale securities     
U.S. Treasury and agencies$23,477 $4,640 $— $— $28,117 
Mortgage-backed securities     
Residential agency— 38,133 — — 38,133 
Commercial     
Agency— 7,615 — — 7,615 
Non-agency— 7 — — 7 
Asset-backed securities— 7,183 — — 7,183 
Obligations of state and political subdivisions— 9,209 — — 9,209 
Other— 313 — — 313 
Total available-for-sale23,477 67,100 — — 90,577 
Mortgage loans held for sale— 2,285 — — 2,285 
Mortgage servicing rights— — 3,305 — 3,305 
Derivative assets56 5,470 2,113 (3,438)4,201 
Other assets437 2,250 — — 2,687 
Total$23,970 $77,105 $5,418 $(3,438)$103,055 
Time deposits$— $7,305 $— $— $7,305 
Long-term debt— 1,152 — — 1,152 
Derivative liabilities55 5,611 2,220 (4,161)3,725 
Short-term borrowings and other liabilities(a)
724 1,700 — — 2,424 
Total$779 $15,768 $2,220 $(4,161)$14,606 
December 31, 2024     
Available-for-sale securities     
U.S. Treasury and agencies$23,891 $4,496 $— $— $28,387 
Mortgage-backed securities     
Residential agency— 33,281 — — 33,281 
Commercial     
Agency— 7,351 — — 7,351 
Non-agency— 6 — — 6 
Asset-backed securities— 7,165 — — 7,165 
Obligations of state and political subdivisions— 9,552 — — 9,552 
Other— 250 — — 250 
Total available-for-sale23,891 62,101 — — 85,992 
Mortgage loans held for sale— 2,251 — — 2,251 
Mortgage servicing rights— — 3,369 — 3,369 
Derivative assets27 5,208 1,202 (2,979)3,458 
Other assets420 1,769 — — 2,189 
Total$24,338 $71,329 $4,571 $(2,979)$97,259 
Time deposits$— $5,754 $— $— $5,754 
Long-term debt— 391 — — 391 
Derivative liabilities27 5,131 3,002 (2,949)5,211 
Short-term borrowings and other liabilities(a)
475 1,460 — — 1,935 
Total$502 $12,736 $3,002 $(2,949)$13,291 
Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $169 million and $159 million at June 30, 2025 and December 31, 2024, respectively, and reflect no impairment or observable price change adjustment at both June 30, 2025 and December 31, 2024. The Company did not record any adjustments for observable price changes during the first six months of 2025 and 2024.
(a)Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net IncomePurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2025
Mortgage servicing rights$3,312 $(71)
(a)
$— $— $64 
(c)
$— $3,305 $(71)
(a)
Net derivative assets and liabilities(727)10 
(b)
52 — — 558 (107)463 
(d)
2024
Mortgage servicing rights$3,462 $(12)
(a)
$1 $(189)$64 
(c)
$— $3,326 $(12)
(a)
Net derivative assets and liabilities(2,361)(1,004)
(e)
270 (3)— 795 (2,303)4 
(f)
Six Months Ended June 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net Income PurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2025
Mortgage servicing rights$3,369 $(188)
(a)
$— $1 $123 
(c)
$— $3,305 $(188)
(a)
Net derivative assets and liabilities(1,800)(181)
(g)
721 (2)1 1,154 (107)1,351 
(h)
2024
Mortgage servicing rights$3,377 $18 
(a)
$1 $(189)$119 
(c)
$— $3,326 $18 
(a)
Net derivative assets and liabilities(1,885)(2,687)
(i)
648 (5)— 1,626 (2,303)(676)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $53 million, $39 million and $(82) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $21 million, $526 million and $(82) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(e)Approximately $52 million, $(1.0) billion and $6 million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(f)Approximately $17 million, $(19) million and $6 million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(g)Approximately $104 million, $(202) million and $(83) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(h)Approximately $21 million, $1.4 billion and $(83) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(i)Approximately $96 million, $(2.7) billion and $(69) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(j)Approximately $17 million, $(624) million and $(69) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets.
The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date:
June 30, 2025December 31, 2024
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $587 $587 $— $— $636 $636 
Other assets(b)
— — 16 16 — — 25 25 
(a)Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.
The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios:
Three Months Ended June 30Six Months Ended June 30
(Dollars in Millions)2025202420252024
Loans(a)
$99 $96 $198 $163 
Other assets(b)
1 1 2 3 
(a)Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.
Fair Value Option
The following table summarizes the differences between the aggregate fair value carrying amount of the assets and liabilities for which the fair value option has been elected and the aggregate remaining contractual principal balance outstanding:
June 30, 2025December 31, 2024
(Dollars in Millions)Fair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingFair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal Outstanding
Total loans(a)
$2,285 $2,262 $23 $2,251 $2,243 $8 
Time deposits7,305 7,314 (9)5,754 5,762 (8)
Long-term debt1,152 1,169 (17)391 409 (18)
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at June 30, 2025 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2024. Includes loans 90 days or more past due of $3 million carried at fair value with contractual principal outstanding of $3 million at June 30, 2025 and $4 million carried at fair value with contractual principal outstanding of $4 million at December 31, 2024.

Fair Value of Financial Instruments
The following section summarizes the estimated fair value for financial instruments accounted for at amortized cost as of June 30, 2025 and December 31, 2024. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, receivables and payables due in one year or less, insurance contracts, equity investments not accounted for at fair value, and deposits with no defined or contractual maturities are excluded.
The estimated fair values of the Company’s financial instruments are shown in the table below:
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Cash and due from banks$57,807 $57,807 $— $— $57,807 $56,502 $56,502 $— $— $56,502 
Federal funds sold and securities purchased under resale agreements5,481 — 5,481 — 5,481 6,380 — 6,380 — 6,380 
Investment securities held-to-maturity77,879 638 66,394 — 67,032 78,634 1,275 65,000 — 66,275 
Loans held for sale(a)
3 — — 3 3 322 — — 322 322 
Loans, net of allowance for losses372,706 — — 368,767 368,767 372,249 — — 365,628 365,628 
Other(b)
2,585 — 1,983 602 2,585 2,482 — 1,767 715 2,482 
Financial Liabilities
Time deposits(c)
49,577 — 49,604 — 49,604 49,015 — 49,156 — 49,156 
Short-term borrowings(d)
12,615 — 12,441 — 12,441 13,583 — 13,419 — 13,419 
Long-term debt(e)
62,861 — 62,111 — 62,111 57,611 — 56,441 — 56,441 
Other(f)
4,723 — 1,378 3,345 4,723 5,220 — 1,369 3,851 5,220 
(a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.
(b)Includes investments in Federal Reserve Bank and FHLB stock and tax-advantaged investments.
(c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected.
(d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
(e)Excludes structured long-term notes for which the fair value option under applicable accounting guidance was elected.
(f)Includes operating lease liabilities and liabilities related to tax-advantaged investments.
The fair value of unfunded commitments, deferred non-yield related loan fees, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit was $358 million and $376 million at June 30, 2025 and December 31, 2024, respectively. The carrying value of other guarantees was $196 million and $194 million at June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Guarantees and Contingent Liabilities
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Guarantees and Contingent Liabilities
 NOTE 15Guarantees and Contingent Liabilities
Visa Restructuring and Card Association Litigation The Company’s Payment Services business issues credit and debit cards and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). As of June 30, 2025, the Company has sold substantially all of its Class B shares.
Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Brands”) are defendants in antitrust lawsuits challenging the practices of the Card Brands (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount. Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities and fully offsets the related Visa Litigation contingent liability.
In October 2012, Visa signed a settlement agreement to resolve merchant class action claims associated with the multidistrict interchange litigation pending in the United States District Court for the Eastern District of New York (the “Multi-District Litigation”). The U.S. Court of Appeals for the Second Circuit reversed the approval of that settlement and remanded the matter to the district court. Thereafter, the case was split into two putative class actions, one seeking damages (the “Damages Action”) and a separate class action seeking injunctive relief only (the “Injunctive Action”). The Damages Action was settled and is fully resolved. A number of merchants opted out of the Damages Action class settlement and filed individual cases in various federal district courts. Some of those cases have been settled and others are still being litigated. In March 2024, Visa signed a settlement agreement to resolve the Injunctive Action. In June 2024, the court declined to grant preliminary approval of the proposed settlement, which provided for lower interchange fees and various other rule changes for U.S. merchants. Accordingly, the Injunctive Action continues.
Other Guarantees and Contingent Liabilities
The following table is a summary of other guarantees and contingent liabilities of the Company at June 30, 2025:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum
Potential
Future
Payments
Standby letters of credit$— $24 $10,751 
Securities lending indemnifications6,740 — 6,592 
Asset sales— 109 13,118 
 (a)
Merchant processing794 66 160,513 
Other— 21 3,634 
(a)The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.
Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder.
The Company currently processes card transactions in the United States, Canada and Europe through wholly-owned subsidiaries. In the event a merchant was unable to fulfill product or services subject to future delivery, such as airline tickets, the Company could become financially liable for refunding the purchase price of such products or services purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At June 30, 2025, the value of airline tickets purchased to be delivered at a future date through card transactions processed by the Company was $15.0 billion. The Company held collateral of $673 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets related to these airline processing arrangements. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At June 30, 2025, the liability was $40 million primarily related to these airline processing arrangements.
Asset Sales The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representations and warranties to GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the GSE for losses. At June 30, 2025 and December 31, 2024, the Company had reserved $8 million and $9 million, respectively, for potential losses from representation and warranty obligations. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends.
As of June 30, 2025 and December 31, 2024, the Company had $17 million and $15 million, respectively, of unresolved representation and warranty claims from GSEs. The Company does not have a significant amount of unresolved claims from investors other than GSEs.
Litigation and Regulatory Matters
The Company is subject to various litigation and regulatory matters that arise from the conduct of its business activities. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution of one or more of these matters may have a material adverse effect on the Company’s results of operations for a particular period, and future changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results of operations, potentially materially.
Residential Mortgage-Backed Securities Litigation Starting in 2011, the Company and other large financial institutions have been sued in their capacity as trustee for residential mortgage–backed securities trusts for losses arising out of the 2008 financial crisis. In the lawsuits brought against the Company, the investors allege that the Company’s banking subsidiary, USBNA, as trustee caused them to incur substantial losses by failing to enforce loan repurchase obligations and failing to abide by appropriate standards of care after events of default allegedly occurred. The plaintiffs in these matters seek monetary damages in unspecified amounts and most also seek equitable relief.
Regulatory Matters The Company is continually subject to examinations, inquiries, investigations and other forms of regulatory and governmental inquiry or scrutiny covering a wide range of issues in its financial services businesses including in areas of heightened regulatory scrutiny, such as compliance, risk management, third-party risk management and consumer protection. In some cases, these matters are part of reviews of specified activities at multiple industry participants; in others, they are directed at the Company individually. The Company is cooperating fully with all pending examinations, inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. Remedies in these proceedings or settlements may include fines, penalties, restitution or alterations in the Company’s business practices (which may increase the Company’s operating expenses and decrease its revenue).
Outlook Due to their complex nature, it can be years before litigation and regulatory matters are resolved. The Company may be unable to develop an estimate or range of loss where matters are in early stages, there are significant factual or legal issues to be resolved, damages are unspecified or uncertain, or there is uncertainty as to a litigation class being certified or the outcome of pending motions, appeals or proceedings. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of the range of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, will not be material to its financial condition, results of operations or cash flows. The Company’s estimates are subject to significant judgment and uncertainties, and the matters underlying the estimates will change from time to time. Actual results may vary significantly from the current estimates.
v3.25.2
Business Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segments
NOTE 16Business Segments
The Company's management reporting is organized into three reportable operating segments aligned by major lines of business based on the products and services provided to customers through its distribution channels. All other business activities not included in the reportable operating segments are included in the Treasury and Corporate Support business segment. The chief operating decision maker uses net interest income on a taxable-equivalent basis, noninterest income and net income (loss) before income taxes for all reportable segments in deciding how to allocate resources during the annual budget and monthly forecasting process. The chief operating decision maker considers variances in reported results to forecasts and variances to prior periods to assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company has the following reportable operating and other business segments:
Wealth, Corporate, Commercial and Institutional Banking Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients.
Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners.
Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing.
Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.
Basis of Presentation Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. The allowance for credit losses and related provision expense are allocated to the business segments according to the volume and credit quality of the loan balances managed, but with the impact of changes in economic forecasts recorded in Treasury and Corporate Support. Goodwill and other intangible assets are assigned to the business segments based on the mix of business of an entity acquired by the Company. Within the Company, capital levels are evaluated and managed centrally; however, capital is allocated to the business segments to support evaluation of business performance. Business segments are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business segment includes credit allocations following a Basel III regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business segment. Because funding and asset/liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business segment assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt products. The residual effect on net interest income of asset/liability management activities is included in Treasury and Corporate Support. Noninterest income and expenses directly managed by each business segment, including fees, service charges, salaries and benefits, and other direct revenues and costs, are accounted for within each segment’s financial results in a manner similar to the consolidated financial statements. Occupancy costs are allocated based on utilization of facilities by the business segments. Generally, operating losses are charged to the business segment when the loss event is realized in a manner similar to a loan charge-off. Noninterest expenses incurred by centrally managed operations or business segments that directly support another business segment’s operations are charged to the applicable business segment based on its utilization of those services, primarily measured by the volume of customer activities, number of employees or other relevant factors. These allocated expenses are reported as net shared services expense within noninterest expense. Certain activities that do not directly support the operations of the business segments or for which the business segments are not considered financially accountable in evaluating their performance are not charged to the business segments. The income or expenses associated with these corporate activities, including merger and integration charges, are reported within the Treasury and Corporate Support business segment. Income taxes are assessed to each business segment at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.
Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2025 and 2024, certain organization and methodology changes were made, including revising the Company’s business segment funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024. Prior period results were recast and presented on a comparable basis.
Business segment results for the three months ended June 30 were as follows:
 Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment ServicesTreasury and Corporate Support Consolidated Company
(Dollars in Millions)2025202420252024202520242025202420252024
Condensed Income Statement
Net interest income (taxable-equivalent basis)(a)
$1,801 $1,928 $1,843 $1,912 $730 $673 $(294)$(461)$4,080 $4,052 
Noninterest income(b)(c)
1,199 1,130 406 414 1,116 1,093 203 178 2,924 2,815 
Total net revenue(d)
3,000 3,058 2,249 2,326 1,846 1,766 (91)(283)7,004 6,867 
Compensation and employee benefits535 548 528 551 220 217 1,317 1,303 2,600 2,619 
Other intangibles46 52 59 67 20 23 (1)— 124 142 
Net shared services538 555 704 701 537 529 (1,779)(1,785)— — 
Other direct expenses(e)
234 226 307 319 251 223 665 685 1,457 1,453 
Total noninterest expense1,353 1,381 1,598 1,638 1,028 992 202 203 4,181 4,214 
Income (loss) before provision and income taxes1,647 1,677 651 688 818 774 (293)(486)2,823 2,653 
Provision for credit losses183 100 39 30 384 388 (105)50 501 568 
Income (loss) before income taxes1,464 1,577 612 658 434 386 (188)(536)2,322 2,085 
Income taxes and taxable-equivalent adjustment366 394 153 165 109 97 (127)(182)501 474 
Net income (loss)1,098 1,183 459 493 325 289 (61)(354)1,821 1,611 
Net (income) loss attributable to noncontrolling interests— — — — — — (6)(8)(6)(8)
Net income (loss) attributable to U.S. Bancorp$1,098 $1,183 $459 $493 $325 $289 $(67)$(362)$1,815 $1,603 
Average Balance Sheet
Loans$181,077 $173,807 $149,661 $154,931 $42,229 $40,832 $5,562 $5,115 $378,529 $374,685 
Other earning assets12,778 9,590 4,875 2,278 5 115 217,155 222,224 234,813 234,207 
Goodwill4,826 4,824 4,326 4,326 3,425 3,327 — — 12,577 12,477 
Other intangible assets817 1,007 4,277 4,734 258 281 8 9 5,360 6,031 
Assets211,954 203,313 165,175 168,705 47,840 46,096 248,372 247,390 673,341 665,504 
Noninterest-bearing deposits54,422 57,362 19,610 20,845 2,512 2,706 2,573 2,505 79,117 83,418 
Interest-bearing deposits210,094 218,233 200,903 201,012 95 96 12,681 11,150 423,773 430,491 
Total deposits264,516 275,595 220,513 221,857 2,607 2,802 15,254 13,655 502,890 513,909 
Total U.S. Bancorp shareholders’ equity21,817 21,487 13,562 14,558 10,235 9,941 15,285 10,043 60,899 56,029 
(a)Total net interest income includes a taxable-equivalent adjustment of $29 million for the three months ended June 30, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 29.
(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $789 million and $776 million for the three months ended June 30, 2025 and 2024, respectively.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $2.4 billion and $2.3 billion for the three months ended June 30, 2025 and 2024, respectively.
(d)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded a total of $199 million and $195 million of revenue for the three months ended June 30, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.
(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.
Business segment results for the six months ended June 30 were as follows:
Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment ServicesTreasury and Corporate Support Consolidated Company
(Dollars in Millions)2025202420252024202520242025202420252024
Condensed Income Statement    
Net interest income (taxable-equivalent basis)(a)
$3,581 $3,851 $3,611 $3,783 $1,472 $1,375 $(462)$(942)$8,202 $8,067 
Noninterest income(b)(c)
2,366 2,242 813 838 2,151 2,071 430 364 5,760 5,515 
Total net revenue(d)
5,947 6,093 4,424 4,621 3,623 3,446 (32)(578)13,962 13,582 
Compensation and employee benefits1,057 1,098 1,051 1,107 436 436 2,693 2,669 5,237 5,310 
Other intangibles92 104 118 134 38 50 (1)— 247 288 
Net shared services1,067 1,090 1,388 1,401 1,086 1,058 (3,541)(3,549)— — 
Other direct expenses(e)
474 466 610 617 479 457 1,366 1,535 2,929 3,075 
Total noninterest expense2,690 2,758 3,167 3,259 2,039 2,001 517 655 8,413 8,673 
Income (loss) before provision and income taxes3,257 3,335 1,257 1,362 1,584 1,445 (549)(1,233)5,549 4,909 
Provision for credit losses193 241 101 84 701 747 43 49 1,038 1,121 
Income (loss) before income taxes3,064 3,094 1,156 1,278 883 698 (592)(1,282)4,511 3,788 
Income taxes and taxable-equivalent adjustment766 773 289 320 221 175 (302)(417)974 851 
Net income (loss)2,298 2,321 867 958 662 523 (290)(865)3,537 2,937 
Net (income) loss attributable to noncontrolling interests— — — — — — (13)(15)(13)(15)
Net income (loss) attributable to U.S. Bancorp$2,298 $2,321 $867 $958 $662 $523 $(303)$(880)$3,524 $2,922 
 
Average Balance Sheet          
Loans$179,549 $172,475 $151,776 $154,940 $41,922 $40,318 $5,530 $5,145 $378,777 $372,878 
Other earning assets12,370 9,164 3,335 2,079 31 134 217,281 218,258 233,017 229,635 
Goodwill4,825 4,824 4,326 4,326 3,409 3,330 — — 12,560 12,480 
Other intangible assets840 1,032 4,322 4,715 254 291 8 10 5,424 6,048 
Assets210,314 201,291 165,834 168,946 47,338 46,456 247,892 243,014 671,378 659,707 
Noninterest-bearing deposits54,794 58,001 19,365 21,081 2,597 2,749 2,649 2,271 79,405 84,102 
Interest-bearing deposits213,136 213,933 199,932 199,247 95 96 12,134 11,107 425,297 424,383 
Total deposits267,930 271,934 219,297 220,328 2,692 2,845 14,783 13,378 504,702 508,485 
Total U.S. Bancorp shareholders’ equity21,684 21,624 13,633 14,705 10,232 9,953 14,709 9,567 60,258 55,849 
(a)Total net interest income includes a taxable-equivalent adjustment of $59 million for the six months ended June 30, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 29.
(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $1.5 billion for the six months ended June 30, 2025 and 2024.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $4.7 billion and $4.5 billion for the six months ended June 30, 2025 and 2024, respectively.
(d)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded a total of $396 million and $382 million of revenue for the six months ended June 30, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.
(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events
NOTE 17Subsequent Events
The Company has evaluated the impact of events that have occurred subsequent to June 30, 2025 through the date the consolidated financial statements were filed with the SEC. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Certain amounts in prior periods have been reclassified to conform to the current period presentation.
Consolidation The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. In the opinion of management of U.S. Bancorp (the “Company”), all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of results for the interim periods have been made. These financial statements and notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Certain amounts in prior periods have been reclassified to conform to the current period presentation.
Accounting Changes
Income Taxes - Improvements to Income Tax Disclosures In December 2023, the Financial Accounting Standards Board issued guidance, effective for the Company for annual reporting periods beginning after December 15, 2024, related to income tax disclosures. This guidance requires additional information in income tax rate reconciliation disclosures and additional disclosures about income taxes paid. The guidance is required, at a minimum, to be adopted on a prospective basis, with an option to apply it retrospectively. The Company expects the adoption of this guidance will not be material to its financial statements.
Loans and Allowance for Credit Losses Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs, and any partial charge-offs recorded. Purchased loans are recorded at fair value at the date of purchase. The Company evaluates purchased loans for more-than-insignificant deterioration at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans that have experienced more-than-insignificant deterioration from origination are considered purchased credit deteriorated loans. All other purchased loans are considered non-purchased credit deteriorated loans.
Allowance for Credit Losses The allowance for credit losses is established for current expected credit losses on the Company’s loan and lease portfolio, including unfunded credit commitments. The allowance considers expected losses for the remaining lives of the applicable assets, inclusive of expected recoveries. The allowance for credit losses is increased through provisions charged to earnings and reduced by net charge-offs. Management evaluates the appropriateness of the allowance for credit losses on a quarterly basis.
Multiple economic scenarios are considered over a three-year reasonable and supportable forecast period, which includes increasing consideration of historical loss experience over years two and three. These economic scenarios are constructed with interrelated projections of multiple economic variables, and loss estimates are produced that consider the historical correlation of those economic variables with credit losses. After the forecast period, the Company fully reverts to long-term historical loss experience, adjusted for prepayments and characteristics of the current loan and lease portfolio, to estimate losses over the remaining life of the portfolio. The economic scenarios are updated at least quarterly and are designed to provide a range of reasonable estimates, both better and worse than current expectations. Scenarios are weighted based on the Company’s expectation of economic conditions for the foreseeable future and reflect significant judgment and consideration of economic forecast uncertainty. Final loss estimates also consider factors affecting credit losses not reflected in the scenarios, due to the unique aspects of current conditions and expectations. These factors may include, but are not limited to, loan servicing practices, regulatory guidance, and/or fiscal and monetary policy actions.
The allowance recorded for credit losses utilizes forward-looking expected loss models to consider a variety of factors affecting lifetime credit losses. These factors include, but are not limited to, macroeconomic variables such as unemployment rates, real
estate prices, gross domestic product levels, inflation, interest rates and corporate bonds spreads, as well as loan and borrower characteristics, such as internal risk ratings on commercial loans and consumer credit scores, delinquency status, collateral type and available valuation information, consideration of end-of-term losses on lease residuals, and the remaining term of the loan, adjusted for expected prepayments. For each loan portfolio, including those loans modified under various loan modification programs, model estimates are adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices, economic conditions or other factors that would affect the accuracy of the model. Expected credit loss estimates also include consideration of expected cash recoveries on loans previously charged-off or expected recoveries on collateral dependent loans where recovery is expected through sale of the collateral at fair value less selling costs. Where loans do not exhibit similar risk characteristics, an individual analysis is performed to consider expected credit losses. 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. For smaller commercial loans collectively evaluated for impairment, historical loss experience is also incorporated into the allowance methodology applied to this category of loans.
The Company’s methodology for determining the appropriate allowance for credit losses also considers the imprecision inherent in the methodologies used and allocated to the various loan portfolios. As a result, amounts determined under the methodologies described above are adjusted by management to consider the potential impact of other qualitative factors not captured in the quantitative model adjustments which include, but are not limited to, the following: model imprecision, imprecision in economic scenario assumptions, and emerging risks related to either changes in the environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each loan portfolio.
The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, investment securities and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.
The results of the analysis are evaluated quarterly to confirm the estimates are appropriate for each specific loan portfolio, as well as the entire loan portfolio, as the entire allowance for credit losses is available for the entire loan portfolio.
Credit Quality The credit quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.
For all loan portfolio classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed, reducing interest income in the current period.
Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully charged down if unsecured by collateral or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is placed on nonaccrual.
Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due. Residential mortgage loans and lines in a first lien position are placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Residential mortgage loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when they are behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged-off. Credit cards are charged-off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due, and revolving consumer lines are charged-off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.
For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or when the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.
The Company classifies its loan portfolio classes using internal credit quality ratings on a quarterly basis. These ratings include pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those loans not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those loans that have a potential weakness deserving management’s close attention. Classified loans are those loans where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.
Loan Modifications In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The Company recognizes interest on modified loans if full collection of contractual principal and interest is expected. The effects of modifications on credit loss expectations, such as improved payment capacity, longer expected lives and other factors, are considered when measuring the allowance for credit losses. Modification performance, including redefault rates and how these compare to historical losses, are also considered. Modifications generally do not result in significant changes to the Company’s allowance for credit losses.
For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may provide an interest rate reduction.
Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company modifies residential mortgage loans under Federal Housing Administration, United States Department of Veterans Affairs, or its own internal programs. Under these programs, the Company offers qualifying homeowners the opportunity to permanently modify their loan and achieve more affordable monthly payments. These modifications may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In some instances, participation in residential mortgage loan modification programs requires the customer to complete a short-term trial period. A permanent loan modification is
contingent on the customer successfully completing the trial period arrangement, and the loan documents are not modified until that time.
Credit card and other retail loan modifications are generally part of distinct modification programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates.
Accounting for Transfers and Servicing of Financial Assets In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value.
Variable Interest Entities
The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The assets of each unconsolidated VIE can only be used to settle the VIE’s obligations and if the VIE defaults on its obligations, creditors do not have general recourse to the Company.
The Company’s investments in these unconsolidated VIEs are carried in other assets on the Consolidated Balance Sheet. The Company’s unfunded capital and other commitments related to these unconsolidated VIEs are generally carried in other liabilities on the Consolidated Balance Sheet. The Company’s maximum exposure to loss from these unconsolidated VIEs include the investment recorded on the Company’s Consolidated Balance Sheet, net of unfunded capital commitments, and previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. While the Company believes potential losses from these investments are remote, the maximum exposure was determined by assuming a scenario where the community-based business and housing projects completely fail and do not meet certain government compliance requirements resulting in recapture of the related tax credits.
The Company is required to consolidate VIEs in which it has concluded it has a controlling financial interest.The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or transferred to others with a guarantee.
Netting Arrangements for Certain Financial Instruments
The Company’s derivative portfolio consists of bilateral over-the-counter trades, certain interest rate derivatives and credit contracts required to be centrally cleared through clearinghouses per current regulations, and exchange-traded positions which may include U.S. Treasury and SOFR futures or options on U.S. Treasury futures. Of the Company’s $1.4 trillion total notional amount of derivative positions at June 30, 2025, $621.0 billion related to bilateral over-the-counter trades, $695.9 billion related to those centrally cleared through clearinghouses and $38.4 billion related to those that were exchange-traded. The Company’s derivative contracts typically include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives under collateral support arrangements, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. In general, securities used as collateral can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 12 for further discussion of the Company’s derivatives, including collateral arrangements.
As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.
Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury and agency securities, residential agency mortgage-backed securities, corporate debt securities or asset-backed securities. The securities loaned or borrowed typically are corporate debt securities traded by the Company’s primary broker-dealer subsidiary. In general, the securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Repurchase/reverse repurchase and securities loaned/borrowed transactions expose the Company to counterparty risk. The Company manages this risk by performing assessments, independent of business line managers, and establishing concentration limits on each counterparty. Additionally, these transactions include collateral arrangements that require the fair values of the underlying securities to be determined daily, resulting in cash being obtained from or refunded to counterparties to maintain specified collateral levels.
The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all of these positions with the defaulting counterparty to be terminated and net settled with a single payment amount.
The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has also elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase transactions with certain counterparties, but has not made the election for securities loaned/borrowed transactions.
Fair Values of Assets and Liabilities
The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs, certain time deposits and structured long-term notes, and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets. Other financial instruments, such as held-to-maturity investment securities, loans, the majority of time deposits, short-term borrowings and long-term debt, are accounted for at amortized cost. See “Fair Value of Financial Instruments” in this Note for further information on the estimated fair value of these other financial instruments. In accordance with disclosure guidance, certain financial instruments, such as deposits with no defined or contractual maturity, receivables and payables due in one year or less, insurance contracts and equity investments not accounted for at fair value, are excluded from this Note.
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset
or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance.
The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:
•Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury securities, as well as exchange-traded instruments.
•Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, and certain time deposits and structured long-term notes, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.
•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs and certain derivative contracts.
Valuation Methodologies
The valuation methodologies used by the Company to measure financial assets and liabilities at fair value are described below. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the descriptions include information about the valuation models and key inputs to those models. During the six months ended June 30, 2025 and 2024, there were no significant changes to the valuation techniques used by the Company to measure fair value.
Available-for-Sale Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities include U.S. Treasury and exchange-traded securities.
For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third-party pricing service. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, obligations of state and political subdivisions and agency debt securities.
Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue were net gains of $3 million and net losses of $3 million for the three months ended June 30, 2025 and 2024, respectively, and net gains of $6 million and net losses of $4 million for the six months ended June 30, 2025 and 2024, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.
Time Deposits The Company elects the fair value option to account for certain time deposits that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these time deposits at fair value reduces certain timing differences and better matches changes in fair value of these deposits with changes in the value of the derivative instruments used to economically hedge them. The time deposits measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. Included in interest expense on deposits were net losses of $2 million and net gains of $3 million for the three months ended June 30, 2025 and 2024, respectively, and net gains of $1 million and $11 million for the six months ended June 30, 2025 and 2024, respectively, from the changes in fair value of time deposits under fair value option accounting guidance.
Long-term Debt The Company elects the fair value option to account for certain structured notes that are hedged with derivatives that do not qualify for hedge accounting. Electing to measure these structured notes at fair value reduces certain timing differences and better matches changes in fair value of these notes with changes in the value of the derivative instruments used to economically hedge them. The structured notes measured at fair value are valued using a discounted cash flow model that utilizes market observable inputs and are classified within Level 2. The discount rate used in the discounted cash flow model incorporates the impact of the Company’s credit spread, which is based on observable spreads in the secondary bond market. Changes in fair value
attributable to instrument specific credit risk are recorded as debit valuation adjustments (“DVA”) in other comprehensive income (loss) with all other changes in fair value recorded in interest expense. Included in other comprehensive income (loss) and interest expense on long-term debt were net DVA losses of $5 million and net gains of $3 million, respectively, for the three months ended June 30, 2025, and net DVA losses of $3 million and net gains of $2 million, respectively, for the six months ended June 30, 2025, from the changes in the fair value of structured notes under fair value option account guidance.
Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology, and are classified within Level 3. The Company determines fair value of the MSRs by projecting future cash flows for different interest rate scenarios using prepayment rates and other assumptions, and discounts these cash flows using a risk adjusted rate based on option adjusted spread levels. There is minimal observable market activity for MSRs on comparable portfolios, and therefore, the determination of fair value requires significant management judgment. Refer to Note 6 for further information on MSR valuation assumptions.
Derivatives The majority of derivatives held by the Company are executed over-the-counter or centrally cleared through clearinghouses and are valued using market standard cash flow valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. All derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk including external assessments of credit risk. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market and, therefore, the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy.
The Company also has other derivative contracts that are created through its operations, including commitments to purchase and originate mortgage loans and swap agreements executed in conjunction with the sale of a portion of its Class B common and preferred shares of Visa Inc. (the “Visa swaps”). The mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. The Visa swaps require payments by either the Company or the purchaser of the Visa Inc. Class B common and preferred shares when there are changes in the conversion rate of the Visa Inc. Class B common and preferred shares to Visa Inc. Class A common and preferred shares, respectively, as well as quarterly payments to the purchaser based on specified terms of the agreements. Management reviews and updates the Visa swaps fair value in conjunction with its review of Visa Inc. related litigation contingencies, and the associated escrow funding. The expected litigation resolution impacts the Visa Inc. Class B common share to Visa Inc. Class A common share conversion rate, as well as the ultimate termination date for the Visa swaps. Accordingly, the Visa swaps are classified within Level 3.
v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Held-to-Maturity Investment Securities
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 June 30, 2025December 31, 2024
(Dollars in Millions)Amortized
Cost 		Unrealized
Gains		Unrealized
Losses 		Fair ValueAmortized
Cost		Unrealized
Gains		Unrealized
Losses 		Fair Value
Held-to-Maturity
U.S. Treasury and agencies$647 $— $(9)$638 $1,296 $— $(21)$1,275 
Mortgage-backed securities
Residential agency75,272 32 (10,887)64,417 75,392 3 (12,317)63,078 
Commercial agency1,700 16 (3)1,713 1,702 — (27)1,675 
Other260 4 — 264 244 3 — 247 
Total held-to-maturity$77,879 $52 $(10,899)$67,032 $78,634 $6 $(12,365)$66,275 
Available-for-Sale
U.S. Treasury and agencies$29,790 $9 $(1,682)$28,117 $30,467 $1 $(2,081)$28,387 
Mortgage-backed securities
Residential agency39,763 110 (1,740)38,133 35,558 13 (2,290)33,281 
Commercial
Agency8,633 — (1,018)7,615 8,673 — (1,322)7,351 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities7,167 18 (2)7,183 7,136 30 (1)7,165 
Obligations of state and political subdivisions10,631 9 (1,431)9,209 10,690 13 (1,151)9,552 
Other310 3 — 313 249 1 — 250 
Total available-for-sale, excluding portfolio level basis adjustments96,301 149 (5,873)90,577 92,780 58 (6,846)85,992 
Portfolio level basis adjustments(a)
314 — (314)— 13 — (13)— 
Total available-for-sale$96,615 $149 $(6,187)$90,577 $92,793 $58 $(6,859)$85,992 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 12.
Available-for-Sale Investment Securities
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 June 30, 2025December 31, 2024
(Dollars in Millions)Amortized
Cost 		Unrealized
Gains		Unrealized
Losses 		Fair ValueAmortized
Cost		Unrealized
Gains		Unrealized
Losses 		Fair Value
Held-to-Maturity
U.S. Treasury and agencies$647 $— $(9)$638 $1,296 $— $(21)$1,275 
Mortgage-backed securities
Residential agency75,272 32 (10,887)64,417 75,392 3 (12,317)63,078 
Commercial agency1,700 16 (3)1,713 1,702 — (27)1,675 
Other260 4 — 264 244 3 — 247 
Total held-to-maturity$77,879 $52 $(10,899)$67,032 $78,634 $6 $(12,365)$66,275 
Available-for-Sale
U.S. Treasury and agencies$29,790 $9 $(1,682)$28,117 $30,467 $1 $(2,081)$28,387 
Mortgage-backed securities
Residential agency39,763 110 (1,740)38,133 35,558 13 (2,290)33,281 
Commercial
Agency8,633 — (1,018)7,615 8,673 — (1,322)7,351 
Non-agency7 — — 7 7 — (1)6 
Asset-backed securities7,167 18 (2)7,183 7,136 30 (1)7,165 
Obligations of state and political subdivisions10,631 9 (1,431)9,209 10,690 13 (1,151)9,552 
Other310 3 — 313 249 1 — 250 
Total available-for-sale, excluding portfolio level basis adjustments96,301 149 (5,873)90,577 92,780 58 (6,846)85,992 
Portfolio level basis adjustments(a)
314 — (314)— 13 — (13)— 
Total available-for-sale$96,615 $149 $(6,187)$90,577 $92,793 $58 $(6,859)$85,992 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 12.
Interest Income from Taxable and Non-Taxable Investment Securities
The following table provides information about the amount of interest income from taxable and non-taxable investment securities:
Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Taxable$1,281 $1,218 $2,515 $2,317 
Non-taxable74 76 148 152 
Total interest income from investment securities$1,355 $1,294 $2,663 $2,469 
Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities
The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:
Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Realized gains$1 $— $8 $3 
Realized losses(58)(36)(65)(37)
Net realized gains (losses)$(57)$(36)$(57)$(34)
Income tax (benefit) on net realized gains (losses)$(14)$(9)$(14)$(8)
Gross Unrealized Losses and Fair Value of Investment Securities The following table shows the gross unrealized losses excluding portfolio level basis adjustments and fair value of the Company’s available-for-sale investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2025:
Less Than 12 Months 12 Months or Greater Total
(Dollars in Millions)Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
U.S. Treasury and agencies$5,810 $(12)$21,142 $(1,670)$26,952 $(1,682)
Mortgage-backed securities
Residential agency11,136 (127)13,786 (1,613)24,922 (1,740)
Commercial
     Agency— — 7,615 (1,018)7,615 (1,018)
Non-agency— — 7 — 7 — 
Asset-backed securities1,607 (2)— — 1,607 (2)
Obligations of state and political subdivisions1,193 (31)7,615 (1,400)8,808 (1,431)
Total investment securities$19,746 $(172)$50,165 $(5,701)$69,911 $(5,873)
Investment Amortized Cost, Fair Value and Yield by Maturity Date
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at June 30, 2025:
(Dollars in Millions)
Amortized
Cost
Fair Value
Weighted- Average
Maturity in Years
Weighted-Average Yield(e)
Held-to-Maturity
U.S. Treasury and agencies
Maturing in one year or less$— $— — — %
Maturing after one year through five years647 638 1.83.00 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$647 $638 1.83.00 %
Mortgage-backed securities(a)
Maturing in one year or less$212 $213 0.74.74 %
Maturing after one year through five years1,935 1,953 3.54.48 
Maturing after five years through ten years74,818 63,957 8.52.22 
Maturing after ten years7 7 18.81.81 
Total$76,972 $66,130 8.42.29 %
Other
Maturing in one year or less$— $— — — %
Maturing after one year through five years260 264 1.92.68 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$260 $264 1.92.68 %
Total held-to-maturity(b)
$77,879 $67,032 8.32.30 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$11 $11 0.14.43 %
Maturing after one year through five years14,071 13,556 2.92.38 
Maturing after five years through ten years15,317 14,252 6.12.86 
Maturing after ten years391 298 10.31.82 
Total$29,790 $28,117 4.62.62 %
Mortgage-backed securities(a)
Maturing in one year or less$267 $261 0.91.94 %
Maturing after one year through five years7,082 6,593 4.42.37 
Maturing after five years through ten years40,787 38,648 7.34.24 
Maturing after ten years267 253 11.15.36 
Total$48,403 $45,755 6.83.96 %
Asset-backed securities(a)
Maturing in one year or less$10 $10 0.37.02 %
Maturing after one year through five years2,841 2,851 1.74.84 
Maturing after five years through ten years4,316 4,322 5.65.66 
Maturing after ten years— — — — 
Total$7,167 $7,183 4.15.34 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$148 $148 0.34.61 %
Maturing after one year through five years806 802 2.54.75 
Maturing after five years through ten years1,112 1,042 7.73.48 
Maturing after ten years8,565 7,217 14.53.13 
Total$10,631 $9,209 12.73.31 %
Other
Maturing in one year or less$124 $125 0.54.95 %
Maturing after one year through five years186 188 2.34.57 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$310 $313 1.64.72 %
Total available-for-sale(b)(f)
$96,301 $90,577 6.63.58 %
(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)The weighted-average maturity of total held-to-maturity investment securities was 8.7 years at December 31, 2024, with a corresponding weighted-average yield of 2.20 percent. The weighted-average maturity of total available-for-sale investment securities was 6.8 years at December 31, 2024, with a corresponding weighted-average yield of 3.67 percent.
(c)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(d)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.
(f)Amortized cost excludes portfolio level basis adjustments of $314 million.
v3.25.2
Loans and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Composition of Loan Portfolio
The composition of the loan portfolio, by class and underlying specific portfolio type, was as follows:
June 30, 2025December 31, 2024
(Dollars in Millions)AmountPercent of Total AmountPercent of Total
Commercial
Commercial$143,135 37.7 %$135,254 35.6 %
Lease financing4,281 1.1 4,230 1.1 
Total commercial147,416 38.8 139,484 36.7 
Commercial Real Estate
Commercial mortgages38,144 10.0 38,619 10.2 
Construction and development10,037 2.7 10,240 2.7 
Total commercial real estate48,181 12.7 48,859 12.9 
Residential Mortgages
Residential mortgages108,913 28.6 112,806 29.7 
Home equity loans, first liens5,562 1.5 6,007 1.6 
Total residential mortgages114,475 30.1 118,813 31.3 
Credit Card30,023 7.9 30,350 8.0 
Other Retail
Retail leasing3,816 1.0 4,040 1.0 
Home equity and second mortgages13,761 3.6 13,565 3.6 
Revolving credit4,062 1.1 3,747 1.0 
Installment14,220 3.7 14,373 3.8 
Automobile4,289 1.1 6,601 1.7 
Total other retail40,148 10.5 42,326 11.1 
Total loans$380,243 100.0 %$379,832 100.0 %
Activity in Allowance for Credit Losses by Portfolio Class
Activity in the allowance for credit losses by portfolio class was as follows:
Three Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2025
Balance at beginning of period$2,212 $1,432 $789 $2,644 $838 $7,915 
Add
Provision for credit losses155 9 (33)338 32 501 
Deduct
Loans charged-off155 74 4 373 77 683 
Less recoveries of loans charged-off(27)(17)(5)(56)(24)(129)
Net loan charge-offs (recoveries)128 57 (1)317 53 554 
Balance at end of period$2,239 $1,384 $757 $2,665 $817 $7,862 
2024
Balance at beginning of period$2,159 $1,629 $843 $2,425 $848 $7,904 
Add
Provision for credit losses164 3 (11)388 24 568 
Deduct
Loans charged-off180 38 3 358 73 652 
Less recoveries of loans charged-off(37)(2)(7)(43)(25)(114)
Net loan charge-offs (recoveries)143 36 (4)315 48 538 
Balance at end of period$2,180 $1,596 $836 $2,498 $824 $7,934 
Six Months Ended June 30
(Dollars in Millions)		Commercial
Commercial Real Estate
Residential Mortgages
Credit Card
Other Retail
Total Loans
2025
Balance at beginning of period$2,175 $1,508 $783 $2,640 $819 $7,925 
Add
Provision for credit losses355 (71)(27)667 114 1,038 
Deduct
Loans charged-off342 99 8 759 165 1,373 
Less recoveries of loans charged-off(51)(46)(9)(117)(49)(272)
Net loan charge-offs (recoveries)291 53 (1)642 116 1,101 
Balance at end of period$2,239 $1,384 $757 $2,665 $817 $7,862 
2024
Balance at beginning of period$2,119 $1,620 $827 $2,403 $870 $7,839 
Add
Provision for credit losses320 33 5 706 57 1,121 
Deduct
Loans charged-off319 72 7 695 154 1,247 
Less recoveries of loans charged-off(60)(15)(11)(84)(51)(221)
Net loan charge-offs (recoveries)259 57 (4)611 103 1,026 
Balance at end of period$2,180 $1,596 $836 $2,498 $824 $7,934 
Credit Quality Indicators
The following table provides a summary of loans charged-off by portfolio class and year of origination:
Three Months Ended June 30
(Dollars in Millions)		CommercialCommercial
Real Estate		Residential Mortgages
Credit Card(a)
Other RetailTotal Loans
2025
Originated in 2025$10 $— $— $— $— $10 
Originated in 202427 25 — — 12 64 
Originated in 20239 7 — — 14 30 
Originated in 20227 35 1 — 11 54 
Originated in 20215 — 1 — 10 16 
Originated prior to 202116 1 2 — 8 27 
Revolving81 6 — 373 22 482 
Total charge-offs$155 $74 $4 $373 $77 $683 
2024
Originated in 2024$3 $36 $— $— $— $39 
Originated in 202326 2 — — 11 39 
Originated in 202266 — 1 — 14 81 
Originated in 20217 — — — 10 17 
Originated in 20202 — — — 5 7 
Originated prior to 202011 — 2 — 8 21 
Revolving65 — — 358 25 448 
Total charge-offs$180 $38 $3 $358 $73 $652 
Six Months Ended June 30
(Dollars in Millions)		CommercialCommercial Real EstateResidential Mortgages
Credit Card(a)
Other RetailTotal Loans
2025
Originated in 2025$20 $— $— $— $— $20 
Originated in 202458 31 — — 23 112 
Originated in 202338 21 — — 29 88 
Originated in 202239 39 1 — 24 103 
Originated in 20219 1 1 — 25 36 
Originated prior to 202125 1 6 — 17 49 
Revolving153 6 — 759 47 965 
Total charge-offs$342 $99 $8 $759 $165 $1,373 
2024
Originated in 2024$3 $41 $— $— $2 $46 
Originated in 202352 6 — — 21 79 
Originated in 202284 24 1 — 28 137 
Originated in 202115 — — — 21 36 
Originated in 20206 — — — 13 19 
Originated prior to 202021 1 6 — 19 47 
Revolving138 — — 695 50 883 
Total charge-offs$319 $72 $7 $695 $154 $1,247 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominantly all current year and near term loan origination years for gross charge-offs relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Predominantly all credit card loans are considered revolving loans. Includes an immaterial amount of charge-offs related to revolving converted to term loans.
The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:
June 30, 2025December 31, 2024
CriticizedCriticized
(Dollars in Millions)Pass
Special
Mention
Classified(a)
Total
Criticized
TotalPass
Special
Mention
Classified(a)
Total
Criticized
Total
Commercial
Originated in 2025$36,672 $252 $290 $542 $37,214 $— $— $— $— $— 
Originated in 202441,949 311 868 1,179 43,128 57,578 503 1,034 1,537 59,115 
Originated in 202311,973 128 455 583 12,556 19,128 173 564 737 19,865 
Originated in 202214,692 39 426 465 15,157 19,718 231 370 601 20,319 
Originated in 20213,710 5 34 39 3,749 4,677 60 92 152 4,829 
Originated prior to 20214,963 119 200 319 5,282 6,812 76 143 219 7,031 
Revolving(b)
29,454 413 463 876 30,330 27,344 169 812 981 28,325 
Total commercial143,413 1,267 2,736 4,003 147,416 135,257 1,212 3,015 4,227 139,484 
Commercial real estate
Originated in 20256,934 191 580 771 7,705 — — — — — 
Originated in 20247,722 121 907 1,028 8,750 9,652 261 1,772 2,033 11,685 
Originated in 20234,470 65 641 706 5,176 5,213 42 760 802 6,015 
Originated in 20227,465 313 880 1,193 8,658 9,047 661 913 1,574 10,621 
Originated in 20215,388 62 166 228 5,616 6,515 100 196 296 6,811 
Originated prior to 20219,461 250 585 835 10,296 10,822 148 608 756 11,578 
Revolving1,931 6 38 44 1,975 2,078 — 68 68 2,146 
Revolving converted to term5 — — — 5 3 — — — 3 
Total commercial real estate43,376 1,008 3,797 4,805 48,181 43,330 1,212 4,317 5,529 48,859 
Residential mortgages(c)
Originated in 20255,085 — — — 5,085 — — — — — 
Originated in 20249,200 — 8 8 9,208 10,291 — — — 10,291 
Originated in 20238,342 — 22 22 8,364 8,764 — 11 11 8,775 
Originated in 202225,243 — 62 62 25,305 28,484 — 43 43 28,527 
Originated in 202131,776 — 68 68 31,844 34,694 — 35 35 34,729 
Originated prior to 202134,359 — 310 310 34,669 36,211 — 280 280 36,491 
Total residential mortgages114,005 — 470 470 114,475 118,444 — 369 369 118,813 
Credit card(d)
29,651 — 372 372 30,023 29,915 — 435 435 30,350 
Other retail
Originated in 20253,050 — 1 1 3,051 — — — — — 
Originated in 20245,769 — 8 8 5,777 7,398 — 3 3 7,401 
Originated in 20233,273 — 10 10 3,283 3,966 — 9 9 3,975 
Originated in 20223,283 — 11 11 3,294 4,085 — 11 11 4,096 
Originated in 20215,018 — 10 10 5,028 6,537 — 14 14 6,551 
Originated prior to 20214,624 — 19 19 4,643 5,543 — 21 21 5,564 
Revolving14,151 — 114 114 14,265 13,846 — 120 120 13,966 
Revolving converted to term767 — 40 40 807 731 — 42 42 773 
Total other retail39,935 — 213 213 40,148 42,106 — 220 220 42,326 
Total loans$370,380 $2,275 $7,588 $9,863 $380,243 $369,052 $2,424 $8,356 $10,780 $379,832 
Total outstanding commitments$789,563 $3,118 $9,644 $12,762 $802,325 $778,155 $3,875 $10,441 $14,316 $792,471 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominately all current year and nearer term loan origination years for criticized loans relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Classified rating on consumer loans primarily based on delinquency status.
(b)Includes an immaterial amount of revolving converted to term loans.
(c)At June 30, 2025, $2.2 billion of GNMA loans 90 days or more past due and $1.4 billion of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.3 billion and $1.4 billion at December 31, 2024, respectively.
(d)Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans.
Loans by Portfolio Class, Including Delinquency Status
The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:
Accruing
(Dollars in Millions)Current
30-89 Days
Past Due
90 Days or
More Past Due
Nonperforming(b)
Total
June 30, 2025
Commercial$146,424 $325 $92 $575 $147,416 
Commercial real estate47,172 113 133 763 48,181 
Residential mortgages(a)
113,841 171 318 145 114,475 
Credit card29,280 371 372 — 30,023 
Other retail39,770 173 51 154 40,148 
Total loans$376,487 $1,153 $966 $1,637 $380,243 
December 31, 2024
Commercial$138,362 $356 $96 $670 $139,484 
Commercial real estate47,948 78 9 824 48,859 
Residential mortgages(a)
118,267 188 206 152 118,813 
Credit card29,487 428 435 — 30,350 
Other retail41,886 229 64 147 42,326 
Total loans$375,950 $1,279 $810 $1,793 $379,832 
(a)At June 30, 2025, $558 million of loans 30–89 days past due and $2.2 billion of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $660 million and $2.3 billion at December 31, 2024, respectively.
(b)Substantially all nonperforming loans at June 30, 2025 and December 31, 2024, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $6 million and $6 million for the three months ended June 30, 2025 and 2024, respectively, and $10 million and $11 million for the six months ended June 30, 2025 and 2024, respectively
Loans Modified
The following table provides a summary of period-end balances of loans modified during the periods presented, by portfolio class and modification granted:
Three Months Ended June 30
(Dollars in Millions)
Interest Rate
Reduction
Payment
Delay
Term
Extension
Multiple Modifications(a)
Total
Modifications
Percent of
Class Total
2025
Commercial$24 $— $158 $69 $251 .2 %
Commercial real estate— — 283 — 283 .6 
Residential mortgages(b)
— 77 3 12 92 .1 
Credit card123 — — — 123 .4 
Other retail2 4 25 3 34 .1 
Total loans, excluding loans purchased from GNMA mortgage pools149 81 469 84 783 .2 
Loans purchased from GNMA mortgage pools(b)
— 375138172685.6 
Total loans$149 $456 $607 $256 $1,468 .4 %
2024
Commercial$23 $— $253 $— $276 .2 %
Commercial real estate78 — 391 7 476 .9 
Residential mortgages(b)
— 9 7 6 22 — 
Credit card116 — — — 116 .4 
Other retail2 — 33 1 36 .1 
Total loans, excluding loans purchased from GNMA mortgage pools219 9 684 14 926 .2 
Loans purchased from GNMA mortgage pools(b)
— 474 109 122 705 .6 
Total loans$219 $483 $793 $136 $1,631 .4 %
Six Months Ended June 30
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
2025
Commercial$46 $2 $260 $87 $395 .3 %
Commercial real estate— — 451 2 453 .9 
Residential mortgages(b)
— 293 5 17 315 .3 
Credit card241 3 — — 244 .8 
Other retail4 5 50 7 66 .2 
Total loans, excluding loans purchased from GNMA mortgage pools291 303 766 113 1,473 .4 
Loans purchased from GNMA mortgage pools(b)
— 696 233 284 1,213 1.1 
Total loans$291 $999 $999 $397 $2,686 .7 %
2024
Commercial$44 $— $452 $— $496 .4 %
Commercial real estate78 — 629 7 714 1.4 
Residential mortgages(b)
— 28 12 9 49 — 
Credit card228 — — — 228 .8 
Other retail4 1 69 1 75 .2 
Total loans, excluding loans purchased from GNMA mortgage pools354 29 1,162 17 1,562 .4 
Loans purchased from GNMA mortgage pools(b)
1 908 173 204 1,286 1.1 
Total loans$355 $937 $1,335 $221 $2,848 .8 %
(a)Includes $97 million of total loans receiving a payment delay and term extension, $134 million of total loans receiving an interest rate reduction and term extension and $25 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended June 30, 2025, compared with $111 million, $17 million and $8 million for the three months ended June 30, 2024, respectively. Includes $166 million of total loans receiving a payment delay and term extension, $191 million of total loans receiving an interest rate reduction and term extension and $40 million of total loans receiving an interest rate reduction, payment delay and term extension for the six months ended June 30, 2025, compared with $189 million, $20 million and $12 million for the six months ended June 30, 2024, respectively.
(b)Percent of class total amounts expressed as a percent of total residential mortgage loan balances.
The following table summarizes the effects of loan modifications made to borrowers on loans modified:
Three Months Ended June 30
Weighted-Average
Interest Rate
Reduction
Weighted-Average
Months of Term
Extension
2025
Commercial(a)
5.4 %14
Commercial real estate— 4
Residential mortgages1.3 95
Credit card16.0 —
Other retail4.6 12
Loans purchased from GNMA mortgage pools.4 100
2024
Commercial(a)
20.6 %5
Commercial real estate2.2 8
Residential mortgages.5 86
Credit card16.3 —
Other retail7.6 5
Loans purchased from GNMA mortgage pools.5 119
Six Months Ended June 30Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
2025
Commercial(a)
7.7 %12
Commercial real estate2.1 5
Residential mortgages1.4 94
Credit card16.1 —
Other retail5.0 19
Loans purchased from GNMA mortgage pools.4 99
2024
Commercial(a)
20.0 %7
Commercial real estate2.2 9
Residential mortgages.7 85
Credit card16.3 —
Other retail8.4 4
Loans purchased from GNMA mortgage pools.5 116
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the three and six months ended June 30, 2025 and 2024. Forbearance payments are required to be paid at the end of the original term loan.
(a)The weighted-average interest rate reduction was primarily driven by commercial cards.
Loans Modified by Delinquency Status
The following table provides a summary of loan balances as of June 30, which were modified during the prior twelve months, by portfolio class and delinquency status:
(Dollars in Millions)  Current
30-89 Days
Past Due
90 Days or
More Past Due
Total
2025
Commercial$556 $38 $108 $702 
Commercial real estate799 — 111 910 
Residential mortgages(a)
1,433 5 8 1,446 
Credit card316 64 35 415 
Other retail96 13 6 115 
Total loans$3,200 $120 $268 $3,588 
2024
Commercial$628 $17 $117 $762 
Commercial real estate847 — 419 1,266 
Residential mortgages(a)
1,585 6 13 1,604 
Credit card293 64 34 391 
Other retail122 17 6 145 
Total loans$3,475 $104 $589 $4,168 
(a)At June 30, 2025, $413 million of loans 30-89 days past due and $239 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $462 million and $196 million at June 30, 2024 respectively.
Loans Modified During the year that Defaulted
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified within twelve months prior to default:
Three Months Ended June 30
(Dollars in Millions)		Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
2025
Commercial$9 $— $1 $— 
Commercial real estate36 — — — 
Residential mortgages— — — 3 
Credit card34 — — — 
Other retail— — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools79 — 6 3 
Loans purchased from GNMA mortgage pools— 61 29 50 
Total loans$79 $61 $35 $53 
2024
Commercial$7 $— $— $— 
Commercial real estate— — 24 — 
Residential mortgages— 9 1 1 
Credit card30 — — — 
Other retail1 — 5 — 
Total loans, excluding loans purchased from GNMA mortgage pools38 9 30 1 
Loans purchased from GNMA mortgage pools— 58 24 29 
Total loans$38 $67 $54 $30 
Six Months Ended June 30
(Dollars in Millions)		Interest Rate Reduction
Payment Delay
Term Extension
Multiple Modifications(a)
2025
Commercial$19 $— $21 $— 
Commercial real estate36 — — — 
Residential mortgages— — — 3 
Credit card69 — — — 
Other retail1 — 10 — 
Total loans, excluding loans purchased from GNMA mortgage pools125 — 31 3 
Loans purchased from GNMA mortgage pools— 100 44 89 
Total loans$125 $100 $75 $92 
2024
Commercial$13 $— $— $— 
Commercial real estate— — 24 — 
Residential mortgages— 13 4 3 
Credit card59 — — — 
Other retail1 1 10 — 
Total loans, excluding loans purchased from GNMA mortgage pools73 14 38 3 
Loans purchased from GNMA mortgage pools— 96 43 57 
Total loans$73 $110 $81 $60 
(a)Includes $29 million of total loans receiving a payment delay and term extension, $20 million of total loans receiving an interest rate reduction and term extension, and $4 million of total loans receiving an interest rate reduction, payment delay and term extension for the three months ended June 30, 2025, compared with $29 million of total loans receiving a payment delay and term extension and $1 million of total loans receiving an interest rate reduction and term extension for the three months ended June 30, 2024. Includes $54 million of total loans receiving a payment delay and term extension, $33 million of total loans receiving an interest rate reduction and term extension, and $5 million of total loans receiving an interest rate reduction, payment delay and term extension for the six months ended June 30, 2025, compared with $58 million, $1 million and $1 million for the six months ended June 30, 2024, respectively.
v3.25.2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The following table provides a summary of investments in community development and tax-advantaged VIEs that the Company has not consolidated:
(Dollars in Millions)June 30, 2025December 31, 2024
Investment carrying amount$9,189 $8,107 
Unfunded capital and other commitments5,532 5,032 
Maximum exposure to loss10,238 8,435 
v3.25.2
Mortgage Servicing Rights (Tables)
 6 Months Ended
Jun. 30, 2025
Transfers and Servicing [Abstract]  
Changes in Fair Value of Capitalized MSRs
Changes in fair value of capitalized MSRs are summarized as follows:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Balance at beginning of period$3,312 $3,462 $3,369 $3,377 
Rights purchased— 1 — 1 
Rights capitalized64 64 123 119 
Rights sold
— (189)1 (189)
Changes in fair value of MSRs
Due to fluctuations in market interest rates(a)
9 45 (40)148 
Due to revised assumptions or models(b)
6 33 10 41 
Other changes in fair value(c)
(86)(90)(158)(171)
Balance at end of period$3,305 $3,326 $3,305 $3,326 
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.
(b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes.
(c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments
The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
 June 30, 2025December 31, 2024
(Dollars in Millions)Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps 		Down
 100 bps 		Down
 50 bps 		Down
 25 bps 		Up
 25 bps 		Up
 50 bps 		Up
 100 bps
MSR portfolio$(357)$(168)$(82)$76 $146 $267 $(310)$(144)$(69)$63 $120 $217 
Derivative instrument hedges35016882(74)(140)(262)32514769(61)(118)(220)
Net sensitivity$(7)$— $— $2 $6 $5 $15 $3 $— $2 $2 $(3)
MSRs and Related Characteristics by Portfolio
The following table provides a summary of the Company’s MSRs and related characteristics by portfolio:
 June 30, 2025December 31, 2024
(Dollars in Millions)HFA Government
Conventional(d)
Total HFA Government
Conventional(d)
Total
Servicing portfolio(a)
$54,999 $24,371 $136,490 $215,860 $52,807 $25,139 $138,428 $216,374 
Fair value$834 $481 $1,990 $3,305 $856 $512 $2,001 $3,369 
Value (bps)(b)
152 197 146 153 162 204 145 156 
Weighted-average servicing fees (bps)35 45 25 30 35 45 25 30 
Multiple (value/servicing fees)4.29 4.42 5.75 5.09 4.57 4.56 5.69 5.17 
Weighted-average note rate5.05 %4.38 %3.96 %4.29 %4.92 %4.35 %3.87 %4.18 %
Weighted-average age (in years)4.66.55.35.34.56.15.05.0
Weighted-average expected prepayment (constant prepayment rate)10.0 %10.4 %8.2 %8.9 %9.9 %10.2 %7.8 %8.6 %
Weighted-average expected life (in years)7.56.77.37.37.56.87.47.4
Weighted-average option adjusted spread(c)
7.4 %6.6 %5.1 %5.9 %5.8 %6.2 %5.6 %5.7 %
(a)Represents principal balance of mortgages having corresponding MSR asset.
(b)Calculated as fair value divided by the servicing portfolio.
(c)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs.
(d)Represents loans sold primarily to GSEs.
v3.25.2
Preferred Stock (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shares Issued and Outstanding and Carrying Amount of Preferred Stock The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows:
 June 30, 2025December 31, 2024
(Dollars in Millions)
Shares Issued and Outstanding
Liquidation Preference
Discount
Carrying Amount
Shares Issued and Outstanding
Liquidation Preference
Discount
Carrying Amount
Series A12,510$1,251 $145 $1,106 12,510$1,251 $145 $1,106 
Series B40,0001,000 — 1,000 40,0001,000 — 1,000 
Series J40,0001,000 7 993 40,0001,000 7 993 
Series K23,000575 10 565 23,000575 10 565 
Series L20,000500 14 486 20,000500 14 486 
Series M30,000750 21 729 30,000750 21 729 
Series N60,0001,500 8 1,492 60,0001,500 8 1,492 
Series O18,000450 13 437 18,000450 13 437 
Total preferred stock(a)
243,510$7,026 $218 $6,808 243,510$7,026 $218 $6,808 
(a)The par value of all shares issued and outstanding at June 30, 2025 and December 31, 2024, was $1.00 per share.
v3.25.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Reconciliation of Accumulated Other Comprehensive Income (Loss) The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity is as follows:
Three Months Ended June 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-for- Sale Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity Unrealized Gains (Losses) on Derivative Hedges Unrealized Gains (Losses) on Retirement Plans Debit Valuation AdjustmentsForeign Currency Translation Total
2025      
Balance at beginning of period$(4,699)$(3,082)$(297)$(956)$2 $(10)$(9,042)
Changes in unrealized gains (losses)198 — 157 — (5)— 350 
Foreign currency translation adjustment(a)
— — — — — (8)(8)
Reclassification to earnings of realized (gains) losses57 123 66 (2)— — 244 
Applicable income taxes(69)(33)(58)4 2 1 (153)
Balance at end of period$(4,513)$(2,992)$(132)$(954)$(1)$(17)$(8,609)
2024      
Balance at beginning of period$(5,279)$(3,452)$(461)$(1,138)$— $(23)$(10,353)
Changes in unrealized gains (losses)(78)— (109)— — — (187)
Foreign currency translation adjustment(a)
— — — — — (2)(2)
Reclassification to earnings of realized (gains) losses36 131 80 — — — 247 
Applicable income taxes11 (33)8 — — 1 (13)
Balance at end of period$(5,310)$(3,354)$(482)$(1,138)$— $(24)$(10,308)
Six Months Ended June 30
(Dollars in Millions)		Unrealized Gains (Losses) on Investment Securities Available-For- SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available- For-Sale to Held-To-MaturityUnrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansDebit Valuation AdjustmentsForeign Currency TranslationTotal
2025      
Balance at beginning of period$(5,078)$(3,165)$(553)$(955)$1 $(14)$(9,764)
Changes in unrealized gains (losses)706 — 441 — (3)— 1,144 
Foreign currency translation adjustment(a)
— — — — — (4)(4)
Reclassification to earnings of realized (gains) losses57 234 126 (3)— — 414 
Applicable income taxes(198)(61)(146)4 1 1 (399)
Balance at end of period$(4,513)$(2,992)$(132)$(954)$(1)$(17)$(8,609)
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$— $(28)$(10,096)
Changes in unrealized gains (losses)(249)— (452)— — — (701)
Foreign currency translation adjustment(a)
— — — — — 4 4 
Reclassification to earnings of realized (gains) losses34 245 129 — — — 408 
Applicable income taxes56 (62)83 — — — 77 
Balance at end of period$(5,310)$(3,354)$(482)$(1,138)$— $(24)$(10,308)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income into Earnings
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings is as follows:
 Impact to Net Income  
 Three Months Ended
June 30		Six Months Ended
June 30
Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)2025202420252024
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sales of investment securities$(57)$(36)$(57)$(34)Securities gains (losses), net
14 9 14 8 Applicable income taxes
(43)(27)(43)(26)Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(123)(131)(234)(245)Interest income
33 33 61 62 Applicable income taxes
(90)(98)(173)(183)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(66)(80)(126)(129)Net interest income
17 20 32 33 Applicable income taxes
(49)(60)(94)(96)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization2 — 3 — Other noninterest expense
(1)— (1)— Applicable income taxes
1 — 2 — Net-of-tax
Total impact to net income$(181)$(185)$(308)$(305) 
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Components of Earnings Per Share
The components of earnings per share were:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars and Shares in Millions, Except Per Share Data)2025202420252024
Net income attributable to U.S. Bancorp$1,815 $1,603 $3,524 $2,922 
Preferred dividends(70)(75)(165)(177)
Earnings allocated to participating stock awards(12)(10)(23)(18)
Net income applicable to U.S. Bancorp common shareholders$1,733 $1,518 $3,336 $2,727 
Average common shares outstanding1,559 1,560 1,559 1,560 
Net effect of the exercise and assumed purchase of stock awards— 1 1 — 
Average diluted common shares outstanding1,559 1,561 1,560 1,560 
Earnings per common share$1.11 $.97 $2.14 $1.75 
Diluted earnings per common share$1.11 $.97 $2.14 $1.75 
v3.25.2
Employee Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost for the Company’s pension plans were:
 Three Months Ended June 30Six Months Ended June 30
(Dollars in Millions)2025202420252024
Service cost$53 $54 $106 $109 
Interest cost102 94 205 188 
Expected return on plan assets(146)(146)(293)(292)
Prior service cost (credit) amortization(1)(1)(2)(2)
Actuarial loss (gain) amortization1 3 2 5 
Net periodic benefit cost(a)
$9 $4 $18 $8 
(a)Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income.
v3.25.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense
The components of income tax expense were:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Federal
Current$257 $321 $256 $501 
Deferred25 49 353 182 
Federal income tax282 370 609 683 
State
Current90 88 187 109 
Deferred100 (13)119 — 
State income tax190 75 306 109 
Total income tax provision$472 $445 $915 $792 
Reconciliation of Expected Income Tax Expense at Federal Statutory Rate to the Applicable Income Tax Expense
A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)2025202420252024
Tax at statutory rate$482 $432 $935 $783 
State income tax, at statutory rates, net of federal tax benefit99 102 211 183 
Tax effect of
Tax credits and benefits, net of related expenses(143)(83)(266)(144)
Revaluation of tax related assets and liabilities(a)
72 — 72 — 
Exam resolutions— (32)— (97)
Tax-exempt income(40)(36)(73)(67)
Other items2 62 36 134 
Applicable income taxes$472 $445 $915 $792 
(a)California enacted legislation resulting in a decrease to the Company’s state effective tax rate, requiring the Company to revalue its state deferred tax assets and liabilities. As a result of this revaluation, the Company recorded an estimated net tax expense of $72 million in the second quarter of 2025.
v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Asset and Liability Management Derivative Positions
The following table summarizes the asset and liability management derivative positions of the Company:
 June 30, 2025December 31, 2024
 Notional ValueFair ValueNotional ValueFair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps$15,550 $— $— $10,600 $— $— 
Pay fixed/receive floating swaps28,364 — — 29,739 — — 
Cash flow hedges
Interest rate contracts
Receive fixed/pay floating swaps24,850 — — 28,550 — — 
Pay fixed/receive floating swaps1,000 — — — — — 
Net investment hedges
Foreign exchange forward contracts732 3 2 870 7 — 
Other economic hedges
Interest rate contracts
Futures and forwards
Buy6,078 24 5 5,436 8 30 
Sell3,650 8 26 2,711 10 1 
Options
Purchased7,730 159 — 7,810 186 — 
Written2,742 20 70 1,991 8 47 
Receive fixed/pay floating swaps14,505 126 28 9,977 45 23 
Pay fixed/receive floating swaps5,968 — — 2,371 — — 
Foreign exchange forward contracts813 1 4 702 4 4 
Equity contracts295 10 — 293 — 9 
Credit contracts2,667 — 20 3,558 — 29 
Other(a)
2,094 11 124 1,084 7 78 
Total$117,038 $362 $279 $105,692 $275 $221 
(a)Includes derivative liability swap agreements related to the sale of a portion of the Company’s Class B common and preferred shares of Visa Inc. The Visa swap agreements had a total notional value and fair value of $1.0 billion and $119 million at June 30, 2025, respectively, compared to $1.0 billion and $78 million at December 31, 2024, respectively. In addition, includes short-term underwriting purchase and sale commitments with total notional values of $1.0 billion at June 30, 2025.
Summary of Customer-Related Derivative Positions
The following table summarizes the customer-related derivative positions of the Company:
 June 30, 2025December 31, 2024
 Notional
Value		Fair ValueNotional
Value		Fair Value
(Dollars in Millions)AssetsLiabilitiesAssetsLiabilities
Interest rate contracts
Receive fixed/pay floating swaps$408,874 $1,238 $2,533 $413,841 $462 $4,485 
Pay fixed/receive floating swaps359,913 1,311 422 363,837 2,342 153 
Other(a)
68,487 22 36 72,503 17 34 
Options
Purchased125,633 326 11 96,238 414 2 
Written99,190 26 439 90,572 12 574 
Futures
Buy1,024 1 — — — — 
Sell2,037 — — — — — 
Foreign exchange rate contracts
Forwards, spots and swaps132,527 3,433 3,258 113,718 2,441 2,232 
Options
Purchased1,096 24 1 497 14 — 
Written1,096 1 24 497 — 14 
Commodity contracts
Swaps13,102 463 441 8,224 199 180 
Options
Purchased5,742 382 2 3,921 233 2 
Written5,742 1 383 3,921 3 233 
Futures
Buy6 1 — 1 — — 
Sell351 47 53 166 25 27 
Equity contracts8 — — — — — 
Credit contracts13,304 1 4 13,670 — 3 
Total$1,238,132 $7,277 $7,607 $1,181,606 $6,162 $7,939 
(a)Primarily represents floating rate interest rate swaps that pay based on differentials between specified interest rate indexes.
Summary of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):
 Three Months Ended June 30Six Months Ended June 30
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)20252024202520242025202420252024
Asset and Liability Management Positions        
Cash flow hedges        
Interest rate contracts$116 $(81)$(49)$(60)$327 $(336)$(94)$(96)
Net investment hedges        
Foreign exchange forward contracts(38)9 — — (42)78 — — 
Non-derivative debt instruments(130)7 — — (191)41 — — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)
The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax):
 Three Months Ended June 30Six Months Ended June 30
 Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings Gains (Losses) Recognized in Other Comprehensive Income (Loss)Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)20252024202520242025202420252024
Asset and Liability Management Positions        
Cash flow hedges        
Interest rate contracts$116 $(81)$(49)$(60)$327 $(336)$(94)$(96)
Net investment hedges        
Foreign exchange forward contracts(38)9 — — (42)78 — — 
Non-derivative debt instruments(130)7 — — (191)41 — — 
Note: The Company does not exclude components from effectiveness testing for cash flow and net investment hedges.
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income
The table below shows the effect of fair value and cash flow hedge accounting on the Consolidated Statement of Income:
 Three Months Ended June 30Six Months Ended June 30
 Interest Income Interest Expense Interest Income Interest Expense
(Dollars in Millions)20252024202520242025202420252024
Total amount of income and expense line items presented in the Consolidated Statement of Income in which the effects of fair value or cash flow hedges are recorded$7,604 $7,985 $3,553 $3,962 $15,120 $15,749 $6,977 $7,741 
Asset and Liability Management Positions        
Fair value hedges        
Interest rate contract derivatives(285)(23)(78)69 (733)445 (184)12 
Hedged items286 22 76 (69)733 (447)188 (12)
Cash flow hedges        
Interest rate contract derivatives(59)(73)7 7 (112)(115)14 14 
Note: The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million and $14 million into earnings during both the three and six months ended June 30, 2025 and 2024, respectively, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur.
Summary of Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges
The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities currently designated in fair value hedges:
 Carrying Amount of the Hedged Assets
and Liabilities		Cumulative Hedging Adjustment
(Dollars in Millions)June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Line Item in the Consolidated Balance Sheet    
Available-for-sale investment securities(a)
$28,421 $29,005 $281 $(464)
Long-term debt15,752 10,632 217 39 
Note: The table above excludes the cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt of $(47) million and $(98) million, respectively, at June 30, 2025, compared with $(72) million and $(149) million at December 31, 2024, respectively. The carrying amount of available-for-sale investment securities and long-term debt related to discontinued hedging relationships was $8.1 billion and $11.6 billion, respectively, at June 30, 2025, compared with $6.8 billion and $14.9 billion at December 31, 2024, respectively.
(a)Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At June 30, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $21.0 billion, of which $11.3 billion was designated as hedged. At June 30, 2025, the cumulative amount of basis adjustments associated with these hedging relationships was $302 million. At December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $17.5 billion, of which $11.6 billion was designated as hedged. At December 31, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $13 million.
Summary of Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions
The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions:
 Three Months Ended
June 30		Six Months Ended
June 30
(Dollars in Millions)Location of Gains (Losses)
Recognized in Earnings		2025202420252024
Asset and Liability Management Positions 
Other economic hedges 
Interest rate contracts 
Futures and forwardsMortgage banking revenue$1 $(2)$25 $(14)
Purchased and written optionsMortgage banking revenue38 9 68 48 
SwapsMortgage banking revenue/Interest expense13 9 69 (77)
Foreign exchange forward contractsOther noninterest income(19)4 (17)8 
Equity contractsCompensation expense27 (2)8 (2)
Credit contractsCapital markets revenue(12)— 5 (2)
OtherOther noninterest income(82)6 (82)(69)
Customer-Related Positions     
Interest rate contracts     
SwapsCapital markets revenue47 89 82 220 
Purchased and written optionsCapital markets revenue2 (21)14 (68)
FuturesCapital markets revenue1 — 2 — 
Foreign exchange rate contracts     
Forwards, spots and swapsCapital markets revenue66 32 114 56 
Purchased and written optionsCapital markets revenue— — 1 — 
Commodity contracts     
SwapsCapital markets revenue(43)(1)4 1 
Purchased and written optionsCapital markets revenue15 2 14 4 
FuturesCapital markets revenue45 6 4 6 
Credit contractsCapital markets revenue(8)1 (6)— 
v3.25.2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Offsetting [Abstract]  
Summary of Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions
The following table summarizes the maturities by category of collateral pledged for repurchase agreements and securities loaned transactions:
(Dollars in Millions)Overnight and
 Continuous
Less Than
30 Days
30-89 DaysGreater Than 90 DaysTotal
June 30, 2025
Repurchase agreements
U.S. Treasury and agencies$9,940 $— $— $— $9,940 
Residential agency mortgage-backed securities350 — — — 350 
Corporate debt securities2,204 — — — 2,204 
Asset-backed securities365 — — — 365 
Total repurchase agreements12,859 — — — 12,859 
Securities loaned     
Corporate debt securities114 — — — 114 
Total securities loaned114 — — — 114 
Gross amount of recognized liabilities$12,973 $— $— $— $12,973 
December 31, 2024
Repurchase agreements
U.S. Treasury and agencies$5,918 $— $— $— $5,918 
Residential agency mortgage-backed securities319 — — — 319 
Corporate debt securities1,116 — — — 1,116 
Asset-backed securities270 22 — — 292 
Total repurchase agreements7,623 22 — — 7,645 
Securities loaned
Corporate debt securities90 — — — 90 
Total securities loaned90 — — — 90 
Gross amount of recognized liabilities$7,713 $22 $— $— $7,735 
Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Assets
The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:
 Gross Recognized Assets
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Received(c)
June 30, 2025
Derivative assets(d)
$7,607 $(3,438)$4,169 $(169)$(5)$3,995 
Reverse repurchase agreements11,093 (5,615)5,478 (208)(5,270)— 
Securities borrowed1,697 — 1,697 — (1,642)55 
Total$20,397 $(9,053)$11,344 $(377)$(6,917)$4,050 
December 31, 2024
Derivative assets(d)
$6,422 $(2,979)$3,443 $(177)$(5)$3,261 
Reverse repurchase agreements6,383 — 6,383 (851)(5,508)24 
Securities borrowed1,516 — 1,516 — (1,453)63 
Total$14,321 $(2,979)$11,342 $(1,028)$(6,966)$3,348 
(a)Includes $1.2 billion and $1.9 billion of cash collateral related payables that were netted against derivative assets at June 30, 2025 and December 31, 2024, respectively.
(b)For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.
(d)Excludes $32 million and $15 million at June 30, 2025 and December 31, 2024, respectively, of derivative assets not subject to netting arrangements.
Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Liabilities
 Gross Recognized Liabilities
Gross Amounts Offset on the Consolidated Balance Sheet(a)
Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet Net Amount
(Dollars in Millions)
Financial Instruments(b)
Collateral Pledged(c)
June 30, 2025
Derivative liabilities(d)
$7,762 $(4,161)$3,601 $(169)$— $3,432 
Repurchase agreements12,859 (5,615)7,244 (208)(7,036)— 
Securities loaned114 — 114 — (114)— 
Total$20,735 $(9,776)$10,959 $(377)$(7,150)$3,432 
December 31, 2024
Derivative liabilities(d)
$8,081 $(2,949)$5,132 $(177)$— $4,955 
Repurchase agreements7,645 — 7,645 (851)(6,787)7 
Securities loaned90 — 90 — (88)2 
Total$15,816 $(2,949)$12,867 $(1,028)$(6,875)$4,964 
(a)Includes $1.9 billion of cash collateral related receivables that were netted against derivative liabilities at both June 30, 2025 and December 31, 2024.
(b)For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.
(c)Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.
(d)Excludes $124 million and $79 million at June 30, 2025 and December 31, 2024, respectively, of derivative liabilities not subject to netting arrangements.
v3.25.2
Fair Values of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Valuation Assumption Ranges for MSRs
The following table shows the significant valuation assumption ranges for MSRs at June 30, 2025:
 Minimum Maximum
Weighted-
Average(a)
Expected prepayment6 %20 %9 %
Option adjusted spread5 11 6 
(a)Determined based on the relative fair value of the related mortgage loans serviced.
Valuation Assumption Ranges for Derivative Commitments
The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to purchase and originate mortgage loans at June 30, 2025:
 Minimum Maximum
Weighted-
Average(a)
Expected loan close rate11 %100 %83 %
Inherent MSR value (basis points per loan)47 211 110 
(a)Determined based on the relative fair value of the related mortgage loans.
Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:
(Dollars in Millions)Level 1Level 2Level 3Netting Total
June 30, 2025     
Available-for-sale securities     
U.S. Treasury and agencies$23,477 $4,640 $— $— $28,117 
Mortgage-backed securities     
Residential agency— 38,133 — — 38,133 
Commercial     
Agency— 7,615 — — 7,615 
Non-agency— 7 — — 7 
Asset-backed securities— 7,183 — — 7,183 
Obligations of state and political subdivisions— 9,209 — — 9,209 
Other— 313 — — 313 
Total available-for-sale23,477 67,100 — — 90,577 
Mortgage loans held for sale— 2,285 — — 2,285 
Mortgage servicing rights— — 3,305 — 3,305 
Derivative assets56 5,470 2,113 (3,438)4,201 
Other assets437 2,250 — — 2,687 
Total$23,970 $77,105 $5,418 $(3,438)$103,055 
Time deposits$— $7,305 $— $— $7,305 
Long-term debt— 1,152 — — 1,152 
Derivative liabilities55 5,611 2,220 (4,161)3,725 
Short-term borrowings and other liabilities(a)
724 1,700 — — 2,424 
Total$779 $15,768 $2,220 $(4,161)$14,606 
December 31, 2024     
Available-for-sale securities     
U.S. Treasury and agencies$23,891 $4,496 $— $— $28,387 
Mortgage-backed securities     
Residential agency— 33,281 — — 33,281 
Commercial     
Agency— 7,351 — — 7,351 
Non-agency— 6 — — 6 
Asset-backed securities— 7,165 — — 7,165 
Obligations of state and political subdivisions— 9,552 — — 9,552 
Other— 250 — — 250 
Total available-for-sale23,891 62,101 — — 85,992 
Mortgage loans held for sale— 2,251 — — 2,251 
Mortgage servicing rights— — 3,369 — 3,369 
Derivative assets27 5,208 1,202 (2,979)3,458 
Other assets420 1,769 — — 2,189 
Total$24,338 $71,329 $4,571 $(2,979)$97,259 
Time deposits$— $5,754 $— $— $5,754 
Long-term debt— 391 — — 391 
Derivative liabilities27 5,131 3,002 (2,949)5,211 
Short-term borrowings and other liabilities(a)
475 1,460 — — 1,935 
Total$502 $12,736 $3,002 $(2,949)$13,291 
Note: Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $169 million and $159 million at June 30, 2025 and December 31, 2024, respectively, and reflect no impairment or observable price change adjustment at both June 30, 2025 and December 31, 2024. The Company did not record any adjustments for observable price changes during the first six months of 2025 and 2024.
(a)Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
Changes in Fair Value for Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net IncomePurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2025
Mortgage servicing rights$3,312 $(71)
(a)
$— $— $64 
(c)
$— $3,305 $(71)
(a)
Net derivative assets and liabilities(727)10 
(b)
52 — — 558 (107)463 
(d)
2024
Mortgage servicing rights$3,462 $(12)
(a)
$1 $(189)$64 
(c)
$— $3,326 $(12)
(a)
Net derivative assets and liabilities(2,361)(1,004)
(e)
270 (3)— 795 (2,303)4 
(f)
Six Months Ended June 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net Income PurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2025
Mortgage servicing rights$3,369 $(188)
(a)
$— $1 $123 
(c)
$— $3,305 $(188)
(a)
Net derivative assets and liabilities(1,800)(181)
(g)
721 (2)1 1,154 (107)1,351 
(h)
2024
Mortgage servicing rights$3,377 $18 
(a)
$1 $(189)$119 
(c)
$— $3,326 $18 
(a)
Net derivative assets and liabilities(1,885)(2,687)
(i)
648 (5)— 1,626 (2,303)(676)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $53 million, $39 million and $(82) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $21 million, $526 million and $(82) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(e)Approximately $52 million, $(1.0) billion and $6 million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(f)Approximately $17 million, $(19) million and $6 million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(g)Approximately $104 million, $(202) million and $(83) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(h)Approximately $21 million, $1.4 billion and $(83) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(i)Approximately $96 million, $(2.7) billion and $(69) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(j)Approximately $17 million, $(624) million and $(69) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
Changes in Fair Value for Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Three Months Ended June 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net IncomePurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2025
Mortgage servicing rights$3,312 $(71)
(a)
$— $— $64 
(c)
$— $3,305 $(71)
(a)
Net derivative assets and liabilities(727)10 
(b)
52 — — 558 (107)463 
(d)
2024
Mortgage servicing rights$3,462 $(12)
(a)
$1 $(189)$64 
(c)
$— $3,326 $(12)
(a)
Net derivative assets and liabilities(2,361)(1,004)
(e)
270 (3)— 795 (2,303)4 
(f)
Six Months Ended June 30
(Dollars in Millions)		Beginning of Period BalanceNet Gains (Losses) Included in Net Income PurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period
2025
Mortgage servicing rights$3,369 $(188)
(a)
$— $1 $123 
(c)
$— $3,305 $(188)
(a)
Net derivative assets and liabilities(1,800)(181)
(g)
721 (2)1 1,154 (107)1,351 
(h)
2024
Mortgage servicing rights$3,377 $18 
(a)
$1 $(189)$119 
(c)
$— $3,326 $18 
(a)
Net derivative assets and liabilities(1,885)(2,687)
(i)
648 (5)— 1,626 (2,303)(676)
(j)
(a)Included in mortgage banking revenue.
(b)Approximately $53 million, $39 million and $(82) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(c)Represents MSRs capitalized during the period.
(d)Approximately $21 million, $526 million and $(82) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(e)Approximately $52 million, $(1.0) billion and $6 million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(f)Approximately $17 million, $(19) million and $6 million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(g)Approximately $104 million, $(202) million and $(83) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(h)Approximately $21 million, $1.4 billion and $(83) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(i)Approximately $96 million, $(2.7) billion and $(69) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
(j)Approximately $17 million, $(624) million and $(69) million included in mortgage banking revenue, capital markets revenue and other noninterest income, respectively.
Assets Measured at Fair Value on Nonrecurring Basis
The following table summarizes the balances as of the measurement date of assets measured at fair value on a nonrecurring basis, and still held as of the reporting date:
June 30, 2025December 31, 2024
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Loans(a)
$— $— $587 $587 $— $— $636 $636 
Other assets(b)
— — 16 16 — — 25 25 
(a)Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.
Losses Recognized Related to Nonrecurring Fair Value Measurements
The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios:
Three Months Ended June 30Six Months Ended June 30
(Dollars in Millions)2025202420252024
Loans(a)
$99 $96 $198 $163 
Other assets(b)
1 1 2 3 
(a)Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.
(b)Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.
Fair Value Option
The following table summarizes the differences between the aggregate fair value carrying amount of the assets and liabilities for which the fair value option has been elected and the aggregate remaining contractual principal balance outstanding:
June 30, 2025December 31, 2024
(Dollars in Millions)Fair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingFair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal Outstanding
Total loans(a)
$2,285 $2,262 $23 $2,251 $2,243 $8 
Time deposits7,305 7,314 (9)5,754 5,762 (8)
Long-term debt1,152 1,169 (17)391 409 (18)
(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at June 30, 2025 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2024. Includes loans 90 days or more past due of $3 million carried at fair value with contractual principal outstanding of $3 million at June 30, 2025 and $4 million carried at fair value with contractual principal outstanding of $4 million at December 31, 2024.
Estimated Fair Values of Financial Instruments
The estimated fair values of the Company’s financial instruments are shown in the table below:
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
(Dollars in Millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Financial Assets
Cash and due from banks$57,807 $57,807 $— $— $57,807 $56,502 $56,502 $— $— $56,502 
Federal funds sold and securities purchased under resale agreements5,481 — 5,481 — 5,481 6,380 — 6,380 — 6,380 
Investment securities held-to-maturity77,879 638 66,394 — 67,032 78,634 1,275 65,000 — 66,275 
Loans held for sale(a)
3 — — 3 3 322 — — 322 322 
Loans, net of allowance for losses372,706 — — 368,767 368,767 372,249 — — 365,628 365,628 
Other(b)
2,585 — 1,983 602 2,585 2,482 — 1,767 715 2,482 
Financial Liabilities
Time deposits(c)
49,577 — 49,604 — 49,604 49,015 — 49,156 — 49,156 
Short-term borrowings(d)
12,615 — 12,441 — 12,441 13,583 — 13,419 — 13,419 
Long-term debt(e)
62,861 — 62,111 — 62,111 57,611 — 56,441 — 56,441 
Other(f)
4,723 — 1,378 3,345 4,723 5,220 — 1,369 3,851 5,220 
(a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.
(b)Includes investments in Federal Reserve Bank and FHLB stock and tax-advantaged investments.
(c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected.
(d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.
(e)Excludes structured long-term notes for which the fair value option under applicable accounting guidance was elected.
(f)Includes operating lease liabilities and liabilities related to tax-advantaged investments.
v3.25.2
Guarantees and Contingent Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of Other Guarantees and Contingent Liabilities
The following table is a summary of other guarantees and contingent liabilities of the Company at June 30, 2025:
(Dollars in Millions)
Collateral Held
Carrying Amount
Maximum
Potential
Future
Payments
Standby letters of credit$— $24 $10,751 
Securities lending indemnifications6,740 — 6,592 
Asset sales— 109 13,118 
 (a)
Merchant processing794 66 160,513 
Other— 21 3,634 
(a)The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.
v3.25.2
Business Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Results
Business segment results for the three months ended June 30 were as follows:
 Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment ServicesTreasury and Corporate Support Consolidated Company
(Dollars in Millions)2025202420252024202520242025202420252024
Condensed Income Statement
Net interest income (taxable-equivalent basis)(a)
$1,801 $1,928 $1,843 $1,912 $730 $673 $(294)$(461)$4,080 $4,052 
Noninterest income(b)(c)
1,199 1,130 406 414 1,116 1,093 203 178 2,924 2,815 
Total net revenue(d)
3,000 3,058 2,249 2,326 1,846 1,766 (91)(283)7,004 6,867 
Compensation and employee benefits535 548 528 551 220 217 1,317 1,303 2,600 2,619 
Other intangibles46 52 59 67 20 23 (1)— 124 142 
Net shared services538 555 704 701 537 529 (1,779)(1,785)— — 
Other direct expenses(e)
234 226 307 319 251 223 665 685 1,457 1,453 
Total noninterest expense1,353 1,381 1,598 1,638 1,028 992 202 203 4,181 4,214 
Income (loss) before provision and income taxes1,647 1,677 651 688 818 774 (293)(486)2,823 2,653 
Provision for credit losses183 100 39 30 384 388 (105)50 501 568 
Income (loss) before income taxes1,464 1,577 612 658 434 386 (188)(536)2,322 2,085 
Income taxes and taxable-equivalent adjustment366 394 153 165 109 97 (127)(182)501 474 
Net income (loss)1,098 1,183 459 493 325 289 (61)(354)1,821 1,611 
Net (income) loss attributable to noncontrolling interests— — — — — — (6)(8)(6)(8)
Net income (loss) attributable to U.S. Bancorp$1,098 $1,183 $459 $493 $325 $289 $(67)$(362)$1,815 $1,603 
Average Balance Sheet
Loans$181,077 $173,807 $149,661 $154,931 $42,229 $40,832 $5,562 $5,115 $378,529 $374,685 
Other earning assets12,778 9,590 4,875 2,278 5 115 217,155 222,224 234,813 234,207 
Goodwill4,826 4,824 4,326 4,326 3,425 3,327 — — 12,577 12,477 
Other intangible assets817 1,007 4,277 4,734 258 281 8 9 5,360 6,031 
Assets211,954 203,313 165,175 168,705 47,840 46,096 248,372 247,390 673,341 665,504 
Noninterest-bearing deposits54,422 57,362 19,610 20,845 2,512 2,706 2,573 2,505 79,117 83,418 
Interest-bearing deposits210,094 218,233 200,903 201,012 95 96 12,681 11,150 423,773 430,491 
Total deposits264,516 275,595 220,513 221,857 2,607 2,802 15,254 13,655 502,890 513,909 
Total U.S. Bancorp shareholders’ equity21,817 21,487 13,562 14,558 10,235 9,941 15,285 10,043 60,899 56,029 
(a)Total net interest income includes a taxable-equivalent adjustment of $29 million for the three months ended June 30, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 29.
(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $789 million and $776 million for the three months ended June 30, 2025 and 2024, respectively.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $2.4 billion and $2.3 billion for the three months ended June 30, 2025 and 2024, respectively.
(d)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded a total of $199 million and $195 million of revenue for the three months ended June 30, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.
(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.
Business segment results for the six months ended June 30 were as follows:
Wealth, Corporate, Commercial and Institutional Banking Consumer and Business Banking Payment ServicesTreasury and Corporate Support Consolidated Company
(Dollars in Millions)2025202420252024202520242025202420252024
Condensed Income Statement    
Net interest income (taxable-equivalent basis)(a)
$3,581 $3,851 $3,611 $3,783 $1,472 $1,375 $(462)$(942)$8,202 $8,067 
Noninterest income(b)(c)
2,366 2,242 813 838 2,151 2,071 430 364 5,760 5,515 
Total net revenue(d)
5,947 6,093 4,424 4,621 3,623 3,446 (32)(578)13,962 13,582 
Compensation and employee benefits1,057 1,098 1,051 1,107 436 436 2,693 2,669 5,237 5,310 
Other intangibles92 104 118 134 38 50 (1)— 247 288 
Net shared services1,067 1,090 1,388 1,401 1,086 1,058 (3,541)(3,549)— — 
Other direct expenses(e)
474 466 610 617 479 457 1,366 1,535 2,929 3,075 
Total noninterest expense2,690 2,758 3,167 3,259 2,039 2,001 517 655 8,413 8,673 
Income (loss) before provision and income taxes3,257 3,335 1,257 1,362 1,584 1,445 (549)(1,233)5,549 4,909 
Provision for credit losses193 241 101 84 701 747 43 49 1,038 1,121 
Income (loss) before income taxes3,064 3,094 1,156 1,278 883 698 (592)(1,282)4,511 3,788 
Income taxes and taxable-equivalent adjustment766 773 289 320 221 175 (302)(417)974 851 
Net income (loss)2,298 2,321 867 958 662 523 (290)(865)3,537 2,937 
Net (income) loss attributable to noncontrolling interests— — — — — — (13)(15)(13)(15)
Net income (loss) attributable to U.S. Bancorp$2,298 $2,321 $867 $958 $662 $523 $(303)$(880)$3,524 $2,922 
 
Average Balance Sheet          
Loans$179,549 $172,475 $151,776 $154,940 $41,922 $40,318 $5,530 $5,145 $378,777 $372,878 
Other earning assets12,370 9,164 3,335 2,079 31 134 217,281 218,258 233,017 229,635 
Goodwill4,825 4,824 4,326 4,326 3,409 3,330 — — 12,560 12,480 
Other intangible assets840 1,032 4,322 4,715 254 291 8 10 5,424 6,048 
Assets210,314 201,291 165,834 168,946 47,338 46,456 247,892 243,014 671,378 659,707 
Noninterest-bearing deposits54,794 58,001 19,365 21,081 2,597 2,749 2,649 2,271 79,405 84,102 
Interest-bearing deposits213,136 213,933 199,932 199,247 95 96 12,134 11,107 425,297 424,383 
Total deposits267,930 271,934 219,297 220,328 2,692 2,845 14,783 13,378 504,702 508,485 
Total U.S. Bancorp shareholders’ equity21,684 21,624 13,633 14,705 10,232 9,953 14,709 9,567 60,258 55,849 
(a)Total net interest income includes a taxable-equivalent adjustment of $59 million for the six months ended June 30, 2025 and 2024. See Non-GAAP Financial Measures beginning on page 29.
(b)Payment Services noninterest income presented net of related rewards and rebate costs and certain partner payments of $1.5 billion for the six months ended June 30, 2025 and 2024.
(c)Total noninterest income includes revenue generated from certain contracts with customers of $4.7 billion and $4.5 billion for the six months ended June 30, 2025 and 2024, respectively.
(d)The Company, as a lessor, originates retail and commercial leases either directly to the consumer or indirectly through dealer networks. Under these arrangements, the Company recorded a total of $396 million and $382 million of revenue for the six months ended June 30, 2025 and 2024, respectively, primarily consisting of interest income on sales-type and direct financing leases.
(e)Other direct expenses for each reportable segment includes: net occupancy and equipment, professional services, marketing and business development, technology and communications, and other.
v3.25.2
Investment Securities - Held-to-Maturity Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost [1] $ 77,879 $ 78,634
Unrealized Gains 52 6
Unrealized Losses (10,899) (12,365)
Fair Value 67,032 66,275
U.S. Treasury and agencies    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 647 1,296
Unrealized Gains 0 0
Unrealized Losses (9) (21)
Fair Value 638 1,275
Residential mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 75,272 75,392
Unrealized Gains 32 3
Unrealized Losses (10,887) (12,317)
Fair Value 64,417 63,078
Commercial mortgage-backed securities | Agency    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 1,700 1,702
Unrealized Gains 16 0
Unrealized Losses (3) (27)
Fair Value 1,713 1,675
Other    
Schedule of Held-to-Maturity Securities [Line Items]    
Amortized Cost 260 244
Unrealized Gains 4 3
Unrealized Losses 0 0
Fair Value $ 264 $ 247
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Investment Securities - Available-For-Sale Securities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 96,615 $ 92,793
Unrealized Gains 149 58
Unrealized Losses (6,187) (6,859)
Fair Value [1] 90,577 85,992
Portfolio level basis adjustments, Amortized Cost 314 13
Portfolio level basis adjustments, Unrealized Losses (314) (13)
U.S. Treasury and agencies    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 29,790 30,467
Unrealized Gains 9 1
Unrealized Losses (1,682) (2,081)
Fair Value 28,117 28,387
Residential mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 39,763 35,558
Unrealized Gains 110 13
Unrealized Losses (1,740) (2,290)
Fair Value 38,133 33,281
Commercial mortgage-backed securities | Agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 8,633 8,673
Unrealized Gains 0 0
Unrealized Losses (1,018) (1,322)
Fair Value 7,615 7,351
Commercial mortgage-backed securities | Non-agency    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 7 7
Unrealized Gains 0 0
Unrealized Losses 0 (1)
Fair Value 7 6
Asset-backed securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 7,167 7,136
Unrealized Gains 18 30
Unrealized Losses (2) (1)
Fair Value 7,183 7,165
Obligations of state and political subdivisions    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 10,631 10,690
Unrealized Gains 9 13
Unrealized Losses (1,431) (1,151)
Fair Value 9,209 9,552
Other    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 310 249
Unrealized Gains 3 1
Unrealized Losses 0 0
Fair Value 313 250
Excluding portfolio level basis adjustments    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 96,301 92,780
Unrealized Gains 149 58
Unrealized Losses (5,873) (6,846)
Fair Value $ 90,577 $ 85,992
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Investment Securities - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities [1] $ 90,577 $ 85,992
Allowance for credit loss on held-to-maturity securities 0  
Asset Pledged as Collateral    
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities 18,200 18,800
Asset Pledged as Collateral with Right    
Debt Securities, Available-for-Sale [Line Items]    
Available-for-sale securities 319 320
Available-for-sale and held-to-maturity securities $ 351 $ 320
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Investment Securities - Interest Income from Taxable and Non-Taxable Investment Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Taxable $ 1,281 $ 1,218 $ 2,515 $ 2,317
Non-taxable 74 76 148 152
Total interest income from investment securities $ 1,355 $ 1,294 $ 2,663 $ 2,469
v3.25.2
Investment Securities - Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Realized gains $ 1 $ 0 $ 8 $ 3
Realized losses (58) (36) (65) (37)
Net realized gains (losses) (57) (36) (57) (34)
Income tax (benefit) on net realized gains (losses) $ (14) $ (9) $ (14) $ (8)
v3.25.2
Investment Securities - Gross Unrealized Losses and Fair Value of Investment Securities (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value $ 19,746
Less Than 12 Months, Unrealized Losses (172)
12 Months or Greater, Fair Value 50,165
12 Months or Greater, Unrealized Losses (5,701)
Total, Fair Value 69,911
Total, Unrealized Losses (5,873)
U.S. Treasury and agencies  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 5,810
Less Than 12 Months, Unrealized Losses (12)
12 Months or Greater, Fair Value 21,142
12 Months or Greater, Unrealized Losses (1,670)
Total, Fair Value 26,952
Total, Unrealized Losses (1,682)
Residential mortgage-backed securities  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 11,136
Less Than 12 Months, Unrealized Losses (127)
12 Months or Greater, Fair Value 13,786
12 Months or Greater, Unrealized Losses (1,613)
Total, Fair Value 24,922
Total, Unrealized Losses (1,740)
Commercial mortgage-backed securities | Agency  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 0
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 7,615
12 Months or Greater, Unrealized Losses (1,018)
Total, Fair Value 7,615
Total, Unrealized Losses (1,018)
Commercial mortgage-backed securities | Non-agency  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 0
Less Than 12 Months, Unrealized Losses 0
12 Months or Greater, Fair Value 7
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 7
Total, Unrealized Losses 0
Asset-backed securities  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 1,607
Less Than 12 Months, Unrealized Losses (2)
12 Months or Greater, Fair Value 0
12 Months or Greater, Unrealized Losses 0
Total, Fair Value 1,607
Total, Unrealized Losses (2)
Obligations of state and political subdivisions  
Schedule Of Fair Value And Gross Unrealized Losses [Line Items]  
Less Than 12 Months, Fair Value 1,193
Less Than 12 Months, Unrealized Losses (31)
12 Months or Greater, Fair Value 7,615
12 Months or Greater, Unrealized Losses (1,400)
Total, Fair Value 8,808
Total, Unrealized Losses $ (1,431)
v3.25.2
Investment Securities - Amortized Cost, Fair Value and Yield by Maturity Date (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Amortized Cost          
Amortized Cost [1] $ 77,879   $ 77,879   $ 78,634
Fair Value          
Fair Value $ 67,032   $ 67,032   $ 66,275
Weighted- Average Maturity in Years          
Total     8 years 3 months 18 days    
Weighted-Average Yield          
Total 2.30%   2.30%   2.20%
Weighted average maturity of total held to maturity investment securities         8 years 8 months 12 days
Amortized Cost          
Amortized Cost $ 96,301   $ 96,301    
Fair Value          
Fair Value [1] $ 90,577   $ 90,577   $ 85,992
Weighted- Average Maturity in Years          
Total     6 years 7 months 6 days   6 years 9 months 18 days
Weighted-Average Yield          
Total 3.58%   3.58%   3.67%
Federal statutory rate 21.00% 21.00% 21.00% 21.00%  
Portfolio basis adjustments excluded from amortized cost $ 314   $ 314    
U.S. Treasury and agencies          
Amortized Cost          
Maturing in one year or less 0   0    
Maturing after one year through five years 647   647    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Amortized Cost 647   647   $ 1,296
Fair Value          
Maturing in one year or less 0   0    
Maturing after one year through five years 638   638    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 638   $ 638   1,275
Weighted- Average Maturity in Years          
Maturing after one year through five years     1 year 9 months 18 days    
Total     1 year 9 months 18 days    
Weighted-Average Yield          
Maturing in one year or less 0.00%   0.00%    
Maturing after one year through five years 3.00%   3.00%    
Maturing after five years through ten years 0.00%   0.00%    
Maturing after ten years 0.00%   0.00%    
Total 3.00%   3.00%    
Maturing in one year or less     1 month 6 days    
Amortized Cost          
Maturing in one year or less $ 11   $ 11    
Maturing after one year through five years 14,071   14,071    
Maturing after five years through ten years 15,317   15,317    
Maturing after ten years 391   391    
Amortized Cost 29,790   29,790    
Fair Value          
Maturing in one year or less 11   11    
Maturing after one year through five years 13,556   13,556    
Maturing after five years through ten years 14,252   14,252    
Maturing after ten years 298   298    
Fair Value $ 28,117   $ 28,117   28,387
Weighted- Average Maturity in Years          
Maturing in one year or less     1 month 6 days    
Maturing after one year through five years     2 years 10 months 24 days    
Maturing after five years through ten years     6 years 1 month 6 days    
Maturing after ten years     10 years 3 months 18 days    
Total     4 years 7 months 6 days    
Weighted-Average Yield          
Maturing in one year or less 4.43%   4.43%    
Maturing after one year through five years 2.38%   2.38%    
Maturing after five years through ten years 2.86%   2.86%    
Maturing after ten years 1.82%   1.82%    
Total 2.62%   2.62%    
Mortgage-backed securities          
Amortized Cost          
Maturing in one year or less $ 212   $ 212    
Maturing after one year through five years 1,935   1,935    
Maturing after five years through ten years 74,818   74,818    
Maturing after ten years 7   7    
Amortized Cost 76,972   76,972    
Fair Value          
Maturing in one year or less 213   213    
Maturing after one year through five years 1,953   1,953    
Maturing after five years through ten years 63,957   63,957    
Maturing after ten years 7   7    
Fair Value $ 66,130   $ 66,130    
Weighted- Average Maturity in Years          
Maturing in one year or less     8 months 12 days    
Maturing after one year through five years     3 years 6 months    
Maturing after five years through ten years     8 years 6 months    
Maturing after ten years     18 years 9 months 18 days    
Total     8 years 4 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 4.74%   4.74%    
Maturing after one year through five years 4.48%   4.48%    
Maturing after five years through ten years 2.22%   2.22%    
Maturing after ten years 1.81%   1.81%    
Total 2.29%   2.29%    
Maturing in one year or less     10 months 24 days    
Amortized Cost          
Maturing in one year or less $ 267   $ 267    
Maturing after one year through five years 7,082   7,082    
Maturing after five years through ten years 40,787   40,787    
Maturing after ten years 267   267    
Amortized Cost 48,403   48,403    
Fair Value          
Maturing in one year or less 261   261    
Maturing after one year through five years 6,593   6,593    
Maturing after five years through ten years 38,648   38,648    
Maturing after ten years 253   253    
Fair Value $ 45,755   $ 45,755    
Weighted- Average Maturity in Years          
Maturing in one year or less     10 months 24 days    
Maturing after one year through five years     4 years 4 months 24 days    
Maturing after five years through ten years     7 years 3 months 18 days    
Maturing after ten years     11 years 1 month 6 days    
Total     6 years 9 months 18 days    
Weighted-Average Yield          
Maturing in one year or less 1.94%   1.94%    
Maturing after one year through five years 2.37%   2.37%    
Maturing after five years through ten years 4.24%   4.24%    
Maturing after ten years 5.36%   5.36%    
Total 3.96%   3.96%    
Asset-backed securities          
Weighted-Average Yield          
Maturing in one year or less     3 months 18 days    
Amortized Cost          
Maturing in one year or less $ 10   $ 10    
Maturing after one year through five years 2,841   2,841    
Maturing after five years through ten years 4,316   4,316    
Maturing after ten years 0   0    
Amortized Cost 7,167   7,167    
Fair Value          
Maturing in one year or less 10   10    
Maturing after one year through five years 2,851   2,851    
Maturing after five years through ten years 4,322   4,322    
Maturing after ten years 0   0    
Fair Value $ 7,183   $ 7,183   7,165
Weighted- Average Maturity in Years          
Maturing in one year or less     3 months 18 days    
Maturing after one year through five years     1 year 8 months 12 days    
Maturing after five years through ten years     5 years 7 months 6 days    
Total     4 years 1 month 6 days    
Weighted-Average Yield          
Maturing in one year or less 7.02%   7.02%    
Maturing after one year through five years 4.84%   4.84%    
Maturing after five years through ten years 5.66%   5.66%    
Maturing after ten years 0.00%   0.00%    
Total 5.34%   5.34%    
Obligations of state and political subdivisions          
Weighted-Average Yield          
Maturing in one year or less     3 months 18 days    
Amortized Cost          
Maturing in one year or less $ 148   $ 148    
Maturing after one year through five years 806   806    
Maturing after five years through ten years 1,112   1,112    
Maturing after ten years 8,565   8,565    
Amortized Cost 10,631   10,631    
Fair Value          
Maturing in one year or less 148   148    
Maturing after one year through five years 802   802    
Maturing after five years through ten years 1,042   1,042    
Maturing after ten years 7,217   7,217    
Fair Value $ 9,209   $ 9,209   9,552
Weighted- Average Maturity in Years          
Maturing in one year or less     3 months 18 days    
Maturing after one year through five years     2 years 6 months    
Maturing after five years through ten years     7 years 8 months 12 days    
Maturing after ten years     14 years 6 months    
Total     12 years 8 months 12 days    
Weighted-Average Yield          
Maturing in one year or less 4.61%   4.61%    
Maturing after one year through five years 4.75%   4.75%    
Maturing after five years through ten years 3.48%   3.48%    
Maturing after ten years 3.13%   3.13%    
Total 3.31%   3.31%    
Other          
Amortized Cost          
Maturing in one year or less $ 0   $ 0    
Maturing after one year through five years 260   260    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Amortized Cost 260   260   244
Fair Value          
Maturing in one year or less 0   0    
Maturing after one year through five years 264   264    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 264   $ 264   247
Weighted- Average Maturity in Years          
Maturing after one year through five years     1 year 10 months 24 days    
Total     1 year 10 months 24 days    
Weighted-Average Yield          
Maturing in one year or less 0.00%   0.00%    
Maturing after one year through five years 2.68%   2.68%    
Maturing after five years through ten years 0.00%   0.00%    
Maturing after ten years 0.00%   0.00%    
Total 2.68%   2.68%    
Maturing in one year or less     6 months    
Amortized Cost          
Maturing in one year or less $ 124   $ 124    
Maturing after one year through five years 186   186    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Amortized Cost 310   310    
Fair Value          
Maturing in one year or less 125   125    
Maturing after one year through five years 188   188    
Maturing after five years through ten years 0   0    
Maturing after ten years 0   0    
Fair Value $ 313   $ 313   $ 250
Weighted- Average Maturity in Years          
Maturing in one year or less     6 months    
Maturing after one year through five years     2 years 3 months 18 days    
Total     1 year 7 months 6 days    
Weighted-Average Yield          
Maturing in one year or less 4.95%   4.95%    
Maturing after one year through five years 4.57%   4.57%    
Maturing after five years through ten years 0.00%   0.00%    
Maturing after ten years 0.00%   0.00%    
Total 4.72%   4.72%    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 380,243 $ 379,832
Percent of Total 100.00% 100.00%
Commercial | Total commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 147,416 $ 139,484
Percent of Total 38.80% 36.70%
Commercial | Commercial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 143,135 $ 135,254
Percent of Total 37.70% 35.60%
Commercial | Lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 4,281 $ 4,230
Percent of Total 1.10% 1.10%
Commercial | Total commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 48,181 $ 48,859
Percent of Total 12.70% 12.90%
Commercial | Commercial mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 38,144 $ 38,619
Percent of Total 10.00% 10.20%
Commercial | Construction and development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 10,037 $ 10,240
Percent of Total 2.70% 2.70%
Consumer | Total residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 114,475 $ 118,813
Percent of Total 30.10% 31.30%
Consumer | Residential mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 108,913 $ 112,806
Percent of Total 28.60% 29.70%
Consumer | Home equity loans, first liens    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 5,562 $ 6,007
Percent of Total 1.50% 1.60%
Consumer | Credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 30,023 $ 30,350
Percent of Total 7.90% 8.00%
Consumer | Total other retail    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 40,148 $ 42,326
Percent of Total 10.50% 11.10%
Consumer | Retail leasing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 3,816 $ 4,040
Percent of Total 1.00% 1.00%
Consumer | Home equity and second mortgages    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 13,761 $ 13,565
Percent of Total 3.60% 3.60%
Consumer | Revolving credit    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 4,062 $ 3,747
Percent of Total 1.10% 1.00%
Consumer | Installment    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 14,220 $ 14,373
Percent of Total 3.70% 3.80%
Consumer | Automobile    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Amount $ 4,289 $ 6,601
Percent of Total 1.10% 1.70%
v3.25.2
Loans and Allowance for Credit Losses - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans pledged at the Federal Home Loan Bank $ 372,706   $ 372,706   $ 372,249
Loans pledged at the Federal Reserve Bank 90,300   90,300   85,100
Net unearned interest and deferred fees and costs on originated loans and unamortized premiums and discounts on purchased loans $ 2,100   $ 2,100   2,500
Reasonable and supportable period for allowance for credit loss 3 years   3 years    
Foreclosed residential real estate property included in other real estate owned $ 21   $ 21   21
Foreclosed residential real estate related to mortgage loans whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs 55   55   46
Residential mortgage loans secured by residential real estate in process of foreclosure 553   553   576
Modified loans 1,468 $ 1,631 2,686 $ 2,848  
Commitments to lend $ 438   438    
Trial Modifications          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Modified loans     $ 173    
Credit card          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loan modification amortization period 60 months   60 months    
GNMA loans upon foreclosure          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Residential mortgage loans secured by residential real estate in process of foreclosure $ 340   $ 340   354
Commercial          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loan threshold when individually evaluated for allowance calculation $ 5   $ 5    
Threshold period to be placed on nonaccrual status 90 days   90 days    
Consumer          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loan modification amortization period 60 months   60 months    
Consumer | Residential Mortgages and Other Retail Loans Secured by 1-4 Family Properties          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period for charge-off to fair value of collateral less costs to sell 180 days   180 days    
Consumer | Residential Mortgages Loans and Junior Liens Secured by 1-4 Family Properties          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period to be placed on nonaccrual status 120 days   120 days    
Consumer | First Lien          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period to be placed on nonaccrual status 180 days   180 days    
Consumer | Credit card          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period past due for charge-off 180 days   180 days    
Modified loans $ 123 $ 116 $ 244 $ 228  
Consumer | Other Retail Loans not Secured by 1-4 Family Properties          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period past due for charge-off 120 days   120 days    
Consumer | Revolving Consumer Lines          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Threshold period past due for charge-off 180 days   180 days    
Federal Home Loan Bank          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans pledged at the Federal Home Loan Bank $ 128,800   $ 128,800   $ 127,600
v3.25.2
Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 7,915 $ 7,904 $ 7,925 $ 7,839
Provision for credit losses 501 568 1,038 1,121
Loans charged-off 683 652 1,373 1,247
Less recoveries of loans charged-off (129) (114) (272) (221)
Net loan charge-offs (recoveries) 554 538 1,101 1,026
Balance at end of period 7,862 7,934 7,862 7,934
Add        
Provision for credit losses 501 568 1,038 1,121
Deduct        
Loans charged-off 683 652 1,373 1,247
Less recoveries of loans charged-off (129) (114) (272) (221)
Net loan charge-offs (recoveries) 554 538 1,101 1,026
Commercial | Commercial        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 2,212 2,159 2,175 2,119
Provision for credit losses 155 164 355 320
Loans charged-off 155 180 342 319
Less recoveries of loans charged-off (27) (37) (51) (60)
Net loan charge-offs (recoveries) 128 143 291 259
Balance at end of period 2,239 2,180 2,239 2,180
Add        
Provision for credit losses 155 164 355 320
Deduct        
Loans charged-off 155 180 342 319
Less recoveries of loans charged-off (27) (37) (51) (60)
Net loan charge-offs (recoveries) 128 143 291 259
Commercial | Commercial real estate        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 1,432 1,629 1,508 1,620
Provision for credit losses 9 3 (71) 33
Loans charged-off 74 38 99 72
Less recoveries of loans charged-off (17) (2) (46) (15)
Net loan charge-offs (recoveries) 57 36 53 57
Balance at end of period 1,384 1,596 1,384 1,596
Add        
Provision for credit losses 9 3 (71) 33
Deduct        
Loans charged-off 74 38 99 72
Less recoveries of loans charged-off (17) (2) (46) (15)
Net loan charge-offs (recoveries) 57 36 53 57
Consumer | Residential mortgages        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 789 843 783 827
Provision for credit losses (33) (11) (27) 5
Loans charged-off 4 3 8 7
Less recoveries of loans charged-off (5) (7) (9) (11)
Net loan charge-offs (recoveries) (1) (4) (1) (4)
Balance at end of period 757 836 757 836
Add        
Provision for credit losses (33) (11) (27) 5
Deduct        
Loans charged-off 4 3 8 7
Less recoveries of loans charged-off (5) (7) (9) (11)
Net loan charge-offs (recoveries) (1) (4) (1) (4)
Consumer | Credit card        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 2,644 2,425 2,640 2,403
Provision for credit losses 338 388 667 706
Loans charged-off 373 358 759 695
Less recoveries of loans charged-off (56) (43) (117) (84)
Net loan charge-offs (recoveries) 317 315 642 611
Balance at end of period 2,665 2,498 2,665 2,498
Add        
Provision for credit losses 338 388 667 706
Deduct        
Loans charged-off 373 358 759 695
Less recoveries of loans charged-off (56) (43) (117) (84)
Net loan charge-offs (recoveries) 317 315 642 611
Consumer | Other retail        
Financing Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period 838 848 819 870
Provision for credit losses 32 24 114 57
Loans charged-off 77 73 165 154
Less recoveries of loans charged-off (24) (25) (49) (51)
Net loan charge-offs (recoveries) 53 48 116 103
Balance at end of period 817 824 817 824
Add        
Provision for credit losses 32 24 114 57
Deduct        
Loans charged-off 77 73 165 154
Less recoveries of loans charged-off (24) (25) (49) (51)
Net loan charge-offs (recoveries) $ 53 $ 48 $ 116 $ 103
v3.25.2
Loans and Allowance for Credit Losses - Loans Charged-off (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2025/2024 $ 10 $ 39 $ 20 $ 46
Originated in 2024/2023 64 39 112 79
Originated in 2023/2022 30 81 88 137
Originated in 2022/2021 54 17 103 36
Originated in 2021/2020 16 7 36 19
Originated prior to 2021/2020 27 21 49 47
Revolving 482 448 965 883
Total charge-offs 683 652 1,373 1,247
Commercial | Commercial        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2025/2024 10 3 20 3
Originated in 2024/2023 27 26 58 52
Originated in 2023/2022 9 66 38 84
Originated in 2022/2021 7 7 39 15
Originated in 2021/2020 5 2 9 6
Originated prior to 2021/2020 16 11 25 21
Revolving 81 65 153 138
Total charge-offs 155 180 342 319
Commercial | Commercial real estate        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2025/2024 0 36 0 41
Originated in 2024/2023 25 2 31 6
Originated in 2023/2022 7 0 21 24
Originated in 2022/2021 35 0 39 0
Originated in 2021/2020 0 0 1 0
Originated prior to 2021/2020 1 0 1 1
Revolving 6 0 6 0
Total charge-offs 74 38 99 72
Consumer | Residential mortgages        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2025/2024 0 0 0 0
Originated in 2024/2023 0 0 0 0
Originated in 2023/2022 0 1 0 1
Originated in 2022/2021 1 0 1 0
Originated in 2021/2020 1 0 1 0
Originated prior to 2021/2020 2 2 6 6
Revolving 0 0 0 0
Total charge-offs 4 3 8 7
Consumer | Credit card        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2025/2024 0 0 0 0
Originated in 2024/2023 0 0 0 0
Originated in 2023/2022 0 0 0 0
Originated in 2022/2021 0 0 0 0
Originated in 2021/2020 0 0 0 0
Originated prior to 2021/2020 0 0 0 0
Revolving 373 358 759 695
Total charge-offs 373 358 759 695
Consumer | Other retail        
Financing Receivable, Credit Quality Indicator [Line Items]        
Originated in 2025/2024 0 0 0 2
Originated in 2024/2023 12 11 23 21
Originated in 2023/2022 14 14 29 28
Originated in 2022/2021 11 10 24 21
Originated in 2021/2020 10 5 25 13
Originated prior to 2021/2020 8 8 17 19
Revolving 22 25 47 50
Total charge-offs $ 77 $ 73 $ 165 $ 154
v3.25.2
Loans and Allowance for Credit Losses - Loans by Portfolio Class, Including Delinquency Status (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans $ 380,243   $ 380,243   $ 379,832
Loans purchased from GNMA mortgage pools          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Interest income on nonperforming loans 6 $ 6 10 $ 11  
Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 1,637   1,637   1,793
Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 376,487   376,487   375,950
30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 1,153   1,153   1,279
90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 966   966   810
Commercial | Commercial          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 147,416   147,416   139,484
Commercial | Commercial | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 575   575   670
Commercial | Commercial | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 146,424   146,424   138,362
Commercial | Commercial | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 325   325   356
Commercial | Commercial | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 92   92   96
Commercial | Commercial real estate          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 48,181   48,181   48,859
Commercial | Commercial real estate | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 763   763   824
Commercial | Commercial real estate | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 47,172   47,172   47,948
Commercial | Commercial real estate | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 113   113   78
Commercial | Commercial real estate | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 133   133   9
Consumer | Residential mortgages          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 114,475   114,475   118,813
Consumer | Residential mortgages | Loans purchased from GNMA mortgage pools          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools, classified as current 558   558   660
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools, classified as current 2,200   2,200   2,300
Consumer | Residential mortgages | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 145   145   152
Consumer | Residential mortgages | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 113,841   113,841   118,267
Consumer | Residential mortgages | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 171   171   188
Consumer | Residential mortgages | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 318   318   206
Consumer | Credit card          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 30,023   30,023   30,350
Consumer | Credit card | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 0   0   0
Consumer | Credit card | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 29,280   29,280   29,487
Consumer | Credit card | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 371   371   428
Consumer | Credit card | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 372   372   435
Consumer | Other retail          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 40,148   40,148   42,326
Consumer | Other retail | Nonperforming          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 154   154   147
Consumer | Other retail | Current          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 39,770   39,770   41,886
Consumer | Other retail | 30-89 Days Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans 173   173   229
Consumer | Other retail | 90 Days or More Past Due          
Financing Receivable, Recorded Investment, Past Due [Line Items]          
Total loans $ 51   $ 51   $ 64
v3.25.2
Loans and Allowance for Credit Losses - Loans by Portfolio Class and Internal Credit Quality Rating (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Loans by origination year          
Total loans $ 380,243   $ 380,243   $ 379,832
Total outstanding commitments 802,325   802,325   792,471
Modified loans 1,468 $ 1,631 2,686 $ 2,848  
Pass          
Loans by origination year          
Total loans 370,380   370,380   369,052
Total outstanding commitments 789,563   789,563   778,155
Total Criticized          
Loans by origination year          
Total loans 9,863   9,863   10,780
Total outstanding commitments 12,762   12,762   14,316
Special Mention          
Loans by origination year          
Total loans 2,275   2,275   2,424
Total outstanding commitments 3,118   3,118   3,875
Classified          
Loans by origination year          
Total loans 7,588   7,588   8,356
Total outstanding commitments 9,644   9,644   10,441
Loans purchased from GNMA mortgage pools          
Loans by origination year          
Modified loans 685 705 1,213 1,286  
Commercial | Commercial          
Loans by origination year          
Originated in 2025/2024 37,214   37,214   59,115
Originated in 2024/2023 43,128   43,128   19,865
Originated in 2023/2022 12,556   12,556   20,319
Originated in 2022/2021 15,157   15,157   4,829
Originated in 2021 3,749   3,749    
Originated prior to 2021 5,282   5,282    
Originated prior to 2021         7,031
Revolving 30,330   30,330   28,325
Total loans 147,416   147,416   139,484
Modified loans 251 276 395 496  
Commercial | Commercial | Pass          
Loans by origination year          
Originated in 2025/2024 36,672   36,672   57,578
Originated in 2024/2023 41,949   41,949   19,128
Originated in 2023/2022 11,973   11,973   19,718
Originated in 2022/2021 14,692   14,692   4,677
Originated in 2021 3,710   3,710    
Originated prior to 2021 4,963   4,963    
Originated prior to 2021         6,812
Revolving 29,454   29,454   27,344
Total loans 143,413   143,413   135,257
Commercial | Commercial | Total Criticized          
Loans by origination year          
Originated in 2025/2024 542   542   1,537
Originated in 2024/2023 1,179   1,179   737
Originated in 2023/2022 583   583   601
Originated in 2022/2021 465   465   152
Originated in 2021 39   39    
Originated prior to 2021 319   319    
Originated prior to 2021         219
Revolving 876   876   981
Total loans 4,003   4,003   4,227
Commercial | Commercial | Special Mention          
Loans by origination year          
Originated in 2025/2024 252   252   503
Originated in 2024/2023 311   311   173
Originated in 2023/2022 128   128   231
Originated in 2022/2021 39   39   60
Originated in 2021 5   5    
Originated prior to 2021 119   119    
Originated prior to 2021         76
Revolving 413   413   169
Total loans 1,267   1,267   1,212
Commercial | Commercial | Classified          
Loans by origination year          
Originated in 2025/2024 290   290   1,034
Originated in 2024/2023 868   868   564
Originated in 2023/2022 455   455   370
Originated in 2022/2021 426   426   92
Originated in 2021 34   34    
Originated prior to 2021 200   200    
Originated prior to 2021         143
Revolving 463   463   812
Total loans 2,736   2,736   3,015
Commercial | Commercial real estate          
Loans by origination year          
Originated in 2025/2024 7,705   7,705   11,685
Originated in 2024/2023 8,750   8,750   6,015
Originated in 2023/2022 5,176   5,176   10,621
Originated in 2022/2021 8,658   8,658   6,811
Originated in 2021 5,616   5,616    
Originated prior to 2021 10,296   10,296    
Originated prior to 2021         11,578
Revolving 1,975   1,975   2,146
Revolving converted to term 5   5   3
Total loans 48,181   48,181   48,859
Modified loans 283 476 453 714  
Commercial | Commercial real estate | Pass          
Loans by origination year          
Originated in 2025/2024 6,934   6,934   9,652
Originated in 2024/2023 7,722   7,722   5,213
Originated in 2023/2022 4,470   4,470   9,047
Originated in 2022/2021 7,465   7,465   6,515
Originated in 2021 5,388   5,388    
Originated prior to 2021 9,461   9,461    
Originated prior to 2021         10,822
Revolving 1,931   1,931   2,078
Revolving converted to term 5   5   3
Total loans 43,376   43,376   43,330
Commercial | Commercial real estate | Total Criticized          
Loans by origination year          
Originated in 2025/2024 771   771   2,033
Originated in 2024/2023 1,028   1,028   802
Originated in 2023/2022 706   706   1,574
Originated in 2022/2021 1,193   1,193   296
Originated in 2021 228   228    
Originated prior to 2021 835   835    
Originated prior to 2021         756
Revolving 44   44   68
Revolving converted to term 0   0   0
Total loans 4,805   4,805   5,529
Commercial | Commercial real estate | Special Mention          
Loans by origination year          
Originated in 2025/2024 191   191   261
Originated in 2024/2023 121   121   42
Originated in 2023/2022 65   65   661
Originated in 2022/2021 313   313   100
Originated in 2021 62   62    
Originated prior to 2021 250   250    
Originated prior to 2021         148
Revolving 6   6   0
Revolving converted to term 0   0   0
Total loans 1,008   1,008   1,212
Commercial | Commercial real estate | Classified          
Loans by origination year          
Originated in 2025/2024 580   580   1,772
Originated in 2024/2023 907   907   760
Originated in 2023/2022 641   641   913
Originated in 2022/2021 880   880   196
Originated in 2021 166   166    
Originated prior to 2021 585   585    
Originated prior to 2021         608
Revolving 38   38   68
Revolving converted to term 0   0   0
Total loans 3,797   3,797   4,317
Consumer | Residential mortgages          
Loans by origination year          
Originated in 2025/2024 5,085   5,085   10,291
Originated in 2024/2023 9,208   9,208   8,775
Originated in 2023/2022 8,364   8,364   28,527
Originated in 2022/2021 25,305   25,305   34,729
Originated in 2021 31,844   31,844    
Originated prior to 2021 34,669   34,669    
Originated prior to 2021         36,491
Total loans 114,475   114,475   118,813
Modified loans 92 22 315 49  
Consumer | Residential mortgages | Pass          
Loans by origination year          
Originated in 2025/2024 5,085   5,085   10,291
Originated in 2024/2023 9,200   9,200   8,764
Originated in 2023/2022 8,342   8,342   28,484
Originated in 2022/2021 25,243   25,243   34,694
Originated in 2021 31,776   31,776    
Originated prior to 2021 34,359   34,359    
Originated prior to 2021         36,211
Total loans 114,005   114,005   118,444
Consumer | Residential mortgages | Total Criticized          
Loans by origination year          
Originated in 2025/2024 0   0   0
Originated in 2024/2023 8   8   11
Originated in 2023/2022 22   22   43
Originated in 2022/2021 62   62   35
Originated in 2021 68   68    
Originated prior to 2021 310   310    
Originated prior to 2021         280
Total loans 470   470   369
Consumer | Residential mortgages | Special Mention          
Loans by origination year          
Originated in 2025/2024 0   0   0
Originated in 2024/2023 0   0   0
Originated in 2023/2022 0   0   0
Originated in 2022/2021 0   0   0
Originated in 2021 0   0    
Originated prior to 2021 0   0    
Originated prior to 2021         0
Total loans 0   0   0
Consumer | Residential mortgages | Classified          
Loans by origination year          
Originated in 2025/2024 0   0   0
Originated in 2024/2023 8   8   11
Originated in 2023/2022 22   22   43
Originated in 2022/2021 62   62   35
Originated in 2021 68   68    
Originated prior to 2021 310   310    
Originated prior to 2021         280
Total loans 470   470   369
Consumer | Residential mortgages | Loans purchased from GNMA mortgage pools | Pass          
Loans by origination year          
Loans 90 days or more past due 2,200   2,200   2,300
Modified loans     1,400   1,400
Consumer | Credit card          
Loans by origination year          
Total loans 30,023   30,023   30,350
Modified loans 123 116 244 228  
Consumer | Credit card | Pass          
Loans by origination year          
Total loans 29,651   29,651   29,915
Consumer | Credit card | Total Criticized          
Loans by origination year          
Total loans 372   372   435
Consumer | Credit card | Special Mention          
Loans by origination year          
Total loans 0   0   0
Consumer | Credit card | Classified          
Loans by origination year          
Total loans 372   372   435
Consumer | Other retail          
Loans by origination year          
Originated in 2025/2024 3,051   3,051   7,401
Originated in 2024/2023 5,777   5,777   3,975
Originated in 2023/2022 3,283   3,283   4,096
Originated in 2022/2021 3,294   3,294   6,551
Originated in 2021 5,028   5,028    
Originated prior to 2021 4,643   4,643    
Originated prior to 2021         5,564
Revolving 14,265   14,265   13,966
Revolving converted to term 807   807   773
Total loans 40,148   40,148   42,326
Modified loans 34 $ 36 66 $ 75  
Consumer | Other retail | Pass          
Loans by origination year          
Originated in 2025/2024 3,050   3,050   7,398
Originated in 2024/2023 5,769   5,769   3,966
Originated in 2023/2022 3,273   3,273   4,085
Originated in 2022/2021 3,283   3,283   6,537
Originated in 2021 5,018   5,018    
Originated prior to 2021 4,624   4,624    
Originated prior to 2021         5,543
Revolving 14,151   14,151   13,846
Revolving converted to term 767   767   731
Total loans 39,935   39,935   42,106
Consumer | Other retail | Total Criticized          
Loans by origination year          
Originated in 2025/2024 1   1   3
Originated in 2024/2023 8   8   9
Originated in 2023/2022 10   10   11
Originated in 2022/2021 11   11   14
Originated in 2021 10   10    
Originated prior to 2021 19   19    
Originated prior to 2021         21
Revolving 114   114   120
Revolving converted to term 40   40   42
Total loans 213   213   220
Consumer | Other retail | Special Mention          
Loans by origination year          
Originated in 2025/2024 0   0   0
Originated in 2024/2023 0   0   0
Originated in 2023/2022 0   0   0
Originated in 2022/2021 0   0   0
Originated in 2021 0   0    
Originated prior to 2021 0   0    
Originated prior to 2021         0
Revolving 0   0   0
Revolving converted to term 0   0   0
Total loans 0   0   0
Consumer | Other retail | Classified          
Loans by origination year          
Originated in 2025/2024 1   1   3
Originated in 2024/2023 8   8   9
Originated in 2023/2022 10   10   11
Originated in 2022/2021 11   11   14
Originated in 2021 10   10    
Originated prior to 2021 19   19    
Originated prior to 2021         21
Revolving 114   114   120
Revolving converted to term 40   40   42
Total loans $ 213   $ 213   $ 220
v3.25.2
Loans and Allowance for Credit Losses - Loans Modified by Modification Type (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Modified [Line Items]        
Modifications $ 1,468 $ 1,631 $ 2,686 $ 2,848
Percent of Class Total 0.40% 0.40% 0.70% 0.80%
Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 149 $ 219 $ 291 $ 355
Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 456 483 999 937
Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 607 793 999 1,335
Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 256 136 397 221
Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 97 111 166 189
Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 134 17 191 20
Interest Rate Reduction, Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 25 8 40 12
Total loans, excluding loans purchased from GNMA mortgage pools        
Financing Receivable, Modified [Line Items]        
Modifications $ 783 $ 926 $ 1,473 $ 1,562
Percent of Class Total 0.20% 0.20% 0.40% 0.40%
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 149 $ 219 $ 291 $ 354
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 81 9 303 29
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 469 684 766 1,162
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 84 14 113 17
Loans purchased from GNMA mortgage pools        
Financing Receivable, Modified [Line Items]        
Modifications $ 685 $ 705 $ 1,213 $ 1,286
Percent of Class Total 0.60% 0.60% 1.10% 1.10%
Loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 0 $ 0 $ 0 $ 1
Loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 375 474 696 908
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 138 109 233 173
Loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 172 122 284 204
Commercial | Commercial        
Financing Receivable, Modified [Line Items]        
Modifications $ 251 $ 276 $ 395 $ 496
Percent of Class Total 0.20% 0.20% 0.30% 0.40%
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 24 $ 23 $ 46 $ 44
Commercial | Commercial | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 2 0
Commercial | Commercial | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 158 253 260 452
Commercial | Commercial | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 69 0 87 0
Commercial | Commercial real estate        
Financing Receivable, Modified [Line Items]        
Modifications $ 283 $ 476 $ 453 $ 714
Percent of Class Total 0.60% 0.90% 0.90% 1.40%
Commercial | Commercial real estate | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 0 $ 78 $ 0 $ 78
Commercial | Commercial real estate | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Commercial | Commercial real estate | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 283 391 451 629
Commercial | Commercial real estate | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 0 7 2 7
Consumer | Residential mortgages        
Financing Receivable, Modified [Line Items]        
Modifications $ 92 $ 22 $ 315 $ 49
Percent of Class Total 0.10% 0.00% 0.30% 0.00%
Consumer | Residential mortgages | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 0 $ 0 $ 0 $ 0
Consumer | Residential mortgages | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 77 9 293 28
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 3 7 5 12
Consumer | Residential mortgages | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 12 6 17 9
Consumer | Credit card        
Financing Receivable, Modified [Line Items]        
Modifications $ 123 $ 116 $ 244 $ 228
Percent of Class Total 0.40% 0.40% 0.80% 0.80%
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 123 $ 116 $ 241 $ 228
Consumer | Credit card | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 3 0
Consumer | Credit card | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Consumer | Credit card | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications 0 0 0 0
Consumer | Other retail        
Financing Receivable, Modified [Line Items]        
Modifications $ 34 $ 36 $ 66 $ 75
Percent of Class Total 0.10% 0.10% 0.20% 0.20%
Consumer | Other retail | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Modifications $ 2 $ 2 $ 4 $ 4
Consumer | Other retail | Payment Delay        
Financing Receivable, Modified [Line Items]        
Modifications 4 0 5 1
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Modifications 25 33 50 69
Consumer | Other retail | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Modifications $ 3 $ 1 $ 7 $ 1
v3.25.2
Loans and Allowance for Credit Losses - Effects of Loan Modifications (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Payment Delay        
Financing Receivable, Modified [Line Items]        
Weighted-average payment deferral (less than) $ 1 $ 1 $ 1 $ 1
Loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 0.40% 0.50% 0.40% 0.50%
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 100 months 119 months 99 months 116 months
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 5.40% 20.60% 7.70% 20.00%
Commercial | Commercial | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 14 months 5 months 12 months 7 months
Commercial | Commercial real estate | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 0.00% 2.20% 2.10% 2.20%
Commercial | Commercial real estate | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 4 months 8 months 5 months 9 months
Consumer | Residential mortgages | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 1.30% 0.50% 1.40% 0.70%
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 95 months 86 months 94 months 85 months
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 16.00% 16.30% 16.10% 16.30%
Consumer | Other retail | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Weighted-Average Interest Rate Reduction 4.60% 7.60% 5.00% 8.40%
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Weighted-Average Months of Term Extension 12 months 5 months 19 months 4 months
v3.25.2
Loans and Allowance for Credit Losses - Loan Modifications by Delinquency Status (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Jun. 30, 2024
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months $ 3,588 $ 4,168
Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 3,200 3,475
30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 120 104
90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 268 589
Commercial | Commercial    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 702 762
Commercial | Commercial | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 556 628
Commercial | Commercial | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 38 17
Commercial | Commercial | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 108 117
Commercial | Commercial real estate    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 910 1,266
Commercial | Commercial real estate | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 799 847
Commercial | Commercial real estate | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 0 0
Commercial | Commercial real estate | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 111 419
Consumer | Residential mortgages    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,446 1,604
Consumer | Residential mortgages | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 1,433 1,585
Consumer | Residential mortgages | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 5 6
Consumer | Residential mortgages | 30-89 Days Past Due | Loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 413 462
Consumer | Residential mortgages | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 8 13
Consumer | Residential mortgages | 90 Days or More Past Due | Loans purchased from GNMA mortgage pools    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 239 196
Consumer | Credit card    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 415 391
Consumer | Credit card | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 316 293
Consumer | Credit card | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 64 64
Consumer | Credit card | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 35 34
Consumer | Other retail    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 115 145
Consumer | Other retail | Current    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 96 122
Consumer | Other retail | 30-89 Days Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months 13 17
Consumer | Other retail | 90 Days or More Past Due    
Financing Receivable, Modified [Line Items]    
Loan balances modified during the prior 12 months $ 6 $ 6
v3.25.2
Loans and Allowance for Credit Losses - Loan Modifications that Defaulted (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted $ 79 $ 38 $ 125 $ 73
Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 61 67 100 110
Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 35 54 75 81
Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 53 30 92 60
Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 29 29 54 58
Interest Rate Reduction and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 20 1 33 1
Interest Rate Reduction, Payment Delay and Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 4   5 1
Total loans, excluding loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 79 38 125 73
Total loans, excluding loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 9 0 14
Total loans, excluding loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 6 30 31 38
Total loans, excluding loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 3 1 3 3
Loans purchased from GNMA mortgage pools | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Loans purchased from GNMA mortgage pools | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 61 58 100 96
Loans purchased from GNMA mortgage pools | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 29 24 44 43
Loans purchased from GNMA mortgage pools | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 50 29 89 57
Commercial | Commercial | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 9 7 19 13
Commercial | Commercial | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Commercial | Commercial | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 1 0 21 0
Commercial | Commercial | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Commercial | Commercial real estate | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 36 0 36 0
Commercial | Commercial real estate | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Commercial | Commercial real estate | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 24 0 24
Commercial | Commercial real estate | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Residential mortgages | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Residential mortgages | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 9 0 13
Consumer | Residential mortgages | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 1 0 4
Consumer | Residential mortgages | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 3 1 3 3
Consumer | Credit card | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 34 30 69 59
Consumer | Credit card | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Credit card | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Credit card | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 0
Consumer | Other retail | Interest Rate Reduction        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 1 1 1
Consumer | Other retail | Payment Delay        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 0 0 0 1
Consumer | Other retail | Term Extension        
Financing Receivable, Modified [Line Items]        
Loans that defaulted 5 5 10 10
Consumer | Other retail | Multiple Modifications        
Financing Receivable, Modified [Line Items]        
Loans that defaulted $ 0 $ 0 $ 0 $ 0
v3.25.2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Variable Interest Entity [Line Items]          
Tax credits related to tax-advantaged investments $ 212 $ 144 $ 364 $ 283  
Expense related to tax-advantaged investments 155 $ 145 301 $ 283  
Investments in VIEs 686,370   686,370   $ 678,318
Available-for-sale securities [1] 90,577   90,577   85,992
Liabilities related to VIEs 624,474   624,474   619,278
Variable Interest Entity Not Primary Beneficiary | Minimum          
Variable Interest Entity [Line Items]          
Net investments in unconsolidated VIEs 1   1   1
Variable Interest Entity Not Primary Beneficiary | Maximum          
Variable Interest Entity [Line Items]          
Net investments in unconsolidated VIEs 186   186   79
Variable Interest Entity, Not Primary Beneficiary, Private Investment Funds and Partnerships          
Variable Interest Entity [Line Items]          
Investments in VIEs 297   297   264
Maximum exposure to loss 410   410   382
Variable Interest Entity, Not Primary Beneficiary, Securitization Vehicles | Senior Notes          
Variable Interest Entity [Line Items]          
Available-for-sale securities 2,300   2,300   3,200
Collateral held related to senior notes 2,700   2,700   3,600
Variable Interest Entity, Primary Beneficiary, Community Development and Tax-Advantaged Investments          
Variable Interest Entity [Line Items]          
Investments in VIEs 5,900   5,900   6,400
Liabilities related to VIEs $ 3,700   $ 3,700   $ 4,200
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Investments in Community Development and Tax-advantaged VIEs (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Investment carrying amount $ 686,370 $ 678,318
Unfunded capital and other commitments 624,474 619,278
Variable Interest Entity, Not Primary Beneficiary, Community Development and Tax-Advantaged Investments    
Variable Interest Entity [Line Items]    
Investment carrying amount 9,189 8,107
Unfunded capital and other commitments 5,532 5,032
Maximum exposure to loss $ 10,238 $ 8,435
v3.25.2
Mortgage Servicing Rights - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Transfers and Servicing [Abstract]          
Residential mortgage loans serviced for others including subserviced mortgages with no corresponding MSRs asset $ 220,800   $ 220,800   $ 216,600
Gain (loss) on fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs (4) $ 24 (2) $ 21  
Loan servicing and ancillary fees $ 172 $ 176 $ 356 $ 344  
v3.25.2
Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Servicing Asset at Fair Value, Amount [Roll Forward]        
Balance at beginning of period $ 3,312 $ 3,462 $ 3,369 $ 3,377
Rights purchased 0 1 0 1
Rights capitalized 64 64 123 119
Rights sold 0 (189) 1 (189)
Changes in fair value of MSRs        
Due to fluctuations in market interest rates 9 45 (40) 148
Due to revised assumptions or models 6 33 10 41
Other changes in fair value (86) (90) (158) (171)
Balance at end of period $ 3,305 $ 3,326 $ 3,305 $ 3,326
v3.25.2
Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Down | Derivative instrument hedges    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change $ 350 $ 325
Fair value 50 basis points change 168 147
Fair value 25 basis points change 82 69
Down | Net sensitivity    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (7) 15
Fair value 50 basis points change 0 3
Fair value 25 basis points change 0 0
Down | MSR portfolio    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (357) (310)
Fair value 50 basis points change (168) (144)
Fair value 25 basis points change (82) (69)
Up | Derivative instrument hedges    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change (262) (220)
Fair value 50 basis points change (140) (118)
Fair value 25 basis points change (74) (61)
Up | Net sensitivity    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change 5 (3)
Fair value 50 basis points change 6 2
Fair value 25 basis points change 2 2
Up | MSR portfolio    
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]    
Fair value 100 basis points change 267 217
Fair value 50 basis points change 146 120
Fair value 25 basis points change $ 76 $ 63
v3.25.2
Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Servicing Assets at Fair Value [Line Items]            
Fair value $ 3,305 $ 3,369 $ 3,312 $ 3,326 $ 3,462 $ 3,377
MSR portfolio            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio 215,860 216,374        
Fair value $ 3,305 $ 3,369        
Value (bps) 1.53% 1.56%        
Weighted-average servicing fees (bps) 0.30% 0.30%        
Multiple (value/servicing fees) 5.09 5.17        
Weighted-average note rate 4.29% 4.18%        
Weighted-average age (in years) 5 years 3 months 18 days 5 years        
Weighted-average expected prepayment (constant prepayment rate) 8.90% 8.60%        
Weighted-average expected life (in years) 7 years 3 months 18 days 7 years 4 months 24 days        
Weighted-average option adjusted spread 5.90% 5.70%        
MSR portfolio | HFA            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 54,999 $ 52,807        
Fair value $ 834 $ 856        
Value (bps) 1.52% 1.62%        
Weighted-average servicing fees (bps) 0.35% 0.35%        
Multiple (value/servicing fees) 4.29 4.57        
Weighted-average note rate 5.05% 4.92%        
Weighted-average age (in years) 4 years 7 months 6 days 4 years 6 months        
Weighted-average expected prepayment (constant prepayment rate) 10.00% 9.90%        
Weighted-average expected life (in years) 7 years 6 months 7 years 6 months        
Weighted-average option adjusted spread 7.40% 5.80%        
MSR portfolio | Government            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 24,371 $ 25,139        
Fair value $ 481 $ 512        
Value (bps) 1.97% 2.04%        
Weighted-average servicing fees (bps) 0.45% 0.45%        
Multiple (value/servicing fees) 4.42 4.56        
Weighted-average note rate 4.38% 4.35%        
Weighted-average age (in years) 6 years 6 months 6 years 1 month 6 days        
Weighted-average expected prepayment (constant prepayment rate) 10.40% 10.20%        
Weighted-average expected life (in years) 6 years 8 months 12 days 6 years 9 months 18 days        
Weighted-average option adjusted spread 6.60% 6.20%        
MSR portfolio | Conventional            
Servicing Assets at Fair Value [Line Items]            
Servicing portfolio $ 136,490 $ 138,428        
Fair value $ 1,990 $ 2,001        
Value (bps) 1.46% 1.45%        
Weighted-average servicing fees (bps) 0.25% 0.25%        
Multiple (value/servicing fees) 5.75 5.69        
Weighted-average note rate 3.96% 3.87%        
Weighted-average age (in years) 5 years 3 months 18 days 5 years        
Weighted-average expected prepayment (constant prepayment rate) 8.20% 7.80%        
Weighted-average expected life (in years) 7 years 3 months 18 days 7 years 4 months 24 days        
Weighted-average option adjusted spread 5.10% 5.60%        
v3.25.2
Preferred Stock - Additional Information (Details) - shares
shares in Millions
Jun. 30, 2025
Dec. 31, 2024
Equity [Abstract]    
Preferred stock shares authorized (in shares) 50 50
v3.25.2
Preferred Stock - Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
Jun. 30, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 243,510 243,510
Liquidation Preference $ 7,026 $ 7,026
Discount 218 218
Carrying Amount $ 6,808 $ 6,808
Preferred stock par value (in dollars per share) $ 1.00 $ 1.00
Series A    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 12,510 12,510
Liquidation Preference $ 1,251 $ 1,251
Discount 145 145
Carrying Amount $ 1,106 $ 1,106
Series B    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 40,000 40,000
Liquidation Preference $ 1,000 $ 1,000
Discount 0 0
Carrying Amount $ 1,000 $ 1,000
Series J    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 40,000 40,000
Liquidation Preference $ 1,000 $ 1,000
Discount 7 7
Carrying Amount $ 993 $ 993
Series K    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 23,000 23,000
Liquidation Preference $ 575 $ 575
Discount 10 10
Carrying Amount $ 565 $ 565
Series L    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 20,000 20,000
Liquidation Preference $ 500 $ 500
Discount 14 14
Carrying Amount $ 486 $ 486
Series M    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 30,000 30,000
Liquidation Preference $ 750 $ 750
Discount 21 21
Carrying Amount $ 729 $ 729
Series N    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 60,000 60,000
Liquidation Preference $ 1,500 $ 1,500
Discount 8 8
Carrying Amount $ 1,492 $ 1,492
Series O    
Class of Stock [Line Items]    
Shares Issued and Outstanding (in shares) 18,000 18,000
Liquidation Preference $ 450 $ 450
Discount 13 13
Carrying Amount $ 437 $ 437
v3.25.2
Accumulated Other Comprehensive Income (Loss) - Reconciliation of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance $ 60,558 $ 56,033 $ 59,040 $ 55,771
Changes in unrealized gains (losses) 198 (78) 706 (249)
Changes in unrealized gains (losses) 157 (109) 441 (452)
Changes in unrealized gains (losses), debit valuation adjustments (5) 0 (3) 0
Changes in unrealized gains (losses) 350 (187) 1,144 (701)
Foreign currency translation adjustment (8) (2) (4) 4
Reclassification to earnings of realized (gains) losses 244 247 414 408
Applicable income taxes (153) (13) (399) 77
Ending Balance 61,896 56,885 61,896 56,885
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (9,042) (10,353) (9,764) (10,096)
Ending Balance (8,609) (10,308) (8,609) (10,308)
Unrealized Gains (Losses) on Investment Securities Available-for- Sale        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (4,699) (5,279) (5,078) (5,151)
Changes in unrealized gains (losses) 198 (78) 706 (249)
Reclassification to earnings of realized (gains) losses 57 36 57 34
Applicable income taxes (69) 11 (198) 56
Ending Balance (4,513) (5,310) (4,513) (5,310)
Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (3,082) (3,452) (3,165) (3,537)
Reclassification to earnings of realized (gains) losses 123 131 234 245
Applicable income taxes (33) (33) (61) (62)
Ending Balance (2,992) (3,354) (2,992) (3,354)
Unrealized Gains (Losses) on Derivative Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (297) (461) (553) (242)
Changes in unrealized gains (losses) 157 (109) 441 (452)
Reclassification to earnings of realized (gains) losses 66 80 126 129
Applicable income taxes (58) 8 (146) 83
Ending Balance (132) (482) (132) (482)
Unrealized Gains (Losses) on Retirement Plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (956) (1,138) (955) (1,138)
Reclassification to earnings of realized (gains) losses (2)   (3)  
Applicable income taxes 4   4  
Ending Balance (954) (1,138) (954) (1,138)
Debit Valuation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance 2 0 1 0
Changes in unrealized gains (losses)     (3)  
Changes in unrealized gains (losses), debit valuation adjustments (5)      
Applicable income taxes 2   1  
Ending Balance (1) 0 (1) 0
Foreign Currency Translation        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning Balance (10) (23) (14) (28)
Foreign currency translation adjustment (8) (2) (4) 4
Applicable income taxes 1 1 1  
Ending Balance $ (17) $ (24) $ (17) $ (24)
v3.25.2
Accumulated Other Comprehensive Income (Loss) - Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income into Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Securities gains (losses), net $ (57) $ (36) $ (57) $ (34)
Interest income 7,604 7,985 15,120 15,749
Net interest income 4,051 4,023 8,143 8,008
Other noninterest expense (352) (354) (705) (772)
Applicable income taxes (472) (445) (915) (792)
Net income 1,821 1,611 3,537 2,937
Reclassification Out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net income (181) (185) (308) (305)
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities Available-for- Sale        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Securities gains (losses), net (57) (36) (57) (34)
Applicable income taxes 14 9 14 8
Net income (43) (27) (43) (26)
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities Transferred From Available- for-Sale to Held-to-Maturity        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest income (123) (131) (234) (245)
Applicable income taxes 33 33 61 62
Net income (90) (98) (173) (183)
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivative Hedges        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net interest income (66) (80) (126) (129)
Applicable income taxes 17 20 32 33
Net income (49) (60) (94) (96)
Reclassification Out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Retirement Plans        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other noninterest expense 2 0 3 0
Applicable income taxes (1) 0 (1) 0
Net income $ 1 $ 0 $ 2 $ 0
v3.25.2
Earnings Per Share - Components of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net income attributable to U.S. Bancorp $ 1,815 $ 1,603 $ 3,524 $ 2,922
Preferred dividends (70) [1] (75) [2] (165) [3] (177) [4]
Earnings allocated to participating stock awards (12) (10) (23) (18)
Net income applicable to U.S. Bancorp common shareholders 1,733 1,518 3,336 2,727
Net income applicable to U.S. Bancorp common shareholders, diluted $ 1,733 $ 1,518 $ 3,336 $ 2,727
Average common shares outstanding (in shares) 1,559 1,560 1,559 1,560
Average diluted common shares outstanding (in shares) 1,559 1,561 1,560 1,560
Earnings per common share (in dollars per share) $ 1.11 $ 0.97 $ 2.14 $ 1.75
Diluted earnings per common share (in dollars per share) $ 1.11 $ 0.97 $ 2.14 $ 1.75
Net effect of the exercise and assumed purchase of stock awards (in shares) 0 1 1 0
[1] Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,399.810, $323.411, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
[2] Reflects dividends declared per share on the Company’s Series A, Series B, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $1,670.904, $391.184, $343.75, $234.375, $250.00, $231.25 and $281.25, respectively.
[3] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $2,795.708, $646.135, $662.50, $687.50, $468.75, $500.00, $462.50 and $562.50, respectively.
[4] Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, Series L, Series M, Series N and Series O Non-Cumulative Perpetual Preferred Stock of $3,338.125, $781.448, $662.50, $687.50, $468.75, $500.00, $462.50 and $562.50, respectively.(d)Reflects dividends declared per share on the Company’s Series A, Series B, Series J, Series K, S
v3.25.2
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stock Option        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Options outstanding of common shares 1 1 1 1
v3.25.2
Employee Benefits (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Retirement Benefits [Abstract]        
Service cost $ 53 $ 54 $ 106 $ 109
Interest cost 102 94 205 188
Expected return on plan assets (146) (146) (293) (292)
Prior service cost (credit) amortization (1) (1) (2) (2)
Actuarial loss (gain) amortization 1 3 2 5
Net periodic benefit cost $ 9 $ 4 $ 18 $ 8
v3.25.2
Income Taxes - Components of Income Tax Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Federal        
Current $ 257 $ 321 $ 256 $ 501
Deferred 25 49 353 182
Federal income tax 282 370 609 683
State        
Current 90 88 187 109
Deferred 100 (13) 119 0
State income tax 190 75 306 109
Total income tax provision $ 472 $ 445 $ 915 $ 792
v3.25.2
Income Taxes - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Federal statutory rate 21.00% 21.00% 21.00% 21.00%  
Net deferred tax asset $ 5.4   $ 5.4   $ 6.3
v3.25.2
Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate to the Applicable Income Tax Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Tax at statutory rate $ 482 $ 432 $ 935 $ 783
State income tax, at statutory rates, net of federal tax benefit 99 102 211 183
Tax credits and benefits, net of related expenses (143) (83) (266) (144)
Revaluation of tax related assets and liabilities 72 0 72 0
Exam resolutions 0 (32) 0 (97)
Tax-exempt income (40) (36) (73) (67)
Other items 2 62 36 134
Total income tax provision $ 472 $ 445 $ 915 $ 792
v3.25.2
Derivative Instruments - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss) $ 132 $ 553
Estimated loss to be reclassified from other comprehensive income (loss) into earnings (98)  
Fair value of derivatives under collateral agreements in a net liability position 2,200  
Collateral posted by company netted against net liability position 1,900  
Net investment hedges    
Derivative [Line Items]    
Non-derivative debt instruments $ 1,700 $ 1,300
v3.25.2
Derivative Instruments - Asset and Liability Management Derivative Positions (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional Value $ 1,400,000  
Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 8 $ 0
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 117,038 105,692
Fair Value, Assets 362 275
Fair Value, Liabilities 279 221
Asset and Liability Management Positions | Swaps | Visa Class B Shares    
Derivative [Line Items]    
Fair Value, Liabilities 119 78
Derivative liability notional value 1,000 1,000
Asset and Liability Management Positions | Underwriting Purchase and Sale Commitments    
Derivative [Line Items]    
Notional Value 1,000  
Asset and Liability Management Positions | Other    
Derivative [Line Items]    
Notional Value 2,094 1,084
Fair Value, Assets 11 7
Fair Value, Liabilities 124 78
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 14,505 9,977
Fair Value, Assets 126 45
Fair Value, Liabilities 28 23
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 5,968 2,371
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Futures and forwards | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 6,078 5,436
Fair Value, Assets 24 8
Fair Value, Liabilities 5 30
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Futures and forwards | Sell/ Written    
Derivative [Line Items]    
Notional Value 3,650 2,711
Fair Value, Assets 8 10
Fair Value, Liabilities 26 1
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 7,730 7,810
Fair Value, Assets 159 186
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 2,742 1,991
Fair Value, Assets 20 8
Fair Value, Liabilities 70 47
Asset and Liability Management Positions | Other economic hedges | Foreign exchange forward contracts    
Derivative [Line Items]    
Notional Value 813 702
Fair Value, Assets 1 4
Fair Value, Liabilities 4 4
Asset and Liability Management Positions | Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 295 293
Fair Value, Assets 10 0
Fair Value, Liabilities 0 9
Asset and Liability Management Positions | Other economic hedges | Credit contracts    
Derivative [Line Items]    
Notional Value 2,667 3,558
Fair Value, Assets 0 0
Fair Value, Liabilities 20 29
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 15,550 10,600
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 28,364 29,739
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Cash flow hedges | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 24,850 28,550
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Cash flow hedges | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 1,000 0
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Asset and Liability Management Positions | Net investment hedges | Foreign exchange forward contracts    
Derivative [Line Items]    
Notional Value 732 870
Fair Value, Assets 3 7
Fair Value, Liabilities $ 2 $ 0
v3.25.2
Derivative Instruments - Customer-Related Derivative Positions (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional Value $ 1,400,000  
Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 117,038 $ 105,692
Fair Value, Assets 362 275
Fair Value, Liabilities 279 221
Customer-Related Positions    
Derivative [Line Items]    
Notional Value 1,238,132 1,181,606
Fair Value, Assets 7,277 6,162
Fair Value, Liabilities 7,607 7,939
Customer-Related Positions | Interest rate contracts | Receive fixed/pay floating swaps    
Derivative [Line Items]    
Notional Value 408,874 413,841
Fair Value, Assets 1,238 462
Fair Value, Liabilities 2,533 4,485
Customer-Related Positions | Interest rate contracts | Pay fixed/receive floating swaps    
Derivative [Line Items]    
Notional Value 359,913 363,837
Fair Value, Assets 1,311 2,342
Fair Value, Liabilities 422 153
Customer-Related Positions | Interest rate contracts | Other    
Derivative [Line Items]    
Notional Value 68,487 72,503
Fair Value, Assets 22 17
Fair Value, Liabilities 36 34
Customer-Related Positions | Interest rate contracts | Options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 125,633 96,238
Fair Value, Assets 326 414
Fair Value, Liabilities 11 2
Customer-Related Positions | Interest rate contracts | Options | Sell/ Written    
Derivative [Line Items]    
Notional Value 99,190 90,572
Fair Value, Assets 26 12
Fair Value, Liabilities 439 574
Customer-Related Positions | Interest rate contracts | Futures | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 1,024 0
Fair Value, Assets 1 0
Fair Value, Liabilities 0 0
Customer-Related Positions | Interest rate contracts | Futures | Sell/ Written    
Derivative [Line Items]    
Notional Value 2,037 0
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Customer-Related Positions | Foreign exchange rate contracts | Forwards, spots and swaps    
Derivative [Line Items]    
Notional Value 132,527 113,718
Fair Value, Assets 3,433 2,441
Fair Value, Liabilities 3,258 2,232
Customer-Related Positions | Foreign exchange options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 1,096 497
Fair Value, Assets 24 14
Fair Value, Liabilities 1 0
Customer-Related Positions | Foreign exchange options | Sell/ Written    
Derivative [Line Items]    
Notional Value 1,096 497
Fair Value, Assets 1 0
Fair Value, Liabilities 24 14
Customer-Related Positions | Commodity contracts | Swaps    
Derivative [Line Items]    
Notional Value 13,102 8,224
Fair Value, Assets 463 199
Fair Value, Liabilities 441 180
Customer-Related Positions | Commodity contracts | Futures | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 6 1
Fair Value, Assets 1 0
Fair Value, Liabilities 0 0
Customer-Related Positions | Commodity contracts | Futures | Sell/ Written    
Derivative [Line Items]    
Notional Value 351 166
Fair Value, Assets 47 25
Fair Value, Liabilities 53 27
Customer-Related Positions | Commodity options | Buy/ Purchased    
Derivative [Line Items]    
Notional Value 5,742 3,921
Fair Value, Assets 382 233
Fair Value, Liabilities 2 2
Customer-Related Positions | Commodity options | Sell/ Written    
Derivative [Line Items]    
Notional Value 5,742 3,921
Fair Value, Assets 1 3
Fair Value, Liabilities 383 233
Customer-Related Positions | Credit contracts    
Derivative [Line Items]    
Notional Value 13,304 13,670
Fair Value, Assets 1 0
Fair Value, Liabilities 4 3
Other economic hedges | Interest rate contracts | Receive fixed/pay floating swaps | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 14,505 9,977
Fair Value, Assets 126 45
Fair Value, Liabilities 28 23
Other economic hedges | Interest rate contracts | Pay fixed/receive floating swaps | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 5,968 2,371
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Other economic hedges | Interest rate contracts | Options | Buy/ Purchased | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 7,730 7,810
Fair Value, Assets 159 186
Fair Value, Liabilities 0 0
Other economic hedges | Interest rate contracts | Options | Sell/ Written | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 2,742 1,991
Fair Value, Assets 20 8
Fair Value, Liabilities 70 47
Other economic hedges | Credit contracts | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 2,667 3,558
Fair Value, Assets 0 0
Fair Value, Liabilities 20 29
Other economic hedges | Equity contracts    
Derivative [Line Items]    
Notional Value 8 0
Fair Value, Assets 0 0
Fair Value, Liabilities 0 0
Other economic hedges | Equity contracts | Asset and Liability Management Positions    
Derivative [Line Items]    
Notional Value 295 293
Fair Value, Assets 10 0
Fair Value, Liabilities $ 0 $ 9
v3.25.2
Derivative Instruments - Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Details) - Asset and Liability Management Positions - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Cash flow hedges | Interest rate contracts        
Cash flow hedges        
Gains (Losses) Recognized in Other Comprehensive Income (Loss) $ 116 $ (81) $ 327 $ (336)
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (49) (60) (94) (96)
Net investment hedges | Foreign exchange forward contracts        
Net investment hedges        
Gains (Losses) Recognized in Other Comprehensive Income (Loss) (38) 9 (42) 78
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings 0 0 0 0
Net investment hedges | Non-derivative debt instruments        
Net investment hedges        
Gains (Losses) Recognized in Other Comprehensive Income (Loss) (130) 7 (191) 41
Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings $ 0 $ 0 $ 0 $ 0
v3.25.2
Derivative Instruments - Effect of Fair Value and Cash Flow Hedge Accounting on Consolidated Statement of Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Interest Income $ 7,604 $ 7,985 $ 15,120 $ 15,749
Interest Expense 3,553 3,962 6,977 7,741
Losses recognized in earnings related discontinuance of cash flow hedges 7 14 7 14
Asset and Liability Management Positions | Fair value hedges | Interest Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, fair value hedged item 286 22 733 (447)
Asset and Liability Management Positions | Fair value hedges | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, fair value hedged item (76) 69 (188) 12
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Interest Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, fair value hedging instruments (285) (23) (733) 445
Asset and Liability Management Positions | Fair value hedges | Interest rate contracts | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, fair value hedging instruments 78 (69) 184 (12)
Asset and Liability Management Positions | Cash flow hedges | Interest rate contracts | Interest Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, cash flow hedging instruments (59) (73) (112) (115)
Asset and Liability Management Positions | Cash flow hedges | Interest rate contracts | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings, cash flow hedging instruments $ (7) $ (7) $ (14) $ (14)
v3.25.2
Derivative Instruments - Cumulative Hedging Adjustments and the Carrying Amount of Assets and Liabilities Designated in Fair Value Hedges (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Increase (decrease) in cumulative amount of basis adjustments $ 314 $ 13
Available-for-sale investment securities    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged assets 28,421 29,005
Cumulative hedging adjustment for hedged assets 281 (464)
Cumulative hedging adjustment asset related to discontinued hedging relationships (47) (72)
Carrying amount of assets related to discontinued hedging relationships 8,100 6,800
Amortized cost of the closed portfolios 21,000 17,500
Amortized cost of the closed portfolios designated as hedged 11,300 11,600
Increase (decrease) in cumulative amount of basis adjustments 302 13
Long-term debt    
Derivative Instruments, Gain (Loss) [Line Items]    
Carrying amount of the hedged liabilities 15,752 10,632
Cumulative hedging adjustment for hedged liabilities 217 39
Cumulative hedging adjustment liability related to discontinued hedging relationships (98) (149)
Carrying amount of liabilities related to discontinued hedging relationships $ 11,600 $ 14,900
v3.25.2
Derivative Instruments - Gains (Losses) Recognized in Earnings for Other Economic Hedges and Customer-Related Positions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Customer-Related Positions | Interest rate contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings $ 2 $ (21) $ 14 $ (68)
Customer-Related Positions | Interest rate contracts | Futures        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 1 0 2 0
Customer-Related Positions | Swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 47 89 82 220
Customer-Related Positions | Credit contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (8) 1 (6) 0
Customer-Related Positions | Foreign exchange rate contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 0 0 1 0
Customer-Related Positions | Foreign exchange rate contracts | Forwards, spots and swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 66 32 114 56
Customer-Related Positions | Commodity contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 15 2 14 4
Customer-Related Positions | Commodity contracts | Futures        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 45 6 4 6
Customer-Related Positions | Commodity contracts | Swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (43) (1) 4 1
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Futures and forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 1 (2) 25 (14)
Asset and Liability Management Positions | Other economic hedges | Interest rate contracts | Purchased and written options        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 38 9 68 48
Asset and Liability Management Positions | Other economic hedges | Swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 13 9 69 (77)
Asset and Liability Management Positions | Other economic hedges | Foreign exchange forward contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (19) 4 (17) 8
Asset and Liability Management Positions | Other economic hedges | Equity contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings 27 (2) 8 (2)
Asset and Liability Management Positions | Other economic hedges | Credit contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings (12) 0 5 (2)
Asset and Liability Management Positions | Other economic hedges | Other        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in earnings $ (82) $ 6 $ (82) $ (69)
v3.25.2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Additional Information (Details)
$ in Billions
Jun. 30, 2025
USD ($)
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value $ 1,400.0
Over-the-Counter  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value 621.0
Exchange Cleared  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value 695.9
Exchange-Traded  
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]  
Notional Value $ 38.4
v3.25.2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Maturities by Category of Collateral Pledged for Repurchase Agreements and Securities Loaned Transactions (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 12,859 $ 7,645
Securities loaned 114 90
Gross amount of recognized liabilities 12,973 7,735
Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 12,859 7,623
Securities loaned 114 90
Gross amount of recognized liabilities 12,973 7,713
Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 22
Securities loaned 0 0
Gross amount of recognized liabilities 0 22
30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Gross amount of recognized liabilities 0 0
Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Gross amount of recognized liabilities 0 0
U.S. Treasury and agencies    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 9,940 5,918
U.S. Treasury and agencies | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 9,940 5,918
U.S. Treasury and agencies | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
U.S. Treasury and agencies | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
U.S. Treasury and agencies | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 350 319
Residential mortgage-backed securities | Overnight and Continuous | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 350 319
Residential mortgage-backed securities | Less Than 30 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | 30-89 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Residential mortgage-backed securities | Greater Than 90 Days | Agency    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Corporate debt securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 2,204 1,116
Securities loaned 114 90
Corporate debt securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 2,204 1,116
Securities loaned 114 90
Corporate debt securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Corporate debt securities | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Corporate debt securities | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Securities loaned 0 0
Asset-backed securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 365 292
Asset-backed securities | Overnight and Continuous    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 365 270
Asset-backed securities | Less Than 30 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 22
Asset-backed securities | 30-89 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 0 0
Asset-backed securities | Greater Than 90 Days    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 0 $ 0
v3.25.2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative assets    
Gross Recognized Assets $ 7,607 $ 6,422
Gross Amounts Offset on the Balance Sheet (3,438) (2,979)
Net Amounts Presented on the Consolidated Balance Sheet 4,169 3,443
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (169) (177)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (5) (5)
Net Amount 3,995 3,261
Reverse repurchase agreements    
Gross Recognized Assets 11,093 6,383
Gross Amounts Offset on the Consolidated Balance Sheet (5,615)  
Net Amounts Presented on the Consolidated Balance Sheet 5,478 6,383
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (208) (851)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (5,270) (5,508)
Net Amount 0 24
Securities borrowed    
Gross Recognized Assets 1,697 1,516
Net Amounts Presented on the Consolidated Balance Sheet 1,697 1,516
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (1,642) (1,453)
Net Amount 55 63
Total    
Gross Recognized Assets 20,397 14,321
Gross Amounts Offset on the Consolidated Balance Sheet (9,053) (2,979)
Net Amounts Presented on the Consolidated Balance Sheet 11,344 11,342
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (377) (1,028)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Received (6,917) (6,966)
Net Amount 4,050 3,348
Cash collateral netted against derivative assets 1,200 1,900
Derivative assets not subject to netting arrangements $ 32 $ 15
v3.25.2
Netting Arrangements for Certain Financial Instruments and Securities Financing Activities - Netting Adjustments and Items Not Offset in Consolidated Balance Sheet, Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Derivative liabilities    
Gross Recognized Liabilities $ 7,762 $ 8,081
Gross Amounts Offset on the Consolidated Balance Sheet (4,161) (2,949)
Net Amounts Presented on the Consolidated Balance Sheet 3,601 5,132
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (169) (177)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged 0 0
Net Amount 3,432 4,955
Repurchase agreements    
Gross Recognized Liabilities 12,859 7,645
Gross Amounts Offset on the Consolidated Balance Sheet (5,615)  
Net Amounts Presented on the Consolidated Balance Sheet 7,244 7,645
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (208) (851)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (7,036) (6,787)
Net Amount 0 7
Securities loaned    
Securities loaned Gross recognized liabilities 114 90
Net Amounts Presented on the Consolidated Balance Sheet 114 90
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments 0 0
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (114) (88)
Net Amount 0 2
Total    
Gross Recognized Liabilities 20,735 15,816
Gross Amounts Offset on the Consolidated Balance Sheet (9,776) (2,949)
Net Amounts Presented on the Consolidated Balance Sheet 10,959 12,867
Gross Amounts Not Offset on the Consolidated Balance Sheet, Financial Instruments (377) (1,028)
Gross Amounts Not Offset on the Consolidated Balance Sheet, Collateral Pledged (7,150) (6,875)
Net Amount 3,432 4,964
Cash collateral netted against derivative liabilities 1,900 1,900
Derivative liabilities not subject to netting arrangements $ 124 $ 79
v3.25.2
Fair Values of Assets and Liabilities - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Changes in debit valuation adjustments $ (5) $ 0 $ (3) $ 0  
Carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit 358   358   $ 376
Other guarantees carrying value 196   $ 196   $ 194
Minimum          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Credit valuation adjustment as percentage of derivative contract fair value     0.00%    
Maximum          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Credit valuation adjustment as percentage of derivative contract fair value     263.00%    
Weighted Average          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Credit valuation adjustment as percentage of derivative contract fair value     2.00%    
Mortgage Loans Held For Sale | Level 2          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Net gains (losses) where the fair value option is elected 3 (3) $ 6 4  
Time Deposits | Level 2 | Interest Expense          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Net gains (losses) where the fair value option is elected $ (2) 3 1 11  
Long-Term Debt, Interest Expense | Level 2          
Fair Value Measurement Inputs and Valuation Techniques [Line Items]          
Net gains (losses) where the fair value option is elected   $ 3 $ 2 $ (3)  
v3.25.2
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Details)
Jun. 30, 2025
Minimum | Expected prepayment  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.06
Minimum | Option adjusted spread  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.05
Maximum | Expected prepayment  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.20
Maximum | Option adjusted spread  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.11
Weighted Average | Expected prepayment  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.09
Weighted Average | Option adjusted spread  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
MSRs measurement inputs 0.06
v3.25.2
Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Details)
Jun. 30, 2025
Minimum | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.11
Minimum | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0047
Maximum | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 1
Maximum | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0211
Weighted Average | Expected loan close rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.83
Weighted Average | Inherent MSR value (basis points per loan)  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Derivative commitments measurement inputs 0.0110
v3.25.2
Fair Values of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities [1] $ 90,577     $ 85,992    
Mortgage loans held for sale 2,285     2,251    
Mortgage servicing rights 3,305 $ 3,326 $ 3,312 3,369 $ 3,462 $ 3,377
Derivative assets netting (3,438)     (2,979)    
Time deposits 7,305     5,754    
Long-term debt 1,152     391    
Derivative liabilities netting (4,161)     (2,949)    
Equity investments without readily determinable fair values 169     159    
Equity investments without readily determinable fair values impairment loss 0 $ 0        
U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 28,117     28,387    
Residential mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 38,133     33,281    
Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,615     7,351    
Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7     6    
Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,183     7,165    
Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 9,209     9,552    
Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 313     250    
Fair Value, Measurements, Recurring            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 90,577     85,992    
Mortgage loans held for sale 2,285     2,251    
Mortgage servicing rights 3,305     3,369    
Derivative assets netting (3,438)     (2,979)    
Derivative assets 4,201     3,458    
Other assets 2,687     2,189    
Total assets 103,055     97,259    
Time deposits 7,305     5,754    
Long-term debt 1,152     391    
Derivative liabilities netting (4,161)     (2,949)    
Derivative liabilities 3,725     5,211    
Short-term borrowings and other liabilities 2,424     1,935    
Total liabilities 14,606     13,291    
Fair Value, Measurements, Recurring | U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 28,117     28,387    
Fair Value, Measurements, Recurring | Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 38,133     33,281    
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,615     7,351    
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7     6    
Fair Value, Measurements, Recurring | Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,183     7,165    
Fair Value, Measurements, Recurring | Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 9,209     9,552    
Fair Value, Measurements, Recurring | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 313     250    
Fair Value, Measurements, Recurring | Level 1            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 23,477     23,891    
Mortgage loans held for sale 0     0    
Mortgage servicing rights 0     0    
Derivative assets before netting 56     27    
Other assets 437     420    
Total assets 23,970     24,338    
Time deposits 0     0    
Long-term debt 0     0    
Derivative liabilities before netting 55     27    
Short-term borrowings and other liabilities 724     475    
Total liabilities 779     502    
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 23,477     23,891    
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 1 | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 2            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 67,100     62,101    
Mortgage loans held for sale 2,285     2,251    
Mortgage servicing rights 0     0    
Derivative assets before netting 5,470     5,208    
Other assets 2,250     1,769    
Total assets 77,105     71,329    
Time deposits 7,305     5,754    
Long-term debt 1,152     391    
Derivative liabilities before netting 5,611     5,131    
Short-term borrowings and other liabilities 1,700     1,460    
Total liabilities 15,768     12,736    
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 4,640     4,496    
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 38,133     33,281    
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,615     7,351    
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7     6    
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 7,183     7,165    
Fair Value, Measurements, Recurring | Level 2 | Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 9,209     9,552    
Fair Value, Measurements, Recurring | Level 2 | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 313     250    
Fair Value, Measurements, Recurring | Level 3            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Mortgage loans held for sale 0     0    
Mortgage servicing rights 3,305     3,369    
Derivative assets before netting 2,113     1,202    
Other assets 0     0    
Total assets 5,418     4,571    
Time deposits 0     0    
Long-term debt 0     0    
Derivative liabilities before netting 2,220     3,002    
Short-term borrowings and other liabilities 0     0    
Total liabilities 2,220     3,002    
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury and agencies            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | Agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | Non-agency            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Obligations of state and political subdivisions            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities 0     0    
Fair Value, Measurements, Recurring | Level 3 | Other            
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]            
Available-for-sale securities $ 0     $ 0    
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Fair Values of Assets and Liabilities - Changes in Fair Value for Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]          
Beginning of Period Balance $ (727) $ (2,361) $ (1,800) $ (1,885)  
Net Gains (Losses) Included in Net Income 10 (1,004) (181) (2,687)  
Purchases 52 270 721 648  
Sales 0 (3) (2) (5)  
Issuances 0 0 1 0  
Settlements 558 795 1,154 1,626  
End of Period Balance (107) (2,303) (107) (2,303)  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 463 4 1,351 (676)  
Available-for-sale securities [1] 90,577   90,577   $ 85,992
Mortgage servicing rights          
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]          
Beginning of Period Balance 3,312 3,462 3,369 3,377  
Net Gains (Losses) Included in Net Income (71) (12) (188) 18  
Purchases 0 1 0 1  
Sales 0 (189) 1 (189)  
Issuances 64 64 123 119  
Settlements 0 0 0 0  
End of Period Balance 3,305 3,326 3,305 3,326  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period (71) (12) (188) 18  
Mortgage Banking Revenue          
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]          
Net Gains (Losses) Included in Net Income 53 52 104 96  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 21 17 21 17  
Commercial Products Revenue          
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]          
Net Gains (Losses) Included in Net Income 39 (1,000) (202) (2,700)  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period 526 (19) 1,400 (624)  
Other Noninterest Income          
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]          
Net Gains (Losses) Included in Net Income (82) 6 (83) (69)  
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period $ (82) $ 6 $ (83) $ (69)  
[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
v3.25.2
Fair Values of Assets and Liabilities - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans, net of allowance for losses $ 587 $ 636
Other assets 16 25
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans, net of allowance for losses 0 0
Other assets 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans, net of allowance for losses 0 0
Other assets 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans, net of allowance for losses 587 636
Other assets $ 16 $ 25
v3.25.2
Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Losses recognized related to nonrecurring fair value measurements $ 1 $ 1 $ 2 $ 3
Loans        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Losses recognized related to nonrecurring fair value measurements $ 99 $ 96 $ 198 $ 163
v3.25.2
Fair Values of Assets and Liabilities - Fair Value Option (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Fair value carrying amount, total loans $ 2,285 $ 2,251
Contractual principal outstanding, total loans 2,262 2,243
Carrying amount over (under) contractual principal outstanding, total loans 23 8
Fair value carrying amount, time deposits 7,305 5,754
Contractual principal outstanding, time deposits 7,314 5,762
Carrying amount over (under) contractual principal outstanding, time deposits (9) (8)
Long-term debt 1,152 391
Contractual principal outstanding, long-term debt 1,169 409
Carrying amount over (under) contractual principal outstanding, long-term debt (17) (18)
Fair value, nonaccrual loans 1 1
Contractual principal outstanding, nonaccrual loans 1 1
Fair value, loans 90 days or more past due 3 4
Contractual principal outstanding, loans 90 days or more past due $ 3 $ 4
v3.25.2
Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Financial Assets    
Cash and due from banks $ 57,807 $ 56,502
Investment securities held-to-maturity 67,032 66,275
Financial Liabilities    
Long-term debt 64,013 58,002
Carrying Amount    
Financial Assets    
Cash and due from banks 57,807 56,502
Federal funds sold and securities purchased under resale agreements 5,481 6,380
Investment securities held-to-maturity 77,879 78,634
Loans held for sale 3 322
Loans, net of allowance for losses 372,706 372,249
Other 2,585 2,482
Financial Liabilities    
Time deposits 49,577 49,015
Short-term borrowings 12,615 13,583
Long-term debt 62,861 57,611
Other 4,723 5,220
Fair Value    
Financial Assets    
Cash and due from banks 57,807 56,502
Federal funds sold and securities purchased under resale agreements 5,481 6,380
Investment securities held-to-maturity 67,032 66,275
Loans held for sale 3 322
Loans, net of allowance for losses 368,767 365,628
Other 2,585 2,482
Financial Liabilities    
Time deposits 49,604 49,156
Short-term borrowings 12,441 13,419
Long-term debt 62,111 56,441
Other 4,723 5,220
Fair Value | Level 1    
Financial Assets    
Cash and due from banks 57,807 56,502
Federal funds sold and securities purchased under resale agreements 0 0
Investment securities held-to-maturity 638 1,275
Loans held for sale 0 0
Loans, net of allowance for losses 0 0
Other 0 0
Financial Liabilities    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other 0 0
Fair Value | Level 2    
Financial Assets    
Cash and due from banks 0 0
Federal funds sold and securities purchased under resale agreements 5,481 6,380
Investment securities held-to-maturity 66,394 65,000
Loans held for sale 0 0
Loans, net of allowance for losses 0 0
Other 1,983 1,767
Financial Liabilities    
Time deposits 49,604 49,156
Short-term borrowings 12,441 13,419
Long-term debt 62,111 56,441
Other 1,378 1,369
Fair Value | Level 3    
Financial Assets    
Cash and due from banks 0 0
Federal funds sold and securities purchased under resale agreements 0 0
Investment securities held-to-maturity 0 0
Loans held for sale 3 322
Loans, net of allowance for losses 368,767 365,628
Other 602 715
Financial Liabilities    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Other $ 3,345 $ 3,851
v3.25.2
Guarantees and Contingent Liabilities - Other Guarantees and Contingent Liabilities (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Other  
Guarantor Obligations [Line Items]  
Collateral Held $ 0
Carrying Amount 21
Maximum Potential Future Payments 3,634
Standby letters of credit  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 24
Maximum Potential Future Payments 10,751
Securities lending indemnifications  
Guarantor Obligations [Line Items]  
Collateral Held 6,740
Carrying Amount 0
Maximum Potential Future Payments 6,592
Asset sales  
Guarantor Obligations [Line Items]  
Collateral Held 0
Carrying Amount 109
Maximum Potential Future Payments 13,118
Merchant processing  
Guarantor Obligations [Line Items]  
Collateral Held 794
Carrying Amount 66
Maximum Potential Future Payments $ 160,513
v3.25.2
Guarantees and Contingent Liabilities - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Airline Processing Arrangements    
Guarantor Obligations [Line Items]    
Value of airline tickets purchased to deliver at future date through card transactions $ 15,000  
Amount reserved for guaranteed obligations 40  
Airline Processing Arrangements | Escrow Deposits Letters of Credit Indemnities    
Guarantor Obligations [Line Items]    
Collateral held for guaranteed obligations 673  
Representation and Warranty    
Guarantor Obligations [Line Items]    
Amount reserved for guaranteed obligations 8 $ 9
Unresolved claims $ 17 $ 15
v3.25.2
Business Segments (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment Reporting [Abstract]        
Number of operating segments | segment     3  
Number of reportable segments | segment     3  
Condensed Income Statement        
Net interest income (taxable-equivalent basis) $ 4,080 $ 4,052 $ 8,202 $ 8,067
Noninterest income 2,924 2,815 5,760 5,515
Total net revenue 7,004 6,867 13,962 13,582
Compensation and employee benefits 2,600 2,619 5,237 5,310
Other intangibles 124 142 247 288
Net shared services 0 0 0 0
Other direct expenses 1,457 1,453 2,929 3,075
Total noninterest expense 4,181 4,214 8,413 8,673
Income (loss) before provision and income taxes 2,823 2,653 5,549 4,909
Provision for credit losses 501 568 1,038 1,121
Income (loss) before income taxes 2,322 2,085 4,511 3,788
Income taxes and taxable-equivalent adjustment 501 474 974 851
Net income 1,821 1,611 3,537 2,937
Net (income) loss attributable to noncontrolling interests (6) (8) (13) (15)
Net income attributable to U.S. Bancorp 1,815 1,603 3,524 2,922
Average Balance Sheet        
Loans 378,529 374,685 378,777 372,878
Other earning assets 234,813 234,207 233,017 229,635
Goodwill 12,577 12,477 12,560 12,480
Other intangible assets 5,360 6,031 5,424 6,048
Assets 673,341 665,504 671,378 659,707
Noninterest-bearing deposits 79,117 83,418 79,405 84,102
Interest-bearing deposits 423,773 430,491 425,297 424,383
Total deposits 502,890 513,909 504,702 508,485
Total U.S. Bancorp shareholders’ equity 60,899 56,029 60,258 55,849
Taxable-equivalent adjustment to net interest income 29 29 59 59
Lease revenue 199 195 396 382
Treasury and Corporate Support        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) (294) (461) (462) (942)
Noninterest income 203 178 430 364
Total net revenue (91) (283) (32) (578)
Compensation and employee benefits 1,317 1,303 2,693 2,669
Other intangibles (1) 0 (1) 0
Net shared services (1,779) (1,785) (3,541) (3,549)
Other direct expenses 665 685 1,366 1,535
Total noninterest expense 202 203 517 655
Income (loss) before provision and income taxes (293) (486) (549) (1,233)
Provision for credit losses (105) 50 43 49
Income (loss) before income taxes (188) (536) (592) (1,282)
Income taxes and taxable-equivalent adjustment (127) (182) (302) (417)
Net income (61) (354) (290) (865)
Net (income) loss attributable to noncontrolling interests (6) (8) (13) (15)
Net income attributable to U.S. Bancorp (67) (362) (303) (880)
Average Balance Sheet        
Loans 5,562 5,115 5,530 5,145
Other earning assets 217,155 222,224 217,281 218,258
Goodwill 0 0 0 0
Other intangible assets 8 9 8 10
Assets 248,372 247,390 247,892 243,014
Noninterest-bearing deposits 2,573 2,505 2,649 2,271
Interest-bearing deposits 12,681 11,150 12,134 11,107
Total deposits 15,254 13,655 14,783 13,378
Total U.S. Bancorp shareholders’ equity 15,285 10,043 14,709 9,567
Wealth, Corporate, Commercial and Institutional Banking | Operating Segments        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 1,801 1,928 3,581 3,851
Noninterest income 1,199 1,130 2,366 2,242
Total net revenue 3,000 3,058 5,947 6,093
Compensation and employee benefits 535 548 1,057 1,098
Other intangibles 46 52 92 104
Net shared services 538 555 1,067 1,090
Other direct expenses 234 226 474 466
Total noninterest expense 1,353 1,381 2,690 2,758
Income (loss) before provision and income taxes 1,647 1,677 3,257 3,335
Provision for credit losses 183 100 193 241
Income (loss) before income taxes 1,464 1,577 3,064 3,094
Income taxes and taxable-equivalent adjustment 366 394 766 773
Net income 1,098 1,183 2,298 2,321
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 1,098 1,183 2,298 2,321
Average Balance Sheet        
Loans 181,077 173,807 179,549 172,475
Other earning assets 12,778 9,590 12,370 9,164
Goodwill 4,826 4,824 4,825 4,824
Other intangible assets 817 1,007 840 1,032
Assets 211,954 203,313 210,314 201,291
Noninterest-bearing deposits 54,422 57,362 54,794 58,001
Interest-bearing deposits 210,094 218,233 213,136 213,933
Total deposits 264,516 275,595 267,930 271,934
Total U.S. Bancorp shareholders’ equity 21,817 21,487 21,684 21,624
Consumer and Business Banking | Operating Segments        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 1,843 1,912 3,611 3,783
Noninterest income 406 414 813 838
Total net revenue 2,249 2,326 4,424 4,621
Compensation and employee benefits 528 551 1,051 1,107
Other intangibles 59 67 118 134
Net shared services 704 701 1,388 1,401
Other direct expenses 307 319 610 617
Total noninterest expense 1,598 1,638 3,167 3,259
Income (loss) before provision and income taxes 651 688 1,257 1,362
Provision for credit losses 39 30 101 84
Income (loss) before income taxes 612 658 1,156 1,278
Income taxes and taxable-equivalent adjustment 153 165 289 320
Net income 459 493 867 958
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 459 493 867 958
Average Balance Sheet        
Loans 149,661 154,931 151,776 154,940
Other earning assets 4,875 2,278 3,335 2,079
Goodwill 4,326 4,326 4,326 4,326
Other intangible assets 4,277 4,734 4,322 4,715
Assets 165,175 168,705 165,834 168,946
Noninterest-bearing deposits 19,610 20,845 19,365 21,081
Interest-bearing deposits 200,903 201,012 199,932 199,247
Total deposits 220,513 221,857 219,297 220,328
Total U.S. Bancorp shareholders’ equity 13,562 14,558 13,633 14,705
Payment Services        
Average Balance Sheet        
Rewards and rebate costs and certain partner payments 789 776 1,500 1,500
Revenue generated from certain contracts with customers 2,400 2,300 4,700 4,500
Payment Services | Operating Segments        
Condensed Income Statement        
Net interest income (taxable-equivalent basis) 730 673 1,472 1,375
Noninterest income 1,116 1,093 2,151 2,071
Total net revenue 1,846 1,766 3,623 3,446
Compensation and employee benefits 220 217 436 436
Other intangibles 20 23 38 50
Net shared services 537 529 1,086 1,058
Other direct expenses 251 223 479 457
Total noninterest expense 1,028 992 2,039 2,001
Income (loss) before provision and income taxes 818 774 1,584 1,445
Provision for credit losses 384 388 701 747
Income (loss) before income taxes 434 386 883 698
Income taxes and taxable-equivalent adjustment 109 97 221 175
Net income 325 289 662 523
Net (income) loss attributable to noncontrolling interests 0 0 0 0
Net income attributable to U.S. Bancorp 325 289 662 523
Average Balance Sheet        
Loans 42,229 40,832 41,922 40,318
Other earning assets 5 115 31 134
Goodwill 3,425 3,327 3,409 3,330
Other intangible assets 258 281 254 291
Assets 47,840 46,096 47,338 46,456
Noninterest-bearing deposits 2,512 2,706 2,597 2,749
Interest-bearing deposits 95 96 95 96
Total deposits 2,607 2,802 2,692 2,845
Total U.S. Bancorp shareholders’ equity $ 10,235 $ 9,941 $ 10,232 $ 9,953